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HomeMy WebLinkAbout898096Remm To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 89809G REOEIVED LINOOLN ¢OUI',,JTY OLERK Prepared By: WELLS FARGO HOME MORTGAGE, 1919 DOUGLAS,, OMAHA, NE 681010000 INC. [Space Above Tiffs Lh~e For Recordh~g Data] MORTGAGE DEFINITIONS Words used in nmltiple sections of fids document are defined below and off, er words are defined in ' Sections 3, 11, !3, 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 fids document, wlfich is dated MARCH. 2 4, 2 0 0 4 togetl~er with all Riders to this document. (B) "Borrower" is RONALD STOLTENBERG AND MARILYN STOLTENBERG, HUSBAND AND WIFE Borrower is the mortgagor under riffs Security Instrument. (C) "Lender"is WELLS ~ARGO HONE MORTGAGEr INC. Lender is a CORPORATION orgatfized and existing under the laws of THE STATE OF CALIFORNIA WYOMING-SingI~~.~./~ Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Lender's address is p.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under tiffs Security Instrument. rD) "Note" means the promissory note signed by Borrower and datedMAReH 24, 2004 The Note states that Borrower owes Lender ONE HUNDRED TWENTY THOUSAND SIX HUNDRED FIFTY AND 00/100 Dollars (U. S. $ * * * * 120,650.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than APRIl., 01, 2034 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" lneans the debt evidenced by the Note, plus interest, any prepaymem charges and late charges due under the Note, and all sums due under this Security Instrmnent, plus interest. (G) "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]: [-~ Adjustable Rate Rider [-~ Condominium Rider ~ Second Home Rider [--] Balloon Rider ~ Plamied Utfit Development Rider ~-~ 1-4 Family 'Rider ~ VA Rider ~-~ Biweekly Payment Rider ~] Other(s) [specify] 0t) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and adnfitfistrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinioxts. ~ (I) "Community Association Dues, Fees, aud Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condomi]fium association, homeowners association or similar orgafization. (J) "Electronic Fnnds Transfer" ]neans any transfer of funds, Other titan a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic temtinal, telephonic instnunent, computer, or nmgnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autonmted teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "EscroW Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any con~Pensation, settlement, award of damages, or proceeds paid by any tlfird party (oilier fl~an insurance proceeds paid under the coverages described in Section 5) for: (i) dawmge to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of conde~mtation; or (iv) misrepresentations'of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" ~neans insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Pay]nent" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any anmunts under Section 3 of this Security Instrument. (O) "RESPA" means fl~e 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 nfight be amended from time to time, or any additional or successor legislation or regulation fl]at 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~lly related inortgage loan" under RESPA. (~)~-6(WY) 1ooo51 Page 2 ol ~[~ ~' Form 3051 1/01 834 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assmned Borrower's obligations 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 modifications of the Note; and (ii) the perfornmnce of Borrower's cove~mnts and agreements under this Security Instrmnent dud 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 in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording lurisdiction] W1/2N-W1/4SE1/4 OF SECTION 34, T33N Rll9W OF THE 6TH P.M., LINCOLN COUNTY, WYOMING. *SEE ADJUSTABLE RATE RIDER TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, BOX 10304, DES MOINES, IA 503060304 INC., P. O. ParcellD Nmnber: 12-3319-34-4-00-070. 688 COUNTY ROAD 133 AUBURN ("Property Address"): which currently has the address of [Street] [City] , Wyoming 13 3110 [Zip Code] TOGETHER WITH all the improvmnents now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of fl~e property. All replacements and additions shall also be covered by this Security Instruineut. All of the foregoing is referred to in this Security Instrument as the "Property." BO~OWER COVENANTS that BorroWer is law~lly seised of the estate hereby conveyed and has the right to nmrtgage, grant and convey ~e Property and flint the Property is unencmnbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all clai~ and demands, subject to any encmnbrances of record. THIS SECU~TY INSTRUMENT combines mfiform covmmn~ for rational use and nonmnifonn covmmnts with limited variatio~ by jurisdictiou to constitute a mfiform security instrument covering real property. UNIFO~ COVENANTS. Borrower and Lender covemnt dud 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, ~e debt e~i~enced by the Note and any charges and late charges due uuder fl~e Note. Borrower shall a~ay ~nds for Escrow Itenm prepayment pursuant to Section 3. Payments due under the Note and this Securi~{~nt shall be ~mde in U.S. currency. However,' if any check or oilier instmnlent received by Lenq~~ellt ullder the Note or this , ~d6(WY) Iooo5) p.9,.3oflS ' { ' ~ / Form3051 1/01' Seem-try Instrmnent is returned to Lender unpaid, Lender may require that any or all subsequent pay~nents due under fire Note and this Security h~strument be nmde in one or more of the following tbrms, 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) Electrmfic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as ~nay be desig~ated by Lender in accordance with the notice provisions iu 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 fights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such pay~nents are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payxnent to bring the Loan current. If Borrower does not do so within a reaso~mble period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or .claim which Borrower might have now or in the future against Lender shall relieve Borrower from making pay~nents due under the Note and this Security Instrmnent 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 tbllowing order of priority: (a) interest due under the Note; (b) principal due. under the Note; (0 amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Seem-try Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If nrore than one Periodic Payment is outstanding, Lender nmy apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such eXCess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of paynrents, insurance proceeds, or Miscellaneous Proceeds to principal tine under the Note shall not extend or postpone the due date~ or change the amount, of the Periodic Payments. 