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HomeMy WebLinkAbout878508 Return To: -. r,.. I: ..., 1:. I J E/': i"J i',i '" '- '.-'.;;; i".! i!i' R l( Ii! kl ~'t E P. 'Z i:i', Prepared By: Sharon Walker ' B OK ...pR PAOE 2 0 '? [Space Above Tiffs Line For Reco~dh~g Data] 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 roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means.this document, which is dated danuapy 7. 2002 , together with all Riders to this document. (B) "Borrower"isA]bet1; G Humbert, A Single Man Borrower is the mortgagor under this Secqrity Instrument. (C)' "Lender" is' Major ~lortgage~ ~, gender is a Wyoming Corporati on organized and existing under the laws of Wyoming HUMBERT, A. AF 1061364 0 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ~®-6[WY) Iooo~1 Lender's address is 1920 Thomes Avehue Suil;e: 200, Cheyenne, WY 82001 Lender is the mortgagee under th~s Security Instm.rnent. TheN°testatesthatB°rrwer°wesLenderEi§hty EJght -[h0U$(D) "Note"means theprOolmSsorynoteslgned by Borrower and dated and Oanklary 7, 2002 and no/lO0 Doll:ars (U.S. $ 88,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to paY the debt in full not later than . February 1. 2032 (E) "Property" means the property that is described below under the heading "Transfer of Rights ip 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" means all Riders to this Security Instrument that are executed by Borr6wer. The following Riders are to be executed by Borrower [check box as applicable]: . [--'] Adjustable Rate Rider ~] Condominium Rider ['--] Second Home Rider '~--] Balloon Rider ~ Planned Unit Development Rider [--q '1-4 Family Rider ~ VA Rider ~ Biweekly Paymem Rider ~-] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable:judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means alldues, fees, assessments and other charges that are imposed or~ Borrower or the Property by a condominium association, homeowners association or similar organiz£tion. (J) "Electronic Funds Transfer*' means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated :through an electronic terminal, telephonic instrument, computer, or magnetic tape so a~ to order, instruct:, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-Of-saie transfers, automa[ed teller machine transactions, transfers mmated by telephone, w~re transfers, and automated clearmghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in SeCtion 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) Periodic Payment' means the reguiarly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Sectmn 3 of this Security Instrument. (O) liESPA means the Real Estate Settiement Procedures Act (12 Il.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to tim6, or any additional or successor legislation or regulation that governs the same subject matter. As Used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. HUMBERT, A, AF 1061364 0 I~-6(WY) ,ooo~ ~.~. 2 o~ ~5 Form 3051 1101 2O9 (P) "Successor in Interest of Borrower ' means any party that has taken title to the Property, whether or~ not that party has assumed Borrower s obhgatlons~ under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i)the repayment of the Loan, and all renewals, extensions and modtficattons of the Note; and (n) the performance of Borrower's covenants and agreements under this Security Instrument and the Note· For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located ~n the Con nty of ki ncol n : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] ' Part of Section 21, T32N Rll9W of the 6th P.M., Lincoln County, Wyoming being more particularly described: BEGINNING at a point 1024.529 feet west of the Southeast corner of th.e NWt/4NE1/4 of said Section 21 and running thence West 427.471 feet: thence NOrth 204 feet: thence East 427.471 'Feet: thence South 204 feet to the POINT OF BEGINNING. Parcel ID Number: 12-321921t000t000. which currently has the address of 254 Lander La:ne [su-~t~ Alton [city] , Wyoming 83110 [zip Code] ("Property Address "): TOGETHER WITH all the improvements now or hereafter erected on the property, and "all easements, appurtenances, and fixtures now or hereafter a part of:the property. All replacements and additions shall also be covered by this: Security Instrument, All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right :to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances i of record Borrower win-rants and will defend generally the title to the ProPerty against all clmms and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform Covenants for national use and nonzuniform covenants with limited variations by]url~diction to constitute a uniform security instrument covering real proj)erty. