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HomeMy WebLinkAbout894755ABN AMRO Mortgage Group, Inc. 2600 West Bi~ Beaver Road, T~oy, Prepared By: Nicole Moxey ABN AMRO Mortgage Group, 1643 N. Harrison Parkway Building H Sunrise FL, 33323-0000 II1C . RECEIVED LINCOLN COUNTY CLERI, MI 48084 / 7 q '7 / '7 R.eturn to; Recording Department First American Lenders Advantage 1801 Lakepointe Drive. Suite 1 ] 1 Lewisville, TX 75057 (469) 322-2500 DEFINITIONS [Simce Above This Line For Recording Data] MORTGAGE Words used in multiple Sections of this document AB00362837 0639058947 Recording Requested by First American Title Insurance Co. are defined below and other words are defined in Sections 3, 11, 1.3, 18, 20 and 21. Certain rules regarding the usage of words used in this docu,nent are also provided in Section 16. iA) "Security Instnunent" means this document, which is dated together with all Riders to this document. (B) "Borrower" is Jeana Haarman, Mart±ed September 17, 2003 Borrower is the mortgagor under this Security Instrument. (C) "Lender" is ABN AMRO Mortgage Group, Inc. Lender is a corporation organized and existing under the laws of The State of Delaware WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6,WY) (ooo51 Page I ol 15 Initials:~ /I VMP MORTGAGE FORMS - (800)521~291 Form 3051 1101 49461 746 Lender's address is 2600 West Big Beaver Road, Troy, MI 48084 Lender is tim mortgagee under this Security Instrument. {D) "Note" means the promissory note signed by Borrower and dated September 17, 2003 The Note states that Borrower owes Lender Eighty-One Thousand Four Hundred Fifty and 00/100 Dollars (U.S. $ 81,450.00 ) plus interest. Borrower has promised to pay this debt iii regular Periodic Payments aud to pay the debt in full not later than October 1, 2033 (E) "Property" ~neans the property that is described below under the heading "Transfer of Rights iii the Property." (F) "Loan" means the debt evidenced by the Note, phis interest, any prepayment charges and late charges due under the Note, aud all stuns due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--'] Adjustable Rate Rider [~ Condo,n[hium Rider [] Second Ho]ne Rider ~ Balloon Rider [-~ Planned Unit Development Rider [~] 1-4 Family Rider · ~ VA Rider [---] Biweekly Payment Rider ~ Other(s) [specify] Legal Description (H) "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 filial, uon-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessmm]ts" means all dues, fees, assessments and other charges that are imposed on Borro~ver or the Property by a condominium association, homeoxvners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated tbrongh all 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, autmnated teller machine lrausactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (Iq:) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds patti by any third party (other than insurance proceeds paid under the coverages described iii Section 5) for: damage to, or destruction of, tile Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) nrisrepresentations of, or omissions as to, lhe value and/or coi]dition of the Property. (M) "Mortgage Insurauce" means insurance protecting Lender against the nonpayment of, or default the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of lhis Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 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 tile same snbject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a 'fedmally related mortgage loan" even if tile Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) Iooosl Page 2 of 1§ Form 3051 1/01 49461 7,I 7 (P) "Successor in Interest of Borrower" means any party that has taken title to tile Property, whether or not that party has assumed Borrower's obligations under the Nole and/or this Security Instrume,~t. TRANSFER OF RIGHTS IN 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 Lender and Lender's successors and assigns, with power of sale, the following described property located in tile County of Lincoln : [Type of Recordhlg Jurisdiclion] [Name of Recording Jurisdiction] EXHIBIT THE WITHIN MORTGAGE CONSTITUTES A FIRST LIEN ON THE PREMISES DESCRIBED HEREIN. Parcel ID Nmnber: IZ ~7 I~Z~ ql'7~OD 710 Sunset Drive Alpine ("Property Address"): which currently has tile address of [Street] [City] , Wyoming 83128 [Zip Code] TOGETHER WITtt all tile itnprovements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred ~o in this Security Instrument as the "Property. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is u,mncumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifom'~ security instrmnent coveriug real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evideuced 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 Instrument shall be made in U.S. currency. Itowever, if any check or otlier instrmnent received by Lender as p, ay~nent under the Note or this h~itial$:¢ (~.~-6(WY) (ooo5) Page 3 o~ ~5 Form 3051 1/01 49461 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrnment be made in one or more of tile 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 ~vhose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at tile location designated in the Note or at such other location as may be designated by Lender in accordance with tile notice provisions in Section 15. Lender lnay reium any payment or partial payment if tile payment or partial payments are insufficient to bring tile Loan current. Lender ~nay accept ally payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice Io its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such paymenls at tile 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 fuuds until Borrower makes payment to bring the Loan current. If Borrower does not do so ~vithin a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under tile Note immediately prior to foreclosure. No offset or clai~n which Borrower might have now or in the futnre against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security hlstrument. 