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Home My WebLink About894474Rcturn To: NEW CENTURY MORTGAGE CORPORATION 18400 VON KARMAN, SUITE 1000 IRV NE, Ch 92,12 8 9 h -/h Prepared By: NEW CENTURY MORTGAGE CORPORATION RECEIVED LINCOLN COUNTY CLERI{ PAGE ESI)aCe Al)..ve This LinC F.r I~,ec.rcling l)ata] MORTGAGE DEFINITIONS Words used in multiple sections o1' this document m-c del'ined belmv and other xvords are del:reed in Sections 3, 11, 13, 18, 20 anti 21. Certain rules regm-ding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated October 1 0, 2003 together with all Riders lo this document. (B) "II,rr,wer" is RAREN MAY BURfiMAN AND JAMES FRED BURGMAN , WIFE AND 'HUSBAND Borrower is the mortgagor under this Security Instrument. (C) "Lender" is NEW CENTURY MORTGAGE CORPORATION Lender isa CORPORATION organized and exisling under tile laws of CALI FORN I A WYOMING-Single Family-Fannie Mae/F[eddie Mac UNIFORM INSTRUMENT I~-6(WY) (GOOS) 0001153492 Form 3051 1/01 081)44'i 628 Lender's address is 18400 VON KARMAN, SUITE 1000 IRVINE, CA 92612 Lender is thc mortgagee under this Security Instrument. (D) "Nnte" Ineans the promissory note signed by Bogowcr and dated 0~tober l 0, 2003 The Note slates tbat Borrower owes Lender 0ne Hundred T,enty-Six Thousanfl alit No/100 .............................................. Dolli~s (U.S. $ 12fi, 000.00 ) plus inleresL Borrower bas promised to pay this debt in regula Periodic Payments and to pay the debt in full not laler than November 1, a0aa (E) "Property" means the property fl~at is described below under the heading "Transfer of Rights in the Property." (F) "Lnan" means fl~e debt evidenced by the Note, plus interest, any prepayment charges and late chages dug under the Note, and all sums due under this Security Ins~ument. plus interest. (G) "Riders" means nil Riders to this Security Instalment that are executed by Boa-ewer. The following Riders me to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~ Condominiun, Rider ~ Second Home Rider ~ Balloon Rider ~ Planned Unit Development Rider ~ 1-4 Family Rider ~ VA Rider ~ Biweekly Payment Rider ~ Other(s) [speciry] Prepayment Bider lrm ~ider lddenflum (il) "Applicable Law" means all conaolling applicable federal, suite and local sialutes, regulations, ordinances and administrative rules and orders (thai have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Cunm~unity Association Dues, Fees, and Assessments" means nil dues, fees, assessments and other ch~uges that are imposed on Borrower or the Property by a condolninium association, homeowners association or simil~a organization. (,J) "glectr.nic Funds Transfer" means any aansfer of funds, other than a U'ansaction originated by check, draft, or similar paper ins~umcnt, which is initiated through an elec~onic terminal, telephonic insu-ument, computer, or magnetic rope so as to order, insauct, or authorize a financial institutioi~ to debit or credit au account. Such term includes, Nit is not limited to, point-of-sale ffansfers, automated teller machine transactions, aansfers initiated by telephone, wire ~ansfers, and automated clem'ingbouse transfers. (K) "Escrnw Ilems" means those items that are described in Section 3. (L) "Miscellaneous Pr.ceeds' means any compensation, settlement, awad of damages, or proceeds paid by any third party (other lllan insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or des~ucfion of, the Property; (ii) condemnation or other ~ing of all or any pm't of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mm'tgage Insurance" means insnrance protecting Lender against the nonpayment of, or del:mdt on, the Loan. (N) "Peri,dic Paymenl" means the regul~uly scheduled amount duc for (i) priucipal and interest under the Note, plus (ii).any amounts under Section 3 of this Security lns~umcut. (O) "RESPA" means the Real Estate Seltlement Procedures Act (12 U.S.C. Section 2601 et seq.) asld its implementing regulation, Rcgulalion X (24 CF.R. P~at 3500), as they might be amended from dine to time, or any additional or successor legislation or regulation that governs the same subject malter. As used in riffs Security Ins~ument, "RESPA" refers to all requirements and res~ictions that iae imposed in reg~ad to a '%derally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. 0001153492 Ob-13q 4,:.7 6?_9 (P) "Successor in Interest of Borrower" means any party that has taken title to tile Property, whether or not that party bas assumed Borrower's obligations under the Note and/or this Security Instrmnent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Inslrument secures to Lender: ti) tile repayment of tile Loan, and all renewals, extensions and modifications o1! the Note; and (ii) the perl:ormance o1: Bon-ower's covenants and agreements under this Security Instrument and tile Note. For this puqaose, Borrower does hereby mortgage, grant and convey to Leader ami Lender's successors and. assigns, with power o1: sale, the Iollowmg described property located inthe COUNTY o1' LINCOLN : JType of Recording Jurisdic~ionl jNume of Recording turisdictitmJ LOT 90 OF THE STAR VALLEY RANCH PLAT 5, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel IDNmnber: 12-3419-01-1-04-204.0 200 SCRUB OAK DRIVE , THAYNE ("Proper.fy Address"): which curreutly has the address ol' IStre,tl ICityl , Wyoming 8 31 2 7 IZip Code] TOGETHER WITH all thc improvements now or hereafter erected on tile property, and all easements, aplmrtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by t!fis Security lnsu-ument. All o1: the foregoing is referred to in this Security Insu'ument as the "Property." BORROWER COVENANTS that Bon-ower is lawl'ully seiscd of the estate hereby conveyed and has the right to .mortgage, grant and convey the Property and that the Property is unencumbered, except I'or encumbrances of record. Borrower wan-ants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances o1: record. THIS SECURITY INSTRUNIENT combines unil:orm covenants for national use and non-unifornl covenants with limited variations by jurisdiction to constitute a unifor,n security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrmv Items, Prelmyment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by tile Note and any prepayment charges and late charges due under the Note. Borrower shall also pay l:umls I'or Escrow Items pursuant to Section 3. Payments due under tile Note and this Security Instrument shall be made in U.S. Currency. However, il' any check or other instrument received by Lender as payment