HomeMy WebLinkAbout878353RBMG, .[NC.
97./(I TWO NOTCIt ROAD
COLUMBIA, SOUTH CAROl.,. NA 29223
SI[[PPING DEPT./DOC'. CONTROL
Attn.:
Prepared By:.
: '.' ' ~BOOK~Z~!2~(LPR PAGE
[L ~ace Above This Line For Recording Data]
MORTGAGE
MIN 1000144-2000138093-2
DEFINYFIONS
Words used in multiple 'sections .,::f this document are defined below and other words are defined in
Sections 3, '11, 13, 18, 20 and 2i Certain rules regarding the usage of words used in this document
are also provided in Section 16.
(A) "Security Instrument" ITIC~J;:,; this docttment, which is dated December 31, 2001, together with
all Riders to this document. ~ ~
(B) "Borrower" is CARLTON LACO aud SUSAN LACO~ husband and wife as joint tenants.
Borrower is the mortgagor under i!-tis Security Instrument. /aka CARLTON P. LACO & SUSAN M. A. LACO
(C) "54LRSP " is Mortgage iElectr¢.,nic Registration Systems, Inc. MERS is a separate cmporation that
is acling solely as a nomiuee ~':;r Lender and Lender's successors and assigns. MERS is the
mortgagee nnder this Security !Instrument..MERS is organized and existing under the laws of
Delaware, and has an address a?:i telephone nm'nbek of P.O. Box 2026, Flint, MI 48501-2026, tel.
(888) 67%MERS.
(D) "Lender" is RBMG, INC., ? DELAWARE Corporation. Lender is. a corporation organized and :'
existing under the laws of the .:tare of DELAWARE. Lender's address is P.O. BOX 100155,
COLUMBIA, SOUTH CAROl., !qA 29202-3155.
(E) "Nole" means the promissot'i aote signed by Borrower and dated December 31, 2001. The Note
states that Borrower owes Lend~:~' One Hundred Twenty Three Thousand Four Hundred And
00/100 Dollars (U.S. $ 123,400,4 I),plus interest. BmIower has promised to pay this debt in regular
Periodic Payments and to pay thc' ·',ebt in full not later than January 1, 2032.
WYOMIN¢;-SJngle Family- Fannie I :~e/Fre{hlie Mac UNIFORM INSTRUMENT WITIt MERS Form 3051 1/01
Page I ot'16
Initials:
wycmertd
665
(F) "Prolmrty" means the prop<:~;',.y that is described below under the heading "Transfer of Rights in
lhe Property."
(G) "Loan" means the debt evi,'::nced by the Note, plus interest, any prepayment charges and late
charges dt.~e nnder the Note, and :,'~ sums due under this Security Instrument, plus interest.
(It) "Riders" means all Riders ;.o this Security Instrmnent that are executed by Borrower. The
fi]llowh~g Riders are to be execnr.:.:J, by Borrower [check box as applicable]:
[ ] Adjustable Rate Rider ~[' CondomininmRider [ ] Second Home Rider
[ ] Balloon Rider [ Planned Unit Development Rider [ ] 1-4 Family Rider
[ ] VA Rider [ B}weekly Paymem Rider [ ] Other(s) [specify]
(I) "Applicable Law" means a!'cona'olling applicable federal, state and local statutes, regulations,
ordinahces and administrative r~s and orders (that have the effect of law) as well as all applicable
fina l, non...:~ppealable judicial opi/: ohs.
(J) "Cmmnmdty Association ~;; ~:s, Fees, and Assessments" means all dues, fees, assessments and
od~er ch~:~'ges that are impose¢~ on Bdrrower or lhe Property by a condominium association,
homeowners association or simil~ · organization.
(K) "Electronic Funds Transfer' means any transfer of funds, other than a ~ansaction originated by
check, draft, or similar paper ins~: mnent, which is initiated fl~rouglx an electronic terminal, telephonic
instrument, computer, or magnet:i,: tape so as to order, instruct, or authorize a financial institution to
debit or credit an account. Such ~,:cm includes, but is not limited to, point-of-sale transfers, automated
teller machine transactions, tr?,.~sfers initiated by telephone, wire transfers, and automated
clearinghouse transfers.
(:L) "Escrow Items" means those ti:ems that are described in Section 3.
(M) "Miscellaneous Proceeds" · ~eans any compensation, settlement, award of damages, or proceeds
paid by a~y d~ird party (other tI~:' . insurance proceeds paid under the coverages described in Section
5) for: (i) damage to, or destrm:. ::m of, the PrOperty; (ii) condenmation or other taking of all or any
part of the Property; (iii) cony. /ante in lieu of condemnation; or (iv) misrepresentations of, or
omissions as to, fl:~e value and/or., mdition of the Property.
(N) "Mortgage Insurance" me~? :~ insurance protecting Lender against the nonpayment of, or dehnlt
on, lhe Loan.
(O) "l?er~odic Payment" meai~:..; the regularly scheduled amount due for (i) principal and interest
m~der the Note, plus (ii) any amo~ tts under Section 3 of this Security h~strument.
(P) "I/ESPA" means the Real E:; ~te Settlement Procedures Act (12 U.S.C. Section 2601 et seq. ) and
its implementing regulation, Reg~,~ation X (24 C.F.R. Part 3500), as they might be amended from time
to time, o~' any additional or suc,,"ssor legislation or regulation that governs the same subject matter.
A.s used in this Secm'ity Instru~, :nt, "RESPA" refers to all requirements and restriclions that are
imposed ~ regard to a "ikdera~~ related mortgage loan" even if tim Loan does not qualiiy as a
"i~dcrat]y related mortgage loa]a' ruder RESPA.
(Q) "Suc.':essor in Interest of B.; :'ower" means any party that has taken title to the Property, whether
or not tht~t: party has assumed Bot ~.~wer's obligations under the Note and/or this Security Instrument.
TI~XNS'FI~[{ OF RIGHTS IN TI{ ;. PROPERTY
For]n 3051. 1/01
Page 2 of 16
lnitials'~
This Security Instrument secur,:; to Lender: (i) the repayment' of the Loan, and all renewals,
extensions and lnodifications oi' 'ihe Note; and (ii) the performance of Borrower's covenants and
agreements under this Security ,strument and the Note. For this purpose, Borrower does hereby
mortgage, grant and convey to ~": ERS (solely as nominee for Lender and Lender's successors and
assigns) and to the successors ~, .d assigns of MERS, with power of sale, the following described
property located in tile Connt? [Type of Recording Jurisdiction] of LINCOLN [Name of Recordiug
Jurlsdictiorll:
LOTS 1 :l ~'; OF NORDIC RANi' :!ES' DIVISION NO. 8, LINCOLN COUNTY, WYOMING,
ACCORDING TO THAT PLA:' FILED lin THE OFFICE OF THE COUNTY CLARK AS
PLAT NO. 312-A
Parc~,.l 1D l',lmntier: 361926200
which currently has the address of
225 ROA?4 WAY [Street]
ETNA [City], Wyoming 83118 i' '.ip Code] ("iProperty Address" ):
TOGETHER WITH all ~'~e improvements now or hereafter erected on the property, and all
easements, appurtenances, and :utes now or hereafter a part of the property. All replacements and
additions shall also be covered b this Security Instrument. All of the foregoing is referred to in this
Security lustmment as the "Prop~ 'ty." Borrower understands and agrees that MERS holds only legal
title to the interests granted by~ i'.'-..: :rower in this Security Instrument, but, if necessary to cmnply with
law or custom, MERS (as nomi~l ,¢., for Lender and Lender's successors and assigns) has the right: to
exercise arg~ or all of those inte~ .:ts, including, but not limited to, the right to foreclose and sell the
Property; and to take any acrid> required of Lender including, but not limited to, releasing and
canceling tl~is Security lnstrume~
BORROWER COVENy' · ITS that Borrower is lawfully seised of lhe estate hereby conveyed
and has tl~e right to mortgage, g~'; .~t and convey the Property and that the Property is tmencumbered,
except l'or encumbrances of rec ':d. Borrower warrants and will defend generally the title to the
Property against all claims and d,': '~ands, subject to any encnmbrances o[record.
