HomeMy WebLinkAbout878475)2015591
WHEN RECORDED MAIL TO:
155 NORTH LAKE AVENUE/A1-FN: DOCUMENT MANAGEMENT
PASADENA, CA 91101
A1-FN: CONSTRUCTION LENDING DIV 8 7 8 ~ 7 5
SPACE ABOVE THIS LINE FOR ~CO~ER'S USE '] ,~'~ ?", ~ ',~ i',~ ,, ~, ' ' ;: ....
sc oW/CLOS NO ' I 0 6
PARCEL [.D.~: 35192441~00
CONSTRUCTION AND PE A NT
DEED OF TRUST AND FIXT E FILING
THIS CONSTRUCTION AND PERMANENT DEED OF TRUST AND FIXTURE FILING ("~e~ity
is mad~ on DEOEHBER ~8, 2001 . The trustor is
DOLORES C00VER, A HARRIEB ~0HAN, AS HER SOLE AND SEPA~TE PROPERTY
("Borrower").
The trustee is ("Trustee").
The beneficiarY is INDYMAC BANK, F.S.B., a federally chartered savings bank,
which is organized and existing under
th'~ laws of THE UNITED STATES OF AMERICA and whose address is '
155 NORTH LAKE AVENUE, PASADENA, CA 91101
("Lender").
Borrower owes Lender the principal sum of
ONE HUNDRED FIFTY THOUSAND AND N0/100: ................................................
Dollars (U.S . $ lB0,000.00). This debt is evidenced by Borrower's note dated the same date as ~is Security Instrument
("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on ~e "Maturity
Date" referred to in the Construction Rider attached hereto or as subsequently certified in a supplement to this Security
Instrument which is executed by Lender and recorded in the Official Records of the County where the property described
below is located. 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 sums, wi~ interest advanced
under paragraph 7 below to ~rotect 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 irrevocably grants and conveys to
Trustee, in trust, with power of sale, the following described property located in LINCOLN County,
WYOMING :
LOT 59, STAR VALLEY RANCH, PLAT 3, AS PLAI-FED AND RECORDED IN THE OFFICE
OF COUNIY CLERK, LINCOtN COUNTY, WYOMING.
which has the address of -
73 PINE DRIVE
THAYNE, WY 83127 ("Property Address");
FOPdvl INMC 912
DDS-912 8-15-95
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by
this Security Instrument. Ail of the foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the rigl!t to
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.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-unifurm covenants with
limited variations by jurisdiction to constitute a uniform security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lendef covenant and agree as follows:
I. 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. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to
Lender on the day monthly 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 asa lieu 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 premiums, if any; and (f) any sums payable by Borrower to
Lender, in accordance with the provisions of paragraph 8 below in lieu of the payment of mortgage insurance premiums.
These items are called "Escrow Items. '~ 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 may require for Borrower's escrow account under'the federal
Real Estate Settlement Procedures Act of 1974 as amended 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, annually analyzing 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 interest or earnings
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 Funds and the purpose
for which 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 Lender exceed the amount 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 nlore 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 below, 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 asa credit against
the sums secured by this Security Instrument.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
paragraphs Land 2 above shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable
under paragraph 2 above; 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 manner provided in paragraph 2 above, or if not paid in that manner, Borrower shall pay
them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be
paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts
evidencing the payments.
FORM INMC 912
I~DS-912 8-15-95
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 manner 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 opinion 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 determines that any part of the Property is subject to a lien which
m,ay 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 Insurance. Borrowers shall keep the improvements now existing or hereafter erected on the'
Property !nsured 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 withheld. 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 below.
All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall 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, insurance proceeds shall be applied to restoration or repair
of the Property damaged, if the restoration or repair is economically feasible and~Lender's security is not lessened. If the
restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. 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, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the
Property or to pay 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 above or change the amount of the payments.
If under paragraph 21 below 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 immediately prior to the acquisition.
6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and us~ the Property as Borrower's principal residence within sixty days after
the "Permanent Loan Commencement Date" referred to in the Construction Rider attached hereto and shall continue to occupy
the' Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are
beyond Borrower's control. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or
commit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal,
is begun that in Lender's good 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. Borrower may cure such a default and reinstate, as provided
in paragraph 18 below, by causing the action or proceeding to be dismissed with a ruling that, in Lender's good faith
determination, 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 be 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 information) in connection with the loan evidenced by the Note, including, but not limited to, representations
concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold,
Borrower shall comply with all 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.
7. Protection of Lender's Rights in the Property. If Borrower falls to perform the covenants and agreements
contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the
Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then
L~nder may do and pay for whatever is necessary to protect the 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.
-3-
FORM INMC 912
DDS-912 8-15-95
r, 109
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 all bear interest from the
date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
payment.