2. Application of Payments or Proceeds. Except as olherwise described ill 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 nnder Seclion 3. Such payments shall be applied to each Periodic Payment in tile order itl which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security lnstrmnent, and then to reduce the principal balance of the Note. If Lender receives a payment from Borro~ver for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, tile payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of tile Periodic Payments if, and to the extent that, each payment can be paid in full: To tile extent that any excess exists after the pay~nent is applied to the full payment of one or more Periodic Payments, such excess Inay be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Fnnds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are clue nnder 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 lhis Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance 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 Community Association Dues, Fees, and Assessmenls, 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 tile Funds for Escrow Itmns unless Lender waives Borroxver's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Fnnds for any or all Escrow items at any time. Any such waiver may only be in writing. In tile evenl of such waiver, Borrower shall pay directly, wheo and where payable, the amounts I~{D-6(WY} Iooos) Page 4 of 15 leitlafs~gJ~ Form 3051 1/01 49461 dt,e 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 Security Instrument, as tile phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow ltelns directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow ltem, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Seclion 9 to repay to Lender any such amount. Lender may revoke the waiver asto 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 Fuuds, and in such amounts, that are then ~equired under this Section 3. Lender may, al any time, collect and hold Funds in an amount (a) sufficient Io permit Lender to apply the Funds at the time specified nnder RESPA, and (b) not to exceed the maximmn 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 otherwise in accordance wilh Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law reqnires interest to be paid on the Funds, Lender shall nol be required to pay Borrower aery interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of tile 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 itl accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in'escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this 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 payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these itmns are Escrow ltetns, Borrower shall pay thegn itl the manner provided in Section 3. Borrower shall promptly discharge any lien which 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 defends against enforcement 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 Lender subordinating the lien to this Security 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 I~itial$:_~ (~-6(WY) 1ooo51 Page § of ~5 Form 3051 1/01 49461 lien. Within 10 days of the date on xvhich thai notice is given, Borrower shall satisfy the lien or take one or more of lhe aclions set forlh 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 Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards iucluded 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 (includiug deductible levels) and for the periods that iLender requires. What Lel~der requires pursuaut to the preceding sentences can change during the term of the Loan. The insurance carrier providing the iusurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, ~vhich 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 determiuation, certification and tracking services; or (b) a one-time charge for flood zolie determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certi[icalion. Borrower shall also be responsible for tlre paynrent of any :fees imposed by the Federal Emergency Management Agency in connection with tire review of any flood zone determination resulting from 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 purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or ~night 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 previous y in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debl of Borrower secured by this Security Instrument. These amounts shall bear iuterest at the Note rate from the date of disbursement and shall be payable, with Such interest, upon uolice from Lender to Borrower requesting payment. All insurance policies required by Lendcr and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall iuclude 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 1o Lender all receipts of paid premiums and renewal notices. I[ Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruclion of, tile Property, such policy shall include a standard lnortgage clause and shall nanre Lender as mortgagee and/or as au additional loss payee. In the event of loss, Borro;ver shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if nol made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any iusurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is nol 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 colnpleted 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 shall not be paid out of Ihe insurance proceeds and shall be the sole obligation of Borrower. If the restoraliou or repair is not economically feasible or Lender's security would be lessened, Ihe insurance proceeds shall be applied to the sums secured by this Security Instrmnent, xvhether or not thru due, wilh Initi~ls:¢ (~;)~-6IWY) (ooo~) P~ 6 o~ ~s Form 3051 1/01 49461 the excess, if any, paid lo Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negoliate 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 offered to setlle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when lhe notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance. proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund 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 Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occnpancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security lnstrmnent and shall continue to occupy the Property as Borrower's principal residence for 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 Borrower's control. 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 in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econoufically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance ur condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for rep~,iring 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 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 improvements on the Property. 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 with 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 com~ection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrmnent. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property aud/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnatio,~ or forfeiture, 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 aud 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 limited to: (a) paying any sums secured by a lien which has priority over this Security Instrmnent; (b) appearing in court; and (c) paying reasonable I~i'[ial$:~ (~.co-6(WY) 10005} ' Page 7 of 15 Form 3051 1/01 49461 attorneys' fees to protect its interest in the Property and/or rights t. nder this Security Instrument, including its secured positiou in a bankruptcy proceeding. Securiug the Property includes, but is not limited to, entering lhe Property to make repairs, change locks, replace or board up doors and xvindows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under Ihis Section 9, Lender does not have to do so and is not nnder any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amonnts 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 Secnrity Instrument is ou a leasehold, Borrower shall comply with all the provisious of the 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 ~vriting. 