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HomeMy WebLinkAbout8785480303..5627 8 'I 8 5 8 ""'"" After Recording Rettlrll To: First Bank of Idaho, rgb d/b/a First Bank Advisors P.O.Box 12860 r' - Jackson, WY 83002 '~OOK 451 PR PAG~_~. .... [Space Above This Line For Recording Data] Loan No: 494001175/5397587 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding tile usage of words used in this document are also provided in Secti°n 16. (A) "Security Instrument" means this document, which is dated January ~, 2002 , together with all Riders to this document. (B) "Borrower" is Kevin P. Hill and Shannon R. Hill, husband and wife, as tenants bythe entireties Bon'ower is the mortgagor under this Security Instrument. (C) "Lender"is First Bank of Idaho, fsb d/b/a First Bank Advisors Lender is a an Idaho Corporation organized and existing tinder the laws of Idaho Lender'S address is P.O.Box 12860 Jackson, WY 83002 Lender is tile mortgagee under this Secm'ity h~strument. (D) "Note"means the promissory note signed by Borrower and dated January 9, 2002 The Note states that Borrower owes Lender Ninety Five Thousand DOLLARS and Zero GENIS Dolla,r,s (U.S. $ 05,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic. Payments and to pay the debt in full not later than February 1, 2032 (E) "Property" means the property that is described below nnder the heading "Transfer of Rights in tile Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due trader the Note, and all sums due under this Security instrument, phis interest. WYOMING -Single Family -FannleMae/Freddle Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms Inc. (800) 446~3555 LFI#FNMA3051 1/01 (A) Page I of 13 Initials: (G) "Riders" means all Riders to this Security Inatrument that are executed by BmTower. The following Riders are to be executed by Borrower [check box as applicable]: [--'] Adjustable Rate Rider [7-] Condominium Rider ~--] Second Home Rider ["-1 Balloon Rider ~ Planned Unit Development Rider [--"] 1-4 Family Rider ~ Biweekly Payment Rider [7-] V.A. Rider [--"2 Other(s) [specify] (H) "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 final, non-appealable judicial opinions. (I) "Comnm-nity Association Dues, Fees, and Assess~nents" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Fnnds Transfer" means any transfer of fi~nds, other than a transaction ~originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Snch tema includes, but is not limited to, point-of-sale transfers, atttomated 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 compensation, settlement, award of damages, or proceeds paid by any thirO party (other than insurance proceeds paid tinder the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyfince in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or defhult on, the Loan. (N) "Periodic Payment" means the regularly scheduled amoant due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of ttfis Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.FiR. Part 3500), as they might be amended from time to ti~ne, or any additional or successor legislation or regulation that~governs the same subject matter. As used in this Security ~nstrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the.Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or tlfis Security Instrnment. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms Inc. (800) 446-3555 ~L~ LFI#FNMA3051 1/01 Page 2 of 13 initials: 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; mid (ii) the performance of Borrower's covenants and agreements under lhis Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, tile following described property located in the County Clerk of Lincoln : [Type of Recording J. urisdiction] [Name of Recording Jurisdiction] Lot 3, Buckskin Crossing Subdivision, Lincoln County, Wyoming, according to that plat filed August 15, ,1996 in the Office of the Lincoln County Clerk as PLat No. 375. Tax No. 361934'10003200 and 9010579 which currently has the address of 387 Pinto Lane [Street] Etna , Wyoming 83118 ("Property Address"): [CityI [Zip Codet TOGETIIER WITH ali file improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." ~ BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to "mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower wan'ants and wilt defend generally the title to the Property against all claims m~d demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenm~ts for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform secm'ity instrument covering real property. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 305t 1/0t LFI#FNMA3051 1/01 Page 3 of 13 initials: UNIFORM COVENANTS. Borrowei' and Lender covenant and agree as follows: 1. Payment of Principal, Iuterest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the prmcipat of, and interest on, the deht evidenced by the Note and any prepayment charges and late charges due under the Note. iBorrower shall also pay fimds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note m~d this Security Instrument be made in one or more of the t~bllowing 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 ageucy, 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 the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refi~se such payment or. partial payments the future, but Lender is not obligated to apply such payments at the time such payments 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 payment to bring the Loan current. If Borrower does not do so within a reasonabl~ period of time, Lender shall either apply snch 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 iBorrower might have now or in fl~e future against Lender shall relieve Borrower fi'om making payments due trader the Note and this Security Instm'ment or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due Under this Security Instrument, and then to rednce 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 more than one Periodic Payment is outstanding, Lender may apply m~y payment received from Borrower to the repayment of the Periodic Payments if, and.to the extent that, each payment cml be paid in fidl. To the extent that m~y excess exists after the payment is applied to the fidl payment of one or more Peribdic Payments, such excess may be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Leuder on the day Periodic Payments are due under the Note, until the Note is paid in full, 'a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; ib) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender nnder Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage 'Insurance premiums in accordance with the provisions of Section t0. These items are