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HomeMy WebLinkAbout895879Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 8 9 5 8 7 9 RECEIVED Prepared By: WELLS FARGO HOME MORTGAGE, INC. 1919 DOUGLAS,, OMAHA, NE 681010000 BOOK~~3 PRPAGE 70 ~ [Space Above Tiffs Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sectiol~s 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this docmnent are also provided in Section 16. (A) "Security Instrument" means this document, which is dated DECEMBER 04, 2 0 03 together with all Riders to this document. (B) "Borrower" is ROBERT K. ODLE AND F~ARGARET F. ODLE, HUSBAND AND WIFE ,5 Borrower is the mortgagor under dfis Security Instrument. (C) "Lender" is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION orga~fized and existing under the laws of THE STATE OF CALIFORNIA 0036217586 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 o[ i nit i al s~c,~/ VMP MORTGAGE FORMS - (8OO)521-7291 Form 3051 1/01 707 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under tlfis Security Instrument. (D) "Note" means the promissory note signed by Borrower and datedDECEMBER 04, 2 003 The Note states that Borrower owes Lender SEVENTY THOUSAND ONR HUNDRED THIRTY ~..IGHT AND 00/100 Dollars (U.S. $ * * * ** 70,138.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than JANUARY 01, 2034 (E) "Property" means the property flint is described below under the heading "Transfer of 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. (C) "Riders" means all Riders to this Security Instrument d~at are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condonfinium Rider ['--] Second Home Rider [] Balloon Rider ~ Platmed U~fit Development Rider [---] 1-4 Fa~nily Rider [~] VA Rider ~-~ Biweekly Payment Rider ~ Other(s) [specifyl (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and ad~ni~fistrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opi~fions. (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 condominium association, homeowners association or similar orga~fization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or sinfilar paper instrument, which is i~fitiated through an electro~fic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale trausfers, autonmted teller machine transactions, transfers i~fitiated 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) Ibr: (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 condenmation; or (iv) misrepresentations of, or oufissions 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 t¥om time to time, or any additio~ml or successor legislation or regulation that governs the same subject matter. As used in fids Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed 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) (OddS) P~. 2 o~ ~s Form 3051 li01 7O8 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assmned 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 tile Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covmmnts and agremnents under this Security Instrument and file Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the lbllowing described property located ill die COUNTY of LINCOLN :. ['Type of Recording Surisdiction] [Name of Recording lurisfliction] LOT 7 OF THE BEAR HOLLOW TWIN HOMES SUBDIVISION, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF FILED JUNE 20, 2000 AS INSTRUMENT NO. 866585. THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, BOX 10304, DES MOINES, IA 503060304 INC. , P. 0. Parcel ID Number: 519 KODIAK CIRCLE THAYNE ("Property Address"): which currently has the address of [Street] [Cityl , Wyonfing 83127 [Zip Codcl 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. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is rel~rred to in ~is Security Instrument as the "Property." BO~OWER COVENANTS that Borrower is law~lly seised of ~e estate hereby conveyed and has the right to mortgage, grant aud 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 agai~t all claims and dmnauds, subject to any encumbrances of record. THIS SECU~TY INSTRUMENT combines mfifonu cove~mnts for ~mtio~ml use and non-uNform covenants with linfited variations by jurisdiction to constitute a u~fiform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covemnt and agree as follows: 1. Payment of ~incipal, Inter,t, Escrow Ite~, ~epayment Charge, and Late Charge. Borrower shall pay when due ~e principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under fl~e Note. Borrower shall also pay ~nds for Escrow Itenm pursuaut to Section 3. Payments due under the Note and this Security Instrument shall'be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or ~is ~6(WY) 1ooo51 P~e 3 of ~s Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender nmy require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, 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, instrumentality, 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 ~nay be designated by Lender in accordauce with the ~mtice provisions in Section 15. Lender may return any payxnent or partial payment if the payment or partial payments are insufficieut to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without 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 Loau current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note inrm~ediately 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 tlfis Security Instrument or perfornfing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) a~nounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remai~ting a~nom~ts Shall be applied first to late charges, second to auy 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 iucludes a sufficient amount to pay any late charge due, the payment nhay be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received frmn Borrower to the repayment of the Periodic Paymeuts if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full 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 tl~e Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Pay~nents. 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") to 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 encmnbrance on the Property; (b) leasehold pay~nents or ground rents on the Property, if any; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Iusurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage fusurance pre~niuxrks 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 Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish 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 auy time. Any such waiver may o~fly be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts I~6(WY) Iooo5) ~g~ 4 of 16 Form 3051 1/01 710 due for any ESCrow Items for wlfich payment of Funds has been waived by Lender and, if Lender requires, shall funfish to Lender receipts evidencing such payinent within such time period as Lender may requke. Borrower's obligation to nmke such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as dm phrase "covelmnt 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 amount 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, 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 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, instrmneutality, 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 fl/an the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, am~ually analyzing the escrow account, or verifying the Escrow Items, mfless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is nkade in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or ear/tings on the Funds. Borrower and Lender can agree in writing, however, fl~at interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an almual 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 lbr the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the mnount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monflfiy payments. If there is a deficiency of Funds held in escrow, as defiued under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nmke up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Iustrument, Lender shall promptly refund · to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Commmfity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a maimer acceptable to Lender, but only so long as Borrower is perforating such