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HomeMy WebLinkAbout898171Remm To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MAI 55435 898171 Prepared By: COMMUNITY FIRST MORTGAGE, LLC 808 3RD AVE SOUTH,, 581030000 FARGO, ND [Space Above This Lhle For Recordhlg Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined 'below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated MARCH 3 0, 2 004 together with all Riders to this document. (B) "Borrower" is KOREY L BLACK AND SHERRY L BLACK, HUSBAND AND WIFE Borrower is the nmrtgagor under this Security instrument. (C) "Lender" is COMMUNITY FIRST MORTGAGE, LLC Lender is a LIMITED LIABILITY COMPANY organized and existing under the laws of THE STATE OF DELAWARE 0039524814 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 1 ii Initials: VMP MORTGAGE F'ORMS - [800)521-7291 Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 5030603D4 Lender is the mortgagee m~der this Security Instrument. (D) "Note" means the pronfissory note signed by Borrower and datedMARCH 3 0, 2004 The Note states that Borrower owes Lender ONE HUNDRED TWENTY FOUR THOUSAND FIVE I-IUNDRED AND 00/100 Dollars (U. S. $ * * * * 124,500.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than APRIL 01, 2024 0g) "Property" ineans the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" 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 ~ Condoininimn Rider ~-~ Second Home Rider ~ Balloon Rider ~-~ Plamled Unit Development Rider [~ 1-4 Fanfily Rider [--~ VA Rider ~'~ Biweekly Payment Rider [-~ Other(s) [specify] (lq) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and adufinistrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Commt, nity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer' of funds, other titan a transaction originated by check, draft, or similar 'paper instrument, which is initiated through an electronic ternfinal, telephonic instrument, computer, or umgnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account'. Such term includes, but is not linfited to, point-of-sale transfers, autonmted teller machine transactions, transfers i~titiated by telephone, wire transfers, and automated clearinghouse transfers. . · (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means auy compensation, settlement, award of danmges, or proceeds paid by any third party (other than'insurance proceeds paid under the coverages described in Section 5) for: (i) danmge to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condennmtion; or (iv) ~nisrepresentations of, or onfissions as to, the value and/or condition of the Property. (hi) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of,' or default on, the Loan. (lq) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject nmtter. As used in this Security Instrument, "RESPA'.' refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. I~®-6(WY) Iooosl Page 2 of 16 Form 3051 1/01 (P) "Successor in Interest of Borro~ver" 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 this Security hmtyument. TRANSFER OF RIGHTS 1N THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of file Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfornmnce of Borrower's covmmnts and agreements under Security Instrulnent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording lurisdiction] ]Name of Recording lurisdiction] LOT 29-L-3 OF ROLLING HILLS SUBDIVISION TO THE CITY OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, BOX 10304, DES MOINES, IA 503060304 INC., P.O. Parcel ID Number: 2018 BASIN DRIVE KEMMERER ("Property Address"): which currently has fl~e address of [Slreet] ]City] , Wyoming 8 3101 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all ease~nents, appurtmmnces, 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 fl~e "Property." BOrrOWER COVENANTS flint Bo~ower is lawhlly seised of the estate hereby conveyed and has · e right to mortgage, grant and convey ~e Property and flint fl~e Property is unencumbered, except tbr encumbrances of record. Bogower warrants and will delbnd generally fl~e title to fl~e Property against all claims and demands, subject to any encumbrances of record. THIS SECU~TY INSTRUMENT combines uNform covmmnts for ~mtional use and non-uniform covenants with linfited variatio~ by jurisdiction to constitute a mfiform security instrument covering real property. ' UNIFO~ COVENANTS. Borrower and Lender cove~mnt and agree as follows: 1. Payment of Principal, Interest, Escrow lte~, Prepayment Charges, and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges dUe under the Note. Borrower shall also pay ~nds for Escrow Itenm pursuant to Section 3. Payments due under the Note and this Security Instruinent shall be nmde in U.S. currency. However, if any check or o~er instrument received by Lender as payment under the Note or this ~d6(WY) Iooos} P~e 3 oi 15 Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrmnent be made iu one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are iusured 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 may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but 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 reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note i~mnediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfornfing the covenants and agreements secured by this Security 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 itl 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 becmne due. Any remai~fing amounts shall be applied first to late charges, second to any other amounts due under this Security lnstrmnent, 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 more than one Periodic Payment is outstanding, Lender nuty 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 file fi~ll 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 file 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 amouut, of the Periodic Payments. '3. Funds for Escrow Items. Borrower shall pay to Lender on file 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; (b) leasehold payments or ground rents on the Property, if any; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfimns,' if any, or any sums paya. ble by Borrower to Lender in lieu of the payment of Mortgage Insurance premiunks in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during file term of the Loan, Leuder may require that Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, aud such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly funfish to Lender all notices of amounts to be Paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any tiine. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts Imtiala: ~ (~6(WY) Iooosl Pag*4 oi ~S Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender nmy require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agree~nent contained in this Security lush'ument, 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 file waiver as to any or all Escrow Items at 'any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender ~nay, at any time, collect and hold Funds in an alnount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the nmxinmm amount a lender can require under RESPA. Lender shall estinmte file amount of Funds due on the basis of current data and reasonable estinmtes of expenditures of furore Escrow Itmns or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower lbr holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, mdess Lender pays Borrower interest on die Funds and Applicable Law pernfits Lender to make such a charge. Unless an agreement is nmde in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as deftned under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but iii no more than 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 up the deficiency in accordance with RESPA, but in no more than 12 monody payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security 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 rammer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfornfing such agreement; (b) contests the lien in good l:aith by, or defends against enforcmnent of tile lien in, legal proceedings which in Lender's opi~fion oPerate to prevent the enforcement of the lien while those proceedings are pending, but only until 'such proceediugs are concluded; or (c) secures frown the holder of the lien an agree~nent satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien Milch can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the i~)~-6(WY) (ooosl Page 5 of ~s n'~ial.: ~ ~ Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements uow existing or hereafier erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, for which Lende~ 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 during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification aud tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably tnight 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, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurauce 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 disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include 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 pro~nptly give to Lender all receipts of paid prmniums 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 nmke 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 feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is co~npleted. U~dess 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 insurauce proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instru~nent, whether or not then due, with 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 from Lender fllat the insurance carrier has offered to settle a claim, then Lender nmy 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 fl~e amounts uupaid under file 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 Borrowe0 under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the iusurance proceeds either to repair or restore the Property or to. pay an~ounts unpaid under file Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use file Property as Borrower's principal residence within 60 days after the execution of tiffs Security Instrument and shall conti~me to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, mfless Lender otherwise agrees in writing, which consent shall not be um:easonably 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 file Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall proxnptly repair the Property if danhaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the.Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment Or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore file Property, Borrower is not relieved of Borrower's obligation for thd completion of such repair or restoration. Lender or its agent may nmke reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender nnay inspect the interior of file improvements on the Property. Lender shall give Borrower notice at the time of or Prior to such au interior 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 the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or imaccurate information or statmnents to Lender (or failed to provide Lender with nmterial information) in com~ection with the Loan. Material representations include, but are not lilnited to, representations concerning Borrower's occupancy of the Property as Bfrrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to pertbnn the covenants and agreements contained in this Security Instrument, (b) fllere is a legal proceeding that might sig~fificantly affect Lender's interest in the Property and/or rights under this Security Instruxnent (such as a proceeding in bankruptcy, probate, for condetmtation or lbrfeiture, for enforcement of a lien which may attain priority over tiffs Security Instrument or to entbrce laws or regulations), or (c) Borrower has abandoned file Property, then Lender ~nay do and pay for whatever is reasouable or appropriate to protect Lender's interest in the