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HomeMy WebLinkAbout894329Remrn To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: COMblUNITY FIRST MORTGAGE, LLC 894329 PR PAGE ~ RECEIVED LINCOLN COUNTy OLERK JEANNE W,;'~GNER 808 3RD AVE SOUTH,, 581030000 FARGO, ND [SlmceAboveTIdsLhteForRecor~ngData] MORTGAGE DEFINITIONS Words used in multiple sections of th:is document are defined below and off, er words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding fl~e usage of words used in fids document are also provided in Section 16. (A) "Security Instrulnent" means this docunmnt, which is dated OCTOBER 06, togefl~er wifll all Riders to this docmnent. (B) "Borrower" is BRIAN ALBERT BURG, A SINGLE PERSON 2003 Borrower is fl~c inortgagor under this Security hkstrument. (C) "Lender" is COMMUNITY FIRST MORTGAGE, LLC Lender is a LIMITED LIABILITY COMPANY organized and existing under thc laws of THE STATE OF DELAWARE 0034097758 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY} ~ooos} VMP MORTGAGE FORMS - (BO0}521-7291 Form 3051 1/01 .!99 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. ~D) "Note" means the protmssory note signed by Borrower and datedOCTOBER 06, 2003 The Note states that Borrower owes Lender SIXTY FOUR THOUSAI'ID AND 00/100 Dollars (U.S) $ * * * * * 64,000.00 ) plus interest. Borrower has pronfised to pay this debt iu regular Periodic Payments and to pay the debt in full not later than NOV~..MBI~.R 01, 2018 (E) "Property" means the property that is described, below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The Ibllowing Riders are to be executed by Borrower [check box tis applicable]: ~-~ Adjustable Rate Rider [---] Condoufiniuu! Rider ~ Second Home Rider ~ Balloon Rider ~] Plamted Utfit Development Rider ~-~ 1-4 Family Rider ~ VA Rider . ~-~ Biweekly Payment Rider [~ Other(s) [specify] (It) "Applicable Law" means all comrolling applicable federal, State and local statutes, regulations, ordinances and administrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Com~nunity Association Dues, Fees, and Assesslnents" means all dues, fees, assessments and other charges that are imposed ou Borrower or the Property by a condonfi~fium association, homeowners association or similar organization. (J) "Electronic Fnnds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or siufilar paper instrument, which is i~fitiated through an electro,tic terminal, telephomc instrument, computer, or nmgnetic tape so as to order, instruct, or authorize a financial institution 1o debit or credit an account. Such term includes, but is not li~nited to, poim-of-sale transfers, autonmted teller machine transactions, transfers initiated by telephone, wire transfers, and autonmted 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 ruder the coverages described in Section 5) t0r: (i) damage to, or destruction of, the Property; (ii) condenumtion or other taking of all or any part of the Property; (iii) conveyance itt lieu of condenmation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against file 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 this Security Instrument. (O) "iRESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Secdon 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended from ti~ne to time, or any additional or successor legislation or regulation that goverus the same subject nmtter. As used 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 "federally related mortgage loan" under RESPA. ~-6(WY) looos) P.g. 2 o~ ,s Form 30.51 1/01 (P) "Successor in Interest of Borrower" nreans any party flint has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or dfis Security Insmnnent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) tile repayment of file Loan, and all renewals, extensions and modifications of the Note; and (ii) fi'lc perforntance of Borrower's covenants and agreements nndcr fids Security h'~strulnent and tile Note. Fro' this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, wifl~ power of sale, the following descri'b¢~, property located irt the COUNTY of ~'~i~,'/-A~-R- LINCOLN/3~/~ : [Type of Recording Jurisdiction] [Name of Recordi~g lurisdiclion] LOT 2 OF BLOCK 2 OF THE LINCOLN HEIGHTS 5TH ADDITION, FIRST FILING TO THE CITY OF KEMMERER, LINCOLN COUNTY WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., BOX 10304, DES MOINES, IA 503060304 ParcellD Number: 12 2116 23 3 1804 DEL RIO KEMMERER ("Property Address"): 06 074 which currently has the address of IStreet] [City} , Wyonfing 83101 [Zip Code[ TOGETHER. WITH all die improvements now or hereafter erected on the property, and all easements, appurtetmnces, and. fixtures now or hereafter a part of the property. All replacements anti additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrmnent as the "Pro!6erty." BORROWER COVENANTS that Borrower is lawfully seised of die estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except encumbrances of record. Borrower warrants and will defend generally fl~e title to the Property against all claims and demands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines 'unitbrm covenants tbr ~mtiomtl use and non-nlfiforni cove~muts with linfited variations by jm-isdiction to constitute a mfiform security instrmnent covering real property. UNIFORM COVENANTS. Borrower and Lender covenant aud agree as follows:'. 