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HomeMy WebLinkAbout899372ReturnTo: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 8 9 9 3 7 kt Prepared By: WELLS FARGO BANK, N.A~. 1919 DOUGLAS,, OMAHA,, 681010000 NE [Space Above This Line For Recording Data] MORTGAGE RECEIVED LINCOLN COUI'-~[¥ ChuRl< 579 DEFINITIONS Words used in multiple sections of flfis document are defined below and oflter words are defiued in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding fl~e usage of words used in fltis document are also provided in Section 16. (A) "Security Instrument" ineans tiffs document, which is dated~Y 14, 2004 together with all Riders to tiffs docmnent. (B) "Borrower" is KERRY C KILLIAN AND CHRISTY J KILLIAN, HUSBAND AND WIFE Borrower is tim mortgagor undsr tiffs Security Instrument. (C) "Lender"is WELLS FARGO BANK, N.A. Lender is a NATIONAL ASSOCIATION orgmfized and existing under the laws of THE UNITED STATES 0042566067 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY) Iooos} Page , o, '16 initials: ~ C I~ VMP MORTGAGE FORMS - {8001521-7291 Form 3051 1/01 550 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under fl]is Security Iustmment. (D) "Note" means fl~e promissory note signed by Borrower and datedMAY 14, 2004 The Note states that Borrower owes Lender ONE HUNDRED TWENTY FOUR THOUSAND AND 00/100 ~ Dollars (U.S. $ * * * * 124,000.00 ! ) plus interest. Borrower has promised to pay this debt in regular Periodic Payment~ and to Pay file debt in full not later than JUNE 01, 2 034 (E) "Property" ~neans the pr6perty fllat is described below under file heading "Transfer of Rights in fl~e Property." ' (F) "Loan" means the debt evidenced by the Note, plus intei'est, auy prepayment charges and late charges due under the Note, and all stuns due under this Security Instrument, plus interest.. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The followiug Riders are to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider 7--] Condonfiniuln Rider []~] Second Home Rider [---] Balloou Rider [~ Planned Unit Development Rider ['--] 1-4 Fanfily Rider ~ VA Rider ~ Biweekly Payment Rider ~ Omer(s) [specify] (1t) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admi]tistrative rules aud orders (that have the effect of law) as well as all applicable final, non-appealable judicial opi]fions. (1) "Com~nuuity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or file Property by a condomi~fium association, holneowners association or sinfilar organization. (J) "Electrouic Fuuds Transfer" means auy transfer of fimds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated fl]rough au electro]tic ten]final, telepho]fic 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 nmchine transactions, transfers initiated by telephone, wire transfers, aud autonmted clearinghouse transfers. (K) "Escrow Items" nreans rinse items flint are described in Section 3 (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any flfird party (off,er titan insurance proceeds paid under the coverages described in Section 5) ~br: (i) damage to, or destruction of the Property; (ii) condenumtion or ofl~er taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations o.f, or omissions as to, the value and/or condition of the Property. 0VI) "Mortgage Insurance" Inea]ts insurance protecting Lender against the nonpayment of, or default on, the Loan. (iN) "Periodic Payment" means file regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any atnounts .under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regnlation X (24 C.F.R. Part 3500), as fl~ey might be amended from time to time, or any additional or successor legislation or regulation fl]at governs the same subject nm]]er. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed iu regard to a ".federally related ~nortgage loan" even if file Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) Iooos} Page 2 or ~s ~ Form 3051 1/01 0S9.93'7a (P) "Snccessor in Interest of Borrower" means any party that has taken title tO the Property, whether or not flint party has assumed Borrower's obligations under the Note and/or fids Security Instrument. TRANSFER OF RIGHTS 'IN THE PROPERTY This Security Instrument secnres to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instm~nent and the Note. For fids purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located. in the COUNTY of LINCOLN : [Type of Record ing lu rlsd iction] INa me o f Record lng Ju risdiclion] LOT 10 OF BLOCK 1 OF THE LINCOLN HEIGHTS 2ND SUBDIVISION TO THE TOWN OF KEI~MERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON 2'HE OFFICIAL PLAT THEREOF. THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, 1030.4, DES MOINES, IA 503060304 P.O. BOX ParcellD Number: 12-2116-23-1-10-153. 