Property and rights under tiffs Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any snnts secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasomtble (~-6(WY) 1ooo51 Page 7 of 16 orm 3051 1/01 attorneys' fees to protect its interest in fl~e Property and/or rights under this Security Instrument, including its secured position in a bm~ptcy proceeding. Securing ~e Property includes, but is not limited to, entering fl~e Property to nmke repairs, change locks, replace or board up doors and windows, drain water from p:pes, elitnimte building or ofl~er code violations or dangerous conditions, and have utilities turned on or off. Alflmugh Lender ~my take action under this Section 9, Leuder does not have to do so and is not under any duty or obligation to do so. It is agreed fl~at Lender incurs no liability for not takiug any or all actions au~orized under tiffs Section 9. Any amounts disbursed by Lender under tiffs Section 9 shall become additimml debt of Borrower secured by tiffs Security lustmment. These amounts shall bear interest at fl~e Note rate from ~e date of disbursement and shall be payable, wifl~ such interest, upon notice l?om Lender to Borrower requesting payment. If tiffs Security Instmmeut is on a leasehold, Borrower shall comply wi~ all ~e provisio~m of fl~e lease. If Bo~ower acquires fee title to fl~e Property, &e leasehold and fl~e fee title shall not merge uMess Lender agrees to ~e merger in writing. 10. Mortgage Insurance. If Lender required Mortgage huurance as a condition of nmking fl~e Loan, Borrower shall pay fl~e pre,Mums required to maintain fl~e Mortgage Insurance in effect, lf, for auy reason, fl~e Mortgage Insurance coverage required by Lender ceases to be available from fl~e mortgage insurer fl~at previously provided such insurance and Borrower was required to umke separately desig~mted payments toward fl~e pre~m~ for Mortgage Insurance, Borrower shall pay fl~e premiums required to obtain coverage substantially equivalent to fl~e Mortgage Insurance previously in eft~ct, at a cost substantially equivalent to fl~e cost to Borrower of fl~e Mortgage Insurance previously in effect, from an alter~mte mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender fl~e amount of fl~e separately designated payments that were due when fl~e insurance coverage ceased to be in effect. Lender will accept, use and retain fl~ese payments as a non-re~ndable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-re~ndable, notwiflxstanding fl~e fact fl~at ~e Loan is ultinmtely paid in ~11, and Lender shall not be required to pay Borrower any interest or eanfings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in fl~e amount and for fl~e period ~at Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately desigmted payments toward fl~e premiums tbr Mortgage Iosurance. If Lender required Mortgage Insurance as a condition of ~mking ~e Loan and Borrower was required to nmke separately desigmted payments toward flxe prenfiums for Mortgage Insurauce, Borrower shall pay tim premiums required to nmintain Mortgage Insurance in effect, or to provide a non-reMndable loss reserve, until Leuder's requirement for Mortgage Insurance ends in accordance wifl~ any written agreement between Borrower and Lender providing for such ternfi~mtion or until ternfi~mtion is required by Applicable Law. No~ing in tiffs Section 10 affects Borrower's obligation to pay interest at fl~e rate provided in fl~e Note. Mortgage Insurance reimburses Lender (or any entity flint purchases ~e Note) for certain losses it ~my.incur if Borrower does not repay ~e Loan as agreed. Borrower is not a party to flxe Mortgage Insurance. Mortgage insurers evaluate fl~eir total risk on all such insurance in force from time to time, and nmy enter into agreements wiflx o~er parties ~at share or modify fl;eir risk, or reduce losses. These agreements are on terms and conditions ~at are satisfactory to fl~e mortgage i~murer and fl~e' off,er party (or parties) to fl~ese agreements. These agreements my require ~e mortgage insurer to make payments using any source of Mnds ~at fl~e mortgage insurer nmy have available (which may include Muds obtained from Mortgage Insurance prenfiu~). As a result of ~ese agreements, Lender, any purchaser of fl~e Note, anofl~er i~urer, any reinsurer, any ofl~er entity, or any affiliate of any of fl~e foregoing, ~my receive (directly or indirectly) amounts ~at derive from (or ~ght be characterized as) a portion of Borrower's paytneuts for Mortgage I~urance, in exchange for sharing or modifying fl~e mortgage insurer's risk, or reduciug losses. If such agreement provides fl~at an affiliate of Lender takes a share of fl~e insurer's risk in exchange for a sha?e of fl~e prmMums paid to fl~e i~uurer, ~e arrangement is ofteu termed "captive reinsurance." Fur~er: (a) Any such agree~nents will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount. Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refnnd. ~ -6(WY) (ooo51 P~e 8 o, ]6 ' Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under' the Homeowners Protection Act of 1998 or any other law. Tbese rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to bare the Mortgage Insurance termiuated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment' of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is dannlged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to iuspect such Property to ensure file work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Ulfless an agreement is made in writing or Applicable Law requires interest to be paid ou 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 iu Section 2. . In the event of a total taking, destruction, or loss in value of the Property, the lvliscellaneous Proceeds shall be applied to the sums secured by tiffs Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In file event of a partial taking, destruction, or loss in value of file Property in which file fair market value of the Property immediately before file partial taking, destrnctim~, or