agremnent; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opi~tion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender nmy give Borrower a notice identifying the Initial~ (~-6(WY) 1ooo5} Page 5 o! 15 ~.,~ Form 3051 1/01 lien. Witlfin 10 days of the date on wlfich 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 may 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 ter~n "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be inaintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wlfich right shall not be exercised mtreasonably. Lender may require Borrower to pay, in comlection with this Loan, either: (a) a one-time charge for flood zone deternfination, certification and tracking services; or (b) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or sinfilar changes occur wlfich reasonably might affect such determilkation or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Ma~mgement Agency in comiection with the review of any flood zone deternfination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender nmy 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 might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove 'such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal Certificates. If Lender requires, Borrower shall prompdy give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, t:br da~mge 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 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 the Property, if the restoration or repair is econonfically 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 opportmfity 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 eanfings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with (~-6(WY) (ooo~ Pag~ 6 or ~s 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 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 the notice is given. In either event, or if Lender acqUires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the atnounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right tO any retired of unearned premiums paid by Borrower) under all insurance policies covering the Property, iusofar as such rights are applicable to the 'coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instm~nent and shall continue to occupy.the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and protection of the Property; Inspections. Borrower shall not destroy, damage or i~npair the Property, allow the Property to deteriorate or conunit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall nmintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in cozmection with daumge 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 in a single payment or in a series of progress payments as the work is completed. If the insurance or condmmmtion proceeds are not sufficient to repair or restore the Property, ·Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may nutke reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender nmy inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Bon'ower's knowledge or consent gave nuaterially false, misleading, or i~taccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not linfited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrnment. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which nmy attain priority over this Security Iustrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do aud pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not linfited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable Form 3051 1/01 : . .i.!.:: attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including ~ts 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 from pipes, elimiuate building or other code violatim~s or dangerous conditions, and have utilities turned on or off. Although Lender nuty take action uuder 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 fids Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate frotn the date of disbursement and shall be payable, with such interest, upon ~mtice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall co~nply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge u]dess Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the pretniums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided' such insurance and Borrower was required to nuke separately designated payments toward the premimns for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of 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 of Mortgage Insurance. Such loss reserve shall be non-refundable, notwifl~standing .the fact that the Loan is ultin]ately 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 prenfiums 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 prenfiums for Mortgage Insurance, Borrower shall pay the prenfiums 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 terufination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that 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 hlsurance. Mortgage insurers evah~ate their total risk ou all such insurauce in force from.time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms aud conditions that are satisfactory to the mot[gage insurer and the other party (or parties) to these agreements. These agreements may require the nmrtgage insurer to make payments using any source of funds that the mortgage insurer ~nay have available (which may include funds obtaiued from Mortgage Insurauce premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of auy of the tbregoing, may receive (directly or iudirectly) amounts that derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage Insurance, . in exchange tbr sharing or ~nodifying 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 prenfiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the mnounts 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)-6(WY} (ooo5) P~g, 8 o~ 15 ~ Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any -'with respect to tile Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to reqnest and obtain 'cancellation of the Mortgage Insurance, to have the Mortgage Iusurance termiuated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellati'on or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaueous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econoufically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such IVliscellaneous Proceeds until Lender has had an opportunity to iuspect such Property to eusure the work has beeu completed to Lender's satisfaction, provided that such inspection shall be undertaken prolnptly. Leander may pay for the repairs and restoration in a siugle disbursemeut or in a series of progress paynrents as fl~e work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaueous Proceeds, Lender shall not be required to pay Borrower auy interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security wmdd be lessened, the Miscellaneous Proceeds shall be applied to the sturks secured by this Security Instrument, whether or not then due, with the excess, if auy, 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 Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property irt which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instmmeut immediately before the partial taking, destruction, or loss in value, unless Borrower aud Lender otherwise agree iu writing, the sums seem'ed by this Security Instrunrent shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following lYaction: (a) the total amount of the sums secured innnediately before the partial takiug, destruction, or loss in value divided by (b) the fair market value of the Property i~muediately before the partial taking, destructiOn, or loss in value. Auy balauce shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property i,r which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than file amouut of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower aud Lender otherwise agree in writiug, the Miscellaueous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by BorrOwer, oL if, after uotice 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 withiu 30 days after the date the notice is givert, Lender i5 authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinfinal, is begun that, in Leuder's judgment; could result in forfeiture of the Property or other rnaterial impairment of Lender's interest iu the Property or rights 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 dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other nkaterial impairment of Lender's iuterest in dm Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigued and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of file Property shall be applied in the order provided for in Section 2. (~;}~6(WY) Iooo5) Pagegof ~5 Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to connnence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand ~nade by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without li~nitation, Lender's acceptance of payments 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 right or remedy. 