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HomeMy WebLinkAbout897165Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO NOME MORTGAGE, INC. 897165 RECEIVED LINCOLN CO[INTY CLERK rr; '~: 18 1919 DOUGLAS,, 681010000 OMAHA, NE [Slmce Above Tliis Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this docmnent are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, wlfich is dated FEBRUARY together with all Riders to this document. (B) "Borrower" is KENT RAND BASSETT, A SINGLE PERSON 2004 Borrower is the mortgagor under this Security Instrument. (C) "Lender"is WELLS FARGO HOME MORTGAGE, INC. Lender is a CORPORATION or~allized and exist~n~ utlder die laws of THE STATE OF CALIFORNIA 0037852597 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/Ol Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated FEBRUARY 03, 2 0 04 The Note states that Borrower owes Lender FORTY. THOUSAND 3al'ID 00/100 Dollars (U.S. $ * * * * * 4 0,0 0 0.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than I~[ARCH 01, 2034 0g) "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 prepaymenrcharges and late charges due uuder the Note, and all stuns due under this Security Instrument, plus interest. (G) "Riders" means all Riders to fids Security Instrument flint are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider ~] Condonfinium Rider ['~ Second Home Rider ~ Balloon Rider ~ Planned U~fit Development Rider [-~ 1-4 Fanfily Rider [-~ VA Rider ~ Biwee -kly Payment Rider ~'~ Other(s) [specify] (}1) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordiuances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) ',Commuuity Association Dues, Fees, and Assessments" means all dues, tees, assessments and other charges flint are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction origiuated by check, draft, or similar paper instrument, wlfich is initiated through: an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or author/ze a financial iustitution to debit or credit an account. Such term includes, but is not limited to, point-0f-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid m~der the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condennmtion; or (iv) lnisrepresentations of, or omissions as to, the value and/or condition of the Property. (M) Mortgagelnsurance means insurance protectiug Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.') and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended frown time to time, or any additional or successor legislation or regulation that governs the sa~ne 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. (~I~-6(WY) 100051 Page 2 o[ 15 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY Tiffs Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements uuder this Security [nstm~nent and the Note. For tiffs purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, fl~e following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] SEE ATTACHED LEGAL DESCRIPTION TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX 10304, DES MOINES, IA 503060304 Parcel ID Number: 3672 STATE HIGHWAY 241 AFTON ("Property Address"): [City] , which currently has the address of [Street] Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by tiffs 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 nmrtgage, grant and convey the Property and flint the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for natimml use and non-uniform covenants with linfited variations by jurisdiction to constitute a uniform security instrument coveting real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note aid any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be ~nade in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this initials:. ~-'~~ (~-6(WY) Io0051 page 3 of 15 Form 3051 1 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent paymeuts due under the Note and this Security Instm~nent be made in one or more of the following forms, 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. Payments are deemed received by Lender when received at the location desig~mted in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on m~applied fund s. 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 fl~e outstanding principal balance under the Note inm~ediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender sball relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. ApPlication of Payments or Proceeds. Except as otherwise described iu 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 Pay~nent in the order in Which it became due. Any remaining 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 !ate charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to fl~e repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one Or more Peribdic Payments, such excess may be applied to auy 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 nnder the Note shall not exteud 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, uutil 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 payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender uuder Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the tern~ of the Loan, Lender may require that Conmmnity 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 amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Ite~ns mfless 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 Fuuds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts · · Iniiial$: ~ (~-6{WY) 10oo61 P~g. 4 of lfi Form 3051 1101 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender reqmres, shall furnish to Lender receipts evidencing such payment wit/fin such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this 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 the amount dui for an Escrow Item, Lender n]ay exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pemfit Lender to apply the Funds at' rite time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future F~scrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrmnentality, 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 Fuuds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pemfits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Fnnds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a sm-plus 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 amom~t necessary to make 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 reqnired