HomeMy WebLinkAbout894935 9t 935C
RECEIVED
LINCOLN COUNTY CLERK
03 OCT 31 A~9:hN
[Space Above This Line For Recording Data]
MORTGAGE
THIS MORTGAGE ("Security Instrmnent") is given on..0.9./.2.5./.Q3. ............................... The mortgagor is
.qH.A.a. UE. $..J....F.~.~.E...A~D..DE.~.O ! .E.F.A.K.E. ..................................................................................
....................................................................................................... ("Borrower").
This Security Instrument is given to Wells Fargo Financial Wyoming Inc., which is organized and existing under the laws of
Pennsylvania, and whose address is ...29.4 !..F pp.T.H.I.k.k.. B. k..V .D,. J.2.4. 3. .......................................................
8.0. g.K.. $ .P.8.~.N.~.g.,..~Y. ..... .8.~.0.1 ............................................................................. ("Lender").
Borrower owes Lender the principal sum of $.EyF.Nyy..N.~.N.E...T.Hp.U.g.A.N. g..~.~.E..H. UN..O.8.ED..F.I.V.g. Op.L.k.a.a.$..ADp..F.QU~.. G.E.N.T.g. .......
............................................ Dollars (U.S. $.. ?.9.90.5.. 9.4 ........ ). This debt is evidenced by Borrower's note
dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid
earlier, due and payable on.. 0.9/2.5./.1.5. ....................................... This Security Instrument secures to Lender:
(a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the
Note; Co) the payment of all other stuns, with interest, advanced under paragraph 7 to protect the security of this Security
InstrtLment; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note.
For this ptLrpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described
property located in kI.N.g. 0..L.N ..................... County, Wyoming:
LOTS 8~, 07 AN0 109 OF THE SPaINB C^NY0~ a^NCHES SUBDIVISION.
COUNTY, t~YOHING AS DESCRIBEB ON THE 0FFICIAk PLAT ;HEaEOF.
which has the address of..~[8.. ~.A.I .N.BO~..08. ...................................
[streetl
Wyoming ........ 8.~ 1.0.3. .............. ("Property Address");
[Zip Code]
KEMMERER
[City] '
TOGETHER WITH ail the improvements now or hereafter erected on the property, and all easements, appurtenances,
and ~uxtures 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 to 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 unencumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.
Page 1 of §
~Y-2040-0803
· THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the
principal of andinterest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
2. Funds for Taxes and Insurance. If requested by Lender in writing, and subject to applicable law, Borrower shall
pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a)
yearly taxes and assessments wliich.inay attain priority '6¢er this Security Instrument as a lien on the Property; (b) yearly
leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly
flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to
Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These
items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum
mount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real
Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. § 2601 et seq. ("RESPA"), unless another
law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to
exceed the lesser amount. Lender may 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 with 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 such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay
the Escrow items. Lender may 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. However, Lender may require Borrower to pay a one-time charge for an independent real
estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an
agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or
earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid .on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Ftmds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by
this Security Instrument. '
If the Funds held by Lender exceed the amounts permitted to be held by apPlicable law, Lender shall account to
Borrower for the excess Funds in ac'cordance with the requirements of applicable law. If the amount of the Funds held by
Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in
such case Borrower shall pay to Lender the amOunt necessary to make up the deficiency. Borrower shall make up the
deficiency in no more than twelve monthly payments, at Lender's sole discretion.
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any
Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or
sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums
secured by this Security Instrument.
3. Application olY Payments. Unless applicable law provides otherwise, all pay..ments received by Lender under
paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable if any
under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges~ fines and impositions attributable to the
Property which may 'attain priority'over this Security Instrument, and leasehold payments or ground rents, if any. If
applicable Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner,
Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices
of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to
Lender receipts evidencing the payments.
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; (b) contests in good
faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to
prevent the enforcement of the lien; or (c) secures from the hokler of the lien an agreement satisfactory to Lender
subordinating the lien to this Security lnstrun~ent. If Lender determines that any part of the Property is subject to a lien which
may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall
satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice.
5. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including
floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amo~mts and for the
periods that Lender requires. The insuiance carrier providing the insurance shall be chosen by Borrower subject to Lender's
approval wlfich shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at
Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7.
Page
WY-2040q3803
All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all
receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. 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 Instnunent, whether or not then due, with any excess paid to Borrower. If
Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has
offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the
Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the
notice is given.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If
under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition.
