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HomeMy WebLinkAbout898808#30526(02) BOOK Prepared by and When Recorded Return To: Penny Jones First National Bank-West PO Box 3110 Alpine, WY 83128 5 5 3 9Rr, 898808 4 t3 RECEIVED LINCOLN COUi~!Ty CLERK 0[,, tiP2 2 7 lO: [,, 5 ................................... [Space Above This Linc For Recording Data] ..... 'J~'2~l&~i,ikL~_itL~}~h~~ LO~ NO. 57812037 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16_ (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower" is Dhl:LREN W. ROSENBAUM, a married man Borrower is the mortgagor under this Security Instrt meet. (C) "Lender" is FIRST NATION/LL BANK - WEST (ALPINE BR3d',ICH) Lender isa A NATIONAL B!~',IKING ASSOCIATION under the laws of UNITED STATES OF AMERICA. Lender' s address is 100 GREYS RIVER ROAD ALPINE, WY 83128 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated The Note states that Bo,'rower owes Lender APRIL 22, 2004 orgamzed and existing APRIL 22, 2004 ONE HUNDRED SIXTY-EIGIIT THOUSAND AND 00/100 Dolla,-s (U.S. $ 168,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in tull not later than MAY 1, 2034 (E) "Property" means the property that is described below uncle,- the beading "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 st, ms due trader this Security Instrument: plt,s inte,'est. (G) "Riders" means all riders to this Security Instrumenl that are executed by Borrower. The following riders are to be executed by Borrower [check box as applicable]: Adjustable Rate Rider 1-4 Family Rider Balloon Ride,- [~] Condominium Rider [~ Second Home Rider EOther(s) [specify] [~ Planned Unit Development Rider E~] Biweekly Payment Rider WYOMING - Single Family - Fa,mie Mae/Freddie Mac UNIFORM INSTR[IMENT Page I of 12 ForT051 (01/01) os $ta s . 4 4 4 (I1) "Applicable I. aw" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Corem nnity Association Dues, Fees and Assessments" means all cities, fees, assessments and other charges that are imposed on Borrower or the P,'operty by a condomiaiun~ association, homeowners association or similar organization. (J) "Electronic Finials Transfer" means any transfer of funds, olher ihan a transaction originated by check, d,'afl, o,' similar paper instrument, which is initiated through an electronic terminal, telephonic instrnment, dompater, or magnetic tape so as to order, instrnct, o,' autho,'ize a financial institution to debit or credit an account. Such term includes, bu[ is not limited to, point-of-sale transfers, automated teller machi,~e transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. 0Q "Escrow llem~" mean those items that are described in Section 3. (L) "Miscellaneous proceeds'' means any compensation, settlement, award of damages, or proceeds paid by any third pa,'ty (other than insnrance pi-oceeds paid under tile coverages described in Section 5) lbr: (i) damage to. or destruction of, tile Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentatio,~s of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insnrance protecting Lender against the nonpayment oI~ or de£ault on, .the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest nnder the Note, phis (ii) any amounts under Section 3 of this Seem'try Instrument. (O) "RESPA" means tile Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (2,1 C.F.R. Part 3500), as they might be amended ti'om time to time, or any additional or Successor legislation or regulation that governs the same st,bject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that a,'e imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related morlgage loan" unde,' R.ESPA. ~ (P) "Successor 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 tile Note and/or this Security lnstrmnent. TRANSFER OF RIGHTS IN THE PROPERTY This Secnrity Instrument Secures to Lender: (i) the repayment of the Loan,' and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower' s covenants and agreements under this Security Instrument and tile Note. For this pnrpose, Borrower does hereby mortgage, grant and convey to Lender and Lender' s successors and assigns, witl! power of sale, tile following described property located in the TOWN OF THAYNE fl'ype of Recur-ding Jurisdiclio,] of . LINCOLN COUNTY : [Name of Recording Jurisdiction] Lot 9 of tile River View. Rancheltes, according to that plat recorded in the Office hi' the Lincoln County Clerk, Lincoln County, Wyoming WYOMING - Single Family - l?annie Mae/Freddie Mac UNIFORM INS~FRUM£NT Page 2 o£ 12 F or/~.~l (01/01) )t lnitial_s 4,/5 which currently has the address of Wyoming 83127 [zi p c odq 300 FIDDLER LANE, TIIAYNE lS~r~eq ("P,'operty Address" ): [ci,I 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 Instrument. All of the foregoing is refer,'ed to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfifily seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. TillS SECURITY INSTRUiVlENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ,'cai property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fonds 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 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or mo,'e of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. 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 Lender in accordance with the notice provisions in Section 15. Lender may return any payment(s) m' partial payment(s) if the payment(s) or partial payments are insufficient to bring the Loan cur,'ent. Lender may accept any payment(s) or partial payment(s) insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment(s) or partial payments in the fi~ture, but Lender is not obligated to apply such pay~nents at the 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 such unapplied funds until Borrower makes payment(s) 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 futnre against Lender shall relieve Borrower fi.om making payments due under the Note and this Security Instrument or performing the covenants and agremnents secured by this Security Instrument. 