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HomeMy WebLinkAbout89487503018431 Return To: First Indiana Bank, N.A. 135 N. Pennsylvania Street Indianapolis, IN 46204 Prepared By: Mary Joanne Hartkorn First Indiana Bank, N.A. 135 N. Pennsylvania Street Indianapolis, IN 46204 89h875 RECEIVED LINOOLN COUNTY CLERK 03 OCT 29 ?H 3: 3h [Space Above This Line For Recording DataI MORTGAGE Loan ID: 9667504342 DEFINITIONS Words used in nlultiple sections of this docnment are defined below and other words are defined in Sectious 3, 11, 13, 18, 20 aud 21 Certain rules regarding tile nsage of words used in this dOculnent are also provided in Section 16. (A) "Security hlstrument" ineans this document, which is dated October 22nd, 2003 together with all Riders to this docnment. (B) "Borrower" is SHAWN RAY STEPHENS and CINDY ANNE STEPHENS, husband and wife Borrower is tile nlortgagor nnder this Security hlstrumenl. (C) "Lender" IS First Indiana Bank, N.A. Lender is a Corporation organized and existing nnder tile laws of The State ot~ Indiana WYOUING-Single Family-Fannie Mne/Freddie Mac UNIFORM INSTRUMENT (~-~ (W Y) (ooos) Vg P'M ORTGAGE FORM S - (800)521-7291 Form 3061 .' Leuder's address is 135 N. Pennsylvania Street, Indianapolis, IN 46204 Lender is the mortgagee nnder this Security Instrument.'" (D) "Note" means the promissory uote signed by Borrower and dated Oct-ober 22, 2003 The Note states that Borrower owes Lender One Hundred Sixty Eight. Thousand and no/lO0. Dollars (U.S. $ 168,000. O0 ) plus interest. Borrower has promised to pay tliis debt in regular Periodic Payments and to pay the debt in foil not later' than November 05, 2033 (E) "Property" means the property .tl~at is described below under the beadiug "Transfer of Rights in the Property." (F) "Loau" means the debt evidenced by the Note; plus interest, any prepayment charges and late charges dne uuder the Note, and all sums due nnder this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instru,nent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]' ~ Adjostable Rate Rider I--'] Condominium Rider [--1 Second Home Rider ['--] BallOon Rider I--] Planned Uuit Development Rider [--1 1-4 Family Rider I---I VA Rider . I--I Biweekly Payment Rider ~ Other(s) ]specify] (H) "Applicable Law" means all cont,'olliug applicable federal, state and local statutes, regulations, ordinances and admiuistrative rules and orders (that have the effect of law) as well as all applicable final, no,-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a coodominium association, homeowners association or similar orgauization. (J) "Electronic Funds Transfer" means any trausfer of funds, other titan a transaction originated by check, draft, or similar paper instrumeut, which is initiated through an electronic terminal, telephonic iustrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit au account. Such term iucludes, but is not limited to, point-of-sale transfe,'s, automa'ted teller machioe transactious, transfers initiated by lelephone, wire trausfers, aud aotomated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "l~[iscellaneous Proceeds" means any compeusation, settlemeut, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Sectiou 5) for: (i) damage to, or destruction of, the Property; (ii) condemnatiou or other taking of all or any part of the Property; (iii) cooveyance in lieo of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (1%I) "lYIortgage Iusurancc" means iosurance protectiog Lender against the nonpayment of, or default o.n~ the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, ph, s (ii) any amounts under Section 3 of this Security lustrument. (O) "RESPA" meaus the Real Estate Settlement Procedores Act (12 U.8.C~ Sectiou 2601 et seq.) aud its implementing regulatiou, Regulatiou X (24 C.F.R. Part 3500), as. they might be amended from time to lime, or auy additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instnm~eut, "RESPA" refers to all requirements and restrictions that are imposed in regard ~o a "federally related mortgage loan" eveu if the Loan does not qualify as a "federally related mortgage loan" nnder RESPA. lnitials:d~~r' (~G(WY)(oooi) P~2of~5 ~ Form ~051 1101 433 (P) "Successor in Interest of Borrower" means any party that has taken title to tile Property, whether or nor that party has assnmed Borrower's obligations under the Note and/or this Security Instruluent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instru,nent secures to Lender: (i) tile repaymeut of the Loan, and all renewals, extensions and modificati-ons of the Note; and (ii) tile performaoce of Borrower's covenants and agreements under this Security lnstrumeut and the Note For this purpose, Borrower does hereby mortgage, grant and con,ey to Lender and Lender's successo,'s aud assigns, with power of sale, the following described property located · cthmty of LINCOLN : ]Type of Recording Jurisdiction] [Name of Recording Jurisdiclion] LOT B OF THE GREEN VALLEY SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. This is a First Real Estate Mortgage recording concurrently with a Second Real Estate Mortgage in favor of First Indiana Bank, N.A. dated 10/22/2003 in the original amount of $18,800.00 ParcelID Nnmber: 34182840202400 57 DALE COURT Bedford ("Properly Address"): which currently has the address of [glreet] ICityl , WyomingB3112 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtnres now or hereafter a part of the property. All replacements and additions shall also be covered by this Secnrity Instrument. All of the foregoing ~s referred to in this Security Instrument as the "Property" BORROWER COVENANTS that BOrrower is lawfnlly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is nnencumbered, except for encnmbrauces of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, sobject to any encnmbrauces of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited, variations by jurisdiction to coustitnte a nniform secarity instrnment 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 dne the principal of, and iuterest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fnnds for Escrow Items pnrsuant lo Section 3. Payments 'due under the Note and this Security Instrument shall be made in' U.S cnrrency. However, if any check or other instrument received by Lender as payment under the Note or this Initials: ~.