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HomeMy WebLinkAbout895956Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO HOME MORTGAGE, INC. 895956 4001 SOUTH 700 EAST,, MURRAY, UT 841070000 [Space Above Tlds Lh;e For Reeordhlg Data] 'MORTGAGE DEFINITIONS Words used in nmltiple sections of tiffs docmnent are defined below and off,er words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrument" means this document, which is datedDECEMBER 08, 2 003 together with all Riders to this document. (B) "Bor,'ower" is STEVEN R. AFFLECK.AND KARIN E. AFFLECK, HUSBAND AND WIFE Borrower is the mortgagor under this Security. Instrument. (C) "Leuder" is WELr. S FARGO HOME MORTGAGE, INC. Lender is a CORPORATION orga~fized and existing under fl~e laws of THE STATE OF CALIFORNIA 0036808608 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY) 1ooo~) .~. Page 1 VMP MORTGAGE FORMS - { 01~0)521-7201 Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 O55 Lender is the mortgagee under this Security Instrument. (D) "Note" means the pronfissory note signed by Borrower and datedDV. CEMBER 08, 2003 The Note states that Borrower owes Lender TWO HUNDRED FORTY SIX THOUS.A_ND AND 00/100 Dollars (U. S. $ * * * * 246,000.00 ) plus interest. Borrower has protnised to pay this debt in regular Periodic Payments and to pay file debt in full not later than JANUARY 01, 2034 (E) "Property" means the property that 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 fl~lis 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]: [~ Adjustable Pate Rider ~--] Condominimn Rider ~ Second Home Rider ~-~ Balloon Rider ~ Plam~ed Unit Development Rider ~-~ 1-4 Family Rider ~ VA Rider ~--] Biweekly Payment Rider [-~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and adnfinistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) ,'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 si~nilar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or si~nilar paper instrument, which is initiated through an electronic terufinal, 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 transfers, autonmted teller nmchine 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" ~neans any compensation, settlement, award of danmges, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) danmge to, or destruction of, the Property; (ii) conde~nnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions'as to, the value and/or condition of the Property. (M) "Mortgage Insurance" meaus insurauce protecting Lender against the nonpayment of, or default on, the Loan. (Iq) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any axnounts under Section 3 of this Security Instrument. (O) "RESPA" means fl~e 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 governs the same subject matter. As used in this 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. Initials: ~ (~}~-6(WY) (ooos) pag~ 2 of 15 "-"~ Form 3051 1/01 056 (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 aud/or fids Security Instrument. TRANSFER oF RIGHTS IN THE PROPERTY This SecUrity Instrument secures to Lender: (i) the repay~nent of the Loan, and all renewals, extensions and ~nodifications of the Note; and (ii) the performance of Borrower's covenants 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 : [Type of Recording Jurisdiction] [Name of Recording lurisdiction] LOT 123 OF STAR VALLEY P,J%NCH PLAT 6, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF *SEE ADJUSTABLE RATE RIDER Parcel ID Numbe~: 123518040106300 400 VISTA WAY THAYNE ("Property Address"): which currently has the address of [Street] [City] , Wyoming 8 312 ? [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. All replace~nents aud 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 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 against all claims and dmnands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use aud non-uniform covenants with linfited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender coveimnt 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 auy prepayment charges and late charges due under the Note. Borrower shall also pay fuuds for Escrow Items pursuant 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 fl~e Note or this Initials:(/~ (~)~-6(WY) 1ooo5} Page 3 of ~s .;r~ ~ Form 3051 1/01 057 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be nmde 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 iustitution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electroaic Funds Transfer. Payments are deemed received by Lender when received at the location designated iu 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 Payment or partial payment if file payment or partial payments are insufficient to bring the Loan current. Lender ~nay accept any payment or partial payment insufficient to bring file 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 Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrmnent or perfornfing the covenants and agreements secured by this Security Instrument. 2. Application of Pay~nents 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) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any renmining amounts shall be applied first 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 fl~e late charge. If more than one Periodic Payment is outstanding, Lender nmy apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent fllat, 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 nmy be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due ruder 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") 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 encumbrance on the Property; (b) leasehold pay~nents or ground rents on the Property, if any; (c) premimns 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 prmrdums 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 Com~nunity 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 furnish to Lender all notices of mnounts 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 tuffy be in writing. In the event of such waiver, Borrower shall Pay directly, when and where payable, the amounts Initials: ~ ~(D'6(WY) {oo05J Page4 of 15 ,~0..? Form 3051 1/01 O58 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. 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 the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay rite amount due for an Escrow Item, Lender nmy exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amonnt. Lender ~nay 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 nmy, 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 maxinmm amount a lender can require under RESPA. Lender shall estixnate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise itt accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is 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, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on rite Funds and Applicable Law permits Lender to xnake such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or eanfings 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 am~ual 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 for 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 amount necessary to nmke up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nhake up ate deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, 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 ate Property, if any, and Commmtity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the ~nanner 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 performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of rite lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but o~tly 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 deternfines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~-6(WY) Iooosl Pag. ~ o~ is Form 3051 1/01 059 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or nmre 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 connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against 10ss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained 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 terln of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time re]nappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone deternfination resulting from an objection by Borrower. If Borrower fails to nmintain any of the coverages described above, Lender nhay 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 might 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 fight 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 promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any lbrm 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 ]tot 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 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. U~fless an agreement is inade in writing or Applicable Law requires interest to be paid ou 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 