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HomeMy WebLinkAbout898494898kgk RECEIVED LINCOLN COUNTY CLERK [Space Above This Line For Recording Data] MORTGAGE THIS MORTGAGE ("Security h~strument") is given on..0.4/.0.~./.Q4 ............................... The mortgagor is 4A.Y..~,. $.'r^.N.S.E.L.L...A~p..C. HA.I~ I. $. 3...s.I. ~..~$.[.L.L ........................................................................... ...................................................................................................... ("Borrower"). lttis Security Instrument is given to Wells Fargo Financial Wyoming Inc., which is organized and existing under the laws of b'yoming, and whose address is. :....2.4.4.1..[.0..0.1.~.I.Lk .~.kV.O:..1.2.~.~. ....................................................... B. QC. K...Sp~.I .N ¢.S.,..~.Y. ..... .a2.9. Q ! ............................................................................. ("Lender"). Borrower owes Lender the principal sum of 0..N.~..Hp~.0.~[.D...1.[~..I.H. Q0. S..~p..l.~.q. ,..u~p.s[q .~. l .K~YrY.-.s.! x.. 6~P..a~.( ! 0.9 ............ ........................................... Dollars (U.S. $. ! ! .0 ~ .~ .6 .. .9.6 ....... ). This debt is evidenced by Borrower's note lated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid :arlier, due and payable on...0.4/J .3/.2.4. .......... i ............................ This Security Instrument secures to Lender: ia) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the qote; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security hstrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrmnent and the Note. ~'or this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described )roperty located in .L.I.~.C..0[.~ ..................... County, Wyoming: 0I 4 OF IH£ ^S?EN SPfllflfi$ SEEON0 SOBBI¥ISION, LINCOLN C0UflT¥, ¥O[4INfi AS DESCRII3£0 ON IHE 0FFICI^L ?LAI IHEREOF. vhich has the address of..2.43.5...~$17.[~..S.~ I.O.U.S ................................ KEtdqERER [Streetl ' ' ............... |~/t~l' ................. ' Vyoming ........ 8.~ 1. 0. ! .............. ("Property Address"); [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easmnents, appurtenances, nd fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security nstrument: All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfi, d!y seised of the estate hereby conveyed and has the right to aortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. lorrower warrants and will defend generally the title to the Property against all claims and demands, subject to any ncumbrances of record. WY-2040-1003 . -- THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. If requested by Lender in writing, and subject to applicable law, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (¢) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an mount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. § 2601 etseq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may 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 and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may 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, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument. · . If the Funds held by Lender exceed the amounts permitted to be held by aPPlicable law, Lender ~hall account tO Borrower for the excess FUnds in aec0rdanee with the requirements of applicable law. If the amount of the Funds held by Lender ~t any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more th~n twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. . 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable if any under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4. Charges; Liens. BorroWer shall pay all taxes, assessments, charges, times and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. If applicable Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph, ff Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. 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; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; 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 may attain priority over thi_s. Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the ~ctions'set forth above within 10 days of the giving of notice,~ 5. Hazard or Property Insurance. BOrrower shall keep the improvements now existing or hereaftei:'6rected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance Carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. Page 2 of § All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. .curler shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all eceipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance arrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of he Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the :storation or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be pplied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If .orrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has ffered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the roperty or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the *rice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or )stpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If ~der paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting ~m damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security strument immediately prior to the acquisition. 6. Occupancy, Preservation, Maintef~ar/ce 'and Protection of 'the PropertY; Borrower's Loan'Appiication; ~aseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after : execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at tst one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be reasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall not stroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property.' Borrower shall in default if any forfeiture action or proceeding, whether civil or criminal, is begnn that in Lender's good faith judgment uld result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or nder's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action proceeding to be dismissed with a rUling that, in Lender's good faith determination, precludes forfeiture of the Borrower's crest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security crest. Borrower shall also be in default if Borrower, duringthe loan application process, gave materially false Or inaccurate ormation or statements to Lender (or failed to provide Lender with any material information) in connection with the loan deuced by the Note, including, but' not limited t%' representations concerning Borrower's occupancy of the Property as a ncipal residence. If this Security InstrUment is on a leasehold,' Borrower shall comply with all the provisions of the lease. 3orrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the rger in writing. 