~ {~)®-6(WY) (OOOS) Page3of15 Form 3061 1101 434 Secnrity Instrnment is retnrned to Lender unpaid, Lender may require'that any or all subsequent payments due nnder the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, batik check, ti'easurer's check or cashier's check, provided any such check is drawn upon au institntion whose deposits are insured by a federal agency, iustrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or al such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return auy 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 insnfficient to bring the Loan ' cnrrent, withoot waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the fUture, but Lender is not obligated to apply such payments at the time such pay~nents are accepted. If e~ach Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such onapplied funds uutil 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 uot applied earlier, such fnnds will be applied to the outstanding principal balance under the Note immediately prior In foreclosure. No offset or claim which Borrower might have now or in the futnre against Lender shall relieve Borrower fi'om making payments due under the Note and this Security Instrument or performing the covenauts and agreements secured by this Security Instrnm ent. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied iu rite following order of priority: (a) interest due under the Note; (b) principal dne under the Note; (c) atnonnls due nnder Section 3. Such payments shall be applied In each Periodic Payment in the order iu which il became dne. Auy remaining amounts shall be applied first In late charges, second to any other amounts due under this Security Instrument, and then lo reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a snfficient amount to pa3' any late charge due, the payment may be applied In the delinquent payment and the late charge. If more thau one Periodic Paymeut is ontstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Pay~nents 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 paymenl of one or more Periodic Paymeuts, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and Ihen as described itt the Note. Any application of payments, insurauce proceeds, or Miscellaneous Proceeds to principal due under the Note shall not exteud or poslpone the due date, or change the amount, of the Periodic Payments. · 3. Funds for Escrow Items. Borrower shall pay to Lender ou tl~e day Periodic Payments are doe uuder lite Note, nntil the Note is paid in full, a sum (the "Funds") to provide for payment of amouuts due for: (a) taxes and assessments and other items which can attain priority over this Security !nstrumeut as a lien or encnmbrance 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 lien of the payment of Mortgage Insurance premiums in accordance with the provisions of Sectiou 10. These items are called "Escrow Items." At origination or at any time during the term of the Loau, Lender may require that Comnnnity Association Dues, Fees, and Assessments, if auy, be escrowed by Borrower, and such dues, fees attd assessments shall be an Escrow Item. Borrower shall promptly fnrnish to Lender all notices of amounts to be paid under tiffs Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligatiou to pay the Fonds for aay or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for arty or all Escrow Items al any time. Any snch waiver may only be itt writiug. Iu the event of such waiver, Borrower shall pay directly, when and where payable, the amounts Page a of ! 5 ~2 Form 3061 llOt 435 due for any Escrow Items for which payment of Fnuds has been waived by Lender and; if Lender reqnires, shall furnish to Lender receipts evidencing such payment within suci] time period as Lender may require. Borrower's obligation to make such payments and to pr6vide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Secu'rity Instrument, as the phrase "covenant and agreement" is used itl Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amonnt due fol' att Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated tinder Section 9 Io repay to Lender any snch 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 amouuts, that are then required tinder this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Fnnds at tile time specified tinder 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 i'easonable estimates of expenditures of fntnre Escrow Items or otherwise in accordance with Applicable Law. The Fnnds 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 analyziug the escrow acconnt, 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 requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings oll tile 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 annnal acconnting of the Fnnds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall acconnt 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 amounl necessary to make np the shortage in accordance with RESPA, but in uo more than 12 monthly payments. If there is a deficiency of Fnnds 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 np the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon paymeut in full of all sums secured by this Security Instrument, Lender shall promptly refnnd to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property whicl~ can attain priority over this Security Instrument, leasehold payments or grouud 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 shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrnment nnless Borrower: (a) agrees itl writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower ~s performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien itl, legal proceedings which itl Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but