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HomeMy WebLinkAbout8986398986,39 After Recording Return To: GMAC Mortgage Corp. 100 Witmer Road Horsham, PA 19044-0963 ATTN: Records Management RECE VED LiNOOLH OOUNTY OLF'RK [Space Above This Line For Recordh~g Data] .: V.A. NO: LAPP-0851642 Loan No. 565499506 Mllq' 1000375-056S499506-0 MORTGAGE .. NOTIC'E: THIS LOAN IS NOT' ASSUMABLE WITHOUT THE APPROVAL OFTHE DEPARTMENT OF VETERANS AFFAIRS .OR ITS AUTHORIZED AGENT. DEFINITIONS Words used in niultiple sections of this docmnent are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules re~arding the usage of words used in this document are also provided in Section 16. (A) (B) Ted R. "SecUrity Instrunmnt'' means this document, which is dated April 16, 2004 , together with all Riders to this document. "Borrower" is Jorgensen and Cynthia L. Jorgensen husband and t wife Borrower is the mor'tgagor under this Secnrity Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solelY as a nominee for Lender and Lender's successors mid assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, mid has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (Page I of 18) 243521'713 hfitials: GMACM - VMS.0236.Wy (0001) V ~/(~ 076 (D) "Lender" is GMAC Mortgage Corporation Lender is a Corporation laws of Pennsylvania 100 Witmer Road, P.O. Box 963, Horsham, PA organized and existing under the Lender's address is 19044 (E) "Note" lneans the pronfissory note signed by Borrower and dated April 16, 2004 Tire Note states that Borrower owes Lender One Hundred Seventy Three Thousand Seven Hundred For~y and 00/100 Adjustable Rate Rider Balloon Rider VA Rider Other(s) [specify] Dollars (U.S. $173,740.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in lull not later than May 1, 2034 (F) "Prol)erty" means the property that is described below under the heading "Transfer of Rights in the Property," (G) "Loan" means the debt evidenced by the Note. plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security lnstrmnent, plus interest. (ti) "Riders" means all Riders to this Security Instrument that are executed by Borrower. Tire following Riders are to be executed by Borrower [check box as applicable]: [---] [---] Condominium Rider [--] Second Home Rider ['~ [--] Biweekly Payment Rider [-~ 1-4 Fanfily Rider ['X] [---] Planned Unit Development Rider (i) "Applicable Law" memis all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable jndicial opinions. (J) "Co~nmunity Association Dues, Fees, and Assessments" means ail dues, fees, assessments and other charges that are imposed on. Borrower or the Pr°perty by a condonfinium association, homeowners association or similar orgmfization. (K) . "Electronic Fnnds Transfer" means any transfer of funds, other tban a transaction originated by check, draft, or sinfilar paper instrument, which is initiated ttlrongh an electronic ternfinal, telephonic inm'ument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not linfited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Ite~ns" means those items that are described in Sectioh ~.~ ~=' ': '- (M) "Miscellaneous Proceeds" means any compensation, settlemeiit, award of dmnages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of coudemnation; or (iv) nfisrepresent.ations of, or omissions as to, the value and/or condition of the Property. WYOMING -- Single F~nily -- Fannie Mae/Freddie lvlac UNIFORM INSTRUMENT-modified forVA Fotqq?~051 GMACM - VM$.0236.WY (0001) (Page 2 of I8) hfitials: (N) "Mortgage Insurance" means insurance protectiug Lender against the nonpayment of, or default on; Ihe Loan. (O) "Periodic Paymeut" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any mnounts under Section 3 of this Security Ii~stmment. (P) "RESPA" means the Real Estate Settlement Procedures Acl (12 U.S.C. §260l et seq.) and its implementing regulatiou, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all: requiremeuts and restrictions that are imposed in regard to a "federally rented mortgage loan" even if the Loan does not. qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that bas taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) tile performance of Borrower's covenants and agreements tinder this Security Instrument mid the Note. For this puq~ose, Borrower does hereby mortgage, grant and convey to IVIERS (solely as nonfinee for Lender and Lender's successors and assigns) and to tile successors and assigns of MERS, with power of sale, the following described property located in the County [Type of Recordh~g Jurisdiction] of Lincoln [Name of Recordh~g Jurisdiction] SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF. which currently has tim address of 199 Alt.t Drive, [Street] Th,tyne , Wyoming 8 312 7 . ("Property Address") [City] ~ip Code] TOGETHER WITH all the improvemeuts 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 understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrmnent, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns)has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; mid to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. GMACM - VMS.0236.VfY (0001) (Page 3 of 18) hfitials: BORROWER COVENANTS that Borrower is lawhdly 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 encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and uon-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, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. carrency. However, if any check or other instrument received by Lender as payment under the Note or this Security h~strument is returued to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made 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 upou an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender wheu received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan currenL Lender nmy accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time snch payments are accepted. If each Periodic Payment is applied'as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so withiu a reasonable period of time, Lender shall either apply snch funds or return them to Borrower. If not applied earlier, such lends will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or 'claim which Borrower might have now or in the future