7. Protection of Lender's Rights in the PropertY. If Borrower fails to perform the covenants and agreements tained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the petty (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then .der may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. der's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing ourt, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action er this paragraph 7, ..Lender does not have to do Any amounts disbursed by Len~lei: una'~r this parag'raPh 7 shM1 become addiiiona'i"d~bi';f i~b3row~f 'S~'dured by this ~rity Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting neut. 8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this trity Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any )n, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the fiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost tantially equivalent to the cost to 'Borrower of the mortgage insurance previously in effect, from an alternate mortgage :er approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to ler each month a sum equal to one-tWelfth of the yearly mortgage insurance premium being paid by Borrower when the 'ance coverage lapsed or ceased'to'be in effect. Lender will accept, use and retain these payments as a 10ss reserv6 in lieu ortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance rage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes able and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a 'eserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower .ender or applicable law. WY-2040-1O03 9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall ~e Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any ndemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and all be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security ;tmment, whether or not then due, with any excess paid to Borrower. In the event of a partial ta 'king ot' the Property in which : fair market value of the Property immediately before the taking is equal to or greater than the mount of the sums secured this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums :ured by this Security Instalment shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) : total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property mediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which : fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately fore the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the ~ceeds 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 condemnor offers to make award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, rider is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the ms secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or stpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. ll. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or )dification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of ~rrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall t be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise )dify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or :clude the exercise of any right or remedy. i2. SUccessors and Assigns Bound; Joint and Several Liability;Co-signers. The Covenants and agreements of this curity Instrument shall bind arid bendfit the successors and assigns of Lender and Borrower, subject to the provisions Of ragraph i7. Borrower's CoQenanis and agreements shall be joint and several. Any Borrower who co-signs this Security ;trument but does not 'execute the Note: '(a) is co-signing this Security Instrument 0nly to mortgage, grant and convey that ,rrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated tO pay the sums :ured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan arges, and that law is f'mally interpreted so that the interest or other loan charges collected or to be collected in connection th the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce : charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be iinded tO Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a 'eot payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any :payment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by dling it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property ldress or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in s Security Instrument shall be deemed tO have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the isdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note aflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are :lared to be severable. 16. Borr0wer's Copy. Borrower shall be given One. c0'n~'o ,treed copy of the Not9 and of this S~curiiy Instrument. ~4o~6 WY-2040-1003 .08. 84D4 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) 'ithout Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by tis Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of m date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of at less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this ecurity Instrmnent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies ~rmitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have aforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as ?plicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this eeurity Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) ays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; )) cures any default of any Other covenants or agreements; (c) pays all expenses incurred in enforcing this Security tstrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably :quire to assure .that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the lms Secured by this securiiy'lmtrument shall eontinfle tmdhhnged. UPon reinstatement by Boixower, 'this security Instrument ~d the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to · .instate shall not apply in the case of acceleration under paragraph 17.. 19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security mtmment) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity mown as the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also fay 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, orrower will be given written notice of the change in accordance with paragraph 14 above and applicable law. The notice 'ill state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will iso contain any other information required by applicable law. 20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any iazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the roperty that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or orage on the Property of small quantities of Ha/.ardous'Substances that are generally recognized to be appropriate to normal :sidential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any ~vernmental or regulatory agency or private party ,involving the Property and any Hazardous Substance or Environmental aw of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, .at any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall :omptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by avironmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic · .sticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used . this paragraph 20, ~'Environmental Law" means federal laws and laws of the jurisdiction wh?.re, the. PropertY is located that :late to health, safety or environmental protection. " " NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's .-each of any covenant or agreement in this Securi~ Instrument (but not prior to acceleration under paragraph 17 :fless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the .