THIS SECURITY IN~-;: ';:UN'lENT combines uniform covenants for national use and non-
uuiForm covenants with limited · clarions by jurisdiction to constitute a uniform security instrument
covering real property.
UNIFORM COVENAN' .;. Borrower and Lender covenant and agree as follows:
I. Payment of Prir~," ~al, Interest, Escrow Items, Prepayment Charges, and Late
Charges. Borrower shall pay v,.'~ a dne the principal of, and interest on, the debt evidenced by the
Form 3051 1/01
Page 3 of 16
Note and any prepayment charge:' .'md late charges due under the Note. Borrower shall also pay funds
for Escrow Items pursuant to Se:.: ion 3. Payments due under the Note and this Security Instrument
shall be'made in U.S. currency. ;:~[owever, if any check or other instalment received by Lender as
payment under-the Note or this ~ .:urity Instrument is tetra-ned to Lender unpaid, Lender may require
fi'mt any or all subsequent payme:~ :; due under the Note and this Security Instrument be made in one or
more o[' the following forms, as; .;[ected by Lender: (a) cash; (b) money order; (c) certified check,
bank check, treasurer's check ol'",, ~.sbier's check, provided any such check is drawn upon an institution.
whose deposits are insured by.::: ;'ed~ral agency, instrumentality, or entity; or (d) Electronic Funds
Trans lev.
Payments are deemed r~ '.:eived by Lender when received at the location designated in the
Note or at such other location '~s may be designated by Lender in accordance with the notice
provisions in Section 15. Lende::' .nay return any payment or partial payment if the payment or partial
payments are insufficient to bra:. ,; the Loan current. Lender may accept any payment or partial
payment insu~'ficient to bring fix:- oan current, without waiver of any rights hereunder or prejudice to
ils rights ~'o refuse such payment. ' partial payments in the fittm'e, but Lender is not obligated to apply
such l~ayn}ents at the time such ': yments are accepted. If each Periodic Payment is applied as of its
scheduled due date, then Lende: ~eed not pay iuterest on unapplied funds. Lender may hold such
unapplied ikmds until Borrower ~': ices payment to bring the Loan current, if Borrower does not do so
within a reasouable period of tim. Lender shall either apply such thuds or return them to Borrower. If
not apl>lied earlier, such funds · :[I be applied to the outstanding principal balance nnder the Note
immediately prior to foreclosure. ':4o offset or claim which Borrower might have now or in the fu~re
against Lender shall relieve Bor~ ,wer fi'om making payments due under the Note and this Security
· Instrument or perfornfing the cow nants and agreements secured by this Security Instrmnent.
2. Application of Pay'.' 'mrs or :Proceeds. Except as otherwise described in this Section 2,
all payments accepted and appli?' by Lender shall be applied in the following order of prioriW: (a)
interest due under the Note; (b) ~: '~xcipal due nnder the Note; (c) amounts due under Section 3. Such
payments shall be applied to e: :[. Periodic Payment in the order in which it became due. Any
remaining amounts shall be al)l:)]. :t first to late charges, second to any other amounts due under this
Security [i'lslrument, and then to ~uce th.e principal balance of the Note.
I~' Lender receives a I';: 'ment fi:om Borrower :for a delinquent Periodic Payment which
includes a tmt'ficient ammmt to p:. ' any late charge due, the payment may be applied to the delinquent
payment and the late charge. Iff ,re than one ~Periodic Payment is outstanding, Lender may apply any
payment received fi:om Borrowe~ o the repayment of the Periodic Payments if, and to the extent that,
each payment can be paid in fuli. To the extent that any excess exists after the payment is applied to
the Jkfll p',~yment o:f one or more:, eriodic ~ aymeuts, such excess may be applied to any late charges
due. Voluntary prepayments sh:, be applied first to any prepayment charges and then as described in
the Note.
~, ny application of pay~. '~ts, insurance proceeds, or Miscellaneous Proceeds to principal due
nnder thc Note shall not exte~[ ~r postpone fine due date, or change the amount, of the Periodic
5. ~[hmds for Escrow .[. ;~s. Borrower shall pay to Lender on the day Periodic Payments are
due under the Note, until the 54, :, is paid .in Rdl, a sum (the "Funds" ) to provide for payment of
amounts ( ue 1.Br (a) taxes and ~x; :ssments axxd other items which can attain priority over this Security
instrtm~ent as a lien. or encumbr:, ce on the Property; (b) leasehold payments or ground rents on the
Form 3051 1/01
Page 4 of 16 t~_
Initials:t~ ~
Property, i:lf any; (c) premi~'nns fi any and all insurance reqnired by Lender under Section 5; and (d)
Mortga~ge Insurance premiums, : any, or any sums payable by Borrower to Lender in lieu of the
payment o:f' Mortgage Insurance ~'emitnns in accordance with the provisions of Section 10. These
items are called "Escrow Items. .'kt origination or at any time during the term of fl~e Loan, Lender
,nay require that Community ,.'::ociation Dues, Fees, and Assessments, if any, be escrowed by
Bo,'rower, ~md such dues, fees :. ! assessments simlI be an Escrow Item. Borrower shall promptly
ftunish lo I,ender all notices ol~ iii., :rants to be paid under this Section. Borrower shall pay Lender the
Funds for l!}scrow Items untess,', ader waives Borrower's obligation to pay the Funds for any or all
Escrow Items. Lender nmy wai¥.' Borrower's obligation to pay to Lender Funds for any or all Escrow
Items at any time. Any such w;: ','.ir may only be in writing. In the event of such waiver, Borrower
shall pay directly, when aud wh~: payable, the amounts due for any Escrow Items for which payment
of Funds has been waived by .ender and, if Lender requires, shall furnish to .Lender receipts
evidencing such payment within: :...,ch time period as Lender may require. Borrower's obligation to
make such payments and to pre. qe receipts shall for all purposes be deemed to be a covenant and
agt'eemea! contained in this Se¢.:~ :t:y Instrument, as the phrase" covenant and agreement" is used in
Sectiolx 9. I'f Borrower is oblig~,, i to pay Escrow Items directly, pursuant to a waiver, and Bon'ower
$;ails to t~ay the amount due for a: .';scrow Item, Lender may. exercise its rights under Section 9 and pay
sucl~ arno,mt and Borrower sh:;: ii, eh be obligated under Section 9 to repay to Lender any such
amount. 'i.ender may revoke th~-:' :~iver as 1'o any or all Escrow Items at any time by a notice g~ven in
accordance with Section 15 and, ,on such revocation, Borrower shall pay to Lender all Funds, and in
such amot.,.uts, that are then requi '::[ under this Section 3.
Lender may, at any tim~: .:ollect and hold Funds in an amount (a) sufficient to pemfit Lender
to apply the Funds at the time sl :ified under RESPA, and (b) not to exceed the lnaximum amount a
lender eau require under RESP/ Lender shall estimate the amount of Funds due on the basis of
current: d',:lla and reasonable c:: nates off expenditures of future Escrow Items or otherwise in
accordanc,z ~vith Applicable Lay,
The Funds shall be h<'. hi an il~slitution whose deposits are insured by a federal agency,
insl:rume~.!',l!ity, or entity (inch:~c: ~ Lender, if Lender is an institution whose deposits are so insured)
or in any [;cderal Home Loan i'i: !c. Lender shall apply the Funds to pay the Escrow Items no later
titan the I:it'}~e specified under Ri: A. Lender shall not charge Borrower for holding and applying the
Funds, at':n~.ally analyziug the ,' ~-ow acco,mt, or refit}ling the Escrow Ite~ns, unless Lender pays
Bor~'ov,/cr i,,~te~:est on the Funds }::' . Applicable Law permits Lender to make such a charge. Unless an
agrcen~em is made m writing or ,plicable Law requires interest to be paid on the Funds, Lender shall
not be req~ired to pa}, IBorrow~:: my interest or earnings o~, the Funds. Borrower and Lender can
agree in writing, however, that . ;crest shall be_ paid on Ce Funds. Lender shall give to Borrower,
wiittot:tt' charge, an almual acco~: *g of the Funds as required by RESPA.
