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HomeMy WebLinkAbout899113 8991 ,,OrTCACE ,NVES*O S. NC. 947 SOUTH 500 EAS'I', SUITE 210 AMERICAN FORK, UTAH 84003 Attn.: SHIPPING DEPT./DOC. CONTROL Peepared By: F, EC._ ,, r_D LINCOL_~! E:OUh2-i'",/ CLERK , .-,_._ 582 ._PR ?':~,(-iL, ~ - _ JSpace Above This Line For lb.'cording I)a[aI MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and od~er words are defined in Sections 3, I 1, 13, 18, 20 and 21. Certain rules regarding the usage of words used itl this document are also provided in Section [6. CA) "Security Instrument" means this document, which is dated April 23, 2004, together \vid] all Riders to this document. CB) "Borrower" is JOHN P. MACKINEN and DIANA LYNN MACKINEN husband and wife. Borrower is the modrgagor under this Security Instrument. CC) "Lender" is MORTGAGE INVESTORS, INC. Lender is a coq)oration organized and exist~.ng under the laws of the State of UTAIt Lender's address ~s 947 SOUTII 500 EAST, SUITE 210, AMERICAN FORK, UTAH 84003. Lender is the mortgagee under this Security Instrument. CD) "Note" means the promissory note signed by Borrower and dated April 23, 2004. The Note states that Borrower owes Lender Seventy Six Thousand And 0O/100 Dollars (U.S. $ 76,000.00) I)lus interest. Borrower has promised to pay this debt n regular Periodic P, ayments and to pay the debt m full not later than May 1, 2034. CE) "Property"means the property that is described below under the heading "Transfer of Rights in the Property," CF) "Loan" means the debt evidenced by the Note. phis interest, any prepa)ment charges ancl late charges clue under the Note, and all sums due ut~der this Security lnstrun~ent, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: WVOMING-Single Family- Fannie Mae/Freddie Mac LINIFORM INSTRUMENT Page I of 16 wyctd Form 3051 1/01 583 Return To: MORTGAGE INVESTORS, INC. 947 $OUTII 500 ]LAST, SUITE 210 AMERICAN FORK, UTAH 84003 Attn.: SHIPPING DEPT./DOC. CONTROL Prepared By: [X] Adjustable Rate Rider t ] Condominium Rider [ ] Second Ifome Rider [ I Balloon Rider [ ] Planned Unil Development Rkter [ ] t-4 Family Rider [ ] VA Rider [ ] Biweekly Pa3meat Rider [X] Other(s) [specify] Prepayment Rider (H) "Applicable Law" means all controlling applicable fede,'al, state and Ioca statutes, regulations. ordinances and administrative rules and orders (that have the effec~ of law) as wel as all applicable final, non-appealable judicial opinions. (1) "Commtmity Association Dues, Fees, and Assessments" means all dues, fees. assessments and olher charges that are imposed on Bon'ower or the Property by a condommmm association, homeowners association o,' similar organization. (J) "Electronic Funds Tr:msfer" means any transfer of funds, off,er than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institulion to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, antomated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award'of damages, or proceeds paid by any third party (other than insurance proceeds paid under tile coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of nil or any part of the Propel~y; (iii) conveyance m lien of condemnation; or (ix') misrepresentalions of, or omissions as to, tile value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against tile nonpayment of, or det:ault on, the Loan. (N) "Periodic Payment" :neans tile regularly schednled amount dne for (i) principal and interest under the Note, plus (ii.) any amounts under Section 3 of this Security lnsh-ument.. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 260f et seq. ) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they mighl be amended fi-om time to time, or any additional or successor legislation or regnlation that governs the same snbject matter. As used in this Security Instrument, "RESPA" refers to all reqni,'ements and restriclions that are imposed ill regard to a "federally related mortgage loan" even it' the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Snccessor in Interest of Borrower" means any party that has taken title to tile Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security h~sh'ument. TRANSFER OF RIGHTS iN THE PROPERTY WYOMING~Si ~g e Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 2 of 16 wyctd ,584 This Secnrity Instrontent secures to I. ender: (i) lite L'epayment of /lie Loan, and all renewa s. extensions and modifications of the Note; attd (ii) the performance of Borrower's coxenants and agreements under this Security Instrument and the Note. For this purpose, Borrowe~ does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power or' sa e. tile following described property located in the Cotmty [Type of Recording Jurisdiction] of Lincoln [Name of Recording Jurisdiction]: SEE EXHIBIT "A" ATTACHED HERETO AND BY TillS REFERENCE MADE A PART HEREOF. Parcel ID Number: 21162310606000 which currently has the address of 817 TOPAZ COURT [Street} Kemtnerer [City] , Wyoming 83101 [Zip Code] ("Property Address" ): 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 referred to itt this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfidly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is tmencmnbered, except fol' encumbrances of record Borrower warrants and will defend generall) the title to the Property against all claims and demands, subject to any encumbrances or' record. THIS SECURITY INSTRUMENT combines uniform covenams for national use and non- uniform covenants with limited variations by jnrisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrowe,' and Lender covenant and agree as follows: 1. Payment of Princil)al, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the prinmpal or; and interest on, the debt evidenced by the Note and any prepayment charges and late charges due nnder the Note. Borrower shall also pay funds for Escrow Items pursuam to Section 3. Payments due under the Note ano this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by kender 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 itl one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, V~ YOMING-Single Famil3- Famiie Mae/Freddie Mae UNIFORM INSTRUMENT Page 3 of 16 Form 3051 1/01 Initials: bank check, treasurer's check or cashier's check, provided