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bo~ower 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 check or other instrument received by Lender aS payment under the NOte or this HUMBERT, A. AF 1061364 0 (]~-6{WY) (0005] Page 3 of 15 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 following forms, as selected by Lender: (a) cash; (b) money order; (c) cenffied check, bank check, treasurer's check or cashier's check, provided' any such check is drawn upon an .institution whose deposits are insured by a federal agency, i~stmmentality, or entity; or (d) Electr~)nic Funds Transfer. Pay~nents are deemed received by Lender when received; at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, WithoUt waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial - payments in the future, but I~ender is not obli ated to annlv such payments at the time such navment~ are. :accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender ~eed not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower mates payment to bring the Loan current. If Borrower does not do so within a }easonable 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. N° offset or claim 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 the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the arder in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient: amoUnt to pay any late charge due, the payment may be applied to the delinquent payment 'and the late chargel If more thru One Periadic payment is outst~di~g, Lender may apply any payment received from Borrower to :the repayment of the Peribdic Payments if, 'a~d to the extent that, each l~ayment can. be paid in fuil; TO the extent that any excess exists after the payment is applied to the full payment of one or m re Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied firsi t(~ any Prepayment charges and then as described in the Note ' 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 nay to Lender on the day Periodic Pawnents are due under the Note, until the Note is paid in full, a su~n'(the "Funds'') to provide~f°r payment of'---amounts 'due for: (a) taxes and assessments and other items which can attain Priority :over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments o; grOund rents on the Property, if any; (c) prermums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payabl? by Borrower to Lender in lieu of: the paymer~t of Mortgage Insurance premiums in accordance w. ith the provisions of Section 10; These items are called :"Escrow Items. At origination or at any time during 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 Itcm Borrower shall promptly, furnish to Lender all notices of amounts to be paid under this Section Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the .Funds for any or all Escrow Items~ Lender may waive Borrower's ob Igatlon 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, ~vhen and where payable, the am°~nts HUMBERT, A. AF 1061364 0 Ini'ti~ls: (~T6JWY) ~ooo~) Page 4of ~s 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 time period as Lender may require Borrower s obligation to make such payments and to providei receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security InstrUment, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay EsCroTM Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escro~v Item, Lender may exemi~e its rights under Section 9 and pay such :amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender:may revoke the waiver as to any or all Escrow Items at any time by a notice given in: accordance wi~h Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such muounts, that are then required under this Section 3. i ' Lender may, at any time, collect and hold Fdnds i:n an amount (a) Sufficient to permit Lender to apply tho Funds at the time specified under RESPA, and (b) not t6 exceed the maximum amount a lender: can reqmre under RESPA. Lender shall estimate the amount of Funds due on the basts, 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 holding and applying the Funds, annually analyzing the escrow account, or verifying the Eacrow: Items, unless Lender pays Borrower interest on the Funds and Applicable Law pernuts Lender to m~e such ~ charge. Unless an agreement is made in writing or AppliCable Law requires interest to be paid on-the Funds, Lender shall not be required to pay BorrOwer any interest or earnings on the Funds. Borrower and Lender can agree m wnnng, however, that interest shall be paid On the Funds. Lender shall give to Borrower, without 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 m accordance:w~th 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 ,ay to Lender the amount necessary to makeup the shortage m accordance with RESPA, but in no more than 12 monthly payments If there is a deficiency of Funds held m escrow, as defined under RESPA, Lender shall not~fy Borrower as required by RESPA and Borrower shall pay to Lender the amount necessary to make up the deficiency m accordance with RESPA, but in no more than 12 monthly payments Upon payment in full of all sums secured by this Securily Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. '14, Charges; Liens. Borrower shall pay all taxes, assessments:, charges, fines, and impositions attributable :to the Property which can attain priority over this Security'InstrUment, leasehold payments or ground rents On the Property, if any, and Community Association Dues, Fees, and