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HomeMy WebLinkAbout898032Return To: HOMECOMINGS FINANCIAL NETWORK, INC ONE MERIDIAN CROSSING, STH 100 MINNEAPOLIS, MN 55423 898032 Loan Number: 042-011751-7 Prepared By: HomeComings Financial Network 14850 Quorum Drive, Suite 500 Dallas, TX 75254 ' RECEIVED :LINCOLN COUNTY CLERK MORTGAGE MIN 100062604201175173 DEFINITIONS Words used in nmltiple sections of riffs document are defined below and off, er words are defined iu Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding fl~e usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrument" ~neans this do.cument, which is dated MARCH 19TH, together wifl~ all Riders to tiffs document. (B) "Borrower" is AND MARK A. MACKEY ~ STELLA MACKEY, HUSBAND AND WIFE 2004 Borrower is the mortgagor under tiffs Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation flint is acting solely as a nonfiuee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is orga~fized and existing under tim laws of Dclaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WyOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (11/00) / 042-011751-7 (~®-6A(WY) 1ooo~).o~ VMP MORTGAGE FORMS - {8001521-7291 Form 3051 1/01 '..,.ii'!:., (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPORATION organized and existing under the laws of DEI~X-WARE Lender's addressis 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 (E) "Note" means the promissory note signed by Borrower and d, ated MARCH 19TH, 2 0 04 The Note states that Borrower owes Lender SEVENTY FIVE THOUSAND SEVEN HUlxlDRED AND NO/100 Dollars (U.S. $ 75,700.00 ) plus interest. Borrower has promised to pay this debt iu regular Periodic Payments and to pay the debt in full not later titan APRIL 1ST, 2 019 (F) "Property" means the property that is described below under file heading "Transfer of Rights 'in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all stuns due under tiffs Security Instrument, plus interest. ('It) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--q Adjustable Rate Rider ~ Condomilfium Rider ~-q Second Home Rider ['--] Balloon Rider [-~ Planned U~fit Development Rider ~ 1-4 Family Rider ~'~ VA Rider [~ Biweekly Payment Rider ~ Other(s) [specify] (l) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable fiual, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a coudomilfium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, oflter than a transaction origi~mted by clieck, draft, or sinfilar paper instrument, which is initiated through an electronic ternfinal, telephonic instrument, computer, or nmgnetic tape so as to order, instruct, or auflmrize a fimtncial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers i~fitiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid uuder the coverages described in Section 5) tbr: (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 conde~mmtion; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amouut due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of tiffs Security Instrmnent. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. 'Part 3500), as they might be amended from time to time, or any additimml or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA"' refers to all reqtfirements 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. MFWY7770 (11/00) / 042-011751-7 (~1~-6~1W¥} Iooos}.o~ Pag. 2 of 16 Form 30'31 1/01 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under file Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of file Loan, and all renewals, extensions and nmdifications of the Note; and (ii) the perfornmuce of Borrower's covenants and agreements under this Security Instrument and the Note. For flits purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in file COUNTY of LINCOLN : [Type of Recording lurisdiction] [Name of Recording lurisdiction] LOT 4 OF THE DAYTON THIRD ADDITION, PI~T NO. 497083, BEING PART OF DAYTON SECOND ADDITION TO THE TOWN OF COKEVILLE, LINCOLN COUNTY, WYOMING AS BESCRIBED ON THE OFFICIAL PLAT THEREOF. CCD Parcel ID Nmnber: 1224190540504200 ~2~ DAYTON COKEVI LLE ("Property Address"): which currently has the address of , [Street] [Cityl , Wyoming 83114 [Zip Codel 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 lbregoing is referred to in this Security lnstrmnent as the "Property." Borrower understands and agrees that MERS holds only legal title to file interests granted by Borrower in this Security Instrument, but, if necessary to comply wifl~ law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and cmmeling this Security Instrument. 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 encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines mfiform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a mfiIbnn security instrument covering real property. MFWY7770 (11/00) / 042-011751-7 I~)~-6A(WY) (ooo5).ol I nit i al s~/~lt~ ~ Form 3051 1/01 08980 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 file Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fuuds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be lnade in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrmnent is returned to Lender unpaid, Lender nay require that any or all subsequent payments due under fl~e Note and fids Security Instrument be nmde in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon ail institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location 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 file Loaii curreut. Lender may accept any payment or partial payment iusufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such pay]nents at the time st~ch payments are accepted. If each Periodic Payment is applied as of 'its scheduled due date, then Lender need ]lot pay it~}tfrest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring 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 i~mnediately prior to foreclosm'e. No 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 perfornfing the covenants and agreements secured by this Security Insmmlent. 2. Application of Pay~nents or Proceeds. Except as otl~erwise 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 die order in which it became due. Any remaiuing amonnts shall be applied first to late charges, second to any od]er amounts due uuder 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 Milch includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstauding, Lender may apply any payment received from Borrower to the repaYment of the Periodic Payments if, and to file 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 Note. Any application of payments, insm'ance 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 to Lender on the day Periodfc Payments are due under file 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 attain priority over this Security Instrument as a lien or encumbrance on file Property; (b) leasehold payments or ground rents on file 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 Leuder in lieu of the payment of Mortgage Insurance prenfiums in accordance with file provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of file Loan, Lender may require that Commmfity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. BorrOwer shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds tbr Escrow