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HomeMy WebLinkAbout898660Return To: WELLS FARGO HOME MORTGAGE, INC. 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 898660 Prepared By: WELLS FARGO HOME MORTGAGE, INC. REOEIVED 'LIN00LN COUNTY 0LERK 01,~ ~PR 20 PH I,: 06 1919 DOUGLAS,, OMAHA, 681010000 NE [Space Above Tiffs Lh~e For Recording Data[ MORTGAGE DEFINITIONS Words used in nmltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrument" means this document, which is datedAPRIL 15, 2004 together with all Riders to this document. (B) "Borrower" is REED RICK MILLER AND KELLY J MILLER, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO HOMF. MORTGAGE, INC. Lender is a CORPORATION organized and existing under the laws of THE STATE OF CALIFORNIA 0040838427 WYOMiNG-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMp MOR/GAG Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under tlfis Security Instrument. (D) "Note" means the promissory note signed by Borrower aud datedAPRIr, 15, 2 004 The Note states that Borrower owes Lender ONg HUNDRED BEVEN THOUSAND SIX HUNDRED 3,ND 00 / 100 Dollars (U.S. $ * * * * 107,600.00 ) plus interest. Borrower has promised to pay tiffs debt in regular Periodic Payments and to pay the debt iu full not later than MAY 01, 2019 (E) "Property" ~neans the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrmnent flint are executed by Borrower. The following Riders are to be executed by Bon'ower [check box as applicable]: [-~ Adjustable Rate Rider ~ Coudominium Rider ~-~ Second Home Rider ~ Balloou Rider ~-~ Pla~med Unit Developmeut Rider ~ 1:4 Family Rider ~ VA Rider ~ Biweekly Payment Rider ~ Other(s) [specify] (H) "Applicable Law" ~neans all controlling applicable federal, state and local statutes, regulations, ordinances and admi~fistrative rules a~d orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means auy transfer of funds, other than a transaction originated by check, draft, or sinfilar paper instrument, which is initiated through an electronic terminal, telephonic instrmnent, cmnputer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is uot liufited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by m~y third party (other than insurance proceeds paid uuder the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" ~neans insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic paYment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject nmtter. As used in tiffs Security Instrument, "RESPA" refers to all requirements and restrictions tlmt are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" uuder RESPA. (~-6(WY) 1ooo5) Paga 2 oi' 1 $ torrn' 3051 1/01 (P) "Snccessor in Interest of BorroWer" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayxnent of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfornmnce of Borrower's covenants and agreemems under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] PART OF LOT 4 OF BLOCK 23 TO THE TOWN OF AFTON, LINCOLN COUNTY, WYOMING BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 4 AND RUNNING THENCE EAST 90 FEET; THENCE NORTH 20 RODS; THENCE WEST 90 FEET; THENCE SOUTH 20 RODS TO THE POINT OF BEGINNING. ParcellD Number: 12-3218-30-3-09-139. 365 E 5TH AVENUE AFTON ("Property Address"): which currently has the address of [Street] [City] , Wyoming 8 3110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrmnent. All of the foregoing is referred to in this Security Instrument as rite "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has rite right to mortgage, grant and convey rite Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to rite Property against all claims and denmnds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenams for 1rational use and non-uniform covmmnts with limited variations by jurisdiction to constitute a mfifonn 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 rite 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. currency. However, if any check or other instrument received by Lender as payment under the Note or this i~}~-6(WY) {00051 P,~.3 of '~s /~/ Form 3051 1/01 0 9 660 ....... Security Instrument is returned to Leuder unpaid, Lender may require that any or all subsequent payments due under the Note and tlris Security Instrument be made m one or more of the following fornks, 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 au institution whose deposits are iasured by a federal agency, instmmeutality, or entity; or (d) Electronic Funds Tralksfer. Payments are deemed received by Lender when:received at the location designated in file Note or at such other location as may be designated by Lender in accordance with the notice provisions m Section 15. Lender may return any payment or partial payment if the payment or partial paymems are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring file Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such paymeuts are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay iuterest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of tiine, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstauding principal balance under the Note inunediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender ~hall relieve Borrower from making payments due under the Note and this Security Instrnment or performiug the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all paymeuts accepted and