10. Mortgnge Insurunce. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance iu effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage hrsurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender tile amount of the separately designated payments that were due when Ihe insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of rvlortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultinrately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insnrance 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 conclitimi of inaking the Loan and Borrower was required to make separalely designated payments toward the premiums for lVlortgage Insurance, Borrmver shall pay the premiums required to maintain lVlortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance will] any wrilten agreeJnent between Borrower and Lender providing for such terminatim] or until termination is reqnired by Applicable Lawl 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 eutity that purchases tile Note) for certain losses it may incur if Borrower does not repay tile Loan as agreed. Borrmver is not a party to tile Mortgage Insurauce. Mortgage insurers evaluate their 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 rednce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements ]nay require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance preminms). As a result of these agreements, Lender, any purchaser of the Note, another insurer, auy reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive [rom (or might be Characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of tile insurer's risk in exchange for a share of the premiunrs paid to the insurer, the arrangement is often lermed "captive reinsurance." Further: (a) Any such agreements will not affect the amonnts that Borrower has agreed to pay for Mortgage Insnra,ce, or any other terms or lhe Loan. Such agreeme.ts will no! increase the amount Borrower will owe for Nlortgage Insurance, and they will nol entitle Borrower to any refund. (~-6(WY) 1ooo5) 8 of 15 Form 3051 Page 1/01 49461 753 (b) Any snch agreemen[s will not affect tile rights Borrower has - if any - with respect Io the Mortgage Insurance nnder the Homeowners Protection Act of 1998 or any other law. These rights may inclnde the right to receive certain disclosnres, to request and obtain cancellation of the Mortgage Insnrance, to have the Mortgage lnsnrance terminated automatically, and/or to receive a refund of aay Mortgage Insurance premiums that were unearned at the time of such cancellation or terminalion. 11. Assignment of Miscellaneous Proceeds; Forfeitnre. 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 right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. 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 economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security lastrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total thking, destruction, or loss in value of tl~e 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 which the fair market value of tile 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 aud Lender otherwise agree ia writing, .the sums secured by this Security Instrt, ment shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fiiir market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of tlie Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured im~nediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to tbe 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 arid apply the Miscellaaeous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscelhmeous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun lhat, in Lender's judgment, could resnlt in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights tinder this Security Instrument. Borrower can cure such a default and, .if acceleration has occurred, reinstate as provided in Seclion 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 i~npairment 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's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for ia Section 2. (~)._-__(~6(WY) (ooosj Page 9 gl ts Form 3051 1/01 49461 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by 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 reqnired to commence 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 this 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 mnounts less than the amount then due, shall not be a waiver of or preclude the exercise o[ any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borroxver covenants and agrees that Borrower's obligations and liability shall be joint and several. Hoxvever, any Borro~ver ~vho 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 tile co-signer's interest in the Property under the terms of this Security Instmnmut; (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 COllsent. Subject to the provisions of Section 18, auy Successor iu Interest of Borrower who assmnes Borrower's obligations uuder this Security [nstrumeut in writing, and is approved by Lender, shall obtain all of Borrower's rights aud benefits under this Security [ustrumeut. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Lax,,'. If the iLoan is subject to a law which sets maximum loan charges, and that laxv is finally interpreted so that the interest or other loan charges collected or to be collected in connection xvith the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the a~nount necessary to rednce the charge to the permitted limit; and (b) any sums already collected from Borroxver xvhich exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (xvhether or not a prepayment charge is provided fo~ under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in ~vriting: Any notice to Borroxver in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borro~vers unless Applicable Law expressly requires otherxvise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly noti:fy Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borro~ver shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borroxver. Any notice ill connection with this Security Instrument shall not be demned to have been given to Lender until actually received by iLender. If any notice required by this Secnrity Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. Initials:¢ (~--~®6(WY) {ooos) Pa~. lOof 15 Form 3051 1/01 49461 755 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and 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 xvith Applicable Law, snch conflict shall not affect other provisioqs of this Security Instrument or tile Nole which cau 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 feminine 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. Burrower's Copy. Borrower shall be given one copy of the Note aod of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in tile Property" ineans any legal or beneficial interest in the Property, including, but not limited to, those beqeficial interests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 clays from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security hlstrumem. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have 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 Instrunrent; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which theu would be due .under riffs Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection aud valuation fees, and other fees incurred for the purpose of protecting. Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's iuterest in the Property and rights under this Security instrument, and Borrower's obligation to pay the sums secured by this Security Iustrument, shall continue unchanged. 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 all institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrmnenl and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reiustate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. Tile Note or a parlial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might resul~ iu a change in tile 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 Instrumeut, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state tile name and address of the new Loan Servicer, the address to which payments should be tnade aud any other information RESPA Initia~s¢ (~)~-6(WY) (0005) Page ]] gl ]§ 'Form 3051 1/01 49461 756 requires in connection xvilh a notice of transfer of servicing, If tile Note is sold and thereafter tile Loan is serviced by a Loau Servicer other than the purchaser of tile Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by tile Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that tile other party has breached any provision of, or ally duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with tile requirements of Section 15) of such alleged breach and afforded tile other party hereto a reasonable period after the giving of such rtotice to take corrective action. If Applicable Law provides a time 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 oPportuuity to cure given to Borrower pursuant to Section 22 and tile notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy tile notice and opportuuity to take corrective action provisions of this Section 20. 21. HazardoUs Snbstances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Envirounrental Law and the following substances: gasolirte, 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 laws and laws of the jurisdiction where tile Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response actiou, remedial action, or removal action, as defined ill Environmenlal Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherxvise trigger an Enviro'mnental Cleanup. Borrower shall not cause or permit tile presence, use, disposal, storage, or release of any Hazardous Substances, or threateu to release any Hazardous Substances, ou or ill tile Property. Borrower shall not do, nor allow anyone else to do, anything affecting tile Property (a) that is in violation of any Environmental Law, (b) which creates all Environmental Condition, or (c) which, due to tile presence, use, or release of a Hazardous Substance, creates a condition thai adversely affects the value of tile Property. Tile preceding two seutences 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 tile Property (including, but not limiled to, hazardous substances in consumer products). Borrower shall promptly give Lender xvritten notice of (a) any investigation, claim, demand, lawsuit or olher action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, iucluding but not limited to, any spilling, leaking, discharge, release or threat of release of ally Hazardous Substance, and (c) any condition caused by the presence~ use or release of a ttazardous Substance which adversely affects tile value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any re~noval 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 all Environmental Cleanup. ~%y,~I,~-6IWY) (ooosl Poge ~2 of Is Form 3051 1/01 49461 757 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Relnedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration tinder Section 18 nnless Applicable Law provides otherwise). The notice shall specify: (a) the defanlt; (b) the action reqnired to cnre the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the defimlt must be cured; and (d) that failure to cnre the defanlt on or before the date specified in the notice may result iii acceleration of the san;s scented by this Security Instrnment and sale of the Property. The notice shall further inform Borrower of the right to reinstate at'ter acceleration and the right to bring a court action to assert the non-existence ~f a defanlt or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all snms secured by this Secnrity Instrument.withont further demand and may invoke the power of sale and any other retnedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incnrred in pursuing the remedies provided in this Section 22, inclnding, bnt not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, il' different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall pnblish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all snms secnred by this Security Instrnment; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Leader may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 124. Waivers. Borrower releases aad waives all rights under and by virtue of the hoinestead exemption laws of Wyoming. (~-6(WY) ~ooo5~ Page 13 of 15 Form 3051 1/01 49461 ' BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: an~a Haarman (Seal) -Borrower · (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~<~6(WY) (ooo5) Page ~4 of 15 Form 3051 1/01 49461 75S STATE OF WYOMING, LINCOLN Tile foregoing instrument was acknowledged before Lie Ibis by Jeana tlaarman, Married September Countyss: 17, 2003 My Commission Expires: Notary Public (~6{WY) ~o005} Page ]5of 15 Initials:~ Form 3051 1/01 49461 ?GO Form No. 3301 (6/00) Short Form Commitment, EAGLE SUPER EAGLE ORDER NO: 1797173 FiLE NO: 1797173 LENDER KEF: AB00362837 Exhibit "A" The land referred to in this policy is situated in the STATE OF WYOMING, COUNTY OF LINCOLN, CITY OF ALPINE; and described as follows: LOT 242 LAKEVIEW ESTATES, 1NC., TRACT "A" AS SHOWN BY "['HE OFFICIAL PLAT THEREOF FILED IN THE OFFICE OF THE COUNTY CLERK, LINCOLN COUNTY, WYOMING. SUBJECT TO RESERVATIONS AND RESTRICTIONS CONTAINED IN THE UNITED STATES PATENT AND TO EASEMENTS AND RIGHTS-OF-WAY OR RECORD OR IN USE.