by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security 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 gromxd rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them inthe manner provided in Section 3. Borrower shall promptly discharge any lien wlfich has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against mfforcement of the lien in, legal proceedings ~vhich in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien alt agreement satisfactory to Lender subordimting the lien to this Security Instrument. If Lender determines fliat any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Bon'ower a notice identifying the Initial~: ~ 6(WY) 1ooo5) Page S of ~5 Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Bon'ower 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 loss by fire, hazards included within the term "extended coverage," and any other hazards including; but not linfited to, earthquakes and floods, for wlfich Lender requires insurance. This insurance shall be nhaintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge tbr 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 remappings or similar changes occur which reasonably nfight 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 determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender inay obtain insurance coverage, at Lender's option and Borro~ver's expense. Leuder is m~der 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 ~night siglfificantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under tiffs Section 5 shall become additional debt of Borrower secured by this Security Instrmnent. These a. mounts 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 shaI1 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 form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender nmy make proof of loss if not made promptly by Borrower. Uldess Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if file restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender nhay disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Ulfless an agreement is made ill writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other fllird parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligatiou of Borrower. If rite restoration or repair is not econonfically 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 fl~en due, with Initials: ~ I[~-6(WY) Iooosl Pag, 6of ~ 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 insurauce carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's fights 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) under all insura,ce policies covering 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 the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security 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 ofl]erwise agrees in writing, which consent shall not be unreasonably withheld, or unless exte~mating 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 counnit waste on the Property. ~Vhether or not Bon-ower 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 deternfined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair fire Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such pm~poses. 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 condenn]ation 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 the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. BorroWer's Loan Apl]lication. Borrower shall be in default fi, 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, misleadi,g, or inaccurate information or statements to Lender (or tailed to provide Lender with material information) in co~mection with the Loan. Material representations include, but are not linfited tol 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 perfor!n the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmafion or forfeiture, for e~fforcement of a lien which n]ay 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 app~'opriate to protect Lender's interest in the Property and rights under f/tis Security Instrument, including protecting and/or assessing the value of the Property; and securing and/or repairing the Prbperty. Lender's actions can include, but are not linfited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable - Initials: ~j~ (~-6(WY) IO00~l Page 7 of 15 Form 3051 1/01 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 linfited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate building or other code violations or daugerous 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 fids Section 9: Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These alnounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Borrower requesting payment. If this Security Instnm~ent is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insnrauce. If Lender required Mortgage Insurance as a condition of ~naking the Loan, Borrower shall pay the premiulns 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 make separately desigxmted payments toward the prenfiums for Mortgage Insurance, 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, front an alternate mortgage insurer selected by Lender: If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated pay~fients 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 ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nnlking the Loan and Borrower was required to make separately designated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement tbr Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until temfination is required by Applicable Law. Noflfing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties)to these agreements. These agreements ~nay require the mortgage insurer to make payments using auy Source of funds that the mortgage insurer nmy 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, may receive (directly or indirectly) amouuts that derive frmn (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 prenfinms 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 the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. ii~)~-6(WY) Iooosl Page 8 o~ ~S Form 3051 1/01 (b) Any such agreements will not affect tile 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 include 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 ot' 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 economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to' ensure the work has been completed to Lender's satishction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is nmde 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 eanfings on such Miscellaneous Proceeds. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, fire Miscellaneous Proceeds shall be applied to the sums secured by tiffs 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 itt Section 2. In the event of a total taking, destruction, or loss in value of rite Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair nmrket valne of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the mnount of the sums secured by this Security Instrument ilmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by tlfis Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured inm~ediately before the partial taking, destruction, or loss in value divided by (b) the [air market value of the Property immediately before the partial taking, destruction, or lOss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the [air market value of the Property immediately before the partial taking, destruction, or loss in value is less titan the amount of the sums secured itmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by tiffs 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 make an award to settle a clai~n for damages, Borrower fails to respond to Lender wiflfin 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 crinfinal, 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 cu. re 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 intpairment of Lender's interest in the Property are hereby assigned ands.hall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order '~rovided for in Section 2. (~-6(WY) (ooos) p~.9o¢~s Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor' in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrmnent by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without liufitation, 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 uuder the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrmnent; and (C) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconnnodations with regard to the terms of tiffs Security Instrument or the Note without the . co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower 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 protectiug Lender's interest in file Property and rights under this Security Instrument, including, but not liufited to, attorneys' fees, proPerty inspection and valuation fees. I? 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 fee. Lender may not charge fees that are expressly prolfibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maxi~num loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits; then: (a) any such loan charge shall be reduced by the mnount necessary to reduce the charge to the pernfitted litnit; and (b) any stuns already collected frown Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under tile Note or by Lna-king a direct payment to Borrower. If a refund reduces principal, file reduction will be treated as a partial prepayment without any prepayment, charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund nmde 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 tiffs Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shalI be deemed to have been given to Borrower when nmiled by first class ~nail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers mfless 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 promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address fl~rough that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrulnent shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the 'Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. {~-6{WY) 1ooo51 Page ~o ot ~5 Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of tim jurisdiction in which flxe Property is located. All rights and obligatio~ contained in tMs Security Instrument are subject to any requirements and li~Mtatio~ of Applicable Law. Applicable Law IMght explicitly or implicitly allow ~e parties to agree by comract or it nfight be silent, but such silence shall not be construed as a proMbition against agreement by contract. In fl~e event flint any provision or clanse of tiffs Security hlstmment or fl~e Note cm~icts wiflx Applicable Law, such conflict Shall not affect off, er provisio~ of tiffs Security Instrument or flxe Note wMch can be given, effedt wiflxout ~e co~icting provision. As used in fl~is Security Instrument: (a) words of tim nmsculine gender shall mean and incMde correspo:Ming neuter words or words of fl~e femi~fine gende?; (b) words in ~e singular shall mean and incMde ~e plural and vice versa; and (c) ~e word "~y" gives sole discretion wifl~out any obligation to take any action. 17. Borrower's Copy. Borrower shall be. given one copy of fl~e Note and of ~is Security Instrument. 18. Transfer of the Property or a Beneficial Inter~t in Borrower. As used in tiffs Section 18, "Interest in file Property" means any legal or beneficial interest in fl~e Property, including, but not linfited to, fllose beneficial interests transferred in a bond for deed, contract for deed, iustalhnent sales contract or escrow agreement, fl~e intent' of which is fl~e trax~fer of title by Borrower at a Mture date to a purchaser. If all or any part of ~e Property or any Interest in ~e Property is sold or transferred (or ff Bo~ower is not a natural person and a beneficial interest in Borrower is sold or transferred) wifl~out Lender's prior written crewcut, LmMer nmy require inunediate payment in ~11 of all su~ secured by tiffs Security Instrument. However, ¢is option shall not be exercised by Lender if such exercise is proMbited by Applicable Law. If Lender exercises tiffs option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of'not less titan 30 days titan fl~e date ~e notice is given in accordance with Section 15 wiflfin which Borrower nmst pay all sums secured by tiffs Security Instrument. If Borrower hils to pay fl~ese sums prior to the expiration of tiffs period, Lender may invoke any remedies permitted by Security h~tmment wifl~out further notice or denmnd on Borrower. 19. Borrower's Right to Reinstate After Acceleratiou. If Borrower meets certain conditimm, Borrower shall have fl~e right to have enforcement of ~is Security Instrument discontinued at any time prior to fl~e earliest of: (a) five days before sale of ~e Property pursuaut to any power of sale contained in · is Security Instrument; (b) such o~er period as Applicable Law might specify for fl~e termimtion of Bon'ower's right to reinstate; or (c) entry of a judgment enforcing ~is Security Inst~ment. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under ~is Security Instrument a~d the Note as if no acceleration had occurred; (b) cures any default of any o~er covenants or agreements; (c) pays all expenses incurred in enforcing tiffs Security Instrument, including, but not li~ted to, reasomble attorneys' fees, property inspection and valuation fees, and o~er fees incurred for the propose of protecting Lender's interest in fl~e Property and rights under ~s Security I~tm~nent; a~d (d) takes such action as Lender nmy reasombly require to assure fl~at Lender's iuterest in fl~e Property fi.ghts under tiffs Security Instrument, and Borrower's obligation t0 pay flxe sunm secured by tiffs Security Instrument, shall continue unchanged. Lender nmy require flint Borrower pay such rei;~tatement sums expeuses in one or more of fl~e following forms, as selected by Lender: (a) cash; (b) nmney order; (c) cert~ed check, ba~ 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) ElectroMc Funds Transfer. Upon reinstatement by Borrower, tiffs Security I~tmntent and obligations secured hereby shall retain Mlly effective as if no acceleration ha~ occurred. However, ~s right to ~ei~tate shall not apply in flxe case of acceleration uuder Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in file Note (togeO~er wi~ ~s Security Instmmen0 can be sold one or more times wifl~out prior notice to Borrower. A sale might result in a change in ~e entity (known as fl~e "Loan Servicer") ~at collects Periodic Payments due under ~e Note and tiffs Security Instrument and performs o~er mortgage loan servicing obligations under fl~e Note, ~s Security Instrument, and Applicable Law. There also nfight be one or more changes of fl~e Loan Servicer mu'elated to a sale of flxe Note. If ~ere is a change of ~e Loan Servicer, Borrower will be given written notice of ~e change which will state ~e mine and address of ~e new Loan Servicer, the address to which payments should be ~mde and any ofl~er i~ormtion ~SPA ~¥6(WY) Iooos) Pag. 11 o~' 15 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 wiflx fl~e Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the melnber of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, fltis Security Instrmnent, until such Borrower or Lender has notified the other party (with such notice given in compliance wifl~ the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst elapse betbre certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to' Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in fids Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environn~ental Law and the following substances: gasoline, kerosene, other da]tunable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, nutterials containing asbestos or/brnmldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to healfl~, safety or enviromnental protection; (c) "Envirmm~ental Cleanup" includes any response action, remedial action, or removal action, as defined in Envirmm~ental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or ofl~erwise trigger an Enviromnental Cleam~p, Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in file Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Envirmanental 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 snmll quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not liufited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govenm~ental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual 'knowledge, (b) any Environmental Condition, including but not limited 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 governn~ental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting file Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Envirmnnental Cleanup. (~-6(WY} Iooo~} Initials: Page 12 of 1!5 Form 3051 · 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration follov)i[~g. Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration uuder Section 18 nnless Applicable Law provides otherwise). The notice sh.all specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the'default must be cured; and (d) that failure to cure the default on or before the date specified iu 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 defeuse of Borrower to acceleration and sale. If tile default is not cured ou or before the (late specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power or sale and any other rmnedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, iucluding, but not limited to, reasonable attorneys' fees and costs of title evidence. It' Lender invokes the power of sale, Leuder shall give notice' of intent to foreclose to Borrower and to the person in possession of tile 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 pu,'chase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release fl]is Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing tlfis Security Instrument, but rally ff the fee is paid to a flfird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyon]ing. (~)~-6(WY) (00051 P~, ~3of ~s Form 3051 1101 BY SIGNING BELOW, Borrower accepts and agrees to fl~e terms and cove~mnts contained in this Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: KENT RAND BASSETT -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) -Borrower (Seal) -Borrower (~6(wY)(ooos) Page 14 of 15 Form 3051 1/01 (83 STATE OF WYOMING, LINCOLN The foregoing instrument xvas acknowledged before me this by KENT RAND BASSETT County SS: My Conmfission Expires: (~-6G(WY) Iooos! Page 15 of 15 Form 3051 1/01 LEGAL DESCRIPTION '784 Part of the NW~/4SW~A Section 7, T31N Rll8W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: Beginning at the Northwest corner of said NW ~,4SW IA of said Section 7; thence running East 16 rods; thence South 525 feet; thence West 16 rods; thence North 525 feet to the point of beginning. EXCEPTING THEREFROM land contained in Warranty Deed recorded May 1, 1929 in Book 16 of Deeds on page 124 of the records of Lincoln County Clerk. EXCEPTING THEREFROM land comained in Warranty Deed recorded June 1} 1982 in Book 187PR on page 605 of the records of Lincoln County Clerk. EXCEPTING THEREFROM land contained in Quitclaim Deed recorded April 18, 1995 in Book 367PR on page 147 of the records of 2,incoln County Clerk.