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HomeMy WebLinkAbout89457601018598 After Recording Remm To: FIRST BANK OF IDAHO, FSB D/B/A FIRST BANK ADVISORS P.O BOX 12860 JACKSON, WY 83002 894,576 RECEIVED LINCOLN COUNTY CLERK ]Space Above This Line For Recording Data] MONSON MORTGAGE ~0~ #: 49401003~ MIN: 100174102000010043 PIN #: 34190110407400 DEFINITIONS Words used in nmltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower"is BILLIE JEAN MONSON AND JOEL HUSBAND OCTOBER 7, 2003 M. MONSON, WIFE AND Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone nmnber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679~MERS. (D) "Lender" is FIRST BANK OF IDAHO, FSB D/B/A FIRST BANK ADVISORS Lender is a CORPORATION organized and existing under the laws of IDAHO . Lender's address is ~. O. BOX 9000 KETCI-IUM, ID 83340 (E) "Note" means the promissory note signed by Borrower and dated OCTOBER 7, 2003 The Note states that Borrower owes Lender EIGI-ITY-FOUR THOUSAND AND 00/100 Dollars (U.S. $ 84,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than NOVEMBER 1, 2033 (F) "Property" means the prope~Xy that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWYI (Page I of 13 pages) ~ocun~.wrx 49401003({ (H) "IlJders" meaus all Riders to this Security Instrument that are executed by Borroxver. The foltowiitg Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Balloon Rider [] l-4 Fanfily Rider [] Condonfinium Rider [] Planned Unit Development Rider [] Other(s) [specify] [] Secoud Home Rider [] Bixveekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Commnnity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeo~vners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or sinfilar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of~sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" ~neans any compensation, settlement, axvard of damages, or proceeds paid by any third pa[ty (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part 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. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq:) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, '!RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest o1' Borrower" means any party that has taken title to the Property, whether or not that party has assumed Bon-ower's .obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS 1N THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose,. Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY CLERK of LINCOLN (Type of Recording Jurisdiction) (Name of Recording Jurisdiction) : LOT NINETY-FOUR (94) IN STAR VALLEY RANC}{ PLAT FIVE (5) AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COU1FTY, WYOMING. which currently has the address of 118 SCRUB OAK DRIVE TI-I_AYNE ,Wyoming 8312 7 [City] [Zip Code] WYOMING - Single Family - Fa..ie Mae/Freddie Mae UNIFORM INSTRUMENT DOCUKWY2 (Page 2 of 13 pages) DOCUKW!f2. VTX 10/17/2002 .[Street] ("Property Address") Form 3051 1/01 494010036 .- TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the prope~Xy. All replacements and additions shall also be ' covered by this Security Instalment. All of the foregoing is referred to in this Security Instrument as the t roperty. Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nonfinee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the fight to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender COvenant and agree as follows: 1. Payment t~f Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay M~en due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instxument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment nnder the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one oi more of the following fro-ms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Elecn'onic Funds Transfer. Payments are deemed received by Lender When received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its fights to refuse such payment or partial payments in the future, but Lender is not obligated to app.!y 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 such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such fimds will be applied to the outstanding principal balance nnder the Note immediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower from making pay~nents due under the Note and this Security Instrument or perfornfing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due 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 the order in which it became due. Any remaining amounts shall be applied first to late charges; second to any other amounts due trader this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a pay~nent from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received l¥om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. WYOMING - Single Fanfily - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY3 (Page 3 of 13 pages) DOCUICW~3. V?X 10/1'7/2002 Form 3051 1/01 Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for 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 and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. Iu the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Secuhty Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrmv Item, Lender may exercise its rights under Section 9 and pay such amount and Borrmver shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or othe~wvise in accordance with Applicable Law. The Funds shall be held in an institutiou whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later thau the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in wr'iting or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings ou the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an mmual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordauce with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance xvith RESPA, but in no more titan 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shrill notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 xnonthly payments. Upon payment in 'full of all sums secured by tkis Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold pay~nents or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower ghall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien wlfich has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or ~,VYOSIIING - Single Family - Fannie h, lae/Fre{Idie 1Mac U1NIFOR5! IINSTRUI~IENT Form 3051 1/01 I)OCUKW~'~ (Page 4 of 13 pages) ~ocu~r¥4. v,rx ~o/~?