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HomeMy WebLinkAbout896188Whan Re~ord~d Rsturn T°: HOMECOMINGS FINANCIAL NffBNORI(, INC, One Meddlan Cms~ng, $1e. 100 Minneapolis MN 5~23 896188 !~OOK 54":~' PRPAG~ i~ 8 4 RECEIVED LINCOLN COUHTY CLERK 03 D,:.£ 23 PI! 3:50 State of W¥omb~g . Space Above TI,la Line ~or Recerdlng Data MORTGAGE (With Future Advance Clause) MIN: 100062604191113648 DATE AND PART[ES. The date of this Mortgage (Security Instrument) is .... ~.~..C..g..~..?..E..R.....1.7.'?.~.:....2.,.0,.0..3. panics, their addresses and tax identification numbers, if required, ~re ~ follows: and the MORTGAGOR: w. CURTIS MIZNEI~ AND MELISSA M1ZNER, ltUflBAND AND Wll:n 1 If checked, refer to' the attached Addendum incorporated herein, for additional Mortgagors, their s,gnatures and aclmowledgments.~ LENDER: HOMECOMINGS FINANCIAL NETWORK INC. 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing Under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (Egg) 679-MERS. CONVEYANCE, For good and valuable, eonsid.e/ation, the receipt and sufficiency o_f which is a3knowledged, and .to secure th~. Secured Debt (defined below) and Mortgagor s peffonnanc~ under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to MERS (solely as nomine~ for Lender and Lender's succassors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property: LOT 77 OF STAR VALLEY RANCH PLAT 17, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. The property is located in ...~.3;.~. q.0..L.H .................................................. at ..... .1..1....s..T.&.g...q.I.B..qhE ............ (County) ...... .?..H.5~..19.~ ........... · ...................... Wyoming ..... .8. ~ .1. .2. .7 ........ (~ddre~s) '(City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, o~l and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures; fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). Mortgagor understands and agrees that MERS holds only legal title to the interests granted by Mortgagor in this Security Instrument; but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's sue,teasers and assigns) has the right: to exercise any or all of those interests, .including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $: ..................... .3..8. t..0..9.Q.:.0.9. ............... This limitation of amount does not include interest and other fees and charges validly made pursuant to this Semu'ity Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of tho covenants contained in this SecuritY InstrumenL SECURED DEBT AND I*UTUILE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incun'ed ut)der the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and-all their extensions, renewals, modifications or substitutions. (You must specifically identify the debt(s) secured and you shottld include the final matt~rity date of such debys).) Borrower(s) Home EquHy Line of CrcdJI.Agreemea~t ,and Promissory Note to Lender dated DECEMBER 17TI. l, 2 003 in tim principal sum of U.S. $ 38 r. 000,00 , with interest thereon, pro¥idlng for monthly installmenta of principal and intreat, with the balan~ ofindebteclness, if not ~aoner paid, due and payable on DECEMBER iTTH, 2018 WYOMING - HOME EQUITY LINE Ol= CREDITMORTGAGE (NOT FORFNMA, FHI.NIC, FHA ORVA USE) ~ . litE4 Banke/a Syatam~,'lnc., $i. Cloud, biN Form RFCOCPRMTGWY lllllZ001 MFWY70~O (tl02) I IM1-91t138.4 B; All fi~ture advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissor. note, contzact, guaranty, or other evidence of debt executedby Mortgagor in favor of Lender executed a~ter this Securiv Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Seourit: Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligatior~ that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All future advances and other future obligations ara secured by this Security Instrument ,yen though all or part may not yet b'e advanced. All future advances and other future obligations are secured as if made on the date of this Security Ins~ument. Nothing in this Security Instrument shall constitute a commitment to malco additional or future loans or advances in an' amount. Any $'ueh commitment must be agreed to in ~ separate writing. C. All other obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, ineludin but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, Preserving or otherwise protecting Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Securi~ Instrument. In the event that Lender fails to provide any necessary notice of the right of rescission with respect to any addltionat indebtedness secured under paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor'~ principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts refereneefl in paragraph A of this Soot.ion). MORTGAGE COVENANTS. Mortgagor agrees that the covenants in this section are material obligations under the Sectored Debt and this Security Instrument. If Mortgagor breaches any covenant in this section, Lender may refuse to make additional extensions of credit and reduce the credit limit. By not exercising either remedy on Mortgager's breach, Lender does not waive Lender's right to later consider the event a hreaeh if it happens again. Payments. Mortgagor agrees that all payments under the Secured Debt will be paid xvhcn due and in accordance with the terms of the Secured Debt and this Security Instrument. Prior Security Interests, With rcga.rd to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to ~erform or comply with. all covenants. Mortgagor also agrees not to allow any modification or extension of, nor to request any thture advances under any note or agreement secured by the lien document without Lender's prior written approval. Claims Against Title. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notlees that such amounts are due and the receipts evidencing Mortgager's payment. Mortgagor will defend title to tho Property against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requesbsd by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations and Inspection. Mortg.agor will keep the Property. in good condition and males all repairs that are reasonably necessary.. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature of tiao occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, rcstrictlve covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents 'may, at Lenders option, enter the Property at any reasonable time for the pml~ose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the ?roperty shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. Authority to Perform. If Mortgagor fails to perform any duty or any of the covenants contained in ~is Security Iustmment, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgager's nme or pay any amount necessary for performance. Lenders right to perform for Mortgagor shall not create an obligation to perftrm, and Lender's failure to perform will not preclude Lender from exercising any of Lendvr's other rights under thc law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgager's duties under the covenants, by-laws, or regulations of the condominium or planned unit development. Cendemnatloa. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take aa~y or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagors nam~ in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages conncetedwith a condemnation or other talcing of all or any part of the Property. Suer prose.ods shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject totho terms of any prior mortgage, deed of ~-ust, security agreement or other lien document. Insurance, Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associatedwlth the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing tt~e insurance shall be chosen by Mortgagor subject m Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain foverage to protect Lender's fights in the Property according to the te~ns of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals, if Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to thc insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless othenviso agreed in writing, all insurance proceeds shall be applied to the r~storation or repair of tbs .Property or to the· Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to (page 2 o£ ,~) ~ . lB04 ~ankem Syat=m=. In=.. St. Cloud. MN Form RFCOCPRMTGWY 1/11/2001 MP"WYTe~0 (1/0~} I 041-~t11~04 ~_~¢~r/ t,y~t,~ principal shall not extend or postpone t.b¢ due date of the scheduled payment nor change th.e amount of any payn~.ent. Any. excess will be paid to the Ivlortgagor, If the Property is acquired by Lender, Mortgager's right to any insurance policies anct proceeds resulting from damag~ to the Propexl:y before tl~e acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. , Fiuanelal Reports and Additional Documents, Mortgagor will provide to Lender upon request, any.financial ~tatement infonnation Len&'r may deem reasonably nc,cssary. Mortgagor agrees to sign, deliver, and file any additional documents or certifieatlons ~hat Lender may consider necessary to perfect, continue, and preserve Mortgagor'~ obligations under this Security Instrument and Lender's lien sh~ttus on the Property. DUE ON SALE, Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or cents'act for the creation of, a trausfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.IL 591), as applicable. DEFAULT, Mortgagor will be in default if any of the following occur: .. Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Sccur, d Debt that is an open end home equity plan fails to make a pzyment when duc, Property. Any action or inaction by the Borrower or Mortgagor occurs that adversely affects the PropetW or Len&r's fights in the Property. This includes, but is not limited to, the following: (a) M. ortgagor fails to maintain required insuranhe on the. Property; (b) Mortgagor transfers the Property; (c) lvlortgagor eomm~t~ waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects Lender's security; (d) Mortgagor fails to pay taxes on the Property or otherwise fails to act and thereby causes a llen to be filed against th, Propvrty that is senior to the lien of this Security Instrument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor,' any Mortgagor dies and Lender's security is adversely affected; (g) the Property iS taken through eminent domain; th) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to aetmn' that adversely affects Lenders'" interest; or ti) a prior lienholder forecloses on the Property and as a result, Lender's interest is adversely affected. Executive Officers. Any Bon'ower is an executive officer of Lender or an affiliat¢ and such Borrower becomes indebted to Lender or another lender in an aggregate amount greater than the amount permitted unde. r federal laws and regulations. REMEDIES ON DEFAULT. In addition to any other remedy available under thc terms of this Security Instrument, Lender may aceeleratethe Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. In some instances, federal and state law wilt require Lender to provide Mortgagor with