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HomeMy WebLinkAbout894206AflerRecor~~ ReturnTo: CITY FIRST MORTGAGE SERVICES, 379 W 500 S. BOUNTiFUL,UTAH 84010 Loan Number: 614189819 RECEIVED LINCOLN COUNTY CLERK L.L.C. 8914206 030~T-7 F'~ 3i53 EOOK PAGE ]Space Above/his Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of tiffs document are defined below and oflter 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" mcans this document, which is dated SEPTEMBER with all Riders to this document. (B) "Borrower" is PAXTON WOLFLEY 26, 2003 ,together Borrower is the znortgagor under this Security Instm~nent. (C) "Lender"is CITY FIRST MORTGAGE SERVICES, L.L.C. Lenderisa LIMITED LIABILITY COMPANY andexistingunderthelawsof UTAH Le~er'saddressis 379 W 500 S., BOUNTIFUL, UTAH 84010 organized Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated SEPTEMBER 26, 2003 The Note states that Borrower owes Lender ONE HIJNDRED NINETEEN THOUSAND NINE HUNDRED FIFTY AND 00/100 Dollars (U.S.$119,950.00) plus interest. Borrower has promised to pay tiffs debt in regular Periodic Payments and to pay the debt in full not later thanOCTOBER 1, 2033 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all stuns due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security lnstrmnent that are executed by Borrower. The lbllowing Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider [] BalloOn Rider [] Pla~med Unit Development Rider [] Other(s) [specify] [] 1-4 Family Rider [] Biweekly Payment Rider WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 1 of 12 DocMagic ~c~ 800-649-l$62 www. docmagic, corn ~&ry30511 .mtg OD "Applicable Law" means all controlling applicable federal, state and local Statutes, regulations, ordimances and adnfinistrative rules and orders (flint have the effect of law) as well as all applicable fitml, non-appealable jndicial opinions. (l) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominimn association, homeowners associatiou or stuffier organization. (J) "Electronic Funds Transfer" means any trausfer of funds, other titan a transaction originated by check, draft, or silnilar paper instrument, which is initiated through an electronic terminal, telepbmfic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Snch term includes, but is not linfited to, point-of-sale transfers, automated teller maclfioe tra~kgactiom% trausfers i~fitiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenumtiou or other taking of all or any part of the Property; (iii) conveyance iu lieu of condenmation; or (iv) tnisrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insnrance" means insurance protectiug Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of fltis Security Instrument. (O) "RESPA" means fl~e Real Estate Settlement Procedures Act (t2 U.S.C. {}2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from rune to time, or any additioual 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 "federally related mortgage loan" even if the Loan does not qualify as a 't%de~ally related mortgage loan" under RESPA. (P) "Snccessor in Interest or Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note aud/or this Security Instrument: TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (0 fl~e repayment of the Loan, and all renewals, extensioms and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN [Type of Recording Jurisdictionl [Name of Recto'ding lurisdictionl SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF AS EXHIBIT "A" A.P.N. ii: 12-3018-08-3-00-224.00 which currently has the address of 75722 US HWY 89 AFTON , Wyonfing 83110 ICily] [Zip Code] [Streetl ("Property Address ') WYOMING--Singlo Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/O1 Page 2 o! 12 OocMagic ~ 800-649- ~ 362 www. docmagic, corn ~y3OSI2.mtg 637 TOGETHER WITH all the.improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereatter a part of the property. All replacements aud additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and dmnands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-mfitbrm covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. 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 the Note and auy 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 this Security Instrument shall be ]nade in U.S. cm'rency. 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 Instrumeut 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, pro vided 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 the location designated in the Note or at such other location as ~nay be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to briug the Loan curreut. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its fights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay iuterest on unapplied fuuds. 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 outstanding principal balance ruder the Note inm~ediately prior to lbreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower t'rom making payments due under the Note and this Security Instrmnent or perfbrming the covenants and agreements secured by Otis Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under file Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in wlfich it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under Offs Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower Ibr a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, file payment ]nay be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender nmy apply auy payment received Ii-om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the exteut that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess nmy be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the alnount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under tile Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due tbr: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ', Page3 o[ 12 DocMagic ~ aoo-~4.9- t www. docmagic, corn Wy30513.mtg Property; (b) leasehold payments or ground rems on the Property, if any; (c) premiums for any and ali insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of file payment of Mortgage Insurance premimns in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the terln of the Loan, Lender may require ,tllat CO~mnunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds Ibr any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all EscroW Items at any time.' Any such waiver may tuffy be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due Ibr any Escrow Items for which payment of Funds has been waived by Lend.er and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such ii,ne period as.Lender nhay 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 tiffs Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pnrsuant to a waiver, and Borrower hils to pay the amount due for an Escrow Item, Lender nhay 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 time, Collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at tile time