Il:/here is a surplus of; ~ds held in escrow, as defined under RESPA, Lender shall account
to Bo~'row(:r ibr the excess func~:' .:~ accordance with RESPA. If there is a shortage of Funds held in'
escrow, a',: defined m~der RESP/ ~ender s!:all no*iCy Borrower as required by RESPA, and Bm'rower
sln~ll p%, i:~ Lender the amount ~ essary to) make x.~p the shortage in accordance with RESPA, but in
no re(ere t!',;m 12 monthly paym:~' :. If there is a deficiency of Funds held in escrow, as defined under
RESPA, [.~.-'.nder shall notiliy [}<:' ,vet as required by RESPA, and Borrower shall pay to Lender the
a~momat n::~:essary to make up :. deficie(tcy in accordance with RESPA, but in no more than 12
monthly l::,~yments.
Form 305.1 1/01
P~lge 5 of 16
Upon payment in £ull ~: ?ll sums secured by this Security Instrument, Lender shall promptly
reft,md lo Borrower any Funds h~. by Lender.
.4. Charges; Lieus. '~orrower shall pay all taxes, assessments, charges, fines, and
impositions attributable to the 'operty which can attain priority over this Security Instrument,
leasehold payments or grouud ~', 3 on the Property, if any, and Community Association Dues, Fees,
and Asses~;ments, if any. To th~: ~tent that these items are Escrow Items, Borrower shall pay them in
the ma.nnct' provided in Sectiou i:'.
Borrower shall prompt:i .iischarge any lien which has priority over this Security Instrument
unless Bo:?ower: (a) agrees iu v' lng to the payment of the obligation secured by the lien in a manner
acceptabk to Lender, but only s~ mg as Borroxver is perforating such agreement; (b) contests the lieu
in good Kqith by, or defends ag;.;. ?;t enlbrcement of the lien in, legal proceedings which in Lender's
opinion operate to prevent the e~ ~rcement of the lien while those proceedings are pending, but only
until sucl~ proceedings are co: ~ded; or (c) secures from the holder of the lien an agreement
satis~tctory to Lender subordimt~ :?: the lien to this Security Insa'ument. If Lender determines that any
part o g tine Property is subject t~ .ien which can attain priority over this Security Instrument, Lender
may give /3orrower a notice i&_: :~ying the !ica. Within 10 days of the date on which that notice is
given, Bo?-:ower shall satisfy th,: '.n or take one or more of the actions set forflt above in tiffs Section
4.
l,cnder may require Bo, "~ver to pay a one-time charge for a real estate tax verification and/or
reporting s;ervice used by Lende~ connection wilh this Loan.
5. Property h~sm'an~:. 13orrower shall keep the improvements now existing or hereafter
erected o~t the ~Property insure( ,gainst loss by fire, hazards included within the term "extended
coverage," and any other haza~' including, but not limited to, earthquakes and floods, for which
Lender requires insurance. Thi::: '~snrance shall be maintained in the amounts (including deductible
levels) and for fl~e periods lhat: :re.let requires. W hat Lender requires pursuant to the preceding
sentences can change during lh(: :m of the Loan. The insurance carrier providing the insurance shall
be cl'm~e~ by Borrower sub.jec~ Lender's fight to disapprove Borrower's choice, which right shall
not be exe;cised unreasonably. .'~der m~ty require Borrower to pay, in connection with this Loan,
either: (a} a one-time charge fc;;' ')od zone determination, certification and tracking services; or (b) a
one4irne charge for flood zone :e'rmination and certification services and subsequent charges each
' time reread?pings or similar c~ ?,es occur which reasonably might affect such determination or
certificatio,. Borrower shall a'i:' '~e respot~sible fbr the payment of any fees imposed by the Federal
Emergency Managen:~ent A. ge~? in connection with fl~e review of any flood zone determination
resulting ~h'om an o'bjection by ~ ower.
If Borrower fails to r:' '~tain any of the coverages described above, Lender may obtain
insura~ce coverage, at Lender": ,)tion and Borrower's expense. Lender is under no obligation to
pm'chase ~5, particular type or; m~d of coverage. Therefore, such coverage shall cover Lender, but
mig!~t or ~night ~mt protect '[.k: :,.,.,2er, Borrower's equity in the Property, or the contents of the
Propcrt. y, ;~gainst any risk, haz.:i: ~r liability and might provide greater or lesser coverage titan was
previo~sly {~x eilEct. Bol'rox~,er: ~cwledges l:hat the cost of the insurance coverage so obtained might
siguificani~y exceed tlae cost ol~' 'trance that Borrower could have obtained. Any amounts disbursed
by Lende~ under tiffs Section ~. ~1 become additional debt of Borrower secured by tiffs Security
It~stmmen~.. These mnou~ts sh~'.i ,:ar interest at the Note rate from fl~e date of disbursement and shall
be payable, with such inte:rest, it:. r~otice fi'om Leuder to Bgrrower requesting payment.
Form 3051 1/01
Page 6
All insurance policies ~, :.fired by Lender and renewals of such policies shall be subject to
Lender's right to disapprove sL.~,:. ~x~licies, shall include a standard mortgage clause, and shall name
Lender as mortgagee and/o:r a:~: : ~dditional loss payee. Lender shall have the right to hold the
policies and reuexval certificate: l~f Lender requires, Bon:ower shall promptly give to Lender all
receipts of paid preminms and r, :wal notices. If Borrower obtains any-form of insurance coverage,
not otherwise required by Len~* ~or damage to, or destruction of, the ProperS, such policy shall
include a s[andard mortgage cl~ ):md shall name Lender as mortgagee and/or as an additional loss
payee. ~
h~ the event of loss, .~3: '.wet shall give prompt notice to the insurance carrier and Lender.
Lender may make proof of to,~-:: 'not made promptly by Borrower. Unless Lender and Borrower
otherwise agree in writing, a~,· .~sm'ance proceeds, whether or not the underlying insurance was
required by Lender, shall be ap~. ':~ to restoration or repair of the Property, if the restoration or repair
is economically feasible and L~~ '::r's secm:ity is not lessened. During such repair and restoration
period, Lender shall have tl'~ ::5i'~.t to hold such insurance proceeds until Lender has had an
opportunity to inspect such Pr%: .¥ to ensure the Work has been completed to Lender's salisfaction,
provided tlmt such inspection ~:~ i. be undertal~en promptly. Lender may disburse proceeds for the
repairs and restoration in a ~- ::: payment or in a series of progress payments as the work is
completed. Unless an agreem(:.~' ~: made in writing or Applicable Law requires interest to be paid on
such instmmce proceeds [,end,:~' ::~.~l noi be required to pay Borrower any interest or earnings on such '
proceeds. Fees fbr pnblic ac[iuJ:~ ;, or other lhird parties, retained by Borrower shall not be paid cut
of the insuran6e proceeds and ::;:: be the s~le obligation of Bon'ower. If the restoration or repair is
not economically feasible or *i~ :eYs secut'ity would be lessened, the insurance proceeds shall 'be
applied to lhe sums seem'ed by ~; Security Instrument, whether or not then due, with the excess, if
any, paid to Borrower. Such i~ ,race proceeds shall be applied in the order provided for in Section
2.
I~ .Borroxver abanitom; ~:~ Property, Lender may file, negotiate and settle any available
insurance claim and relal:ed m:~'~ ",. If Bor~'ower does not respond within 30 days to a notice fi'om
Lender tha~: the insnrance carric~' s; offered to ~;eti'le a claim, then Lender may negotiate and settle the
claim. Thc 30-day period wil} }' i.n when (he notice is given. In either event, or if Lender acquires
the Properly tinder Section 22 ~., !' ~erwis:, Borrower hereby assigns to Lender (a) Borrower's rights
to any ins[~'ance proceeds :in :i: nxount ~ot tu exceed the amounts nnpaid under the Note or this
Security h:strmuent, and (b) ~: ~ther of Borrower's rights (other than the right to any retired of
unearned t:~remiums paid by B:';: wet) under all insurance policies covering the ProperW, insofar as
such rights are applicable to ti::. ~verage of the Property. Lender may use the insurance proceeds
either to r{:;pair or restore the )erty or to pay amounts unpaid'under the Note or this Secnrity
Instrument, whether or not the~. :.