8. Mortgage Insurance. 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 premiums
required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially
equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer
approved by Lender. If substantially equivalent mortgage insurance coverage is available, Borrower shall pay to Lender each
month a sum equal to one-twelfth of the yearly mortgage insurance premiums being paid by Borrower when the insurance
coverage lapsed or ceased to be in effect. Lender will accept or retain these payments as a loss reserve in lieu of mortgage
insurance, and such payments shall be irrevocable and non-refundable. Loss reserve payments may no longer be accepted, 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 maintain
mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage instlrance terminates 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 inspection of the Property. Lender shall give
Borrower notice at the time of or prior to inspection specifying reasonable cause for the inspection.
10. Cond{/mnation. The proceeds of any award or claim for damages, direct or consequential, in connection 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.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in
which the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums
secured by this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing,
the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by 'the following
fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the
Property before tho-taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which
the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately
before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the
proceeds shall be applied to the sums secured by this S~curity Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lenderto Borrower that the condemnor 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.
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 above or change the amount of such
payments.
11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extensions 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 not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall
not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise
modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower
or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or
preclude the exercise of any right or remedy.
12. Sucdessors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this
Se~curity Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of.
paragraph 17 below. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this
Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and
convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to
pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend,
modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that
Borrower's consent.
-4-
FORM INMC 912
DDS-912 8-15-95
13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum 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 amount necessary to reduce the
charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be
refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a
direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
prepayment charge under the Note.
14. Notices. ~ny notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the
Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first
class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice
provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in
this paragraph.
15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note
conflicts with applicable law, such conflict shall not affect other provisions of this Security Instru~nent or the Note which can
be given effect without the conflicting provision. To this end the provisions of this Security Instn/ment and the Note are
declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
17. 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 Ol~tion, reqUire immediate payment in full of all sums secured by
this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of
the. date of this Security Instrument.
If Lender exercises this option, Lender shall give BOrrower notice of acceleration. The notice shall provide a period
of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by
this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any
remedies permitted by this Security Instrument without further notice or demand on Borrower.
18. Borrower's Right to Reinstate. If Borrower meet~ certain conditions, Borrower shall have the right to have
enforcement of this Security Instrument discontinfled at any time prior to the earlier of: (a) 5 days (or such other period as
applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this
Security Instrument; or (b) entry of a judgment enforcihg this Security Instrument. Those conditions are that BorrOwer:
(a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had
occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security
Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably
require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the
sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security
Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this
right to reinstate shall not apply in the case of acceleration under paragraph 17 above.
19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security
Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity
.(known as the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also
may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer,
Borrower will be given written notice of the change in accordance with paragraph 14 above and applicable law. The.notice
will state the name and address of the new Loan Servicer and the address to which payment should be made. The notice will
also contain any other information required by applicable law.
20. Haz/trdous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any
Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the
ProPerty that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or
storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal
residential uses-and to maintenance of the Property.
Borrower ~all promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by
any governmental or regulatory agency or private party involving the Pwperty and any Hazardous Substance or
Environmental Law of which Borrower has actual knowledge. If Borrower learnS, or is notified by any governmental or
'5-
DDS-912 FORM INMC 912
8-15-95
...... , ,,, 111
regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary,
Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances
by Environmental Law and the following substances: gasoline, kerosene, other flammable toxic petroleum products, toxic
pesticides and herbicides, volatile solvent materials containing asbestos or formaldehyde and radioactive materials. As used in
this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that
relate to health, safety or environmental protection.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of
any covenant or ag.reement in this Security Instrument (but not prior to acceleration under paragraph 17 above unless
applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a
date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that
failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this
Security Instrument and sale of the Property. The notice shall further inform Borrower of the rig,hr to reinstate after
acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to
acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require
immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power
of sale and may other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in
pursuing the remedies provided in this paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of title
evidence.
If Lender invokes the power of sale, Lender shall execute or cause Trustee to execute a written notice of the
occurrence of an event of default and of Lender's election to cause the Property to be sold. Trustee shall c~mse this notice tO
be. recorded in each county in which any part of the Property is located. Lender or Trustee shall mail copies of the notice as
prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. Trustee shall give public
notice of sale to the persons and in the manner prescribed by applicable law. After the time required by applicable law,
Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and
under the terms designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may
postpone sale of all or any parcel of the Property. by public announcement at the time and place of any previously schedule
sale. Lender or its designee may purchase the Property at any sale.
Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any covenant or warranty,
expressed or implied. The recitals in the Trustee' s deekt shall be prima faeie evidence of the truth of the statements made
therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not
limited to, reasonable Trustee's and attorneys' fees; (b) to all sums secured by this Security instrument; and (c) any excess to
the person or persons legally entitled to it.
22. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to
reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security
Interest to Trustee. Trustee shall reconvey the Property without warranty and without charge to the person or per.sons legally
entitled to it. Such person or persons shall pay any recordation costs.