6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after
the execution of this Security Instnunent 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. Borrower shall not
destroy, damage or impair the prOperty, allow the property to deteriorate, or commit waste on the Property. Borrower shall
be in default if any forfeiture action or proceeding, whether civil or criminal, is begtm that in Lender's good faith judgment
could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or
Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action
or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's
interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security
interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate
information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan
evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a
principal residence. 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.
7. Proteetionof Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the
Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then
Lender m.a7 do and pay for whatever is necessary to protect the value of the Property and Lender's fights in the property.
Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing
in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action
under this paragraph 7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this
Security Instrtunent. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the
date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
payment.
8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
Security Insmunent, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any
.reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the
premiums required to obtain coverage substantially equivalent to the mortgage insurance 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 approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to
Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the
insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu
of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance
coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes
available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a
loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower
and Lender or applicable law.
Page 3 of § ' "Y-2040-0803
9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
· 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of any part of the. Property, or for conveyar~,ce, in lieu of condemnation, are hereby assigned and
shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied }o the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which
the fair market value of the Property immediately before the taking is equal to or greater than the amotmt of the sums secured
by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums
secured by tiffs Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a)
the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property
immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which
the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately
before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the
proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
an award or 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 proceeds, at its option, either to restoration or repair of the Property or to the
sums secured by fids Security Instrument, whether or not then doe.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
11. 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 any successor in interest of
Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall
not be required to commence proceedings against any successor in interest or 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 Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or
preclude the exercise of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this
Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-sigus this Security
Instrument but does not execute the Note: (a) is co-signing this Security Instnunent only to mortgage, grant and convey that
Borrower'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 may agree to extend, modify, forbear
or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent.
13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection
with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce
the charge' t0 the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be
refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a
direct payment to Borrower. If a retired reduces principal, the reduction will be treated as a partial prepayment without any
prepayment charge under the Note.
14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property
Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail
to Lender's address stated herein or any other address Lender designams by notice to Borrower. Any notice provided for in
this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note
conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can
be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are
declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
Page 4 of 6 WY-2040q:)803
17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in
it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person)
without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by
this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of
the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of
not less than 30 days from the date the notice is delivered or mailed 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.
1.8. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
enforcement of this Security Instrument discontinued at any time prior to the earlier off (a) 5 days (or such other period as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Security Instrument; or (b) entry of a judgment 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 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; and (d) takes such action as Lender may reasonably
require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the
sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument
and the 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 acceleration under paragraph 17.
19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security
Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity
(known as the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also
may 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 in accordance with paragraph 14 above and applicable law. The notice
will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will
also contain any other information required by applicable law.
20. }tazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any~
Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else-to do, anything affecting the
Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or
storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal
residential uses and to maintenance of the Property.
Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any
governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental
Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority,
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.
As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by
Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic
pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used
in this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that
relate to health, safety or environmental protection.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
21. Acceleration; Remedies. 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 under paragraph 17
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 30 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 specified in the notice may result in acceleration of
the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the
right to reinstate 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 lull of all sums secured by this Security Instrument
without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender
'shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 21, including, but
not limited to, reasonable attorneys' fees and costs of title evidence.
Page 5 of 6
W
; ':'?',q,Y,' . __Y-2040~803
It' Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person
in possession of the Property, if different, in accordance with applicable law; Lender shall give notice of the sale to
Borrower in the manner provided in paragraph 14. Lender shall publish the notice of sale, and the Property shall be
sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The
proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to,
reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or
persons legally entitled to it.
22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument without charge to Borrower. Borrower shall pay any recordation costs.
23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy
and dower in the property.
24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with
this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument.
[Check applicable box(es)]
[~] Adjnstable Rate Rider
[~ Graduated Payment Rider
['--] Balloon Rider
[--] Other(s) [specify]
[~ Condominium Rider
[~] Planned Unit Development Rider
[~ Rate Improvement Rider
~] 1 - 4 Family Rider
[~] Biweekly Payment Rider
[-~ Second Home Rider
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument
and in any rider(s) executed by Borrower and recorded with it.