6. Occupancy. Bo?~ ,'er shall, occupy, establish, and use the Property as Borrower's
principal l¢:sidence within 60 &'. 'ffter thc execution of this Security Iustrument and shall continue to
occupy the [h:operly as Borrows: i~rincip~l :residence ibr at least one year after the date of occupancy,
unless I.xmder otherwise agrees; ' .,citing, which consent shall not be unreasonably withheld, or unless
extcnuatin[[ c/rcumslance~; exis {ch are beyond Borrower's control.
7. Preservati{m, kS~: ..,~u' -', ..... :.~mi ~h'otection of the Property; Inspections. Borrower
shaI1 not &'.st-roy, damage or im ' the r. ,
.:~oi.x~rly, nllow the Property to deteriorate or comnfit waste on
the Property. Whether or no: ~rrower is rcsidi~lg in the Property, Borrower shall maintain the
Form 3051 1/01
Page ? of 16 lnitiats:~_ ~
Property in order to prevent thc:~ ?rty from deteri.orating or decreasing in value due to its condition.
Unless it is determined pursna~ '~ Section 5 that repair or restoration is not economically feasible,
Borrower shall promptly repair . [~roperty if damaged to avoid fm'ther deterioration or damage. If
insnrance or condemnation pre;.' 'ds are paid in connection with damage to, or the taking of, the
Property, Borrower shall be r,'~:' nsib[e :got repairing or restoring the Property only if Lender has
released proceeds for snch ptn'p(.~ :.;. Leuder may disburse proceeds for the repairs and restoration in a
single ~payment or in a series ('~ 'rog~:ess paymeuts as the work is completed. If the insurance or
condemnati(m proceeds are no~:,~ 5c{9nt to repair or restore the Property, Borrower is not relieved of
Borrower s obligation fi~r the cc; i~zfion ol: st.mch repair or regtoration.
Lender or its agent In~'~ ' ~;:~e reasonable entries upon and inspections of the Property. If it
has reasonltble cause, Lender n', iuspect the interior of the improvements on the Property. Lender
shall give Borrower notice at tithe oF or pric>r to such an interior inspection sPecifying such
reasonable cause,
8. Borrower':~ L~r~ ?~r~licati~m. ,, . Borrower shall be in dehult i[ during the Loan
application process, Borrower ( ny pers()ns or entities acting at the direction of Borrower or with
Borrower's knowledge m' co~ gave ~aCerJ. ally hlse, misleading, or inaccurate information or
statements to Lender (or lhiled . .)t'ov~cle Lender w/th material information) iu connection with the
Loan. Material representations; h.~de, but ~re no~ limited to, representations concerning Borrower's
occupancy of the Property as Bt: wer's principal residence.
9. Protection ,t' [~.,~:;; ':'s ~l~r~.tt~r(::st in the Property and Rights Under this Security
Instrume~t. If (a) Borrower 1::~" ~:) peri~)m-~, the covenants and agreements contained in this Security
Instrument, (b) there is a leg~'; 'c~ceedhng that might significantly affect Lender's interest in the
Property atld/or rights under thi:' '::nrity Int~t'rnm~mt (snch as a proceeding in bankruptcy, probate, for
condemnation or forfeiture, :fi)r fbrcement of' a lien which may attain priority over this Security
lnstrun~ent or to enforce laws . regulations), or (c) Borrower has abandoned the Property, then
Lender may clo and pay l:~*r wi: ,er is re~'~sonabte or appropriate to protect Lender's interest in the
Property and rights under this ~: ;['[ty ~[nst~'umeut. including protecting and/or assessing the value of
the ProperS:y, and securing and/': ,:epairing the Property. Lender's actions can include, but are not
limited to: (a) paying any sums: :re'ed by a lien which has priority over this Security Instrument; (b)
appearing in court; and (c) pa).. rc~:sonable attorneys' Fees to protect its interest in the Prope~
and/or rigl~ts under this Securi(./ :trument, including its secured position in a ban~uptcy proceeding.
Securing tl~e Property includes. ~ is not lin-fited to, entering the Property to make repairs, change
locks, repl:~ce or board up doo ,nd windc~ws, rJra~n waler fi'om pipes, ~liminate building or other
code violations or dangerous c: ;l'ions, m~d have ut:ilities turned on or off. Although Lender may
take action ~mder this Sec;fion f). :~der cloe~.: not have to do so and is not under any duty or obligation
to do so. It' is agreed thai Let'~cl,..icut's no [lability For not taking any or all actions authorized under
this Sectio~ 9.
Any amounts di:qburs~~ ~y L~¢ndc. r under this Section 9 shall become additional debt of
Borrower s,tcured by this Secm'i *tstrmnae~t. These ammmts shall bear interest at the Note rate from
'the date oF disbursemel~t and .il be ll'~:~5, able, with such interest, upon notice from Lender to
Borrowe~-r~:~qnesting paynxenl'.
If ~lxis Security ]nstrm~:; · is on ~ ~[~asehold, Borrower shall comply with all the provisions of
the lease. 'il:Borrower ac:tluire~; t.ille ~o I:he l>t'operty, the leasehold and the fee title shall not merge
unless Lent:let agrees to the mer~
Form 3051 1/01
Initials: _~ ~_~"~
lit. Mortgage htsm'a: [J['Le~der required Mortgage Insurance as a condition of making
the Loan, Borrower shall pay II~,' -emimns required to maintain the Mortgage Insurance in effect. If,
for auy reason, the Mortgage h~_ 'nace coverage required by Lender ceases to be available from
mortgage insurer that previou::: provided such insurance and Bon-ower was required to make
separately designated payments; ~rd the premiums R)r Mortgage Insurauce, Borrower shall pay the
premim:ns required to obtuin, cov 'Se s~bstat~l:ially equivalent to the Mortgage Insurance previously in
effect, at a cost substantially ec~" !¢:nc to i'he cc~st to Borrower of the Mortgage Insurance previously
in effect, fi'om an alternate mot:' ~ ~j~sl~rc · s;elecied by Lender. If substantially equivalent Mortgage
Insi~rance coverage is not avai ,¢, Borr~:~w~:r shall contimie to pay to Lender the amount of the
separately designated payments ,t werc due when the insurance coverage ceased to be in effect.
Lender will accept, use and retai: '~e. se 'payments as a non-refundable loss reserve in lieu of Mortgage
Insm'ance. Such loss reserve ~1 be non-re'tim.dable, notwithstanding the hct that the Loan is
ultimately paid in full, and Le~ .... shztll ~not be required to pay BmTower any interest or earnings on
such loss reserve. Lender can r~ :-~ger require loss reserve payments if Mortgage Insurance coverage
(in the amount and for the perq that Lender requires) provided by an insurer selected by Lender
again becomes available, is obl.?,. ~d, and Lender requires separately desig~mted payments toward the
p[emiums for Mortgage Instu'ar~ If Lender reqtfired Mortgage Insurance as a condition of making
the Loan and Borrower wa:; req~.: '[ to~,,a.:~' separately designated payments toward the premiums for
Mortgage ~nsurance, Botts)wet . ~ l~ay ~i'.t~ ~remiums required to maintain Mortgage Insurance in
eftbct, or ti; provide a non-re2~': ~,:; h:;s~; reserve, until Lender's requirement for Mortgage Insurance
ends in accordance with auxy x .:sn ;igrcc:i~etli between Ji3orrower and Lender providing for such
termination or until termination: :eqc'tired by Al'>p]icable Law. Nothing in this Section 10 afl~cts
Borrower's obligation to pay irq~ :t' at the r:~!e ]?rovided in the Note.