applied by Lender shall be applied in file following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any renminlng amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the princip~l balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender lnay apply any payment received frown 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 ]nay be applied to any late charges due. Voluntary prepayments shall be applied first to any prepaylnent charges and then as described in fire Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a suni (the "Funds") to provide for paynient of amounts due for: (a) taxes aud assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paymeuts or ground rents on the Property, if any; (c) prelnimns for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of file payment of Mortgage Insurance prenfimns in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender ~nay require that Conununity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and 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 auy or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~d6(WY) looosl Page 4 o¢ ,5 '"' '-~f"--/'C~Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender 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 h;strulnent, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Ite~ns directly, pursuant to a waiver, and Borrower fails to pay the amount due for lin Escrow Item, Lender may exercise its rights under Section 9 and pay such amom~t and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a nottce given in accordance with Section 15 and, upon such revocation, Borxower 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 amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum a~nom~t a lender can require under RESPA. Lender shall estinhate the amount of Funds due on the basis of current data and reasonable estinxates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loau Bank. Lender shall apply the Funds to pay the Escrow Items no later than rite time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyziug 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 iuterest to be 'paid on the Funds, Lender shall not be required to pay Borrower any interest or eanfings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. . If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to 'Borrower for the excess funds in accordanc'e with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more titan 12 montlfly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property; if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge auy lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfornfing such agreement; (b) contests the lien in good faiflx by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from fl~e holder of the lien an agree~nent satisfactory to Lender subordinating the lien to Otis Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender umy give Borrower a notice identifying the (~;)~6[WY) (ooos) Pag. 5 o~ ~5 ~ Form 3051 1101 lien. Witlfin l0 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection wi th this Loan. 5. Property Insurance. Borrower shall keep the xmprovements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised mxreasonably. Lender may require Borrower to pay, in comxection 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 deternfixmtion or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting fi'om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender nuty obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, ot the contents of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower ofl~er~vise 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 fight to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for fl~e repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is xnade in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the 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 (~-6(WY) Iooos) Page 6o[ 15 Initi Form 3051 1/01 the excess, if any, paid to Borrower· Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender n]ay 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 amom~ts 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 premiun]s paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender nmy use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence wiflfin 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 u~easonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or con]mit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is deternfined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if dan]aged to avoid further deterioration or dan]age. 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 purposes. Lender may disburse proceeds for the repairs and restoration in a single payxnent 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 completion of such repair or restoration· Lender or its agent may make reasonable entries upon and inspections of the Property. 