specified under RESPA, and (b) not to exceed the maximum amoum a lender can require under RESPA. Lender shall estimate die 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 ali iIkstitution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bal~k. Lender shall apply die Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. U~dess ali agreement is lnade in writing or Applicable Law requires interest to be paid on the Fuuds, Lender shall ~mt be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, liowever, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an almual accounting of the Funds as required by RESPA. If there is a surplus of FUnds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary'to make up die shortage in accordance with RESPA, but in no nmre fl~an 12 monthly paynlents. If there is a deficiet~cy 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 in no more than 12 m.onfldy payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Finds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property wlfich can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Counnunity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument mfless Borrower: (a) agrees in writing to the payment of the obligatiou secured by die lien in a mamler acceptable to Lender, but duly so long as Borrower is perlbrming such agreement; (b) contests the lien in good faith by, or defends agairkqt enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevedt the enforcemem o f the lien while those proceedings are pending, but o~fly until such procebdings are concluded; or(c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that ally part of the Property is subject to a lien which can attain priority over this Security Instrument, WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 4 of 12 DocMagic ~ aoo-6.~ 9- t 3 t~ 2 w ww. docmagic, corn Wy30514 .ltltg 639 Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy rite lien or take One or more of the actions set Ibrth above in tiffs Section 4. Lender ]nay require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in co~mection with this Loan. 5. Property Insurance. Borrower shall keep file improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included wiflfin file term "extended coverage," and any other hazards including, but not limited'to, earthquakes and floods, for which Lender requires insurauce. Tiffs insurance shall be nmintained in the amounts (including deductible levels) aud for the periods that Lender requires. What Lender requires pursuant to the preceding sentences cau change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower' s choice, which right shall not be exercised unreasonably. Lender ,nmy require Borrower to pay, in com~ection with this Loan, either: (a) a one- time charge/'or flood zone determination, certification and tracking services; or (b) a one-time charge tbr flood zone determhmtion and certification services and subsequent charges each time remappings or similar changes occur which reasonably nfight affect such deternfination or certification. Borrower shall also be responsible tbr the payment of any fees intposed by tile Federal Emergency Management Agency in comxection with the review of any flood zone deternfination resulting from an objection by Borrower. if Borrower fails to nmintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amomtt of coverage. Therefore, such coverage shall cover Lender, but nfight or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower ackuowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrulnent. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice t¥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 name Lender as nmrtgagee and/or as an additional loss payee. Lender shall liave the right to hold the policies arid renewal certificates. If Lender requires, Borrower shall promptly 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 dmnage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance can'ier and Lender. Lender may ~nake Proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is ]tot lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds lbr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is nmde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower .any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econonfically 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, wi th file excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond wiflfin 30 days to a notice from Lender fltat the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund 'WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 l/Ol Page 5 of 12 www. docmagjc, corn Wy30515.~ntg of unearned premiums paid by Borrower) under all insurance policies covering the Property, itLgoI;ar as such rights are applicable to the coverage of the Property. Lender may use file insurance proceeds either to repair or restore the Property or to pay amounts unpaid under fire Note or this Security Instruurent, whether or not then due. 6.' Occupancy: Borrower shall occupy, establish, and use the Property as Borrower's principal residence withiu 60 days after the execution of this Security Instnunent and shall conti~me to occupy fire Property as Borrower's principal residence for at least one year after fire date of occUPancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably wiflfl~eld, or unless extenuating circumstances exist wlfich are beyond Borrower's control. 7. Preservation, Maintenance aud Protectiou of tile Property; Inspections. Borrower shall not destroy, damage or impair file Property, allow the Property to deteriorate or coumfit waste on the Property. Whether or not Borrower is residiug in the Property, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condelm]ation proceeds are paid in commction with dan]age to, or the taking of, the Property, Borrower shall be responsible lbr repairing or restoring the Property tuffy if Leuder has released proceeds fbr such purposes. Le_.,.nder may disburse proceeds for file repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore file Property, Borrower is not relieved of Borroweffs obligation for file Completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasm]able cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the tiure of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the directionof Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material informatiol0 in cmmection with the Loan. Material representatiolzs include, but are ~mt 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 tiffs Secority Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security lnstmmentl (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights nnder this Security Instrument (such as a proceeding in bankruptcy, probate, for condenu]ation or forfeiture, for enforcelnent of a lien which n]ay attain priority over this Security InStrument or to enforce laws or regulations), or (c) Borrower bas abandoned the Property, then Lender u]ay do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not linfited to: (a) paying any sums secured by a lien which has priority over this Security hrstrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in fire Property and/or rights mrder this Security Instrument, including its secured position in a baltkruptcy proceeding. Securing the Property includes, but is ~mt linfited to, entering the Property to u]ake repairs, change locks, replace or board up 'doors and windows, drain water from pipes, eliminate buildiitg or other code Violations or dangerous conditions, and have utilities turned'on or off. Although Lender n]ay take action' under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additim]al debt o f Bonower Secured by this Security Instrmnent. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice dom Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of file lease. If Borrower acquires fee title to file Property, the leaseholdand the lee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to nmiutain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to n]ake separately designated payments toward the prenfiums for Nlortgage WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/O1 Page 6 of 12 DocMagic e[Fc°l~ aoo-64s- t 362 www. docmagic, corn 6'.~mg Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially eqnivaleut Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments fltat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgag~ Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prendums lbr Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nmking the Loan and Borrower was required to make separately designated payments toward the prenfiums 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 Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until ternfination is required by Applicable Law. Noflfing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Notei for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate flxeir total risk on all such insurance in Ibrce from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage .insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (wltich may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any 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 titan (or ufight be characterized as) a portion of Borrower's payments tbr Mortgage Insurance, in exchange 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 tbr a share of the premimns paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the l:Iomeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage lnsural~ce, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of auy MOrtgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to m~d shall be paid to Lender. If the Property is damaged, such Miscellaueous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is ecouonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Le~der may pay/'or the repairs and restoration in a single disbursement 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 Miscellaneous Proceeds, Lender shall not be required to pay Bon'ower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, fl~e Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided Ibr in Section 2. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/O1 Page 7 of 12 DocMagic ~l~c~ 800-649-1362 www. docrnagic, corn Wy30517.mlg In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In die event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the ProPerty immediately before the partial taking, destruction, or loss iu value is equal to or greater than the amount · of Om sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the mnount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums · secured immediately before file partial taking, destruction, or loss in value divided by (b) the fair market value of the Property innnediately before the partial taking, destruction, or loss iu value. Any balance shall be paid to Borrower. In file event of a partial taking, destruction, or loss iu value of the Property· in which the fair market value of the Property inunediately before the partial taking, destruction, or loss in value is less than the amount of fl~e sums secured immediately before tbe partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, fl~e Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sun:k~ are then due. If the Property is aba~ldoned 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 damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes BorroWer Miscellaneous Proceeds or the party against whom Borrower has a right of action Jn regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. 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 dismissed wifl~ a ruling that, in Lender's judgment, precludes Ibrfeiture of the Property or other material impairment of Lender's interest in the Property or rights Under this Security Instrument. The proceeds of any award or claim Ibr damages that are attributable to the inlpairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not ReleaSed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by fids Security Instrument granted by Lender to Borrower or any Successor iii Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify mnortization of the sums secured by this Security Instrument by reason of any demand nmde by the original Borrower or any Successors in Interest of Borrower. Any tbrbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instnm~ent only to mortgage, grant aid convey the co-signer's interest iii the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any oilier Borrower can agree to extend, modify, forbear or make any acconuuodatimk~ with regard to the terms of this Security Instrument or tile Note wiflmut the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under tlfis Security Instrument. Borrower shall not be released from Borrower's obligations and lihbility under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors aid assigns of Lender. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page8 of 12 DocMagic ~ 800-649- t 362 www. doclrlagic, corn Wy30518.mlg 14. Loan Charges. Lender may charge Borrower fees fo]' services performed in com~ection with Bon-ower's default, for the purpose of protecting Lender's interest in the Property and rights under ntis Security Instrulnent, inehiding, but not limited to, attorneys' fees, property inspection and valuation lees. In regard to any other tees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender 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 charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in com~ection with the Loan exceed the permitted linfits, then: (a) any such loan charge shall be reduced by the m-nount necessary to reduce the charge to the perufitted linfit; and (b) any stuns already collected Ii'om BorroWer which exceeded pernfitted limits will be refunded to BorroWer. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided tbr under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower nfigbt have arising OUt of such overcharge. 