ouly 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 Initials: 436 lien. Within 10 days of the date on which that notice is given, Borrowe~' shall satisfy the lien or take one or more of the actious 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 Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected ou the Property insured 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 ill 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. Tile insurance carrier pro,riding the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection wilh this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasouably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in conuection wilh the 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 expeuse. Lender is tinder no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in 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 debt of Horrower secured by this Securily 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. 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 aud/or as au additional l'oss 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 Property, such policy shall include a standard mortgage clause and shall name Leuder as mortgagee attd/or as an additional loss payee. Itl the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender luay 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 uuderlying insurance was required by Lender, si]all 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 insnrance proceeds until Lender has had an opportuuity to inspect such Property to ensure the work has beeu completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for tile repairs and restoration in a single payment or in a series of progress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law reqnires interest to be paid on snch 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 onl of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with PaOe 6 o! I 5 ~-G(WY)(0005) ~.~/~ Form 3061 1101 tile excess, if any, paid to Borrower. Such insurance proceeds shall be 'applied in the order provided for in Section 2. If Borrower abandons lhe Property, Lender may: file, negotiate and settle any :available insurance claim and related inatters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier bas offered to settle a claim, then Lender may negotiate and settle the claim. Tile 30-day period will begin when the notice is given. In el}he,' event, or if Lender acquires the Property nnder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds ill alt amount not to exceed the amounts unpaid nnder the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premimns paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Leuder may nse the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Secnrity Instrument, whether or not then due. 6. Occul~ancy. Bo~:rower shall occupy, establish, and nse the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence roi' 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 anti Protection of the Property; Inspectionsl Borrower shall not destroy, dan}age or impair the Property, allow the Property to deteriorate or commit waste on tile Property. Whether or not Borrower is residing in the Property, Borrower shall inaintain 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 economically feasible, Borrower shall prolnptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnatiou proceeds are paid ill counection with damage to, or the taking of, the Property, Borrower shall be responsible roi' repairing or restoring lhe Property ooly if Lender has released pi'oceeds roi' such porposes. 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 tile insurance or condelnnation 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 eotries npon and inspections of tile 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 snch an interior inspection specifying such reasonable canse. 8. Borrower's Loan Application. Borrower shall be ill default if, during the Loan application process, Borrower or ally persons or entities acting at the directiou of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide L'ender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Bol:rower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants sod agreements contained in this Security Instrument, (b) there is a legal proceeding that might significat~tly affect Lender's interest in the Property and/or rights under this Security Iostroment (such as a proceeding ill bankruptcy, probate, for condemnation or forfeiture, for enforcelnent of a lien which may attain priority over this Secnrity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, thel~ Lender may do aod pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Secnrity Iustrumeut, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can inclnde, but are no! limited to' (a) paying any sums secnred by a lien which has priority over this Security h~strumeut; (b) appearing ill court; and (c) paying reasonable ~)-(~ (W Y) (oo05) Page ? ol 15 C~ Form :~06t attorneys' fees to protect its interest in tile Property andLor rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water fi'om pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action nnder 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 incurs no liability for not taking any or all actions antborized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Secnrity 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 Security Instrument is on a leasehold, Borrower shall comply with all the provisions 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 writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previonsly provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the pren~iums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cos1 substantially equivaleut to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insnrer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continne to pay to Lender the amount of the separately designated payments !hat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refnndable loss reserve in lieu of Mortgage Iusurance. Such loss reserve shall be non-refundable, notwithstanding the fact tbat: the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any iuteresl or earnings on such loss reserve. Lender can'no longer require loss reserve payments if Mortgage Insurance coverage (in the amonnt and for the period that Lender requires) provided by au insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward tile premiums for Mortgage Insurance. If Lender required Mortgage lusnrance as a condition of making tile Loan and Borrower was required Io make. separately designated payments toward the pren~inms for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refnndable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or nntil termination is reqnired by Applicable Law. Nothing in this Sectiou 10 affects Borrower's obligation to pay interest at lhe rate provided itl the Note. Mortgage Insurance reimburses Leuder (or any entity lhat 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 insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with (~ther parties that share or modify their risk, or reduce 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 may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which ]nay include funds obtained from Mortgage Insurance premium s). As a result of these agreements,' Lender, auy purchaser of the Note, another insurer, any reinsurer, 'any other entity, or any affiliate of any of the foregoing, may receive (directly or iudirectly) amounts that .derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Iusurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. Ir such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange rot a share of the premiums paid to the iusurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect thc amounts that Borrower has agreed to pay for Mortgage Insurauce, or any other terms or the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refuml. ~)'(; (W Y) (0005) P'age 8 o, 15 C..~ ~..~ Form 3061 439 (b) Auy such agreements will not affect the rights Borrower:has - if any - with respect to the Mortgage Insurance under 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 the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All lvliscellaneons Proceeds are hereby assigned to and shall be paid to Lender. If tide 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 righl to hold such Miscellaneous Proceeds nntil LeD]der has had alt opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be nndertaken promptly. Lender may pay roi' the repairs and restoration in a single disbnrsement or in a series of progress payments as the work.is completed. Unless an agreement is made in writing or Applicable Law requires inlerest to be paid oil such Miscellaneous Proceeds, Lender sllall not be required to pay Borrower any interesl 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 lnstrnment, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the ordei' provided for in Section 2, Ill the event of a total taking, destruction, or loss in value of the Property, the M iscellaneons Proceeds shall be applied to the sums secured by this Security lnstrnmenl, whelher or not then due, with tide excess, if any, paid to Borrower Ill the event of a partial taking, destructiol~, or loss in value of tile Property in which the fair market value of the Property immediately before lhe partial taking, destrnction, or loss in value is equal to or greater thalt the amonnt of the sums secured by this Security Instrument immediately before the parlial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, tile sums secured by this Sectlrity Instrument shall be reduced by the amoun~ of the Miscellalleons Proceeds multiplied by the following fraction: (a) the total amount of tile sums secured immediately before the partial taking, destruction, or loss tn value divided by (b) tile fair markel value of the Property immediately before the partial taking, destruction, or loss in value Any balal~ce shall be paid to Borrower~ Ill the event of a partial taking, destruction, or loss in value of the Property in which lite fair market value of the Property immediately before the partial taking, deslruction, or loss in valne is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree m writi~g, the Miscellaneous Proceeds shall be applied to the sums se.cured by this Security Instrument whether or uot the sums are then due [f the Property is abandoned by Borrower, or if, after notice by Lender ro Borrower that the Opposing Party (as defined in the next senteuce) 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 tlie third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if ally action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could resul! in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrnment. Borrower call cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed witll a ruling that, in Lender's jndgment, precludes forfeitore of the Property or other malerial impairment of Lender's interest ill 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 repaDr of the Property shall be applied in tide order provided for in Section 2. ~-6(WY)(OOOS} ParaSol't5 ~ Form 3061 ~101 440 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of thc 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 luterest of Borrower. Leuder shall not be required to commence proceedings against any Successor iu Interest of Borrower ox' to refnse to extend time for payment ox' otherwise modify amortization of the sums secnred by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Iuterest of Borrower. Auy forbearance by Lender in exercising any right or remedy iucludiug, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amouuts less than the amount theu due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint antl Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Insh'ument bnt does uot execute the Note (a "co-signer"): (a) is co-signing this Secnrity Instrumeut only to mortgage, grant and couvey 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 provisious of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations uuder this Security Iustrument in writiug, and is approved by Lender, shall obtain all of BorroWer's rights and benefits under this Securily Instrument. 