23. Substitute Trustee. Lender, at its option, may from time to time appoint a successor trustee to any Trustee appointed
hereunder by an instrUment executed and acknowledged by Lender and recorded in the office of the Recorder of the county in
..which the Property is located. The instrument shall contain the name of the original Lender, Trustee and Borrower, the book
and page wher~ this Security Instrument is recorded and the name and address of the successor trustee. Without conveyance
of the Property, the successor trUstee shall succeed to all the title, powers and duties conferred upon the Trustee herein and by
applicable law. This Procedure 'for substitution of trustee shall govern to the exclusion of all other provisions for substitution.
24. Requests for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address
which is the l~roperty Address.
25. Statement of Obligation Fee. Lender may collect a fee not to exceed the maximum amount permitted by law for
furnishing the statement of obligation as provided by Section 2943 of the Civil Code of California.
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FORM INMC 912
DDS-912 8-15-95
1. la
26. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this
Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Security Instrument as if the rider(s) were part of this Security Instrument.
[Check applicable box(es)]
[] Adjustable Rate Rider [] Condominium Rider [] 1-4 Family Rider
[] Graduated Payment Rider [] Planned Unit De_velopment Rider [] Biweekly Payment Rider
[] Balloon Rider [] Rate Improvement Rider [] Second Home Rider
[] Misrepresentation Rider [] Construction Rider
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security
Instrument and in any rider(s) executed by Borrower and recorded with it.
DOLORSS COOVER
..., '
P, DN' ¢OOVEP,
(Space Below This Line For Acknowledgment)
STATE OF WYOMING
County of ' T~tnn
On 1 ?./31 ./~1 , before me, Laurie Coe , personally appeared
Dolores Coover and Ron Coover
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same'in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.~
My commission expires: 9/12/03
DDS-912 FORM INMC 912
8-15-95
Loan # CTP- 13852,19
CONSTRUCTION RIDER
THIS CONSTRUCTION Rider is made this
2 8TH DAY OF D~..C~.MB~.R, 2 0 0 1 , and is incorporated into and shall be
deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the
"Security Instrument") of the same date given by the undersigned ("Borrower") to secure
Borrower's Adjustable Rate Note or Fixed Rate Note (the "Note") to
INDYMAC BANK, F. S. B. ,
a federally chartered savings bank
(the "Lender") of the same date and covering the property described in the Security
Instrument and located at:
73 PINE DRIVE ~
THAYNE, WY 83127
(P~operty Address)
ADDITIONAL COVENANTS. In addition to the covenants made in the
Security Instrument, Borrower and Lender further covenant and agree as follows:
1. CONSTRUCTION LOAN AGREEMENT. Borrower shall promptly pay
and perform when due all of Borrower's obligations under that certain Construction Loan
Agreement, dated the same date as the Security Instrument (the "Construction Loan
Agreement") and all amendments thereto. The loan evidenced by the Note will be
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advanced to Borrower pursuant to the Construction Loan Agreement. The period of time
commencing on the date hereof and ending on the last day of the month in which the
"Completion Date" under the Construction Loan Agreement occurs is referred to herein
as the "Construction Period." If there is no "Adjustable Rate Rider" attached hereto the
first day of the first month after the Completion Date occurs is referred to herein as the
"Permanent Loan Commencement Date." If there is an Adjustable Rate Rider attached
hereto, the "Permanent Loan Commencement Date" shall be the date referred to in such
Adjustable Rate Rider. The period of time commencing on the Permanent Loan
Commencement Date and ending on the Maturity Date described below is referred to
herein as the "Permanent Loan Period." The expiration of the Construction Period may
be evidenced by the Lender's execution and recordation in the Official Records of the
County where the Property is located of a supplement to the Security Instrument which
includes a certification stating the Completion Date, the Permanent Loan
Commencement Date, the Maturity Date and the principal balance of the loan evidenced
by the Note on the Permanent Loan Commencement Date. Any subsequent holder of the
Security Instrument shall be entitled to rely on such certification.
2. MATURITY DATE. The indebtedness evidenced by the Note, if not earlier
paid, shall become due and payable on 3 0 years after the Permanent Loan
Commencement Date. That date is ca}led:the "Maturity Date."
3. INTEREST RATE DURING CONSTRUCTION PERIOD. During the
Construction Period, the Note provides for an interest rate of 9.2 5 0 %. This rate
may change during the Permanent Loan Period as provided in the Note Or in any other
Rider attached to the Security Instrument.
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4. BRIDGE LOAN NOTE. Borrower agrees that if, as described in the
Construction Loan Agreement, Borrower has obtained an additional "bridge" loan from
Lender, then the Security Instrument secures, in addition to all obligations set forth
therein, all obligations of Borrower under:the note evidencing such bridge loan, which
note is dated N/A and is in the original principal
amount of $ N/A [state date and amount or "not applicable"] (the
"Bridge Loan Note") and all other documents relating thereto, and that all references in
the Security Instrument to the "Note" or the indebtedness or debt secured by the Security
Instrument shall include the Bridge Loan Note as well as all other notes referred to in the
Security Instrument.
