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HomeMy WebLinkAbout897115WHEN RECORDED MAlL TO: OPTION ONE MORTGAGE CORPORATION P.O. BOX 57096 IRVINE, CA 92619-7096 ATTN: RECORDS MANAGEMENT Loan Number: 321017207 Servicing Number: 001267809-0 8 15 [Space Above This Line For Recording Data]. MORTGAGE RECEIVED LIN,3OLI'.I COUNTY CLERK F .Ft":I 2' 36 ':BOOK 5~7_PRPAGE 7 0 3 THIS MORTGAGE ("Security Instrument") is given on STEVE WICKS AND SHARON WICKS, HUSBAND AND WIFE ("Borrower")· This Security Instrument is given to Option One Mortgage Corporation, a California which is orgalfized and existing under the laws of CALIFORNIA 3 Ada, Irvine, CA 92618 ("Lender"). BorroWer owes Lender the principal sum of TNO HUNDRED THIRTY ONE THOUSAND SEVEN HUNDRED. FIFTY February 02, 2004 · The ~nortgagor is Corpora t ion , and whose address is · . .AND NO/100THs Dollars (U.S. $231,750.00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on March 01, 2034 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other stuns, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note· For this purpose, Borrower does hereby mortgage, grant, convey and warrant to Lende~r, with power of sale, the following described property located in l,incol n County, Wyoming: 12-3419-23-2-00-039.00 LOT 9 OF WEST THAYNE SUBDIVISION TO THE TOWN OF THANYE, LINCOLN COUNTY, WYOMING AS. DESCRIBED ON THE OFFICIAL PLAT THEREOF. which has the address of Wyoming 83127- [Zip Code] 372 HEAP DR, THAYNE [Street, City], ("Property Address"); TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. Ail replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record· Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record· COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. F,nds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to WYOMING - Single Family Page 1 of 6 WYD10011 (06-23-98) Loan Number: 321017207 704 Servicing Number: 001267809-0 Date: 02/02/04 Lender on the day ~nonthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premimns, if any; and (f)'any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums l These items are called "Escrow Itelns." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan nmy require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as ameuded from time to time, 12 U.S.C. Section'2601 et seq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, ammally aaalyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan,, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any iuterest or eanfings.on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Fuuds and the purpose for wtfich each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument. If the Funds held by Leuder exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If, under Paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrmnent. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under file Note; second, to amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold Payments or ground rents, if any. Borrower shall pay these obligations in the ~nam~er provided in paragraph 2, or if not paid in that nmnner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly funfish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these pay~nents directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. 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 nmnner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opiuion operate to prevent the enforcement of the lien; 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 may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or' take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard or Property In.minute. Borrower shall keep the i~nprovements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance .shall be maintained in' the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably wifluheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage Clause. Lender shall have the right to hold file policies and renewals. If Lender requires, Borrower sliall promptly give to Lender all receipts of paid premiums and renewal notices. 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, or applicable Law otherwise requires, insurance proceeds shall be applied first to reimburse Lender for costs and expenses incurred in connection with obtaining any such insurance proceeds, and then, at Lender's option, in such order and proportion as Lender nmy deternfiue in its sole and absolute discretion, and regardless of any impairment of security or lack thereof: (i) to the sums secured by this Security InstrUment, whether or not then due, and to such components thereof as Lender may determine in its sole and absolute discretion; and/or (ii) to Borrower to pay the costs and expenses of necessary repairs or restoration of the Property to a condition satisfactory to Lender. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, Lender may collect the insurance proceeds. Lender nmy, in its sole and absolute discretion, and regardless of any impairment of security or lack thereof, use the proceeds to repair or restore the Property or to pay the sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in Writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments, if under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument innnediately prior to the acquisition. If Borrower obtains earthquake i insurance, any other hazard insurance, or any other insurance on the Property and such insurance is not specifically required by Lender, then such insurance shall (i) name Lender as loss payee thereunder, and (ii) be subject to the provisions of this paragraph 5. ' Page 2 of 6 WYD10012 (06-23-98) 6. Occupancy, Preservation, Maintenance and Protection of thc Property; Borrower's Loan Application; Leaseholds. Borrower acknowledges that the Lender does not desire to nmke a loan to Borrower secured by this property on the terms contained in the Note unless the property is to be occupied by Borrower as Borrower's primary/secondary residence. Lender makes non- owner residence loans of different terms. Borrower promises and assures Lender that Borrower intends to occupy this property as Borrower's Primary/secondary residence and that Borrower will so occupy this property as its sole primary/secondary residence witlfin sixty (60) days after the date of the Security Instrument. If Borrower breaches this promise to occupy the property as Borrower's primary/secondary residence, then Lender may invoke any of the following remedies, in addition to thc remedies provided in the Security Instrument; (i) Declare all sums secured by the Security Instrument due and payable and foreclose the Security Instrument, (2) Decrease the term of thc loan and adjust the monthly payments under the Note accordingly, increase the interest rate and adjust the monthly payments under the Note accordingly, or (3) require that the principal balance be reduced to a percentage of either the original purchase price Or the appraised value then being offered on non-owner occupied loans. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or conunit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil br criminal, is begun that in Lender's go, od faith judgment could result in forfeiture of the Property or otherwise materially impair the lien created by. this Security Instrument or Lender's security interest. Borruwcr may cure such a default and reinstate,' as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determinationl precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also bc in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material infornnation) in connection with thc loan evidenced by the Note, including, but not linfited to, representations conccrning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. Borrower shall, at Borrower's own expense, appear in and defend any action or proceeding purporting to affeCt the Property or any portion thereof or Borrower's title thereto, the validity or priority of the lien created by this Security Instrument, or the rights or powers of Lender with respect to this Security Instrument or thc Property. All causes of action of Borrower, whether accrued before or after the date of this Security Instrument, for damage or injury to the Property or any part thereof, or in connection with any transaction financed in whole or in part by the proceeds of the Note or any other note secured by this Security Instrument, by Lender, or in connection with or affecting the Property or any part thereof, including causes of action arising in tort or contract and causes of action for fraud or conceahnent of a material fact, are, at Lender's option, assigned to Lender, and the proceeds thereof shall be paid directly to LendeJ: who, after deducting therefrom all its expenses, including reasonable attorneys' fees, may apply such proceeds to the stuns secured by this Security Instrument or to any deficiency under this Security Instrument or may release any mo~fies so received by it or any part thereof, as Lender may elect. Lender nnay, at its option, appear in and prosecute in its own name any action or proceeding to enforce any such cause of action and may nkake any compromise or settlement thereof. Borrower agrees to execute such further assiglnnents and any other instruments as from time to time may be necessary to effectuate the foregoing provisions and as Lender shall request. 