/~ooo O49 't 9~t 0:1.0036 defends against mrforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Leuder subordinating the lien to tlfis Secnrity. Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is giveu, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Leuder in connection w/th this Loan. ' 5. Property Insurance. Borrower shall keep the improvements now existing or bereafter erected on the Property insored against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance can'ier providing the insurance shall be chosen by Bon:ower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised um'easonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certificatiou and tracking services; or (b) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such deternfination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting fi-on~ an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to pm'chase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but nfight or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained nfight significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secm-ed by this Security Instmmeut. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Properly, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender nmy make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, .if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect, such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shal! not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If tbe restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, witb the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. if Borrower abandons the Propmly, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has ~VYOMING - Single Family - Famfie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY5 ~OC~S.VTX zo/zv/~oo2 (P~ge 5 of l3 pages) 494010036 offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borroxver hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either, to repair or restore the Propm~y or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's prLncipal residence witl~n ~0 days after the execution of this Security Instmmcnt and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender othe~vise agrees in writhrg, which consent shall not be unreasonably withheld, or mfless extenuating circumstances exist which are beyond Borrower's ¢outrol. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property' in order to prevent the Property from deteriorating or decreasing iu value due to its condition. Unless it is determined pursuant to Section $ that repair or restoration is not economically feasible, Bm~ower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmatinn proceeds are paid in com~ection with damage to, or the taking of, 'the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a .single payment or in a series of progress payments 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 Borroweffs 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 improvements on the Prope~y. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process~ Borrower or any persons or entities acting at the direction of Borrower or xvith Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in c0m~ection with the Loan. Material representations include, but are not linfited to, representations concerning Borrower's occupancy of the Property as Borrmver's principal residence. 9. Protection of Leuder's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements coutained in this Security Instnunent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bmflcruptcy, probate, for condemnation or forfeitore, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not linfited to: (a) paying auy sums secured by a lien which has priority over this Security Instrument; (b) appearing m court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, includiug its secured position in a bankd-uptcy proceeding. Securing the Property includes, but is not linfited to, eutering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities htrued on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender iucurs no liability for not taking auy or all actions authorized under this Section 9. Any amouuts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borro~ver shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not)merge unless Lender agrees to the merger in writing. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 oocul(xw6 (Page 6 of 13 pages) nocu~s.vrx 494010036 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain fl~e Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available fi'om the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage snbstantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurauce previously in effect, fi'om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insnrance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated pa)qnen/s that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refi~ndable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultinmtely paid in fidl, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insnrance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such ternfination or until temfination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage insurance. Mortgage insm'ers evaluate theft' total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on temps and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of fimds that the mortgage insurer may have available (which may include fi~nds obtained from Mortgage Insurance prenfiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's pa)qnents for Mortgage Insurance, in exchange for sharing or nrodifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often trained .... " captive reinsurance. Further: (a) Any such agreements will not al'feet the anmunts tbat Borrower has agreed to pay for Mortgage Insurance, or any other terms o'f the Loan. Such agreements will not increase the amonnt Borrower will owe for Mortgage Insurauce, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if an), - with respect to the Mortgage Insurance uuder the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of tbe Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of an), Mortgage Insurance premiums that were unearned at the time of sucb cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the fight to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect snch Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCOK\~'? (Page 7 of 13 pages) DOCUKW¥7 .VTX 10/17/2002 052 494010036 this Security