umler the Note or this 0001153492 (~}~-6(WY) 1ooo5, Page3oJps ¢~6 Form 3051 1/01 0S944"7G: 630 Security Insn-ument is returned to Lender unpaid, Lender may require that any or all subsequent pay~nents due under the Note and this Security Instrmnent be made in one or more of the following fom~s, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasarer's check or cashier's check, provided any such check is drawn upon an institution whose deposils ~u'e insured by a federal agency, instrumentality; or entity; or (d) Electronic Funds Transfer. Payments trre deemed received by Lender when received at the location designated in the Note or at st,ch {)tiler 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 tile payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring tile 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 Io apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold snch unapplied fimds until Borrower m~dces payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such I'unds will be applied to the outslanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Bon'ower from making payments due under the Note and this Security lnstrunmnt or ped'orming die covenants aud agreements secured by this Security Instrument. 2. Applicatiun ~1' Payments nr Prnceeds. Except as otherwise described in this Section 2, all payments accepted anti applied by Lender shall be applied in tile R~llowing order o1: priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in tile order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts 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, tile payment may be applied to tile delinqt,ent payment and the lale charge. Il: more than one Periodic Payment is outsu~ndmg, Lender may apply any Imyment received from Borrower to the repayment o1: the Periodic Payments il:, and to the extent that, each payment 'can be paid in full. To the extent that ally excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Volunlary prepayments shall be applied first to any prepaynmnt charges and then as described in the Note. Any applicadou of payments, insurance proceeds, or Miscellaneons Proceeds to principal due under tile Note shall not extend or postpone the due date, or change the amount, of the Periodic Paymeuts. 3. Funds fnr Escrow Items. Borrower shall pay to Lender 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 for: (a) taxes aud assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paylnents or ground rents on the Property, il' any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, il' any, or any sums payable by Borrower to Lender in lieu of tile payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At originatiou or tit any time during the term .of the Loan, Lemler may require that Comnnmity Association Dues, Fees, aud Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall Ira)raptly furnish to Lender all notices of amounts to be paid uuder this Section. Borrower shall pay Lender tile Funds I'or Escrow Items unless Lender waives Borrower's obligation to pay the Funds l'or any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow ltems at any time. Any such waiver may only be in writing. In the event of such waiver, Bonrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which pay,nent of ~..i.~:~/¢'Z¢ 0001153492 (~®-6(WY) looo's) Pa§e4.!~5 ~1.~ Form 3051 1/01 632 days oF tile date on which that notice is given, Borrower shall satisfy the lien or lake one or more of the acdons set lbrth above in lhis Section 4. Lender may require Borrower to pay a one-time charge for a real estate lax veril:ication and/or reporting service used by Lender in connection with this Loan. $. P,'operty Insurance. Borrower shall keep tile improvements now existing or hereafter erected on the Property insured against loss by fire, hazm'ds included within the term "extended coverage," arid any other hazm'ds including, but not limited to, em-thquakes and floods, for which Lender requires insurance. This 'insurance sha}l be maintained in the amounts (including dedt,ctible 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 tile msurauce shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification anti tracking services; or (b) a one-time charge ibr llood zone determination aud certification services and subsequent charges each time remappmgs or similar changes occnr which reasonably might affect such determination or certification. Borrower shall also be responsible for thc payment of any lees imposed by tile Federal Emergency Management Agency in connection with the review of any flood zone de(em(ina(ion resulting fi-om all objection by Borrower. Il' Borrower fails to main(am an), of the coverages descrihed above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, 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 elf eot. Borrower acknowledges that the Cost of the insurance coverage so obtained might significandy exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the (late of disbarsemcnt and shall be payable, with such interest, upon notice from Lender to Borrower requesling payment. All insurance policies required by Lender and renewals of such policies shall bc subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as flu 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 premiums and renewal notices. If Bo]~ower obtains any form of insurance coverage, not otherwise required by Lender, fro' damage to, or destruction of, the Property, such policy shtdl 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 ~nake proof of loss if not made prolnptly by Borrower. Unless Lender and Borrower otherwise agree' in writing, ally insurance proceeds, whedmr or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hokl such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's safislhction, provided (liar sach inspection shall be undertaken prompdy. Lender may disburse proceeds for the repairs and restoration in a single payment or m a series o1: progress paymems as the work is completed. Unless an agreement is made ill writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or odmr third p~rties, retained by Borrower shall not be pakl out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurauce proceeds shall be applied to 0001153492 Inilials:~ (0005) ,Page6o,,5 fla~ Form 3051 1/01 Ihe sums secured by this Security haslrumcut, whether or not then due, with tile excess, il' any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons die Property, Lender may file, negotiate and settle'any available insurance claim and related matters. Il' Borrower does not respond withiu 30 days to a notice l'rom Lender that the insurance carrier has ofl5cred Io settle a claini, then Lender may negotiate and settle the claim. The 30-day period will begin when tile notice is given. In either event, or if Lender acquires the Property trader Section 22 or otherwise, Bo~Tower hereby assigns to Lencler (a) Borrower's rights to any insurance proceeds in an amount not to exceed the a~!