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HomeMy WebLinkAbout895208Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 895208 Prepared By: WELLS FARGO HOME MORTGAGE, INC. 1919 DOUGLAS,, OMAHA, 681010000 RECEIVED LINCOLN COUNTY CLERK NE [Space Al)ave Tiffs Lhle For Recordhlg Data] MORTGAGE DEFINITIONS Words used in multiple sections of this doculnent are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means tlfis document, which is datedNOVEMBER 03, together with all Riders to this document. (B) "Borrower" is ERNEST A POGGETTI, A SINGLE PERSON 2003 Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION organized and existing under the laws of THE STATE OF CALIFORNIA 0035710565 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page I of ~ 5 Initial~_._.---'~, ? VMP MORTGAGE FORMS - (800)521-7291 Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrun~ent. (D) "Note" means the promissory note signed by Borrower and datedNOVEm3ER 03, 2003 The Note states that Borrower owes Lender ONE HUNDR~..D THR~..~. THOUSAND AND 00 / 100 Dollars (U.S. $ * * * * 103,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Pay]nents aud to pay the debt in full not later than D~.C~..I~..R 01, 2033 (E) "iProperty" means the property that is described below under the beading "Tra~tsfer of Rights in the Property." (F) "Loan" mea]ts the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" ]neans all Riders to this Security h~strument flint are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~ Condoufinium Rider [~ Second Home Rider ~ Balloon Rider ~ Plalmed Unit Development Rider [~ 1-4 Family Rider ~-~'VA Rider ' [~ Biweekly Payment Rider ~ Other(s) [specify] 0t) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (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 condonfinium association, homeowners association or similar organization. (J) "Electronic Funds TransFer" lneans any transfer of funds, oilier than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terufinal, telephonic instrument, computer, or lnagnetic tape so as to Order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not linfited to, point-of-sale transfers, automated teller machine transactiolts, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (oilier than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Insura,ce" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Pay~nent" means the regularly scheduled amount due for (i) principal and interest ruder the Note, plus (ii) any amounts under Section 3 of this Security Iustmnrent. (O) "RESPA" ]neans the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its i~nplementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are in]posed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) tooos) P~g. 2 of 15 Form 3051 1/01 438 (P) "Successor in Interest of Borrower" means any party that has taken title to fl~e Property, whether or not fliat party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and nmdifications of the Note; and (ii) the perfornmnce of Borrower's covenants and agreements under this Security Instrument and fl~e Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender;s successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction[ [Name of Recording Jurisdiction] SEE ATTACHED Parcel ID Nun~er: 73777 HWY 89 SMOOT ("Property Address"): which currently has the address of [Street] [Cityl , Wyonfing 8 312 6 [Z'ip Code] TOGETHER WITH all the improvements ~mw or hereafter erected on the property, and all easements, appurte~mnces, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the /bregoing is referred to in this Security Instrun~ent as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has fl~e right to mortgage, grant and. convey the Property and that the Property is unencumbered, except lbr encumbrances of record. Borrower warrants and will defend generally the title to tim Property against all claims and dmnands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines mfifonn covmmuts for ~mtional use and non-utfilbnn covenants with limited variations by jurisdiction to constitute a utfifom~ security instrument covering real property. UNIFORIvl COVENANTS. Borrower and Lender coveuant and agree as tbllows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and iuterest on, the debt evidenced by the Note and auy prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and fids Security Instrument shall be nmde in U.S. currency. However, if any check or other instrument received by Lender asunder the Note or this t~-6(WY) (ooosl p.e. 3 of l~ Inilial~__ Form 3051 1/01 Security Instm~nent is returned to Lender unpaid, Lender may require fl~at any or all subsequent payments due under fl~e Note and tiffs Security Instrument be xmde in one or nmre of ~e tbllowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bm~ check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at file location designated in ~e Note or at such oflxer location as may be designated by Lender in accordance with fl~e notice provisions in Section 15. Lender n~y return any payment or partial payment if fl~e payment or partial payments are insufficient to bring the Loan current. Lender umy accept any payment or partial payment insufficient to bring fl~e Loan current, wifl~out waiver of any rights hereunder or prejudice to its rights to rehse such paynmnt or partial payments in fl~e ~ture, but Lender is not obligated to apply such payments at fl~e time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, flxen Le~der need not pay interest on unapplied funds. Lender nmy hold such mmpplied ~nds until Borrower nukes paynmnt to bring tim Loan Current. If Borrower does not do so wiflfin a reaso~mble period of ti~ne, Lender shall eiflmr apply such ~nds or return fl~em to Borrower. If not applied earlier, such hnds will be applied to the outstanding principal balance under the Note inunediately prior to foreclosure. No of I~et or claim which Borrower nfight have now or iu flxe future against Lender shall relieve Borrower from nmking payments due under fl~e Note and fltis Security Instrument or perfornfing fl~e cove~mnts and agreements secured by ~is Security Instrument. 