Assessments, if any:. To the extent that these items are EscroW Items, Borrower shall pay them in the manner provided in Section 3.: BorroWer shall promptly discharge any lien which has p~iority over this Sect~rity Instrument 'unless Borrower: (a) agrees in writing to the pa~,ment of the obligation secured by the lien in a manner acceptable to Lender, but only so 10ng as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of tl/~ lien inl legal proceedings which in Lender s opinion operate to~ prevent the enforcement of the hen while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the hen to this Security Instrument. If Lender deternunes that any part of the Property is subject to a hen which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the HUMBERT. A. AF 1061364 0 Initials: (~-6(WY) Iooo~) I=ags 5 of 15 Form 3051 1/01 lien. Within l0 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 wit) this Loan. i : 5. Property InsuranCe. Borrower Shall keep the improvements no~ ex?ting or hereafter erected: on the Property insured against loss by fire hazards include~I wilhin the term extended coveraae," and an other hazards including, but not limited to, earthqumces and floods, forwhich Lender requires insurance. This insurance: shall be mair~ined in the amounts (including~ deductible levels) and for the periods that Lender requires What Lender requires pursuant to the Preceding sentences can change during the term of the Loan. The insurance carri.e,r providing the ins_.u_ranc~ shall be chosen by Borrower subject to Lender's right to disapprove Borrower s choice, which right Shalt not be exercised UnreasonablY. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one. time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood' zone determination nd certfficatlon servmes and subsequent charges each time remappmgs or mmllar clianges occur which reasonably might affect such determination or ~ertification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with .the review of any flood zone determination resulting from an objection by Borrower. If BOrrower fails to maintain any of the coveragesildeSc~ibed above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense, Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall Cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser :coverage than was previously in effect. Bo~roWer acknowledges that the cost of the insurance coverage So obtained might significantly exceed the costI 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 SecUrity Instrument i These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with' suCh interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include ~ standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee.' Lender shall have the right to hold the policies and.renewal certificates:. If Lender requires, Borrower shall promptlY give to Lender :all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage ilause and Shall nan~:Lender as mortgagee and/or as an additional ios~ payee. 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 ~n writing, any Insurance proceeds, whether or not th ,~ underlying insurance was required by Lender, shall be applied, to restoration ~r repair of the Pr°Perty, if :' ': ' : '" ~ ' . . :: ~.~ . the restoratmn or repmr ~s econommally feasible and Lender s security ~s not lessened During such repmr md rest°lOtion Peri(~d, Lender shall have the right to hold such msurance proceeds until Lender has had a ~ Up mrtumty to respect such Property to ensure the work has been completed to Lender's satisfaction, pro, ideal that such inspection shall be undertaken promptly Lender: may disburse proceeds'~. for the re~a_ irs a ~d restoration in a single payment or in a series of progress payments as the work is c6mpl~ted. Unless an agreement is made in writing or Applicable Law requires interest to :be paid on such insurance proceeds, L ~der shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public djUsters, or: other third parties, retained :by Borrower shall :not:be paid out of the insurance proceeds ~d shall be the sole obligation of Borrower. If the restoration or repair is'not economically feasible or Le ler!s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Sec ity Instrument, whether or nOt then due, With HUMBERT, A. Ar 1061364 0 (~-6(WY) ;ooos) Page o aC ~5 Form 3051 1/01 the excess, if any, .paid to Borrower. Such insurance proceeds :shall be applied in the order provided for in Section 2. If Borrower abandons the Property, ~.ender may file, negotiate and settle any available insurance claim and related matters If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle: the Claim The 30-day period will begin when the notice is given. In either eventi 0r if Lender acquires the ProPerty under Section 22 or otherwise, Borrower hereby assigns to Lender (a) BOrrower's rights to any insurance proceeds in an.amount not to exceed the amounts unpaid :under the Note Or this Security Instrument, ~and (b) any other iof! Borrower's rights. (other than the hght t° my refund Of unearned premiums paid by Borrower) under:all insurance