any such check is drawn upon all institution whose deposits are insured by a federal agency, instmnlentality, or entity; or (d) Electronic Funds Transfer. Payments are deelned received by Lender whea received at tile location designated in tile Note or at such other location as may be designated by Lender in accordance wilh the notice provisions in Section 15. Lender may return any payment or partial payment if the paymenl or partial paymeats m'e instlfficient to bring tile koan current. Lender may accept any payment or partial payment insufficient to bring tile Loan current, without waiver of aay rights hereunder or pre udice to its rights to refi~se such payment or partial paymeats in tile t'uture, but Lender is not obligated to apply such payments al the time such payments are accepted. Il' each Periodic Payment is apl)lied as o1' its scheduled due date, then Lender need not pay interest on unapplied ftmds. Lender may hold such unapplied fimds until Borrower makes payment to bring the Loan cnrrent. It' 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 trades' the Note immediately prior to Foreclosure. No offset or claim which Borrowel migh~ have now or in the futt,'e against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or pertbrming tile covenants and agreements secured by this Security Instt-ument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be apl)lied in the tbll0wing order of prior'try: (a) interest due under the Note; (b) principal due under tile Note; (c) amounts due under Section 3. Such .payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall k.e applied first to late charges, second lo any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receiv3,s a payment fi'om Borrower, for a delinquent Periodic Payment which includes a sufficient amount to pa5' any late charge due, the payment may be apl)lied to the delinquent payment and tile late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received kom Borrower to the repayment of tile Periodic Payments if. and to tile extent that, each payment can be paid in fulk To the extent that any excess exists after the payment is applied to tile full paynlent 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, insuraace proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpoae the due date, or change the amounl, of' the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due nnder the Note, until the Note is paid in full, a sum (tile "Funds" ) lo provide l'or payment of' amounts due for: (a) taxes and assessments and other items which can attain priority oyes' this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paynlents or gt'ound rents oil tile Propel-fy, if any; (c) prenfiums for any and all insurance requit:ed hy Lender under Section 5; and (d) Mortgage Insurance pl'emiums, if any, or any sums payable by Borrower to Lender ill lieu of the payment of Mortgage Insurance premiums in accordance with tile provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the teml of the koan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fin-nish to Lender all notices Of amotmts lo be paid under this Section. Borrower shall pay Lender the Funds roi- Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all WYOMING-Single Family- Fannie Mae/Frethlie Mac UNIFORM IN.qTRUMENT Form 3051 1/01 Page 4 ol~ 16 Esc~'ow Items. Lender may waive Bon'owe!"s obligation to pay to Lender Funds tbr any or all Escrow Items at any time. Any stich waive,- may only 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 payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Boa'ower's obligation to make such payments and to provide receipts shall for all pm'poses be deemed to be a covenant and agreemeflt contained in this Security Instrument, as the phrase" covenant and agreement" is used in Section 9. If Bon'oxver is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Eso'ow Item, Lender may exercise its rights under Section 9 aud 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 pay to Lender all Funds. and in such amot, nts, that are then required under this Section 3. · Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pem~it Lender to apply the Funds at tile time specified under RESPA, and (b) not to exceed the maxinmm amount a lender can require under RESPA. Lender shall estimate tile amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicab!e Law. The Funds shall be held in an institution whose deposits are insured by a fedex'al 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 Escro(v hems no late,' than the time specified under RESPA. Lender shall not charge Bon'ov,,er lot holding and applying the Funds, annually analyzing the escrow account, or verit'ying tile Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a chm'ge. Llnless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender' shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual aecot nting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall acconnt to Bon'owe,' 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 Bon'ower shall pay to Lender the amount ~/ecessary to make up the sho~'tage 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 ,'equired by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accorda,lce with RESPA, but in ,lo mo~'e than 12 monthly payments. Upou payment in full of all sums secm'ed by this SectMty Instrument, Lende,-shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrbwer shall pay all taxes, assessments, charges, fines, and impositions attributable to tile Property which can attain priority over this Secm'ity Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided itl Section 3. Borrowe,' shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by tile lien in a nlanne,' acceptable to Lender, but only so long as Borrower is perfm'ming sucha,,greement; (b) contests the lien WYOMING-Singl~Family-FnnnieMae/FreddieMaeUNIFORMINSTRtIMENT Form 3051 1/01 Page 5 of 16 in good faith by, or defends against enforcement of the lien in, legal proceedings which n Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, bul on y until such proceedings are concluded; or (c) secures fi'om the holder of the lien an agreement satisfactory to Lender subordinating the lie~ to this Security Instrument. If