Mortgage Insur~mce re: ;urses Lt:mder (or-any entity that purchases the Note) fbr certain
losses it m~ty incur if Borrower cs not repay tl~c Loan as agreed. Borrower is not a party to the
Mortgage ]nsurance.
Mortgage iusurers ex, ak ,: tl~cir local risk on all such insurance in force from time to time,
and may enter into agreemeats; ~:h o[her pvrt[es ll:at share or modify their risk, or reduce losses.
These agree:ments are on terms: .'~ coadif:io~.s that are satisfactory to the mortgage insurer and the
other party (or parties) to these '~::xuc:-t~r;. These agreen]ents 1nay require the mortgage insm'er to
make payments using a::y sours' ~' fim,':ts ~h:-:~' the mortgage insurer may have available (which may
include flmds obtained :fi'om M,. .? '?n:~r::?tcc l:)rcmiums).
A:g a result of th,ese ',~-. ~e,'3:s:, /.,<':-:der, any purchaser of the Note, auother insurer, any
reil~surer, any other entil:y, or a~. '.:i:'ili/~.te ~¢i5 ~'my of ~:l]e fbregoing, may receive (directly or indirectly)
amounts that derive fion'~ (or :[:~t be chau',~ctcr/zed as) a portion of Borrower's payments tBr
Mortgage lnsm'ance, in excha~5~ :::>r shari~ag or nnodifying the mortgage insurer's risk, or reducing
losses. If such agreement pro5 .; theft ~u~ agfilia.le of Lender takes a share of the insurer's risk in
exchange t~r a share of the pr. ~rns paid to the insurer, the an'angement is often termed "~aptiVe
Ielnsuranc .. Imrther
(a) Any such agreem::: .~<,i~.[ ~. ~i'~'<'.ct the anmunts that Borrower has agreed to pay
Mortgage '[~nsurance, et' nuy ; '.~: i;5:rs,-:" ~i' th<~ Loan. Such agreements will not increase the
amotmt Br~r'rower will owe ~::: .'~'~',~.5r?'~ {'~sur:utce, and they will not entitle Borrower to any
tel'trod.
¥orm3051 1/01
o1'16 laitials:
(b) Any such al'.,,reem,~ :;ql'i ~.()i: st(7,,.ct ~he rights Borrower has - if any - with respect to
the Mortgage Insurance un(lc: ,~ k[mnccm',ers Protection Act of 1998 or any other law. These
rights may include the right t.' .;;e~ve cc~r!:~,in disclosures, to request and obtain cancellation of
the Mortgage Insurance, to k ~.~.~.e .... M~:,rtgage. Insm'ance terminated automatically, and/or to
'receive a refund of any Morq: ~ 'h~.~;urance premiums that were unearned at the time of such
cancellation or termination.
1l. Assignmm~t of 5q';. :3, ka~mous Proceeds; Forfeiture. All Miscellaneous Proceeds are
hereby assigned to and shall be ~: tq~ Lenc~er.
If the Property is dam; ;, such. M~iscellaneons Proceeds shall be applied to restoration or
repair of the Property, if tSe res~ .. i. ion or r,:~lo;;ir is economically feasible and Lender's security is not
lessened. During such repair :i restor:;tkm period, Lender shall have the right to hold such
Miscellaneous Proceeds tmtil 1... :.:r l~aqs la;:~d a~ opportunity to inspect such ProperW to ensure the
work has been completed tc Lc 's sat'isi'nction, provided that such inspection shall be undertaken
promptly. Lender may pay fbi' reloairs :~ncI re:;toration in a single disbursement or iua series of
progress payments as thc work: .mapleted. 13nless an agreement is made in writing or Applicable
Law requires interest to be paitk :;~.~ci'~ ~M'i~ctelkmeous Proceeds, Lender shall not be required to pay
Borrower any interest or earnir~'. ~x such 'Miscellaneous Proceeds. If the restoration or repair is not
ecotmmically f~asible or 'Lendc:: :;ecttrity would be lessened, the Miscellaneous Proceeds shall be
applied to the sums sectored by . ' 5~ecuritv [r~strument, whether or not then due, with the excess, if
any, paid lo Borrower. 5;ucl~ !.. '<'~!l. an.eo~,?, ?roceeds shall be applied in the order provided for in
Section 2.
ha the event of a total ~ .,,,' ctest?~c:~ion, or loss in value of the Property, the Miscellaneous
Proceeds shall be applied to l'l~' :ns sect~'ed by this Security h~stmment, whether or not then due,
with the excess, if any, paid to ~:~ 3wet.
in the event of :~ ?arfi;~ 'i.~g, der:trt~ction, or qoss iu value of the Property in which the fair
market va]t~e of the Propet'ty i~' :.diately l:)e:f'brc the partial talcing, destruction, or loss in value is
equal to o~' greater than thc a~: ~'~ of5 tt:t: sums secured by this Security lnsmnnent innnediately
befk)re the partial taking, (iestrt~,., or i()::: in value, unless Borrower and Lender otherwise agree in
writing, tht¢ sums secured by :; S?ecurity [.ns~:mment shall be reduced by the amount of the
Miscellar~e,>t~s Proceeds m.dtip~' ...",y 1% k)/I~wing graction: (a) the total amount of the sums secured
immediately before the partial t;~ ~;, clesl'ru}ofion, or loss in value divided by (b) the fair market value
of' the Property immedia~:ely l:)e~ ?he-'. f.,art!',~l ~:d.:ing, destruction or loss in value. Any balance shall
be paid to J3orrower.
In the event o[ a toarli;~: .:i~'~g, des;~ruction, or loss in value of the Property in which the fair
market vah~e o[the Property im ately I,<:fS:)t-(O tqnte partial taking, destruction, or loss in value is less
than the amount of the sums r:: .?d imr~ediately 1ocgore the partial taking, destruction, or loss m
value, unless I3orrower a~:cl Lr,~ r:')lllerx~..'i:;e,.a.~,.,,¥~e~ in writing, the Miscellaneous Proceeds shall be
applied to l[}e gums secured by ~ ?.:cuu'il:y in~;trtimcnt whether or not the sums are then due.
I6 lite Property is abm't,: :'d by B::~'r~y,.',,cb or if, after notice by Lender to Borrower that the
Opposing l::~rty (as defined in tq'; ::..:t gents tze'~ ()l:Tors to make an award to se~le a claim for damages,
Borrower :f}tils to respo:~d to '. ,.;r ,.,.4lh(n B0 d,ys after the date the notice is given, Lender is
authorized to collect and appq :: Miscc~3ia,~¢~ou~ Proceeds either to restoration or repair of the
Property or to the sums sccm-(', this: ~k:c:m-/!y l~nstrument, whether or not then due. "Opposing
Form 3051 1/01
Initials: ~_'~. - ~
Party" means the third pa~'ty ti';: ~.,es; ldo.: ox..'<,, Miscellaneous Proceeds or the party against whom
Borrower has a right of action i~ ,:r,? ~o ~.,'~isceil~neous Proceeds.
' Borrower shall be in &. ~,t if' any ~:~ction or proceeding, whether civil or criminal, is begun
that, iu Lender's judgment, cm~: :s;t~[t in fk3rIYtzimre of the Property or other material impairment of
Lender's interest in the Properi',: :Jghts ~,ade~' this Security Instrument. Borrower can cure such a
default and, if acceleration has .: .:mci, re/ns;late as provided in Section 19, by causing the action or
proceeding to be dismissed wi' ruling tlnat, h'~ Lender's judgment, precludes fortbiture of the
Prope~ty or other material impa5 }'~t.og Lender's interest in the Property or rights under this Security
Instrument. The proceeds of an.' .au'd or ciaim lk:~t: damages that are attributable to the impafixnent of
Lm'~der's interest in the P~'operty !~ereb. y ;~saigned and shall be paid to Lender.
Ali Miscellaneot~s Pro,: :; r:l:~at ar,: mot applied to restoration or repair of the Property shall
be applied in the order provide,~i 'a ~3ectk:.,~ 2.
