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HomeMy WebLinkAbout878509 Return To: ~v.v.s ~o HOl~ MOI~TGAG~., ~N~. 3601 MI~SOTA D~. SUITE 200 ~LOOMINGTON, ~ 55435 878509 Prepared By: 1919 DOUGLAS,, O~, ~ 681010000 [Space Above T~ L~e For R~or~ MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A)" ' Security Instrument" means this document, which is dated5~¥ 11, 2002 together with all Riders to this document. (B) "Borrower" is ~o¥ WALKER , A SINOT,~. PERSON Borrower is the mortgagor under this Security Instrument. (C) "Lender" is W~LLS FARGO HOM~ ,MORTGAGE, INC. Lender is a C01~PORATION organized and existing under the laws o~ T~E STATE OF CAlIFORnIA WYOMING-Single Fam ly-Fannle Mae/Freddie.Mac UNIFORM INSTRUMENT Form 3051 1/04 (~)~-6(WY) Iooo-~, ~0 VMP MORTGAGE FORMS - {800)52~ ~7291 : Lender's addressis P.O. BOX 5137, DES MOINES, IA 503065137 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by l~orrower and dated a'.~N-t/~R¥ 11, 2 009. The Note states that Borrower owes Lender SIXTY O~r~' TH'OU.~m FO~m ~m~RgD F~'FT¥ ~ 00/100 Dollars (U. S. $ ***** 61, 4 50.00 ) plus interest. BOrrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than FmaaU~y: 01, 2032 (E) "Property" means the property that m described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this SeCurity Instrument, plus interest. (G) "Riders" mea~s all Riders to this Security Instru~aent that are executed by Borro~ver. The following Riders are: to be executed by Borrower [check box as applicable]: F-'] Adjustable Rate Rider [--] Condominium RiFler ~ Second Home Rider ~ Balloon Rider ~ Planned Umt Development R~der~ 1-4 Family Rider ~ VA Rider I . I Biweekly Payment Rider [] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances an~ administrative rules and orders (that have the effect of law) as well as all apphcable final, non-appealable judicial opinions. (I) "Community Associatio~Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other l than a transaction originated by check draft, Or similar paper instrument, which is initiated through an electronic terminal, telephonic ~nstrument, computer, or magnetic tape so as-'to order~ instructi or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-Of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items thatTare 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 prod under the coverages described ~n Sectmn 5) for:: 0) damage to, or destruction of, the Prope}ty; (ii) condemnation or Other taking of all or'any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) miSrePresentations of, or omissions as' to, the value and/or condition of the Property. (1V0 "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic PaYment" means the regulffrly scheduled~ amount due for (i) principal and interest under the Note, plus(ii) any amounts under Section'g of' this Security Insirmnent. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et senA and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended fr~'time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used n t m Security Instrument, RESPA refers to all reqmrements and restrictions that are ~mposed m regard to a federally related mortgage loan even ff the Loan does not qualify as a "federally related mortgage loan'~' under RESPA. ~e-6(WY) (ooo5} Page 2 of' s Form 3051 1101 TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and ali renewals, extensions and modifications of the Note; and (ii) the performance of BorroWer's covenants and agreements under this Security Instrument and the Note. For this purpose, BorroWer does hereby mortgage, grant and conve to Lender and Lender's successors and assigns, with power of sale, the following described property locaYted In the COUNTY of L'rNCOLN : [Type of Recording Jurisdiction] [Name Of Recording Jurisdiction] SEE ~ATTACHED LEGAL DESCRIPTION: TAR STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, INC., P.O. BOX $137, DES MOINES, iA $03065137 Parcel ID Number: 25210. O0 which CUrrently has the address of 617 ASH STREET [Street] XEMMERER [City] , Wyoming 8 3101 [Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easemems, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security I~astrument. All of the foregoing is referred to in this Security Instrument as the "Property. '~ BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convoy the Property and ~hat 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 ~:ombines uniform covenants for national use and non-uniform covenants with limited variatmns by]unsdlctlon to constitute a: uniform security instrument covenng real property. · UNIFORM COVENANTS. Borrowe~ and Lender covenant and agree as follows' · , Payment of Principal, Interest, Escrow Items, PrePayment Charges, and Late Charges. Borrower shall pay: when due the principal of, and interest on, the debt evidenced by the Note and 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 made in U.S. currency. However, if any cheek or other instrument received bY Lender aa payment under the Note or this ~-6(WY) (ooos) Page 3 of Is ' Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the followin~ forms, as selected by Lender: (a) cash; (b) r~oney order; (c) certified check, bank check, treasurer s check or cashier's cheek, 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. aymems are deemed reemved by Lender when reeetved at the locaUon destgnated tn 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 partiaI Payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Penodm Payment Is apphed as of as scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such hnapplied fUnds Until Borrower makes payment to bring the Loan current. If Borrower does not' do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds :will be applied to the outstanding principal balance under, the Note immediately prior to foreclosure. No offset or clmm which Borrower might have now or in the future against Lender shall 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 in this Section 2, all payments accepted :and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under ihe Note; (e) am6unts due under Section 3. Such payments shall be apphed to each Penodm Payment tn the order m whmh tt 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 late charge due, the payment may be applied to the delinquent payment and the late charge.nil more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the 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 Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first :to any prepayment charges and then as described in the N°te. Any application of payments, insurance proceeds, or MiScellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds :for Escrow Items. Borrower shall pay t6 Lender on the day Periodic Pa3~nents are due under the Note; until the Note is paid in full, a sum (the Funds ) to provide for payment of amounts due for: (a) taxes and assessments and other items which can attaih priority Over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments 6r gr°und rents on the Property, if any; (c) premiums for any and all insurance required by Lender under SeCtion '5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with 'the provisions of Section 10. These items are called ":Escrow Items." At origination or at any time du~ing the term of the Loan, Lender may require that Community 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 pard under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waaves Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items~ at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts -- Initials: {~)e-O(WY) lo0o5] Page 4 of 15 Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment Within'suCh tinge period as Lender ma re u . ~ , . . . . . y ire .Borrower s obhgatton to make such payments and to provide receipts shall tbr all numoses be t)e a covenant and agreement contained in this Security InstrUm6nt~, as the phrase "co~,en'~ant and is used in Section 9. If Borrower is obligated to pay EsCrow itcms directly, pursuant to a waiver, and Borrower fails to pay the amount due for ~m Escrow Item; Lender may exercise its rights under Section 9 and pay such mnount 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 ~ay, :at any time, collect and h°ld Funds in :an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not t° exceed the maximum amount a lender can reqmre under RESPA. Lender shall 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 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 :~hoiding and applying the Funds, annuall, y analyzing the escrow account~ or verifying the Escrow Items, lmless Lender pays Borrower interest on the Funds and Applicable Law permits Lender t° 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 earumgs on the Funds. Borrower and Lender can agree m writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, w[thOut charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the.shortage in .accordance with RESPA, but in no more tha~ 12 monthly payments. If them is a deficiency of Funds field in escrOw, as defined under RESPA, Lender shall notify Borrower as required 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 InStru~'nent, leasehold payments or ground: rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the ex.tent that these items are Escrow Items, Borrower shall pay ihem in the manner provided in Section 3. t~orrower shall promptly discharge any lien which ha~ 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 enforcement of the hen m, legal proceedings whmh in Lender's opinion Operate to prevent the enforcement of the lien while those proceedings are: pending, :but only until such proceedings are~:oncluded; 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 can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the Initials: ~-~ i{~-6(WY) (ooo51 Page 5 of ls Form 3051 1101 I 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 Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property. Insurance. Borrowe~ 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 hm~ted to, earthquakes and floods, for which Lender requires insurance. This insurance shall~ be maintained ~n the amounts (including deductthle 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 instirance shall be chosen: by Borrower subiect to Lender's right to disapProve Borrower's choice, which right shall not be exercised unreasonabl'y. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification ag.d 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 might affect such determination or ceNifie ~tion. Borrower shall also be responsible for the paYment of a~y fees imposed by the Federal Emerge acy Management Agency in connection with the review of any flood zone determination resulting from a ~ objection by Borrower. If BOrrower fails to maintain any of the coverag described above, Lender may obtain insurance coverage, at Lender's option and BOrrower's expense ~ender is under no obligation to purchase any particular type or amount Of coverage. Therefore, suc/: ~verage shall cover Lender, but might or might ~ot protect Borrower, Borrower's equity in the Property. ~r the contents of the prOperty, against any risk, hazard or liability and might provide i~eater or l~sser coverage than was previously in effect. BorroWer acknowledges that the cost of the inSUrance coverage so obtained might significantly exceed the cost of insurance that Borrower could have Obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of BorrOwer secured by this Sec~ ~ Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall such interest, upon notice from Lender to Borrower requesting payment, All insurance policies required by shall be subject to Lender's right to disapprove such policies, shall and shall name Lender as mortgagee and/or as an additional loss payee, policies and renewal certificates. If Lender requires, Borrower shall Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of in~ utance 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 addition loss payee. In the event~'of loss, Borrower shall give proml notice to the insurance carrier and Lender Lender may make proof of loss if not made promptly by Bo: 3wer. Unless Lender and Borrower otherwise agree in writing, any~ insurance proceeds, whether or not th underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if ae 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 opportunity to inspect such Property to ensure the work has been completed to Lender s sattsfactmn, prowded that such mspectmn shall be un.dertaken promptly. Lender may d~sburse proceeds,:,for the repairs and restoratmn m a single payment or m.a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not eeononueally 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 (~)~-,6(WY) (0005) Pas, o o! 15 Form 3051 1/01 228 the excess, if any; paid to Borrower. Such insurance proceeds shall be appl 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 Borrov~er ~loes not a notice from Lender that the insurance carrier has offered to settle a claim, settle the claim. The 30-day period will begin when the. notice is giveN, if acquires the Property under Section 22 or otherwise, Borrower hereby assi ts to rights to any insurance proceeds in an amount not to exceed the amounts ~ this Security Instrument, and (b) any other of BOrrower's rights unearned premiums paid by Borrower) under ail insurance policies rights are applicable to the coverag either to or restore the Property: or to pay: amounts :unPaid under not then due. 6. Occupancy. Borrower shall occupy, as BOrrower's principal residence within 60 days after the execution of thi~ shall continue to occupy the Property as Borrower's principal residence for at after the of occupancy, unless Lender otherwise agrees in writing, which consent shall or unless extenuating circumstances exist which are beyond Borrower's 7. Preservation, Maintenance and Protection Property; Borrower shall not destroy, damage or impair the Property, allow ~he Property to or commit waste on the Prope~t~t~ Whether or not Borrower is residing in the ProPerty, Borrower maintain the Property in order to prevent the Property from deteriorating o~ decreasing i in value du~ to its condition. Unless it: is determined pursuant to Section 5 that repair Or restoration is not economiCally feasible, Borrower shall promptly repair the Property if damaged, to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with )r of, the Property, Borrower shall be responsible. . for repairing or restoring the proceeds for such purposes. Lender may disbursE proceeds for or in a series of progress payments as the work are not sufficient to. repair or restore the [igation 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 i~Pr°Jements On ~ e Property. Lender shall give Borrower notme at the t~me of or prior to such an m~erlor inspection spemfyu g such reasonable cause. 8.. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process,. Borrower or any persons or entities acting at the direction of ~[ orrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate inforrt ation or statements to Lender (or failed to provide Lender with material infor~nation) in connection with the Loan. Material representations inc!ude~ but are n°t limited to, representations concerning Borrower's occupancy of the Property as :Borrower's principal residence. :: 9, Protecti°n of I~ende~!S interest in the Prooertv and Rights Under this Security Instrument. :If (a) Borrower fatls to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's intereat in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for c{ ndemnation or forfeiture, for enforcement of a lien which may attain,priority Over this security Imtnment or.to enforce law~ or regulations), or (c) Borrower has abandoned the Property, then Lender may d° and pay for whatever is reasonable or appropriate tO protect Lender's interest in the Property: a~d rights under this Security Instrument, includin_g, protecting and/or assessing the value of the Property, '~d seCUring and/or repairing .the Property. Lender s actions can include, but are not limited ito: (a) payi .ag any sums secured by a lie~ which has priority over this Security Instrument; (b).: appearing in c~urt; and (c) paying reasonable initials: ~). ~) ~{~-6{WY) (ooos} Parle ? of ~s 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 limited to, entering the property to make repairs, change locks, replace or~b0ard updoors and windows, drain water from pipes, eliminate building or other code violations or t~angerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does 'not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no :liabilitY for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secure~! by th~s. Security Instrument. These amounts sl~all bear:. ~nterest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting paymem. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If BorroWer acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage InSuranCe as a condition df' making the Loan, Borrower shall Pay the premiums required to maintain the Mortgage insurance in effect. If, for any reason, the Mortgage Insu'ranc~ coverage required by Lender ceases to~e ~vailable from the mortgage insurer that previ°Usiy provided such insurance and Borrower was r~??red to make separately designated payments toward the premiums for Mortgage Insurance, 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 selected by Lender. If substantially i equivalent Mortgage Insurance coverage is not available, Borrower shall continue to:pay ~to~LendeI the an~ount of the separately designated pay~ents 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 ultixTaa~ely paid in full, and Lender shall not be retmired to ~av ~ Borrower any interest, or earnings 0n such loss i reserve. Lender can. no longer require.loss reserve payments if Mortgage Insurance coverage 0n the amount and for the period that Lender reqmres) provide~ by an insurer selected by Lender again becomes available, is obtained, and Lender re~luires Separately designated Payments toward the pren~iums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower Was required to make separately designated payments toward the Premiums for Mortgage Insurance, Borrower shall pay the premiums required~ to maintain Mortgage Insurance in effect, or'to p~ovide a non-refundable loss reserve, until ~ender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender prOviding for s~ch termination or until termination is r~luired by Applicable Law. Nothing in this ? Section ~0 affects BorrOwer's obligation to pay interest at the rate provided in the Note. Mortgage :InSuranee reimburses ~ Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed;· iBorrower 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 m°dify their risk, or reduce losses. These agreements are on tenm and conditions that are satisfactory tothe mox:tgage insurer and the other party (or parties) to these agreements. These agreements may require .t14e mortgag~ ~:insurer to: make payments using any source of funds that the mortgage in~urer may haVe available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements; Lefider, 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) amounts that derive from (or might be characterized as) a portion of BorroWer's payments for Mortgage InSurance, in exchange fOr sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurers risk in exchange for a sha~e of the premiums 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 n°t entire Borrower to any refund. Initials: ~ (WY):(ooos] Pages of 15 Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if an - with r M r : ; ~ y espect to the o tgage InSurance under the Homeowners Protection Act of 1998 or an other law. Thcs · .... : Y e rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage InSurance, to have the Mortgage InSm-ance terminated automatically, and/or to receive a refun~ of any Mortgage Insurance pre]~,.iums that were nnearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned toand 'shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applie_d, to restoration or repair of the Property, if the restoration or repair is economically feasible and L~nder s security is not lessened. During ~uch 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 corn let ...... p ed :to Lender s sattsfactlon, provided that such tnspectlon shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement 0.r in a, series of progress payments as the work is co~npleted.~unless an agreement is made in Writing or APplicable Law requires interest to be paid on such MiscellaneOus Proceeds, Lender shall not be required t~) pay BorroWer any interest or' earnings on such Miscellane%s Proceeds. If the restoration Or:repair is hot economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall l~e'~Pplied to the sums secured by this Security Instrument, whether or not then due, withe'the exeess,i if any, p~id to BorroWer. Such Miscellaneous Proceeds shall be applied in the order Provided for in Section 21 In the event of a total taking, destruction, o.r loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security instrument, whether or not then due, wtth ~the excess, if any, paid to Borrower. In the event of a partial taking, destruction, of the Property in which the fair market value of the Property immediately before the parti~ destruction, or loss in value is equal to or greater than the. amount of the sums Instrument immediately before t~e partial taking, destruction, or loss in value Lender otherwise agree in writing, the sums secured by this Security Instrument 11 be: the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total the sums :secured immediately