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HomeMy WebLinkAbout898304#30358(02) Re[urn To: U.S. BANK N.A. 9321 OLIVE BLVD ST LOUIS MO 63132 Prepared By: ANGELA WOODBECK U.S. BANK N.A. 1550 ANERICAN BOULEVARD BLOOMINGTON, MlXl 55425 89830[ RECEI~/ED LINCOLN COUNTY CLERK EAST [Si)ace Above This Line For Recording Data[ MORTGAGE LOAN:~ 7892451709 DEFINITIONS Words used in muldple 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 APRIL 2,2 0 04 together with all Riders to this document. (B) "Borrower" is KATHERINE R LEVIN AND TIMOTHY B LEVIN , WIFE AND HUSBAND Borrower is the mortgagor under this Security Instrument. (C) "Lender" is u.s. BANK N.A. Lender is a NATIONAL ASSOCIATION organized and existing under [helaws of THE UNITED STATES OF AMERICA WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT I~.~._.:_M .W...Y.)__t_o._o_9__s_l .... Pa;o 1 of 15 ,niIlal,: ~/ 'T~ VMP MORTGAGE FORMS - (800)521-7291 Form 3051 1/01 Lender's address is 4801 FREDERICA STREET, OWENSBORO, KY '12301 Lender is the 1nortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated APRIL 2, :2004 The Note states that Borrower owes Lender ONE HUNDRED TWENTY THOUSAND AND NO/100 Dollars (U.S. $ 120,000.00 ) plus interest. Borrowe[ has pro~nised to pay this debt in regular Periodic Payments and to pay the debt in full not later than MAY 1,2034 (E) "Property" means, 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 prepaylnent 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 Instrulnent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable Rate Rider [~ Condominium Rider [~] Second Home Rider [--] Balloon Rider [] Planned Unit Development Rider ~] 1-4 Family Rider ~ VA Rider [~ Biweekly Payment Rider [--] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, slate 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) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and oilier charges that are imposed on Borrower or the Property by a condo~ninium association, holneowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instrnct, or authorize a financial institution to debit or credit an account. Such term includes, but is not li~nited to, point-of-sale transfers, auto~nated 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 third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) dmnage to, or destruction of, the Property; (ii) condemnation or other taking'of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or conditiou of the Property. · (M) i'Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Pay~nent" means the regularly scheduled amount due for (i) principal ' and interest tinder the Note, plus (ii) any amounts under Section 3 of this Security Instrmnent. (O) "RESPA" meaus the Rea.! Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) mid its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be alnended from time to thne, or any additional or successor legislation or regulation that governs~tbe stone subject ~natter. As used in this Security Instrulnent, "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. Page 2 of IS Form 3051 1/01 0898a04 .... . 655 (P) "Successor in Interest of BOrrower" means any party that has taken title to the Property, whether Or not that party has assmned Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of tile Loan, and all renewals, extensions and modifications o.f file Note; and (ii) file performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the PUBLIC RECORDS of. LINCOLN COUNTY : ]Type of Recording Jurisdiction] ]Name of Recording JUrisdiction] LOT SEVENTY-SIX (76) IN STAR VALLEY RANCH PLAT SIX (6) AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING. Parcel ID Number: .34 REDWOOD ROAD THAYNE ("Property Ad,ess"): 35183040101900 which currendy has the address of [Streetl [Cityl , Wyoming 8 312 7 [Zip Codel TOGETItER WiTH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is ]awfully 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 warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction.to constitute a nniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, file debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay rinds 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 file Note or this ,.,,,a,~: ~,"~ ~-~' ~.~..._'_..6._(...W..¥.J._(_o.9_p__5_L._ Page 3 of 15 Form 3051 1/01 Security Instrument is returned to Leu;let unp~d, Lender may requke ~at ~y or MI subsequent paymenm due under ~c Note mid fl~is Security Ins~umenl be made in one or more of ~le following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, b~k che&, ~easurer's check or cashier's check, provided any such check is drawn upon an institution whose deposim ~e insured by a feder~ agency, ms~umcnhqlity, or entity; or (d) Elcc~onic Funds Transfer. Payments ~e teemed received by Lender when received at ~e locaton d~ignated in ~e Note or at such o~mr location as may be d~ignated by Lender in accordance wi~ ~e nonce provisions in Section 15. Lender may return m~y payment or p~fi~ paymcnt if fl~e payment or p~tiM paymen~ ~e insufficient to bring · e Lo;m cugcnt. Lender may accept m~y payment or p~5~ payment insufficient to bring dig Loan cugent, wi~out w~ver of any righ~ hereunder or prejudice to i~ righ~ to refuse such payment or p~fi~ paymen~ in fl~e future, but Lender is not obligated to apply such paymenm at fl~e 6me such paymen~ are accepted. If each Periodic Paymem is applied as of its scheduled duc date, fl~en Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds un01 Bogower re&es payment to bring ~e Lo~ cugent. Bouower does not do so wiU~in a reasonable period of ~me, Lender shall eider apply such funds or return fl~em to Bo~ower. If not applied e~licr, such funds will be applied to fl~e ou~mnfling princip~ b~ce under 0~e Note immediately prior to foreclosure. No offset or cl~m which Bo~ower might have now or in future agMnst Lender sh~l relieve Bo~ower kern m&ing paymen~ due under O~e Note ~d ~is Security Ins~ument or performing ~¢ covcnml~ ~d agreemcnm secured by ~is Security Inskument. 