/' ~Witnesses:
~RYST~L STEVENS
~~~ (Seal)
............................. -/ ' rrower
DEBBIE FAKE -Borrower
[Space Below This Line For Acknowledgment]
STATE OF WYOMING
The forfog~o¢_ginst~'ument as cknowled~ed.l:mfore me this
(SEAL)
Notary Public
Page § of 6
WY-2040~803
633
ADJUSTABLE RATE RIDER
THIS ADJUSTABLE RATE RIDER is made on . 0. 9. /. .~ .5 ( .0 .3 .... , ................. and is
incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of T~'~si,' '~r' '~fifi't~,' i3eed (the
"Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate
Note (the "Note") to Wells Fargo Financial Wyoming, Inc. (the "Lender") of the same date and covering the property
described in the Security Instrument and located at:
RFD RAINBOW DR KEHHERER WY 83103
NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE
WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN
THE INTEREST RATE. INCREASES IN THE INTEREST RATE
WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE
INTEREST RATE WILL RESULT IN LOWER PAYMENTS. THE
NOT E LIMITS THE AMOUNT MY INTEREST RATE CAN CHANGE
AT ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
and Lender further covenant and agree as follows:
2. INTEREST RATE AND PERIODIC PAYMENT CHANGES
The Note provides for an initial interest rate of j ! ..9.9 ..... %. The Note provides for changes in the interest rate and the
payments, as follows:
3. PAYMENTS
(A) Scheduled Payments
I will pay principal and interest by making payments when scheduled. I will make my scheduled payments, each month
beginning on. ).0.?.5./. 0.3 ........................... · 03) Maturity Date and Place of Payments
I will make these payments as scheduled until I have paid all of the principal and interest and any other charges described
below that I may owe under this Note.
My scheduled payments will be applied to interest before principal, fi, on 0§/2§l 15
[ still owe amounts under this Note, I will pay those amounts in full on that date, which is called the maturity date.
I will make my scheduled payments at 2441 F00}HILL BLVD 1243
ROCK SPRINGS WY 82901
~ia'ci: if'required'l~y' ti~ ~o't~ h~iciei'.' .................................................. or at a different
(C) Amount of My Initial Scheduled Payments
Each of my initial scheduled payments will bc in thc amount of U.S. $..] .04.§...0.0 ........ . This amount may change.
(D) Scheduled Payment Changes
Changes in my scheduled payments will reflect changes in the unpaid principal of my loan and in the interest rate that I
must pay. The Note Holder will determine my new interest rate and the changed amount of my scheduled payment in
accordance with Section 4 of this Note.
(E) Late Charge
ff the Note Holder has not received the full amount of any monthly payment by the end of 10 calendar days after the date
it is due, I will pay a late charge to the Note Holder. The amount of the charge will be the greater of 5% of my overdue
payment of principal and in,crest or $10. I will pay this late charge promptly but only once on each late payment.
4. INTEREST RATE AND SCHEDULED PAYMENT CHANGES
(A) Change Dates
Each date on which my interest rate could change is called a "Change Date." Thc interest rate I will pay may change on
...... .0.9/. ~.§./.0~. .......... and on every sixth month anniversary date thereafter that is before the maturity date. There
will be no Change Dates on or after the maturity date. The interest rate in effect on the maturity date will remain in effect
after thc maturity date until thc full amount of principal has bccn paid.
03) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the highest "Prime
Rate" as published by the The Wall Street Journal.
The Index figure published in The Wall Street Journal on the last business day of the month corresponding to one day
preceding one month prior to the Change Date is called the "Current Index."
WY-2040-08~ !': - Page I of 2
If the Index is no longer available, the Note Holder will choose a new index which 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 ...S.~y~.~l..~.~.~..~.9./.!.09...
percentage points ( ....... QT....9.~ .% this number is referred to hereafter as the "Margin") to the Current Index. The result of
this calculation will be rounded off by the Note Holder to the nearest 0.125%. Subject to the limitations stated in Section
4(D) below, this amount will be my new interest rate until the next Change Date.
The Note Holder will then determine the amount of the scheduled 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 scheduled payment. (D) Limits on Interest Rate Changes
My interest rate will never be increased or decreased on the first Change Date by more than three (3%) percentage
points. For all Change Dates thereafter, my interest rate will never be increased or decreased by more than (1%) percentage'
point. Subject to any limitation set forth in Section 6 below, my interest rate will never be more than six (6%) percentage
points greater than the initial interest rate set forth in Section 2 above. Notwithstanding anything to the contrary in this
note, my interest rate will never decrease below the Margin. 0g) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new scheduled payment
beginning on the first scheduled payment date after the Change Date until the amount of my scheduled payment changes
again.
(Ii') Notice of Changes
At least 25 days, but not more than 120 days, before the effective date of any payment change, the Note Holder will
deliver or mail to me a notice of any changes in my interest rate and the amount of my scheduled payment. The notice will
include information required by law to be given to me and also the telephone number of a person who will answer any
question I may have regarding the notice.
[] B. FUNDS FOR TAXES AND INSURANCE
Uniform Covenant 2 of the Security Instrument is waived by the Lender.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate
...~~..~../. '.~..~ ....................... (Seal)
DEBBIE FAKE -Borrower
WY-2040~3803 Page 2 of 2