7. Protection of Lender's Rights in the Property. If Borrower fails to perfOrm the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may sig~fificantly affect Lender's rights in the Property (such as a proceeding in bankruptcy~ probate, for condenmation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary: to protect fl~e value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, Paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Borrower secured by this 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 in effect from time to time and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage Insawance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an altenmte mortgage insurer approved by Lender. If substantially equivalent mortgage insurauce coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments asa loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. Borrower shall pay the premiums required to ~naintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law. 9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condenmation. The proceeds of any award or claim for damages, direct or consequential, in com~ection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Lender may apply, use or release the conde~nnation proceeds in the saxne nkanner as provided in paragraph 5 hereof with respect to insurance proceeds. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condenmor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. U~fless Lender and Borrower otherwise agree in writing, any application of proceeds tO principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 or chm~ge the amount of such payments. 11. Borrowel Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall Page 3 of 6 WYD10013 (06-23-98) Loan Ntl~.}(.l~_l~_/v~32.~.~1~o~72o7,(_~},~ ~' 1~ Servicing Number: 001267809-0 Date: 02/02/04 70 8 not operate to release &e liability of fl~e ofigiml Borrower or Bo~ower's successors in interest. Lender shall not be required to commence, proceedings against any successor in interest or re~se to extend time for payment or ofl~erwise inodi¢ amortization of fl~e su~ secured by tiffs Security hmtmment by reason of any de]rand rode by ~e origiml BOrrower or Bo~ower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude rte exercise of any fight or remedy. 12. ~smm ~ Assig~ ~nnd; Jo~ and ~ve~ Liable; ~-signem. The covemnts and agreements of tiffs Security Instrument shall bind and benefit fl~e successors and assigns of Lender and Borrower, Subject to ~e provisions of paragraph 17, Borrower's covemnts and agreements shall be joint and several. Any Borrower who co-sig:~ tiffs Security Instrument but does not execute ~e Note: (a) is co-sigMug Otis Security h~trument o~y to mortgage, grant and convey flint Borrower's interest in ~e Property under fl~e ternm of ~is Security Instrument; (b) is not perso~mlly obligated to pay flxe sur~ secured by tiffs Security Instrument; and (c) agrees ~at Lender and any oilier Bo~ower ~my agree to extend, modify, forbear or nmke any accon~odatio~ wifl~ regard to ~e temm of ~is Security I~tmment or fl~e Note wiflmut flint Bo~ower's consent. 13. ~ ~ges. If ~e loan secured by ~is Security Instrument is subject to a law which sets ~mum loan charges, and fl~at law is fimlly inte~reted so flint ~e interest or ofl~er loan charges collected or to be collected in co:mection wi~ fl~e loan exceed tim permitted li~ts, ~en: (a) any such loan charge shall be reduced by fl~e amount necessary to reduce fl~e charge to fl~e permitted li~t; and (b) any sunu already collected from Borrower wlfich exceeded penMtted linfits will be reMnded to Borrower. Lender nmy choose to nmke tiffs reMud by reducing fl~e principal owed under fl~e Note or by ~mking a direct payment to Bo~ower. If a reMnd reduces principal, ~e reduction will be treated as a partial prepayment wi~out any prepayment charge under fl~e Note. 14. Nofi~s. Any notice to Borrower provided for in tiffs Security Instrument shall be given by delivering it or by nmiling it by first class mil unless applicable law requires use of anofl~er meflmd. The notice shall be directed to fl~e Property Address or any o~er address Bo~ower desigmtes by notice to Lender. Any notice to Lender shall be given by first class ~mil to Lender's address stated herein or a~Y ofl~er address Lender desigmtes by notice to Bo~ower. Any notice provided for in ~is Security Instrument shall be deemed to have been given to Bo~ower or Lender when given as provided in ~is paragraph. 