2. ApPlication or Payments or Proceeds. Except as ofl~erwise described in ~is Section 2, all payments accepted and applied by Lender shall be applied in fl~e Ibllowing order of priority: (a) interest dne under the Note; (b) principal due under fl~e Note; (c) amounts due under Section 3. Such payments. shall be applied to each Periodic Payment in fl~e order in which it became due. Any renmining anmunts shall be applied first to late charges, second to any ofl~er amounts due under tiffs Security Instrument, and fl~en to reduce fl~e principal balance of the Note. If Lender receives a payment f~om Borrower for a delinquent Periodic Paynmnt which includes a sul'ficient amount to pay any late charge due, fl-~e payment may be applied to rite delinquent payment and fl~e late charge. If more fl~an.one Periodic Payment is outstanding, Lmder ~my apply any payment received l~om Borrower to fl~e repayment of tim Periodic Payments if, and to tim extent fl~at, each paynmnt can be paid in ~11. To O~e extent that any excess exists after fl~e payment is applied to fl~e ~11 pay~nent of one or nmre Periodic Payments, such excess n~y be applied to any late charges due. VOluntary prepayments shall be applied first to any prepayment charges and fl~en as described in' fl~e Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under fl~e Note shall not extend or postpone fl~e dne date, or change fl~e atnouut, of fl~e Periodic Payments. 3. Fnuds for Escrow Items. Borrower shall pay to Lender on fl~e day Periodic Pay~nents are due under the Note, until fl~e Note 'is paid in ~tl, a suln (tim "Funds") to provide for payment 0f amounts due for: (a) taxes and assessments and ofl~er items which can attain priority over tiffs Security Instrument as a lien or encumbrance on fl~e Property; (b) leasehold payments or ground rents on fl~e Property, if any; (c) prenfiums for any and all insurance required by Eender ruder Section 5; and (d) Mortgage Insura~me prenfi:ums, if any, or any sums payable by Borrower to Lender in lieu of fl~e payment of Mortgage Insurance prenfiums in accordance wifl~ fl~e provisions of Section 10. These items are called "Escrow Items." At origination or at any ti~ne during fl~e terln of tim Loan, Le~der nmy require fl~at Conununity Association Dues, Fees, and Assessnmnts, if any, be escrowed by Borrower, a~d such dues, l~es atd assessments shall be an Escrow Item. Borrower shall promptly hrnish to Lender all notices of amounts to be paid under tiffs Section. Borrower shall pay Lender fl~e Funds tBr Escrow Items mfless Lender waives Borrower's obligation to pay fl~e ~unds for any or all Escrow Items. Lender umy waive Borrower's obligation to pay to Lender Funds for any or all Escrow hems at any time. Any such waiver n~y Olfly be in writing. In fl~e event of such waiver, Borrower shall pay directly, when and where payable, fl~e amounts ~6{WY) (ooosl Page 4 of ~5 Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment widtin such time period aK Lender ]nay require. Borrower's obligation to make such payments aud to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amouut due for all Escrow Item, Lender nmy exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender nmy 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 iu such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Fuuds at file time specified under RESPA, and (b) not to exceed the nmxinmln amount a lender can require under RESPA. Lender shall estimate file amount of Funds due on the basis of current data and reasonable estiumtes of expenditures of future Escroxv Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrmnentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or iu any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than file time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, amnlally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower iuterest on the Funds and Applicable Law pernfits Lender to umke such a charge. Unless an agreement is nmde 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 on the Funds. Borrower aud Lender can agree iu writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, au ammal accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined Under RESPA, Lender shall account to Borrower tbr die excess funds in accordance with RESPA. If there is a shortage of Funds held ill escrow, as defined uuder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up tim shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held hi escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amoum necessary to make up fl~e deficiency in accordance wifll RESPA, but in no ~nore than 12 monthly paylnents. UpOn payment in full of all sums secured by this Security Instrument, Lender shall promptly refuud to Borrower auy FUnds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to file Property which can attain priority over this Security Instrument, leasehold payments or grouud rents on the Property, if any, and Commulfity Association Dues, Fees, and Assess]nents, if any. To the exteut that these items are Escrow Items, Borrower shall pay them in the nmnner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security h~tmluent unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a nmlmer acceptable to Lender, but only so long as.Borrower is perfimnlng such agreement; (b) contests the lien in good faith by, or defends against entbrcement of the lien in, legal proceedings which in Lender's opilfion operate to prevent