~ounts uupaid trader the Note or Ihis Security Instrument, and (b) any other of Bom~wer's riglits (other than tile right to any refund o1' unearned premiums l)aid by Borrower) nndcr all insurauce policies covering the Property, insolhr as such rights are applicable to the coverage ol: tile Property. Lender may use tile insurance proceeds either to repair or restore the Property or ti) pay amounls unpaid under tile Note or this Security h~strument, whether or not then title. 6. Occupancy. Borrower shall occupy, eslablish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occt,py the Property as Borrower's principal residence lbr at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Bor/-ower's control. 7. Preservation, Maintenance and Protection or the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow tile Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain die Property in order to prevent tl~e Property from deteriorating or decreasing in value due to its condition. Unless it is determined pt, rsuant to Section 5 that repair or restoration is not economically l'easible, Borrower shall promptly repair the Property il' damag.ed to avoid furflmr deterioratkm or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the I~tking of, the Property, Borrower shall be responsible for repairing or restoring the Property only il' Lender has released proceeds l'or such purposes. Lender may disburse proceeds lbr tile repairs and restoration in a single payment or in a series of progress pay,nents as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the i,nprovements oll the Property. Lender shall give Borrower notice at thc time.of or prior to such an interior inspection specifying such reasonable cause. 8. Bo,'ruwer's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or enhties acting at the direction of: Borrowe,' or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate inlbrmation or slate,nents to Lender (or failed to provkle Lender with material inl'ornmtion) in connectiou with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occt, pancy o1: the Propert)! as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Sect, rity Instrument. (a) Bon'Ower l:ails to pertbrm the covenants and agreements contained in this Security lnsl:rument, (b) there is a legal proceeding that might significandy afl:eot Lender's interest in the Property and/or rights under this Secnrity Instrumen!~ (such as a proceeding in banLruptcy, probate, for condemnation or l:orfeiture, for enforcement of a lien whicll may attain priority over this Seem'try Instrument or to enforce laws or regulalions), or (c) Borrower has abandoned the Property, then Lender may do and pay l:or whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, inclmling protecting and/or assessing the value of the Property, and securing and/or repairing the Properly. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable 1/Ol 835 (b) Any such agreements will nnt affect the rights Bnr,'nwer has - if any - with respect t~ the Mnrtgage Insnrance under the lh)meowners Prntection Act of 1998 or any nther law. These rights may include lhe right to receive certain disclosures, to request and obtain cancellation ~ff the Mortgage Insurance, to have the Mnrtgage Insurance terminated automatically, and/or t~ receive a refund uf any Mnrtgage lnsm'ance premiums that were unearned at the lime nf such cancellatinn or terminutinn. 11. Assignment of Miscellaneous Pruceeds; F(~rfeiture. All Miscellaneous Proceeds ~ae hereby assigned Io and shall be paid to Lender. If the Property is damaged, such Miscellaneons Proceeds shall be applied to restoration or repair of Lhe Property, if the restoration or repair is economically feasible and Lender's security is not lesseued. During such repair and restoration period, Lender shall have [t~e right m hold such Miscellaneous Proceeds uutil Lender has had an opportuuity to inspect such Property lo ensure the work has been compleled Io Lender's satisl~lcfion, provided that such inspection shall be undem~ken promptly. Leuder ~nay pay for [he repai,rs aud restoratiou iu a single dislmrsemcnt or in a series of progress payments as [l~c work is cou,pleted. Unless an agreement is made in writing or Applicable Law requires interest lo be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any inler~st or earnings on such Miscellaneous Proceeds. If the restoration or rcpa~ is not economically lkasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to tl~e stuns secured by this Security Ins~ument, whether or not then due, with Ihe excess, ils any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for m Section 2. In the event of a tolal tz~ing, des~ucfion~ or loss in value of the Properly, Ihe Miscellaneous Proceeds shall be applied to the sums secured by tltis Security Instrnment, whether or not then due, wid~ the excess, if any, paid lo Borrower.· In the event of a partial mkiug, desuuction, or loss in value of the Property in which the fair market valne o1' the Property immediately belk)re the partial raking, destructiou, or loss in value is equal to or greater than the amount of lhe sums secured by this Security lnsU-ument immediately belbre th~ pardal u~ing, destruction, or loss in value, unless Bon'ower and Lender otherwise agree in writing, tl~e sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds mulLiplied by the Ikfllowing fraction: (a) the total amount of the sums secured immediately before the partial u~ing, des~uction, or loss in value divided by (b) the fair market value of the Property immediately belbre the p~tial raking, desm~ction, or loss in value. Any balauce shall be paid to Borrower. In the event of a paatial laking, des~ucfioa, or loss m valae of the property in which the fair marke[ value of the Property immediately before the p~tial ~ing, desauction, or loss in value is less than lhe amount of the sums secnred immediately before the partial taking, desm~cfion, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied Io the sums secured by this Security