Itents unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender ]nay 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 MFWY7770 (11/00) / 042-011751-7 (~-6A(WY) 1ooo5).Ol Page 4 of 15 Form 3051 1/01 due for any Escrow Items for which paylnent of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withiu such time period as Lender may reqmre. Borrower's obligation to nmke such payments and to provide receipts shall for all purposes be deemed to be a covmmnt and agreement contained in this Security Instrument, as rite phrase "covmmnt and agreelnent" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender nmy exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at arty ttme by a notice given in accordance wifl~ Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds itl an amount (a) sufficient to permit Lender to apply the Funds at file time specified under RESPA, and (b) not to exceed file nmxinmm amount a lender can require under RESPA. Lender shall estinmte file amount of Funds due on file basis of current data and reasonable estilnates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an iustitution whose deposits are insm'ed by a federal agency, instrumentality, or entity (including Lender, if Lender is an institutiou whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply file Funds to pay the Escrow Items no later than file time specified under RESPA. Lender shall not charge Borrower for holding attd applying file Funds, mmually analyzing the escrow account, or verifying file Escrow Items, mfless Lender pays Borrower interest on the Funds and Applicable Law permits Leuder to make such a charge. Unless au agreement is made irt 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 rite Funds. Borrower and Lender cau agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA. If there is a surplus of Funds held itl escrow, as defined uuder RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held itl 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 itl accordance with RESPA, but in no more thau 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amotmt necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon paylnent in full of all sums secured by this Security hlstrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable, to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Connnmfity Association Dues, Fees, 'and Assessments, if any. To file extent that these items are Escrow Items, Borrower shall pay them ill the maimer provided itt Section 3. Borrower shall Promptly discharge any lien which has priority over this Security Instrulnent unless Borrower: (a) agrees ill writing to the payment of the obligation secured by the lien itl a manner acceptable to Lender, but o~dy so long as Borrower is performing such agreemeut; (b) contests the lien in good t:aith by, or defends against enforcement of die lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of file lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien all agreement satisfactory to Lender subordimaing file lien to this Security Instrument. If Lender deter~nines that any part of die Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the MFWY7770 (11/00) / 042-011751-7 (~-6A(WY) Iooosl.o~ Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lieu 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. Borrower shall keep the improvemeuts now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, for which Lender requires insurance. Tlfis insurance shall be maintained in the amoums (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably Lender may require Borrower [o pay, in com~ection witl'~ this Loau, either: (a) a one-time charge for flood zone determiuation, certification aud tracking services; or (b) a one-time charge lbr flood zone deternfination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such deternfination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in comlection with rile review of any flood zone deternfination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described 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 nfight 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 thau was previously in effect. Borrower acknowledges that file cost of the insurance coverage so obtained nfight significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Leuder under fids Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement aim shall be payable, with such interest, upon notice frotn 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 a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have file right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the iusurance carrier and Lender. Lender may make proof of loss if not nhade prompdy by Borrower. Unless Lender and Borrower otherwise agree in writihg, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if file restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or iu a series of progress payments as the work is completed. U~fless an agreement is nmde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall ~mt 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 econotnically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by tiffs Security Instrument, whether or not then due, with MFWY7770 (ll/00) / 042-011751--7 (~-6A(WY) looos~,o~ Page 6 of 15 Form 3051 1/01 the excess, if arty, paid to Borrower. Such insurance proceeds shall be applied in the order provided tbr in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related nmtters. 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 event, or 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 of Borrower's rights (other than the right to any refund of unearned prenfiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of file Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall conti~me to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be mtreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is 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 conde~m~ation proceeds are paid in cmmection 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 tbr 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 sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender nmy inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the dine of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or arty persons or entities acting at file direction of Borrower or with Borrower's knowledge or consent gave nmterially false, misleading, or i~mccurate infornmtion or statements to Lender (or failed to provide Lender with material information) in com~ection with the Loan. Material representations include, but are not limited to, representations concenfing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrmnent, (b) there is a legal proceeding fl~at might sig~fificantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or tbrfeiture, for enforcement of a lien which may attain priority over dfis Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned die Property, fl~en Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrmnent, 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 linfited to: (a) paying any sums secured by a lien which has priority over this Security Instrulnent; (b) appearing in court; and. (c) paying reasonable MFWY7770 (11/00) / 