the enfbrcement of the lien while those proceedings are peuding, but only until such proceedings are concluded; or (c) secures from file holder of the lien an agreement satisfactory to Lender subordilmting the lien to this Security htstrument. If Lender detemfines that ally part of die Property is subject to a lien wlfich can attain priority over this Security Instrument, Lender nmy give Borrower a notice identifying the Initials:~~ (~I~-6(WY) (ooo5i Page 5 of 15 Form 3051 1/01 lien. Wiflfin 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender ]nay require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in com~ection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not liufited to, earthquakes and floods, for wlfich Lender requires insurance. This insurance shall be maintained in the amouuts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasomably. Lender nmy require Borrower to pay, in cmmection with this Loan, either: (a) a one-time charge for flood zone deterxnilhation, certification and tracking services; or (b) a one-time charge lbr flood zone deternfination and certification services and subsequent charges each time remappings or similar changes occur which reasonably nfight affect such deternfi~mtion or certification. Borrower shall also be responsible fbr the payment of any fees imposed by the Federal Emergency Management Agency in connection with review of any flood zone detemfination resulting frmn an objection by Borrower. If Borrower fails to nmiutain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but nfight or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and ntight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the ilksurance coverage so obtained nfight sigaificantly exceed file cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrmnent. These aurounts shall bear interest at file Note rate from the date of disbursement and shall be payable, with such interest, upon notice t¥om Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold file policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices, if Borrower obtains any tbrm of insurance coverage, not oflmrwise required by Lender, for daumge to, or destruction of, the Property, such policy shall include a standard ]nortgage clause and shall name Lender as mortgagee and/or as an additiolhal loss payee. In fl~e event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of file 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 insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds lbr file repairs attd restoration in a single payment or in a series of progress payments as the work is COlupleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such proceeds. Fees tbr public adjusters, or other flfird parties, retained by Borrower shall m)t be paid out of the insurauce proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econonfically feasible or Lender's secnrity would be'lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with Initials: ~ (~),.~-6(WY) 1ooo51 Page s of ~5 Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender dlat the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Leuder (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned prenfiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the property. Lender nmy use die insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or dfis Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of tltis Security Instru~nent and shall continue to occupy the Property as Borrower's priucipal residence tbr at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably witld~eld, or 'unless exte~mating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or conmfit waste on the Property. Whether or not Borrower is residing in tl~e Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is deternfined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property it' damaged to avoid further deterioration or damage. If iusurance or condemnation proceeds are paid in colmection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration iu a single payment or in a series of progress payments as the work is completed. If the insurance or condenumtion proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation lbr the completion of such repair or restoration. Lender or its agent nmy make reasonable entries upon aud inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasolmble cause. 8. Borrower's Loan Application. Borrower shall be in default if, during Om Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information Or statements to Lender (or tailed to provide Lender with material information) in com~ection with the Loan. Nlaterial representations include, but are not limited to, representations concenfing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest iu the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreenmnts contained in this Security Instrument, (b) there is a legal proceeding that nfight sig~fificandy affect Lender's interest in die Property and/or rights under this Security Instrmnent (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, fur enforcement of a liel~ which may attain priority over this Security Instrument or to e~fforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay tbr whatever is reasonable or. appropriate to protect Lender's interest inthe Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not linfited to: (a) paying any sulns secured by a lien which has priority over: this Security Instrmnent; (b) appearing in court; and (c) paying reasonable Initials "~~ (~)~-6(WY) Iooosl P~ 7 o~ ~s Form 3051 1/01 443 attorneys~ tees to protect its interest in the Property and/or rights under this Security Instrument, i]mluding its secured position in a bankruptcy proceeding. Securing the Property includes, but is not liufited to, entering the