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay When dt',e the principal of, and interest on, the debt evidenced by d~e Note and any prepayment charges and late charges due trader the Note. Borrower shall also pay funds tbr Escrow hems pursuant to Section 3. Payments due 'trader tim Note and fids Security htstrmnent shall be made in U.S. currency, ttowever, if tiny check or other instrument received by Lender as payment under fl~e Note or (~,~-6(WY) Iooosl , P~o~ 3 o~ la Form 3051 1/01 Security Iustmment is returned to Lender unpaid, Lender nuly require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such. check is drawn 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 may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial pay~nents are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, 'without waiver of any :rights hereunder or prejudice to its rights 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 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 fl~em to Borrower. If not applied earlier, such funds will be applied to the outstanding pri]mipal balance under the Note immediately prior to foreclosure. No of~et or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower fi'om making payments due under the Note and fids Secm'ity Instrument or performing the covenants and agreements secured by this 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 uuder the Note; (b) principal due under fl~e Note; (c) amounts due under Section 3. Such payments shall be applied to each PeriOdic Payment in the order in which it became due. Any renmining amounts shall be applied first to late charges, second to an3' other amouuts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of file Periodic Payments if, and to the extent that, each payment can be paid iu full. To the extent that any excess exists alter file paynmnt is applied to the full paymeut of one or more Periodic Paynmnts, 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 Leuder on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due lbr: (a) taxes and assessments and other items which can attain priority over tlfis Security Instnnnent as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfimns', if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accordance with the provisions of Sectiou 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender nmy require that Community Association Dues, Fees, a~d Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Fnuds for Escrow Items unless Lender waives Borrower's obliga.tion to pay file Fuuds Ibr auy or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds Ibr any or all Escrow Items at any time. Any such waiver may only be in writi~tg. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~)~-6(WY) (0005) Page4of ~5 Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall funfish to Lender receipts evidencing such payment within such time period as Lender nmy require. Borrower's obligation to make such payments and to provide receipts shall for all pm-poses be deemed to · be a cove~ant and agreement contained iii this Security Instrument, as file phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Itenks directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Itexns at any time by a notice given iu 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 iii an amount (a) sufficient to permit Lender to apply the Funds at the time ~pecified under RESPA, and (b) not to exceed, the maxinmm amount a lender can require under RESPA. Lender shall estinmte file amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise iii 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 an institution whose deposits are so insured) or in any Federal Home Loan Bmr. Lender shall apply the Funds to pay the Escrow Items no later than the time specified Under RESPA. Lender shall not charge Borrower fur holding and applying the Fmrds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be reqnired to pay Bon'ower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an axnmal accounting of the Funds as required by RESPA. If there is a sm-plus 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 m~der RESPA, Lender shall notify Borrower as required by RESPA, aml Borrower shall pay to Lender the amount necessary to make np the shortage itt 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 in no more than 12 monthly payments. Upon payment in fidl of all sums secured by tlfis Security Instrument, Lender shall promptly refund to Borrower arty Fnnds 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 Instrmnent, leasehold payments or ground rents on the Property, if any, and Coumm~fity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the mammr provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instnnnent mdess Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but o~dy so long as Borrower is pertbrming such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opi~fion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures froin die holder of the lien an agreement satisfactory to Lender subordim~ting the lien to this Security h~strument. If Lender deternfines that any part of the Property is subject to a lien which can attain priority over this Security Instnnnent, Lender may give Borrower a notice identifying the '~-6(WY) (ooos) Page 5 o~ ~ 5 Form 3051 1101 203 lien. Within 10 days of the date on which that notice is gxven, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may req)fire Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in comlection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and auy other hazards including, but not linfited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurauce shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender umy require Borrower to pay, in connection with this Loan, either: (a) a one4ime charge tbr flood zone determinationl certification and tracking services; or (b) a one-time charge tbr flood zone determi~mtion and certification services and subsequent charges each time renmppings or similar changes occur which 'reasonably might affect such deternfination or certification. Borrower shall also be responsible tbr the payment of any lees imposed by file Federal Emergency Management Agency in comlection with file review of any flood zone deternfination resulting from an Objection by Borrower. If Borrower tails to maintain airy 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 auy particular type or amount of coverage. Theretbre, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the 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 the insurance coverage so obtained might siglfificantly exceed the cost of insurance that Borrower could have obiained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instnnnent. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable,, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a~standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destnrction o'f, 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 carrier and Lender. Lender may make proof of loss if nqt made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, wheflrer or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if die restoration or repair is economically feasible alld Lender's secnrity is not 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 e~zsure the work has been completed to Lender's satisfaction, provided that such mspectiou shall be undertaken promptly. Lender nmy disburse proceeds l~/r the repairs and restoratiou in a single payment or in a series of progress payments as the work is completed. Ulfless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings' on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of file insurance proceeds and shall be file sole obligation of Borrower. If file restoration or repair is not econoufically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by fills Security Instrument, whether or not then due, with (~I~-6(WY) {0005) Page6of ~s Form 3051 1/01 file excess, if any, paid to Borrower. Such insurance proceeds shall be applied in fl~e order provided /hr in Section 2. If Borrower abandons die Property, Lender lmy file, negotiate and settle any available insm-ance claim and related matters. If Borrower does not respood wifllin 30 days to a notice fi'mn Lender that file insm-auce carrier bas ofl:ered to settle a claiu!, fl-ten Lender ~mty negotiate and settle the claim. The 30-day period will begin when the notice is giveo. In '}iflier event, or if Lender acquires tbe Property nnder Section 22 or oflmrwise, Borrower hereby assigns to Lender (al Borrower's rights [o any insurance proceeds ill an amotmt not to exceed tile amounts unpaid under file Note or Ods Security instrument, and (b) any oilier of Borrower's rights (oilier fllan tim right to any refined of uuearned p,-enfiums paid by Borrower) under all insurance policies covering the Property, iusofar as such rights are applicable to file coverage of the Property. Lender may :use the insurance proceeds eifller to repair or restore fl~e Property or to pay amounts unpaid 'tinder fl~e Note or this Security Instrument, wheflter or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property tis Borrower's princiPal residence wiflfin 60 days after die execution of tiffs Security Instrument and sliall continue to occupy fl~e Property as Borrower's principal residence for at least one year after the date of occupancy, mfless Lender oflmrwise agrees in writing, which consent shall not be nnreasmmbly wiflflmld, or tmless extei,uatiug circumstances exist wlfich are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow rte Property to deteriorate or commit waste on file Property. Wbefl~er or not'Borrower is residing in file Property, Borrower shall nmintain fire Property in order to prevent fl'~e Property fi-om deteriorating or decreasing in value due to its condition. Ulfless it is detemfined pursuant to Section 5 riot repair or restoration is not economically feasible, Borrower shall promptlY repair fl~e Property if damaged to avoid fimher deterioration or damage. If insmm~ce or condemrmtiou proceeds are paid in connection wifl-~ damage to, or tim taking of, fl~c Property, Borrower shall be responh'ble for repairing or resloring fl~e Property only if Lender has released l)roceeds tilr such puq)oses. Lender may dislSurse proceeds flit lilt repairs and restoration in a single payment or in a series of progress payments as file work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore file Property, Borrower is not relieved of Borrower's obligation for the completion of soch repair or restoration. Lender or its agent may make reasonable entries upon and inspections o? file Property. If it bas reasom~ble cause, Lender nmy inspect file interior of fl~e improvements on file Property. keuder shall give Borrower notice at fl~e time of.or prior to such .'m interior inspectitm speci~ing such reasmmble cause. 8. Borrower's Loan Application. Borrower shall be in defimlt if, during the Loan application process, Borrower or any persons or entities acting at d~e direction of Borrower or wifll Borrower's knowledge or consent gave nutterially false; nfisleading, or imiccurate infornmtion or statements [o Lender (or filed to provide Lender wifl~ material intbrmation) in com~ection with flxe Loan. Material representations include, but are not limited to, representations contenting Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection or Lender's Interest in the Property and Rights Under this Security Instroment. If (al Borrower fails to peri-btm file covmmnts attd agreements contained in this Security instrument, (b) fliere is a legal proceeding riot nfight significantly affect Lender's interest in the Property and/or rights under tiffs Security Instrument (such as a proceeding in bankruptcy, probate, l:br condem,~ation or lbrfeiture, fro' enforcement oi' a lien which n~ly attain priority over fills Security~ Instrument or to enforce laws or regulations), or (c) Borrower has abandoned file PrOperty, fl~en Lender may do anti pay for Whatever is reasom~ble or appropriate to protect Lender's interest in fl~e Property and rights under fliis Security Instrunxent, including protecting and/or assessing the wdue of file Property, and securiug and/or repairing fl~e Property. Lender's actions can include, but are not limited to: (al paying any stuns secured by a lien Wlfich has priority over tiffs Security Insmnnent; (b) appearing in court; and (c) paying reasonable (~}~-6(WY) Iooosl ~ag~ ? o~ ]~ Form 3051 1/01 "05 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not linfited to, entering file Property to make repairs, change locks, replace or board up doors and windows, drain water fron:t pipes, eliufinate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may 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 fllat Lender incurs no liability for not taking ally or all actio~rs authorized under this Section 9. - Any aummlts disbursed by Lender under this Section. 