042-01175D7 (~-6AIWY) ~ooo61.Ol Page 7 of 15 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under tiffs Security Instrument, including its secured position in a bankruptcy proceeding. Securing file Property includes, but is not limited to, 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 conditim~s, and have utilities turned ou or off. Although Lender nray 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 audmrized under tiffs Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from file date of disbursement and shall be payable, with such iuterest, upon notice t¥om Lender to Borrower requesting paymenl. If this Security Instrument is on a leasehold, Borrower shall comply wifl~ 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 prenfiums required to maintain file Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance aud Borrower was required to make separately designated payments toward the prmniums for Mortgage Insurance, Borrower shall pay file premiums required to obtain coverage substantially equivalent to the Mortgage lnsurartce previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fron! an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall conti~me to pay to Lender the amouut of the separately 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 lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, aud Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (iii file amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, aud Lender requires separately designated payments toward fl~e premiums 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 prenfiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's reqnirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in tiffs Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any eutity 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 iusurance in force from time to time, and nmy enter into agreements with other parties that share or nmdify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of fimds that file mortgage insurer may have available (which nmy include fuuds obtained from Mortgage Insurance prenfimns). As a result of these agreements, Lender, any purchaser of file Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, nmy receive (directly or indirectly) amounts that derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying rite mortgage insurer's risk, or reducing losses. If such agreement provides that ail affiliate of Lender takes a share of the insurer's risk in exchange for a share of the prenfiums paid to the insurer, the arrangemeut is often termed "captive reinsurauce." Further: (a) Any such agreements will not affect tile amonnts that Borrower has agreed to pay for Mortgage Insurance, or any other ter~ns of the Loan. Such agreements will not increase tile amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. MFWY7770 (11/00) / 042-011751-7 (~-6A(WY) Iooo~).o~ Form 3051 1/01 OsDSOa (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain, disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated autmnatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is dankaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have tile right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as tile work is completed. Unless au agreement is made in writing or Applicable Law requires interest to be paid ou such Miscellaneous Proceeds, Lender shall uot be required to pay Borrower ally interest or earniugs on such Miscellaneous Proceeds. It' the restoration or repair is not econonfically feasible or Lender's s~cnrity would be lessmied, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in tile order provided for in Section 2. Iu 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 Iustrument, whether or not then due, with the excess, if any, paid to Borruwer. In the event of a partial taking, destruction, or loss in value of the Property in which file fair market value of the Property i~nmediately before the partial taking, destruction, or loss in value is equal to or greater than fl~e amount of the sums secured by this Security Instrument ium~ediately, before the partial taking, destruction, or loss in value, mfless Borrower and Lender otherwise agree in writing, rite sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total antount of fl~e sums secured inuuediately before the partial taking, destruction, or loss in value divided by (b) the /'air market value of file Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which file fair nn~rket value of file Property innnediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured in'mediately before the partial taking, destruction, or loss in value, uuless 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. If file Property is abandoned by Borrower, or if, after notice by Lender to Borrower flint the Opposing Party (as defined iu the next sentence) offers to make au award to settle a clailn for damages, Borrower fails to respond to Lender within 30 days after the date file notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, wltether or not then due. "Opposiug Party" means file third party that owes Borrower Miscellaneous Proceeds or file party against whom Borrower has a right of action iu regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinfinal, is beguu filet, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security hkstrument. Borrower can cure such a default aud, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disufissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other ntaterial impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of auy award or claim for damages that are attributable to rite impairment of Lender's interest in file 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. MFWY7770 (11/00) / 042-011751-7 i~-6AlWV) (ooosLo~ Page 9 of 16 Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the stuns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to cmmnence proceedings against any Successor in Interest of Borrower or to refuse to extend time tbr payment or otherwise modify amortization of the stuns secured by this Security Instrument by reason of any denmnd nkqde by file original Borrower or any Successors m Interest of Borrower. Any forbearance by Lender iu exercising any right or remedy including, without linfitation, Lender's acceptance of payments from third persous, entities or Successors itt Interest of Borrower or in amounts less thau the amount then due, shall uot be a waiver of or preclude the exercise of any fight or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrulnent but does not execute file Note (a "co-siguer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in file Property under the terms of this Security Instrument; (b) is not personally obligated to pay file sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconnnodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writiug, and is approved by Leuder, shall obtain all of Borrower's rights and benefits under this Security lustrument. Bon-ower shall not be released from Borrower's obligations and liability under this Security Instrulnent unless Lender agrees to such release iu writing. The covenants and agreements of this Security Instrulnent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest iu the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prolfibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrmnent or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is fiually interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted linfits, then: (a) any such loan charge shall be reduced by file amount necessary to reduce file charge to the permitted linfit; and (b) any sums already collected from Borrower which exceeded pernfitted linfits will be refunded to Borrower. Lender may choose to uxake this refund by reducing file principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under file Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of auy right of action Borrower might have arising out of such overcharge. 