Loading...
HomeMy WebLinkAbout878601Return To: REPUBLIC MORTGAGE HOME LOANS, LLC l.._i ,4 ~'. "." ..... 'Y'"? CLERI< 4516 SOUTH 700 EAST, SUITE 300, SALT LAKE CITY, UT 8 7 8 6 0 t i'~,;::~ '"~' " 841O7 Prepared By: :..' ~.:'": ~'~ KIMBER SCHUENMAN [Space Above This Line For Recording Data] MORTGAGE MIN 1001E47-0000003920-0 DEFINITIONS Words 'used in multiple sections of this docnment are defined below and other words are defined in Sections 3, 11, 1.3, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this doct!ment, which is dated January 11, 2002 , together with all Riders td this docmnent. (B) "Borrower" is CHARLES W. REID and JANET C. REID, husband and wife Borrower i~ the mortgagor under this Security 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 and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existiug under the laws of Delaware, and has' an address and telephone ~mmber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. M23REID2794293 2794293 0 WYOMING Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 \ ~, 't..~:f) - Page 1 of 1 5MW 05/00.01 Inttlals ' VMP MORTGAGE FORMS - (800)521-72~'"~ (D) "Lender"is REPUBLIC MORTGAGE HOME LOANS, LLC Lender is a orgafiized and existing under the laws of The State of Utah Lender's address is 4516 SOUTH 700 EAST, SUITE 300, SALT LAKE CITY, UT 84107 (E) "Note" means fl~e promissory note signed by Borrower and dated d an u a ry 11, 20 02 The Note states that Borrower owes Lender NJ nety Two Thousalqd Two Hundred E] §hty and lq O/10 0 Doll ars (U.S. $ 9?` ~ ?-80.00 ) phis interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in fldl not later than February 1, 2017 (F) "Property" means the property that is described below under the heading "Transfer of iRights 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 Instrument, plus interest. (H) "Riders" means tdl Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~ Condominium Rider ~ Second Home Rider [-~ B~dloon Rider ~ Planned Ulfit Developmem Rider [] 1-4 Family Rider ~--] VA Rider ~-] Biweekly Payment Rider ~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative niles and orders (that have the effect of law) as well as all applicable fi~ml, non-appealable judicial opinions. (J) "Communiiy Association Dues, Fe~, and A~sessments" 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. (K) "Electronic Funds Transfer" means any transfer of ~nds, other than a transaction originated, by check, drafl, or similar paper i~tmment, which is iMtiated through an electroMc temfinal, telephoMc instrument, computer, or magnetic tape so as to order, instruct', or authorize a financial institution'to debit or credit an account. Such te~ includes, but is not limited to, point-of-sale transfbrs, autolnated teller machine transactions, transfers i~fitiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taMng of all or any part of the Property; (iii) conveyance in lieu of condemmtion; or (iv) misrepresentations of, or omissions as to, the value and/or condition of fl~e Property. (N) "Mo~gage Insurance" means insurance protecting Lender against the nonpayment of, or defhult on, fl~e Loan. ' (O) "Periodic Payment" mea~u the regu~rly scheduled mount due for (i) principal aud interest under fl~e Note, plus (ii) any mounts under Section 3 of tiffs Security Instrument. (P~ "~SPA" means the Real Estate Setdement Procedures Act (12 U.S.C. Section 2601 et seq.) and its impJementing regulation, Regulation X (24 C.F.R. Part 3500), as trey might be ameuded from time to time, or auy additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "fed~ally related mortgage loan" under RESPA. ~ ~.)~ M23RE ID2794293 2794293 ~:: "5,~ ~ .... 0 ~6A{WY} (ooo5) Pa~o2of15 g;' Form 3051 1/01 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whefl)er 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) the perfbnnance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and c.'gnvey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the fbllowing described property located in tlfeo unty of L I NCOLN : [Type of Recording lurisdiction] [Na~ne of Recording h~risdiction] LO-[ 7 OF THE DAYTON THIRD ADDITION TO THE TOWN OF COKEVILLE, COUNTY OF LINCOLN, STATE OF WYOMING AS DESCRIBED ON THE OFFICIAL PLAT'THEREOF. Parcel ID Number: 241905405044Q0 which currently has the address of 395 DAYTON DRIVE [Streetl COKEVILLE [City] , Wyoming 83114 lzip Codel ("Property Address"): TOGETHER WITH all file ilnprovements 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 tlm interests granted by Borrower in this Security Instrmnent, but, if necessary to comply with law or custom, MERS (as no~ninee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, tile right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and. canceling this Security Instrument. .BORROWER COVENANTS that Borrower' is lawfully seised of the estate liereby conveyed: and has the right to mortgage, grant and co~vey:the Property and that the Property is unencumbered, except encumbrances 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 unifonn covenants for mttional use and ~mn-unifonn covenants with linfited variations by jurisdiction to constitute a uniform security instrument covering real property. M23REID2794293 2794293 0 (~-6A(WY) (ooo51 P.