against Lender.shall relieve Borrower from making payments due under the Note and this Security Instrument or perfornfing the covenants and agreements secured by this SecnritY instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) mnounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining an~onnts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. LOAN NO: 565499506 WYOMING -- Single Family :- Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Fonu 3051 I/0l GMACM - VMS.0236.WY (0001) (Page 4 of 18) Initials: If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment ,'md the late charge. If more than one Periodic Payment ~s outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described iii the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the mnounl, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts'due for: (a) taxes and assessments and other items which cam attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold Payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiulns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items arc called "Escrow Items." At origination or at any time during the term'of the Loan, Lender tnay require that Community Association Dues, Fees ,'md Assessments, if any, be escrowed by Borrower, and such dues, fees, mid assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any. such waiver may only be in writing. In the event of such waiver, Borrower sh~ll pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender 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 ,'my such mnount. 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 in an mnount (a) sufficient to permit Lender to apply the Fnnds at the time specified under RESPA, and (b) not to exceed the maximum amonnt a lender can require under RESPA. Lender shall estimate the mnount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordmme with Applicable Law. LOAN NO: 565499506 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUb, IENT Fonu 3051 1/0l GMACM - VMS.0236.WY (0~01) (Page 5 of 18) Initials: The Funds shall be held in ,'m 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 ally Federal Home Loan B,'mk. 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, am~ually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wrtting, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a sutt)lus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the mnount necessary to make up tile 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 amonnt necessary to make up the deficieucy in accordance with RESPA, but in ilo 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 nnpositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on tile Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in tile manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Iustrument 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 the 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 coucluded; or (c) secures from tile holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of tile Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of tile actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on tile Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, for which Lender 'requires insurance. This insurance shall be maintained in the ,'unounts WYOlVIING -- Single Fzanily - Fannie Mae/Freddie Mac UNIFORIvl INSTRUMENT Fovnt 3051 1)01 · GMACM - VMS.0236.~VY (0001) (Page 6 o]18) hfitials: (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right sball not be exercised nnreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone deternfination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably nfight affect such determi~mtion or certification. Borrower shall also be responsible for the paymeut of any fees imposed by the Federal Emergency Management Agency in connection with the review of ea~y flood zone deternfination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender;s option and Borrower's expense. Lender is under no obligation to purcbase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but nfight or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, agaiust any risk, hazard or liability and nfigbt provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurauce coverage so obtained nfight significantly exceed the cost of insurance that Borrower could bare obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These anmunts shall bear interest at tbe Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to BorrOwer requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Leflder's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insur,'mce coverage, not otherwise required by Lender, for damage to, or destn~ction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee m~d/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to tbe insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender mid Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair· is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to bold such insurance proceeds until Lender has had an opportunity to insPect sncb Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken pro~nptly. Lender may disburse proceeds for the repairs and restoratiou in a single payment or iu a series of progress payments as the work is completed. Uuless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall n9t be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, LOAN NO: 565499506 WYOMING ~- Single Family - Fa*mi~ Mae/Freddie lvlac UNIFORM INSTRUMENT }"onn 3051 1/0l GMACM - VMS.0236.¥VY (0001) (Page 7 off8) Initials: or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons she 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 begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the anmunts 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 mnounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of 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 unreasonably withheld,, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or degreasing 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 repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with dan]age 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 puq)oses. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the co~npletion 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 defanlt 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, nfisleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in '~VYOMING- $1ngle Family-Fannie Mae/Freddie Mac UNIFORM IN$/RUIVIENT F ..... 3051 1/01 Gi~'IACM - VMS.0236.WY (0001) (Page 8 of 18) Initials: com~ection with the Loan. Material representations include, but are not linfited to, representations concerning 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 h~strument. If (a) Borrower fails to perfom~ the covenants and agreements contained 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 nmy attain priority over this Security Instrument or to enforce laws or regulatiOns), or (c) Borrower has abandoned the Property, then Lender may do and pay 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 repairiug the Property. Lender's actions can include, but are not limited to: (a) paying ,'my sums secured by a lien which has priority over this Security Instrun~ent; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under ibis Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not linfited 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 d~gerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so mhd is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice fi-om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold ,and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain 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 insurm~ce and Borrower was required to make Separately designated payments toward the prenfiums 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 mnount of the separately designated payments that were' due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender sbaiI 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 LOAN NO: 565499506 WYOMING - Single Family -- Fannie Mae/Freddie lvlae UNll~ORM INSTRUMENT Ftwm 3(151 1/0l GMACM -VMS.0236.WY (0001) (Pt~ge 9 of 18) Initials: amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premmms for Mortgage Insurance If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the prennums for Mortgage Insurance, Borrower shall pay the premiums reqt, ired to maintaiu Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providiug for such termination or until termination is required by Applicable Law Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lende? (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage lnsurauce. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce' losses. These agreements are on terms anti conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have ax(ailable (which may include funds obtained from Mortgage Insurance prenfiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, m~y reinsurer, m~3, other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreexneut provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a Share of the prenfiums paid to the insurer, the arrangement is often' termed "captive reinsurance." Farther: (a) Any such agreements will not affect the amounts that Borrower bas agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage lusurance, to have the Mortgage In'snrauee terminated automatically, and/or to receive a reftmd of any Mortgage Insurance premiums tlmt were unearned at the time. of such cancellation or ternfination. 11. Assignment of Miscellaneous Proceeds; Forfei'ture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. GMACM - VMS.0236.WY (0001) (Page 10 oflS) l~fitials: If the Property is dmnaged, 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 bare the right to hold such Miscellaneous Proceeds until Lender has bad an opportunity, to inspect such Property to ensure the work bas been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellm~eous Proceeds. If the restoration or repair is not economically feasible or Lender's security 'would be lessened, the Miscellaneous Proceeds shall be applied to the sulns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such MiscellaneOus Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellm~eous Proceeds shall be applied to the sums secured by this Security Instrument, · whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inm~ediately befOre the partial taking, destmctiou, or loss in value is equal to or greater than the an~ount of the sums secured by this Security Instrument irrm~ediately before the parti'al taking, destruction, or loss in valne, unless Borro(ver and Lender otherwise agree in writing, the stuns secured by this Security Instrument shall be reduced by the amount of the lvliscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured iImnediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property ilnmediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property in~nediately before the partial taking, destruction, or lass in value is less than the mnount of the sums secured immediately before the partial takiug, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to tbe sunrs secured by this Security Instrulnent whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower . that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security lnstrulnent, whether or not then due. "Opposing Party" means the third party that owes Borrower Misdellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. LOAN NO: 565499506 GMACM - VMS.0236.WY (0001) (Page ]1_ of J8) Initials? Borrower shall be in default if any action or proceeding, whether civil or crin'final, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by taus.lng the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to ~tl~e impairment of Leader's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellealeous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of mnortization of the sums secured by this Security Instrument granted by Lende. r to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts 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 shall be joint and several. However, any Borrower who co-signs this Security Iustrument but does not egecute the Note (a "co-signer"): (a) is co-siguing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay tile sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make va~y accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consefit. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security fustrument in writing, and is approved by Lender, shall obtain all of Borrower's rights mid benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Secm-i/y Instrument unless Lender agrees to such release in writing. Tbe covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors m~d assigns of Lender. W'llrO~rltm(~ -- Single Family- Fa~mie Mae/Freddie Mae UNIFORM INSTRUMENT Fan], 3051 1/01 Gh, IACM - Vh4S.0236.WY (000I) (Page 12 of 18) hfitials; 14, Loan Charges. Lender may charge 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 limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Lom~ 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 an~ount necessary to reduce the charge to the permitted limit; and (b) any sulns already collected from Borrower which exceeded permitted limits will be refm~ded to Borrower. Lender may · choose to make'this refund by reducing the principal owed under the Note or by making a direct paymen.t to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refxmd made by direct payment to Borrower will constitute a waiver of ,'my right Of action Borrower might have arising out of such overcharge. 15. Notices. All Notices given by Borrower or Lender in cmmection with this Security Instrulnent must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if seut by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address uuless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Leuder specifies a procedure lbr reporting Borrower's change ~of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address nnder this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by fi}st class mail to Lender's address stated herein unless Lender bas designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security lnstrmnent shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements m~d limitations of Applicable'Law. Applicable Law nfight explicitly or implicitly allow the parties to agree by contract or it might be silent, hut such silence shall not be construed as a LOAN NO: 565499506 WYOMING--Single Family- Fannie Ma,/Freddie Mac UNIFORM INSTRUMENT F .... 3051 1/01 GMACM - VMS.0236.WY (0001) (Page 13 of 18) hfitials: prohibition, against agreement by coutract. 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 the conflicting provision. As used in this Security Instrun~ent: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminiue gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) tbe word "may" g~ves sole discretion without any obligation to 'take any action. 17. Borrower's Copy..Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used 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 future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days 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 ,'my 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 discontinued 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 Instrumeut. Those conditions are that Borrower: (a) pays Lender all sums which'then would be due under this Security h~stnnnent and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not linfited to, reasonable attorneys' fees, property inspection and valuation lees, m~d other.fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; ,'md (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Leuder may require that Borrower pay such reinstatement sums and expenses iu one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check; treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. GMACM - VMS.0236.WY (0001) (Page 14 of 18) Initials: Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in tile case of acceleration under Section 18. 20. Sale of Note; Change of Lonn 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 ill a change in the entity (kmown as the "Loan Servicer") that collects Periodic paymems due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of tile 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 name and address of the new Loan Servicer, tile address to which payments should be made ,and any other information RESPA requires in coxmection with a notice of transfer of servicing. If tile Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loml Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conmaence, join, or be joined to any judicial action (as either an individual litigant or tile ~nember of a class) that arises fi'om tile other party's actions pursuant to this Security Instrument or that alleges that the other party llas breached any provision of, or any duty. owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach' and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law pro~ides a time period which must elapse before certain action cm~ be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substmmes defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flmnmable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing. asbestos or formaldehyde, m~d radioactive materials; (b) "Enviromnentai Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that cau 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. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, Or release of a Hazardous Substance, creates a condition that LOAN NO: 565499506 GMACM -WYOMINGvMs.0236.WY-Single Family -- Fannie Mae/Freddie Ivlac UNIFORIW INSTRUMENT Form 305l 1/01 ~...,/.~/./ ~ (0001) (Pc~ge 15 of 18) hfilials: ~.