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 InitiaJs: (~-6(WY) ,ooo5) Page6of 18 ,.5"/,r,,]/~ ,/ 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 :nay 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 amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) unddr all insurance policies coveting the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore rite Property of 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 tiffs Security Instrument 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, wlfich consent shall not be mtreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in cbnnection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation .for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of file Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at file 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 Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or t~tiled to provide Lender with nmterial infonuation) in co~mection with the Loan. Material representations include, but are not limited 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 Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrulnent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrmnent (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (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 Instrument; (b) appearing in court; and (c) paying reasonable Initials: (~_-6(WY) (ooo~1 Pa~ 7 ot ~ ~ Form 305 1 1 /Ol 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 nmke repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate building or other code violations or dangerous conditions, and have utilities 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 9 shall become additim~al 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 sucb 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 B6rrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of inaking the Loan, Borrower shall pay the prenfiums 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 nmke separately designated payments toward the premimns for Mortgage Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalem 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 nmrtgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender file 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, notwithstanding the fact that the Loan is ulti~nately 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 payxnents 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 desiglmted 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 premimns for Mortgage Insurance, Borrower shall pay the'premimns 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 file rate provided in the Note. Mortgage Iusurance reimburses Lender (or any entity that purchases the Note) for certain losses it nmy incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and nhay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to nkake payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance prenfiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, nhay receive (directly Or indirectly) amounts 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 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 amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of tile Loan. Such agreements will not increase time ammmt Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. Initial~:~ (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may iuclude the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds' shall be applied to restoration or repair of the Property, if the restoration or repair is econonfically 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 to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender ~nay pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the Stuns 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 in 'which the fair market value of the Property inunediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument itmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this SecUrity Instrmnent shall be reduced by the amount of the Miscellaneous Proceeds nmltiplied by the following fraction: (a) the total amount of the sums secured ilmnediately betbre the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property inm~ediately bc/bre the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. Iu the event of a partial taking, destruction, or loss iu value of the Property in which the fair lnarket yalue of the Property i~nmediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured irmnediately 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 stuns secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to nmke an award to settle a claim tbr da~nages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means 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 cri~nixml, 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 acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other 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 to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender.' All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied iu the order provided for in Section 2. Inltials:~ (~-6(WY) ,ooo5} Pagego, 15 "~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for paymeut 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 conmtence proceedings against any Successor in Interest of Borrower or to refuse to extend time for' payment or otherwise modify amortization of rite sums secured by this Security Instrument by reason of any demand made by rite original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising auy 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. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is ]tot personally obligated to pay rite stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can' agree to extend, modify, forbear or make any acco]nmodations with regard to the ter~ns of this Security Instrument or rite 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 rattier Otis Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights 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 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 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 Property and rights under this Security Instrument, including, but not linfited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, 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 tee. 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, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in coxmection with the Loan exceed the permitted linfits, 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 pernfitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepay~nent charge is provided for under rite Note). Borrower's acceptance of any such refund xnade by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All 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 .n~ailed by first class nmil or when actually delivered to Borrower's notice address if s~nt 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 unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall pro~nptly notify Lender of Borrower's change of address. If Lender specifies a procedure fo? reporting 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 Otis Security Instrulnent at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class nmil to Lender's address stated herein unless Lender has designated 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 dtis Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrulnent. taitials:~' 1~-6(WYI (ooo~ Page ~o of 15 Form 3051 1/01 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 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 contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or dxe 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 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 lira/ted to, those beneficial interests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or 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 ]nay require innnediate payment in full of all sums secured by this Security Instrument. However, dfis option shall not be exercised by Lender if such-exercise is prohibited by Applicable Law. If Lender exercises Otis oPtion, Lender shah give Borrower uotice 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 pernfitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or '(c) entry of a judg:nent entbrcing tlfis Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instnnnent and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agremnents; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not linfited 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 Leuder'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 tbrms, as selected by Lender: (a) cash; (b) money 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 Instrument) can be sold one or more times without prior