before the partial taking, destruction, or loss in value divided by market value of the Property immediately before the p~-trtial taking, destruction, ' Or loss in ValuE. Borrower. In the event of a partial taking, destruction, Or 1( in which the fair market value of the Property immediately before the Partial ' or loss in value is less than the amount of the sums secured immediately before the , destruction, or loss in value, unless :Borrower and Lender otherwise agree in writing, Proceeds shall be applied to the' sums secured by this Security Instrument whether or not due. If':~e proPerty:is abandoned by Borrower, or Lender to Borrower that the OPposing party (as defined in the neet sentence) ~ an award to settle a claim for damages, Borrower fails t° reSPond to Lender within 30 days : the notice is given, Lender is authorized to collect and apply the Miscellaneous or repair of the Property or to the sums secured by this Security Instrument, whether or not the third party that 6wes BorroWer Miscellaneous Proceeds or the party right of action in regard to MiscellaneOus Proceeds. Borrower shall be in default is begun that, in Lender's judgment, could result in )r other material impairment of Lender's interest in the Property or rights under tl~is ~ecurity can cure such a default and, if acceleration has occurred, reinstate as provided in causing the action or proceeding: to be dismissed with a ruling that, in Lender's ju. dgment, Property or other material impairment of Lender's interest in the Property or under this Security Instrument. The proceeds of any award or claim for damages that are attributable to ~ ' ': ' ' · ' ' are h~reby assigned and shall be aid to Lender ~ unpatrment of Lender s interest m the Property P · Atl_-Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. ~,~i~¥6{WY) tooos} Pagegof15 Form 3051 1/01 12. Borrower Not Released; Forbearance By Lende~r 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 Borrow? 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 Instrument bY ~eason of any demand made by the original Borrower or any Successors in Interest of Borrt~Wer, Any forbearance by Lender in exercisin~ any right or remedy including, without limitation, Lender's acceptance of ipayments from third persons, entities or Successors .in In{e~est of Borrower or lin amounts less ~an the an~ot~nt then due, shall not be a waiver of or preclude the exercise of any right or remedy. : 13. Joint and Several I~iability; C°~signers; Successors and Assigns BOund. Borrower covenants and agrees that Borrower s obhgatmns and 1Lab~hty shall be joint and several. However, any Borrower who co-signs this Security Instmmem but does not expcute th~ Note (a "co-signer"): (a) is co-signing this Security I~nstrument °nlY to mortgage, grant and conveyl the co+signer's interest in the Property under the terms ~f~ this Security Instrument; (b) is not personally Obligated to pay the sums secured by this Security Instrumenti and (c)agrees that Lender and any othe~ BorroWer can agree to extend, modify, forbear or make any accommodations with regard to the terms of :this Sgcurity Instrument or the Note without the co-signer's consent, Subject to the provisions of Section 18, in Interest of Borrower who assumes BorrOwer's obligations under this Security and is approved by Lender, shall obtain all of Borrower's rights and benefits 'under this Borrower shall not be released from Borrower's obligations Lender agrees to such release in writing. The covenants and bind (except as provided in Section 20) and benefit the successors and assigns o: 14. Loan Charges. Lender for services performed in connection with Borrower's default, for the purpose in the Property and rights under this Security Instrument, including, but property inspection and valuation fees. In regard to any other fees, the absent this Security Instrument to charge a specific fee to Borrower shall not Lender may not charge fees that are expressly prohibited by this Law. If the Loan is subject to a law which and that law is finally interpreted so that the interest or other loan charges collected or connection with the Loan'' exceed the permitted limits, then: (a) any such loan chgge by the amount necessary to reduce the charge to the permitted limit; and (b) any sums BOrrower which exceeded Permitted limits will be refunded to B~rrower. Lender may refund by reducing the principal owed"under the Note or by making a If a refund reduces principal, the reduction will be treated as a partial prepayment charge (whether or not a prepayment charge is any such refund made by direct payment :to Borrower will const Borrower might have arising out of such overcharge; 15. Notice'S. All notices givenby Borrower or Lender in connection with this Security Instrument must be in: writing. Any notice to. Borrower in connection with:this Security Instrument shall be deemed to have been given to: BiO'rower when mailed by first class maii or when actually :delivered to BOrrower's notice address, if sent by other means:NotiCe to any one B_orrOwer shall constitute notice to all Borrowers unless ApPlicable :Law expressly requires otherwise. The notice addreSs shall be the Property Address unless BorrOwer has desighated a substitute notice address by ',notice to Lender. Borrower shall promptly notify L~-i~der of :Borrower's change pf a..ddress. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall 6itly report a change of address through that specified procedure. Th.e.r~ may be ionly one designated notice ~address under this Security Instrument at any one time. Any no{~ce 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 Instrument shall not be deemed to have been given to Lender uhtill actually received by Lender. If any notice required by this SecUrity Instrument :is al~o required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. ~0x) Initials: ~ (~e-6(VVY) (ooo~) Pa9. lo of ~ ~ Form 3051 1/01 232 16. Governing Law; Severability; Rules.:of Co~tstruCtion. This Security Instrument shall be governed by federal law and the law of the jurisdiction i ~ which the property is located. All rights and :obligati?ns contained in this Security InstrUment are m tbjeCt:. to any requirements and limitations of App. lieable Law; Applicable Law might explicitly or impl/eitly allow the Parties to agree by contract or it might be silent, but: such silence shall.not be construed as a pr6hibition against agreement By contract. In thi event that any provision or clause of this Security In ~tr~ment Or the Note conflicts with Applicable L. aw, such Con~.lbt Shall not affect other provisions o[ thi~ SecUrity Instrument or the Note whie'l~ can be given effect without:the conflicting provision. : · As used in this Security' Instrument: (a) wo{ds of the masculine gender shall mean and include corresponding neuter words or words of the ~'eminme ge]~der; :(b) words in the singular shall mean and include the plural and vice versa; and (c) the word "ma~" give~ sole discretion without any obligation to take anY action. 17. Borrower's Copy. Borrower shall be given one co: ~, of the Note.and of this Security InStrument. ,,- 18. Transfer' of the Property or a Beneficial inter ;t 'in Borrower. As used in this Section 18, Interest in the Property" means any legal or beneficial inte ~.st in the Property, includhag, but not limited to, those beneficial interests transferred in a bond for deed,. )ntract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title ~ Borrower at a future date to a purchaser. If all o:r any ~art of the Property or any IntereSt in tileroperty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in BorroWel s s01d or transferred) without Lender's prior .written eons_ent,: Lender may require immediate payment a full of all sums secured by this Security ~nstrument. However, this option shall not be exercised y Lender if such exercise is prohibited by Applicable Law.: 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 given in accordance with Section 15 ~vithin which Borrower must pay all sums secured trity Instrument. If Borrower fails to pay }hese sums prior to the expiration of this Period, ~ invoke any remedies permitted by this Security Insirument without further notice 19. Borrower's Right to Reinstate If Borrower meets certain conditions, Borrower shall have the right to have SeCUrity Instrument discontinued at any time prior to the earliest of: (a) five days before sal, any power of sale contained in this Sec~ity Instrument; (b) such other period as might specify for the termination of Borrower's right to reinstate; or (c) entry of a enforcing ~his Security Instrument. Those conditions are that Borrower: (a) pays Leader all be due under this Security Instrument and the Note as if no acceleration had , default of any other covenants or agreements; (c) pays all expenses incurred in Instrument, including, but not limited to, reasonable attorneys' fees, property inspection fees, and other fees incurred for the purpose of protecting Lender's interest in the Security Instrument; and (d) takes such action as Lender may reasonably interest in the Property and rights under this Security Instrument, and Borrower to pay the sums secured by this Security Instrument, shall continue such reinstatement sums and expenses in one or more of cash; (b) money order; (e) certified check, bank check, treasurer's any such check is drawn upon an institution whose deposits are: insur~ ity or entity; or (d) Electronic Funds Transfer. UPon reinstatement bY ' Instrument a~d obligations:secured hereby Shall remain fullY effective as if~ right to reinstate shall not apply in the ease °f acceleration 20. Sale of Note; Change of Loan The Note or a partial interest in the Note (together with this Security or more times without prior notice to Borrower. A sale might result in a cl~ang~e ia as the "Loan Servicer") that collects Periodic Payments due under the Note and this and perform~ other mortgage loan servicing obligations under the Note, this Security Law. There also might be one or more changes of the Loan Servicer unrelated ~ the Note. If there is a change of the Loan Servicer, Borr°w~r will be given written notice of which will state the name and address of the new Loan Servicer, the address to which payments made and any other information RESPA . . Initials: 6{WY) (ooo5} ~aae 1~ of 15 Form 3061 1101 requires in connection with a. notice of transfer of If the Note is sold and thereafter the Loan is serviced by a LOan Servicer other than the purchaser'r the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be a successor Loan Servicer and are not assumed bythe Note purchaser unless otherwise provided by the Note purchaser Neither Borrower nor Lender may commence, lorn, or be:joined to any judmml action (as e~ther an md~wdual ht~gant or the member of a class) that arises from :the other party s actions pursuant to th~s Security InstrUment or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower :or Lender has notified the other party (with such notice given in Compliance With the requirements ~f 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 must elapse before certain action can be taken, that time permd will be deemed to be reasonable for purposes of this paragraph. The notme of acceleration and opportumty to cure gxven to Borrower pursuant to Sectmn 22 and the notme of acceleration gtven to Borrower pursuant to Section 18 shall be deemed to satisfy the notice.and opportunity to take corrective action provisions of this Section 20. 