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HomeMy WebLinkAbout899115Return To: FIOlvI~COMINGS FINANCIAL NETWORK, INC ONE MERIDIAN CROSSING, STE 100 MINNYAPOLIS, MN 55423 Loan Number: 042-035413-6 BO0 5 5 4 $99 Prepared By: HomeComings Financial Network 14850 Quorum Drive, Suite 500 Dallas, TX 75254 [Space Above Tiffs Lhte For Recordh~g Data] MORTGAGE MIN 100062604203541364 DEFINITIONS Words Used in nmltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated M&Y 6TH, together with all Riders to this document. (II) "Borrower" is J. EREMY S. MILLER AND KIRSTEN MILLER, HUSBAND AND WIFE 2004 Borrower is the mortgagor under this Security Instrulnent. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nonfinee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (11/00) / 042-035413-6 I~®-TA(WY! (ooos),o~ Page , o, 15 Initials: ~,'~ I~tv~ 0' VMP MORTGAGE FORMS - 19OO)521-7291 Form 3051 1/01 (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPORATION organized and existing under the laws of DELAWARE Lender's address is 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 (E) "Note" means tile promissory note signed by Borrower and dated MAY 6TH, 2004 The Note states that Borrower owes Lender ONE HUNDRED SIXTY EIGHT THOUSAND AND NO/100 Dollars (U.S. $ 168,000.00 ~ ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than JUNE 1ST, 2034 (19 "Property" means file property that is described below under file heading "Transfer of Rights in file Property." (G) "Loan" means the debt evidenced by file Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (Fl) "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]: ~-] Adjustable Rate Rider ~'~ Condominium Rider [--] Second Home Rider [--~ Balloon Rider ~ Plamled U~fit Development Rider ~] 1-4 Fanfily Rider [~VA Rider ~ Biweekly Payment Rider ~ Other(s) [specify] ti) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have file effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, a,d Assessments" means all dues, fees, assessments and other charges that are. imposed on Borrower or file Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of fuuds, other than a transaction origi~mted by check, draft, or similar paper instrument, which is initiated through an electronic termi~ml, telephonic instrument, computer, or nmgnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller maclfine transacdous, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. tM) "Miscellaneous Proceeds" means any compensation, settlement, award of daumges, or proceeds paid by ally third party (oilier than insurance proceeds paid under the coverages described in Section 5) for: ti) damage to, or destruction of, the Property; (ii) condenumtion or other taking of all or any part of the Property; (iii) conveyance in lieu of condenumtion; or (iv) ,nisrepresentations of, or onfissions as to, file value and/or condition of the Property. tN) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, fl~e Loan. (O) "Periodic Payment" means file regularly scheduled amount due for ti) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R Part 3500), as they nfight be amended frmn time to time, or any additional or successor legislation or regulation that governs the same subject nmtter. As used in this Security Instrument, "R~SPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if file Loan does not qualify as a "federally related mortgage loan" under RBSPA. MFWY7770 (11/00) / 042-035413-6 (~-~A(WY) ~ooo~.o~ Paoo 2 of 16 Ir~itial,:~ ~ Form 3051 1/01 "", 606 '(Q) "Successor in Interest of Borrower" means any party that bas taken title to die Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: ti) the repayment of the Loan, and all renewals, extexisions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Legal description attached hereto and made a part hereof Parcel ID Number: 34192530100200 which currently has the address of 399 ELLIS LANE , [Streetl THAYNE [City] , Wyoming 8 312 7 [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 tbregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds o~fly legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee tbr Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, excep~ 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. THIS SECURITY INSTRUMENT combines mfiform covenants for national use and non-uniform covenants with limited, variations by jurisdiction to consti rote a mfiform security instrument coveting real property. MFWY7770 (11/00) / 042-035413-6 (~-6AIW¥) ~ooo~.o, Page 3 of 15 Form 3051 1/01 UNIFORM COVENANTS. Borrower and Ldnder covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when duc the priucipal of, and interest on, tile debt evidenced by the Note and anY prepayment charges and late charges due under tile Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instnmlent shall be ~nade iu U.S. cm'rency. However, if any check or other instrument received by Lender as payment ·under file 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 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. ' Payments are deemed received by Lender when received at the location designated in tile Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender nkay return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufticient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at tile 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 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 ilmnediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the futare against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perforufing the covenants and agreements secured by this Security Instrument. 