Insu-ument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, al:let notice by Leudcr to' Borrowcr thai die Opposing Party (as defined in the next sentence) offers to mak~ an award to settle a claim for damages, Bt)rrowcr fails to respond to Lender within 30 days after the date Ihe m~tice is given, Lender is authorized to collect aud apply the Miscellaneous Proceeds either to restoratiou ~)r repair of the Property or to the sums secured by this Securily Instrument, whether or not then due. "Opposing Pau-ty" means the third party that owes Borrower Miscellaneous Proceeds or the p~u'ty against whom Borrower has a right of action mre. gard to Miscellaneous Proceeds. Bonower sh~l be iu defauh if any action or proceeding, whether civil or criminal, is beguu that, m Lender's judgment, could result in lbrl"eimre of the Property or other material impairment o1: Lender's interest in the Property or rights under this Security Insaument. Bogower can cure such a default and, if acceleration has occun-ed, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, m Lender's judgment, precludes Ibdkiture of the Property or other material impairment of Lender's interest in lhe Property or rights under fids Securily Instrument. The proceeds o1: any award or claim for damages that m-e at~ibutable to the impairmem of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that zae not applied to restoration or repair of thc Property shall be applied in the order provided for in Section 2. 0001153492 Initials :_~L (~-6(WY) !ooos) Page9ol 15 /~.f~ Form 3051 1/01 .- 4::: ¥; 6 3 6 12. Burrower Nut Released; Forbearunce By Lender Not a Waiver. Extension o1' tile dine I'or payn'mnt or modification of amortization of the sums secured by this Security lustruulent granled by Lender to Borrower or any Successor in Interest of Borrower shall not Ol)erate to release the liability of Borrower or any Successors in Interest o1: Borrower. Leuder shall not be required to commence proceedings against auy Successor in Interest of Borroxver or to refnse to exlcnd time for payment or otherxvise modil'y amortization of the sums secured by this Security Insl~'ument by reason ol: any demand naade by tile original Borrower or any Successors in lulerest of Borrower. Auy forbearance by Lender in exercising auy right or remedy iucludiug, without limilation, Leuder's acceplance of payments l:rom third persons, eutities or Successors Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower coveuams and agrees that Borrower's obligations and liability shall be joint ami several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrnment only to mortgage, grant and convey the co-signer's interest in the Property under the terms o[ this Security Iusu-ument; (b) is not personally obligated to pay the sums secured by this Security Instrnment; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accomnaodafio,~s with regard to tile terms o1: this Security lnstrun~ent or the Note without the co-signer's consen [. Subject to the provisious o1: Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, anti is approved by Lender, shall obtain all Borrower's rights and benefits under this Secnrity Instrument. Borrower shall, not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. Tile covenants and agreements of this Security Iiistruinent shall brad (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Luan Charges. Lender may charge Borrower fees for services perlbrmed in connection with Borrower's default, for the purpose o1: protecting Lender's interest m the Property and rights under this Secnrity Instrument, including, but not limited to, attorneys' lees, property inspection and valuation lees. In regard to any other lees, the absence o1: express authority in this Security h~suument to charge a specific lee to Borrower shall not be coustrued as a I)rohibition on the charging ol: such lee. Lender may not clmrge I'ces that are expressly prohibited I)y this Security Instrument or by Applical)le Law. [1: tile Loau is subject to a law which sets maximum loan charges, and that law is finally inteqarcted so that the interest or other loan charges collected or to be collected m connection with the Loan exceed tile i)ermitted limits, Ihen: (a) any such loan charge shall be reduced by the amouut necessm-y to reduce the chm~ge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal {)wed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under tile Note). Borrower's acceptauce of any such refund made by direct paymeut to Borrower will constitute a waiver o1: any right of action Borrower might have arising out or such overcharge. 15. Notices. All notices'giveu by Borrower or Lender m connection with this Security Instrument ~nust be in writing. Auy notice to Borrower iu connection with this Security lnsu-ument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered Io Borrower's notice address il: sent by other means. Notice to any one Borrower shall constitute notice to all Bom)wets uuless Applicable Law expressly requires otherwise. 'Fhe notice address shall be the Property Address unless Borrower has designated a substitute nodce address by notice to Lender. Borrower shall promptly uotify Lender of Borrower's change of address. I1: Lender specifies a procedure l:or reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procednre. There may be only one designated notice address uuder this Security Instrument at an), 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 designaled another address by notice to Borrower. Any uotice in connection with this Security Instrumeut shall not be deemed to have been given to Lender until actually received by Lender. Il: any notice requh'ed by this Security lnsm, nent is also required under Applicable Law, the Ai)plicable Law requirelnent will satisfy the corresponding requirement uuder this Security Instrument. Initials:--~~ 0001153492 ~-6(WY) Iooos) Page m of ~5 /~,,,.~,~r' Form 3051 1/01 16. Giiverning Lass'; Severahility; Rules or Cnnstructinn. This Security Instrument shall be governed by [~deral law and the law o1' the jurisdiclion in which the Property is located. All rights and obligatious contained iu this Security lnsmnnent are subject to any requirements and limi~tions o1: Applicable Law. Applicable Law might explicitly or implicitly allow the p~ties to agree by con,act or it might be silent, but such silence shall not be cons~ued as a prohibition against agreement by con,act. In the event that any provision or clause of this Security Insmnnent or the Note conllicts with Applicable Law, such conflict shall not affect other provisions o1: this Security lnsUument or the Note xvhich can be given effect without the conflicting provision. As Used in this Security lns~ument: (a) words o1' the masculine gender shall mean and include corresponding neuter words or words et the l'emmine gender; (bi words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to tz~e any action. 