Lender determ nes that any pma of the Prope~xy is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on whick that notice is given, Borrower shall satisfy the lien or take one or more oFthe actsons set tbrlh above il: this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. ProperD, Insurance. Borrower shall keep the mprovements now existing or hereatier erected on the Property insured against loss by fire, hazards included within the tem~ "extended coverage," and any other hazards including, bul not limited to. ea~ahquakes and floods, lbr which Lender requires insnrance. This insurance shall be maintained in the amounts (including deductible levels) and tbr the periods that Lender requires. W hal Lender requires pursuant m the preceding sentences can change during tl~e 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 um'easonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone detemfination, certification and tracking services: or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such de~erminatmn or certification Bon'ower shall also be responsible for the paymeni of any t~es imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting fi'om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obliga,on to purchase any particular type or amount of coverage Therefore, such coverage shall cover Lender. but might or might not protect Borrower,. Borrower's equity in the Property, or the comen~s of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the inst,'ance coverage so obtained might significantly exceed the cost of insurance that Bo~Tower could have obtained An) amounts disbursed by Lender under this Section 5 shal become addi6onal deb~ 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 nottce fi'om Lender to Borrower requesting paynaem. All insurance policies required by Lender and renewals of such policies shal be sub. iect 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 pa)ee. Lender shall have the rignt to hold the policies and renewal ce~lificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal nolices. If Bon'ower obtains an y form of insurance coverage, not otherwise reqtfired by Lender, tbr damage to, or destruction ot~ Ihe Property, such policy shall include a standard mol~gage clause and shall name Lender as mortgagee and/or as an additional loss payee, In the event of loss, Borrower shall give prompt notice to the insurance carrie[- and Lender. Lender may make proof of loss if not made promplly by Borrower, Unless Lender and Borrower otherwise agree in wining, any insm'aace proceeds, whether o~' not fl~e underl),mg insurance was required by Lender; shall oe applied to restoration or repair of the Property, if the restoration or repair WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUhlEN'F Form 3051 1/01 Page 6 o1' 16 is econornically feasible and Lender's security is not lessened. Dnring such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportumty to respect such Property to ensu,'e the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disbnrse proceeds for the repairs and restoration m a single payment or n a series of progress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law requires imeresl to be paid on sucl~ insurance proceeds, Lender shal not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third pa,~ies, retained by Borrower shall not be paid out of the insurance proceeds and shall be tile sole obligation of Borrower. If tile restoratton or repair is not economically feasible or Lender's sectmty would be lessened, tile insurance proceeds shall be applied to tile sums secnred by this Security Instrument, whether or not then due. with tile excess, if any, paid to Borrower. Such insurance proceeds shall be applied in tile order provided for itl Section 2. If Borrower abandons tile Property, Lender may file. negotiate and settle any available insurance claim and related matters. If' Borroxver does not respond within 30 days to a notice fi-om Lender that tile insurance carrier has offered to settle a claim, then Lender may negotiate and settle tile claim. The 30-day period will begin when tile notice is given. In either event, or if Lender acqtfires 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 uncler 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 Bol, ower) under all insurance policies covering the Property. insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore Ihe Propmxy or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Bor,'ow~r shall occupy, establish, and use the Property as Borrower's principal residence within 60 days arier the execution of this Security Instrument and shal 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 ex~st which are beyond Borroxver'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 Borrowe,' is residing in the Property, Borrower shall maimain the Property in order to prevent the Property fi'om dete,'iorating or decreasing n value due to its condition. Unless it is determined pursuant to Section. 5 that repair or restoration is not economical y feasible. Borrower shal promptly repair tile Property if damaged to avoid fm-ther 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 il' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repan's and restoration in a single pa)ment or in a ser~es of progress payments as the work is completed. If the insm'ance or conclemnation proceeds are not sufficient to repair or restore tile ProlSerty, Borrowe~ 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 inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. WYOM I NG-Single Family- Fannie Mae/Freddie Mac U NI FORM I NSTR U M [ NT Page 7 of16 Form 3051 1/01 [nilials: '~"~'~ ~ 8. Borrower's Loan Application. Borrower shall be in defi~ult it; during tile Loan application process, Bon'ower or any persons or entities acting at the direction of Borrower or wilh Borrower's knowledge or consent gave materially false, misleading, or inaccurate inl~rmation or statements to Lender (or t~iled to provide Lender with material int~rmation) i~ connection wah the Loan. Material representations include_ but are not limited to. represenlations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security lnstrnment. If (a) Borrower Fails to