21, Hazardous Substances. As used in this gection 21: (al Hazardous Substances" are those substances defined as toxic.or hazardous substances, ,ollutants~ or wastes by Enwronmental Law and the following substances: gasoline, kerosene,: other fla~ r . . · nable or toxic' petroleum products, toxin pestm~des and herbicides, Volatile solvents, materials containing asbestos Or formaldehyde, and radioactive materials; . (b) "Environmental ~Law" means federal laws and law: of the junsdmtlon where the: Property ~s located that relate to health, safety or environmental protection; 'c) "Environmental Cleanup" includes any response action, remedial action, or removal action., as define~ in Environmental Law; and (d) an "Environmental Condition" means a condition that can c'ause, comribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or ~al, storage, or release of any Hazardous Substances, or threaten to release any ] in the Property. Borrower shall not do, nor allow anyone else to do, ) that is in violation of any Environmental Law, (b) which creates an due to the presence, use, or reich/se of a Hazardous Substance, creates a conditio~ value of the Property. The preceding two sentences shall not apply to the presence, on the Property of small quantities of Hazardous SubSt~Ces that a~e generally appropriate to normal residential uses and:to maintenance of the Property in consumer products), Borrower shall promptly any investigation, claim, demand, lawsuit or other action by any private party involving the Property and any Hazardous Substance BOrrower has actual knowledge, (b) any Environmental discharge, release or threat of release of any Hazardous Substance, and. (el any by the presence, use or release of a Hazardous Substance which adversel~g affects the value of the Property. If Borrower learns, or is -notified by any governmental or regulatory authority, or any private Party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessarY, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. Inhlals: CP 0187(W¥l 1o00~1 Page 12 of 15 Form 3051 1'/01 234 NON-UNIFORM COVENANTS. Borrower and Lender further:covenant and agree as follows: 22. AeeeleratiOn; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to e~re the defaulti {e) a date, not less than 30 days fro~i the date the notice is given to Borrower, by which the default m~st be cured; and (d) that failure to cure the default 9n or before the date specified in the notice may resuit in aeceleration 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 aetion to assert the non-existence of a defaUlt Or anY 6ther defense of BorroWer to ae.eeleration and sale. If the default is not cured on Or ab~fore the date s.~ee!!!ed ]~ the not, ce, Lender at .its option may require immediate payment in full of ~ sums seeurea ny mis ~ecurity Instrument withoUt further demand and may invoke the power of sale and any other iremedies permitted by applicable LAW.. Lender Shall be entitled to c~llect ali expenses incurredin pursuing the remedies provided in this Section 22, including, but not limited t°, reasonable attorneys, fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and t° the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to BOrrower in the manner provided in Section 15. Lender shall publish the: notiee of sale, and the Pr°perty shall be Sold in the manner prescribed by Applicable Law. Lender or: its :designee may purchase.the ~Property at any sale. The proceeds of the sale shall be applied in :the i 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 this Security Instrument. Borrower shall Pay any recordation~ costs. Lender may charge Borrower a fee for releasing this SecuritY Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. Initials: ~-'~) (~-6(WY) {ooo~) P.o. sa of 15 Form 3051 1/01 235 BY SIGNING BELOW, Borrower accepts and a~rees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower an~ recorded with it. Witnesses: (Seal) -Borrower (Seal) -BorroWer ,(Sea~) (Seai) -Borrower -Borrower (Seal) (Seal) -Borrower -BOrrower (Seal) (Seal) -Borrower -Borrower (~6{WY} (ooos) Page 1,~ o¢ 16 Form 3051 1/01 STATE OF WYOMING, LINCOLN County ss: The foregoing instrument was acknowledged before me this llth day of January, 2002 by ROY WALKER My Commission Expires: February 2, 2'002bUc~j /~''~ / 6G(VV'¥) (0005) Page '~5 at 15 Form 3051 1/01 EXHIBIT A Legal Description for Roy Walker The Northerly one-half of Lots 11 and 36 of the First Addition to the Town of Kemmerer, Lincoln County, Wyoming r :described as follows: Beginning at a Point which is North 26034' West,: 70.00 feet from the Southeast Corner of said :Block 36, thence South 63026, West, 100.00 feet; thence North 26034, West 70.00 feet; thence North 63026, East, 100.00 feet; thence South 26o34, East, 70.00 feet to the point of b. eginning~