2. Application of Pay~nents or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following o,'der of p,'iority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due tinder Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any re,naining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late char'ge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received fi.om Bor,'ower lo the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that WYOMING - Single Family - Fannie Mae/Freddie l~hEc UNIFORM INSTRUMENT Page 3 of 12 F~SI (o1/ol) initials 446 any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described 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, o,' change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower sha I pay to Lender on the day Periodic Payments are due t, nder the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumb,'ance on the Property; Co) 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 premMns, if any, or any st,ns payable by Borrower to Lender iu lieu of the payment of Mortgage Insurance premiums 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 may requi,'e that Conununity AssociationDues, 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 pa), the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds lbr any or all Eso-ow Ite~ns at any time. Any such waiver may ouly be in writing. In tile event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which pay~nent of Fnnds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within soch time period as Lender may require. Borrowe,"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 tile phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such a,nount 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 Esc,'ow Items at any ti~ne by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, tha$ are then required under this Section 3. Lender may, at any time, collect and hold Funds iii an amount (a) sufficient to 15ermit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amoont a lender can requi,'e under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insu,'ed) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzi,g the escrow account, or verifying the Escrow Items, onless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made ill xvriting or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower all)' interest or earnings on tile 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 R. ESPA. If there is a surplos of Funds held in escrow, as defined under RESPA, Lender shall accou,lt 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 requi,-ed by RESPA, and Borrower shall pay to Lender the amount necessary to make tip tile shortage in accordance with RESPA, but in no more than twelve monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in. no more than twelve monthly payments. Upon payment in full of all snms secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Bo,'rower shall pay all taxes, assessments, cha,'ges, fines, and impositions attributable to the Property xvhich can attain priority over this Security Instrtunent, leasehold payments or ground reuts on the wyOblING - Single Family - Fannie Mae/Freddie M'ac UNIFORM INSTRUMENT Page 4 of 12 ff._.,~.Form 3051 (01/01) ~ ~ 'nitials 447 Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shrill pay them in the manner provided in Section 3 Borrowe,' shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) ngrees in writing to the payment of the obligation secured by the lien in a ma,mcr acceptable to Lender, but only so long as Borrower is performing such ag,'eement; (b) contests the lien in good faith by, or defends against enforcement of tile 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; o,' (c) secures fi-om the holde,' 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 lien Within 10 days of tile date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth nbove 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 m connection 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 nsurance. This insurance shall be maintained in the amounts (inclt, ding 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 for flood zone determinatio,i and certification services and subsequent charges each time remappings or similar changes occur which reasonably might afl~ect such determination 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 from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lende,' may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower' s equity iii the Property, or the contents of the Property, against any risk, haznrd or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost 'of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could, hnve obtained. Any amounts disbm'sed 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 reqt, ired 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 o'f 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 Le,~der 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 otherwise agree in writing, any insurance proceeds, whether or not the unde,'lying 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 Bo,'rower shall not be paid out of the insurance proceeds and shall be WYOMING - Single Family- Fannie Mae/Freddie Mae uNIFoRM INSTRUMENT Page 5 of 12  .orm 3051 (01/01) V 'nitials the sole obligation of Bor,,ower. 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 secnred by this Security Instrument, whethe,' or not then due, with the excess, if any, paid to Borrower Such insurance proceeds shall be applied in the o,'der provided for in Section 2. If Bo,'rower 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 fi'om Lender that the insurance carrier has offered to settle a claim, then Lender ,nay 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 ass,gns to Lender (a) Borrower' s rights to any insurance proceeds in an amount not to exceed the amounts unpaid unde,' the Note or this Security Instrument, and (b) any other of Borrower' s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may nse the insurance proceeds either to repair or restore tbe Property or to pay amounts Unpaid tinder the Note or this Security Instrument, whether or not then due. 6. Occnpaney. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower' s control. 