15. ~ve~g ~w; ~vembBi~. This Security I~tmment shall be governed by federal law and ~e law of fl~e jurisdiction in which &e Property is located. In ~e event ~at any provision or clause of ~is Security Instrument or ~e Note co~ffiicts wi~ applicable law, such conflict shall not affect o~er provisions of ~is Security Instrument or ~e Note which can be given effect wi~out ~e conflicting provision. To ~is end fl~e provisions of ~is Security Instrument and ~e Note are declared to be 'severable. 16. ~ower's ~py. Bo~ower shall be given one confo~ed copy of fl~e Note and of ~is Security Instnunent. 17. T~fer of ~e ~o~ or a ~mfic~ ~rest ~ ~ower. If all or any part of ~e Property or any interest in it is sold or transferred (or if a beueficial interest in Bo~ower is sold or transferred and Borrower is not a mtural person) wi~out Lender's prior written cogent, Lender my, at its option, require i~mediate payment in hll of all su~ secured by tiffs Security Instrument. However, ~is option shall not be exercised by Lender if exercise is prohibited by federal law as of fl~e date of this Security Instrument. if Lender exercises ~is option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less ~an 30 days from fl~e date ~e notice is delivered or ~iled wiflfin which Borrower must pay all sums secured bY tiffs Security I~tmment. If Bo~ower fails to pay fl~ese su~ prior to ~e expiration of ~is period, Lender ~y invoke any remedies pernfitted by tiffs Security I~tmment wi~out brier notice or deumnd on Borrower. 18. ~ower's ~ght ~ ~. If Bo~ower meets certain conditions, Bo~ower shall have fl~e right to have enforcement of ~s Security Instrument discontinued at any time prior to fl~e earlier of: (a) 5 days (or such ofl~er period as applicable law my specify for reinstatemen0 before sale of fl~e Property pursuant to any power of sale contained in ~is Security hmtmment; or (b) entry of a judgment enforcing ~is Security Instrument. Those conditions are flint Borrower: (a) pays Lender all sunu which ~en would be due under ~is Security I~tmment and ~e Note as if no acceleration had occurred; (b) cures any default of any o~er covemnts or agreements; (c) pays all expenses incu~ed in enforcing tiffs Security Instrument, including, but not lil~ted to, reasomble attorneys' fees; and (d) takes such action as Lender ~y reasombly require to assure flint ~e lien of Otis Security Instrument, Lender's rights in ~e Property and Borrower's obligation to pay fl~e su~ secured by ~is Security Instrument shall continue unchanged. Upon reinstatement by Bo~ower, Otis Security I~tmment. and ~e obligations secured hereby shall re~in ~lly effective as if no acceleration had occu~ed. However, ~is right to reinstate shall not apply in fl~e case of acceleration under paragraph 17~ 19. ~e of Nora; ~ange of ~ ~r. The Note or a partial interest in ~e Note (togefl~er wi~ ~is Security Instrument) my be sold one or more times wi~out prior notice to Borrower. A sale my result in a change in ~e entity (h~own as me "Loan Servicer") that collects monody payments due under ~e Note and ~is Security Instrument. There also may be one or more changes of ~e Loan Servicer m~elated to a sale of fl~e Note. If ~ere is a change of ~e Loan Servicer, Borrower will be given written notice of ~e change in accordance wi~ paragraph 14 above and applicable law. The notice will state ~e ~mme and address of ~e new Loan Servicer and fl~e address to which payments should be rode. The notice will also contain any other infon~tion required by applicable law. The holder of ~e Note and ~is Security I~tmment shall be deemed to be fl~e Lender hereunder. 