2. Application or Payments or Proceeds. Except as oflmrwise 8~cribed in this Section 2, ~I paymen~ accepted and applied by Lender shall be applied in ~e following Order of priority: (a) interest duc under Note; (b) princip~ due under ~e Notc; (c) amounts due under Section 3. Such paymen~ shall be applied to each Periodic Payment in ~e order in which it became duc. Any rem~ning mnoun~ shah be applied f~st to late charges, second to ~y o~er amouu~ duc under d~is Security Ins~ument, and filch to reduce O,e principal b~ance of O~e Note. If Leuder receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay m~y late ch~ge due, fl~e pay~nent may be applied to O~e delinquent payment and late charge. I[ more fl~m~ one Periodic Payment is ouBmndiug, Lender may apply any payment received from Borrower to ~e repay~nent of file Periodic Paymen~ if, ~d to ~e extent lhat, each payment can be paid in full. To O~e extent fl~at ~y excess exists after file payment is applied to ~e full payment of one or more Periodic Payments, such excess may be applied to any late ch~ges due. Volun~y prepayments sh~l be applied first to any prepayment ch~ges mid titan as described in 0~e Note. Any application of paymenB, insurmme proceeds, or Miscellaneous Proceeds to princip~'due under Note shall not extend or postpone the due date, or change fl~e mnount, of O~e Periodic Payment. 3. Funds for Escrow Items. Bo~ower sh~l pay to Lender on file day Periodic Pay~nents ~e due under the Note, until the. Note is paid in full, a sum (O~e "Funds") to provide for payment of ~oun~ due for: (a) l~es and assessmen~ ~d o~er items which c~.at~n priority over fllis Security Ins~ument as a lien or encumbr~ce on fl~e Property; (b) leasehold pay~nen~ or ground ren~ on ~e Property, if ~y; (c) premiums for ~y and all insurance requked by Lender under Section 5; ~d (d) Mortgage Insur~ce premiums, if ~y, or ~y sums payable by Bo~ower to Lender in lieu of fl~e payment of Mortgage Insur~ce premiums in accordance wifl~ the provisions of Section 10. These items ~e c~led "Escrow Items." At origination or at any time during the term of fl~e Lo~, Lender may requke fl~at Com~nunity Association Dues, Fees, ~d Assess~nen~, if m~y, be escrowed by Bo~ower, and such du~, fees and assessmenB sh~l be ~ Escrow Item. Bo~ower sh~l pro~npfly furnish to Lender ~1 notic~ of a~nounB to be p~d under ~is Section. Bo~ower shall pay Lender O~e Funds for Escrow Items unl~s Lender waives Bo~ower's obligation to pay ~e Funds for ~y or all Escrow Items. Lender may waive Bo~ower's obligation to pay to Lender Funds for any or ~1 EsCrow Items at any time. Any such w~ver may only be in whfing. In ~e event of such wMver, Bo~ower shM1 pay dkecfly, when ~d where payable, fl~e amounB du~ for ~y Escrow Ite~ns for which payment of ~...'...6..!.._W._.Y_.}_.(.g_g..o.9)_..' Page 4 el 15 Form 3051 1/01 Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the. waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds iu an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate file amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow .account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds aJld 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 any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Ftmds. Lender slufll give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for file 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 Borrow,er shall pay to Lender file 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 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 monthly 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 file Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if ,'my, and Community Association Dues, Fees, and Assessments, if any. To file extent that these items'are Escrov~ Items, Borrower shall pay them in file manner 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 performing such agreement; (b) contests file lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures 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 Instrument, Lender may give Borrower a notice identifying file lien. Within 10 [~ -6(WY) ooos Pagoso! ls Form 3051 i/01 days of lhe 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 [nay 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 Insnrance. Borrower shall keep the improvemenCs now existing or hereafter erected on the Property insured against loss by fire, hazards included within the [erm "extended coverage,!' .and any other hazards inclutling, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the alnounts (including deductible levels) and for the periods that Lender requu'es. What Lender requires pursuant to file preceding sentences can change during the term of tile Loan. The insurance carrier providing the insur~ce shail 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 ancl tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappmgs or similar changes occur Which reasonably might affect such determination or certification. Borrower shall also be responsible [or 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 falls 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 [night 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 insurance coverage so obtained tnight significantly exceed the cost of insurance that Borrower could have obtained. Any amounLs disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear in[erest 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 reqnked 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 nmne Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender ail receipts o£ paid pre~niums and renewal notices. If Borrower oblains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy by Borrower. unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whe0mr or not (lie 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 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 pay[nent or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requkes 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 insurance proceeds and shail be the sole obligation of Borrower. If the restoration or repak is not economically feasible or Lender's security would be lessened, tile insurance proceeds shall be applied to .. Inlllals: , ~ -6(WY~) 0005) ," Page 6 of 15 Form 3051 1/01 OS Sa04 the sums secured by this Security Instrument, 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 that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begiu when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's · rights (other than the right to any refund of unearned 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 theProperty as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year 'after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be un[easonably withheld, or nnless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, dmnage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repak the Property if damaged to avoid further deterioration or damage. If iusurance 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 ,'md 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 repak or restore the Property, Borrower is no[relieved of Borrower's obligation for the coznpletion 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 if, during the Loan. application process, Borrower or ,any persons Or entities acting at the direction or' 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 concemiug Borrower's occupancy'of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements coutained in this Security 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 enlbrce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can 'include, but are not limited to: (a) paying any stuns secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable mama: .~ % ~..,~..__-...6..(..W___Y_J.Lo.@_9_9) .... Pa{la 7 o115 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or righll under this Security Instrument, including ill secured position iii a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous 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 tbis Section 9. Any mnounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounll shall bear interest at the Note rate from the date of disbnrsement and. shail be payable, with such interest, upon notice from Lender to Borrower requesting payment. ' If this Security Instrmnent is'on a leasehold, Borrower shall comply with all the provisions of Lhe lease. If Borrower acqukes fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to Ihe 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 maint,'dn 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 requked to make separately designated payments toward the prelniums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of 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 separately designated Payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these paymenll as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lendcr 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 .for the period that Lender reqnires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to ~nake separately designated payments toward the premiu~ns for Mortgage Insurance, Borrower shall pay the premiums requked to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until ter~nination is required by Applicable Lave. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity dlat purchases die Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insnrance. Mortgage insurers evaluate dmk total risk on all such insurance in force from dine to dme, and may enter into agreements with other parties dlat share or modify their risk, or reduce losses. These agreements are. on terms and conditions that are satisfactory to the mortgage insurer and die other party '(or parties) to these agreements. These agreemenll may requke die mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of die Note, another insnrer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (direcdy or indirecdy) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sliaring or modifying die mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender hnkes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." FUrther: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will Owe for Mortgage Insurauce, and they will not entitle Borrower to any refund. ~-O(W_Y_J ooos Page 8 ol 15 Inlllals: Form' 3051 1/01 ~,~ ...... =.._._~ ......... . ...... (b) Any sttch agreements will not ~ffect tile rights Borrower has - if any - with respect to tile Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request aud obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated aurora atically, and/or to receive a refnnd of any Mortgage Insurance premiums that were imearned 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 Miscellaneous Proceeds shall be applied'to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect stich Property to ensure the work has been completed to Lender's satisfaction, provided that such inspecnon shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a geries of progress payments as the work is completed, Unless an agreement is made in writing or Applicable ~aw 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 fetisible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secur[d by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such MisCellaneous Proceeds shail 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 thisI Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. I ' In the event of a partial raking, destruction, or loss in vaiue of the Property