policies covering the Property,: insofar as such rights are applicabl~ to: the coverage of the PrOperty Lender may use the insurance ~roc~ds either to repair or restore: the prOperty Or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. OccuPancy. BorroWer shall occupy, esfal~lish, and l use the Pronertv as B'orrower's nrincinal resldence within 60 days after the executmn of th~s Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one ye~ after the date of occupancy, unless £ender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuaiing circumstances exist iwhich are beyond Borrower's control. ' 7. Preservation, Maintenance and Protection of-the Property; Inspections. Borrower shall not destroy, damage! or lmpmr the Property, allow file Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the ' ' ' ' Property, Borrower shall mamtmn the Property In order to prevent the Property from deteriorating or decreasing in value due 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 damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes.. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance :or condemnation proceeds are not suffiment to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. .Lender or its agent may make reasonable :entries upon and inspections of the Property. If it has reasonable cause, Lender may respect the interior of the improvements on the Property. Lender shall give Borrower notice at the time Of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Apphcatmn. Borrower shall be in default if, during the Loan apphcanon process, Borrower or any persons or entitles acting at the idlrection of Borrower or with Borrower,s knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed: to provide Lender w~th material ~nformatlon): m conneetmn with the Loan. Material representa~tlons: include,, but are not hmlted to, r~presentat!0~s concermng Borrower s occupancy of the Property as Borrower's principal residence. · 9. Protection of Lender s Interest m the P~operty and Rights Under this Security Instrument. If (a) BOrrower fails to perform the coven~ts and agreements contained in this Security Inst~-ument, (b) there is a legal proceeding that might SignifiC~flY affect Lender s :interest in the Property and/or riglits under this Security Instrument (such as a proceeding ~n bankruptcy, probate, for condenmatlon or forfeiture, for enforcement of a lien which may attain~ priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest m the Property and rights under this SecuritY Instrument, including protecting and/or assessing the value of[ the Property, and securing and/or repairing the Property. Lender s actions can include, but are not lnmted to: (a) paying any sums secured by a.hen which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable HUMBERT, A AF 1061364 0 6(Wy) (ooos) Page 7 o, ~ 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 tg, entering the Property to make repairs, change locks, replace Or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous cOnditions, :and have utilities turned on or off. Although Lender may take action under tls Sect~ion 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that :Lefider i~icurs no liability for not taking any or all actions authoriZed under this 'Section 9 i ny amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower s cured by th~s Security Instrument. These amounts shall bear interest at the Note rate from .the date of disbursement and shall be payable, with such interest, upon: notice from Lender to Borrower reauestin m ~' - g pay ent. :; 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 of making the Loan, Borrower shall pay the premiums required to maintain ttie ~l°n.'gage Insurance in effeetl If, for any reason, the Mortgage Insurance coverage required by Lender ceases to :be available/'rom the mortgage insurer that previousl3: provided such insurance and Borrower was required 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 previou'slY 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 equivalent Mortgage Insurance coverage is not available, Borrower shall Continue' to pay to Lender the art~ount of the sel~arately designated payments 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 li~en of Mortgage InsUrance. Such loss reserve shall be non-refundable, notwithstanding the fact' that the Loan is ultimately Paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss:: reserve. Lender can no longer require loss reserve paythents if Mortgage Insurance [coverage (i~n the amofint and for the period that Lender i'equires) provided by .an insurer selected by Lender again becom.es :iayailahle, is obtained, and Lender requires separately designated payments toward the premiums for Mortghge 'Insurance If Lender required Morigage Insurance as a condition of making the 'Loan and Borrower 3~s re~luired to make separately designated payments toward the premiumsfo~ Mortgage Insurance, BOrrower Shall pay the premiums required; to maintain Mortgage InsuranCe in effect,: or to provide a n0n-refundabl~ loss reserve, until Lender's requirement for Mortgage Insurance ends :in hccord .ante with:any written agreement between Borrower and Lender providing for such termination Or until termination is required bY Applicable Law. Nothing in this Section 10 affecl~S Borrower's obligation to paY inierest at the rate provided in the Note. 