~,~ 3 o~ ~ ~/," From 3051 1/01 UNIFORM COVENANTS. Borrower and Lender covenant aud 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 rite Note. Borrower shall also pay fimds 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 oflmr instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender ul~paid, Lender may require that any or all subsequent pay~nents due under the Note and this Security instrument be made in one or more of fl~e fbllowing 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 b.y a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Leuder in accordance wifl~ the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, wiflmut 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 file time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold sucl~ unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower frown making payments due under the Note and this Security Instrument or perforating file covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, tdl payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due umler rte Note; (c) mnounts due under Section 3. Such payments shall be applied to each Periodic Payriient in the order in which it became due. Any remai~fing amounts shall be applied first to late charges, second to any other amounts due under this Security Instrmnent, and then to reduce file principal balance of the Note. 'If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient mnount to pay any late charge due, the payment may be applied to the delinquent paymeut and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to rite 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 fl~en as described in 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 mnount, 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 fifll, a sum (the "Funds") to provide for payment of amoants due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if anY; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable 'by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance wittk.the provisions of Section 10. These items are called ."Escrow Items." At origination or at any time_ during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessment's, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Itenr. Borrower shall promptly furnish to Lender ail notices of amounts to be [~aid 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 shall pay directly, when and w)~re payable, fl~e mno'unts M23REID2794293 2794293 ('.i L ~-9' '~.," 0 iI~}~-'6A(W¥) Iooo51 Page4of 15 ,;'~: ........ Form 3051 1/01 due for any Escrow Items for which paym.ent of Funds has been waived by Lender anti, 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 uuder Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in ... accordance with Section 15 and, upon such revocation, Borrower shall pity 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 penuit Lender to apply the Funds at th.e time specified under Pd~SPA, and (b) not to exceed the maxinmm amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable esti~nates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holdij~g and applying the Funds, a~mually 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 agreelnent is made in writing .... or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If fl~ere is a surpk~s 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 the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to 'Lender the mnoun, t necessary to make up the deficiency in accordance with RESPA, bu(in no more than 12 monthly payments. Upon payment in full of all sums secured by fids 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 impositious attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent fl~at these items are Escrow Items, Borrower Shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over fids Security Instrument Unless Borrower: (a) agrees in writing to the payment of the obligation secured by file 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 Oi' file 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 arC couctuded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the M23REID2794293 2794293 :'/L..,./,..J ~"" 0 (~-6AIWY) looosl P~ ~ o~ ~ '~> ." Form 3051 1/01 lien. Within 1.0 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 ibr a real estate tax verification and/or reporting service used by Lender in cmmection with this Loan. 5. Property Insurance. Borrower shall keep the improvements 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 unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge fbr flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasmmbly might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in commction with the review of any flood zone determination resulting f¥om an objection by Borrower. If Borrower fails to maintain any of file coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but migh. t or might not protect Borrower, Borrower's equity in file Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage dian was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed rite 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 frmn Lender to Borrower requesting payment. All insurance policies reqlfired 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 mune Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold fl~e policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premimns 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 ~nortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to tile insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender anti Borrower otherwise agree in writing, any insurance proceeds, whether or not rite underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to. inspect such Property to ensure the work has been completed to Lender's 'satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds ~for the repairs and restoration in a single payment 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 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 flxe insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, wh, etl. Fq' or not then due, with