in which the fair market value of the Property mmedmtely before the parual taking, destructton, or loss m value ~s equal to or greater than the amount of the sums secured by Ithis Security Ii~strument immediately before the partial taking, destruction, or loss in value,,unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ]tbe amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the Sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair m~ket value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destrflcfion, 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 tile amount of the sums secured immediatelyI before the partial Utdng, destruction, or loss in value, unless Borrower and Lender otherwise agree in ¥iting, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether[or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offet~s to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after ithe 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 su.ms secured by this Security Instrument, whether or not then d~ue, "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against, whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that in Lender's judgment, could result in forfeitur~ 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 the action or proceeding to be dismissed with a ruling that, in Lender's judgment, preclu~les forfeiture of the Property or other material impairment of . Lender's interest in the Property or rights u~der this Security Instrument. The proceeds of any award or claim for damages that are attributable to the iml~akment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. ] All Miscellaneous Proceeds that are npt applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. / ' ' Inllials: W ~ Page 9 o~ 15 Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or ~nodification 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 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 tim original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceph'mce of payments from third persons, entities or Successors in Interest of Borrower or in anmuuts less than tile 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 sh~l be joint and several. However, miy Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signiug this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrmnent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and' (c) agrees that Lender and any oth'er Borrower can agree t° extend, modify, forbear or make any acco~nmodations with regard to the terms of this Security Instrument or the Note withOut the co-signer's co0sent. Subject to the provisions of Section 18, any Successor in Iuterest of Borrower who assumes Borrower's' obligations under this Security Instrument in writing, and is approved by Lender, shall obtain 'all of Borrower's rights and benefits under this Security Instrument. Borrower shall .not be released from Borrower's obligatious and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in'Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may c!~arge Borrower fees for services performed 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 litnited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Secnrity 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 Law. 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) any such loan charge shall be reduced by the amount 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 refund by reduciug the principal owed under the Note or by making a direct payment to Borrower. I1' a refund reduces principal, the reduction will be treated as a partial prepayment without any prepaymeut charge (whether or not a prepayment charge is provided for under lbe Note). Borrower's accePlm]ce of any such refund 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 iu connection with this Security Instrument shall be deemed to have been given to Borrower when ~nailed 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 ail 'Borrowers unless Applicable Law expressly requires otherwise. Tile 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. I[ Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address d~rough that specified procedure. There may be only one designated notice address under this Security Iustrument 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 giveu to Lender until actually received by Lender. I1' any notice required by this Security Instrument is also required nnder Applicable Law, the Applicable Law requirement will satisfy the corresponding require~nent uuder this Security Instrument. Inltla,8:~~'~ ~ -6(WY} (ooo5) Page mot 15 Form 3051 1/01 · : GG3 16. Governing Law; Severability; Rules of Construction. This Security Instrnment shall be governed by federal law and file 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 the parties to agree by contraci or it might be silent, but such silence shall not be constnted 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 be given effect without tile 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 in the singular shall mean and include the plural and vice versa: and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shali be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. AS used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed. instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a furore 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 Instrusnent. However, this Option shall not be exercised by Lender if such exercise is prohi/hited 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 further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, · Borrower shall have the right to have enforcement of this Security Instrument discoufinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify 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 tinder this Security Instrument and the