7. Preservation, Maintenance and Protection of the Property; InsPections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid 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 fo,' such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is ,lot relieved of Borrower's obligation fbi' 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 inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of Or prior to such an interior inspection specil~ing such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during tile Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower' s knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, bnt 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 aud Rights Under this Security Instrument If (a) Borrower fails to pel'tbrm the covenants and agreements contained in tbis Security lnstrnment, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and2or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then I~ender ,nay do and pay tbr 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, bnt are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable atto,'ney's fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water fi'om pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action unde,' this Section 9, Lender does not have to do so and is not 448 WYOMING - Single Family - Famfie Mae/Freddie Mac UNIFORM INSTRUMENT Page 6 of 12 Form 3051 (01/01) initials under any duty or obligation to do so. It is agreed that Lender recurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrow/:r acquires fee title to the Property, tile leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay tile premiums required to maintain the Mortgage Insurance in effect If, £or any reason, the Mortgage Insurance coverage required by Lender ceases to be available fi'om the mGrtgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi.om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Leader the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender 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 pre,ninms 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 the Lender's requirement for Mortgage Insu,'ance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower' s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in tbrce from time to time, aod 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 pa,'ty (or parties) to these agreements. These agreements may reqmre the mortgage insu,'er to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any pt, rchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (di,'ectly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower' s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer' s ,'isk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insu,'er's risk in exchange for a share of the premiums paid to the ,usurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agree,nents will not affect tile amounts that Bor,'ower 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 Insurauee, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect tile 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. WYOMING - Single Family - Fannie Mae/Freddie Mac UNI~'ORM INSTRUMENT Page 7 of 12 Form 3051 (01/01) OS SSOS 45O If the Property is damaged, such Miscellaneous P,'oceeds shal be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender' s security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds unti~ Lender has had an opportunity to inspect such Prope,'ty to ensure the work has been completed to Lender's satislhction, provided that such inspection shall be undertaken promptly Lender may pay lbr the repa,rs 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 Prope,'ty, 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, destruction, 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 this Security Instrument immediately before the partial taking, destt'uction, or loss in value, unless Borrower and Lender otherwise agree in w,'i~ing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fi'action: (a) the total amount of the sums secured ilxunediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destrnction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree iii writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instruinent whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is autho,'ized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security h]strument, whether- or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender' s judgment, conld result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's in~terest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the 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 repai,- of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the SLimS secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender' s acceptance of payments fi'om 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-signers; Successors ami Assigns Bound. Borrower covenants and WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 8 of 12 ~o~m 3051 (0Il01) )b''/{'-'' initials agrees that Borrower' s obligations and liability shall be joint and several. However, any Borrower who co-signs this Security 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 Stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modi~, forbear or make any accommodations with regard to the terms of this Security Instroment 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 app,-oved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Bol','oxver shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release ill 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 connection with Borrower' s default, roi' the purpose of Protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys fees, property inspection and valuation fees. In regard to any other lees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums ah-eady 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 refi~nd rednces 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 connection 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 address. If Lender specifies a procedure ibr reporting Borrowe,"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 not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. , 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and tile law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it ,night be silent, but such silence shall not be construed as a prohibition against agreement by contract. Ill the event that any provision or clause of this Security Instrument or the Note conflict's 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 and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include tile 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. WYOMING - Single Family - Famde Mae/Freddie Mac UNIFORM INSTRUMENT Page 9 of 12 '~.