~F/ - adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written uotice of (a) m~y investigation, claim, demand, lawsuit or other action By any governmental or regulatory agency or prtvate party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower bas actual knowledge,' (b) any Environmental Condition, including but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substm~ce which adversely affects the value of the Property. If Borrower learns, or is notified by any govermnental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary~ Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create m~.y obligation on Lender for an Enviro~m~ental Cleanup. follows: NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as 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 (bat not prior to acceleration under Sectiou 18 unless Applicable Law provides otherx,Sse). The notice shall specify: (a) the default; (h) the actiou required to cnre 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 iu acceleration of the sams secured by this Security Instrument and'sale of the Property. The notice slmll 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 full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and auy other remedies pernfitted by Applicable Law. Lender shall be entitled to collect all expenses incurred i~i pursuing the remedies provided in this Section 22, including, hut not linfited to, rensonahle attorneys' fees and costs of title evidence. If Lender invokes the power Of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the ProPerty, if different, in accordance x~Sth Applicable Law. Lender slmll give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and 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 folloufng order: (a) to all expenses of the sale, including, but not linfited to, reasonable attorueys' fees; (b) to ail sums secured hy this Secnrity Instrument; and (c) any excess to the person or persons legally entitled to it. WYOMING - Single Family -- Fannie Mae/Freddie Mfic UNIFORM INSTRUMENT Fonn 305l 1101 ~GMACM- VMS.0236.WY (0001) (Page 16 of 18) hfitials: 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 chargiug of the lee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terlns and covenants contained in this Security Instrument and in any Rider executed by Borrower ,'md recorded with it. (Seal) -Borrower (SeaO -Borrower (SeaO -Borrower ' (SeaO -Borrower LOAN NO: 565499506 Witnesses: WYOh,IINC,- - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 GMACM - VMS.0236.WY (0001) (Page 17 of 18) INDIVIDUAL ACIQNOWLEDGMENT STATE OF WYOMING, )  ) ss COUNTY OF ) The foregoing instrument was acl~owledged before me this April 16, 2004 (date) by Ted R'. Jorgensen and Cynthia L. Jorgensen COUNTY oF ~ STATE OF[ LINCOLN ~ WYOMING.[ My Comnfission Expires: (person acknowledging)/~' WYOMING - single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Form 3051 1/01 GMACM - VMS.0236.WY (0001) (Page 18 of]8) hfitials: Schedule A Wyoming Mortgage Given By: Ted R Jorgensen Page 1 Lot 85 in Star Valley Ranch Plat 16, Lincoln County, Wyoming as described on the official plat thereof. VA LOAN ~DER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT. THIS VA LOAN RIDER is made this 16th day of April 2004 , and is incorporated into mid shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrmnent") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to GMAC Mortgage Corporation (the "Lender") and covering the Property described in the Security Instrument and located at: 199 Alta Drive Thayne, WY 83127 [Property Address] VA GUARANTEED LOAN COVENANT: In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fi~rth er covenant and agree as follows: If the indebtedness secured hereby is guaranteed or insured under Title 38, United States Code, such Title and Regulations issued thereunder and in effect on the date hereof shall govern the rights, duties and liabilities of Borrower and Lender. Any provisions of the Security Instrument or other instruments executed in connection with said indebtedness which are inconsistent with said Title or Regulations, including, but not limited to, the provision for paylnent of any sum in com~ection with prepayment of the secured indebtedness and the provision that the Lender may accelerate payment of the secured indebtedness pursuant to Section 18 of the Security Instrument, are hereby mnended or negated to the extent necessary to conform such instruments to said Title or Regulations. LOAN NO: 565499506 MULTISTATE VA LOAN RIDER /./ . Page1 oi'3 243521707 ,nitia,s' /--~f¢-~J~-.' GMACM - VRM.0241 103101 ' ~'~(~ TRANSFER OF THE PROPERTY: If all or any part of thc Property or any interest m it is sold or transferred, this loan may be declared inm~ediately due and payable upon transfer ("assumption") of the property securing such loan to any transferee ("assmner"), unless the acceptability of the assumption and transfer of this loan is established by the U. S. Department of Veterans Affairs or its authorized agent pursuant to 38 U.S.C. 3714 An authorized [ransfer ("assumption") of the property sball also be subject to additional covenants and agreements as set forth below: (a) ASSUMPTION FUNDLNG FEE: A fee equal to one-half of 1 percent (.50%) of the unpaid principal balance of this loan as of the date of transfer of the Property shall be payable at the time of transfer to the Loan Holder or its authorized agent, as trustee for the U. S. Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shall constitute au additional debt to that already secured by this instrument, shall bear interest at the rate herein provided, aud, at the option of the payee of the indebtedness hereby secured or any transferee thereof, shall be i~rm~ediately due and payable. This fee is automatically waived if the assumer is exempt under the provisions of 38 U.S.C. 3729 (c). (b) ASSUMPTION PROCESSING CHARGE: Upon application for approval to allow assumption ,'md transfer of this loan, a processing fee may be charged by die Loan ltolder or its authorized agent for determiuing the creditworthiness of the assumer and subsequently revising the Holder's ownership records when an approved transfer is completed. The amount of this charge shall not exceed the maximum established by the U. S Department of Veterans Affairs for a loan to which 38 U.S.C. 3714 applies. (c) ASSUMPTION INDEMNITY LIABILITY: If this obligation is assumed, then the assumer bereby agrees to assume all of the obligations of the veteran under the terms of the instruments creating and securing the loan, including the obligatiou of the veteran to indemnify the U. S Department of Veterans Affairs to the extem of any claim payment arising from the guaranty or insurance of the indebtedness created by this instrument. Tills SPACE INTENTIONALLY LEFT BLANK LO.h, lq lxlO: 585499506; MULTISTATE VA LOAN RIDER GMACM-VRM.0241 10310) Page 2 of 3 Initials~ IN WITNESS WHEREOF, Borrower has executed this VA Loan Rider. (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 565499506 MULTISTATE VA LOAN RIDER GMACM - VRM.0241 (0310} Page 3 of 3