notice to Borrower. A sale ufight result in a change in the entity (In]own 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 which payments should be nutde and any other information RESPA Initials~ I~)~-6(WY) Iooos) P~ ~ of Is Form 3051 1/01 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 assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lc]der may commence, 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 Instrnment or that alleges that the other party has breached any provision of, or any duty owed by reason of, tiffs Security Instrument, until such Borrower or Lender has notified file other party (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 rite gi~(ing 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 reaso~mble for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the uotice 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 Environmental Law and the following substances: gasoline, kerosene, other flarmnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located fl~at relate to health, safety or environmental protection; (c) "Environn~ental Cleaimp" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Envirmmaental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or flzreaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anyflfing affecting the Property (a) that is in violation of any Enviro~nnental 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 nornml residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall pro~nptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not li~nited 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 governmental or regulatory authority, or auy private party, that any removal or other remediation of any Hazardous SUbstance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~)~-6{WY) 1ooo~) Page 12 of 16 'Initial Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covmmnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach or, 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 g~ven to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrmnent 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 person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice .of the sale to Borrower in the manner provided in Section 15. Lender shall · publish the notice of sale, and the .Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be apl)lied 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) an)' 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 pernfitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. Initials. ~5 · (~i--6{WY) 100051 Page 13 of 15 Form 3051 1/01 '.'..: BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in tiffs Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. - (Seal) -Borrower KARlkN E. AFFLECK / / -Borrower (Seal) (Seal) -Bo~ower -Bo~ower (Seal) (Seal) -Bo~ower -Borrower (Seal) (Seal) -Borrower -Borrower (~(~6(WY) (0005) Pa~. ~4 of 15 Form 3051 1/0i UTAH STATE OF V~Y~IINOc-L-~ The foregoing instrument was acknowledged before me this by STEVEN R. AFFLECK AND KARIN E. AFFLECK SALT LAKE County ss: ]0 day Of December, 2003 MY Commission Expires: ~//~-"/~0 Of (~-6GIWY) Iooosl Page 16 of 15 Form 3051 1/01 ADJUSTABLE RATE RIDER ( 1 Year Treasury Index- Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 8 TH day of DECEMBER, 2003 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to WELLS FARGO HOME MORTGAGE, INC. (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 400 VISTA WAY, THAi'NE, WY 83127 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covemnt and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for au initial interest rate of 4.125 changes in the interest rate and the monthly payments as follows: %. The Note provides for 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of JAmlARy, 2007 and on that day every 12 MONTHS thereafter. Each date on which my interest rate could change is called a "Change Date." 0036808608 MULTISTATE ADJUSTABLE RATE RIDER - ARM 5-2 ~Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fannie Mae 4-2/5-2/6-2 ARM VMP MORTGAGE FORMS - (800)5~1-7291 ~ -- O7O (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year(s), as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) CalcUlation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND THREE-QUARTERS percentage points ( 2.7 5 0 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125 %). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then deterxnine the amount of the mondfly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in' substantially equal payments, The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 6.125 % or les~s than 2.750 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than TWO percentage points ( 2. 000 %) from the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater thanl0. 125 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment begimting on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (~822R (0008) Page 2 of 4 Initials: Form 3111 1/01 071 (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone ~mrnber of a person who will answer any question I may have regarding the notice. B. TRANSFER OF TItE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Instrument is amended to read as follows: 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 which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if 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 inmaediate payment in full of all sums secured by tiffs Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender i~fformation required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably deternfines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. : To the extent permitted by Applicable Law, Lender ~nay charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender nmy also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the 'transferee to keep all the pronfises and agreements made in the Note mid in this Security Instrument. Borrower will conti~me to be obligated under the Note and aris Security Instrument mdess Lender releases Borrower in writing. If Lender exercises the option to require iIrm~ediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not legs than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrmnent without further notice or demand on Borrower. Initials: (~822R (0008) Page 3 of 4 Form 3111 1/01 O?2 BY SIGI'JING BELOW, Borrower accepts and agrees to the terms and coveimnts contained in this Adjustable/R~'te Rider. (Seal) --;~~ ~-~-~~_~,~_4S/ea~) -Borrower -Borrower /~/~--Vl~l~ 'R .' A/Fg~-K/ KA~IN E. AFFLECK / / (Seal) (Seal) -Borrower -Borrower (Se~l) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower ~822R (0008) Page 4 of 4 Form 3111 1/01 073 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT R/DER is made this 8TIt day of D~..CEMBIiIR, 2003. , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust,. Or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to WELLS FARGO HOME MORTGAGE, INC. (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 400 VISTA WAY, THAYNE, WY 83127 [Property Address] The Property includes, but is not linfited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described inCOV~NJU,~TS, Co~,rD'rTIONS ~ RESTRICTIONS (the "Declaration"). The Property is a part of a plmmed unit development known as STAR VALLEY RANCH [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of file Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. 0036808608 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~,/~.~ 3150 1/01 Page 1 of 3 Initials:~ (~7R (0008) VMP MORTGAGE FORMS -(800)521-7291 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included witlfin the term "extended coverage," and any other hazards, i.ncluding, but. not linfited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage ~s provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to connnon areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Leuder. Lender shall apply the proceeds Zo the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in forln, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in co~mection with any condenmation or other taking of all or any part of the Property or the conm~on areas and facilities of the PUD, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandoxunent or termination of the PUD, except for abandomnent or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action whicl~ would have the effect of rendering the public liability insurance coverage nmintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice t¥om Lender to Borrower requesting payment. (~;7R (0008) Page 2 of 3 Initials: Form 3150 1101 O75 BY SIGNING B~)W, Borrower accepts and agrees to the terms and provisions contained in this PUD / ~ ,~ - -'-- eal) STE~ R. AFFLEC~// Borrower ~RIN E. AFFLECK -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Bo~ower -Bo~ower (Seal) (Seal) -Borrower -Borrower (~)~;TR (0008) Page 3 of 3 Form 3150 1/01