Property to ~nake repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfi]mte buihling or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender nmy take action under Otis Section 9, Lender does not have to do' so and is not under any duty or obligation to do so. It is agreed flint Lender incurs no liability lbr not taking any or all actions authorized under fills Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These alnounts 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 mfless Lender agrees to the merger i:n writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of umking die Loan, Borrower shall pay file premiums required to maintain the Mortgage Insurance in effect. If, for any reason, die Mortgage Insurance coverage required bY Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately desiglmted payments toward the premiums for IVlortgage Insurance, Borrower shall pay the prenfiums 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, l¥om an altenhate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall conti~me to pay to Lender the a[nount of tim separately desigmated paylnents that were due when the insurance coverage ceased to be in effect. Lender will accept,.use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve pay]nents if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums for Mortgage Insurance. If Lender required Mortgage Insurance as a coudition of nmking the Loan and Bon'ower was required to make separately desig~hated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the prexnimns required to nmintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such ternfi~mtion or until termi~mtion is required by Applicable Law. Noflfing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it nmy 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 tilne to time, and nmy enter into agreements with other parties fl]at share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisthctory to die mortgage insurer and the other party (or parties) to these agreements. These agreements nmy require the mortgage insurer to nmke payments using any source of funds that the mortgage insurer nmy have available (which nkay include funds obtained from Mortgage Insurance premiums). As a result of these agreelnents, Lender, any pnrchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modiI~,ing the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~-6(WY) Iooosl Page ~ o~ ~s Form 3051 1/01 (b) Any 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 aud obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premimns that were unearued at the time of such cancellatiou or terminatiou. 11. Assigument of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is ecouonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have die right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security hkstrument, whether or not then due, with the excess, if any, paid to Borrower. Id the event of a partial taking, destruction, or loss in value of the Property in which the fair umrket value of the Property i~mnediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the mnount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately belbre the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property inunediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the/'air market value of the Property inunediately before die partial taking, destruction, or loss in value is less than the amount of Ore sums secured innuediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, 'the lVliscellaueous Proceeds shall be applied to tim sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Bon'ower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower/'ails 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 die stuns secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party agaiust whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in dehult if any action or proceeding, whether civil or crimi~ql, is begm~ that, in Lender's judgmeut, could result in forfeiture of the Property or other nhaterial impairment of Lender's interest in the Property or rigl!ts under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other nhaterial iu~painnent of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for danmges that are attributable to the i~npairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of die Property shall be applied in the order provided lbr in Section 2. Initials; ~ (~-6{WY) (ooo51 Page 9 of ~5 Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extensiou of file time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or arty Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to conunence proceedings against any Successor in futerest of Borrower or to refuse to extend time for payment or otherwise modify amortization of file sums secured by this Security Instrument by reason of any demand nmde by the original Borrower or any Successors in Interest of Borrower. Any tbrbearance by Lender in exercising any right or remedy including, without linfitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or itt amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute rite Note (a "co-signer"): (a) is co-signing tiffs Security Instmmeut only to mortgage, grant and convey the co-siguer's interest in the Property under the tenDks of this Security fustrument; (b) is not personally obligated to pay the stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or nmke any acconunodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor itt Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under fids Security Instrument. Borrower shall uot be released tYmn Borrower's obligations a'nd liability under dfis Security Instrument unless Lender agrees to such release in writing: The covenants and agreements of