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HomeMy WebLinkAbout899232t/30490(02) Return To: NATIONAL BANK OF KANSAS CITY 10740 NALL AVENUE SUITE 230 OVERLAND PARK KS 66211 Prepared By: 10740 NALL AVENUE SUITE 230 OVERLAND PARK, KS 66211 {913) 338-0777 899232 RECEIVED LINCOLN COUNTY CLERK ON 12 ?H 12: h 5 JEANI'.IE. LOAN NO.: 8140326011 ESCROW NO.: 30490 [Space Above Tiffs Lh~e For Recordiitg Data] MORTGAGE MIN 100027181403260115 MERS Phone: 1-888-679-6377 DEFINITIONS Words used in multiple sections of this document are deftned 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 docmnent, which is dated together with all Riders to this docmnent. (B) "Borrower" is BEVERLY M KREMER AND 'VICTOR J KREMER, HUSBAND AND WIFE aka Beverly Kremer aka Victor Kremer MAY 06. 2004 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee lbr Lender aud Lender's successors and assig~m. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMINg-Single F~mil¥-E~nnie M~e/Freddie M~¢ UNIFORM INSTRUMENT WITH MER$ Form 3051 1/01 VMP-6A{WY1100051.1 P~g~ 1 o115 LENDER SUPPOR? SYSTEMS, INC. MER$6AWY.NEW IO6/03l (D) "Lender" is NATIONAL BANK OF KANSAS CITY Lender is a CORPORATION orgmfized and existing under the laws of KANSAS Lender's address is 10740NALL AVENUE SUITE 230. OVERLAND PARK. KS 66211 0g) "Note" means rite promissory note signed by Borrower and dated MAY 06, 2004 The Note states that Borrower owes Lender ONE HUNDRED FORTY FIVE THOUSAND AND NO/IOOX XX XXX X XXX XX X X X XX X XXXX Dollars (U.S. $ 145,000.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than JUNE 01, 2034 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (1:1) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The tbllowing Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider [---'] Condominium Rider [---] 1-4 Family Rider ~ Graduated Payment Rider [~] Plamted Uxfit Development Rider [---] Biweekly Payment Rider [~ Balloon Rider ~ Rate hnprovement Rider [---] Second Home Rider ~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opi]fions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments, and other charges that are imposed on Borrower or the Property by a condominium association, hmneowners association or similar orga~fization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, teleplmnic instrument, computer, or magnetic 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 machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. ~1) "Miscellaneous Proceeds" means any compensation, setdement, award of damages, or proceeds paid by auy third party (other than insurance proceeds paid under the coverages described in Section 5) tbr: (i) damage to, or destruction of, the Property; (ii) condennmtmn or oilier taking of all or any part of the Property; (iii) conveyauce in lieu of condenmation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrmnent. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulatiou X (24 C.F.R. Part 3500), as they might be amended from time to ti~ne, or any additional or successor legislation or regulation that governs the same subject nmtter. As used in this Security Instrulnent, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. VMP-fiA(WY) Iooosl.1 Page 2 o116 Form 3051 1/01 064 (Q) "Successor in luterest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the No re and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants a'nd 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, file following described property located in file COUNTY of LINCOLN : [Type of Recording Jurisdiction[ [Name of Recording Jurisdiction[ SEE COMPLETE LEGAL DESCRIPTION DESCRIBED IN EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. Parcel ID Number: 36192410018000 which currently bas the address of 2883 STEWART TRAIL COUNTY RD //106 [Street] ETNA ICi,y] , Wyoming 83118 [Zip Codel ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtemances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrmnent 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 nonfinee for Lender and Lender's successors and assigns) bas the right: to exercise any or all of those iuterests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not linfited to, releasing and canceling this Security [nstrulnent. BORROWER COVENANTS that Borrower is lawfiflly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except /'or encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to auy encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for ~mtional use and non-urfiform covenants with limited variations by jurisdiction to constitute a mfitbrm security instrument covering real property. VMP-6A(WYI ~ooo~.~ Page 3 oi lfi Ini0als~ Form 3051 1101 065 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges,. and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be ~nade in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that auy or all subsequent payments due under the Note and this Security Instrmnent be nmde in one or more of file 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) Electroldc Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with file notice .provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are iusufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient 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 the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need uot pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes pay~nent 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 innnediately prior to foreclosure.. No offset or claim which Borrower lnight have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instm~nent or perfornfing the covemnts and agreements secured by fids Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by 'Lender shall be applied in the following order Of priority: (a) interest due under the Note; (a) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remailting amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and tl~e late charge. If more than one Periodic Payment is outstanding, Lender :nay apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to 'the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to anY prepayment charges and theu as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, Or change the amount, of the Periodic Payments. 3; Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a 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 encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance · premiums, if any, or any stuns payable by BorroWer to Lender in lieu of the paymeut of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loau, Lender ~nay require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Ite~n. Borrower shall promptly funfish 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 Itelns. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where, payable, the amounts VMP-6A(WY) iooos}.~ Page 4 o1' 16 Form 3051 1/01 066 due for any Escrow Items for which payment of Funds has beeu waived by Lender and, if Lender requires, shall funfish to Lender receipts evidencing such payment within such tilne period as Lender nmy require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covemtnt and agreement contained in this Security Instrument, as the phrase "covmmnt and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender ~nay 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 nmy revoke the waiver as to any or all Escrow Items at any time by a notice given in accordanc~ 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, a~d (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasomble estimates of expenditures of future Escrow Items or ofllerwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyziug the escrow account, or verifyiug the Escrow Items, mdess Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is nmde in writing or Applicable Law. requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or eanfings on the Funds. Borrower and Lender cau 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 there is a shortage of Funds held in escrow, as defined uuder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender fl~e 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 file amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Iustrument, 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, aud Cmmnunity Association Dues, Fees, and Assessments, if any. To the extent that fl~ese items are Escrow Items, Borrower shall pay them in the maimer 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 file obligation secured by the lien in a nmm~er acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to fids Security Instrument. If Lender deternfines that any part of the Property is subject to a lien which can attain priority over this Security Iustrument, Lender nhay give Borrower a notice identifying the VMP-6A(WY) 1ooo51.~ Page 5 of ~5 IIIIliala~ Form30~l 1101 0S ;88; - 0 6 7 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or ~nore of file actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on file Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to file preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised uiLreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certificatitn services and subsequent charges each time rmnappings or similar changes occur which reasonably ~night affect such deternfination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in cmmection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or ~night not protect Borrower, Borrower's equity in the Property, or the contents 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 insurance coverage so obtained nfight significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security lnstrulnent. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shah include a standard mortgage clause and shall name Lender as mortgagee md/or as an additional loss payee. Iu the event of loss, Borrower shall give prompt notice to the insurance carder and Lender. Lender may ~nake proof of loss if not ~nade promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of ale Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportum.ty to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is ~nade in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall :mt be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not 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 VMP-6A{WY] Iooosl.~ Pag~ 6 o~ ~s Inltlal~ Form 3051 1101 O88 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settl& any available insurance claim and related matters. If Borrower does not respond wiflfin 30 days to a notice from Lender that the insurance cartier has offered to settle a claim, then Lender may negotiate and settle file claim. The 30-day period will begin when the notice ~s given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Bbrrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's tights (other than the right to any refund of unearned premiunts paid by Borrower) 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 the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6, Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, danmge or impair the Property, allow the Property to deteriorate or conmtit waste on file Property. Whether or not Borrower is residing in the Property, Borrower shall nmintaiu the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is deterufined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repaiting or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the 'work is completed. If file insurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If 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. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at file direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with nmterial informatiou) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under tiffs Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) fl~ere is a legal proceeding that might sigaificantly affect Lender's interest in the Property and/or fights under this Security lnstrmnent (such as a proceeding in ba~rnptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate tO protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of file Property, and securing and/or repairing file 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 Instrument; (b) appearing in court; and (c) paying reasonable VMP-6A(WY) (ooo51.1 Page 7 of 16 Form 3051 ~1-]~ attorneys' fees to protect its interest in the Property and/or rights under fids Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or daugerous 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 not under any duty or obligation to do so. It is agreed that Lender iucurs no liability for not taking any or all actions authorized under this Section 9. . Any amom~ts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrumeut. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge uuless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, BorroWer shall pay the prenfiums required to maintain the lvlortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided 'such insurance and Borrower was required to lnake separately designated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the premimns 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 alternate mortgage inSurer selected by Lender. If substantially equivalent Mortgage Insura_~.~ce coverage is not available, Borrower shall continne to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ulti~nately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums for Mortgage Insurance. If Lender required Mortgag9 Insurance as a condition of making the Loan and Borrower was required to make separately designated payments .toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance pre~niums). As a result of these agreelnents, Lenderl any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indkectly)amounts that derive from (or might be characterized as)a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's 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 the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund.. VMp-6A(WY) (ooo~).~ Page 8 o! 1,5 Form 3051 '1/0~ 070 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. I1. 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 the right to hold such Miscellaneous Proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is cotnpleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econonficaily feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided lbr in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due. with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inunediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the 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 iam~ediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately 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 in which the fair market value of the Property innnediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If 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 auflmrized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be iu default if any action or proceeding, whether civil or crinfi~ml, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Iustrument. Borrower can cure such a dethult and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's 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. VMP-6A(WY) {ooos}.~ Pag= ~ o~ ~s Form 3051 1/01 071 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower 'shall not operate to release the liability of Borrower or auy Successors in Interest :of Borrower. Lender shall not be required to conm~ence proceedings 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 denand nade 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 paylnents from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-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 this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in rite Property under the terms of fids Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrulnent; and (c) agrees that Lender and auy other Borrower can agree to extend, modify, forbear or make any accomniodations 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, auy Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not .be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender.. 14. Loan Charges. Lender ]nay charge Borrower tees for services performed in connection with Borrower's default, for the purpose of protecting Le~nler's interest in the Property and rights under fids Security Instrument, iucluding, 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 Instrmnent to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) av.y such loan charge shall be reduced by the amount necessary to reduce the charge.to the permitted limit; and (b) any sums already collected from Borrower which exceeded perufitted li~nlts will be refunded to Borrower. Lender may choose to hake this refund by reducing the principal owed under the .Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or uot a prepayment charge is provided for nnder the Note). Borrower's acceptance of any such refund tnade by direct payment to Borrower will constitute a waiver of any fight of action Borrower nfight have arising out of such overcharge. 