loss in value is equal to or greater than the amount of file sums secured by this Security Instrument inmlediately before file partial taking, destruction, or loss in value, mdess Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of file Miscellaneous Proceeds nmltiplied by the following fraction: (a) the total amount of the sums secured immediately betbre file partial taking, destruction, or loss in value divided by (b) the thir market value of file Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of file Property in which the fair umrket value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the stuns secured immediately before file partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, file Miscellaneous Proceeds shall be applied to fl~e sums secured by this Security Instrument whether or not file sums are then due. If file 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 nmke an award to settle a claim for damages, Borrower fails to respond to Leuder within 30 days after file 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 Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action ia regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whefller civil or crindnal;'is begun that, in Lender's judgment, could result in forfeiture of fl~e Property or otber 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 the action or proceeding to be disxnissed with a ruling that, in Lender's judgment, precludes tbrfeiture 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 for damages that are attributable to file impairment of Lender's interest in file Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. I.~i~-6(WY) 100os} Page 9 of 16 Form 3051 !/01 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 Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release rite 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 extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand nmde by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without linfitation, 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 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 aud several. However,' any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security I~tstrumeut o~tly to moitgage, grant and convey the co-signer's interest in the Property under the terms of this Security htstrument; (b) is not personally obligated to pay the sums secured by this Security I~zstrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accormnodations with regard to the terms of this Security Instrument or the Note without fl~e co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes. Borrower's obligatimts 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 from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrmneut shall bind (except as provided in Sectiou 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services perforlned in connection with Borrower's default, for the purpose of 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 tee. Lender umy not charge fees that are expressly prohibited by this Security Instrumeut or by Applicable Law. If the Loan is subject to a law which sets nmxinmm loan charges, and that law is fi~mlly interpreted so that the 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 amount necessary to reduce the charge to the pernfitted limit; and (b) any sums already collected front Borrower which exceeded pernfitted linfits will be refunded to Borrower. Lender nmy choose to nmke this refund by reducing the principal owed under the Note or by nmking a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepaylnent charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refuud made by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in cmmection with this Security Instrument must be in wfidng. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class nmil or when actually delivered to Borrower's notice, address if sent by other means. Notice to any one Borrower shall consdtute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein mfless Lender has designated another address by notice to Borrower. Any notice in com~ection 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 InstrmnenC 6(WY} Iooo51 Pa9~ lO of 16 Form 3051 1/01 .. .: ":;:i' 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 Security Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law ]Nght explicitly or implicitly allow the parties to agree by contract or it ~ght 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 ~e Note conflicts with Applicable Law, such conflict shall not af/bct other provisions of ~is Secm-ity Instrument or d~e Note which can be given effect without the conflicting provision. As used in this Security hmtmment: (a) words 'of the nmsculiue gender shall mean and include corresponding neuter words or words of ~e fenfi~fine gender; (b) words in the singular shall mean and include ~e plural aud vice versa; and (c) ~e word "nmy" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of die Note and of tiffs Security Iustn]ment. 18. 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 iu file Property, including, but not linfited to, those beneficial interests ffansferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is file transfer of title by Borrower at a Mture date to a purchaser. If all or any part of the Property or any Interest iu the Property is sold or transferred (or if Borrower is not a natural person and a beneficial iuterest in Borrower is sold or transferred) without Lender's phor written consent, Leuder ]my requi're itmnediate payment iu ~11 of all sums secured by tiffs Secm'ity Instrument. However, tiffs 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 i]ot less thau 30 days from ~e date the notice is given in accordance wiflt Section 15 within which Borrower nmst pay all sunm secured by this Security Instrument. If Borrower fails to pay these stuns prior to fl~e expiration of ~is period, Lender may invoke any remedies pernfitted by this Security Instrument without