fidis Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed ill cmmection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instmmeut, .including, but not linfited to, attorueys' lees, property inspection and valuation tees. In regard to any other fees, the absence of express authority iu this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on rite charging of such fee. Lender nmy not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets n~aximmn loan charges, and that law is finally interpreted so fllat the interest or other loan charges collected or to be collected in connection with the Loan exceed the pemfitted limits, fl]en: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted linfit; and (b) any sums already collected/Yom Borrower which exceeded pemfitted limits will be refunded to Borrower. Lender may choose to nmke this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All t~Otices given by Borrower or Lender in com~ection with this Security Instrument nmst be in writing. Any notice to Borrower in connectiou with this Security Instmn~ent shall be deemed to have been given to Bon'ower when ]nailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be tile Property Address uifless Borrower has designated a substitute notice address by notice to Leuder. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure ~br reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be oifly .one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Secnrity h~stnnnent shall ]lot be deenled to have been given to Lender until actually received by Lender. If any uotice required by this Security Instrument is also required under Applicable Law, fide Applicable Law requirement will satisfy rite corresponding requirement under this Security Instrument. Initials: ~ (~-6(WY) tooo5) Page ~o o~ ~s Form 3051 1/01 446 16. Governiug Law; Severability; Rules or Construction. This Security Instrument shall be governed by federal law and the law of die jurisdiction iu which the Property is located. All rights and obligations contaiued in fi}is Security Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security h~strument or the Note which can be given effect without the conflicting provision. As used in fids Security Instmlnent: (a) words of the inasculine gender shall mean and include corresponding neuter words or words of the femilfine gender; (b) words in the singular shall mean and ilmlude the plural and vice versa; and (c) the word "may" gives sole discretion without any obligadou to take any action. 17. Borrower's Copy. Borrower shall be giveu one copy of the Note and of fl}is Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used iu fi}is Section 18, !'Interest iii the Property" means any legal or beueficial interest in the Property, iucluding, but not liafited to, those beueficial interests transferred ill a bond Ibc deed, contract for deed, installment sales contract or escrow agreement, the iutent of wlfich 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 iii 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 Leuder's prior written consent, Lender nuty require inunediate payment in full of all sums secured by this Security Instmnient. 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 t'rom the date the notice is given in accordance with Section 15 wifltin which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay fl~ese sums prior to die expiration of this period, Lender may iuvoke any remedies permitted by fl}is Security Instrument WithOut further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discoutinued at any time prior to file earliest of: (a) five days before sale of die Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify fur the termination of Borrower's right to reinstate; or (c) entry of a judgment entbrcing fl}is Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums wlfich dmu would be due uuder this Security Instrument and the Note as if no acceleration had occurred; (b) cures auy default of any other covenants or agreements; (c) pays all expenses incurred ill enforcing fl}is Security Instrmnem, including, but not linfited to, reasonable attorneys' fees, property inspection and valuation tees, and ofl~er fees incurred for the purpose of protecting Lender's interest iu die Property aud rights under riffs Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest iu the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require fliat Borrower pay such reinstatement sums and expenses ill one or more of the tbllowing Ibnus, as selected by Lender: (a) cash; (b) money order; (c) Certified check, baltic check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or eutity; or (d) Electroific Funds Transfer. Upon reinstatelnent by Borrower, fl}is Security Instmlnent and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, fills right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial iuterest in the Note (togefller with fl}is Security h~stl-unmut) can be sold one or more times without prior notice to Borrower. A sale might result ill a change in die entity (known as die "Loan Servicer") diat collects Periodic Payments due under die Note and dlis Security Instrument and pertbrms other mortgage loan servicing obligations under die Note, fl}is Security hlstrument, and Applicable Law. There also might be one or more changes of file Loan Servicer uurelated to a sale of die Note. If fllere is a chauge of the Loan Servicer, Borrower will be giveu written notice of die change which will state die zhame and address of file new Loan Servicer, die address to which payments should be nmde and any other intbrmation RESPA (~-6(WY) (ooos} Page ~ o¢ ~s Form 3051 1/O1 requires in comlection with a notice of transfer of servicing. If the Note is sold and thereafter rite Loan ts serviced by a Loau Servicer other thau the purchaser of the Note, the mortgage