2. Application of Pay~nents or Proceeds. Except as ofl~erwise described in this Section 2, all payments accepted and applied by Lender shall be applied in tile following order of priority: (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 be applied first to late charges, second to any other anmunts due under fids Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a paylnent from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nniy be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender nnty apply any payment received t¥om Borrower to tile repayment of the Periodic Payments if, and to the extent that, each payment can be paid iii full. To the extent that any excess exists after tile payment is applied to tile 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 prepaymel~t charges and then as described in the Note. Any application of payments, insurance lU'Oceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, o~ change the amount, of the Periodic Paymeuts. · 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until file 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 encmnbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiun~s for any and all insurance required by Lender under Section 5; and (d) Mortgage hksnrance prentimns, if any, or any sunk~ payable by Borrower to Lender in lieu of the payment of Mortgage Insm'ance premiums in accordance with tile provisions of Section 10. These items are called "Hscrow Items." At ofiginatiou or at auy time during the term of the Loan, 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 furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the FUnds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver nmy only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts MFWY7770 (11)00) / 042-035413-6 (~-6AIWY) IooosLo, Page 4 of 15 Form 3051 ~/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instru~nent, as the phrase "covenant and agreement" is used in Section 9. If Borr0wZr is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender nkay exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximmn aznount a lender can require 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 accordauce with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or iu any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the ti]ne Specified under RESPA. Lefider shall not charge Borrower/bt holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pemfits Lender to nkake such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If tltere is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is 'a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 mondfly payments. Upon payment in full of all sums secured by this Security Instm~nent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any, To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender~ but only so long as Borrower is perfornfing such agreement; (b) contests the lien in good faith by, or defends against enforce~nent of the lien in, legal proceedings which iu Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender ~nay give Borrower a notice identifying the MFWY7770 (11/00) / 042-035413-6 (~-6AIWY} {ooos).o{ Page 5 of 15 Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in tiffs Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance.. Boi'rower shall keep the improvements ]low existing or hereafier erected on the Property insured against loss:by fire, hazards included within file term "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, tbr wlfich Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to file preceding sentences can change during file term of file Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's fight to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in com~ection 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 zoue determination and certification services and subsequent charges each time rentappings or sinfilar changes occur which reasonably nfight affect such &termination or certificatimL Borrower shall also be responsible for the Payment of any fees imposed by the Federal Emergency Management Agency in connection wifll the review of any flood zone deternfination resulting from an objection by Borrower. If Borrower thils to nmintain any of file coverages described above, Lender nmy obtain insurance coverage, at Lender's optionI 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 nfight or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and nfight Provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained nfight sig~tificantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instmlnent. These amonnts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and 'shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to bold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a staudard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender nmy make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not file underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoratiou period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to iuspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken prompdy. Lender nmy disburse proceeds for file repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreelneUt is made ill writing Or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfiugs on such proceeds. Fees for public adjusters, or other third parties, retained 'by Borrower shall not be paid out of the insurance proceeds and shall be file sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with MFWY7770 (11/00) / 0'42-035413-6 (~-6A{WYI Ooo~l.o~ Page 8 of lfi Initials.' ~ ~Fotm 3051 1/Ol rite excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons fl~e Property, Lender ~y file, negotiate and settle any available insurance claim a~ related ~tters. If Bo~ower does not respond wi~in 30 days to a notice tkom Lender fl~at ~e i~urance carfie~ has of/kred to settle a claim, fl~en Lender may negotiate and settle fl~e claim. The 30-day period will begin when ~e notice is given. In eiflxer event, or if Lender acquires ~e Property under Section 22 o~ ofl~erwise, Borrower hereby assigns to Lender (a) Bo~ower's fights to any insurance proceeds in an amount not to exceed the amounts unpaid under fl~e Note or ~is Security hmtmment, and (b) any o~er of Bo~ower's rights -(o~er ~an fl~e right to any reMnd of unearned preufiun~ paid by Borrower) under all i~urance policies covering fl~e Property, insofar as such rights are applicable to ~e coverage of fl~e Property. Lender may use fl~e i~urance proceeds eifl~er to repair or restore fl~e Property or to pay amounts unpaid under ~e Note or tiffs Security Instrument, whefl~er or not fl~en due. 6. Occupancy. Borrower shall occupy, establish, and use fl~e Property as Borrower's principal residence wiflfin 60 days after ~e execution of tiffs Security Instrument and shall continue to occupy ~e Property as Bo~ower's princtpal residence for at least one year after fl~e da te of occup0ncy, u~ess Lender ofl~erwise agrees in writing, which cmment shall not be umeasmmbly wiflfl~eld, or u~ess extenuating circumstances exist which are beyond Borrower's control. 7. ~ervation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, dalmge or impair ~e Property, allow ~e Property to deteriorate or conmfit waste on flxe Property. Whe~er or not Borrower is residing in the Property, Borrower shall nmintain fl~e Property in order to prevent ~e Property from deteriorating or decreasing m value due to its condition. U~fless it is detenNned pursuant to Section 5 ~at repair or restoration is not econonfically feasible, Borrower shall promptly repair fl~e Property if damged to avoid Mrfl~er deterioration or damge. If insurance or condetmmtion proceeds are paid in co~ection wiflx da~mge to, or fl~e taking of, ~e Property, Borrower shall be respmmible for repairing or restoring flxe Property tuffy if Lender has released proceeds for such pu~oses Lender ~my disburse proceeds for flxe repairs and restoration m a single payment or in a series of progress payments as fl~e work is completed. If ~e i~urance or condenmtion proceeds are not sufficient to repair or restore fl~e Property, Borrower is not relieved of Borrower's obligation lbr ~e completion of such repair or restoration. Lender or its agent my :~ke reasomble entries upon and inspectio~ of ~e Property. If it has reasmmble cause, Lender ~y i~pect ~e interior of fl~e improvements on ~e Property. Lender shall give Borrower notice at fl~e time of or prior to such an interior inspection specifying such reasomble cause. 8. Borrower's Loan Application. Borrower shall be in default if, during ~e Loan application process, Borrower or any perso~ or entities acting at ~e direction of Borrower or wiflt Borrower's knowledge or co~ment gave materially false, ~sleading, or i~mccurate informtion or statements to Lender (or failed to provide Lender wiflx mtefial informfion) in co~ection wifl~ ~e Loan. Material representations include, but are not limited to, representatim~ concerNng Borrower's occupancy of ~e Property as Bo~ower's principal residence. 9. Protection of Lender's Inter~t in the Property and Righ~ Under this Security Instrument. If (a) Borrower fails to perform ~e covemnts and agreements contained in tiffs Security Instrument, (b) ~ere is a legal proceeding fl~at might sigNficantly affect Lender's interest in ~e Property and/or rights under · is Security h~tmment (such as a proceeding in ba;~ptcy, probate, for condem~mtion or forfeiture, for enforcement of a lien which my attain priority over tiffs Security Instrument or to enforce laws or regulatimm), or (c) Borrower has abandoned file Property, fl~en Lender my do and pay for whatever is reasomble or appropriate to protect Lender's interest in fl~e Property and rights under ~is Security Instrument, including protecting and/or assessing flxe value of fl~e Property, and securing and/or repairing · e Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security I~tmment; (b) appearing in court; and (c) paying reasmmble MFWY7770 (11/00) ! 042-035413-6 (~-6AlWY} ~ooo~).o~ P~e7of16 Form 3051 1/O1 attorneys' fees to protect its interest in the Property and/or rights under chis Security Instrument, including its secured position itl a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to nmke repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is ]lot under auy duty or obligation, to do so. It is agreed Chat Lender incurs ilo liability for not taking any or all actions authorized under this Section 9. Ally amounts disbursed by Lender under this Section 9 shall beconie 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, npou notice from Lender to Borrower requesting payment. . If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, che leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insuranc. e. If Lender required Mortgage Insurance as a condition of making che Loan, Borrower shall pay the premiums required to nmintain the Mm:tgage Insurance in effect. If, for any reason, tile Mortgage Insurance coverage required by Lender ceases to be available t¥om the mortgage insurer chat . previously provided such insurancc and Borrower was required to nmke 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, from an~ altenmte mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender che amount of the separately designated payments that were due when tile insurance coverage ceased to be ill effect. Lender will accept, use and retain these payments as a non-refimdable loss reserve in lieu of IVlortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding che fact chat the Loan is ulti~nately pai.d in fidl, and Lender shall not be required to pay Borrower ally imerest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and lbr the period chat Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately desig~mted payments toward the premiums lbr Mortgage Insurance, Borrower shall pay the prenfimns required to maintaiu Mortgag~ Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Noching in chis Section 