5. SECURITY AGREEMENTS; FIXTURE FILING. The term "Property" as
used in this Security Instrument Shall also include all building materials, appliances,
equipment, machinery, goods and fixtures (collectively, "personal property") now or
hereafter located on or attached or affixed to the real property described herein, the cost
of which was paid, in whole or in part, from the proceeds of the loan made by Lender to
Borrower pursuant to the Construction Loan Agreement, and Borrower hereby grants to
Lender a security interest in and to the personal property and all proceeds hereof,
pursuant to the Security Instrument and the Uniform Commercial Code of the state
where the real property is located, and all rights and remedies of a secured party under
the Uniform Commercial Code in the event of any breach of any covenant or agreement
in the Security Instrument. Borrower shall execute and deliver such financing statements
as Lender may request in order to perfect Lender's security interest in the personal
property. The Security Instrument constitutes a fixture filing with respect to any and all
fixtures or any goods which mai now be or may hereafter become fixtures included
within the term "Property." ...
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants
contained in this Construction Rider.
D~RES COOVER DAT~I.
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PLANNED UNIT DEVELOPMENT RIDER
Loan Number: CTP- 1385219
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 28th day of
DECEMBER, 2001 , and is incorporated into and shall be
deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security
Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to
INDYMAC BANK, F.S.B.,
a federally chartered savings bank
(the
"Lender") of the same date and covering the Property described in the Security Instrument and located at:
73 PINE DRIVE
THAYNE, WY 83127
[Property Address]
The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other
such parcels and certain common areas and facilities, as described in
THE DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS.
(the "Declaration"). The Property is a part of a planned unit development known as
STAR VALLEY RANCH
[Name of Planned Unit Development]
(the "PUD"). The Property also includes Bo~'rower's interest in the homeowners association or equivalent
entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the
uses, benefits and proceeds of Borrower's interest.
PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument;
Borrower and Lender further covenant and agree as follows:
A. PUl) Obligations. Borrower shall perform all of Borrower's obligations under the PUD's
Constituent Documents. The "Constituent Documents" are the ii) Declaration; (ii) articles of
incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii)
any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when
due, all dues and assessments imposed pursuant to the Constituent DOCuments.
MULTISTATI: PUD RIDER - Single Family - Fannie IVlae/Fraddie Mag UNIFORM iNSTRUMENT I Form al Do 1/ol
Page 1 of 3 Initial~ ,:
(~7R (0008) VMP MORTGAGE FORMS - (800)521-7291
DDS-CO7
118
B. ProPerty Insurance. So long as the Owners Association maintains, with a generally accepted
insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and
which provides insurance coverage in the amounts (including deductible levels), for the periods, and'
against loss by fire, hazards included within the term "extended coverage," and any other hazards,
including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i)
Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium
installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to
maintain property insurance coverage on the Property is deemed satisfied to the extent that the required
coverage :s provided by the Owners Association policy. .
~What Lender requires as a condition of this waiver can change during the term of the loan.
Borrower shall give Lender prompt notice of any lapse in required property insurance coverage
provided by the master or blanket policy. '
In the event of a distribution of property insurance proceeds in lieu of restoration or repair following
a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are
hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the
Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that
the Owners Association maintains a public liability insurance policy acceptable in form, amount, and
extent of coverage to Lender.
D. ,Condemnation. The proceeds of any award or claim for damages, direct or consequential,
payable to Borrower in connection with any condemnation or other taking of all or any part of the Property
or the common areas and facilities of the PUD, or. lbr any conveyance in lieu of condemnation, are'hereby
assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the
Security Instrument as provided in Section 11.
- E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lendei"s
prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or
termination of the PUD, except for abandonment or termination required by law in the case of substantial
destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii)
any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit
of Lender; (iii) termination of professional management and assumption of self-management of the Owners
Association; or (iv) any action which, would have the effect of rendering the public liability insurance
coverage maintained by the Owners Association unacceptable to Lender.
F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay
them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower
secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these
amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with
interest, upon notice from Lender to Borrower requesting payment.
7R (0008) . Page 2 of 3 Form 3150 1/01
DDS-CO7
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD
Rider.
~ ~~ (Seal) (Seal)
DOLORES COOVER -Borrower -Borrower
73 PINE DRIVE
THAYNE, WY 83127
~ C?- ..... (Seat) (Seal)
I~ON 'COOVER -Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
~(Seal) (Seal)
-Borrower -Borrower
O~7R (0008) Page 3 of 3 Form 3150 1101
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