'If i.t has reasonable cause, Lender may inspect the interior of the m~provements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower Or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, ~nisleading, or inaccurate information or statements to Lender (or failed to provide Lender with tnaterial information) in connection with the Loan. Material representations include, but are not linfited to, representatiOns concenfing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest iu the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien Milch may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, 'then Lender ri]ay do and pay fur whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not liu]ited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~)~-6(WY) (ooo6) Page 7 oi' 16 Ini 1/01  ' Form .3061 a£torneys' fees to pro~ect its in~eres~ in d~e Property and/or fights under dfis Security Instmme~, including l~s secured position in a bankruptcy proceeding. Securing ~e Property includes, bu~ is no~ linfi~ed ~o, entering ~e Prope~y ~o nmke repairs, change locks, replace or board up doors and windows, drain water from pipes, eli~mte buildin~ or o~er code ~olations or dangerous conditions, and have utilities ~urned on or off. Ald~ou~h Lender may take action under ~fis Section 9, Lender does not have ~o do so and is no~ under any duty or obligation to do so. I~ is agreed ~at Lender incurs no liability for no~ ~aking any or all actions au~orized under tiffs Section 9. Any amounts disbursed by Lender under tiffs Section 9 shall become additional debt of Bo~ower secured by tiffs Security Inst~ment. These amounts shall bear interest at fl~e Note rate from fl~e date of disbursement and shall be payable, wi~ such interest, upon notice &om kender to Bon'ower requesting payment. If ~fis Security tnstmment is on a leasehold, Bo~ower shall comply with all the pro~sions of ~e lease. If Borrower acquires t~e title to ~e Property, fl~e leasehold and fl~e ~ee Lender agrees to ~e merger in wfitin ~ 10. Mortgage Insurance Ift~ title shall not merge u~ess ~.w~r shall pay fl~e pre~mns r~r~?m'~d ~o(tgage Insurance a .. . c ~ymrtgage Insurance cover ..... ~-~2. }o l~mtam ~e Morton s a cordinon of nmhn ~e -s~ ~cqmrea Ov Le,a ..... 7 ge Insurance m effe-, ,r ~ g Eoan, previously provided such insurance and ~Lb~, -om u~e mortgage ~urer ~a~ ~ ,,u~ ceases to oe ava' a 1~ ~ ..... , -~t. ~, lot ally reason toward fl~e pre,urns . . Borrower was required to nmke separately desigmted payments coverage substantially equivalent to fl~e Mortgage Insurance previously in mortgage i~urer selectef~r Mortgage Insurance Borrower shall pay fl~e re~ums re uire a to Borrower of fl~e Mortgage Insurance previously in eft~ct, I?om an alter~te by Lender. If substantially equivalent Mortgage Imurance coverage is not available, Borrower shall continue to pay to Lender fl~e amouut of fl~e separately desigmted payments ~at were due when the insurauce coverage ceased to be in effect. Lender will accept, use and retain ~ese payments as a non-re~ndable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refimdable, notwifl~standing fl~e fact ~at fl~e Loan is uhi~mtely paid in ful · required to pay Borrower any interest or ear~ngs on such Io ~ ......... 1. and Lender shall not be reserve payments if Mortgage I~urance coverage (in ~e amount and tbr fl~e pehod O~at Lender requires) s ....~,vc. Lenoer can no longer require loss provided by an i~xsurer selected by Lender again becomes available separately designated payments toward the pre~un~ for Mortgage Ius~r Insurance as a condition of nmkin fl j~ obtained, and Lender re rares payments toward fl~e ...... ; ...... g [e Loan and Borrow ~..:_ ~ce. If Eender re uir q · v ..... u~ for Mort ..... · .... er xvas reqmred to ~,.w ~ q.. ed M?rtgage n~mtaiu Mortgage h~surance in effect, or to provide a nou-re~ndable loss reserve, until Lender's 6-s~ insurance, Borrower sb'," ~-~ ~c aepa?tely des~g~mted · m~ pa) Hie prmmums required to requirement for Mortgage Insurance ends in accordauce wifl~ any whtten agreement between Borrower and Lender providing for such temfi~mtion or until ternfination is required by Applicable Eaw. No~ing in ~is Section 10 affects Borrower's obligation to pay interest at ~e rate provided in fl~e Note. Mortgage Insurance reimburses Lender (or any entity fl~at purchases ~e Note) for certain losses it ~Y iucur if Borrower does not repay fl~e Loan as agreed. Borrower is not a party to ~e Mo~gage Insurance. Mortgage insurers evaluate 0~eir total risk on all such insurance in force from time to time, and ~my enter into agreements wi~ o~er parties fl~at share or modify fl~eir risk, or reduce losses. These agreements are on terms and conditio~ ~at are satisfactory to O~e mortgage i~murer and fl~e o0~er party (or parties) to O~ese agreements. These agreements may require O~e mortgage insurer to make payments using any source of ~nds ~at fl~e mortgage i~urer may have available (which may include ~nds obtained from Mortgage Insurance prenfimns). As a result of ~ese agreements, Lender, any purchaser of 0~e Note, snorer i~urer, any reinsurer, any off,er entity, or any affiliate of any of fl~e foregoing, ~y receive (directly or indirectly) amounts derive ~om (or nfight be characterized as) a portion of Borrower's payments for Mortgage Iusurance, in exchange for sharing or moditying fl~e mortgage iusurer's risk, or reducing losses. If Such agreeme~a provides ~at an affiliate of Lender takes a share of ~e insurer's risk in exchange for a share of the prenfiums paid to ~e insurer, the arrangement is often termed prove reinsurance. ,, Fur~er: "ca ' (a) Any such agreements will not affect tile amounts that Borrower has agreed to pay for MOrtgage Insurance, or any other terms of tile Loan. Such agreemeuts will not