3. Funds for Escrow Itetns. Borrower shall pay to Lender on the day Periodic Pay~nen.ts are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for paytnent of amomtts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encmnbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfimns for any dud all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amomtts 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 obligation to pay to Lender Funds for any or all Escrow Items at any tiu.~.~)~//~uch waiver nmy only be in writing. In the event of such waiver, Borrower shall pay directly,~~ere payable, the amounts (~-6(WY) (ooo51 Paga4 o~ ~li Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall funfish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments aud to provide receipts shall tbr all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are fl~en required under this Section 3. Leuder may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximmn amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future 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 iustitution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply file Funds to pay file Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow Itmns, unless Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on die Funds, Lender shall not be required to pay Borrower any interest or earnings on the Fm~ds. Borrower and keuder cau agree in writing, hoWever, fl~at 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 in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, aud Borrower shall pay to Lender the amount necessary to lnake up the shortage in accordance with RESPA, but in no more dian 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 amount necessary to make np the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Fmlds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to file Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the numner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Ixmtrument uidess B0rrower:'(a) agrees in writing to the payment of the obligation secured by the lien in a mamler acceptable to Lender, but only so long as Borrower is perfornfing such agreement; (b) contests the lien in good faith by, or defends against enforcement of fl~e lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures kom the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines fl~at any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender nay give B.~/~;I ~tice identifying rile (~-6(WY) ioooal P~s. Sot~S. I'i :_p22/&.._L Form3051 1/01 lien. Wiflfin 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthqnakes and floods, for which Lender requires insurance. This insurance shall be nniintained in the a~nounts (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 mtreasonably. Lender may require Borrower to pay, in com~ection with this Loan, either: (a) a one4ime charge lbr flood zone deten~fination, certification and trackiug services; or (b) a oue-time charge for flood zone determination and certification services and subsequent charges each time remappings or sinfilar changes occur which reasonably nfight affect such deternfination or certification. Borrower shall also be responsible for the payment of auy fees imposed by the Federal Emergency Management Agency in connection with the review 9f any flood zone determination 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 conteuts of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might sig~fificantly exceed the cost of insurance that Bon'ower could have obtained. Any amounts disbursed by Leuder'under this 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 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 inclnde a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premimns and renewal notices. If Borrower Obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard, mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Uuless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Le~uler, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to extsure 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 in a series of progress payments as the work is completed. U~fless an agreelnent is tin, de in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other flfird parties, retained by Borrower shall not be paid out of the insurance proceeds and ,shall be the sole,,~b~ation of Borrower. If the restoration or repair is not economically feasible or Lender s security w~nl[t/~q~/~ssened, the insurance proceeds shall be applied to the su~nsse cured by this Secm-ity Ins truu)~~r not then due, with (,~ (WY) tooo~) Pag~ 6 of ~ '/ ' ' . Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice fi'om Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle file claim. The 30-day period will begin when the notice is given. In eifller 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 tmpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refi~nd of unearned premiums paid by Borrower) under all insurance policies covering the Property, insoffir as such rights are applicable to the ~coverage of the Property. Lender may use the insurance proceeds eiflter 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 witlfin 60 days after the execution of this Security Iustrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, uuless Lender otherwise agrees in writing, which consent shall not be Uln-easonably withheld, or mdess extelmating circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, danmge or impair fl~e Property, allow the Property to deteriorate or conmfit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall nmintain tim Property in order to prevent the Property frmn deteriorating or decreasing in value due to its condition. Unless it is detemfined pursuant to Section 5 that repair or restoration is not econolnically feasible, Borrower shall promptly repair tile Property if damaged to avoid fixrther deterioration or danmge. If insurance or condennmtion proceeds are paid in cmmection with danmge to, or rite takiug of, the Property, Borrower shall be responsible for repairing or restoring the Property o~fly 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 condenmation 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 nmy make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect flxe interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an iuterior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at file direction 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 with nmterial intbrmation) 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 tiffs Security Instrmnent, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property aid/or rights uuder this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which ~nay attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned rite Property, then Lender nmy do and pay tbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and se~:uring and/or repairing Property. Lender's actions can include, but are not linfited to: (a) pa3in~.