'Mortgage Insurance reimburses Lender (or ahy entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage ~insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modi~ their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or 3arties)::~o these agreements. These agreements may require the mortgage insurer to make paYments using ~y source of funds that the mortgage insurer may have available (Which may include funds obtained froin Mortgage Insurance premiums) As a result of these agreements~ Le.n, der,: any purchaser of the Note, another insurer, any reinsurer, any other entitY, or any affiliate of any df the foregoing, may ree.e, ive (directly or indireCtly) a~nou'nts ~tat derive from (or: might be characterized a~)a Portion of: BorroWer s payments for Mortgage Insurance,: in exchange for sharing or modifying the im0rtgage insurer's ri~k, or ~:educing losses.' If such agreen~ent provides .that an affiliate of Lender takes a share of the insurer's risk in ekchange for & sha~e of the premiums paid to the insurer, the arrangement is o~en termed 'Captive reinsurance." Further: (a) Any such agreements will not affect the amOuntS that Borrower has a~,reea Mortgage Insurance, or any other tbrmS of the Loam such ~:agreements will nOt ine~eas~ t~e Borrower will OWe for Mortgage Insurance, and they will not entitle Borrower to any refund. HUMBERT, A, AF 1061364 0 (~-6[WY) tooosl Page 8 of ~s Form 3051 1101 (b) Any such agreements will not affect the righ~ts BOrrower has - if any - with respect to the Mortgage Insurance under the Homeowners P~0teCtiau ACt of 1998 or any other law These rights may inclUde ithe right to receive certain disclosureS, to request and obtain canceilation of the Mortgage Insurance, to have the Mortgage Insurance terminated aUtomatically, and/or to receiVe a refun~l of any MOrtgage Insurance prer~iums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; For:'eiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. :.. . If the PrOPerty is dan~aged, such MiscellaneOus Prcceeds shall be !applied t° restoration or repair of the Property, if the restoration or repair is econo, micalll, ~feaSibleland Lender's security is not lessened. During such repair and restoration period, Lender shall h~ ve the right to: hold such Misc611aneous Proceeds until'~:Lender has had an opportunity to inspect S~ch ~ro pertg to ensure the work has been completed to Lender's Satisfaction, provided that such inspection shall be t~i~dertaken promptly. Lender may pay for the repair, s and restoration in a single disbursementor in a series of progress payments as the work is completed. Unless an agreement is made in writing or Al; plicable Law requires interest to be paid on such Miscellaneous Proceeds, Lerider shall not be required :to pay Borrower any interest or earnings on Such Miscellaneous Proceeds. If the restoratton or repair is not econormcally feasible or Lender s security would be lessened, the Miscellaneous Proceeds shall be applied to thb sums secured by this Security Instrument, whether or not then due, with the eXcess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied inthe order provided for in SectiOn 2. In the event of a total taking, destruction, or 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, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, Or loss i~ value of the: Property in which the.fair market value of the Property ilm'nediately before .the p~rtial taking, destruction, or l°ss in value is equal to or greater than the: amount of the sums secured by this Security Instrument immediately before the partial : taking, destruCti0n, or loss in value, unless Borrower: and I~ender otherwise :agree in Writing, the sums secured bY this Security Instrument shall be reduced by the 'amoun[ of the Miscellaneous Proceeds multiplied by the .following fraction: :(g) the total amour~t of the sums secured immediately before the partial taking, destructton, :or lo:ss' in:valUe divined by (b) the fair market Value of the Property immediately before the partial taking; destruction, or loss in value Any balance shall be paid to Borrower In the event of a partial taking, destruction, 9r loss m value of the Property in which the fair market value of the PropertY immediately i~efore the partial taking, destruction, or loss in value is less than the amount of the: sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in:writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due~ I~' the property is abandoned by BOrrOwer, or :if, after notice :by Lender to Borrower that the pposmg Party (as defined in the next sentence) offers to make an award to 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 Miscellaneous Proceeds oither to restoration or repair of the Property or to ~the sums :secured by ibis Security Instrument, whether or not ~hen