increase the amount Borrower will owe for Mortgage h~surance, and they will not eutitle Borrower to any refund. ~6twvl ~ooos~ Page 8 of 15 Initia . rm3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under-the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request attd obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or Proceeds are hereby termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous assigned to and shall be paid to Lender. Proceeds shall be applied to restoration or repair of Property is damaged, such Miscellaneous ' security is not lessened. If the . o ensure the work has been completed to the Property, if the restoration or repair is economically feasible and Lender s During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds ._ ' to inspect such Property t. .......... d,, Lender may pay for the until Lender has had ~,~oOv.Pt~t~ma~Ysuch i~pection shall be undertaken ~* .... v--~- as the work is Lender's satisfaction, repairs and restoration itt a single disbursement or in a series of progress payments Unless an agreement is made in writing or Applicable Law requires interest to be paid on such .. , . completed, caltv feasible or Lender's .s, ecu, nt.y w_o~u_.l,d · -~ ous Proceeds. Lender shall not be req. m.r_e~ to ' orrower any interest or earnings on such Mt~ccllane ~ - ' ...,-~ ~¢ctoration or repatr 1~ not e . - _'_ ....... 4 by Otis Security n~stmm~ut, Miscellaneous vroceea?; u m~ '~¢~-eeds shall be applied to me sums ~ ...... shall be be lessened, rite Misceuaneous rtu,., whether or not then due, with the excess, if any, paid to Borrower· Such Miscellaneous Proceeds · d in the order provtded for in Section 2. apph · . ' or loss in value of rite Property, the Miscellaneous n the event of a total taking, destmctton, Proce~eds shall be applied to the sums secured by this Security Instrument, whether or not then due, with .... if an , aid to Borrower· ' s in value of rite Property in which the fair market the excess. Y P~ ., .... ~.:,,, destruction, or los ....... ~,~, 'n value is equal to or In the event o~ a parttat..ta~:,~,~ -; ....... ~;~ t~k~ ~ tmcnou u, .... t value of the Property itmnethatety ~emre thc V~ ........ in,,, des , , greater than rite amount of rite sums secured by this Security Instrument i~nmediately before the partial taking, destruction, or loss in value, Unless Borrower attd Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds the sums secured itnmediately before the actton a the total atnouut of immediatel the following fr ' : ( ) b 'b' the fair market value of the Property Y multiplied by destruction, or loss itt value divided Y ( ) ' Borrower· partial taking, before the partial taking, destruction, or loss in value· Any balance shall be paid to In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inunediately before dte partial taking, destruction, or loss in value is less than the in . destruction, or loss in value, unless f the stuns secured innnediately before the partial tak g._ .... "~e an"lied to the sums Miscellaneous vroceeas Sllatt o t-'~' amount o ,, ~_a,, ,,d rwise a fee in writing, the Borrower and ~,c,u,.,,, ,ute g not the sums are then due. secured by fltis Security Instrument whether or 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 nmke 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 atd apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means rite third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in in regard to Miscellaneous Proceeds, , Borrower shall be itt default if any action or proceeding, whether civil or crimitml, is begun that, Lender's judgment, could result in forfeiture of the Property or other material impairutent of Lender s interest in rite Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing rite action or proceeding to be · 's judgment, precludes forfeiture of the Property or other material dismissed with a ruling that, tn Lender impairment of Lender's interest in rite Property or rights m~der Otis Security Instrument. The proceeds of any award or claim for danmges that are attributable to the impaiunent of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. " 306 1101 Page 9 of 15 (~-6(WY) rOOdS) 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by fids Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall uot 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 paymeut or otherwise modify amortization of the stuns secured bv 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 pay~nents from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-siguers; 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 Instrument but does ~mt execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security lnstrmnent; and (c) agrees that Lender and ally other Borrower can agree to exteud, modify, forbear or make any accmmnodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in coxmection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instnnnent, including, but not lixnited to, attorueys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrumem to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such tee. Lei]der nmy not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If file Loan is 'subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or oilier loan charges collected or to be collected in cmmection with the Loan exceed file permitted limits, then: (a) any such loan cbarge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, file 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 refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in comlection with this Security Instrument must be in writing. Any notice to Borrower in com~ection with this Security Instrument shall be deemed to have been given to Borrower' when nmiled by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall uot 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 uuder this Security Instrument. ~,.