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HomeMy WebLinkAbout895404Return To: WELLS FARGO HOME MORTGAGE, INC. FINAL DOCUMENTS X4701-022 3601 MINNESOTA DRIVE BLOOMINGTON, MN 55435-5284 Prepared By: MELISSA HALLBERG WELLS FARGO HOME MORTGAGE, INC. 2701 WELLS FARGO WAY MINNEAPOLIS, MN 55408- 8 9 5 0 BOOK RECEIVED LINCOLN COUNTY CLERK 03 N0Vt9 Pti 3:20 [Space Above This Line For Recording Data] MORTGAGE 0133545079 DEFINITIONS Words used in multiple sections of this document are defined below and (~ther words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in 1his document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated NOVEMBER 14, 2003 together with all Riders to this document. (B) "Borrower" is KIRBY JOE BOOTH AND DONNA L. BOOTH, HUSBAND AND WIFE' Borrower is the mortgagor under this Security Instrumenl. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a Corporation organized and existing under the laws of THE STATE OF CALIFORNIA WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 18 Initials: __ FORM 3051 1101 SWY01 Rev 08/13/01 O60 Lender's address is P.O. BOX 5137, DES MOINES, IA 50306-5137 Lender is the morlgagee under lhis Security Instrument. (D) "Note ~' means the promissory note signed by Borrower and dated NOVEMBER 14, 2003 . The Note states that Borrower Owes Lender ONE HUNDRED FOUR THOUSAND AND NO/1OO Dollars (U.S. $ ...1..0.4.,.0..0..0.,.0..0. .............. ) plus inlerest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not lalerthan DECEMBER 1, 2023 {E) "Property" means the property that is described below under the heading "Transfer oi" Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G} "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: r-~ Adjustable Rate Rider ~-~ C°ndominium Rider ~Second Home Rider ~ Balloon Rider [-~ Planned Unit Development Rider ~1-4 Family Rider r~ VA Rider ~ Biweekly Payment Rider [---[ Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulatiOns, ordinances and administrative rules and orders (thal have the effect o1' law) as well as all applicable final, non-appealable judicial opinions. (I) '!Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and olher charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transler" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to. order, instruct, Or authorize a financial institution to debil or credit an account. Such term includes, but is not limited to, point-or-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated 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 (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking or all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or. omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that SWY02 Rev 12/18/00 Page 2 o1' 18 Inilials:__ FORM 3051 1101 governs the same subject matter. As used in this Security Inslrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does no1 qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that 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) 1he repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's convenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the County of LINCOLN : [Typo of Rocording Jurisdiction] [Name of Recording Jurisdiction] LEGAL DESCRIPTION IS A'I-I'ACHED HERETO AS SCHEDULE "A" AND MADE A PART HEREOF. Parcel ID Number: 2487 WYOMING STATE HIGHWAY 241 AFTON ("Property Address"): which currently has the address of [Street] [City], Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. Ail 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. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiclion to constitute a uniform security instrument covering real property. ~ SWY03 Rev 11/06/00 Page3ofl8 Inilials: FORM 3051 1/01 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant lo Section 3. Payments due under the Note and this Securily Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as paymenl under the Note or this Security Inslrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Inslrumenl be made in one or more of the following forms, as selecled by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentalily, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any paymenl or parlial payment if the payment or parlial payments are insufficient to bring the Loan current. Lender may accept any paymenl or partial payment insufficient to bring the Loan current, wilhout waiver of any rights hereunder Or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does nol do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediaiely prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreemenls secured by this Security Instrument. 2. Application of Payments or Proceeds. Excepl as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied i'n the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied firsl to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exisls afler the payment is applied to lhe full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. SWY04 Rev 11/06/00 Page 4 of 18 Initials:__ FORM 3051 1101 063 Any application of payments, insurance proceeds or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") 1o provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the.payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrpwer, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment o1' Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Securily Inslrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuanl to a waiver, and Borrower fails to pay the amounl due for an Escrow Item, Lender may 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 may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, 1hat are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentalily, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be SWY05 Rev f 1/06/I)0 Page 5 of f8 Initials:__ FORM 3051 1/01 064 required lo pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wriling, however, lhat interest shall be paid on the Funds. Lender shall give lo Borrower, wilhout charge, an annual accounling of the Funds as required by RESPA. ~ If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall accounl lo Borrower for the excess funds in accordance with RESPA. Iflhere is a shortage of Funds held in escrow, as defined under RESPA. Lender shall holily Borrower as required