17. Bni'ruwer's Cnpy. Borrower shall be given one copy o1' the Note and o1: this Security Insuument. 18. Transl'er nt' Ihe Pr.perry ur a Benel'icial Interest in ih.'rmver. As used m this Sec¢on 18, "Interest in the Property" means any legal or beneficial iuterest in the Property, including, but not limited to, those benel:icial interests ffanslkrred in a bond lbr deed, conlyact l'or deed, insmlhnent sales conmlct or escrow agreement, the intent of which is the ~anslkr o1: title by Borrower at a future date to a purchaser. If all or any pm't of the Property or any Interest iu the Property is sold or transl~rred (or il: Borrower is not a natural person and a beneficial interest m Borrower is sokl or aanslk~ed) without Lender's prior written consent, Lender may require immediate payment in t'ull cfi' all sums secured by this Security lnsmunent. However, this option shall not be exercised by Lender it: such exercise is prohibited by Applicable ~aw. I[ Lender exercises this option, Lender shall give Borrower notice o1: acceleration. The notice shall provide a period o1: not less than 30 days l'rom the date the notice is given in accordance with Sectiun 15 within which Bom)wer must pay all sums secured by this Security lusuumeut. 11' Borrower I'ails to pay these sums prior to the expiration o1' Ibis period, Lender may invoke auy remedies permitmd by this S~urity Insu'ument without l'urther notice or demand on Borrower. 19. Borrnwer's Right to Reinstate Al'ret Acceleratiml. If Borrower meets cerufin couditions, Borrower shall have the right Lo have enforcement el~ this Security Insaument discoufinucd at any Lime prior to the earliest of: (a) hve days belBre sale of the Property pursuant to any power ol' sale cou~fined in Otis Security Iustrumeut; (bi such otller period as Applicable Law might speci[y IBr the termination of Borrower's 'right to reiustate; or (C) enffy of a judgment enl:orcing this Security Insmmmnt. Those conditions m-e that Borrower: (a) pays Lender all sums which then would be due under this Security Insuument and the Note as il: no acceleration had. occurred; (bi cures any de[ault o1: any oilier covenants or agreements; (c)pays all expenses incurred m enforcing this Security Ins~ument, including, but not limited to, reasonable attorneys' I~es, property iuspection and valuation fees, and other I'ees recurred tot fl~e puq~ose o1' protectiug Lender's interest iu the Property and rights under Ihis Security lnsu'ument; and (d) rakes s~ch action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security lnsu'ument, and Borrower's obligation to pay Ihe stuns secured by this Security InsU'ument, shall continue unchanged. Lender may require that Borrower pay such reiustatement sums aud expenses in one or more o1' the I:ollowing &)rms, as selected by Lender: (a) cash; (bi money order; (c) certil'icd check, bank check, ucasurer's check or cashier's check, prox/ided auy such check is drawn upon an restitution whose deposits are insured by a I'ederal agency, insffumemality or entity; or (d) Elcc~ouic Funds Transl'er. Upon reiustatement by Borrower, this Security Insaumeut and obligations secured hereby shall remain fully efl'ective as if no acceleration had occurred. }towever, this right to reinstate shall not apply in the case ol' acceleration uuder Section 18. 20. Sale o1' Note; Change hi' Luan Servicer; Nntice nf Grievance. The Note or a partial interest in the Note (togmher with this Security Ins~ument) can be sold oue or more times without prior notice to Borrower. A sale might result in a change in die entity (known as fl~e "Loan Servicer") that collects Periodic Payments due under tile Note and this Security lnsu-ument and perl'orms other mortgage k)an scrviciug obligations under Ihe Nole, this Security lnsLrument, and Aplflicnble Law. There also might be one or more changes the Loan Servicer unrelated to a sale o1' the Note. 11' there is a change o1' the Loau Servicer, BesTower will be' given wrilten notice of the change which will state the name and address o1' the uew Loan Servicer, die address to which payrnents should be made and any other mlbrmation RESPA requires in connection with a O001153492 ~ I n il Jals :,~/~_ ~®(~)--6(WY) 1ooo51 Page 11 of 15 ~--~ff) Form 3051 1/01 notice ol" trans[cr o£ servicing. I1: the Note is sold and thereafter the Loan is serviced by a Loan Se,'viccr other than the purchaser o1' thc Note, the mortgage loan servicing obligations Io Borrower will remain with thc Loan Servicer or be ~ansl~rred to a successor Loa, Servicer and arc not assumed by thc Note purchaser unless otherwise provided by Lhc Note purchaser. Neither BolTower nor Lender may commence, join, or bo joined to any judicial acLion (as either an individual litigant or the member o1: a class) that arises I'rom the other party's actions pursnant to this Security Ins~'tunent or that alleges that the other party has breached any provision o1', or any dnty owed by reason of, this Security Insaument, until such Borrower or Lender has notified the oilier pk~ty (wilh such notice given in compliance with the requircments of Secfon 15) of such alleged breach and alTorded the other part), hereto a reasonable period ~ffter the giving o[ such notice to u~e corrective ac6on. If Applicable Law provides a frae period which must elapse. I)cfbre certain action can be token, ilmt time period will be deemed to bc reasonable lbr purposes o[ ilfis p;~agraph. The notice o1: acceleration and opportunity to cure given to Bom)wet pursuant to Section 22 and the no{ice of acceleration given to Bom)wer pursuant to Section 18 shall be deemed to satisl:y thc notice and opportunity to ~c corrective action provisk)ns of fills Section 20. 