10 affects Borrower's obligation to pay interes~ at che rate provided in the Note. Mortgage Insurance reimburses Leuder (or any entity chat purchases the Note) for certain losses it nmy incur if Borrower does not repay the Loau as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evahiate their total risk on all such.insurance in force from time to time, and nmy enter into agreements with other parties chat share or modify their risk, or reduce losseS.' These agreements are on terms and conditions tha~ are satisfactory to the mortgage insurer and the ocher party (or parties) to these agreements. These agreements ]nay require che mortgage insurer to make payments using any source of funds chat the mortgage insurer nmy have available (which may include funds obtained fi'om Mortgage Insurance premimns). As a result of these agreements, Lender, any purchaser of tile Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts chat derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange lbr sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to tile insurer, thi: arrangement is often termed "captive reinsurance." Further: (a) Any such ngreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will .owe for Mortgage Insurance, and they will not entitle Borrower to any refund. MFWY7770(ll/O0)/042-035413-6 ,r~ti,~,:~ '~'}~Fo (~I~-6A(WY) {ooo6).o~ Page a o~ 'ts rm 3051 1/01 (b) Any such agreements will not affect the rights Borrower has if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiunu that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have tile right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for file repairs and restoration in a single disbursemeut or in a series of progress paylnents as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Len,:ter shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If file 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 ally, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the .order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not theu 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 vaiue is equal to or greater than the amount of file sums secured by this Security Instrument innnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, file sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of file Property inLmediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property iu which the fair nmrket value of the Property inm~ed:'ately before fl~e partial taking, destruction, or loss in value is less than the amount of the sums secured i~mnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instruxnent whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply file Miscellaneous Proceeds either to restoration or repair of file Property or to the sums secured by fids Security Instrument, whether or not then due. "Opposing Party" means file third party that owes Borrower Miscellaneous Proceeds or the party against who~n Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinfinal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other nmtefial impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, i'f 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 interest 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 repair of the Property shall be applied in the order provided for in Section 2. MFWY7770 (11/00) / 042-035413-6 (~-6A{WY} ~ooo~.ol Page 9 of 15 Form 3051 1/01 12. Borrower Not Released; Forbearance By Leuder Not a Waiver. Extension of the time for payment or modification of amortization of the stuns secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to couunence proceediugs against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reasou of any demand made by the original Borrower or any Successors in Interest of Borrower. Any tbrbearance by Lender in exercising any right or remedy including, without linfitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than file amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs fids Security Instrmnent 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 fids Security Instrument; (b) is not personally obligated to pay file stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconm~odations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor itl Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrmneut unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower tees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Iustrument to charge a specific fee to Borrower shall not be consu'ued 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 co:mecnon wifl~ the Loan exceed the permitted linfits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted linfit; and (b) any sums already collected from Borrower which exceeded pernfitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by lnaking a direct payment to Borrower. If a refund reduces principal, the reduction will be treated ,'ts a partial prepayment without auy 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 acdou Borrower nnght 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 ill connection wifll this Security Insmm~ent 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 mfless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There nmy be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by deliveriug 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. Auy notice m 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 Instrmnent is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security lnstru~nent. MFWY7770 (11/00) / 042-035413-6 (~-6AlWY) Iooo6l,o! P~e 10 of t5 ls~u ~Js:~ ~ Form 3051 1/O1 16. Governing Law; Severahility; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in tiffs Security Instrument are subject to any requirements and linfitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or file Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. . . As used in this