by RESPA, and Borrower shall pay to Lender lhe amounl necessary to make up lhe shortage in accordance with RESPA, bul in no more than 12 monlhly payments. If lhere is a deficiency or Funds held in escrow, as defined under RESPA, Lender shall nolify Borrower as required by RESPA, and Borrower shall pay lo Lender the amounl necessary lo make up lhe dericiency in accordance wilh RESPA, but in no more than 12 monlhly payments. Upon payment in full of all sums secured by this Security Instrumenl, Lender shall promptly refund Io Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrumenl, leasehold payments or ground rents on lhe Properly, if any, and Community Association Dues, Fees, and Assessmenls, if any. To the exlenl that lhese items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Inslrument unless Borrower: (a) agrees in writing lo the payment of the obligation secured by the lien in a manner acceptable to Lender, bul only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in,. legal proceedings which in Lender's opinion operate to prevenl the enforcement of lhe lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from lhe holder of the lien an agreement salisfaclory lo Lender subordinating the lien to this Security Inslrumenl. If Lender determines that any part of the Properly is subject Io a lien which can allain priorily over this Security Instrument, Lender max give Borrower a notice identifying the lien. Within 10 days of the dale on which that nolice is given, Borrower shall satisry lhe lien or lake one or more of lhe actions set forth above in this Seclion 4. Lender may require Borrower 1o pay a one-lime charge for a real estate lax verification and/or reporting service used by Lender in conneclion wilh this Loan. 5. Property Insurance. Borrower shall keep Ihe improvemenls now existing or hereafter erecled on lhe Property insured against loss by fire, hazards included within the lerm "extended coverage," and any other hazards including, bul not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounls (including deductible levels) and for lhe periods lhal Lender requires. What Lender requires pursuant lo lhe 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 righl lo disapprove Borrower's choice, which righl shall nol be exercised unreasonably. Lender may require Borrower to pay, in connection wilh lhis Loan; eilher: (a) a one-lime charge for flood zone delerminalion, certification and Iracking service~; or (b) a one-lime charge for flood zone determinalion and certification services and subsequent charges each lime remappings or similar changes occur which reasonably mighl affecl such determination SWY06 Rev 10/25100 Page 6 of 18 Inilials: FORM 3051 1/01 or cerlirica'tion. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in conneclion with the review of any flood zone determination resulting from an objection by Borrower. Ir Borrower fails to maintain any of lhe 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 mighl or might not protecl Borrower, Borrower's equity in the Propertyl or the contents o1' the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that 1he cost of the insurance coverage so obtained might significantly exceed the cost of insurance 1hat Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts Shall bear interest at the Note rate from the date or disbursement and shall be payable, with such interest, upon notice from Lender lo 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 1he policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing,, any insurance proceeds, whether or not lhe underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, ir 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 for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out ol~ the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with 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 that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when 1he notice is given. In SWYO? Rev 10/25/00 , Page 7 of 18 Initials:__ FORM 3051 1/01 066 either event, or ir Lender acquires lhe ProPerty under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not Io exceed the amounts unpaid under lhe Note or lhis Security Inslrumenl, and (b) any other of Borrower's rights (other than the righl Io any rel'und of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable lo the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Nole or this Securily Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days afler the execution of Ihis Security Instrument and shall continue to occupy the Property as Borrower's'principal residence l'or al least one year afler the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless exlenualing 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 Properly, allow the Property to deteriorate or commit waste on the Properly. Whether or not Borrower is residing in lhe Property, Borrower shall maintain the Property in order to prevenl lhe Properly [rom deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 lhat repair or resloration is not economically feasible, Borrower shall promplly repair 1he Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection 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 lhe repairs and restoration in a single payment or in a series of progress paymenls as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or reslore the Property, Borrower is not relieved of Borrower's obligation for the complelion of such repair or resloration. Lender or ils agent may make reasonable entries upon and inspections of 1he Property. If il has reasonable cause, Lender may inspect lhe interior or the improvements on the Property. Lender shall give Borrower notice at the lime of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting al lhe direclion ot Borrower or wilh Borrower's knowledge or consent gave materially false, misleading, or inaccurale information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are nol limiled to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Righls Under this security Instrument. If (a) Borrower fails lo perform lhe covenanls and agreemenls conlained in this Security Instrument, (b) there is a legal proceeding Ihat mighl signil'icanlty arrecl Lender's interest in the Property and/or righls under lhis Securily