M23REID2794293 2794293 ~, ~,:xj ~t'~ 0 (~-6A(WY) (ooos) Page 6 of ~s Z~ ........... :' '/- ' Form 30,51 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the Order provided tbr ru 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 wiflfin 30 days to a notice f¥om 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 fl~e notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refi~nd of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of fl~e Property. Lender may use fl~e 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 within 60 days after the execution of this Security Instrument and shall continue to occupy fl~e Property as Borrower's principal residence for at least one year after fl~e date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or mfless 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 m)t Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property frown deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Propert:y if damaged to a~void further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for fl~e repairs and restoration in a single payment or in it series of progress payments as the work is completed. If tl~e insurance or condemnation 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 it has reasonable cause, Lender may inspecVthe interior of the improvements on the Prope~rty. Lender stroll 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, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material infbnnation) in connection wifl~ the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property ~nd Rights Under this Security Instrument. If (a) Borrower fails to perfi)nn the covenants and agreements contained in tiffs Security Instrument, (b) there is a legal proceeding that nfight sig~fific~/ntly affect Lender's interest in file Property and/or rights under tiffs Security Instrument (such as a proceeding in bankruptcy, probate, fbr condemnation or forfeiture, enforcement of a lien which may attain prioriiy over this Security Instrumeni or to enforce laws or regt~lations), or (c) Borrower has abandoned fl~e 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 lnstrmnent, including protecting and/or assessing the value of the Property, and securing and/or repairing fl~e Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over tiffs Security Instrument; (b) appearing in court; an¢~ (c) paying reasonable M23REID2794293 2794293 ~...]]. ..... 0 ~' "' / Form 3051 1/01 6A(WY) Iooos) P~ 7 ~f 15 ,. attorneys' fees to protect its interest in the Property and/or rights under this Security Instrmnent, including its secured position in a bankruptcy proceeding. Securing file Property includes, but is not limited 'to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or oilier code violations or daugerous conditions~ and have utilities turned on or off. Although Lender may take action uuder tiffs Section 9, Lender does not have to dr) so and is not under any duty or obligation to do so. It is agreed that Lender incurs uo liability fi, r not taking any or till actions authorized under this Section 9. Any mnounts 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, wifl~ such iuterest, upon notice from 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 tee title shaU not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition ~f making the Loan, Borrower shall pay tile 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 insurance and Borrower was required to make separately designated payments toward fl~e premiums for Mortgage ~[nsurance, Borrower shall pay the premimns required to obtain coverage substantially equivalent to the Mortgage Iusurance previously in effect, at a cost substantially equivalem to fl~e cost to Borrower of the Mortgage Insurance previously in effect, t¥om an alternate mortgage insurer selected by Lender. If substantially equiwdent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amtmnt of the separately designated payments that " were due when the insurance coverage ceased to be in effect. Lender wilt 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 thct that the Loan is ultimately paid in full, ami Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination tlr until termination is required by Applicable Law. Noflfing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. .Mortgage Insurance reimburses Lender (or any entity that purchases fl)e Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is ~mt a party to the Mortgage InsuranCe. Mortgage insurers evaluate'their total risk on all such insurance in force from ii,ne to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and 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 fl~at the mortgage insurer may have available (which may include fi~nds obtained from Mortgage Insurance premiums). As a result of fl~ese agreements, L6nder, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of. fl~e foregoing, may receive (directly or indirectly) amounts derive froxn (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying fl~e mortgage insurer's risk, or reducing losses. If such agreement pro¥ides that an affiliate of Lender takes a share of the insurer's risk iii exchange fi)r a share of premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. M23REID2794293 2794293 (~,,_r~ 0 lnitial~,~' , ,. ...... (~-6A(WY) (000SI Page ~ of ~S ,,' Form 3051 1/01 499 (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 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 termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. D,uring such repair and restoration period, Lender shall have the right to lmld such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay fi)r 