due. "Opposing Party" means the third party that owes'Borrower Miscellaneous Proceeds or the party against whom Borrower has a fight of action in regard to Miscellaneous Proceeds. Borrower shal! be in default if any action or procee,"ag, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Prr erty or other material impairment of ~Lender's interest in the Property or rights und~er t.his Security Inst~ meat. Borrower can cure such a default and, if acceleration has occurred, reinstate as' pr'o. vided in Sectie 19, by causing the action or proceeding to be dismissed with: a ruling that,, in Lender's judgment, prec des'~ f?'feiture of the Property or other material imOairment of Lender's interest in the Property or rights rider this Security Instrument. The proceeds of any award or claim for damages that are attributable to :th imPairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. : All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in :the order provided for in Section 2. HUMBERT, A. AF 1-061364 0 (~e-6(WY) {ogeE) Page 9 of ~ Form 3051 %/01 12. Borrower Not 'Released; Forbearance By Lend_er~ Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall no~ Operate to release the liability of BorroWer or any Successors in Interest of Borrower. Lender shall not b6 required to commence proceedings against any Successor in Interest of Borrower or to refuse io extend time for paYment or modify amortization of the sums . . . : ~ otherwise _ secured by this Security Igstrument :by reason of any demand made by the original Borrower or any Successors in Interest of Borrowe~:. Any forlg~arance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance: of paYmer[ts from third persons, entities or Successors in Interest of BorroWer or in:amOunts less than the an~ount then due, shall not be a waiver of or preclude the exercise of any right or remedy. ' 13. Joint and Several I]iabilitY; Co-sb, ners: Sucre ssors and AsSigns Bound. Borrower covenants and agrees that Borrower s obligations and habfllty'shall b e joint and several. However, any Borrower who co-signs this Security Instrumeht but does not ~kecute 'he Note (a "Co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey 1 he co-signer's interest in the Property under the terms of this Security Instrument; (b) is not persor~ally ct ligat6d to pay the sums secured l~y t~is Security Instrument; and (c) agrees that Lender and any o[her Bo rr~wbr car[ ~gree to extend, 'modify, forbear or make any accommodations with regard to the terms of t] tis SecuritY Instrument or the Note without the co-signer's consent. Subject to the provisions of Section Su.:cessor in Interest of Borrower who assumes Borrower's obligations under this Security I in ,vriting, and is approved by Lender, shall obtain all of Borrower's rights and benefits under Borrower shall not be released from Borrower's obligations and liability under this unless Lender agrees to such release in writing. The covenants and agreements of this ~ shall bind (except as provided in Section 20) and benefit the successors and ~, 14. Loan Charges. Lender may charg for services performed in connection with Borrower's default, for the purpose of protecting in the Property and rights under this Security Instrument, including; but not limited to, and valuation fees. In regard to any other fees, the absence of express to charge a specific fee to Borrower shall not be construed as a such fee. Lender may not charge fees that are expressly prohibited Law. If the Loan is subject to a law t law is finally interpreted: so that the interest or other loan l~an exceed the permitted limits, then: (a) necessary to reduce the charge to the I ~ Borrower which exceeded permitted limits by reducing the principal owed under the Note or by. making a Borrower. If a refund reduces principal, the reduction .will :be treated as a partial prepayment charge (Whether or not a Pi:ePayment charge is provided for under the Not~). acceptance of any such refund made by direct payment to Borrower will constitute a waiver t of action Borrower might have arising out of such overcharge. ' ' 15. NoHees. All notices given by Borrower or Lende. r in connection with this Security Instrbment must bein iwriting. Any notice to Borrower in connectiOn with ~this Security Instrument shall l~e deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. NOtice to any one Borrower shall constitute notice to all 'Borrowers unless Applicable Law expressly requir.es Otherwise. Th,e notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower ~hall promptly notify Lender of Borrower's change'of ~dress. If Lender specifies a procedure for repOrting Borrower's change of address then Borrower shall o~ly repor~ a change of address through that specified procedure. There may be only one designated notice address under this SeCUrity Instrument at any one time. Any notice to Lender: shall be given by delivering it or by mailin~ it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice connection with this: Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Imtrument is also required under Applicable Law, the