15. Notices..All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to BorroWer in cmmection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class ~nail or'when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by ~nailiug it by first class mail to Lender's address stated herein mdess Lender has designated another address by notice to Borrower. Any notice in cmmection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by fids Security lnstrmnent is also required uuder Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under fids Security Instrument. 16.. Governing Law; Severability; Rules of Construction. This Security Instrument shall be goverued by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrmnent or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall ~nean and include corresponding nemer words or words of the fenfinine gender; (b) words in the singular shall mean a~d include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take auy action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrulnent. 18. Transfer of the property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial' interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a ~mtural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written conseut, Lender nmy require itnmediate payment in full of all sums secured by this Security Instrun~ent. However, fids option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises fids option, Lender shall give Borrower notice of acceleration. The notice 'shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by fltis Security Instrument. IfBOrr0wer fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by fids Security Instrument without further notice or denutnd on Borrower. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/O1 Page 9 of 12 DocMagic ~ 800-049- ~ 362 ww w. docmagic, corn · ry~0519.mlg 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrmnent discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termioation of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Tlmse 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, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred lbr the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by dfis Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following lbrms, 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 wlmse deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, fids 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 Instrumen0 can be sold one or more times without prior notice to Borrower. A sale nfight result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument 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 the name and address of the new Loan Servicer, the address to which payments should be made and any oilier information RESPA requires 'iu connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer oilier than the purchaser of the Note, die mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to tiffs Security Instrument or that alleges that the oilier party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given iu compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasomtble period after the giving of such notice to take corrective action. If Applicable Law provides a time period wlfich n!ust elapse betbre certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy die notice and opportunity to take corrective action provisions of tiffs Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other fla~nmable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive ~naterials: (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" ilmludes any response action, remedial action, or 'rem.oval action, as defined in Environmental Law; and (d) an "Envirmm~ental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or flu:eaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/'01 Page 10 of 12 DocMagic ~ soo-6,~9-1362 www. docmagic, corn Wy305110 .mtg tO be appropriate to normal residential uses and to maintenance of the Property (including, but not linfited to, bazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which BorroWer has actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance wlfich adversely affects file value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, diet any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create auy obligation on Lender for an Enviromnental Cleanup. NON-UNIFORM COVENANTS._ Borrower and Lender further cove~mnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its optima may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Leuder shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a tee tbr releasing this Security Instrument, but only if the fee is paid to a third party fur services rendered a~d the charging of the lee is pernfitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the honmstead exemption laws of Wyoming. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DocMagic ~ aoo-~4s- t 362 Form 3051 1/O1 Page 11 of 12 w ww. docrnagic, corn Wyt05111. BY SIGNING. BELOW, Borrower accepts and agrees to the terms and covenants contained in fltis Security Instrument and in any Rider executed by Borrower and recorded with it. PAXTON WOT,FLEY -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower Witness: Witness: [Space Below This Line For Acknowledgmentl State of Wyoming County of LINCOLN The foregoing instrument was acknowledged before me by PAXTON WOLFLEY tiffs 26th day of September, Witness my hand and official seal. · 'IELLEY $ANOAU.. NOTARY PUBLIC 2003 Shelley Sandall Print or Type Name (Seal) My commission expires: February 2, 2006 WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/O1 Page 12 of 12 DocMagic ~ 8o0-649- ~ 362 www. docma~lic, corn Wy305112 .mlg Loan Number: 614189819 Date: SEPTEMBER 26, 2003 Pr0pertyAddress: 75722 US HWY 89, AFTON, WYOMING 83110 647 EXHIBIT "A" LEGAL DESCRIPTION That part of the W~SW~ of Section 8, T30N Rll8W of the 6th P.M., Lincoln County, Wyoming being part of that tract of record in the Office of the Clerk of Lincoln County in Book 346PR on page 337 and in Book 400PR on page 699 described as follows: BEGINNING at the southeast corner of the said W~SW~; thence N 89°56'18. W, 600.39 feet, along the south li~e of said W~SW~, to a point on the easterly right of way line of U.S. Highway 89; thence N 25°42'21" W, 172.80 feet to station 979+72.48 PT 70'LT.,. being the beginning of a non-tangent circular curve to the right, which has its radius point bearing, N 64°15'44,, E; thence northwesterly 282.89 feet along the arc of said curve through a central angle of 2°51'50,,, with a radius of 5659.57 feet with a chord bearing, N / 24°18'21'' W, 282.86 feet to a point; thence S 90000"00'' E, 794.41 feet to a point on the east line of said W~SW~; thence S 00°21'54'' W, 414.14 feet, the CORNER OF BEGINNING. A.P.N. # : 12-3018-08-3-00-224.00 DocMagic ~ a00-64~- ~ 362 www. docmagic, corn