12.~ Borrower ¢'~1 }~; e¢~; F<~?~q:t:~-:mce By Lender Not a Waiver. Extension of the
time tbr payment or mod~fica~.' >i' amoi'ii:;afi,:~ of the sums secured by this Security Instrument
granted by Lender to Bon:owe~ ily Stretch:sar in 5nterest of Borrower shall not operate to release
the liability of Borrower (n' any :ccssors il~~mlc:rest of Borrower. Lender shall not be required to
commellce proceedings ag:tJnsl ~: ,','~ -
,. ~ceo:<~. h~ 'Interest of Borrower or to refi~se to exteud time fbr
payment or otherwise mod/fy a: iww:trion r~t' ~:Ixe sums secured by this Security Instrument by reason
of any demand made by ~he ,.,. ~'i 'Bo~'mwer or any Successors in Interest of Borrower. Any
ibrL, earance by Lender in exe. ~.(.~ any ~'i~ht or remedy including, without limitation, Lender's
acceptance of 'payments from ~ l~erso~,s, Qp?ities or Successors in Interest of Borrower or in
amounts les;s than the amo~nt t'}~: ~(:. ~ha!I ~c)t ~:'~,.; a waiver of or preclude the exercise of any right or
remedy.
13. Joint and Sevin':: ?~[:.ity; (:~.-:¢i~;nm's; Successor s and Assigns Bound. Borrower'
covenants ~nd agrees that Bor~': "~; cb]~ ............ and liability shall be joint and several. However,
any Borrower who co-si~j~s th:i::: ~'ity '[m;i~'t~mc;~'~t but does not execute the Note (a "co-signer"): (a)
is co-signing this Seem'try Inslr ~t cmly I:<) mo~'tgage, grant and convey the co-signer's interest in
the Properly under the ~erms c :: ,:..~ecur~(~ :Im;crument; (b) is not personally obligated to pay the
sums secured by this Secu '[ly I~: . 'ne',~t; a~xd (c:) ~grees that Lender and any other Borrower can agree
· to extend, modify, forbear' or ': ;t:~7 ar'comm(:>dations with regard to the terms of this Seem'try
Instrument or the Note wi!hour :. .:,-.::;hlne~Q; ,~o~'.sent.
Su~i[ect to the p~'evisie ~' ¢::ec. ticm 18, :my. Successor in Interest of BmTower xvho assumes
Borrower's obligations u['~der 1. ' 'eom'try :.natrument in writing, and is approved by Lender, shall
obtain all ¢-~' Borrower's ~'~ghc:; . belzeFi~::¢ und(x' this Security Instrument. Borrower shall not be
released fi'om Borrower's oblig~: ~; and li:~i>i!ity under this Security Instrument unless Lender agrees
to such release in writing!5 T' :~w-man~:'; and agreements of this Security Instrument shall bind
(except as pi'ovided in Section Y 'r :{ benc?[~ tine successors and assigns of Lender.
14. Loau Charses. '!. ':~' i~ay charge Borrower fkes fbr services perforated in connection
with Borrower's default, :~"or ~!': :?se c,:?' prefecting Lender's interest in the Property and rights
under this Security Instrument~ :dh~g, ['~,t nor limited to, attorneys' fees, proper~ inspection: and
valuation i~zes. I~ regard ~¢> an? :' ~:kes, !~,- ab:~ence of express authority in this Security Instrument
to charge a s;pecific fee to> (3ol'rc. .:h~:;!l rm~ be c<mstrued as a prohibition on the charging of such fee.
Lender may not charge f'e<':~ th~' ~xp~-es::,i?' prohibited by.this Security Ii~strument or by Applicable
Law.
Form 3051 1/01
Para: I I of I6
Initials: ~.~ ~
675
'If ~he Loan is s:'t~b, jec! i.,~v./.which :<.I:s maximnm loan charges, and that law is finally
interpreted so that the in~<5:rest c:. .'.? io',m c}mrg, es collected or to be collected in connection with th~
Loan exceed the permitted lm~: hen: (~) any such loan charge shall be reduced by the amount
necessaU, to reduce ll~e chaq~,. ~he per~nitted limit; and (b) any sums already collected from
Borrower w[ficlx exceeded perl~; htnits will be refimded to Borrower. Lender may choose to make
this retired by reducing tl~e pril5~' owed under ilxe Note or by making a direct payment to Borrower.
Ifa rethnd reduces prim;ipal, ' ,'eduction will be treated as a partial, prepayment without any
prepayrnent charge (whetl~er or.: ':: ?~:epayment charge is provided for under the Note). Borrower's
acceptance of any such retired ..: by direct payment to Borrower will constitute a waiver of any
right of aclion Borrower 'might ? ~trising out o:f such overcharge.
]5. Noiiees. /-=ti ~o,5 ,>.i,,,en I:,./ Borrower or Lender in connection with this Security
.Instrument must be in wrhing. :'~¢>tice to B~t-rower. in connection wid~ this Security Instrument
shall be deemed to have ?'~een , ~c> Bo?~'ow¢::!' when m:~iled by first class mail or when actually
delivered to Borrower's ~:~tice' '~:;s'.; if sient 105, otl~er means. Notice to any one Borrower shall
consti~de ~:~otice to all Bo,-roy,.. .:.t:ss A[:~plicable Law expressly requires otherwise. The notice
address shall be tlhe Property / :.;::: tmlesy: Bori-ower has designated a substitute notice address by
notice to Lender. Borrowci-sh:-;' >[-ciotly ~[otify Lender of]Borrower's change of address. If Lender
specifies a procedure for l'eper~ .... ~ ~ox~ c~ s cl~ange of address, then Borrower shall only report a
change of address throug?~ that :: .z.:,:::? procedure. There may be only one designated notice address
under this Security Instrut~ent :': ' <.,~e time. Any notice to Lender shall be given by delivering it or
by mailing it by first clas:.; mai! '- '-' '
,. . ~ -.r s :v:idrc~;s stated hereiu unless Lender has designated another
address by notice to Bor~'o~,er~ : ,:."){.ice itt rzcmnection with this Security Instrument shall not be
deemed to have been give~: to ' ,' t.txti, l z:ctua!ly reef:ired by Lender. If any notice required by this
Security /h~sh-ument is ah.:o rtz~'. ~, '~'~t]de' ApF!icable Law, the Applicable Law requirement will
satisfy the oorresponding ~.'t'~c]ui~ ~ ~i~cler ?,tis ~:;ecurity Instrument.
16. Governing haw; ?:a',zi~i(?~, R~,,ex of Conglruction. This Security Instrument shall
be governed by federal law and .'.';w of the jm:iadiction in which the Property is located. All rights
and obligations contained in lhi:' ,~"~%~ Ins:~t'ume~qt are subject, to any requirements and limitations of
Applicable Law. Applic;fi>le L:' :igbt exi:21icitly or implicitly allow the parties to agree by contract
or it might loe silent, btd: '::uch ' .?z :;hal! not be construed as a prohibition against agreement by
contract. In the event l}:~:tt any 5:;ion o:' clause of this Security Instrument or the Note conflicts
with Applicable Law, sucla, con~ ;h:~[ not: affect other provisions of this Security Instrument or the
Note which can be given ¢:?lk'ci. '~:i t. he c:,:~nflit:tiug provision.
As used in this ~:Jcc~'J ~r;~'ume~tl: (3) words of the mascnline gender shall mean and
include corresponding ne~:~.er ', ~,' wot'~[s; ol' q~e feminine gender; (b) words in the singular shall
mean and i~,clude the ph,~-~I ai': '.,':::rs;a; r'.rad (c) thc~ word "may" gives sore discretion without any
obligation ~o take any aclic~r~.
I7. Borrower':: Co?.' .::¢.;we~' ~;ha]i be given one copy of the Note and of this Security
Instrument.