perform the covenants and agreements coma ned in this Security Instrument, (b) tl~et'e is a ~egal proceeding thai might significantl5 afl~ci Lender's interest in lhe Property and/or rights under this Security Instrument (such as a proceeding n bankruplcy, probate, Ibr condemnation or Forl~iture, 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 Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the PropelW and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing arid/or repairing the Property. Lender's actions cnn include, but are not linfited to: (a) paying any sums secured by a lien which has priority over this Secnrity Instrument; (b) appearing in cot,x; and (c) paying reasonable attorneys' Fees to prolect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy i)roceeding. Secnring 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 mined on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbm'sed by Lender under this Section g 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 flora Lender Bon'ower requesting payment. · ' If this Security Instrument is 0n a leasehold, Borrower shall comply with all the provisions the lease. If Borrower acquires fee title to the Property, the leasehold and tl~e fie title shall not merge unless Lender agrees to the merger in writing. I0. Mortgage Insurance. If Lender required Mortgage Insurance as a condition off making the Loan, Bon'ower shall pay the premiums required to maintain the Mortgage Insurance in efl~cl. for any reason, the Mo~lgage Insurance coverage required by Lender ceases to be available fi'om the mortgage insurer that previonsly provided such insnrance and Borrower was required to make separately designated payments toward the i)reminms ~' Mortgage Insurance, Borrower shall pay Ihe premitmas required to obtain coverage substantially equivalent to ti~e Mortgage Insurance previously in effect, at a cost substantially equivalent to lhe 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, Bori'ower shall continue to pay to Lender the amount of the separately designated payments thai were due when the insurance coverage ceased to be in eft~ct. 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-refimdable, notwithstanding fl~e l~ct that the Loan is ultimately paid in t~fll, and LendeJ' shall not be required to pay Borrower any interest or earnings on SLIch lOSS reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and tbr the period that Lender requires) provided by an insurer selected by Lender WYOMING-Single Family- Fannie Mae/Freddie MacUNIFORM INSTRUMENT Form3051 1/01 I'age 8 of 16 iniiials:~9~ 0 o&9o .... again becomes available, is obtained, and Lender requires separately designated payments tox~ard the premiums for Mortgage ln~,urance, If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was reqLfired to make sepm'a/ely designated payments toward tile premmms for Mortgage Insurance, Bon-ower shall pay tile premmms required to maintain Mortgage hlsurance in effect, or to provide a non-,'efundable loss reserve, Until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing m this Section 10 affects Borrower's obligation to pay ~nterest at the rate provided in the Nom. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loae as agreed Borrower is not a party to tile Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from rune m 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 tile mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained fi'om Mortgage Insurance premiums). As a result of these agreements, Lender', any purchaser of the Note. another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characte,'ized as) a pomon of Borrower's pa)ments for Mortgage Insurance, in exchange tgi' sharing or modifying the mortgage insurer's risk, or reducing losses. ]f such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of tile premmms paid to the nsurer, the a,'rangemem is often termed "captive reinsurance." Furthe,': (a) Any such agreements will not affect the amounts that Borrower has ag,'eed to pay for Mo,'tgage Insurance, or any other terms of the Loan. Such agreements will not increase/lie amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refll n d. (b) Any such agreements will not affect the rights Borrower has - it' 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 tile Mortgage Insurance, to have the Mortgage lnsnrance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were nnearned at the time of snch cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. It' the Prope~xy is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Prope~xy, if tile restoration or repair is economically feasible and Lender's security ~s not lessened· During such repau' and restoranon period, Lender shall have tile right to hold st,ch Miscellaneous Proceeds until Lender has had an opportunity to inspeci such Property to ensure the work has been completed to Lender's satisfaction, provided that sucl~ nspection shall be undertaken promptly. Lender may Pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in wrning or Applicable Law requi,'es interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. It' the restoration or repair is not economical y feasible or Lender's security woukl be lessened, the Miscellaneous ?roceeds shal be WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Page 9 of 16 applied to the sums sectu-ec~ by this Security I~strument whether or not then due, with the excess. any, paid to Borrower. Such Miscellaneous Proceeds shall be al)plied in the order provided l~r Section 2. In the event of a total taking, destruction, or loss in value of fl~e Pro l)erty, lhe Miscellaneous Proceeds shall be applied ~o the sums sectu'ed by this Security lnstrumenL whether or not tl~en clt~e. with the excess, if any, paid to Borrower. In the event ora partial taking, destruction, or loss in valise of the Prope~y in which H~e market value of lhe Property immediately before the partial taking, destruction, or loss in value equal to or greater than the amount of the sums secured by this Security [UStl'UnleiH mm~ediately before the partial taking, destruction, or loss in value, unless Borrow er and kender other~ igc agree writing, the sums secured by this Security Instrument shall