Applicable Lav~ requirement will satisfy the ~0rreSponding requirement under this Security Instrument. HUMBER_T, A. AF 1061364 0 Form 3051 1/01 16. Governing Law; Severability; Rules of Constructiom This Security Instrument shall be governed by federal law and the law oi the jurisdiction in which the Property is located Ali rights and 0bhgat~ons contained m th~s Security Instrument are subject to any reqmrements and limitations of ApPlicable Law. Applicable Law might explicitly 'or imPlicitly allow the parties to agree by C°ntract Or it rn]~ht be silen[, but such silence shall'not be construed: ~ts a p~°hibition against agreement by contract: In the event that anY: provision or clause of this Securit,y Instrument or the Note conflicts with Applicable Law, such. conflict ~hall not affect other provisioris of this SeCurity Instrument or the Note which can be g~ven effect w~thout the conflmtlng provismn. ! As used in this Security Ir~st~ment: (a) words of thel masculine gender shall mean and include corresponding neuter Words or words of the feminine genderl; (b) words in the singular shall mean and include the plural and wee versa; and (c) the, word may. gxves sole dmeretlon w~thout any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one c ,py iof the Note and of this Security Instrument. 18, Transfer of the Property or a Benefimal Int~ estl in Borrower. As used.in this Section 18, ~,rest in "Interest in the prOperty'' means any legal Or beneficial: i~ the Property, including, but not limited to, those beneficial interests transferred in a bond for deef contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of titl by: Borrower at a future date to:a purchaser, If all: or any part of the Property or any Intere~st in tli~ :PrOperty is sold or transferred (or if Borrower is not a natural person and a beneficial' interest in Borrow r iS sold or transferred) Without Lender's prior written consent, Lender may require immediate paym. en in full of all sums secured by this Security Instrument. However, this option shall not be exercmc by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shal~ give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the ~late the nOtice:is given in accordance With Section 15 within which Borr°wer must pay all sums secured by this S6curity Instrument. If Borrower fails to pay these sums prtor to the exp~ratmn of thts period, Lender m~ay ~nvoke any remedies penmtted by this Security Ir~strument without further notice or demand on Borrower. 19. BOrrower's Right to Reinstate After Aceelerati6n. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this S6eUritY Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b)such :0ther'period as Applicable Law might specify for the termination of Borrower's righi to reinstate; or (c)'er~rY: of ~ judgment ;enforcing 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; (bi cures any default of any other covenants Or agreements; (c) paYs all expenses incurred in enforcing ~this sebuiity Instrument, including, but not limited to, reasonable attorneYs' fees, property inspection and valUation fees, and other fees incurred for the purpos~e of prOtecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this security Instrument, and Borro~ver's obligation to pay the sums secured by this SecUrity Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) leash; (b)money order;: (e) certified check, bank check, treasurer's check or cashier's checl~, provided ~y such check is ~lrawn upon an institution whose deposits are insured by a federal 'agency, instrumentality Or entity; or (d) Electronic Funds Transfer Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as ~f no acceleratmmhad occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Eom~* Ser~mer; Notice of Grievance. The Note or a part~al interest m the Note (together w~th th~s Security: Instrument)can be sold one or more Umes without, prior notme to · · i : · · ~ . . · B~rrower. A sale rmght result ina change m the ennty (known as the Loan Serwcer ) that collects Periodic Payments du~ under the Note ~d this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instniment, and ApPlicable Law. There also might be one or more changes of the Loan Serwcer unrelated to ia sale of the Note. If there ~s a change of the Loan Servicer, Borrower will be given written nOtice °fthe change ..which will state the name and address of the new Loan Serwcer, the address to whmh paymehts should be made and any other mformatmn RESPA HUMBERT, A. AF 1061364 0 Initials: ~/-/ (~-6{WY) (0oo5). Page 11 Df 1.