Instrumenl (such as a proceeding in bankruplcy, probale, for condemnalion or forreilure, for enforcement of a lien which may atlain priority over lhis Securily Inslrument or to enforce laws or regulations), or SWY08 Rev 10/25/00 Page 8 of ~8 Initials:__ FORM 3051 1101 (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrumenl; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water [rom pipes, eliminate building or other code violations or dangerous conditions, and have utililies turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section § shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Nole rate from the date or disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. Ir Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required lo maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer thai previously provided such insurance and Borrower was (equired to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage subslantially equivalent to the Mortgage Insurance previously in effect, al a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount or the separately designated payments 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 or Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is'ultimalely paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated, payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage 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 termination or until termination is required by' Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. SWY09 Rev 11/13/00 Page 9of 18 Inilials: FORM 3051 1/01 068 Mortgage Insurance reimburses Lender (or any entity fha1 purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate lheir total risk on all such insurance in force from time to lime, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions lhat are satisfactory to the mortgage insurer and lhe other party (or parties) to these agreements. These agreements may require the modgage insurer to make payments using any source of funds that the morlgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreemenls, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entily, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounls that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, 'in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of lhe insurer's risk in exchange for a share !of the premiums paid to the insurer, Ihe arrangement is often termed "captive reinsurance." Fudher: (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. : (b) Any such agreements will not atlecl Ihe rights Borrower has - il any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain I cancellation of the Mortgage Insurance, 'to have the Mortgag? Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All MisCellaneous Proceeds are hereby assigned lo and shall be paid Io Lender. ~ If lhe Properly is damaged, such Miscellaneous Proceeds shall: be applied to resloration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity lo inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be un'derlaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or nol then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. SWY10 Rev 10/25/00 Page 10 of 18 Initials: FORM 3051 1/01 0 G '9 In the event ora total taking destruc!ion, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Inslrumenl, whether or not lhen due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which lhe fair market value of the Property immedialely before the partial taking, destruction, or loss in value is equal Io or greater than the amounl or the sums secured by this Security Instrument immediately before the partial taking, destruction, or toss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of lhe Property immediately before the partial taking, destruclion, or loss in value. Any 'balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this .Security Instrument whether or not the sums are then due. Ir the Property is abandoned by Borrower, or if, after notice.by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Securily Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of aclion in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleralion has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture or the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable Io the impairment of Lender's inlerest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interesl of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by SWYll Rev 11/06/00 Page il of 18 Initials:__ FORM 3051 1/Q1 070 this Security Inslrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of paymenls from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any righl or remedy. 13. ,Joint and Several Liabili[y;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 the Note (a "co-signer"): (a) is co-signing this Security Instrument only to morlgage, grant and convey the co-signer's interest in the Properly under the terms oi' this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provision of Section 18, any Successor in Interest or Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's righls and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in wriling. The covenants and agreements of this Security Instrument shall bind (excep~ as provided in Section 20) and benefit the successors and assigns o¢ Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Properly and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspeclion and valuation fees. In regard to any other fees, the absence of express authorily in this Security Instrument Io charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Ins!rument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, a'nd that law is finally interpreled so that the interest or other loan charges collected 'or to be collected in connection with the Loan exceed 1he permilted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the I~ole or by making a direct payment to Borrower. If a rel'und 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 might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailedby 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 SWY12 Rev 11/06/00 Page 12 of 18 Inilials:__ FORM 3051 1101 071 requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for repoding 'Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designaled