be reduced by the amounl of tl~e Miscellaneous Proceeds multiplied by the tbllowing fi'action: (a) the total amotmt of the sums sectn'ed immedialely betbre the. partial taking, destruction, or loss in value divided by (b) the t~qir market value of the Proper~y immediately before the I)artial taking, destruction, or loss in value. Any balance shall be i)aid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property i,q which the fair market ~alue of the Property im~nediately before the partial taking, destrnction, or loss in value is less than the amoun~ of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writnag, lhe Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due If the Prope~xy is abandoned by Borrower, or il~ after notice by ken,der to Borrower that the Opposing Party (as defined in the nex~ sentence) offers to make an award to settle a claim damages, Borrower fails to respond to Lender within 30 days after the date tl~e notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds eilher to res~orat'on or repan' of ~lae Property or to the sunqs secured by this Security Instrument.. whether or not flaen due. "Opposing Party" means the third pa~y that owes Borrower Miscellaneous Proceeds or the 13arty agmnst who~ Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, wheflaer civi or crin~inal, is begun that, in Lender's judgment, could resu t in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this'gecurity lnstrumen~ Borrower casa ct~re stroh a default and, if acceleration has occurred, rei~state as provided in Seclion 19, by caugi~g the action or proceeding to be dismissed with a rnling that, in Lender's judgment, precludes l~rtbiture or' the Prope~ay or other material impau'naent of Lender's interest in the Property or rights under this Sectn-~ty Instrument. The proceeds of any awm'd or claim for damages that are attributable to the iml)a~rment of Lender's interest in the Property ave hereby ass gned and shall be paid to ke~cler. All Miscellaneous Proceeds that are not applied to restoration or t'epair 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 lhe time For paymeni or modification of amortization of Ihe sums secured by ibis Security l~qslrument 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 lnterest of Borrower. kender shall not be recluired to commence proceedings against any St~ccessor in Interest of Borrower or to rel~se to extend iime payment or otherwise modif~ amortization of the sums secured by this Security lnstrnnaent by reaso of any demand made by the original Borrower or any Successors in lnteres~ of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, kender's acceptance of payments fi'om third persons, e~iities or Successors in Intereg~ of Borrower or WYOMING-Single Family- Fannie Mae/Freddie Mae UNIFORM INSTRtlhlENT I:o~'nl 3051 I/BI Page 10 of 16 anl ounts less than the amount then due, shall not be a waix er of or preclnde the exercise of an y right or remedy. 13. Joint and Several Liability; Co-signers; Snccessor s and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several However, any Borrower who co-s~gns this Security Instrument but does not execme the Note (a "co-stgner'): (a) is co-s~gning this Security lustrument only to mortgage, grant and convey the co-signer's interes~ in the Prope,-ty under the terms of this Security Instrument; (b) is not personally obligated to pay the sunls secured by this Security lnst,'ument; and (c) agrees that Lender and any olher Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of th s Security Instrument or the Note whhout the co-signer's consent. Subject to the provisions of Section 18, any Successor m Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender. shall obtain all of Bon'ower's ~ights and benefits under this Security lnstrun~ent. Borrox~er shall not be released fi'om Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. Tile 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 peribrmed in connection with Bon'ower's default, 'Fol' the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property mspectmn and valuation fees. In ~'egard to any other fees, tile absence of express authority in this Security lnstrunaent to charge a specific fee to Borrower shall not be construec as a prohibitiou on the cha,'ging of such tee. Lender may not charge fees that are expressly prol~ibited by this Security Instrument or by Apl)licable Law. If the Loan is subject to a law whicl~ 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 tile permitted limits, then: (a) any such loan charge shall'be reduced by the aUlOUnt necessary to reduce the charge to the permitted limit; and (b) any sums ah-eady collected fi'om Borrower which exceeded permitted limits will be refnnded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note os' by making a direct payment to Borrower. If a retired reduces principal, tie reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepaynaent charge is provided for under the Note). Borrower's acceptance o£ any such refund made by dh'ect payment to Borrower will constitute a waiver of any right of actiou Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument mt, st be in Writing. Any notice to Borrower in connection with (his Security lnstrunleut 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 menus. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The uolice' address shall be the Prope,'ty Address unless Borrower has designaled a substitute notice address by notice to Lender. Bor,'ower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified p,'ocedure. 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 ilrst 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 unti! actually received by Lender. Ifauy notice requh'ed by this WYOMING-Single Family- Fannie Mae/Freddie Mac UNIFORM INS'FRUMENT Forln 31151 1/01 Page ll of 16 5O3 Secu,'ity Instrument is also required under Applicable Law. the Applicable Law reqni,'ement will satisfy the cou'esponding requi,'ement under lhis Security Instrument. 