loan servicing obligations to BorroWer will remain with the Loan Servicer or be transferred to a successor Loan Servicer aud are not assumed by the Note purchaser mfless otherwise provided by the Note purchaser. Neither Borrower nor Lender inay conm~ence, join, or be joined to any judicial action (as either an individual litigant or the nmmber of a class) that arises front the other party's actious pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrunmnt, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and aflbrded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst elapse before certain action, can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The ~mtice of acceleration and opportmfity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy file notice and opportmfity to take corrective action provisions of tlfis Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, oilier flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fornmldehyde, and radioactive nmterials; (b) "Enviromnental Law" means federal laws aud laws of the jurisdiction where the Property is located that relate to health, safety or environlnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial.action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enviromnental Clea~mp. Borrower shall not cause or perndt the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substauces, on or in the Property. Borrower shall not do, nor allow anyone else to do, anytlfing affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to 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 not apply to the presence, use, or storage on the Property of small quautities of Hazardous Substances that are generally recognized to be appropriate to nornml residential uses and to maintenance of the Property (iucluding, but not linfited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Enviroumental Condition, including but not limited to, any spilling, leakiug, discharge, release or threat of release of an3' Hazardous Substance, and (c)~ auy condition caused by the presence, use or release of a Hazardous Substance which adversely affects fl~e value of the Property. If Borrower learns, or is notified by any govermnental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting file Property is necessary, Borrower shall prompdy take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender tbr an Enviromnental Cleanup. I niti a~7~ (~-6(WY) (ooos) Page ~2 of ~s Form 3051 1/01 448 NON-UNIFORM COVENANTS. Borrower and Lender further cove~mnt and agree as follows: 22. Acceleration; Relnedies. Leuder 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 acceleratiou under Section 18 unless Applicable Law provides othenvise). Tile notice shall specify: (a) tile default; (b) the action required to cure tile default; (c) a date, not less than 30 days from the date tile notice is giveu to Borrower, by which the default must be cured; and (d) that fa'ilure to cure the default on or before the date specified iu the notice may result in acceleration of tile sums secured by this Security Instrument and sale of tile Property. The notice shall further inform Borrower of tile right to reinstate after acceleration and the right to bring a court action to assert the oon-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 tile notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand aud may iuvoke 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 Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the l)erson iu possession of the Property, if different, in accordance with Applicable Law. Leuder shall give notice of the sale to Borrower iu the manuer provided iu Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Leuder or its designee may purchase the Property at any sale. Tile 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 eutitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security h~strument. Borrower shall pay any recordation costs. Lender amy charge Borrower a lee releasing this Security Instrument, but o~fly if the fee is paid to a tldrd party for services rendered and the charging of the fee is pemfitted under Applicable Law. 24. Waivers. Borrower releases aud waives all rights under and by virtue of the ho~nestead exemption laws of Wyoming. (~-6{WY) Iooos~ Initial~ Pag. ~3 o~ ~s Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covemants contained in tiffs Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: ~."~T ~ POGGETTI (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -BorroWer -Borrower (Seal) (Seal) -Borrower -Borrower (~)~6{WY) (0oo5) Page 14 of 15 Form 30,51 1/01 California , Amador STATE OF ~l~j~4]~, ~Ji~aJ~ The ~regoinginstrumentwasacknowledgedbe~re meflfis by ERNEST A POGGETTI 4th day of 450 County ss: November 2003 My Conmfission Expires: Notary Pablic COMM. '433476 NOTARY PUBLIC- CALIFORNIA AMADOR ~UN~ (~)~-6G(WY) Iooosl Page 15 of 15 Form 3051 1/01 Legal Description That part of the NW~SE~ of Section 20, T30N Rll8W of the 6th P.M., Lincoln County, Wyoming, being Part of that tract of record in the Office of the Clerk of Lincoln County in Book 476PR on page 133, described as follows: BEGINNING at a point on the west line of said NW~SE~, S 00°01'12'' W, 713.42 feet from the Northwest corner thereof; thence N 85°25'19'' E, 632.07 feet to a point; thence ~S 45°44'48'' E, 250.28 feet to a point; thence S 23o49'29,, E, 20.46 feet to a spike on the centerline of a 40 foot access and utility easement; thence S 53°59'49'' W, 171.55 feet to a point; thence S 85°25'19'' W, 681.08 feet to a point on the west line of said NW~SE~; thence N 00°01'12" E, 298.13 feet, along said west line to the POINT OF BEGINNING. Parcel 2 The right of access as provided for in instrument recorded July 12, 2002 in Book 494PR on page 144 of the records of the Lincoln County Clerk.