Security Instrument: (a) words of the nmsculine gender shall mean and include corresponding neuter words Or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "xnay" gives sole discretion without any obligation to take any action. ' 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial iuterest in the Property, including, but not linfited to, those beneficial interests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of .the Propm-ty or any Interest in the Property is sold or transferred (or if Borrower is not a mltural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require inunediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of fids period, Lender nmy invoke any remedies pernfitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reiustate After Acceleration. If Borrower meets certain conditions,' Borrower shall have the right to have enforcement of fids Security Instrument discoutinued at any time prior to file earliest of: (a) five days before sale of file Property pursuant to any power of sale contained in this Security InstrUment; (b) such other period as Applicable Law might specify for file termination of Borrower's right to reinstate;, or (c) entry of a jndgment 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 cove~muts or agreements; (c) pays all expenses incurred in enforcing this Security h~strument, including, but not liufited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement stuns 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 all institutiou whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, fids Security Instrument and obligations secured hereby shall remain fUlly effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Sectiou 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times 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 fids Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer uarelated to a sale of the Note. If there is a change of file Loan Servicer, Borrower will be given written notice of file change which will state the name and address of the new Loan .Servicer, the address to which payments should be ntade and any other information RESPA MFWY7770 (11/00) / 042-035413-6 (~-6.a.(WY) ~ooo5}.o~ Page 11 of 15 Form 3051 1/01 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer o~er than the purchaser of the Note,' the mortgage loan servicing obligations to Borrower will remain with ~he Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by file Note purchaser. ' Neither Borrower nor Lender ~nay conunence, join, or be joined to any judicial action (as either an individual litigant or tile member of a class) that arises from the other party's actions pursuant to. this Security Instrmnent or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrmnent, until such Borrower or Lender has notified the other party (with such notice, given in compliance with the reqUirements of Section 15) of such alleged breach and aflbrded 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 Cure given to Borrower pursuant to Section 22 and the notice of acceleration given' to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides,, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jm'isdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Envirmnnental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enviromnental 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) fl~at is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to file 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 linfited to, hazardous substances in consmner products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, denmnd, lawsuit or other action by any govennnental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not lindted to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govemnental 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 m accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. MFWY7770 (11/00) / 042-035413-6 (~-6AlWY) ,ooo6Lo~ Form 3051 1/01 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 under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release fids Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. MFWY7770 (11/00) / 042-035413-6 (~-6AtWY) {ooos).ol Page 13 o1' 15 Form 3051 11Ol BY SIGNING BELOW, Borrower accepts and agrees to the terms and cove~mnts contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower KI RSTEIq MILLER -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Bo~ower (Seaq -Borrower (Seal) -Borrower MFWY7770 (11/00) ! 042-035413-6 (~6AIWY) ~ooos}.o~ Page 14 of 15 Form 3051 1101 STATE OF WYOMING, The foregoing instrument was acknowledged before me tiffs by JEREMY S. MILLER AND KIRSTEN MILLER, HUSBAND May 2004 AND WI FE MFWY7770 (i1/00) / 042-035413-6 Page 15 of 15 Form 3051 1 IOl Exhibit "A" A pOrtion of Lot 2 of the First Filing of the River View Ranchettes Subdivision, Lincoln County, Wyoming, it being the intent to more correctly described the land contained in Corrected Quitclaim Deed recorded April 30, 1997 in Book 396PR on page 645 of records of Lincoln County Clerk and being more particularly described as follows: BEGINNING at a point in the east line of said Lot 2 and the NE¼SW¼ of Section 25, T34N R119W, Lincoln County, Wyoming, said point being 20.00 feet S 0o46'42'' E from a brass cap monument found marking the Northeast corner of said Lot 2 and said NE¼SW¼; thence running S 0o46'42.. E along the East line of said Lot 2 and said NE¼SW¼, 121.58 feet to the n~ortherly line of Ellis Lane, 60 feet wide; thence S 79o44'30'' W, along last said northerly line, 54.73; thence S 66o03, 12" W, along last said northerly line, 204.10 feet; thence North, 235.43 feet, more or less, to the north line of said Lot 2; thence S 89041'36'. E, along last said north line, 208.47 feet to a point lying N 89041'36.. W from said Northeast corner of Lot 2; thence S 56o20'20.. E, 36.37 feet to the POINT OF BEGINNING.