1.8~ Transfer of' '~:Se :~:: '27 ~n' ;~ ;}eu'.¢Ecial Interest in Bm'rower. As used in this Section
18, "Interesl' in the Prope. r!7" ~' ~'.-:.., le~4.' i or beneficial interest in the Property, including, but not
limited to, those benefici ti ii,re:' :.tt-zsf<'r'.,sd i~ ~ bond fi~r deed, contract ~br deed, instalhnent sales
c'on~ract or escrow agree~,~:nt, 'i ~:'~ of ¥.bich it, the transfer of title by Borrower at a fitmre date to
a purchaser.
Form 305:1 1/01
hfilials:
If ~I1 or any pt~-l' of tl~ ~:~:l:)~ {~-~)~ i~terest itl the Property is sold or transikrred (or if
Borrower is ~.~ot a naturai ?e~'s<:: '~ :'t l~e~r:ficiz~:: i~terest in Borroxver is sold or transferred) ~vithout
Lel~der's prior writte~ cot'[se~l:, . :e:' ~r~ay ,equ~;'e intermediate payment in :fi~ll of all sums secured by
this Secui:i/5~ Instrument. li-[ox¥ ~;~is Ol:>lion ::tnall r~.ot be exercised by Lender if' such exercise is
prohibited I:~)~ Applicable ~aw.
If [,ender exercises 'thi:: )r~.. Lol~cier si':~tll give ]~orrower notice of acceleration. The notice
shall provicie a period of ~ot l~ :~t> 30 ci:tys 'F, or~; tl;e date fl~e notice is given in accordance with
Section 15 xvithin which 13<~l'rOv.. ".~::~t. pay :~t[ st.:,:n.s securec[ by this Security Instrument. if Borrower
hils to pay these sums I)i'iol' . -e expir~ttio~ oE this period, Lender may invoke any remedies
permitted by this Securit5, [l~stl-t, v,,'i(hout 'l'tlrtDot' notice or demand on Borrower.
19. Borrower"',: ~Ri~. . ;:~.ei~tate ,,L,~'ter Accele~'ation. If Borrower meets certain
conditions, 13orrower shail havt: igi:t to ~nve ~,.~'forcement of this Security Instrument discontinued
at any tinge prior to the e~l'l, iesl "~} iSve c[~ys :~;'ffot-e sale of the Property pursuant to any power of
sale contair~cd, in this Se(;i.~J'ity ~ ~:~':l~l; ([~) s~¢.:! o~her period as Applicable Law might specify for
the termination of Borro~'~,',~r's !:,_) reil~;¢:ate; (:r (c) entry of a judgment enforcing fl~is Security
Instrume:~tt. T hos~ conditions: ::~r ::3orrex~er: (a) pays Lender all sums which fl~en would be due
under this S(~curity Instrur~]e:~t ~; ;e 't.:[ote ~s if l~o ~cceleration had occurred; (b) cures any default of
any othe~: cove;]ants or ~gre~' :'¢; (c) I:"~ys :~11 expenses incurred i~ enforcing this Security
Instrume~:~t, including, but ~ot I: ~. *:::~, icz~..::o~a!:~e att:o,neys' 'fees, property inspection and valuation
fees, and olher fees incttri'(:d fo' ~,~:l')ose ()[l~'.::~tecting [,cinder's interest in the Property and rights
under this Security lnstrt~-~erit; ~i'~ l'al<e~:: :~t::c?~ a~cti()~a as Lender may reasonably require to assure
that Lender's i~terest in {he ~ -?' a~r~(:l rigln(z [:~:(ler this Security Instrument, and Borrower's
obligatior: Io pay the su~'~:; sec'. :'>x' i.[-iis ~-;ec~.:-i? lnstru:nent, shall continue unchanged. Lender
may require that Bor~'owt::i' pay: ~(;~,~sta~t~:rrter~i ~:~.tzns a~d expeBses in one or more of the following
tbrms, as selected by L~e~,,'.ler: :::~'~: (b) ~.o~n('5' o~'(Icr; (c) certified check, bank check, a'easurer's
check or c~shier's check, l>rov{ .:I'~5~ suc!a ch(:'~zl; is drax~:~ upon an institution whose deposits are
insured by a federal ag{~cy, '~.r~x.',:t:zte~[~i2,~ o~' e~tity; or (d) Electronic Funds Transfer. Upon
reinstateme~t by Borrower, this ' ~:'i(.'~ I~:~r[~rnc:~t and obligations secured hereby shall remain fL~lly
effcctive as if no acceler;:~(.{~n I:~, ':~.,;';'ed, ~ loxa~::';,.'e::, ~his right to reinstate shall not apply in the case
of accelerat~o~x cruder Seci:i('~rr l i'
2(/~ Sale of N~,~:; CI~: ¢~ ~:o;~:: Se,. :/icc~'; Not:ice of Griev:mce. The Note or a partial
interest in [~'~e Note (togc~:i~er x, ~tis: ~ec~:~i'ity ~:*¢tl'ument) can be sold oi~e or more times without
prior not/cc t:o Beau'ewer. /'.~ sal~ '~{' ;'esOt;, i,x a ~:ha]~ge in {'he entity (known as the "Loan Servicer" )
fl;at colleccl~: Periodic Pay~r~ents: ..~,~:ler {i~c 5~,.::~:, and this Security Instrument and perfom~s other
~ , .... ~e, rials 7;ecurity Ii3strun~el~t, and Applicable Law.
There also ~ight be o~e of ~]]o~ [?<s oC':[~e I, ~:::.~ SCl-ricer unrelated to a sale of the Note. If there
is a change of the Loan S(¢~'vic(~: ', ;,.v,~, v~'~D 1::.: ~::~i¥,~:l~ w}'[tten notice of the change which will state
· the name a~<t address of I:l~e ne '~[': Serx'~czr, }:c address to which payments should be made and
any otl~er information R]~;?A r~' :s (~'x co,~ect~c.:~ x¥ith a ~otice of transfer of servicing. If the Note
is sold and {:[~ereai'ter the r,oan ? ..'i:;::d bs~ :~ Lc-,:~;'x Serx~icer other than the purchaser of the Note; the
mortgage loan servicing ¢,(-,liga' c; gol-rt:~xx.~er '[]~ retnai~: with the Loan Servicer or be transferred
to a successor Loa~ Servi~.::'~: ar~. r~t:.i: assr~z~ecl [5~ the Note purchaser unless otherwise provided by
the Note put'chaser.
Form 3051 1/01
677
Neither Borroxw-:~' nor et' n:ay ~:ona:'~.ence, .join, or be joined to any judicial action (as
either an individual litigan~ or tl~ :'ni'.e~: c' I:' :t clz~:~*;) ti'mt arises fi'om the other party's actions pursuant
to this Security Instrume~t: or l, ic::y~es th:~C thC. od]er pnrty has breached any provision o[ or any
duty owed by reason ot} tb, i.s Se
, ,,,,~.tn ~mt, mtil such Borrower or Lender has notified the other
party (with such notice 2iven ,'r~i'dian,t:c witJ~ ll~e requirements of Section 15) of such alleged
breach and a:fforded the o:'i~er [ '~c.x'eto a reas~:,lmble period after the gMng of such notice lo take
corrective action. If Apl3[fcablc'. "?;;'ovid:::s a {.(~ne period which must elapse before certain action
can be taken, that tilne period ?,' ,e deemed to be reasonable for purposes of this paragraph. The
notice of acceleration and oppor '7 ~ cure give~ to Borrower pursuant to Section 22 and the notice
of acceleralion given to ]:}cm'o¥ .tn-s:uant i'o S{.:,;tion 18 shall be deemed to satisfy the notice and
opportunity to take corrective ac wevisicms of :lfis Section 20.