called "Escrow Items." At origination or at any time dnring the term of the Loan, Lej~.der may require that Coxnmunity Association Dues, Fees, and Asse.,ssments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item.. Borro~wer shall promptly furnish to Lencler ~ill notices of amonnts 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 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 due for any Escrow Items l'br which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within snch time period as Lender may require. Borrower's obligation to make such payments m~d to WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/0~ Laser Forms ,nc, (800) 448-3555 LFI#FNMA3051 1/01 Page 4 of 13 initials: provide' receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "coveuant 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 aud 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 accordauce with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are~ then required under this Section 3. Lender may, at any time, collect aud hold Fund~ 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 nnder RESPA. Lender shall estimate the amount of Fumts due on the basis of cra'rent data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Fonds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institutiou whose deposits are so insured) or in any Federal Hmne Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified trader RESPA. Lender shall not charge Bon'ower for holding and applying the Funds, annually, analyzing the escrow account, or verifying the Escrow Items,. unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower ally interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on tile Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If fl~ere is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess fi~nds in accordance with RESPA. if there is a shortage of Funds held in escrow:, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments, if there is a deficiency of Funds held in escrow, as defined nnder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more thm~ 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refim'd to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, m~d impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge-any lien which has priority over this Security Instrument uuless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a mauner acceptable to Lender, but only so long as Boi'rower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings wl,fich in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceediugs are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Iustrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with th~s Loan. 5. Property Insurance. BorroweLsha[1 keep the improvements now existiug or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazarCs including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change duriug the tenn 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 to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and VVYOMING ~ Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms Inc. (800) 446-3555 LFICtFNMA3051 1/01 Page 5 of 13 Initials:~ subsequent charges eaet~ time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lei]der may obtain insurance coverage, at Lender's option and Bon'ower's expense. Lender is under no obligation to purchase any particnlar type m- amount o:f coverage. Therefore, such coverage shall cover Lender, but might or might not protect Bon'ower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and ]night provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbm'sement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mm-tgage 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, Bon'ower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, ibr damage to, or destruction of, tile 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 tl]e insnrance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically t~asible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold snch insurance 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 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 agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by :Borrower shall not be paid out of the insural~ce proceeds and shall be' the sole obligation of Borrower. If the restoration or repair is not ecc~.nomically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to t'he sums secured by this Security Instrument, whether or not then dne, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If BmTower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. ]f Borrower does not respond within 30 days to a notice from Lender that the insurance carrier ha~ offered to settle a claim, titan 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 unPai'~l under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the 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 tills Security h~strument and shall coutinue to occupy the Property as Borrqwer's principal residence for at least 'one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which 'are beyond Borrower's control. 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. Wheflmr or not Borrower is residing 'in the Property, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to WYOMING - Single Family. Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/0'1 Laser Forms Inc. (800) 446-3555 LFI#FNMA3051 1/01 Page 6 of t3 InitiaLs Section 5 that repair or restoratiou is not economically feasible, Borrower shall promptly repair the Propet:ty if dmnaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the -Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for'the repairs and restoration in a single payment or in a series of progress payments as lhe work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Bo~"rower is not relieved of Borrower's obligation for tile completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the-interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default it; during the Loan application process, Borrower or any persons or entities acting at the 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 material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as,Borrower's principal residence. 9. Protection of Lender's Interest in the Property ami Rights 'Under this Security Instrmnent. If (a) Borrower fails to perform the covenants and agreements contained in this Secm'ity Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, Probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay fei' whatever is reasonable or appropriate to protect Lender's interest in the iProperty and rights under this Security lnstrmnent, 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 limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) payiug reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, chmlge locks, replace or board up doors and windows, drain water from pipes, elitninate building or ofl~er code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrnment. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Bon'ower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the tee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the 'premiums required to nlaintain the 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 and Borrower was required to make separately designated payments toward the premiums for Mortgage h~surance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer .selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separate!y designated payments that were due when t'he insurance coverage ceased to be in e:ffect. Lender will accept, use and retain these payments as a non-refimdable loss reserve in lieu ~f Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and fro' 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 premiums for Mortgage Iusurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower Shall WYOMING -Single Family- FannieMae/Fred~lle Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Farms Inc. (~,00)440-3555 LFI#FNMA3051 '1/01 Page 7 of 13 Initials: pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refi~ndable loss reserve, tmtil Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Bon'ower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurm~ce 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, m~d may enter into agreements w/th other parties that share or modify theh' 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 fi~nds that th~ mortgage insurer may have available (which may include funds obtained from Mortgage insurance premiums). 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, may receive (directly or indirectly) amounts that derive fi'om (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for shm'ing or modifying the mortgage insurer's risk, or reducing losses. If such agreeme, nt provides that an affiliate of Lender takes a share of the insurer's risk in exchm~ge 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 amonnts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any snch 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 inclnde the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance'terminated automatically, and/or to receive a refund of any Mortgage Insnrance preminms that were uuearned 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 damaged, such Miscellaneons Proceeds shall 'be applied to restoration or repair of the Property, it' 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 bas had an oppOrtunity to inspect such Property to ensure the work bas been completed to Lender's satisfaction, provided that such inspection shall be undertakeu promptly. Lender may 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 made 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 earnings 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 the 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 loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security instnm~ent, whether or uot then due, with the excess, if any, 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 beibre the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrov~er and Lender otherwise agree in writing, the sums secured by this Security h]slrmnent shall be reduced bythe amount ~f the Miscellaneous Proceeds multiplied by the following fi'action: (a) th,e total amount of the sums securecl ini'mediately beibre the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in vahle. 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, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this VVYOMING -Single Family -FannieMae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 LFI #FNMA3051Laser Forms Inc. (800) 446-3555 Pa~e 1/01 8 of 13 Initials: 319 Security Instrument whether or not the sums are then due. If the Property is abandoned by Bon'ower, or it', after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a clahn for damages, Borrower fifils to respond to iLender within 30 clays after the date the 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 Secm'ity Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whmn Bon'ower has a right of action in regard to Miscellaueous Proceeds. Borrower shall be in defhult if any action or proceeding, whether civil or 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 this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing tire 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 iu the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property am 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. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Secority 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 commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the m'iginal Borrower or any Successors in Interest of Bon'ower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments f¥om 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 right 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, ltowever, any Borrower who co-signs this Security l'nstrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear m' 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 Secm'ity 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 from Borrower's obligations and liability under this Security Instrument nnless 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 ami assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose o:f protecting Lender's interest in 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 prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable La~v. If the Loan is subject to a 'law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) tory such loan charge shaH be reduced by tire amonnt necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this retired by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refitnd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whet}mr or not a prepayment charge is provided for under WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms Inc. (800)446-3555 ~ S,~,j~ LFI#FNMA305I 1/01 Page 9 of 13 Initials: tile Note). Borrower's acceptance of any such reflind made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to BmTower when mailed by first class mail or when actually delivered to Borrower's notice address if' sent by other means. Notice to any one Borrower Shall constitute notice to all Borrowers unless Applicable Law expressly 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 procedm'e for reporting Borrower's change of address, then Borrower shall only repm't a change of address through that specified procedm-e. There may be only one designated notice address under this Secm'ity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender 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 instrument. 