~ Form 3051 1/01 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser Of the ~N0te; the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer of be transferred to a successor Loan Servicer and are not assumed by the: Note purchaser unless otherwise provided by the Note purchaser. Neither: BorroWer nor Lender may Co .nmaence, join, Or be joined to any judicial action (as either: an individual litigant or themember of a class)that arises from the other party's actions pursuant to this Security Instrument 'or that alleges that the oflaer party has breached any Provision of, or any duty Owed by reason of this Security Instrument, until such Borrower or Lehder has notified the other party iwith such notlce gxven m compliance with the requirements of Section li5)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 mU. st elapse b~fore certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice. of acceleration and opportunity to cure given to Borrower pursuant to :Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to sattsfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in tl~is Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by EnVironmental Law and the following substances: gasoline, kerosene, other flammable or:toxic petroleum products, toxic 'pesticides and,,h, erbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) Enwronmental Law means federal laws and laws of the junsdmtion where the Property m located that relate to health, safecty or environmental protection; (c) 'Environmental: Cleanup" includes any response actxon, remedial action, or removal acuon, as defined m Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental CleanUp. Borrower shall nor cause, or~ .permit. the~ :-:presence' ~ e~, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substm :es, on Or in the Property Borrower shall not do, nor allo!v: anyone_ .else to do, 'anvthlne~ ~ affecting the Pro'. ~rty (a). that ~s m violation of any Environmental. Law, (b) which creates an Environmental Condition, or :)~whieh, due to the presence, use, or release of a Hazardous SubStance, creates a condition that adversel3 ~ffeCt.~ the Value of the Property. The preceding two sentences shall not apply to the p~esence, use, o storage on the Property of small quantities of Hazardous SubStances that are generally :reCognized to maintenance of ~he Property (including, i>ut not limited t ,e appropriate to normal residential uses and to . ~: , hazardous substances in consumer products). Borrower Shall promptly give Lender written:'.hotic Of (a)} any investigation, claim, demand, lawsuit or other action by any governmental Or regulatory agent ~ Or private party involving the property and anY Hazar~lous Substance or Environmental Law of w~ ch BOrrower has actual knowlerige, (b) any Environmental Condition, including but not limited to. s y :spiliing, leaking, discharge, release or threat of release of any Hazardous Substance, anal (c) any cond ion caused by the presence, use or release of a Hazardous Substance which adversely, af~gcts the value of the Property. If Borrower learns, or is flotified by.any governmental or regulatory au'thority, or any private party, that any removal or other remediation of ~y 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. HUMBERT, A. AF 1061364 0 Initials: ~')t/7/ (~)~6(WY) [ooo5) Page ~2 of is Form 3051 1/01 219 NON.UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Le.nder 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 i8 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required tO cure the default; (e) a date, not less than 30 days from the date the not,ce ~s g~ven, 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 Proper~ y. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a Court action to assert the non-existence of a default or any other defense of Borrower to a(celeration and sale. If the default is not cured on or bef°re the date specified in the notice, Lender at its option maY require immediate payment in full of all sums secured by this Security Instrument wi :hout ful-ther demand and may i~voke the power: of sale and any other remedies permitted by: Apr.lieable Law. Lender shall be entitled to Collect all expenses incurred in pursuing the remedies prov tied in this Section 22, including, but not limited to, 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 to 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 notice of sale, and the Property shall be sold in the manner prescribed by ApPlicable Law. Lender or its designee maypurchade the Property at any~ sale. The proceeds of the sale shall, e_ tobe applied in the following order: (a) to all expenses of the sale, ineluding, but not limit d , 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 ohl~; ~f 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 waiyes all rights under and by virtue of the homestead exemP[ion laws of Wyoming. HUMBERT, A. AF 1061364 0 lll]tisl$: ~.~/-,',','/ (~}~.6(WY) IOOO~l Page 13 of 15 Form 3051 1/01 I 220 BY SIGNING BELOW, Borrower accepm and agrees to the terms and covenants contained in this B Security InStrument and in any Rider executed by orrower and recorded with it. Witnesses: Albert G-Hum66rl~ -Bo~ow~r (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borro'Wer :-Borrower (Seal) (Seal) -Borrower -Borrower HUMBERT, A. AF 1061364 '0 (~6(WY) (ooo~) Page 14 of 1;B Form 3051 1]01 STATE OF WYOMING, ~? ft.c..~>///~-~ County ss: The foregoing instrument was acknowledged before me this ~]anuary 7, 2002 byA1 bert G iHumbert My Commission Expires: /~otary Public HUMBERT, A. AF 1D61364 0 Ini~ial~: i(~-6(WY) (0005) Page 16 of le Form 3051 1/01