~fault; (e) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be ~red; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of ~e sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the ght to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any :her defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the )tiee, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument ithout further demand and may invoke the power of sale and any other remedies permitted by applicable law.' Lender mil be entitled to Collect all expenses incurred in pursuing the remedies provided in this paragraph 21, including, but ~t limited to, reasonable attorneys' fees and costs of title evidence. le 5 of § WY-2040-1003 ' 0S:9 4:94 If Lender invokes the power of sale, Lender shall give notice of intent to for~cl~}se 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 paragraph 14. 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 person or persons legally entitled to it. 22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the property. 24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the Covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. ]Check applicable box(es)] [~] Adjustable Rate Rider. [] Graduated Payment Rider [] Balloon Rider' ~] Other(s) [specify] [--] Condominium Rider .. [~ Planned Unit Development Rider [-~ Rate Improvement Rider [-~ 1 } 4 Family Rider [~ Biweekly Payment Rider [~] Second Home Rider BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this SeCurity Instrument ~;~:ssa~:: rider(s)exec~d 1:~ Borrower and recorded with it. CRBTAL SI[VENS ..... iiY' '~1" 'fl:ifi~;l~l~!~: ............................ 'B'~rrower [Space Below This Line For Acknowledgment] STATE OF WYOMING The foregoing instru. Igent~._w.4m~acknowledged before me this, (sEAL). Notary Public Page § of 6 WY-2040-10~3 ADJUSTABLE RATE RIDER THIS ADJUSTABLE RATE RIDER is made on 04/08/04 and is incorporated into and shall be deemed to amend and supple~fii 'th~' ~'rigi~'D'dia',~i'T'r//si,' '~r' '~fi&/'i't3" i Seed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Wells Fargo Financial Wyoming, Inc. (the "Lender") of the same date 'and covering the property described in the Security Instnnnent and located at: 2435 ASPEN SPRINGS KE~'E'R'E'R'"~;'~'I'0'I ..................................................... NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WItlCII CONTAINS A PROVISION ALLOWING FOR CHANGES IN ' TIlE INTEREST RATE. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WILL RESULT IN LOWER PAYMENTS. TIlE NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE ]~£txXIMUM RATE I MUST PAY; ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instnunent, Borrower and Lender further covenant and agree as follows: 2. INTEREST RATE AND PERIODIC PAYMENT CHANGES The Note provides for an initial interest rate of 7.. fl.2 ...... %. The Note provides for changes in the interest rate and the paymcms, as follows: 3. PAYMENTS (A) Scheduled Payments I will pay principal and interest by making payments when scheduled. I will make my scheduled payments each month (B) Maturity Date and Place of Payments ' I will make these payments as scheduled until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. My scheduled payments will be applied to interest before principal. If, on 04/13/24 I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "maturity'tia't~.;' ...... I will make my scheduled payments at..24.4.1..~QqT.H.I.LL..B.ky0, 1243 .R.OO.K..SPR. INGS. )/.Y ....82901 ........................................ place if required by the l~o'tl/~ide~.'' ' ' ............................................... orat a different (C) Amount of My Initial Scheduled Payments Each of my initial scheduled payments will be in the amount of U.S. $ § 17.00 . This amount may change. (D) Scheduled Payment Changes ............... Changes in my scheduled payments will reflect changes in the unpaid principal of my loan and in the interest rate that I must pay. The Note Holder will determine my new interest rate and the changed amount, of my scheduled payment in accordance with Section 4 of this Note. (E) Late Charge If the Note Holder has not received the full amount of any monthly payment by the end of 10 calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be the greater of 5 % of my overdue payment of principal and interest or $10. I will pay this late charge promptly but only once on each late payment. 4. INTEREST RATE AND SCHEDULED PAYMENT CHANGES (A) Change Dates Each date on which my interest rate could change is called a "Change Date." The interest rate I will pay may change on ...... .0.4/. 1.3./97. .......... and on every sixth month anniversary date thereafter that is before the maturity date. There will be no Change Dates on or after the maturity date. The interest rate in effect on the maturity date will remain in effect after the maturity date until the full amount of principal has been paid. 01) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "index" is the highest "Prime Rate" as published by the The Wall Street Journal. The Index figure published in The Wall Street Journal on the last business day of the month corresponding to one day preceding one month prior to the Change Date is called the "Current Index." WY-2040-1003 Page I of 2 j If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding ...I.H.R.E.E..~.N.q .9.2./.} .0.0.. percentage points ( ....... 0.3.: .9.2.% this number is referred to hereafter as the "Margin") to the Current Index. The result of this calculation will be rounded off by the Note Holder to the nearest 0.125%. Subject to the limitations stated in Section 4(D) below, this amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the scheduled payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculationwill be the new amount of my scheduled payment. (D) Limits on Interest Rate Changes My interest rate will never be increased or decreased on the tn'st Change Date by more than three (3%) percentage points. For all Change Dates thereafter, my interest rate will never be increased or decreased by more than (1%) perce,ntage point. Subject to any limitation set forth in Section 6 below, my interest rate will never be more than six (6%) percentage points greater than the initial interest rate set forth in Section 2 above. Notwithstanding ,anything to the contrary in this note, my interest rate will never decrease below the Margin. 0g) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new scheduled payment beginning on the first scheduled payment date after the Change Date until the amount of my scheduled payment changes again. (Ii') Notice of Changes At least 25 days, but not more than 120 days, before the effective date of any payment change, the Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my scheduled payment. The notice will include information required by law to be given to me and also the telephone number of a person who will answer any question I may have regarding the notice. [] B. FUNDS FOR TAXES AND INSURANCE Uniform Covenant 2 of the Security Instrument is waived by the Lender. BY SIGNING BELOW, Borrower accgl~'~d agrees to the terms and covenants contained in this Adjustabl,e Rate · CL. (~; ~ ......... '(Seal) ~I~ARIS I. STANSELL ' ~. ............... WY-2040-1003 7:.,, ,~:~:,; ,,;.