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 lnstrnment 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 Borr.ower's defanlt, fox' the purpose of protecting Lender's iuterest in Ihe Property and rights uuder this Security Instrument, inclnding, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority iu this Security Inslrument to charge a specific fee to Borrower shall not be construed as a prohibition on the chargiug of such fee. Lender may not charge fees that are expressly prohibited by this Sect, rity Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally iuterpreled 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 loau charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose Io make this refund by reducing the principal owed uuder the Note ot by making a direct paymenl to Borrower. If a refund reduces principal, the reducliou will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for uuder the Note). Borrower's acceptance of any such refund luade 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 writing. Any notice to Borrower iu connection with this Security Instrumeut 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 scot by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherxvise. The uotice address shall be the Property Address unless Borrower bas designated a substilule 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 chauge of address, lhen Borrower shall only report a chauge of address through that specified procedure. There lnay be only one designated notice address under this Security Instrnment at any one time. Any uotice to Lender shall be given by deliveriug 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 conuectiou with this Security Instrument shall not be deemed lo have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the correspouding requiremeut under this Security Instruuient. ~®-$(WY)xooo5) page;oor~s ~ Form 306~ 1101 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 Instrnment are..:subject to any requirements:and limitations of Applicable Law. Applicable Law might explicilly 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 ally provision or clause of this Security lnstrnment or the Note conflicts with Applicable Law, such conflict si!all not affecl other provisions of this Security Instrument or the Note which can be given effect without the couflicting provision. As used in this Secnrity Instrument: (a) words of the masculine gender shall mean and include corresponding nenter words or words of lhe 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, Borrower's Copy. Borrower shall be given one copy of tile Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest iu tile 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 future date to a purchaser. If all or any part of the Property or auy luterest 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 days froln the dale tile notice is given in accordance with Section 15 within which Borrower must pay all sums secnred by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrnment without further notifie 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 Secnrity Instrument discontiuued 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 Secnrity Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a jndgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures auy default of auy other coveuants or agreements; (c) pays all expenses incurred in enforcing this Security Iustrument, including; but not limited to, reasonable attorneys' fees, property inspection and 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 interest in the Property and rights nnder this Security Instrument, and Borrower's obligation to pay the sums secured by this Secnrity Instrument, shall continue unchanged. Lender may reqnire that Borrower pay snch reinstatement snms 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 npon an institution whose deposits are insured by a federal ageucy, iustrnmentality or eutity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument aud obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of accele,'atiou 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 resnlt 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 Iustrument, 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 the name and address of the new Loan Servicer, the address to which payments should be made and any other iu£ormation RESPA Form 306t 1101 442 reqnires in conuection with a notice of transfer of Servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Serviaer other than the purchaser of the Note, the mortgage loan servicing obligatious to }]orrower xvill remain with the Loan Servicer or be tra'nsferred to a successor Loan Servicer aud are not assumed by the 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 au individual litigant or the member of a class) that arises from tire other party's actions pursuant to this Security Instrument or that alleges that the other party bas breached any provision of, or any duty owed by reason of, this Security Instrument, until snch Borro~ver or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the olher party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain actiou can be taken, that time period ~vill be deemed to be reasonable for purposes of this paragraph. Tire notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the uotice of acceleration given to Borrower pursuaut to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. ltazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substaoces defined as toxic or hazardous substances, pollutauts, or wastes by Environmental Law and the following snbstances: 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" meaus federal laws and laws