15; Notices. All notices given by Borrower or Lender in connection with this Security Instrumem must be in writing. Any notice to Borrower in com~ection with this Security Instrument shall be deemed to have been given to Borrower when nailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prompdy 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 nay be only one designated notice address under this Security Instrument at a~ty one time. Any notice to Lender shall be given by delivering it Or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. VMP-6A(WY) Form 3051 1/01~ vic 072 16. Governing Law; Severability; 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 this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In fl~e event that any provision or clause of this Security Instrument or die Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean ond include corresponding neuter words or words of the feminine gender; (b) words in the singular shall lnean and include the plural and vice versa; and (c) the word "]nay" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of die Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in die Property, including, but not limited to, those beneficial interests transferred in a bond tbr deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender nvay require nrmxediate 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 prok, idea period of not less than 30 days from file date the notice is given in accordance with Section 15 within which Borrower mnst pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to file expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have fl~e right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any oilier covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other lees 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 file sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinsiatement by Borrower, this 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 Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (togefl~er with this Security Instrumen0 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 this Security Instrument and performs other mortgage loan servicing obligations under the Note, fids Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be nmde and any oilier information RESPA VMP-6A(WY) Iooo6).l Page 11 of 15 I~itiala~' '~t~ Form 3061 1/01' 073 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conm~ence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable tbr 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 prowsions 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 Law and the following substances: gasoline, kerosene, other flamnmble 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 jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviro~unental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Envirmm~ental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of s~nall quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of fl~e Property (including, but not linfited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, Co) any Environmental Condition, including but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substauce which adversely affects the value of the Property. If Borrower learns, or is notified by any govermnental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create auy obligation on Lender for an Environmental Cleanup. VMP-TA(WY) Pag~ 12ol 15 Initials &'~ Form 3051 1/01 074 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 othemvise}. The notice shall specify: (a) the default; (b) the action reqnired to cure the defanlt; (c) a date, not less than 30 days froni 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 hy 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 tile notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrnment 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 an ri 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 Borro~ver 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.this Security Instrument. Borrower shall pay any recordation costs. Lender nhay charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. VMP-6A(WY) (ooo61.] Page 13 of 16 Form 3051 1/01' 075 BY SIGNING BELOW, Borrower accepts aud agrees to the terms and covenants contained iu this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: -Witness -Witness BEVERLY M I(REMER -Borrower VICTOR d KREIVIER -Borrower (Seal) (Seal) -Bo,'rower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower VMP-6A(WY) Iooo6).1 P~e 14 of ~s Form 3051 1/01 STATE OF WYOMING The foregoing instrument was acknowledged before me tiffs BEVERLY M KREMER AND VICTOR J I(REMER aka Victor Kremer aka Beverly Kremer Te ton County ss: MAY 06, 2004 by My Conmfission Expires: 9-15-07 Notary Public County of ~ State of Uncolrl ~ Wyoming My Commleslon Explree SepL 15, 2007 VMP-6A(WYI Page 16 o[ 16 Inilials.~ Form 3051 1/01 077 EXtlIBIT A A portlo,I of the NW ~ANE'4 of Section ~24, T36N R! 19W of lhe 61h P.M., l.incoln Coumy, Wyomi,tg and I~ing more l~actlcuhu, ly d~sdrlbed as lbllows: Beghmlng at a lmint 518.60 feet ~ 0'!3'25" W and 559.89 f~! S 71'56' W from a I)rass cap monument found marking Ihs Norlheast corner of Ih~ said NW ~ NE~; U~un~ running S 0'13'25" W, parallel wllh Ihe Hasierly butmdary line of said HW~NE~, dislanee of 706.79 feet to the Soulherly boundat~ line of said HW'AN~; fl~enee running 8 86~34'30" W along last said lin~, 612.86 lhei; Ihenee N 0'13'25' E, paral{~{ with said Easterly boundary line, 688.62 'feet; tire,ce N 84*55' E, 614.29 feet to {he point of beghmlng. TOOETIIER WrFll a ntm-ea~lusive right of access contained in document entitled Iloadway Access Eusameni recorded August 8, 1994 in Book 355PR on page 581 of records or Li,,col,~ County Clerk. theltc¢ Ihence [hetjlCe (hal{ce Ibc[ice LESS AND EXCEPT tile k~lh~w{u§ d~crlbed land: Part of tl~¢ NW~ANE,4 of Section 24, '~6N RIIgW of the 6th P-M. Lincoln. County, Wynmi.g, more particularly described as follows: ' Beginning at a poi~ll on tho Sotliherly lil{~ of said NWSANE~, said point being N 86~34'30" E, 169.83 f~t from a brnsa cap monument found mark{ag tho Soulhweat corner of said NWMNEIA; /hanc~ N 0~ 13'25" E. 572.95 feol; S 86'07'53. E, 67.21 feel; S 0'~'40" W. 62.77 feel; S 89'15'07" E, 544.41 feet; S 0~I3'25" W, 461.93 feet to said 'Soulherly lin: of said NW~ANE~. mn,ting 8 86'34'30. W, , begilming, alo~,g'lnsl s~id ~0utherly lino, 612.86 feet lo the po{at of