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi'om the date of disbursemela and shall be payable, with such iuterest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all file provisions of the lease. If Borrower acquires fee title to file Property, the leasehold and the fee title shall not merge unless Lender agrees to file merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiunkq required to maintain file Mortgage Insurance in effect. If, for any reason, file Mortgage Insurance coverage required by Lender ceases to be awdlable frown the lnortgage insurer that previously provided such. insurance and Borrower was required to make separately designated paymeuts toward the premiums lbr Mortgage Insurance, Borrower shall pay the .prenfiums required to obtain coverage substantially equivalent to file Mortgage Iusurance previously in effect, at a cost substantially equiwdent to the cost to Borrower of the Mortgage Insurance previously in effect, fi'om an alternate mortgage insurer selected by ~Leuder. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall contifiue to pay to Lender the amount of the separately desigi:mted payments that were due when the insurance coverage ceased to be ill effect. Lender will accept, use and retain these payments as a non-refundable loss reserve ill lieu Of Mortgage hksurance. Such loss reserve shall be iron-refundable, notwithstanding fl~e fact that file Loau is ultimately paid iii filll, 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 Mortgage Insurance coverage (itl the anmunt aud for file period that Lender requires) provided by au insurer selected by Lender again becomes available, is obtained, and Lender requires separately desigtmted payments toward the prenfiums for Mortgage Insurance. If Lender requited Mortgage Insurance as a 'condition of making the Loan and Borrower was required to make separately designated payments toward the prenfiums for Mortgage Iusurance, Borrower shall pay file prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refimdable loss reserve, until Lender's requirement ti~r Mortgage htsurance euds in accordance with any written agreement between Borrower and Lender providing tbr such termimltion or until ternfi~mtiou is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) Ibr certain losses it nmy i~mur if Borrower does not repay the Loan as agreed. Borrower is not a party to file Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in/brce from time to time, and may enter into agreements with other parties that share or modify their fi.sk, or reduce losses. These agreements .are on terms and conditions that are satisfactory to file mortgage insurer and the other party (or parties) to these agreements. These agreements may require rite mortgage insurer to make payments using any source of fimds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premimns). As a result of these agreements, Lender, auy purchaser of file Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the fi)regoing, nmy receive (directly or indirectly) amounts that derive t¥om (or nfight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in eXchange Ibr shariug or modit3,ing the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of file insurer's risk iu exchange for a share of the premimns paid to' the insurer, the arrangement is often termed "captive reinsuraime," Further: (a) Any such agreements will uot 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. (~-6(WY) Iooos) P.9, ~ or ~s Form 3051 1/01 206 (b) Any such agreements ~vill not affect the rights Borroxver has - if any- ~vith respect to the Mortgage Insurance under the Homeo~vners Protection Act of 1998 or any other la~v. These rights may include the right to receive certain disclosures, to request and obtaio cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiuins that ~vere unearned at the tithe of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; 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, if the restoration or repair is econonfically 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 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 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 Borrower any interest or ear~fings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instn~ment, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. 