~m, 3o5t (o~/ot) initials 45 2 18. Transfer of tile 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 fo,' deed, installment 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 transfert-ed) without Lender' s prior written consent, Lender may require immediate payment in fitll of all sums secured by this Security Instrnment. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security lostrument. If Borrower fails lo pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instt'ument discontinued at any time prior to tile earliest of: (a) five days before sale of the Property purst,ant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry ora judgment 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 of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' lees, property inspection at~d valuation fees, and other- fees incu,-red for the purpose of protecting Lender's interest itl the Property and rights unde,' this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Prope,'ty 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, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrmnent and obligations secured hereby shall remain fully'effective as if no acceleration had occurred. However, this ,'ight to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result itl 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 tnight be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA ,'equires itl 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 Service,' or be transferred to a successor Loan Servicer(s) and are not assumed by'the Note purchaser unless otherwise provided by theNote purchaser. Neither Borrower not-Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the mfimber of a class) that arises fi.om 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 tile 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 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 ctn'e 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 WYOMING - Single Family - Fa,hie Mae/Freddie Mac UNIFORM INSTRUMENT Page 10 of 12 ~or~ 3051 (OI/Ol) ~ .' initials OSgSSOS '- 4 5 opportunity 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 hazardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, ke,'osene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, mate,-ials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws mid laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) ah "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. ' Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous .Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an 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 normal residential uses and to maintenance of the Property (including, but not li~nited 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 Hazardous ' Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substaoce, and (c) any condition caused by the presence, use or release of a ltazardous 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 Environmental Law. Nothing herein shall create any obligation on Lender for an Environmeatal Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this SecuritY Instrument (but not prior to acceleration m~der Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cnre the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or befm-e the date specified in the notice, Lemler at its option may require immediate payment in full of all sums secured by this Security Instrument withont 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 pursuiug the remediesprovided in this Seetioli 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, iu accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lemler shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lemler or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied iu the following order: (a) to all expenses of the sale, including, but not limiled to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upou payment'of all sums secured by this Security Instrument, Lender shall release this Security h~strument. 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 WYOMING - Single Family - Fannie Mae/Freddie lVla~ UNIFORM INSTRUMENT Page II of 12 Fj~m 3_o5~ (o~/oD initials 454 permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. l~t:~ ~ (Seal) DA-RR.EN W. ROSENBAUM - ~onower Social Security Number Social Security Number (Seal) Social Security Nulnber _(Seal) (Se~,l) Social Security Number ............................... -[Space Below This Line Fur Acknowledgment] ............................. STATE OF WYOMING ) ) SS: COUNTY OF LINCOLN ) The foregoing instrument was acknowledged before me, aNotary Public, on APRIl'. 22, 2004 Date by: DARREN W. ROSENBAUM, a married man Person (s) Acknowledging In WI'INESS WHEREOF, I have hereunto set my hand and official seal. COUNTY OF tlJl~"~ STATE OF ({ LINCOLN ~ VV'YOMING J[ WYOMING - Si~l gle Family - Fannie Mae/Freddie Ma c UNIFORM INSTRUMENT Form 3051 (01/0 I) Page 12 of 12 455 For good and valuable consideration the receipt and sufficiency of ' , dO which is acknowledged, I, ~,,e ~vd~ Ro~enbaum hereby forever release and wai'va all rights under' and by virtue of the HOmestead Exemption Laws of the State of Wy~mj~5 .... in regard to Lot 9 of the River View 'Ranchette~: mccn~ng te that pl~t Of, record in the office of the ].4T]on]n Ccunty Clerk. ]Anco]n. County. W~omin~ together with all improvements thereto. DATED: This ~2nd day of Apr4 ] STATE OF Wyoming County of Lincoln The foregoing instrument was acknowledge~lhe~Q~e me t~is _22nd ~SS my 'hand ~d official .seaL~/ N6taq ~lic MY ~SSl~ ~l~U~Y 202 ~ ::