13. Joiat and Se~,eral 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 Instrmnent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to ~nortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extmd, ~nodify, forbear or make 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 in 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 this Security Instrument. Borrower sball not be released from Borrower's obligations and liability mxder this Security Instrument unless Lender'agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Clmrges. Lender nkay charge Borrower fees for services performed in com~ection with Borrower's default, for the purpose of protecting Lender's interest iu the Property and rights under this Security Instrument, including, but ~mt liufited to, attorneys' tees, property inspectiou and valuation fees. In regard to any other tees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets nmximum loan charges, a~d that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted li~nits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted liufit; and (b) any stuns already collected from Borrower which exceeded permitted Ii,nits will be refunded to Borrower. Lender may choose to make fids refund by reducing the pri~mipal 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 ~nade by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. Ail notices given by Borrower o.r Lender in co~mection with this Security Instrument must be in writing. Any notice to Borrower in co~mection with this Security Instrument shall be deemed to~ have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address mfless 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 reportiug Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There nmy 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 nhailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borro~ver. 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. 6(WY) 1ooo~) P.~ loo~15 Form 3051 1/01 716 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law nfight 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. Iii the event that any provision or clause of fids 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 nmsculiue gender shall mean and include corresponding neuter words or words of file fend:fine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not linfited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, . the intent 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 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 irmnediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date file notice is given in accordance with Section 15 within wlfich 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 n]ay invoke any remedies permitted by this Security Instrument without further notice or den]and on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any thne prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nfight specify for the ternfination of Borrower's right t° reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrulnent and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not lintited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred tbr the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured bY this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) ~noney order; (c) certified check, ba;]k 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. Upon reinstatement by Borrower, this 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 (together with this Security Instrumen0 can be sold one or more times without 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 the Note and this Security Instrument 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. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to wlfich payments should be made and any other information RESPA (~)~6(WY) (0005) Pag. ii o~ 15 ~ Form 3051 1/01 717 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than 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 and are not assmned by the Note purchaser unless otherwise provided by tile Note purchaser. Neither Borrower nor Lender may cmmnence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that 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 tile otherparty (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded 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 must elapse before certain action can be taken, that time Period will be deemed to be reasonable for purposes of dfis paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 aud the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective 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 Enviromnental Law and the following substances: gasoline, kerosene, other flanm~able or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fornhaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviro~unental Law; and (d) ail "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or ill the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Envirmm~ental 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 storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, denhand, lawsuit or other action byany govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Envirolnnental Law of which Borrower has actual knowledge, (b) auy Euviromnental Condition, including but not liufited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the 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 the Property is necessary, Borrower shall promptly take all necessary remedial actions iu accordance with Enviroranental Law. Nothing herein shall create any obligation on Lender for an Enviro~m~ental Cleanup.~ Initials~ (~6(WY) looo5} P.o~ ~2 of ~5 ,' _~.~==~-. Form 3051 1/01 718 NON-UNIFORM COVENANTS. Borroxver and Lender further cove~mnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreemeat in this Security Instrument (but not prior to acceleration under Section 18 unleSs Applicable Law provides othenvise). The notice Shall specify: (a) the default; (b) the actiou required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by wlfich the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice umy 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 reqnire immediate payment iu full of all sums secured by this Security Instrnment without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this 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 pe,'sou in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice or sale, and the Property shall be sold in the manner preScribed by Applicable Law. Lender or its designee may pnrchase 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 secnred by this Security Instrument; and (c) any excess to the pe,'son 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 Bon'ower 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 fl~e fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the holnestead exemption laws of Wyoming. (~®-6(WY) iooos~ Form 3051 1101 '71.9 BY SIGNING BELOW, Borrower accepts and agrees to file terms and covenants contained in fids Security Instrument and in any Rider executed by Borrower and recorded wiflx it. Witnesses: ROBERT K. ODLE -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY) Page 14 of 15 Form 3051 1/01 STATE OFWYOMING, LT~COr.N The foregoing instrument was acknowledged before me this /4 th Day by ROBERT K. ODLE AND MARGARET F. ODLE My Conmfission Expires: of 720 County ss: December , 2003 ~¥6G(WY) (ooos! Page 15 of 15 Form 3051 1/01