~)~[~}~ secured by a the lien wlfich has priority over this Security Instrmnent; (b) appearing in~~~ paying reasonable (~-6(WY) (0006) Page 7 of 15 ~/ [- ' Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under fids Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to nmke repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate building or other code violations or dangerous conditions, and have utilities turned onor off. Although Lender nmy take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under flris Section 9. Auy amounts disbursed by Lender under this Section 9 shall become additimml debt of Borrower secured by this Security Instrmnent. 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 paylnent. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires tee title to file 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 nmkiug the Loan, Borrower shall pay the prenfiums required to maintain the Mortgage Insurance iu effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to umke separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of file 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 amount of the separately desig~mted 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, and Lender shall uot be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the anmunt and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, .is obtained, and Lender requires separately designated payments toward the prendums 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 preufiunts required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurauce ends in accordance with any written agreement between Borrower and Lender providing for such ternfi~mtion or until termination is required by Applicable Law. Nothing in fids Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. · Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce .losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agree~nents may require the mortgage insurer to nmke payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premimns). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, nmy receive (directly or indirectly) amouuts that derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses, if such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements ~y. it~t increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle,~i~~ any refund. (~}~-~{WY} Iooosl ~'~o~ 8 o~ ~ / '~'~ / Form 30§1 (b) Any such agreements will not affect tile rights Borrower has - if any - with respect to the Mortgage Insurance nnder 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 bare tile Mortgage Insurance terminated automatically, and/or to receive a refnnd of any Mortgage Insurance premiums that were unearned at tike time of such cancellation or termination. 11. Assigmnent of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportmtity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender nay pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is nnade in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with file excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or ioss 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 10ss in Value of the Property in which the fair nnarket value of the Property immediately belbre the partial taking, destruction, or loss in value is equal to or greater than fl~e amount of the sums secured by this Security Instrmnent immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writiug, the sums secured by this Security Instrument shall be reduced by the axnount of the Miscellaneous Proceeds nmltiplied by the tbllowing fraction: (a) the total amount of the sums secured iuunediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property inunediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destructi6n, 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. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for dan~ges, Borrower tails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply tike Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by tiffs Security Instrument, whether or not then due. "Opposing Party" lnearts the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil oi crinfinal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under tiffs Security Instrument. 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 dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim tbr damages that are attributable to the-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 .o,f-4he Property shall be applied in the order Provided for in Section 2.. 12. Borrower Not Released; Forbearance By Leuder 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 m 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 connnence proceedings against any Successor in Interest of Borrower or to refuse to exteud time tbr payment or otherwise modify amortization of tlre stuns secured by this Security Instrument by reason of any denmnd made by rile original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or re~nedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any 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 tiffs Security Instrument but does not execute rile Note (a "co-signer"): (a) is co-signing this Security Instmnrent only to mortgage, grant and convey the co-signer's interest in the Property under the terms of tiffs Security Instrument; (b) is not personally obligated to pay rite stuns secured by this Security Instruntent; and (c) agrees that Leuder and any other Borrower can agree to extend, ~nodify, forbear or make any accommodations 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 writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released fi'om Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in cotmection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, bnt not linffted to, attorneys' fees, property inspection and valuation tees. In regard to any other fees, rite absence of express authority iu this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prolfibited by this Security Instm~nent or by Applicable Law. If the Loan is