16. Governing Law; Severahility; Rules of Constroction. This Secm'ity Instrume'nt shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow tt~e parties to agree by coutract or it might 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 Instrument or the Note which can he 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 m the singular shall mean and include the phn'al and vice versa; and'(c) the word "may" gives sole discretion without 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 id this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, bnt not li~nited 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 fi~ture 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 sums secured by this Security Instrument. Howevers. 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 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 permitted by this Security Instrument without fimher notice or demand on Borrower. 19. Borrower's Right to. Reinstate Alter Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained m this Security Instrument; (b) such other period as Applicable Law nfight specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note 'as if no accele, ration had occurred; (b) cra'es any- defatilt of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, prope~ty 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 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, l_,ender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 t/01 Laser Forms Inc. (800) 446-3555 ' ~ ~ ~ LFI#FNMA305' 11Ol Page 10 of 13 Initials:~ ~ as selected by Lender: (a) cash; (bi 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 remain fidly effective as if no acceleration had occurred. However, this right to reinstate shall not apply iii lhe case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial intelest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale nfight result in a change in the entity (known as tile "Loan Servicer") that collects Periodic Payments due tinder the Note and this Security Instrument and perfbrms other mortgage loan servicing obligations under the Note, this Secm'ity Instrnment, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a chm~ge of the Loan Servicer, Borrower will be given written notice of the change wlfich will state the name and address of the new Loan Servicer, the address to which payments should be made and any other infi)rmation RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, tbe 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 nnless Otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the otber 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 bas notified the other party (with such notice given in compliance with the reqnirements 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 purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursnant 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 ac. tion provisions of this Section 20. 21. Hazardons Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous snbstances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (bi "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can canse, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit.the presence, nse, disposal, storage, or release of any ltazardous Substances, or threaten to release any ttazardous 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, (bi 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 tbe Property. The preceding two sentences shall not apply to tbe presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly 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 Hazardons Substance or Environmental Law' of which Borrower bas actual knowledge, (bi any Environmental Condition, including but not limited to, an, y 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 Hazardons 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 other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. WYOMING -Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms Inc, (800) 446-3555 LFI#FNMA3051 1/01 Page 11 ~f 13 Initials: NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration l'ollowing 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 fi'om the date the notice is given to Borrower, by which the default ~nust 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 snms secured by this Seeority Instrument and sale of the Property. The notice shall furtber inform Borrower of the right to reinstate alter 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 specitied in the notice, Lende~ at its option may require immediate payment in full of all sums secured by this Security Instrnment witbont further demaud and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all e~penses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, re.asonable 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 witb Applicable Law. Lender sball give notice of the sale to Borrower in the manner provided in Section 15. Lender shall poblisb 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, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borro~ver a fee for releasing this Security Instrument, but only if the fee is paid to a third party for se~wices rendered and the .chm'ging of the fee is permitted under Applicab. le Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. VVYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forlns Ino. (800) 446-3555 ~ LFf#FNMA3051 1/01 Page 12 of 13 Initials: iBY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained m this Security Instrmnent and in any Rider executed by Bm'rower and recorded with it. Witnesses: ~~ ~ ~ ~ ~~k~ ~  Hill ~ -Borrower ~nannon R. Hill -Borrower (Seal) -Borrower (geal) -Sorrower [Space Below 'l'hl$ Line For Acknowledgment] STATE OF WYOMING, Teton'County ss: The foregoing instrument was acknowledged before me this January 9, 2002 (date) ShannonoR. Hill, individually and Shannon R. Ilill as attorney in fact. for Kevin P. Hill (person acknowledging) W1TNESS my hand and official seal. My commission expires: 9/12/03 (~gx~ O.j~AD_.O~ ~~ ~ - Notary Pqblic · % ::., 't '17 . '..' WYOMING - Single Family ~ Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 305'1 1/0'1 Laser Forms Inc. (800)446~3555 LFI#FNMA3051 1/01 Page 13 of 13