20. Hazardous ~bs~ances. Borrower shall not cause or per~t fl~e presence, use, disposal, storage, or release of any Hazardous Substances on or in fl~e Property. Bo~ower shall not do, nor allow anyone else to do, anyflfing affecting ~e Property · at is in violation of any Enviromnental Law. The preceding two sentences shall not apply to ~e presence, use, or storage on fl~e Propeay of s~ll quantities of Hazardous Substances flint are generally recog~zed to be appropriate to nonml residential uses and to nmintemnce of ~e Property. Borrower shall promptly give Lender written notice of any investigation, claim, demnd, lawsuit or o~er action by any govenunental or regulatory agency or private party involving ~e Property and any Hazardous Substance or Enviro~m~ental Law of wlfich Borrower has actual knowledge. If Borrower learns, or is notified by any govermental or regulatory au~ority, flint any removal or o~er remediation of any Hazardous Substance affecting fl~e Property is necessa~, Borrower shall promptly take all necessary remedial actions in accordance wi~ Enviromnental Law. Borrower shall be solely respo~ible for, shall inden~fy, defend and hold ha~ess Lender, its directors, officers, employees, attorneys, agents, and fl~eir respective successors and assigns, from and agai~t any and all claims, de~mnds, causes of action, loss, damge, cost (including actual attorneys' fees and court costs and costs of any required or necessary repair, cleanup or detoxification of ae Property and ~e preparation and implementation of any closure, abatement, contaimnent remedial or o~er required plan), e~e~es and liability directly or indirectly arising out of or attributable to (a) ~e use, generation, storage, release, fl~reatened release, discharge, disposal, abatement or presence of Hazardous Substances on, under or about ~e Property, (b) ~e tra~mport to or from ae Property of any Hazardous Substances, (c) ~e violation of any Hazardous ~bstances law, and (d) any Hazardous Substances clai~ns. Page 4 of 6 ~DI0014 (06-23-98) 707 Loan Number: 321017207 Servicing Number: 001267809-0 Date: 02/02/04 As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Enviromnental Law and the following substances: gasoline, kerosene, other flannmble or to~c petroleum products, to~c pesticides and herbicides, volatile solvents, materials contai~ng asbestos or formldehyde, and radioactive n~terials. As used in tlfis paragraph 20, v~romental Law" nieans federal laws and laws of fl~e ~ufisdi.ction where the Property is located that relate t0 health, safety or environmental protection. ADDITIONAL COVENANTS. Bo~0wer and Lender ~rd~er covm~nt and agree as follows: 21. A~le~fion; ~es. Iffy ~ment ~der ~e No~ or notes ~ hereby is noted when due, or ~o~d ~ ~ defa~t ~der ~y provision of ~s ~ ~s~e~, or if ~ower is ~ defa~t ~der ~y o~er mongage or o~er ~ment ~ur~ by ~e Pro~, ~ ~ ~ by ~is ~ l~e~ ~d a~m~ ~te~est ~ermn s~ at due ~d ~yable at ~e option of ~nder M~out prior nofi~, exit ~ o~e~ r~ by a~ble hw, ~d prior for~ce, h ~ch event, ~nder, at i~ opfioa, ~d ~bj~t ~ app~mble ~w, my ~en or ~er~er for~lo~ ~e.nt eider by adveffi~mem ~ ~e of ~e Pro~ ~ provid~ by s~te (~e ~wer of ~e pro~d~ for by s~ ~g hereby expressly g~ to ~nder by ~oweO or by ~ action in ~, ~d ~y ~voke ~y o~er retakes or ~e ~y o~er actions ~.~ by applimble law. ~nder w~ mll~t ~ ex~s ~c~ ~p~ ~e re~es d~d~ ~ ~s Prograph 21, ~clu~, but not ~t~ to, r~mble attorneys' f~s ~d msB of rifle evident. If ~nder ~vok~s ~e ~wer of ~e, ~nder s~ give nofi~ 0f ~tent to for~lo~ to ~ower ~d to ~e ~n ~s~ssion of ~e Pro,ny, if ~fferent, ~ a~rd~ M~ app~mble ~w. ~er s~ give mfi~ of iB ~em to for~lo~ to ~rrower by ceffifi~ ~1, re~ r~ipt, ~ fl~e ~ner provid~ ~ ~gmph 14. ~e~ s~ pub~sh ~e nofi~ of ~e, ~d · e Pm~ s~l ~ mid in ~e ~ner pre~d~ by app~ble law. ~nder or i~ desig~ my pum~ ~e Pro~ at ~y ~e. ~e proc~ of the ~e s~.l ~ appli~ ~ ~e fo~ow~g order: (a) to ~1 ex~s of ~c ~e, ~clu~g, but not ~i~ to, r~mmble atto~ys' f~s; ~) to ~l ~ ~ by ~is ~ ~m; ~ (c) ~y ex~ to ~e ~n or ~ leggy enfifl~ to it. 22. ~1~. Upon Payment of all sums secured by ~is Security Instrument, Lender shall release this property wi~out warranty to the person or persons legally entitled to it. Such person or persons shall pay any recordation cos~. Lender my charge such person or persons a fee for releasi~ the Property for services rendered if the charging of ~e fee is per~tted under applicable law. 23. W~vem. Borrower hereby releases and waives all rights in the Property under and viture of ~e homestead exemption laws of the State of Wyonfing and hereby relinquishes all rights of curtesy and dower in ~e Property. 24. ~srepre~fion ~d Non~lo~e. Borrower has n~de certain written representatio~ and disclosures in order to induce Lender to make fl~e loan evidenced by the Note or notes w~ch tiffs Security I~tmment secures, and in flxe event that Borrower has made aw material nfisrepresentation or failed to disclose any nmterial fact, Lender, at its option and wifl~out prior notice or demand, shall have the right to declare the indebtedness secured by ~is Security Instrument, irrespective of ~e mmrity date specified iu ~e Note or notes secured by this Security h~tmment, i~nediately due and payable. 