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. Iu the event of a partial taking, destruction, or loss in value of the Property iu whicli the fair market value of the Property iuunediately belbre the partial taking, destruction, or loss iu wdue is equal to or greater than the amount of the sums secured by fids Security Instrument inunediately belbre the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Inst~ment shall be reduced by the alnount of tlle Miscellaneous Proceeds multiplied by the tbllowing fraction: (a) the total amount of the sums secured immediately betb~'e the · partial taking, destruction, or loss in value divided by (b) the lhir market value of the Property inunediately before the partial taking, destroction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss iu value of fire Property iu which the lhir market value of the Property immediately before the partial taking, dest~x~ction, or loss in value is less than the amount of file sums secured iunnediately betbre the partial taking, dest~-ucdon, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined itt the next sentence) offers to nkake an award to settle a claim tbr damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply rite Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by Otis Security Inst,:inherit, whether or not dieu due. "Opposing Party" means the third 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 any action or proceeding, whether civil or crinfinal, is begun that, in Lender's judglnent, could result in tbrfeitnre of rite Property or other material inrpairment of Lender's interest id fire Property or rights under this Security hlstrument. Borrower can cure such a dethult and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnfissed with a ~ling that, in Lender's judgment, precludes forfeiture 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 Clai~n for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. I~)~-6(WY) Iooos] P.~. 9 o~ ~s Form 3051 1/01 207 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time Ibr payment or modification of amortization o f die stuns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability· of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time Ibr payment or otherwise modify amortization of the sums secured by fids Security hkstrument by reason of any demand made by fire original Borrower or any Successors in Interest of Borrower. Any/brbearance 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 clue, shall not be a waiver of or preclude fide exercise of any right or remedy. 13. Joint and Several Liability; Co-siguers; Successors and Assigns Bound. Borrower covenants and agrees that Bon'ower's obligations and liability shall be joint and several. However, any Borrower who co-signs fids Security Instrument but does not execute the Note (a "co-signer"): (a) is co-sigifing this Security Instrument only to mortgage, grant and convey fl~e co-signer's interest in 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 other Borrower can agree to extend, modify, forbear or make any acconnnodations with regard to the terms of this Security Instrument or the Note without th.e co-signer's consent. Subject to the provisions of Section i8, auy Successor in Iaterest 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 this Security Instrulnent. Bon:ower shall not be released Borrower's obligations and liability under this Security Instrument Ulfless Lender agrees to such release in writing. The covenants and agreements of fidis Security Instrument shall bind (except as provided in Section 20) aid benefit the successors and assigns of Lender. 14. Loan Charges. Lender nmy charge Borrower fees for services perlbrmed in colmection with Borrower's default, for the purpose of protecting Lender's interest in fire Property and rights under this Security Instrument, including, but not linfited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibitiou on the clrarging of such fee. Lender may not charge fees that are expressly prohibited by fids Security Instrument or by Applicable La.w. If fl~e Loan is subject to a law which sets maxiurmn loan charges, and fl~at law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pernfitted linfit; and (b) any sums already collected from Borrower which exceeded pernfitted limits will be refunded to Borrower. Lender umy choose to make this refund by reducing the principal owed nnder 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 might have arising out of such overcharge. 15. Notices. Ail notices given by Borrower or Lender iu com~ection with this Security Instrument must be in writing. Any notice to Borrower in com~ection with flits Security Instrument shall be deemed to have been given to Borrower wh.en mailed by first class mail 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 requites otherwise. The notice address shall be tide 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 tbr reporting Borrower's change of address, then Borrower shall o~dy report a change of address through that specified procedure. There may be only one designated notice address uuder this Security lnstmnrent at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address · stated herein unless Lender has designated a~mther address by notice to Borrower. Any notice in conuection wifl~ this Security Instrumeut shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by dfis Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement uuder this Security Instrument. ~-6(WY) Iooos} Page ~o of ~5 Form 3051 1/01 "O8 16. Governing La,v; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligatiorrs contained in this Security Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law nfight 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. Iix the event that any provision or clause of this Security Instrument or die Note conflicts with Applicable Law, such conflict shall not affect other provisioxrs of this Security Instrument or- the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the nr~sculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in {lie singular shall mean and inchide the plural and vice versa; and (c) the word "may, gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 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 Borruwer at a future date to a purchaser. If all or any part of the Property or any Interest iii die Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender. may require innnediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from die date the notice is given in accordance with Section 15 within which Borrower nmst pa)' all sunr~ secured by this Security Instrmuent. If Borrower fails to pay these stuns prior to the expiration of this period, Lender may invoke any remedies