21. Hazard.ns Substances. As used in iliis Section 21: (a) "Haz~adous Substances" ;~e those subs~mces dct'incd as toxic or hazardous snbs~mces, pollu~nts, or wastes by Environmcn~l Law and the Ibllowing substances: gasoline, kerosene, other l]ammable or toxic peaoleum producks, toxic pcsficides and herbicides, volatile solvents, materials containing asbestos or kmnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws o[ the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Envkonmenml Law; and (d) an "Environmen~l Condition" means a condition ilmt can cause, conuibute to, or otherwise U'igger an Enviromnenml Cleanup. Borrower shall not cause or permit thc presence, usc, disposal, storage, or release of any }qazm-dons Subsmuces, or threaten to release any Haz~dous Substances, on or m the Property. Borrower shall not do, nor allow anyone else to do, anything alTecting ille Property (a) that is in violation of any Environmental Law, (b) wliich creates au Environmental Condition, or (c) which, duc to lhe presence, use, or release o1' a Haz~adous Substance, creates a condition that adversely affects the vatuc o[ the Property. The preceding two sentences shall not apply to the presence, use, or storage on thc Property of small quantities o1: Hazardous Substances ilmt ~ue generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous subslauces in consumer prodncts). Bon-ower shall prompily give Lender written notice of (a) any investigation, claim, demand, lawsnit or other action by any governmental or regulatory agency or private pm-ty involving the Property and auy Hazm-dous Substance or Environmental Law ol: which Borrower has actual knowledge, (b) any Environmental Condition, inclt~dmg but not limited to, any spilling, le~ing, disch;uge, release or threat o1: release of any Hammlous Substance, and (c) any couditi0n caused by the presence, use or release of a Hazardous Snbstance which advcrsely alIects the value o1' the Property. If Bo~.ower learns, or is notified by any govermnenml or regulatory authority, or any private pm'ty, that any removal or other remcdiation of any Hazardous Substance al-l:ecting the Property is necessary, Borrower shall prompily ~;ke all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender l:or an Environmental Cleanup. 0001153492 I nilials :/~-~t/~ (~)~6(WY){0005) Page 12o115 ~,f~ Form 3051 1/01 OLS J4'4'74 639 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as I:'ollows: 22. Acceleration; Remedies. Lender shall give notice to Borrower pri.r to acceleration I'.lh}wing Borrower's breach of any covenant m' agreement in this Security Instrnment (but not pri.r to acceleration under Seclinn 18 unless Applicable Law pn~vides otherwise). The notice shall specify: (a) the deranlt; (I)) the action required to cure the deranlt; (c) a date, not less than 311 days from lhe date the notice is given m Borrnwer, hy which the defanlt must be cured; and (d) that failure to cure the defanlt nn or before the date specified in the nntice may result in acceleratim~ nf the sams secured by this Security Instrumenl and sale .l' the Property. The notice shall I'nrther inl'm:n~ Borrower o1' the right to reinstate after acceleration and Ihe right to bring a court actim~ t. assert the non-existence or a default or any other defense ~d' Borrower to acceleratim] and sale. If the derault is not cured mi ur before the date specified in the notice, Lender at its ,plion may require immediate payment in full all sums secured by this Secnrity lnstrnment witlmul rurther demand and may invnke the power or sale and any .ther remedies permitted by Apl)licable Law. Lender shall be entitled to c~fllect all expenses incurred in pursuing the remedies prm'ided in this Section 22, including, but not limited reasonable attorneys' rees and costs .r title evidence. Il' Lender invokes lhe power of sale, Lender shall give notice of intent to foreclose to B.rrower and tu the person in imssessim~ ~1' the Property, il' difl'erent, in accordance with Apl~licable Law. Lender shall give notice of the sale t() Borrower in the manner prnvided in Section 1S. Lender shall publish the malice of sate, and the Prnperty shall he s~dd in the manner prescribed by Ai)plicable Law. Lender or its designee may pnrchase thePr()perty at any sale. The proceeds of the sale shall be apl)lied in the rolhm, ing re'der: (a) t. all exl)enses ul' the sale, including, but n.t limited to, reasmmble attm-neys' fees; (b) to all sams secured by this Security Instrnnient; and (c) any excess to the persnn or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a lee Ibr releasing this Security Instrument, but only it' the fee is paid to a third party for services rendered and the cblu-ging of the fee is permitted under Applicable Law. 24. Waivers. Bon'ower releases and waives all rights under and by virtne o1: the homestqad exemption laws o[ Wyoming. 0001153492 Inllials ://~ ~®(]~l--6(WV) (ooo5) Paoo ~3 ol ,s /t..~ Form 3051 1101 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained m this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: D BURl]MAN/ -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower JI~I~6(WY) {ooo5) Page 14 et 15 0001153492 Form 3051 1/01 641 NoZary ~iblic - ~' (~-6(WY) (ooo5) Page 15 of 15 0001153492 Form 3051 1/01 L(xm Numbe? 0001153492 ADJUSTABLE RATE RIDER ADDENDUM (Libor Index - Rate Caps) This Adjustable Rate Rider is made this 10th day of 0ctoher 2003' and is incorporated into and shall be deemed to amend and supplement the Promissory Note (the "Note'') and Mortgage, Deed of Trust or Security Deed (the "Security Instrument") and Adjustable Rate Rider (the "Ride]"') of tile same date given by the undersigned (the "Borrower") to secure rel~tyment of Borrower's Note to NEW CENTURY MORTGAGE CORPORATION (the "Lender"). Property securing repayment of the Note is described in the Security Instrument and located at: 200 SCRUB OAK DRIVE , THAYNE, WYOMING 83127 (Property Address) To the extent that the provisions of this Adjustable Rate Rider Addendum are inconsistent with the provisions of the Note and/or Security Instrument and/or Rider, the provisions of this Addendum shall prevail over and supersede any such inconsistent provisions of the Note and/or Security Instrument and/or Rider. In addition to the covenants and agreements made in the Note, Security Instrument, and Rider, Borrower and Lender further covenant and agree as follows: 4. (D) LIMITS ON INTEREST RATE CHANGES The interest rate I am required to pay at the first change date will not be greater than 10.0000 % or less than . 8. 500070. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than One and One-Half percentage point(s) ( 1.500 %) from the rate of interest I have been paying for the preceding 6 months. My interest rate will never be greater thau 15.5000 % or less than 8.5000 %. BY SIGNING BELOW, Borrower accepts and agrees to tile terms and covenants contained in this Adjustable Rate Rider Addendum. KAREN M-A'~ BORGMAN' JAMES FRED BUR6MAN ,~ New Century Mortgage RE 102 (082296) ridmin.ifd JP 055702 643 ADJUSTABLE RATE RIDER (LIBOR Six-Month Index (As Published In ?'he Wall Street Journal) - Rate Caps) 2 YEAR RATE LOCK THIS ADJUSTABLE RATE RIDER is made this 10th (lay of 0etobe r 2003 , and is incorporatetl into m~d shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Secnrity Deed (the "Security Instrument") of the same date given by the undersigned (Borrower') to secure Borrower's Adjustable Rate Note (the "Note") to NEW CENTURY MORTGAGE CORPORATION ("Lender") of the same date anti covering tile property described in the Security hlstrument and located at: 200 SCRUB OAK DRIVE , THAYNE, WY 83127 ]Property Address THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. AD1)ITIONAL COVENANTS. In addition to tile covenants and agreements made in tile Security Instrument, Bon'ower and Lender £urther covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.500O %. The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CIIANGES CA) Change Dates The interest rate I will pay may change on the first cia), of November 2005 and on that clay every 6th month thereatier. Each (late on which my interest rate could change is called a "Change Date." 0001153492 MULTISTATE ADJUSTABLE RATE RIDER-LIBOR SlX-MONTH INDEX (AS PUBLISHED IN THE WALL STFIEETJOURNAL) -Single Family-Fannie Mae Uniform Inslrumenl I~(~838R (0OO6) Form 3138 1/01 Page ! ol 4 Initials: ,,~ 644 (13) The Index Beginning with tile first Change Date, my interest rate will be based on an Index. Tile "'Index" is the average o15 interbank offered rates for six month U.S. dollar-denominated deposits in tile London mm'ket ("LIBOR"), as published iii 17te Wall Street Journal. The most recent Index figure available as of tile first business day el: the month immediately preceding tile month in which the Change Date occnrs is called the "Current Index." If tbe Index is ill:) longer available, thc Note Holder will choose a new index that is based upon comparable inl'ormation. The Note Holder will give me notice el' this choice. (C) Calculation or Changes Before each Change Date, tile Note Hokler will calculate my new interest rate by adding Five and Three-Quarters percentage points ( 5. 7500 %) to the Current index. Tile Note Holder will then round the result of Ibis addition to the nearest one-eighth of one percentage point (0.125%). Subject to die limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. Tile Note Holder will then determine the amount el the monthly pay~nent that would be sufficient to repay dm nnpaid principal that I am expected to owe at tbe Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculafon will be tile new amount of my monthly payment. (D) Limits tm Interest Rate Changes The interest rate I am reqnired to pay at the first Change Date will not be greater than 10. 0000 % or less than 8. 5000 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than One and One-Ha I f percentage points ( 1.500 %) I'rom the ['ate of interest 1 have beeu paying for the preceding 6 months. My interest rate will never be greater than 15.50 O 0 %. (El Errective Date or Changes My new interest rate will become effective on each Change Date. I will pay the amount ol" my new monthly payment beginniug on the first mondfiy payment date after tile Change Date until tile amount of my inonthly payment changes again. (Fl Nntice or Changes The Note Hokler will (,leliver or mail to mc a notice el any changes in my interest rate and tbe amount el: my monthly payment bel'ore the el-I:ective date o1' any change. The notice will includ.e inl'ormation required by law to be given to me and als() the title and telephone number o1' a person who will answer any question 1 may have regarding the notice. (~838R (0006) Page 2 of 4 Initials: /~-'f~ 0001153492 Form 3138 1/01 645 B. I'RANSFER OF THE PROPERTY OR A llENtr. I*ICIAL INTEREST IN BORROWER Uniform Covenant 18 oF tile Security Instrument is amended to read as I'ollows: l'ransfer hi' tile Prnperty or a Beneficial Interest in Ihu'ruwer. As used in this Section 18, "Interest iu 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 roi- deed, installment sales contract or escrow agreement, the intent oF which is the u-ansi'er o1' tide by Borrower at a I'uture date to a purchaser. I[ all or any part o[ the Property or rely Interest in Ihe Property is sold or transfmred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transl'erred) without Lender's prior written conseut, Lender may require immediate payment in I'ull of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender il' such exercise is prohibited by Applicable Law. Lender also shall not exercise this option il': (a) Borrower cat, ses to be submitted to Lender inl'ormation required by Lender to evaluate the intended mmsl:eree as if a new loan were being made lo the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk ol' a breach o[ any covenant or agreement m this Security Instrument is acceplz~ble to Lender. To the extent permitted by Applicable Laxv, Lender may chin-ge a reasonable I'ce as a condition to Lender's consent to the loan assumption. Lender also may require tile u'ansFeree to sign an assumption agreement that is acceptable to Lender and that obligates tile u-ansferee to keep all the promises and agreements made in the Note and in this Security lnsuument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Bon-ower ill writing. Il'. Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days l'rom the date die notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrmnent. I1' Borrower fidis to pay these sums prior to tl~e expiration ol: this period, Lender may revoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. Initials: ]~_ (~830R (0006) Page 3 of 4 / -- 0001153492 Form 3138 1/01 BY SIGNING BELOW, Borroxver accepts and agrees to thc terms and covenants conlained iii this Adjustable Rate Rider. I~AREN HAY BUR~H'A-N (Seal) (Sea!) ~Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower q3orrower (~1~838R (0006) Page 4 o[ 4 0001153492 Form 3138 1/01 647 PLANNED UNIT DEVELOPMENT RIDER TI liS PLA'NNED UNIT DEVELOPMENT RIDER is made this 1 0 t h day of 0ctohfi r 2003 , and ts incorporated rote anti shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (tile "Security lnstJ'Unmnt") of the sallie date, given by the undersigned (the "Borrower") to secure Borrower's Note to NEW CENTURY MORTfiAfiE CORPORATION (the "Lender") of the same date and covering tim Property described in the