25. T~e is of ~e ~nm. Time is of the essence in the performnce of each provision of ~s Security Instrument. 26. W~ver of Statute of L~mfio~. The pleading of ~e statute of li~tatious as a delete to enforcement of ~s Security Instrument, or any and all obligations referred to herein or secured hereby, is hereby waived to the hllest extent pen~tted by applicable law. 27. Mo~fi~fion. Tlfis Security hmtmment may be modified or amended only by an agreement in writing signed by Borrower and Lender. 28. ~i~u~ment. To the extent pen~tted by applicable law, Borrower shall reimburse Trustee and Lender for any and all costs, fees and expenses which either n~y incur, expend or sus~ill in ~e execution of he trust created hereunder or in ~e performance of any act required or pernfitted hereunder or by law or iu equity or o~erwise arising out of or in cmmection wifl~ tiffs Security Instmmeut, the Note, any off,er note secured by ~is Security I~tmment or any o~er i~utmment executed by Bo~ower in comxection wifl~ the Note or Security Instrument. To fl~e extent pernfitted by applicable law, Borrower shall pay to Trustee and Lender their fees in cmmectiou with Trustee and Lender including, but not li~ted to assumption application fees; fees for payoff denmnds and, statements of loan balance; fees for nmking, trmunfitting and transporting copies of loan documents, ver~catio~, ~11 or partial lien releases and other documents requested by borrower or necessary for perfonmnce of Lender's rights or duties under tiffs Security Instrument; fees arising from a'remrned or dishonored check; fees to detemfine whe~er ~e Property occupied, protected, ~mintained or insured or related pu~oses; appraisal fees, inspection fees, legal fees, broker fees, insurance ~d-term substitutions, repair expmkges, foreclosure fees and costs arising from foreclosure of ~e Property and protection of ~e security for this Security hmtmment; and all o~er fees and costs of a si~lar mmre not o~erwise pro~bited by law. 29. Clefi~ E~or. In ~e event Lender at any time discovers fl~at ~e Note, any o~er note secured by ~is Security Instrument, the Security Instrument, or any o~er document or instrument executed in co~ection wi~ the Security Instrument, Note or notes contains an error ~at was caused by a clerical mistake, calculation error, computer mal~nction, printing error or si~lar error, Borrower agrees, upon notice from Lender, to reexecute any documents ~at are necessary to correct any such error(s). Borrower hrther agrees fl~at Lender will not be liable to Borrower for any damages incurred by Borrower ~at are directly or indirectly caused by any such error. 30. ~st Stolen, Des~oy~ or Mu~at~ ~ity. ~xmm ~ O~er Doc~e~. In the event of ~e loss, ~eft or destruction of the Note, any o~er note secured by this Security Instrument, fl~e Security Instrument or any o~er documents or instruments executed in cmmection with the Security Instrument, Note or notes (collectively, fl~e "Loan Documents"), upon Borrower's receipt of an indeuufification executed in favor of Borrower by Lender, or, in the event of ~e nmtilati0n of any of ~e Loan Docmnents, upon Lender's surrender to Borrower of fl~e mutilated Loan Document, Borrower shall execute and deliver to Lender a Loan Document in form and content identical to, and to serve as a replacement of, ~e lost, stolen, destroyed, or mutilated Loan Document, and such replacement shall have ~e same force and effect as fl~e lost, stolen, destroyed, or mutilated Loan Documents, and umy be treated for all purposes as the original copy of such Loan Document. 31. Assignment of Renm. As additional security hereunder, Borrower hereby assigns'to Lender flxe rents of the Property. Borr°wer shall have the right to collect and retain ~e rents of ~e Property as ~ey become due and payable provided Lender has not exercised its rights to require innnediate payment in ~11 of ~e sums secured by ~s Security i~tmment and Bo~ower has not abandoned the Property. 