16. Governing Law; Seve,'nbility; Rules of Coastruction. This Security Instrument shall be governed by federal law and lhe law of lhe jum'isdiction 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 contrac! or it might be silent, but such silence shal not be construetq as a prohibition against agreemem by contract. In the event lhat any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect othe,' provisions of this Secm'ity lnstrun~e,~! o~' the Note which can be given effect without the conflicting provision. As used in this Security h~stm'ument: (a) words of the masculine gender shall mean and include corresponding neuler words or wo,-ds of the feminine gender: (b} words n the singulm shall mean and include the phn'al and vice versa; and (c) the word "may" gives sole discretion w~lhou[ any obligano~ to take any action. 17. Borrower's Copy. Bor,'ower shall be given one copy of the Note and of this Security lfl strul¥1en[. 18. Transfer of the P,-operty or a Benelicial lnte,'est in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest n the Property. inclucli~g. but not limited to, those beneficial interests transfen-ed in a bond for deed. contract t'or deed. installment sales contracl or esc,'ow agreemenl, the intent of'which is the transfer of title by Borrower at a futu,'e date to a purchaser. If all o,' any pml of tile Property or any Interesl in the Progerty is sold or transferred (m' if Borrower is not a natural person and a beneficial nterest in Borrower is sold or transferred) without Lender's prior wri'uen consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall nora be exercised by Lender it' such exercise is prohibited by Applicable Law. [f Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om tile date the notice is given n accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrowm' fails to pay these sums prior to the expiratmn of this period. Lender may invoke any remedies permitted by this Security Instrument without furthe,- nonce or demand on Borrower. 19. Borrower's Right to Reinstate Atler Accele,'ation. If Borrower meets certain conditions, Borrower shall have tile right to have enforcement of this Security Instrument discontinued at any time prior Fo the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify lbr the termination of Borrower's right to reinslale; or (c) enlry of a jt~dgnlent entbrcing tins Security Instrument. T hose conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security lnst,'ument anti 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, ,'easonable attorneys' tees, property inspection nnd valuation fees, and other fees incm'red for the pm-pose of protecting Leuder's interest in ~he Property and rights under this Security Instrument; amid (d) takes st, ch action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument. and Borrowet"s obligation to pay the sums secured by this Security Inst,'ument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums amid expenses in one o,' more of the following forms, as selected by Lender: (a) cash; (b) money orde!'; (c) cerlified check, bank check, treasurer's ~, ~ OMING-Single Fnmily- Fannie Mae/F,'eddie Mnc UN!FORM INSTI/UMENT Form 3051 1/01 .Page 12 of 16 hi it in I~: '~'~'~/ ~..~F_~,7 Z-.--/' "' 594 check or cashier's check, provided any such check is drawn upou an ~nsmution whose deposits are insured by a fede,'al agency, insn't, mentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations securecl hereby shall remain fidly effective as if no acceleration had occurred. However, this right to reinstate shall not apply n 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 (togefller with this Security Instrument) can be sold one or more runes without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer" ) that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage 10an servicing obligations under the Note, this Security Instrument. and Applicable Law. There also might be one or more changes of tile Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Service,', Borrower will be g~ven written no.ce of tile change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other infornnation RESPA requires in connection with a no. ce of transfer of servicing. If the Note is sold and thereafter tile Loan ~s serviced by a Loan Servicer other than the pm'chaser of the Note. the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by tile Note pm'chaser. Neither Borrower nor Lender may commence, join, or be joined to any jodicial action (as either an individual litigant or the member of a class) that arises fi'om the other pm~.y's actions pursuant lo this Security Instrun~enl or that alleges that tile other party has breached any provisio~n or; or any duty owed by reason of, this Security Instrument, until such Bon'ower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and aftbrded the other party hereto a reasonable period after the g~ving of sncl: notice Io 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 tbr purposes of this paragraph. Tile notice of acceleration and opportunity to cure given to Bon'ower pursuant lo Section 22 and ihe notice of acceleration given to Borrower pursuanl to Section 18 shal be deemed to satisfy tile notice and opportunity to take correcti ye 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 Environmental Lau and tile following substances: gasoline, kerosene, other flammable or toxic petroleum prodncts, toxic pesticides and herbicides, volalile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Properly is located that l:elate to health, safety or environmenta protection: (c) "Environmenlal Cleanup" includes any response actio~q, remedia action, or removal acttmn, as defined in Enviromnental Law; and (d) an "Environmental Cond lion" means a condition lhat can cause. contribute to, or otherwise trigger an Environmental Cleano p. Bon-ower shall not cause or penmt tile presence, use. disposal, storage, or release of any Hazardous Substances, or threaten to release any }lazardous Substances, on or in tile Property Bon'ower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is iii violation of any Environmental Law, (b) which creales an Environmental Condition, or (c) which, due 1o the presence, use, or release of a Hazardous Substan ce. creates a condition that adversely affects the value of tile Property. Tile preceding two sentences shall not apply to tile presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be