another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of lhe jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by conlract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and. include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrowerst~all be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Seclion 18, ?interest in the .Property" means any legal or beneficial inlerest in the Property, including, but not limited to, those beneficial interests Iransferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is lhe transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall nol be exercised by Lender if such exercise is prohibited by Applicable Law. I[ Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower 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 permitled by this Security Instrument without further notice or demand on Borrower. SWY13 Rev 11/06/00 Page 13of 18 Initials: FORM 3051 1/01 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right Io have enforcement of lhis Security Instrument disconlinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant 1o any power of sale contained in this Security Instrument; (b) such olher period as Applicable Law might specify for the lermination of Borrower's right Io reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are lhat 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, bul nol limiled to, reasonable attorneys' fees, property inspeclion and valuation fees, and other fees incurred for the purpose or protecting Lender's interest in lhe Property and rights under this Securily Instrumenl; and (d) takes such action as Lender may reasonably require to assure thal Lender's interest in the Property and rights under this Securily Instrumenl, and Borrower's obligation to pay the sums secured by 1his Security Instrument, shall continue unchanged. Lender may require thai Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an instilution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatemenl by Borrower, lhis Security Instrument and 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 Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (togelher with this Securily Instrument) can be sold one or more times wilhout prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under lhe Note and this Security Inslrument and performs other mortgage loan servicing obligations under the Note, this 'Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. Iflhere is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other informalion RESPA requires in connection with a notice of transfer or servicing. If the Note 'is s(~ld and thereafter the Loan is serviced by a Loan Servicer other than the purchaser or the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined lo any judicial action (as either an individual litiganl or lhe member of a class) lhat arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision.of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the olher parly (wilh such notice given in compliance wilh lhe requirements of Section 15) of such alleged breach and afforded lhe olher party hereto a reasonable period after lhe giving of such notice to take correclive action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. SWY14 Rev ~2/27/00 Page 14 o1' 18 Inilial$: FORM 3051 1/O1 073 The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleralion given to Borrower .pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take correclive action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes 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; (b) "Environmental Law" means federal laws and laws or the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental 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, contribule to, or otherwise lrigger an Environment Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Subslances, on or in the Propertyl Borrower shall not do, nor allow anyone else to do, anylhing affecling the Property (a) that is in violation of any Environmenlal Law, (b) which creates an Environmental 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 stbrage on the Property of Small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender writlen notice of (a) any investigalion, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving lhe Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threal of release of any Hazardous Substance, and'(c) any condition caused by the presence, use or release of a Hazardous Substance which adversely afrects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any privale party, that any removal or other remediation or any Hazardous Substance affecting the Property is necessary, Borrower sliall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22, 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 Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 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 immediale payment $WY15 Rev 10/25/00 Page ]5 of 18 Inilials: FORM 3051 1101 In full 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 I:o collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and cosls of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession o! fha Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or ifs 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. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security InStrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permilted under Applicable Law. 24. Waivers. Borrower releases and waives all righls under and by virtue oflhe homestead exemption laws of Wyoming. SWY16 Rev $0/25/00 Page 16 of 18 Initials:__ FORM 3051 1101 O75 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in lhis Security Instrument and in any Rider executed by Borrower and recorded with il Witnesses: ~'~~--~al) Borrower KIRBY J~}E BOOTH (Seal) Borrower SWY17 Rev 12/27/00 Page t7 of 18 Initials: FORM 3051 1101 O76 STATE OF WYOMING, LINCOLN County ss: The foregoing inslrument was acknowledged before me this NOVEMBER 14, 2003 KIRBY JOE BOOTH AND DONNA L, BOOTH, HUSBAND AND WIFE by My CO. sion Expires: Notar~ublic ' ' SWY18 Rev 10/25/00 Page t8 o1' 18 Inilials' FORM 3051 1/01 O77 SCHEDULE "A" Lot 2 of Hialeah Subdivision, Lincoln county, Wyoming as described on the official plat thereof.