subject to a law which sets xnaximum loan charges, and that law is finally interpreted so that fire interest or other loan charges collected or to be collected in cmmection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the anrount necessary to reduce the charge to the permitted limit; and (b) any stuns already collected from Borrower which exceeded pemfftted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed nnder the Note or by nnking a direct payment to Borrower. If a refuud 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 the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower nffght have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in com~ection with tiffs Security Instrmnent nmst be in writing. Any notice to Borrower in connection with this Security instrmnent shall be 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 ~neans. Notice to any one Borrower sball constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address mdess Borrower has designated a substitute notice address by uotice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure tbr reporting Borrower's change of address, theu Borrower shall only report a change of address through that specified procedure. There nkay 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 nmiling it by first class nmil to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in coxmection with this Security Instrument shall not be deemed to have been given to Lender until actually Instrument under received by Lender. If any notice required by this Security is als~..xl~_q~red Applicable Law, the Applicable Law requirement will satisfy the correspondiug~~ under this Security Instrument. (~}~-6(WY) tooosl Pa~e lO o~ 16 Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction iu which the Property is located. All rights and obligations contained in this Secm'ity Instrument are subject to any requirements and linfitations of Applicable Lawn 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 the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instru~nent or rite Note Milch can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the inasculine gender shall mean and include corresponding neuter words or words of the fenfinine gender; (b) words in file singular shall meau and include the plural and vice versa; and (c) the wo]~d "may" gives sole discretion wi.trout any obligation to take any 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 this Section 18, "Interest in the Property" neons any legal or beneficial iuterest in the Property, including, but uot linfited to, those beneficial interests 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 trausferred) without Lender's prior written consent, Lender may require i~mnediate payment in full of all stuns secured by this Security Instruuent. However, flfis option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lemler exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within' which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies perufitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have entbrcement of this Security Instrument discontinued at any tine 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 for the termination of Borrower's right to reinstate; or (c) entry of a judgnent eu/brcing this Security Instrument: Those conditions are that Borrower: (a) pays Lender all SUlns which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasmrably 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 may require that Borrower pay such reinstatement sums and expenses in one or more of the tbllowing Ibnns, 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) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall renmin 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 or a partial interest in the Note (together with this Security histrumen0 can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as file "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instruxnent, and Applicable Law. There also nfight be one or more changes of the Loan Servicer urn:elated to a sale of rite Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state~e/~r/~/ne and address of the new Loan Servicer, the address to which payments should be made an. cO2xffyjff/~l, pt] information RESPA {~)~-6(WY) {ooos} Page 11 of 16 Initia~ Form 3051 1/01 ~-6{WY) Iooo51 requires in cmmection with a notice of transfer of ~ervicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of file Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser mfless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conunence, join, or be joined to any judicial action (as either an individual litigant or the 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 file 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 nmst elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy file notice and opportmfity to take corrective action provisions of this Section 20. 21. lt~ardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, nmterials containing asbestos or fornmldehyde, 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 environmental protection; (c) "Enviromnental Cleanup" includes any response action, relnedial action, or removal action, as defined in Enviromnental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in file Property. Borrower shall ~mt do, nor allow anyone else to do, anything affecting the Property. (a) flint is ill violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of file Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of snmll quantities of Hazardous Substances that are generally recogxfized to be appropriate to normal residential uses and to inaintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Leader written notice of (a) any investigation, claim, denmnd, lawsuit or other action by any govennnental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by file presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govermnental or regulatory authority, or any private party, flint ally renmval or other remediation of any Hazardous Substance affecting the 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 Cleanup. ~.._., ]~ ~ Page 12 of 15 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further cove]rant 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 hlstrument (but not prior to acceleration under Section 18 nnless 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 mnst be cured; and (d) that failure to cure tbe default on or before the date specified in the notice may result in acceleratiou of tile 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-existeuce 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 