notice of the fight to cure, or other notices an.d may establish time schedules for foreclosure actions. At the option of the Lendcr, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, without limitation, the power to sell the Property. The aeeeptarfee by Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or a.fh;r foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagors default, Lender does not waive Lender's right to later consider the event a default if it happens again. EXPENSESI ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covetumt in this Security Instrument, Mortgagor' agrees to pay ,all expenses Lender incurs in performing such covenants or protecting its sc,urity ifiterest in the Property. Such expenses include, but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Propet~ and Lender's security interest. These expenses are payable on demand and will bear inter,st from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incuxxed by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. To thc extent permitted by the United States Bankruptcy Code, Mo.rt.gagor agrees to pay the reasonable attorneys' fees Lender incurs to collect the Seca~red Debt as awarded by any court exermsmg jurisdiction under thc Bankruptcy Code... This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 10. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES.' As used in this section, (1) Environmental Law mea~0s, without limitation, the Comprehensive Envkomneutal Response, Compen,~atlon and Liability Act (CERCLA, 42 U.S.C. 96 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) H~ard0us SubStance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerou~ or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," 'toxlc substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and. agrees that: A. Except as previously disclosed and acknoMedged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not app. ly to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal Usc and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been~ are, and shall remain in. fU!l compliance with any applicable Environmental Law. C. Morlgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning thc Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Enviromnental Law. D. Mortgagor shall immedlatelynotify Lender in writing as soon as Mortgagor has reason to believe there is any pending or tin'catcher investigation, claim, or proceeding relating to the release or threatened releas~ of any Hazardous Substance or the violation of any Environmental Law. 1~'/'¥7695 (1tOll / o41..qlltoe4 687 11. ESCROW FOR TAXES AND INSIYRANCE. Unless otherwise provided in a separate agreement, Mor~gagor will not be required to pay to Lender funds for taxes and insurance in escrow. 12. JOINT AND INDMDUA_L LIA.BILI~; CO-SIGNERSi SUCCESSORS AND ASSIGNS BOUND. All duties under this Sccurlty Instrument are joint mad individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor .does so only to mortgage MortgagnPs interest in tho Property to secure payment of the Secured Debt and Mortgagor does not agree to be pvrsonally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender m~d Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or an.y party indebted under thc obligation. These rights may include, but are not limited to, any ant!-defieieney or onvoactmn laws. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. { 13. SEVERABILITY; INTERPRETATION. This 8ecuri.ty Instrument is complete and fully integrated. This Secarity Instrument may not be amended or modified by oral agreement. Any section in this Secm-hy Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits thc variations by ~witten agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of thc remainder of this Security Instrument. Whenever used, lhe singular shall include the plural and the plural the singular. The captions and headings of the sections of this Security Instrument are for convenience only and arc not to be used to interpret or define the terms of this Security instrument. Time is of the essence in this Security Instrument. 14. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailingit by first class mail to the appropriate party's address on page I of thi,~ Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 15. WAIVERS. Except to the extent prohibitud by law, Mortgagor waives any right regarding thc marshalling of liens and assets and all homestead exemption fights relating to the Property. 16. LINE OF CREDIT. The Secured Debt includes a revolVing llne of credit. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until r~leased. 17. APPLICABLE LAW. This Security Instrument is gnvernod by the laws as agreed to in the Secured Debt, except to the extent ~ required by the laws of the jurisdiction where the Property is located, and applicable federal laws and regulations. lg, RIDERS. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend. the terms of this Security Instrument. [Check all applicable boxes] 1 Assignment of Leases and Rents lX Other ..... ~.u. 2..BT, P,~B ........................................ ................................. 19, I ADDITIONAL TERMS. SIGNATURES~ By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also acknowledges receipt of a copy of this S~curity Instn~mcnt on the date stated on page 1. ('g mx~.) W, CURTIS M~ZlqgR (Date) (Dar~) ACICNOWLEDGMENT: STATE OF .~...C~.O.~j,,~,,.~ ........... , COUNTY OF L ~ .~,.. ~-~(Q.,k,~, '> ss This instrument Was ackamwled ed before me ~is J~5~] ......... ~;; if '~'~ ........ O 900 ~. ,.,,~ ,, ,~ ~ _ ... ................ ,,, ..... ~BK,~.~ ........... by .~.:.~.Cm~./~.lz~B[~ ...... ~..~.b.....J.~1g.k~$~A....l~B.~.q.~ ......... : ......... My commission expkes: 3 - ~ [ - O ~ (S,al) · Cfi. NEEL- REINHAR'r.~ Notary Public County of~ State of Lincoln Wyoming My Commission Expires March 18, 2005 IvlFwY"r $8 $ PLANNED UNIT DEVELOPMENT RIDER 688 THis PC^~Nn~ UNIT DEVELOPMENT PODEI1. is made this ..~Z~. day of...P.~gSEPSgx..g.9.9.¢, and is inco~oratcd into and shall be deemed to ammd and supplment ~e Moggage, Deed of Trust or SecudW Deed ¢he "Sec~W InsmmmW') of ~e same date, given by ~e. undesired (the "Moggagoff~tor") to scene Mm~gagor's/~tor's Note to ...................................... · ....... HO~COMINGS FINANCIAL NETWORK INC (th~ "L~der") of the sine date and covering the Prop~ described in the Sec~W Ins~ment ~d located at: ~ ~..~A~..~.~kS~...~.~.5~,...~...~.¢.~23 ............................................................ ~e Propo~ includes, but is not limited to, a p~cel of land improved with a dwelling, togefl~ xwth other such p~cels and cegam co~on ~eas and hcfl~tms, as d~mbed m ....................... ggS~Y.$.~I$.,...gPPP.;.T.;.9.~.,...~P..gA~.T~.5~ ~P~ ............................................. (the "Declaration"). ~e Prope~ is a peg of a pla~ed unit developm~t ~own as .................... ~..Y.[hh~X..~Y5.~ ........................................................................................... [Nama of Planaod Unit Oevolopmanl] (~e "PUD"). ~e Propegy also includes Mo~gagor's/~antois inter~t in ~e homeomers association or equivalent entity oming or managing the co--on gees ~d faciliti~ of ~e PUD (~e "Oxm~ers Association") and the uses, b~efi~ and proceeds of Mo~gagor's/~ntor's intreat. PUD CovE~;s. In addition to the coven~ ~d a~cments made in ~e SecufiW Insm~t, Mo~gagoff~antor and Lmader fi~ covmant and a~ee as follows: A. PUD Obligations. Moflgagoff~ntor ahall peffo~ all of Mo~gagor's/~ntor's obligations und~Y thc PUD's Consti~ent Docum~ts. ~e "Consfi~t Documents" are tho: (i) Declaration; (ii) mfcl~ of inco~oration, ~st ins~ent or any equivalmt document which creates ~e Om~s Association; and (iii) ~y by-laws or other roles or re~lations of ~e Ox~ers Association. Moagagoff~ntor shall promptly pay, when due, all dues and assessm~ts imposed pursuit to ~e Cons~ment Documents. B. Hazard Insurance. So long as the O~ers Association maintains, with a genially accepted insur~ce ca~, a "master" or "bla~et" policy insuring the Prope~ which ~s satishctou to Lender ~d which pro,des instance covenge in ~e amounts, for the periods, and against the hazards Lmder requires, including fire and hazards included Mthin ;he t~ "extended coverage," thru; Mmtgagor's/~antor's obligation to maintain hazard insurance coverage on the Prope~y is deemed satisfied to the extent ;hat ~e required coverage is prodded by the Owners Assoclation policy. Mo~gagoffOrantor shall give L~der prompt notice of any lapse in required hazard insurance coverage pr0Gded by fl~c master or bluet policy. In ~e event of a disffibution of hazard insurance proceeds in lieu of restoration or repair folloMng a loss ~o thc Prope~, or to co~on ~eas and hcilihes of the PUD, ~y proceeds payable to Mo~gagoff~antor are h~cby assigned and shall be paid to L~(I~. Lender shall apply the proceeds to tho sums seared by the Security hs~mmL with ~y execs paid to Mm~gagoff~'~tor. C. Pnblic L~ablilW Insurance. Mongagoff~antor shall talc~ such actions as may be reasonable to insure that ~e O~ers Association maintains a publi~ liability in~rancc policy acc~table in fo~, amom~t, and extent of coverage to L~der. M}'CD~ ?gl (2/97) / 041-9111364 laankam Sy~tam~, ln~.. St. Clot~d, MN (1-~00-397-2~.1 Fo~m RFO-PUD-R 11114/90 689 D, Condemnation. The proceeds of any award or claim for dmnages, direct or consequentlall payable to Mortgagor/G-router in connection with any condenmation or other t~ldng of all or any part o~ tho Property or the common areas and facilities of tho PUD, or for any conveyance in lieu of condmnnation, are hereby assigned and shall bc paid to Lender. Such proceeds shall bc applied by Lender to thc sums secured by the Security Instrument. ' E. Lender's Prior Consent, Mortga~or/Crrantor shall not, except after notice to Lender and wifl~ Lender's prior written consent, either partition or subdivide the Property or consent to: (i) tho abandonment or termination of' the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualw or in the case of a talcing by condenmation or eminem domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for thc express benefit of Lender; (iii) temfination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F, Remedies. If Mortgagor/Cn'a~tor docs not pay PUD dues and assessments when due, th~ Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Mortgagor/Grantor secured by ~e Security' Instrument. Unless Mortgagor/Orantor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Mortgagor/Grantor requesting paym~mt. By Sm~qr~o B~.ow, 'Mortgagor/Grantor accepts and agrees to the terms and provisions contained in this PUD Rider. W, CURTIS M1ZNER f~ -Mortgagor/Grantor ......................... ~GL1SS~ MIZNRR [ ! .Modgagor/Orant~r ................................................................................. (Seal) .MorlflaflorlGra~lor ................................................................................... (Seal) -Mnrtgagot/Ora~lor (2/97) / 0al-O11136-4 Systoro8, In*., St. cloud, MN {~-~oo,,307.2~1) Form RFC-PUD-R 11/t4/911 (page 2 of 2)