WYOMING-SIngle Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 3 of 16 Form 31)51 1/01 appropriate to normal residential uses and to maintenance of the Property (inc nding, but not limited to, hazardous substances ~n consumer products). Borrower shall promptly give Lender written notice of (a) any inves,gation, claim, de hand, lawsuit or other acnon by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviroomental Law of which Borrower has aclua knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, leaking, discharge, release or threal of release of any Hazardotls Substance. and (c) any condilion caused by presence, use or release of a Hazardous Substance which adx ersely affects the value of the Property. If Borrower learns, or is notified by any governmemal or regtdatory au0~orily, or any privaie par~y, that any removal or other remediation of any Hazardous Su bstaoce at]~cting the Pro perry is necessary, Borrower shall promptly take al necessary remedial actions in accordance with Environmental Eaw Nothing herein shall create any obligation on Lender for an Environmemal Cleauup. follows: NON-UNIFORM COVENANTS. Borrower and Lender fi.'ther covenam and agree as 22. Acceleration; Remedies. Lender shall give notice Io Borrower prior ~o acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (hot not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) {he delhult; (b) the action required to cure the delhnlt; (c) a {late, not less than 30 days fi'om the date the. notice is given to Borrmver, by which the dethult must be cured; and (d) that failure to cnre the defhult on or belBre the {late specilied in the notice may result in acceleration of the sores scented by this Securiq, lnstrnment and sale of the Property. The notice shall fhrther inlBrm Borrower of the right to reinslate after acceleration and the right to bring a court action to assert the non-existence ora defanlt or any olher defense of Borrower to acceleration and sale. If the default is not cured on or befBre th'e {late specified in the notice, Lender at its option may reqnire immediate payment in fiill of all sums secured by lifts Security Instrument without fnrther 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, inclnding, but not limited to, reasonable attorneys' t~es and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to IBreclose to Borrower and to the per son in possession of the Properly, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Seelion 15. Lender shall publish the notice of sale, and the Property shall be sold in themaoner 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 follosving order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys, l~es; (b) to all sums secured b3 this Secnritv Instrnment; and (e) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all stltlls secured by this Security Instrument, Lender shal release this Security Instru,nent. Borrower shall pay any recordation costs. Lender ma) charge Borrower a fee for releasing this Security Inst'ument, bul only if lhe fee is paid to a third part) services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrow er releases and waives all rights under and by vh-tue of' the homestead exemption laws of Wyoming. WVOMING-Single Family- Fannie M~le/Freddie Ps,lac UNIFORM INSrFllUMENT Page 14 of 16 Form 3051 1/01 BY SIGNING BELOW, Bo,'rower accepts and agrees to the ler~l~s and covenants contained m this Security lns~rumem and in any Rider executed by Borrower and recorded whh it. Witnesses: {Seal) -Borrower ~ {Seal) ,, ,~ ,., ~. ,,.~ i7_N - I~ Ol'l'OWe f {Seal) -Borrower (Seal) -]~ 01'1'0 ~A el' WYOMING-Single Family- Faimie Mae/F,-eddie Mae UNIFORM INSTRUtXlENT Page 15ofl6 Form 3051 1/01 STATE OF WYOMING, ~/7b('/~'~ Comity ss: The foregoing instrument was acknowledged before me this JOHN P. MACKINEN and DIANA LYNN h'LACKINEN Nolary Public WYOMING-Single Family- Fannie Mae/F,-eddie M:le UNIFORM INSTRUMENT Page 16 of 16 Form 3051 1/01 598 ADJUSTABLE RATE RIDER (LIBOR 6 Month Index (As Published In Tile Wall Street Journal) - Rate Caps) THIS LOAN IS SUBJECT TO THE PROVISIONS OF I'HE ALTERNATIVE MORTGAGE TI~4, NSACTIONS PARITY ACT OF 1982, REGULATIONS THEREUNDER, AND TO OTHER APPLICABLE STATE AND FEI)ERAL LAW. THIS ADJUSTABLE RATE RIDER is made this 23rd day of Apr/I, 2004. and is incorporated into and, shall be deemed to amend and st~pplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (lhe "Borrower") to secure Borrower's Adjustable Rate Note (the "Note"] to MORTGAGE INVESTORS, INC. (the "Lender") of tile same date and cover~ ng tile property described in the Security Instrument and located at: 817 TOPAZ COURT, Kennnerer, \VYOMING 83101 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN TIlE INTEREST IL~kTE AND THE MONTHLY PAYMENT. TIlE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Sectu-ity Instrument, Borrower and Lender further covenant anti agree as tbllows: A. INTEREST [LITE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.940. Tile Note provides for changes in the hlterest rate and Ihe monthly payments, as follows: 4. INTEREST [L4TE AND MONTItLY PAYMENT CHANGES (A) Change Dates The interest ra~e I will pay may change on the 1st day of May, 2006, and on that day every 6th month thereafter. Each date on which my interest rate could change is called a "Change Date." (B) The Index Beginmng with tile ~st Change Date, my inlerest rate will be based on an Index. The "Index" is the average of interbank offered rates fol' 6 month U.S. dollar-denominated deposits n the London market ("LIBOR"), as published in The Wall Street Journal. The mosl recent Index figure available as of the first business day of tile month immediately preceding tile month in which tile Change Date occurs is called tile Current Index. MULTISTATEADJUSTABLE RATE RIDER-lABOR6 MONTH INDIr. X_ (AS PiJi31.i.qliED NTllE\VAt. I_ STP, LJETJOIJRNAi_) [ARM RD~LIBOR-6MO$ INDEX P I ] I:tmn 3138 6/94 pv3520rd (Page I of 3) If the Index is no longer available, the Note Holder will choose a new index which is based tlpon comparable information. Tile Note Holder'will give me notice oflhis choice. (C) Calcnlation of Changes Before each Change Date, the Note Holder will calculate my new imeres, ,'ate by adding Six and 94/100 percentage points (6.940) to the Ct, rrem Index. Tile Note ttolder wil then round tile result of this addition to the nearest one-eighth of one percentage point (0.125%). Sub ecl to tile limits slated in Section 4(D) below, this rounded amoum wilt be my new mle,'est rate until the hex, Change Dale. The Note Holder will then determine the amotmt of the monthly paymem that woHJd be sutl~cient to repay the unpaid p,'ir, cipal that I am expected to owe at the Change Date in full on the Matnrily Date at my new interest rate in substantial y eqnal payments. The result of this calculation will be tile new amount of my monthly pa) ment. (D) Limits on lnte,-est Rate Changes The interest ,'ate I am required to pay at tile first Change Dale will not be greater Ihan 11.940 or less than 8.940. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than Three percentage points (3.000%) fi'om the rate of interest 1 have been paying for the preceding six months. My interest rate wil never be greater than 15.940. My interest rate wil never be less than 8.940 (E) Effective Date afChanges My new interest rate will become effective on each Change Date. I will pay tile amount of my new monthly paymenl beginning on the first monthly payment date after tile Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail lo me a notice of any changes in my inlerest rate and lhe amount of my monthly payment before the effective dale of any change. The notice ;~ ill include inlbrmatio,~ ~'equi,-ed by law to be g~ven me and also tile telephone number of a person who will answel any queshon [ may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Unifo,-m Covenam 17 of the Security Instrument is amended to read as ~%llows: Transfer of tile Property or a Beneficial Interest itl Bor,-ower. If all or any part of the Properly or any interest in it is sold or transferred (at- if a beneficial interest n Borrower is sold or transferred and Borrower 's not a natural person) without Lender's pr/or written consent. Lender may, at its option, require immediale payment in tull of all sums secured by this Security Instrunaenl However. this option shall not.be exercised by Lender il*exercise is prohibited by federal law as of the date of this Secnrity Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender infm'mation required by kender to evaluate tile intended t,-ansferee as if a new loan were being made to the transferee: and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that tile risk of a breach of any covenant or agreemem in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable tee as a condil~on lo Lender's consent to the loan assumption. Lender also may require tile transferee lo s~gn all assumption agreement that is acceptable to Lender and that obligates the transferee lo keeI) all the promises and agreements made in the Note and in this Security Instrumen,. Borrower will continne to be obi/gated under Ihe Note and this Sect, rity Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment m fldl, Lender shall g~ve Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the notice is delivered MULTISTATE ADJUSTABLE RATE RIDER - LIBOR 6 MONTII INDEX - [AS PtJBI. ISIIt(D N rile WALL STI~,I~IS'I'.IOIHINAI..} [ARMRD-LIBOR-6MOS INDEX PI] From 3138 6/94 (Page 2 o1'3) or mailed within which Borrower must pay all sums secured by this Security [nstrumenl ~f Borrower pay fl~ese tums prior to the expirafion o[~his period, Lender may invoke an) remedies permitted D) tiffs Securi[y ~ns~rumen~ wifl~out fi~lher no[i¢¢ or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained Jn this Adjustable Rate Rider. (Seal') -Borrowel- (Seal) -Borrower (Seal) -Borrower [ARMMIJ LTISTATERD_LiBOR.6MosADJUSTABLEiNDExRATEp I ] RIDER - LIBOR 6 h;IONTII INDEXFt)m~ 3-1(AS38 6/94PUI]1 ISIIED N TIlE \&,'A 1 L STI:', If I!T ,IOt. IRNAI.) (Page 3 o1'3~ Loan No.: Dale: Bon'ower(s): PREPAYMENT RIDER MACKINEN April 23, 2004 JOlIN P. MACKINEN DIANA LYNN MACK NKN FOR VALUE RECEIVE D, the undersigned ("Borrower"j agree(s} thai Ihe [blloxx tag provisions shall be i~corporalecl rolo and shall be deemed to amend and Sul~plemm~ thc Moneaue, Deed of Trust or Securily Deed of even dale herewith (Ihe Securi~3 lnsimmem") execuled b~B~rrower, as u'ostoh in Ihvor of MOIITGAGE INVESTORS, INC. ("Lender"L as beneficiary, and also i11Io Ihal cerlain J)fOlllJSSof), hole (IJle "Nole") of even dale JleleX~ ilJl execuled by Bon'ower in lbvor of Lender. To the exlem Ihal Ihe provisions of Ibis Prcpavmenl_ Rider. (Ihe "Rider") are inconsislen~ wilh the provisions of Ihe Sectl if~, Inslrnmen~ and/or Nole, Ihe provisions of Ihe Rider sba] prexail over al~d shall s[Ipersedc an~ such JnconSlSlClll I)rOVlS~OnS of Ihe Securily hlsmlmenl and/or lhe Nole. Section of the Nole is amended IO read in ils enlirely as tbllows "BOIIROWER'S RIGHT TO Iq]EPAY I have lhe right Io make l)aynlenls of principal al any lime bel~fe lhev arc due A paymenl of principal only is kno~vn ils ] "prel)aynlenl." When I make a prepaymenl. I will le]l the Nole Holder in writing ~ha[ I am doing so. The No~e Ilolde~ wdl use all of my prepaymenls lo reduce Ihe amounl of prmcipa Ihal I owe tulder this Nole If I make a i)arlia[ prepayment, there will he no changes m Ihe due dales of n]y illonlhly unless Ihe Note Holder agrees in Wl'illng [o those changes My )afllal prq)aymenl nlav reduce Ihe amounl of my monlhly paymcnls afie~ Ihe firsl ('lmnge I)ale Ibllo~ ing my partial i)repaymenl. If within 1'~ ENTY-FOUR (24) monlhs fi'om the dule of execution of Security [nSll'Ulllenl [ make a fidl prepaymenl or. in cerlain cases a parlial prepaymenL and Ihe total of such prel)a)menl(s) in an) 12-mond] period exceeds 'EWENT~ PERCENT (20%) of the original i)rincipa amoum ol his ]oan. I will pay a i~el~a} men[ charge in an alllOUnl equal'to the j)a)lllenl OI' SiX (6) IIlOlllhS' advance Iillel'CSl Ol1 IJle amoum by which ~he IOlaJ of illy i)repaymem(s) widm~ Ihal 12-monlh j)enod exceeds TWENTY PERCENT (20%) ofd~e original princil)al amotm o ' he loan" IN WITNESS WHEREOF. Ihe Bon'ower has executed d~is Rider on d~e ~3rd day of April, 2004 /MIJLTI$'I'~I-£ PR£PAYAIENT RID£R pVl)l~J-id Exhibit A Lot 19 Block 2 of the Lincoln Heights Subdivision to the Town of Kemmerer Lincoln County, Wyoming as described on the officia plat thereof '