flirther 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 SeCtion 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes tile power of sale, Lender shall give notice of intent to foreclose to Borrower and to tim person in possession of the Property, if different, in accordance with Applicable Law. Lender slmll give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and tim 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, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c)any excess to the person or persons legally entitled to it. ~ 23. Release. Upon payment of all sums secured by this Security Instm~nent, Lender shall release tlfis Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrmnent, but only if the fee is paid to a third party tbr services rendered and the charging of the fee is pemtitted under Applicable Law. 24. Waivers. BOrrower releases and waives all rights under and by virtue of fl~e homestead exemption laws of Wyoming. (~-6(WY) Iooos} Pag. 13 of ~s Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to fl~e terms and cove~mnts contained in tiffs Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Page 14 of 15 Form 3051 1101 STATE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me this by RONALD STOLT~..NB~..RG /tNT) MARILYN STOLTENB~..RG County ss: My Connnission Expires: (~-6G(WY) (ooo5} Pas. 15 o~ 15 Form 3051 1/01 FIXED/ADJUSTABLE RATE RIDER (One-Year Treasury Index - Rate Cal)s) THIS FIXED/ADJUSTABLE RATE RIDER is made this 24TH day of 14ARCH, 2004 and ~s iucorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") [o secure Borrower's Fixed/Adjustable Rate Note (the "Note") to WELLS FARGO HOME MORTGAOE, INC. ("Lender") of the same date and covering the property described iu the Security Instrument and located at: 688 COUNTY ROAD 133, AUBURN, WY 83110 [Property Address] THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covem'mt and agree as follows: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest rate of 4.3 ? 5 %. The Note also provides for a change iu the iaitial fixed rate to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The initial fixed interest rate I will pay will change to an adjustable interest rate on the first day of APRIL, 2011 , and the adjustable interest rate I will pay may change on that day every i2th month tl~ereafter. The date on which my initial fixed interest rate changes tO an adjustable interest rate, and each date on which my adjustable interest rate could change, is called a "Change Date." 0040294159 MULTISTATE FIXED/ADJU..$-~E RATE RIDER - ONE-YEAR TREASURY INDEX- Single Family (B) The Index Beginning with the first Change Date, ~ny adjustable interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will. calculate my new interest rate by adding TWO ./MNID THREE-QUARTERS percentage points ( 2.7 5 0 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0. !25 %). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then deternfine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 9.3 7 5 % or less than 2.7 5 0 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than two percentage points from the rate of interest 1 have been paying for the preceding 12 months. My interest rate will never be greater than 9.375 %. (E) Effective Date of Changes My new interest rate' will become effective on each Change Date. I will pay the amount of my new monthly payment begi~ming on the first monthly payment date after the Chauge Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my i~fitial fixed interest rate to an adjustable interest rate and of any changes in my adjustable interest rate before the effective date of any change. The notice will include the amount of my monthly payment, any information required by law to be given to me and also the title and telephone number of a person who will answer auy question I umy have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST ~C~ .RROWER 1. 'Until Borrower's i~fitial fi×ed interest rate changes to an adjustable, i~62~t rate under the terms stated in Section A above, U~fiform Covenant 18 of the Security Instru el~__~i~d as follows: in,t,a{s'.~t/~ {~)~;843R (0006) Page 2 of 4 /~tr~--~ Form 3182 1/01 Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not linfited to, those beneficial interests transferred iu a bond for deed, contract for deed, instalhnent'sales contract or escrow agreement, the intent of which is the trausfer of title by Bon'ower at a future date to a purchaser. If all or any part of the Property or a~~y Interest in file 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 iuunediate payment in full of all sums 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 fi'Oln the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured'by this Security InsU-ument. If Borrower fails to pay these sums prior to file expiration of this period, Lender may invoke any remedies permitted by tiffs Security Instrument without further notice or demand on Borrower. 2. When Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms stated in Section A above, Uniform Covenant 18 of the Security Instrumen£ described in Section B1 above shall then cease to be in effect, and the provisions of Uniform Covenant 18 of the Security Instrument shall be amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment 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 lnay require iunnediate payment in full of all sums secured by fids Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also Shall not exercise this option it': (a) Borrower causes to be subn~itted to Lender infornmtion required by Lender to evaluate the intended transferee as ff a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement iu this Security Instnmxent is acceptable to Lender. To file extent permitted by Applicable Law, Lender may charge a reasonable tee as a condition to Lender's consent to the loan assumption. Lender also nmy require the transferee to sign an assmnption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require innnediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less,~lan 30 days from fl~e da~e the notice is given in accordance with Section 15 within ~~er must pay all (~843R (0006) Page 3 of 4 Form 3182 1/01 sums secured by this Security fustmment. If Borrower fails to pay these sums prior to the expiration of tiffs period, Lender may invoke any remedies pernfitted by this Security Instrument without further notice or demand ou Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants coutained in this Fixe_d/Adkt~table Rate/Ride. r-. - *orrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~1~843 R (0006) Page 4 of 4 Form 3182 1/01