Security Instrument and located at: 200 SCRUB OAK DRIVE , THAYNE, WY 83127 [Property Addrcssl Tile Property includes, but is not limited to, a pm-cci of laud improved with a dwelling, together with other such pm-eels and certain commou areas and facilities, as described in "COVENANIS, BOND I 110NS, AND RESTRICTIONS AS RECORDED" (the 'Declaralion"). The Property is a parl of a planned unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"). Tlie Property also includes Borrower's interest itl the homeowners association or equivalent entity owning or managing the common areas and [acilities o1: the PUD (tim "Owners Association") and tim uses, benel!its and proceeds of Borrower's interest. PUl) COVENANTS. In addition to tile covenants and agreements made in tile Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. BoITower shall perfom~ all of Borrower's obligations under the PUD's Conslituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incoq, oration, trust instrument or any equivalent document which creates tile Owners Associat/on; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the ConsOtuent Documents. 0001153492 MULTISTATEPUD RIDER - Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 3 Initials:_~]~'~._ -=-.-- (~).~7R (0008) VMP MORTGAGE FORMS - (800)521-7291 Form 3150 1/01 648 B. Property Insnrance. So long as the Owners Association maintains, with a generally accepted insurance comer, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage ill the amounts (inclnding deductible levels), for the periods, and against loss by fLre, hazards included within the term "extended coverage," and all)' other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 fl0r tile Periodic Payment lo Lender of the yearly pre,nium instalhnents for property insurance on the Property; and (ii) BOITOWer's obligation under Secdon 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent tbat tile required coverage is provided by the Owners Association policy. What Lemler requires as a condition ot' this waiver cau chan~e dtJring the term of tile loan. Borrower shall give Lender prompt notice of any lapse ill /equircd property insurance coverage provided by tile master or blanket policy. In tile event of a distribntion of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of tile PUD, ally proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply tile proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, il' an5', p~fid to Borrower· C. Public Liability Insurance. Borrower shall take snch actions as may be reasonable to insure that the Owners Association maintains a pnblic liability insurance policy acceptable in form, amonnt, and extent of coverage to Lender. D. Condemnation. Tile proceeds of any award or claim for dmnages, direct or consequential, payable to Borrower in connection with ally comlemnalion or olher taking of all or an5.' part of tile Property or the common m-eas and facili.ties of tile PUD, or for any conveyance iu lieu of condemnation, arc hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by tile Security Instrument as p,'ovided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior wrilten consent, either partition or subdivide the Property or consent Lo: (i) the abandonment or termination of the PUD, except for abandonmenl or terminafiou required by law ill the case of subslantial destruction by [ire or oilier casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is IBr the express benefit of Lender; (iii) termination of prol:essional management and assumption of self-management of the Owners Association; or (iv) any acfiou which would have the effect o1' rendering the public liability insnrance coverage maintaiued by the Owners Associatkm unacceptable to Lender. F. Remedies. If Bon'ower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms ol' payment, these amounts shall bear interest I:rom tile date of disbursement at thc Note rate ::llld shall be payable, with interest, npon notice fi-om Lender to Borrower requesting payment. Initials' (~7R (0008) Page 2 of 3 0001153492 Form 3150 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. ~_~/4tt,~ ~5;,,-~,~-.-- (sea~) KAREN NAY BURG~AN / -Ito.o,w~ JAMES FRED BURGMAN ~ -]~o~ow~ (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Bt)rrowcr -llorJower l~l~ 7 R (O00S) Page 3 of 3 0001153492 Form 3150 1/01 65O Loan NumberO001153492 PREPAYMENT RIDER ADJUSTABLE RATE LOAN This Prepayment Rider is made this 10th day of October ;'003 and is incorporated into and shall be deemed to amend and supplement the Promissory Note (the "Note") and Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure repayment of Borrower's NOte to NEW CENTURY MORTGAGE CORPORATION (the"Lender"). To the extent that the provisions of this Prepayment Rider are inconsistent with the provisions of the Note and/or Security Instrument, the provisions of this rider sluall prevail over and shall supersede any such inconsistent provisions of the Note and/or Security .Instnmmnt. In addition to the covenants and agreements made in the Note and Security Instrument, the Borrower aud Lender further covenant and agree as follows: 5. BORROWERS RIGHT TO PREPAY I have the right to make prepayments of principal any time before they are due. A payment of principal only is known as a "prepayment". When I make a prepayment, I will tell the 'Note Holder in writing I am doing so'. The Note Holder will use all of my prepayments to reduce the amount of principal that I owe under this Note. If Inmke a partial prepayment, there will be no changes in the due dates of my monthly payments unless: the Note Holder agrees in writing to those changes. My partial prepayment may reduce the amount of my monthly payments after the first Change Date following my partial prepayment. If within 2 year(s) frown the date of execution of the Security Instrument, I make a full prepayment or, in certain cases a partial prepayment, and the total of such prepayment(s) in any 12qnonth period exceeds TWENTY PERCENT (20%) of the original priucipal amount of this loan, I will pay a prepayment charge in an amount equal to the payment of 6 months advance interest on the amount by which the total of my prepayment(s) within that 12-month period exceeds TWENTY PERCENT (20%) of the original principal amount of the loan. BY SIGNING BELOW, Borrower contained in this Prepayment Rider. KA-REN MAY BURGI~Ah- / accepts and agrees to the terms and covenants / 'J-~ME'S FRED BURD-MAN' /- / NCMC Generic Prepayment Rider RE 103 Revised (020800) RE-lO3.ild JP 051702