~. (~-6(WY) Iooo5~ Page ~o of ~5 m 3051 1/01 16. Goveruing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and fl~e law of the jurisdiction in which the Property is located· All rights aud obligations contained in this Security Instrmnent are subject to any requirements attd limitations of Applicable Law. Applicable Law ]night explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or rite 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 provisiou. As used iu this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower 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, instalhuent 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 tlfis Security Instrument. However, this option shall not be exercised by Lender if such exercise ~s proltibited by Applicable LaW. [f 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 gtven in accordance with Section 15 witlfin which Borrower nmst pay all stuns secured by this Security Instrument. If Borrower fails to pay these stuns prior to the expiration of tlfis period, Lender may invoke any remedies permitted by fids Security Instrument without further notice or demand ou Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certaiu 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 nfight specify for the termination of Borrower's right to reinstate; or (c) entry of a judg~nent enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default 6f any other covenants or agreements; (c) pays all expenses incurred in enlbrcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bamk 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) Electro~fic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall renhain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Sectiou 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with fltis Security Instrument) can be sold one or ~nore times without prior uonce to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also nfight be one or nmre changes of the Loan Servicer urn:elated 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, the address to which payments should be ]nade and any other information RESPA (~-6(WY) 1ooo5) Page 11 oi 15 Initi Form 3051 1/01 requires in com~ection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will reumin with the Loan 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 conm~ence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises frmn the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice giveu in compliance with the requiremems of Section 15) of such alleged breach and afforded the other party hereto a reasomble period after the giving of such notice to take corrective action. If Applicable Law provides a rune period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower 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 fids Section 20. 21. Hazardous Substauces. As used in fids Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other flanm~able or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, nlaterials contai~fing asbestos or fornmldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviromnental Condition" meaus a condition flint can cause, contribute to, or otherwise trigger an Envirmmxental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviromnental Law, (b) which creates an Envirmmtental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition flint 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 nornml residential uses and to maintenance of the Property (including, but not linfited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govennnental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, iucluding but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for au Enviromnental Cleanup. 6(WY) 100051 Page 12 oi' 15 "' / / ,~," ~ . Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covelmnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any coveuant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of,the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the defanlt 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 any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to ali sums secured by this Security Instrnment; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender amy charge Borrower a fee for releasing this Security Instrument, but o~dy if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6(WY) (ooos) Page la o~ ~s 1/01 _~ form 3051 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: -/ ~ (Seal) -Borrower KELI~ 0' t~LlgR -Borrower (Seat) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~)(~6{WY) 10005} Page ~4 of ~5 Form 3051 1/01 STATE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me this by REED RICK MILLER AND KELLY J MILLER 0S'9 660 County ss: My Conmfission Expires: ~~_S._J~N[20, 200(_ N ~ WYOMINEt Nor~/Cu bile (~-6G(WY) looo5) Page 15 of 15 Form 3051 1/Ol