of the jurisdiction where the Property is located that · relate to h'ealtb, safety or enviroumental protection: (c) 'Enviroumental Cleanup" includes airy response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Coudition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaleu to release any Hazardous Snbstances, ou or in the Property. Borrower shall not do, nor allow auyone else to do, a,ything affectiug the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) xvhicb, due lo the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall uot apply to the presence, use, or storage on the Property of small quautities of Hazardous Snbstances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances m consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmeutal or regulatory agency or private party involving the Property and airy Hazardous Snbstance or Environmental Law of which,Borrower has actual knowledge, (b) auy Environmental Condition, includiug but nol limited to, any spilling, leaking, discharge, release or threat of release of any Hazardons Substauce, aud (c) any condition caused by the presence, use or release of a Hazardons Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or airy 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 Euvironmental Cleanup. 443 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agrO'e as follows: 22. Acceleration; Remedies. Lender shall give noiice 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 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than :10 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date sp~ecified in the notice may result in acceleration of tile sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to 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 payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any otber remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes tile 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 file Property at any sale2 The proceeds of the sale shall be applied in the following order: (a) to all expenses of tile sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all snms secnred by this Sect, rity Instrument, Lender sliall release this Secority Instrnment. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security h~strument, but only if the fee is paid to a third party for services rendered and the charging of the fee is pe,'mitted under Applicable Law 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~)~.;(wY)¢ooos} ~.,.'~.'t~ ~) Form :105t ~/01 u" BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security hlstrunlent and in aBy Rider executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower CINDY A~E ~E~HEN$ - .Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) .Borrower -Borrower Form 3061 1101 445 STATE OF WYOMING, - The foregoing instrument was acknowledged before:me Ibis by SHAWN RAY STEPHENS and CINDY ANNE STEPHENS County ss: October 22, 2003 My Com,niss,on Expires: Notary Public Page 15 o! 15 Form 3061 110t 446 ADJUSTABLE RATE RIDER (LIBOR Index-Rate Caps) Loan #: 9667504342 THIS ADJUSTABLE RATE RIDER is made this - 22nd day of October, 2003 , , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to First Indiana Bank, N.A. (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 57 DALE COURT, Bedford, WYOMING 83112 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrnment, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 6.3 9 0 changes in the interest rate and the monthly payments, as follows: %. The Note provides for 4. II~FEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the 5th day of November 05, 2005 , and on that day every sixth month thereafter. Each date on which my interest rate could change is called a "Change Date." MULTISTATE ADJUSTABLE RATE RIDER-LIBOR INDEX-Single Falnily-Freddie Mac INSTRUMENT Revised for First Indiana Bank Page i of 4 Initials: FIB954.WP Form 3192 12/02 447 (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered rates for six-month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in 7he Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs is called the "Current Index." ' If the Index is no longer available, the Note Holder ~ill choose a new index that is:based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Five and Ninety Nine one-hundredths percentage point(s) ( 5. 990 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 9.390 % or less than 6.350 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than one percentage point (1%) from the rate of interest I have been paying for the preceding six months..My interest rate will never be greater than 12. 390 %. My interest rate will never be less than 6.390 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. Revised for First Indiana Bank FR1955 .WP Page 2 of 4 Form 3192 12/02 Initials: ~fgl~ 4,18 (F) Notice Of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone number of a person xvho will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of tile Security Instrument is amended to read as follows: Transfer of tlie Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred itl a bond for deed, contract for deed, installment sales contract or escrow agreement, the inteut 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 a 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 secnred by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also'shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasouable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates tile transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. Tile 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 must pay all sums secured by this Security Instrument. 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. Revised for First Indiana Bank FIB956.WP Page 3 o[ 4 Form 3192 12/02 Initials: BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. (Seal) -Borrower CINDY b~E STE~HE-NS -Borrower (Seal) .(Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower Revised for First Indiana Bank FIB957 .WP Page 4 of 4 Form 3590 12/02