Note as if no acceleration had occurred; (b) cures ,'my default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, iucluding, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the puq)ose of protecting Lender's interest in the Property and rights under this Security Insu'ument; and (d) rakes 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 Insmunent, 'shall continue unchanged. Lender may require that Borrower pay such reinstatetnent sums and expenses in one or more of the following forms, as selected by Lender: (a) cash: (b) money order: (c) certified check; bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Insmunent and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply iu the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a chm~ge in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations tinder the Note, this Security Instrument, 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 change of the Loan Servicer, Borrower will be given written notice of the change which will state the nmne and address of the new Loan Servicer, the address to which payments should be made and any other infornmtion RESPA requires in connection with a Page 11 of 15 Inilials :~"U ~ Form 3051 1/01 0 8a04 {;(;4 notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Lo,m Servicer other than the purchaser of the Note the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and m-e not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any j,dicial action (as either an individual litig,'mt or the member of a class) that arises from the other party's actions pursuant to this Security II~strument or that alleges that the other party has breached any provisiou 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 acuon. 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 opporlunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed Io satisfy the notice and opportunity to take corrective action prov,sions of this Section 20. 21. Hazardous Subst,'mces. As used in this Section 21: (a) "Hazardous Substances" are those subsumes defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmenlal Cleannp" includes any response action, re~nedial action, or removal action, as defined in Euvironment.xl Law; and (d) ,'m "Environumntal Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Bon'ower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Euvironmenlal Law, (b) which creates an Environmental Condition, or (c) which, dt,e to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the v~due of the Property. The preceding two sentences shall not apply to Ihe presence, Use, or storage on the Property of small quantities of Hazardous Subst.'mces that are.generally recognized to be appropriate'lo normal residential uses and to ,nainlenance of the ProPerty (including, but not limited to, hazardous substm~ces in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, ch'dm, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and auy Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviroumental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release Of any Hazardous Substance, and (c) any condition caused by the presente, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is uecessary, Borrower shall promptly take all necessary remedial actions in accordance with Envkonmental Law. Nothing herein shall create any obligation ou Lender for ,'tn Envkonmenta! Cleanup. [~.~. '§(W~l (0005> Pa[lo 12 OI 15 .... ~.' ..................... Form 3051 1/01 08983O4, NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22,. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in hall of all'sums secured by this Security Instrument without rurther demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, lint not limited to, reasonable attorneys' tees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice Of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee 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 persou or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument. Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. Page 13ol 15 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider execu ted by Borrower and recorded with it. Witnesses: (Seal) -Borrower TIMOTHY B LEVIN (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -B orr'ow er 1[~,~.-6[WY) (0005 Page 14 o115 Form 3051 1101 State of Minnesota County of Hennepin .0S:9S30 On this April 2, 9004, before me, a NotaW Public within and for said County, personally appeared Katherine R. Levin and Timothy B. Levin, wife and husband To me known to be the person(s) described in ant who executed the foregoing Instrument and acknowledged that they exe~k~d and deed. Notary Public Mary Wallis le samb as their free act '1 / I[~.~, -O(WY) tooo_~ Page 15ol 15 [nllials :[~./ Form 3051 1/01 LOAN: 7892451709 SECOND HOME RIDER THIS SECOND HOME RIDER is made this 2ND day of APRIL 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") whether there are one or more persons undersigned) to secure Borrower's Note to U.S. BANK N.A. (the "Lender") of the smae date and covering the Property described in the Security Instrument (the "Property"), which is located at: 34 REDWOOD ROAD, THAYNE, WYOMING 83127 [Property Address] In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupancy or use of the Property. 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 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 second home. MULTISTATE SECOND HOME RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 2 ~-3§5R (,0008) VMP MORTGAGE FORMS - (800)521-7291 F o r.r.r.r.r.r.r.r.r.~ 890 1/01 Initials:_~./' '! BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Second Home Rider. .(Sea]) - Borrower KA.I'HERINE R LEVIN (Seal) (Seal) - Borrower TIMOTHY B LEVIN (Seal) - Borrower CSeal) - Borrower (Seal) - Borrower (Seal) - Borrower (Seal) - Borfowei Page 2 of 2 Form 3890 1/01