brier notice or den~nd on Borrower. ~ 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets, certain conditions, Bo~ower shall have ~e right to have enforcement of this Security Instrument discontinued at any time prior to fie 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 nfight specify for the termimition of Borrower's right to reinstate; or (c) entry of a judgment enforciug this Security Instrument. Those conditions are that Borrower: (a) pays Leuder all stuns which then would be due under fids Security Instrument and fl~e Note as if no acceleration had occurred; (b) cures any default of any other covemuts or agreements; (c) pays all expenses incurred in enforcing this Security Iustmment, iucluding, but not lit~ted to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred tbr tim pu¢ose of protecting Lender's interest in the Property and rights under ~is Security Instrument; and (d) takes such action as Lender may reasombly require to assure &at Lender's interest in the Property and rights under tiffs Security Instrument, and Bo~ower's obligation to pay the suum secured by this Security Iustmment, shall continue unchanged. Lender nmy require that Borrower pay such reinstatement stuns and expenses in one or more of fl~e following /brnu, as selected by Lender: (a) cash; (b) money order; (c) certified check, ba~ check, treasurer's check or cashier's check, provided any such check is drawu upon an institution whose deposits are insured by a federal agency, instmmeutality or entity; or (d) Electronic Funds Transfer Upon reinstatement by Borrower, this Security Instmn~ent and obligations secured hereby shall retain ~lly effective as if no acceleration had occurred. However, tiffs right to reinstate shall not apply in fl~e Case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial iuterest in the Note (together wi& this Security hutrmnent) can be sold one or more times without prior notice to Borrower. A sale might result in a change iu ~e entity (known as ~e "Loan Servicer") that collects Periodic Payments due under &e Note and tiffs Security Instmmeut and perforn~ o&er mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of ~e Loan Servicer m~elated to a sale of the Note. If ~ere is a change of fl~e Loan Servicer, Borrower will be given written notice of the change which will state fl~e mine and address of ~e new Loan Servicer, fl~e address to wlfich payments should be nmde and any other infonmtion ~SPA 1 1 Initial.:_. Form3OB1 1/01 171 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, the mortgage loan servming obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by d~e Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conm~ence, 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 bas breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements 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 tixne 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 opportmfity to cure given to Borrower pursuant to Section 22 aud the uotice of acceleration given to Borrower pursuant to Section 18 sball be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hnzardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic br hazardous substances, pollutants, or wastes by Envirmm~ental Law and the following substances: gasoline, kerosene, other flanmmble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fornmldehyde, and radioactive materials: (b) "Enviromnental Law" means federal laws and laws of the jurisdictiou where the Property is located dmt relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleannp. 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 the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviromnental 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 the 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 recognized to be appropriate to nornml 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 Hazardous Substance or Environmental Law of which Borrower bas actual knowledge, (b) any Environmental Condition, inch]ding but not linfited to, any spilling, leaking discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govenm~ental 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 Enviromnental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. Form 3051 1/Ol NON-UNIFORM COVENANTS. BorrOwer and Lender fi~rtber covmmnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleratiou following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to 'acceleration onder Section 18 unless Applicable Law Provides other~vlse). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a (late, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result iu acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleratiou and the right to Bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secnred by this Security Instrument without further demand and may invoke the power of sale and any other re~nedies 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 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 shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner Prescribed by Applicable Law. Lender or its designee may purchase the Property at auy 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 sams secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender Shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrmnent, but o]fly if the fee is paid to a flfird party for services re]tiered and the charging of the fee is permitted under Applicable Law. 24. WaiverS. BorrOwer releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. Initials: --,.,--(~)~'6{WY) looos) Page ~3 of ~ orm 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and cove~mnts contained in this 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 (Seal) -Borrower (~6[WY) Iooosl Page )4 of 15 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was acknowledged before me this by KOREY L BLACK AND SHERRY L BLACK County ss: My Commission Expires: Notary Public (~'6G(WY) (ooosl Page 15 o¢ 15 Initial~~ Form 3051 1/01