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 Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, Cestruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by tiffs Security Instrument immediately befbre the partial taking, destruction, or loss in wdue, unless Borrower and Lender otherwise agree in writing, the sums secufed by this Security Instrument shall be reduced by the amount of the Miscellanecms Proceeds nmltiplied by the following fraction: (a) the total amount of the stuns secured immediately before the partial taking, destruction, or loss in value divided by (b) fl~e fair market wdue of the Property immediately before the partial taking, destruction, or loss in value. Any balauce 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 immediately befk)re flxe partial taking, destruction, or loss in value is less fl~an the amount of the sums secured irmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If fl~e Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next senteuce) offers to make an award to settle a claim tbr dmnages, Borrpwer 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 Instrument, whether or not then due. "Opposing Party" means the flfird party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of fl~e Property or other material impairment of Lender's interest in flxe Property or fights under tl~is Security Instrument. Borrower can cure such a defaul~t and, if acceleration has occurred, reinstate as provided in Section .19, by causing fl~e 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 riglas under tiffs Security Instrument. The proceeds of any award or claim Ibr damages that are attributable to fl~e impairment 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. M23REID2794293 2794293 .... 0 ~-6A(wy) looo~) ~9o~5 ,, Form 3o51 1/Ol 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time fi)r payment or modification of amortization of the stuns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refi.~se to extend time for .payment or otherwise modify mnortization of the sums secured by this Security Instrmnent 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, wifl~.out limitation, Lender's acceptance of payments fi'om third persons, entities or Successors in Interest of Borrower or in amounts less than the mnount 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 t ~at Borrower s oblit~atious and liability shall be joint and several. However, any Borrower who co-sigus this Sedurity Instrument but does not 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 Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, 'nmdify, fi)rbear or make any acconnnodations with regard to the terms of this Security Instrument or the Note without the co-signer's conseut. 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 Leuder, shall obtain all of Borrower's rights and benefits under this Security Iustrument. Borrower shall :not be released frmn Borrower's obligations and liability under this Security Instrument unless Leuder agrees to such release in writiug. The covenants and agreements of this Security lustrument shall bind (except its provided in Section 20) and benefit the successors and assigus of Lender. 14. Loan Charges. Lender ~nay 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 li~riited to, attorneys' fees, property inspection and valuation tees. In regard to any other fees; the absence of express authority in this Security Insmm~ent to charge a specific tee to Borrower shall not be construed its a prohibition on the charging of such fee. Lender may uot charge tees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in com~ection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any stuns already collected f¥om Borrower which exceeded permitted li~nits 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 refiind 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 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 cormection with this Security Instrument · : 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 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 a~ddress, 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 I~otic~ address under this Security Instrument at any one tinie. Auy n.oiice 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 cmmection 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 Iustrument is als() required under Applicable Law, the Applicable Law requirement will satisfy the correspondiug requirement under this Security Instrument. ) ~ , FSi~ MaaREID2794293 2794293 C.'"-? "i~ 0 (~6A(WY}looos) P.9,~o0~5 ~/; Form 3051 1/01 501 .16. Governing Law; Se'verability; Rules of Construction. This Security instnnnent 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 and limitations of Applicable Law. Applicable Law nfight 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 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 Instrument: (a) words of the masculine gender shall mean aud include corresponding neuter words or words of the feminine gender; (b) words in the singular shaU mean and include the plural and vice versa; and (c) the word "may" gives sole cliscretion without auy 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 Inter~t in Borrower. As used in this Section 18, "Interest in the Property" means any legal 0r beneficial interest in the Property, including, but not limited to, those beneficial interests transferred iu a bond for deed, contract fi)r deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a ~ture 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 writteu consent, Lender may require i~mediate 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 Bo~ower notice of