32. ~de~ to ~s ~ty ~ent. If one or more riders are executed by Borrower and recorded toge~er wiflx Security Instmment~ fl~e covemnts and agreements of each such rider shall be inco~orated into and shall amend and supplement Page 5 of 6 WYDIO015 (06-23-98) Loan Number: 3~[3~-~_~:~_~j Servicing Number: 001267809-0 Date: 02/02/04 708 the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] [] Adjustable Rate R/der [] No Prepayment Pemalty Option R/der [] Other(s) (specify) [] Condominium R/der [] Planned U~fit Development R/der [] 1-4 Family R/der [] Occupancy R/der BY SIGNING BELOW, Borrower accepts and agrees to the temps and covenants contained in this Security Instrument and ~n any rider(s) executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower .(Seal) -Borrower (Seal) STEVE W I CKS -Borrower S HA RON W I CKS -Borrower (Seal) .(Seal) -Borrower -Borrower STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this 2nd day by Steve Wicks and Sharon Wicks My Commission Expires: February 2, 2006 · IB.I.EY S,~O/~_ · NOTARY PUBUC (t~erson acknowledging) Notary Public of February, 2004 (date) Page 6 of 6 WYD 10016 (06-23-98) Loan Number: 321017207 Servicing Number: 001267809-0 ADJUSTABLE RATE RIDER (LIBOR Index - Rate Caps) Date: 02/02/04 709 THIS ADJUSTABLE RATE RIDER is made February 02, 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust o'r 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 Option One Mortgage Corporation, a California Corporation (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 372 HEAP DR, THAYNE, WY 83127- [Properly 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 covenant and agree as follows: The Note provides for an initial interest rate of 6.490 % . The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of March 01 2006 , and on that day every sixth month thereafter. Each date on which my interest rate could change is called a "Change Date." (B) The Index Begimfing with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbm~ offered rates for six-month U.S. dollar-denominated deposits in the London nmrket ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that 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 FOUR AND 65/100 percentage point(s) ( 4. 650% ) to the Current Index. The Note Holder will then round the result of this addition to the next higher one-eighth of one percentage point (0.125 %). Subject to the linfits stated in Section 4(D) below, this rounded amount will MULTISTATE ADJUSTABLE RATE RID ~ER-I/I~R D/D-EX - Single Family Page 1 of 3 USRI0021 (02-23-99) 710' Loan Number: 321017207 Servicing Number: 001267809-0 Date: 02/02/04 be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at file 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 9.4 9 0 % or less than 6.4 9 0 % . Thereafter, my iuterest rate will never be increased or decreased on any single Change Date by more than one percentage point (1.0%) from the rate of interest I have been paying for tile preceding six months. In no event will my interest rate be greater than 12.4 9 0 % or less than 6.4 9 0 % (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 begimfing on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice 'of Changes The Note Holder will deliver or nmil 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 me and also the title and telephone nmnber of a person who will answer any question I may have regarding the notice. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREgF IN BORROWER Covenant 17 of the Security Instrument is ainended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate pay~nent in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prolfibited by federal law as of the date of this Security Instru~nent. Lender also shall not exercise this optiou if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines 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 tiffs Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender nmy charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may 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 and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument.unless Lender releases Borrower in writing. If Lender exercises the option to require inm~ediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within wlfich Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ~nay invoke any remedies permitted by this Security Instrument without further notice or denmnd on Borrower. MULTISTATE ADILISTABLE RATE RiDER-LIBOR IN.EX--Single Family Page 2 of 3 USRI0022 (02-23-99) Loan Number: 321017207 Servicing Number: 001267809-0 Date: 02/02/04 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. STEVE WICKS (Seal) (Seal) (Seal) (Seal) SHARON WI CKS (Seal) (Seal) MIJLTISTATE ADJUSTABLE RATE RIDER-LIBOR INDEX-Single Family Page 3 of 3 USRI0023 (02-23-99)