21. Itazardous i:;ubsi :7. As r~:.;ed ~ this Section 21: (a) "Hazardous Substances" are
those substances deSned ;~:; toxi .a:.:,:~t*dot~::; stlb,:!~nct:s, pollutants, or wastes by Environmental Law
and lhe fol]c~wing substan~:es: ~. a~::. kero~:ene, ,::i'her fl~nmnable or tbxic petroleum.products, toxic
pesticides arid herbicides: vol; :;~:',,'e~ls: ma~::::ials containing asbestos or formaldehyde, and
radioactive tnaterials; (b) ~'~}hwi :i,"~l I.a'.,:.? m¢:~ns fedex'al laws and laws of lhe jurisdiction where
the Property is located t!~:~t tel:. ~?~:allh. '~;afei" or environmental protection; (c) "Environmental
Cleanup" includes any :'espc '~.::io'n, ~-maa,.:~..;ial action, or removal action, as defined in
Envirom'ne~tal Law; and (d) 5'~.Sroj;:.~ent: ~nd~on means a condition that can cause,
contribute I% or otherwise t:rigg~ '~'
Borrower shall *:.::~t' ca~ ? ~'.~:rn'S! {he :resence, ~se, disposal, storage, or release of ally
Hazardous Substances, e? tln:c: t(~ ~.-~lr.;,~'.~z ~n.:*/ [-Jazardous Substances, on or in the Property.
Borrower shall not do, nc~' all< ':,;'::.~e r:,:,:::z i~:: ?% aaytlaing affecting the ProperW (a) that is in
violation o1: r, ny Envirom~:,:tnal
',v~ c~. :ties; :~m Environmental Condition, or (c) which, due
to the prese~ce, use, or re~:.'::~se (. :~z:~?d::,~.: ~?,x; '~', t,.:%~ creates a condition that adversely affects the
value of tlne Property. Tl~e prec ~¥,¢:'} s;t.:~'.wnc,':; z;i~all not apply to the presence, use, or storage on
the Proper~y of small c?mntiii r.' 2}:[azaidol:ts: :SJt~bstances that are generally recognized to be
appropriate 1o normal re'.;i,:~¢mti~' '; :',:rd ~'::, tna[:~er~ance of the Property (including, but not limited
to, hazardous substances {~ con:.
Bo,'rower shall l'~-~:,nq)l 'e ~end ':.' wr:,~ten n.c)tice of (a) any investigation, claim, demand,
lawsuit or other action ~. ,~ any wt~xnen'i:d o: ?egtdalory agency or private party involving the
Property and any Haza~'dous :~;,::e o: E~,,'5'ontnental Law ef which Borrower has actual
knowledge> (b) any Envi?c)nm¢ Cr ~'~dit:,~;.~, :i~;:;h. tdi'ag but not limited to, any spilling, leaking,
discharge, release or thret[~ of re ,.,~ :',ny ) :'.,zarc'ous ,¢ubstance, and (c) any condition caused by the
presence, use or release o?';, Ha:: '.t: :~!bs'ir,:~cc ':'hic[~ adversely affects the value of the Property. if
Bm'rower le:~rns, or is noi~Scd ~, .' ~ ,: ',.'e~'~'~:".'~e~: ~ ~): re?:latory authority, or any private pm'W, that
any remov~l or other ret; :tdia~: ~ ,:,y IJ:'::.:~',~-c: ~L~s f;t~os':ance affecting the Property is necessary,
Borrower shall prmnpl.ly :;~1::e a:
Nothing herein shall creat=: amy. ~ti,.,n ozn :.cnd.:5- l't)r an .Environmental Cleannp.
o .... ~..,ez and Lender :fl~rther covenant and agree as
follows:
' 22. Accelerati{~: [:~e~ ". ~.~m~, ,'~? :; "~ t,..e,,'~,,' notice to Bm'rower prior to acceleration
following ~.>m~o~ m s I'~'.?~elt t' ' ':~':,er;' ''~. c' ' ._;r, em..nt.' ,' in this Security Instrmnent (but not
Form 3051 1/01
Initials
prior to acceleration ur~:~.n' S ~ it~ UlI!Q.~S /. V p]ic.l'li)]e Law provides otherwise). The notice
shall speci[y: (a) the de~",'~_flt; ~ .?, actio~ ;eq:,[?e~i to cm'e the default; (c) a (late, not less than
' 30 days from the date t~:.,: not~, 2~ven ~:~: B~., ,:~wer, by which the default must be cured; and
(d) that l'ai[m'e to cure '~e de :'m or ~;~t"(~-~ t:tm tl:~e specified in the notice ~nay result in
acceleratio, of the sun': ~.;ecu ', ~his ;~;ec~' '?:::y ~:nstrument alld sale of' the Property. The
notice shall hn'ther inl'o:-;[; B~ .~:' of th,?~ ~'i[...~;' to reid;state after acceleration and the right to
brillg a comq: actiou to :;;:5;cl't :. ;~-exis¢+;~cc~ ~;' ~ del'anlt or any other defeuse of Borrower to
acceleraiitm and sale. ~]~i' tim, ,[;:: is no,: cu,.';;,.~ on or before the (late specified in the notice,
Lender at its option may requ ';-~.;nediat¥.~ p%,ment in lull of all sutns secured by this Security
Instrument without fur(:: ;::r tk ~5 and m:~y [;voice thc power of sale and any other remedies
permitted by Applicab~:: La~', .,:~.~tler ?,mli ~e entitled to collect all expenses incurred in
lmrsuing i[~c remedies ~::::ovi(~' .t this E:~:tk:.' 22, including, but not limited to, reasonable
attorneys' f'(::cs and cos~;
[f l.,endcr invo}'.'¥;
Borrower ;:mtl to the p'.' sm: ::,':~.:~sessk~ c~ ~:h~.', Prc~)erty, if different, in accordance with
Applicabk~ '[~a%%r. Lentf,~',;' gh~: x :~otice ~?i" :::'. s;;]c t:.~ Borrower in the manner provided in
Section 15, Lender' shld~: .:ub[:: ,:~: nolicc M' ;.: :-:~ xnti the Property shall be sold in the manner
prescribed by Applicab.¢,?, Lax': :~::[er or ~s ".:;'~.g~;.ee .may purchase the Property at any sale.
The proceeds of the sal;: ::hall :~,:~lie(I i~: dt: 'o!lowing order: (a) to all expenses of the sale,
inch,ling, 5ut not limitc:? ~o, ~' 4:~ble :~V':~r~q :/:;' [ecs; (b) to all sums secured by this Security
Instrumm~t:; aiitl (c) any ,::;,:ces? ::,?~ ~erso[~ ~n' :::rsons legally entitled to it.
23. Release. U:'.-: n p; ,q~ of all ;;fim:: :;ecured by this Security Instrument, Lender shall
release this Security Ins',rt,ner~ ~:;:mwer ::;im~ pay aiqy recordation costs. Lender may charge
Borrower a f~e for ~elea~.,,~, tln~: :~:~'ity h-::'?u::. ::nt:, but only if the fee is paid to a flfird party for
services re,tiered and thc <:Sargi~ · *i~e fee i:: i>er,~il:ted under Applicable La~v.
24, Waivers. l'3t,~¥ow'~s :.:;:;scs a~nc, xv~;",:.'.s all rights under and by virtue of the homestead
exemption 1;~ ws o f WyonTi
Fornt 3051 1/01
679
BY SIGNING I~ :':LOVi/ 'I'¢~wer acr::¢pi ':md agrees to the 'terms and covenants contained in
this Sectlrity ]instrument a~.,t in ~: ;c'ier exec,~:['ed :W 13orrower and recorded with it.
Wit~esses:
, ..,:,__ ~~a~ ~)~ (Seal)
C.,:A~.~ :?ON LACO aka CARLTON P. LAC4Borrower
~ (Seal)
:;,,~,'L~;~ ,~:_.C, aka -Borrower
SUSAN
..... (Seal)
-Borrower
............. (Seal)
-Borrower
STATE OF WY()MINC. -'~'"~-~-'~ County ss:
Tll~z :~bregoing iu:.;{rurnt:r ~:.; ackno¥? ed?/d l')ek~re :me this 12/31/01 by
CARLTON I,ACO and ;":~.;JSAi¥: CO aka CARLTON P. ~C0 & SUSAN H. A. ~C0
My Commission Expires: 9/~2/03
q · i..
Form 3051 1/01