acceleration. The notice shall provide a period of not less than 30 clays f~om the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instm~nent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any re~nedies permitted by this Security Instrument without ~rther 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 beibre sale of the Property pursuant to any power of sale contaiued in this Security Instrument; (b) such other period as Applicable Law might specify fi)r the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which titan would be due under this Security Instrument and fl~e Note as if no acceleration had occurred; (b)cures any default of any other covenants or agreements; (c) pays all expenses incurred in enfbrcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation i~es, and oflxer fees incurred for the purpose of protecting Lender's interest in fl~e Property and rights under this Security lnstrmnent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest iu the Property and rights under this Security Instrument, and Borrower's obligation to pay the stuns secured by this Security Instrument, shall continue unc'hanged. Lender may require that Bom~wer pay such reinstatement sums and expenses in one or more of the INk)wing tbnns, as selected by Lender: (a) cash; (b) money order; (c) certified check, ba~ check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured ~y a l~deral ageucy, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Segurity Iustmment and obligations secured llereby shall remain ~lly effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under S~tion 18. 20. Sale of Note; Change of ~a~,,Servicer; Notice of Grievance. The Note or a partial interest in the Note (together wiOl this Security Instrument) can be s01d one or more times without prior notice to Bog'rower. A sale might result in a change in the entity (knowu as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfom~s other mortgage loan serviqing obligations under the Note, this Security Instrumeut, and Applicable Law. There also might be one or more changes of the Loan Servicer umelated to a sale of the Note. If there is a change of the Loan Se~icer, Borrower will be given written notice of the change which will state the name and address of the new Loan Se~icer, the address to which payments should be made and any [~ber intbrmation RESPA M23REID2794293 2794293 ~].1 .... '~" ,. 0 ~6A(WY)(ooos) Pa~of~ ~. Form 3051 1/01 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Se~icer and are not assmned by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may con~ence, join, or be joined to any judicial action (as eitl~er an individual litigant or flxe member of a class) t'hat arises t?om the other party's actions pursuant to this Security Instmn~ent or that alleges that fl~e other party has breached any provision of, or any duty owed by reason of, tlfis Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse betbre certain action can be taken, that time period will be deemed to be ?easonable fbr 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 opportmfity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or h~ardous substances, pollutants, or wastes by Environmental Law and the tk)ll{}wing substances: gasoline, kerosene, other flammable or toxic petroleum prodncts, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or Ikmnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or remowtl action, as defined in Enviromnental Law; and (d) an "Enviromnental Condition" means a conditiou that can cause, contribute to, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause or pemfit fl~e 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 auy Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to nomal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand; lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Ht~ardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, an~ spilling, leaMng, discharge, release or threat of release of any H~ardous Substance, and (c) any coudition caused by the presence, use or release of a ttazardous Substance which adversely attkcts the value of the Property. If BorroW,er learns, or is notified by any governmental or regulatory amho~ty, or any private party, that any removal or other remediation of ~ny Hazardous Substance affbcting the P~operty is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Noflfing herein shall create any obligation on Lender for an Environmental Cleanup. M23REID2794293 2794293 ,~,~,~: ~...;.~:,,~..._ 0 503 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement iu this Security Instrument (but not prior to acceleration under Section 18 unles£Applicable iLaw 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 auy 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 requir~ immediate payment in full of all sums secured by this Security Instrument without fln-ther 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' tees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all stuns secured by this Security Instrument, 'Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. M23REID2794293 2794293 .. · ~ ..... 0 (~6A{WY) (ooos) ?a~ ~,~ of ~ ," /~ Form 3061 1/01 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) CHARLES W. REID -Borrower JANE3/C. REID (Seal) (Seal) 41orrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal)_. (Seal) -Borrower -Borrower M23REID2794293 2794293 0 (~6A(WY)(ooos) P~g. 1,;o¢15 Form 3051. 1101 STATE OF WYOMING, LINCOLN County ss: The fbregoing instrument was aclmowledged befoie me this 11 kh day of January, 2002 byCHAR/[S W. REID and d^NEI C. REID 'My CmranisskmExpires: Hatch 25, 2002 Z WANDAN.NEWMAN-NOTARY, ~BUC ~