15. Notices. All no'ices given by Borrower or Lender itl com~ection with this Security Iustrument nmst be in writing. Auy notice to Borrower in cmmection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class null or when actually delivered to Borrower's notice address if sent by other means. Notice to any oue Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There nmy be only one designated notice address nnder this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by nmiling it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in cmmection 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 Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Ins tm me ut. MFWY7770 (11/00) / 042-01175D7 1(~-6AlWY) Ioooslm Page 10 of 15 Form 3051 1/01 0S9S022 ' 16. Goveroing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which file Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and liufitadons of Applicable Law. Applicable Law might explicitly or implicitly allow tile parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In tile event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security h~strument or the Note which eau be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words ill the singular shall mean and include the plural and vice versa; and (c) rile word "inay" gives sole discretion without any obligation to. take auy action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in fills Section 18, "Interest in file Property" means any legal or beneficial interest in the Property, including, but not lintited to, those beneficial iuterests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sinus secured by this Security Instrument. However, this option shall not be exercised by 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 uotice is giveu in accordance with Section 15 within which Borrower nmst pay all sunts secured by this Security Instrun~ent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pernfitted by this Security Instrmnent without further notice or denkand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcemeut of this Security Instrunient 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 other period as Applicable Law might specify /hr the ternfination of Borrower'S right to reinstate; or (c) entry of a judgment euforcing this Security lnstrumeut. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under fllis Security Instrmnent and file Note as if no acceleration had occurred; (b) cures auy default of auy other covenants or agreements; (c) pays all expenses incurred in enforcing fllis Security Iustrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and oilier tees incurred for the purpose of protecting Lender's interest in the Property aud 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 Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender nkqy require that Borrower pay such reinstatemeut stuns and expenses in one or more of the following forms, as selected by Lender: (a)cash; (b)money order; (c) certified 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, instrumentality or entity; or (d) Electro~fic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note 6r a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (kuown as file "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instruntent and perfornts other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of rile Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA MFWY7770 (11/00) / 042-011751-7 (~-6AIWY) Iooos},Ol Pag~ 11 of 15 Form 3051 1/01 -.:6:??." · ' requires in com]ection wit] a notice of transfer of servicing. If rite Note is sold and thereafter the Loan is serviced by a Loan Servicer ofl~er than fl~e purchaser of file Note, fl~e mortgage loan servicing obligations to Borrower will renmin with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conm~ence, join, or be joined to any judicial actiou (as either an individual litigant or fl~e member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified fl~e other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for pm-poses of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of tiffs Section 20. 21. Hazardous Snbstances. As used in this Section 21: (a) "Hazardous Sobstances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the lbllowing substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive nmterials; (b) 'Enviromnental Law' means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or envirmm~ental protection; (c) "Enviro~m~ental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition fl~at can cause, contribute to, or otherwise trigger an Enviro~mxental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or fl~reaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects fl~e value of the Property. The preceding two sentences shall not apply to file presence, use,. or storage on tile Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to ]naintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall prompdy give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not liufited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or off, er remediation of any Hazardous Substance affecting fl~e Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Environmental Clea~mp. MFWY7770 (11/00) / 042-011751-7 (~-6AlWY) Iooos).o~ Page I niti al s: (,~i~'~ ~ Form 30§1 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration 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 cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the 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 acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Sectiou 22, inclnding, 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 mauner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, hut 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 tbr 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 Wyoufing. MFWY7770 (11i00) / 042-011751-7 l~)~-~alWYI iooos~.o~ Page 13 of 15 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to fl~e terms and covenants coutained in tiffs Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: .'~,a~7 ¢' ~,, L (Seal) b'k&RK A. M&CKEY -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower MFWY7770 (11/00) / 042-011751.7 (~6AlWY) Iooo5}.ol Page 14 ol 16 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was acknowledged betbre me this by MARK A. MACKEY ADH STELLA MACKEY, HUSBAND AND WIFE County s~/~/¢ 2004 Notary [/u blic MFWY7770(ll/00) / 042-011751-7 (~)~-6AIWY) (0005).01 Page t 5 o[ 15 I nitials:.~_ ~ ~ Form 3051 1/01