pernfitted by this Security Instnnnent without 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 entbrcement of dfis 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 iu this Security Instrument; (b) such oilier period as Applicable Law might specify for the ternfim~tion of Borrower's right to reinstate; or (c) entry of a judgment entbrcmg this 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) cra'es any default of any other covenants or agreements; (c) pays all expenses incurred iix enlbrcing tiffs Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred tbr the pm-pose 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 this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the lbllowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, batik check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon rei~kstatement by Borrower, diis 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 nnder 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 Instrmnent) can be sold one or more times without prior notice to Borrower. A sale nfight result in a change iu the entity (known as the "Loau Servicer"). that collects Periodic Payments due under die Note and this Security Iustnuuent and perfornts other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also nfight be one or more changes of the Loan Servicer mtrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of die change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any oilier intbnnation RESPA 6(WY) (ooos) , Page 11 of 15 Form 3051 1/01 "09 requires ill connection with a notice of transfer of servicing. If the Note is sold and thereafter die Loan is serviced, by a Loan Servicer other fl~an the purchaser of file Note, file 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 file Note purchaser unless otherwise provided by die Note purchaser. Neither Borrower nor Lender nuly commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) fl~at arises from the other party's actions pursuant to ttds Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, fids Security Instrument, until such Borrower ol: Lender has lmtified the oilier party (wifll such notice given in compliance with file requirements of Section 15) of such alleged breach and afforded the oilier party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, fl~at tinm period will be deemed to be reasonable l:br purposes of this paragraph. The notice of acceleration and 0pporm~tity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportmtity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and file Ibllowing substances: gasoline, kerosene, oilier flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos Or fbrmaldehyde, and radioactive materials; (b) "Enviromneutal Law" mea~ts federal laws and laws of file jurisdiction where file Property is located fl~at relate to health, safety or enviroinnental protection; (c) "Environmental Clea~mp" includes any response action, remedial action, or removal action, as defined in Enviromneutal Law.; and (d)an "Envirmmlental Conditiun" means a condition that can cause, contribute to, or otherwise trigger an Enviromnental Clea. nup. Borrower shall not cause or pernfit file presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or iu the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviromnental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances fl~at are generally recog~fized to be appropriate to nornu, 1 residential uses and to mainteimnce of file Property (including, but not linfited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving file Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but ~mt linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects fl~e value of file Property. Il' Borrower learns, or is notified by any govermnental or regulatory aufl~ority, or any private party, that any removal or other remediation of any Hazardous Substance affecting file Property is necessary, Borrower shall promptly take all necessary remedial actions iii accordance with Enviromnental Law.. Nothing herein shall create any obligation on Lender for an Enviromnental Cleatmp. ~}~-6(WY) looos) Page 12 *f ~s Form 3051 1/01 · NON-UNIFORM COVENANTS. Borrower and Lender further covmmnt 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 nnder Section 18 unless Applicable Law provides otherwise). The ootice shall specify: (a) the default; (b) the action required to cm'e 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 failm'e to cm'e the default on or before the date specified iu the notice may result iu 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 briug a court action to assert the uon-existeuce of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in hdl of all sums Secured by this Security Instrulnent without further demand and may iuvoke 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, lint 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. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all snms 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 tlfis Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender nkay charge Borrower a fee releasing Otis Security Instrument, but only if the lee is paid to a flfird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by Virtue of the holnestead exemption laws of Wyonfing. ~'6(Wy) Iooosl Page ~3 of 15 Form 3051 1/01 ,) BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security hzstrmnent and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: (Seal) BRIAN ALBERT BURG / -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) -Borrower (Seal) -Borrower I~G(WY) (ooos) Pag~ 14 o~ lS Form 3051 1/01 STATE OF WYOMING, L ±nc o In The foregoing instnunent was acknowledged before me tiffs by BRIAN ALBERT BURG 6th day County ss: of October, 2003 My Comnfission Expires: February 2, 2006 &qL:U.EY ~ - NOTA~YPUI~JG Notary Public (~)~-6 G(WY)(ooos! Page 15 of 15 Form 3051 1/01