Instrument, whether or not then due, ~vith the excess, if any, paid to Borrowerl Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in wlfich the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds nmltiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss iu value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Bou:ower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured in:unediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othm~vise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the patty'against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Bbrrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material hnpairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impaim~ent of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender% interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Exteusion of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to co~nmence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by tiffs Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. Borrower covenants and agrees that Borrower's obligations and liability shall be .joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borro~ver shall not be released from Borroxver's obligations and liability under tlfis Security Instrument unless Lender agrees to such release in writing. The covenants and WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY~ (Page 8 of 13 pages) ,ocmt~s .VTX xo/x7/aooo 494010036 5 3 agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services perfm~ned in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrun~ent, including, but not li~mted to, attorneys' fees, propmty inspection and vMuation fees. In regard to any other fees, the absence of express authority in this Security Iustrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted linfit; and (b) any sums already collected from Borrower which exceeded pmmitted limits will be refi~nded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refimd made by direct payment to Borrower will constitute a waiver of any right of action Borrower m/ght have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Bmxower in connection with this Security Instrument shall be deemed to have been given to Borrower when nmiled by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers'unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address tlirough that specified procedure. There may be only one designated notice address under tiffs Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in cmmection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, fl~e Applicable Law requirement will satisfy the corresponding requirement under tiffs Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which fl~e Property is located. All rights and obligations contained.in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the fenfinine gender; (b) 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 take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrnment. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in fl~e Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a'bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a furore date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in fidl of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower nmst pay all sums secured by this Security Insmunent. If Borrower fails to pay these sums prior to the WYOMING - Single Family -Famde Mae/Freddie Mac UNIFORM INSTRUMENT DOCOKW¥9 (Page 9 o.['13 pages) Form 3051 1/01 494010036 expiration of this period, Lender may invoke any remedies permitted by this Security Instrument ~vithout further notice or demand on Borrower. 19. Borrower's Right to Reiustate After Acceleration. If Borroxver meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of(a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nfight specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Iustrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and tlie Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose o.f protecting Lender's interest in the Property and rights under this Security Instrument; aud (d) takes such action as Lender may reasonably require to assure that Lender's interest in the · Pr°perry and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue nnchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrnment and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall uot apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer muelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the nmne and address of the nexv Loan Servicer, tl~e address to which payments should be made and any other inforrnation RESPA requires in cormection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is smaziced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borro~ver will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commeuce, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that ai'ises from the other pm~y's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, uutil such Borrower or Lender has notified the other party (with snch notice given iii compliance with the requiremeuts of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a tinge period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportmuty to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportonity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those Substances defined as toxic or hazardous substances, pollutants, or xvastes by Enviromnental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal la~vs aud laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Envh'omnental Cleanup" includes any response action, remedial action, or removal action, as defined iu Environmental Law; and (d) au "Envirmmlental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or tlueaten to release any Hazardous Substances, ou or in the Property. Borrower shall not do, nor allow anyone else to do, anytlfing affecting the Property. (a) that is in violation of any Enviromnental Law, (b) which creates an Envirolmiental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, WYOI%ZING - Single Family - Fannie Mae/Freddie ]Mac UN1FORiM 1NSTRUtMENT Form 3051 1/01 DOCUKWY 10 (Page 10 of 13 pages) O5 5 494010036 creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not linfited to, hazardous substances in consumer products). Boxxower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower bas actual l~owledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Propmly. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender fi~rther covenant and agree as follows: 22. Accelerafion; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrmnent (but not prior to acceleration under Section 18 unless Applicable Law provides otberwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days fi'om the date the notice is given to Borrower, by which the default must be cured; and (d) tbat failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate alter acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate pay~nent in full of all sums secured by this Security lnstrmnent without further demand and may invoke the power of sale and any other remedies pernfitted by Applicable Law. Lender sbali be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not linfited to, reasouable attorneys' lees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by tbis Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrmnent, Lender shall release this Security Instrument. Borrower shall pay any recordation Costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third parry for services rendered and the charging of the fee is penmtted under Applicable Law. 24. Waivers. BOlTower releases and waives all rights under and by virtue of fire homestead exemption laws of Wyoming. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DO~KWY~ (Page 11 of 13 pages) DOe{./KWYB. VTX 10/17/2002 Form 3051 1/01 6 494010036 BY SIGNING BELOW, Borrower accepts and agrees to the temps and covenants contained in this Security Instrument and in any Ride~ecuted by Borrower and recorded with it. / - BORROWER BIDD~JE~ MONSON - DAT~ - %VYOMING - Single Family - Fannie Mac/Freddie Mac UNIFORM INSTRUMENT DOCUKWY U (Page 12 of 13 pages) DOC~K~C.WX X0/ZT/200~ Form 3051 1/01 494010036 05 7 [Space Below This Line For Acknowledgment] STATE OF '7"~ The foregoing instrument was acknowledged before me by 5{. MONSON, WIFE AND HUSBAND BILLIE JEAN MONSON AND JOEL this /Oq;~ day of (.0~ AO0~ Wimess my hand and official seal. Notary Public My Conmnission Expires: ~-[ ~ -aO,-O~9 5'" WYOMING - Single Fam/ly - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUK\VYI3 (Page 13 of I 3 pages) DOCUKWYD. VTX 6/6/2002 For~n 3051 1/01 O58 SECOND HOME RIDER LOi~N #: 494010036 THIS SECOND HOME RIDER is made on this 7TH day of OCTOBER, 2 0 0 3 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower," whether there are one or more persons undersigned) to secure Borrower's Note to FIRST BAI'TI< OF IDA/tO, FSB D/B/A FIRST BANK ADVISORS (the "Lender") of the same date and covering the property described in the Security Instrument (the "Property"), wlfich is located at: 118 SCRUB OAK DRIVE, THAYlqE, WY 83127 (Property Address) In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fi~rther covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only use, the Property as Borrower's second home. ' Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person auy control over the occupancy or use of the Property. 8. Borrower;s Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knoxvledge or consent gave materially false, misleading, or inaccurate information or Statements to Lender (or failed to provide Lender xvith material information) in commction with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's second home. MULTISTATE SECOND IIOME RIDER- Single Family-Fannie Mae/Freddle Mac U1NIFORbl INSTRUMENT DOCURS^~ Page 1 of 2 DOCURSA1.VTX 11/29/1001 Form 3890 Il01 059 49~010036 BY SIGNING BELOW, Bon'ower accepts and agrees to the terms and provisions contained in this Second Home Rider. RRO.~F~R - JOEL M. M~DNSON - DATE - MULTISTATE SECOND HOME RIDER- Single Family-Fannie Mae/Freddie Mae UNIFORM INSTRUMENT DOCURSA2 DOL-~IRSA2.VTX 21/119/2002 Page 2 of 2 Form 3890 l/0l MON~ON LOAN #: 494010036 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNiT DEVELOPMENT RIDER is made this 7TH day of OCTOBER 2003 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to FIRST BANK OF IDAHO, FSB D/B/A FIRST BANK ADVISORS (the "Lender") of the same date and covering the Property described in the Secnrity Instrument and located at: 118 SCRUB OAK DRIVE, THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in THE COVENANTS, CONDITIONS AND RESTRICTIONS FILED OF RECORD THAT AFFECT THE PROPERTY. (the "Declaration"). The Property is a part of a planned unit development known as STAR VALLEY RANCH [Name of Platmed Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity o~aming or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borroxver's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borroxver and Lender further covenant and agree as folloxvs: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document xvlfich creates the Owners Association; 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 Constituent Docnments. MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORIM IINSTRUIMEINT Form 3150 1/01 DOCURPAI (page I of 3 pages) DOCURPA1. VTX 10/15/2002 494010036 B. Property Insurance. So long as tile Ovmlel's Association maintains, xvith a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insm-ance coverage iu the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not linfited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic PaYment to Lender of the yearly prenfium installments for propmXy insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the .required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver cau change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Leuder shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for. damages, direct or consequential, payable to Borrower in comlectiou with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instmn~ent as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandomnent or term/nation of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or enfinent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) terminatiou of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. 'If Borrower does not pay PUD dues and assessments wheu due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F sliall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCLIRPA2 r~ocu~v~.a.wrx zo/z~/2oo~ (page 2 of 3 pages) Form 3150 1/01 062 494010036 BY SIGNING BELOWf~orrower accepts and agrees to the terms and provisions contained in this PUD Rider. - BORROWER----~E JE~ ~ONSON - DATE - BORROWE~'/j~// JO~L M. MONSON - Di~TE - MULTIsTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3i50 1/01 DOCUR~^] (page 3 of 3 page,) DOCURPA] .VTX 8/27/200:2 ·