1120 LINCOLN HEIGHTS DRIVE KEMMERER ("Property Address"): which currently has the address of [Street] ICityl., Wyoming 8 3101 [Zip Codel TOGETIIER WITH all Cae improvements now or hereafter erected on the property, and all easements, appurtmmnces, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to lnortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT colnbines uniform covenants for national use and non-mdforin cove]hams with'linfited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covemnt 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, th~ debt evidenged by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pa~, funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this (~)~-6(WY) Iooo51 Page 3 o~ ~5 ~ Form 3051 1/01 Security Instrument is returned ,to Lender uupaid, Lender nmy require that any or all sobsequent payments due under the Note and this Security Instrument be ~nade in one or more of the followiug forms, as selected by Lender: (a) cash; (b) mouey 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 Trausfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any pay]nent or partial payment if the payment or partial payments are iusufficieot to bring' the Loan current. Lender nmy accept any payment or partial payment insufficient to bring the Loan current, without waiver of any iSghts 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 not pay interest on mmpplied fimds. Lender may hold such unapplied fuuds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower frown.nmking payments due uuder the Note and this Security h~stmment or perfornfing the covenants and agreements secured by fltis Security Instrument. 2. Application of Pay~nents or Proceeds. Except as otherwise descril:.ed in this Section 2, all payments accepted and applied by Lender shall be apl3licd in the following order of priority: (a) interest due under the Note; (b) 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 remai]fing amounts shall be applied first to late charges, second to any other a~nounts due under fids Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment t¥om Borrower for a delinquent Periodic Payment which includes a sufficient mnount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply .any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent flint, 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 ~nore Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayluent charges and then as described in the Note. Any application of payments, iusurance 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. Fuuds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid iu full, ast, m (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which call attain priority over this Security Instrument as a lien or eucumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfiums for any aud all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiunk~, if any, or any stuns payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premimns in accordance with the provisions of Section I0. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender rna3' require that Connnmfity Association Dues, Fees, and Assessments, if auy, be escrowed by Borrower, and such dues, fees and assess~nents shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Sectiou. Bon-ower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~-6{WY} {goos} Page 4 of 15 Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender rec¢ip!s evidencing such payinent 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 h~strument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender tnay 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 io permit Lender to apply rte Funds at the time specified under RESPA, and (b) not to exceed file ntaximmn amount 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 furore Escrow Items or otherwise in accordance Milt 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 file Funds to pay file Escrow Items no later fl~an fl~e time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Bon'ower interest ou the Funds and Applicable Law pernfits Lender to make such a charge~ U~fless an agreement is nkade in writing or Applicable Law requires interest to be paid on flxe Funds, Lender shall not be required to pay Borrower any interest or earnings on file 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 am~ual 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 under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender rite amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 montlfly payments. If there is a deficiency of Fnnds 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 nmke up the deficiency in accordance with RESPA, but in no more fllan 12 monthly payments. · Upon payment in full of all sums secured by this Security Instrument, Lender shall prompdy refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to file Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmnmity Association Dues, Fees, and Assessments, if any. To the extent fl~at these items are Escrow Items, Borrower shall pay fltem in the number 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 iu good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of file lien while those proceedings are pending, but tuffy until such proceedings are concluded; or (c) secures from the holder of the lieu au agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the i~..~-6(WY) Iooo~l Pa~e s of ~ (fl((/{// Form 3051 1/01 ..... 584 lien. Wiflfin l0 days of'file dare'on which fllat notice is given, Borrower shall satisfy the lieu or take one or more of the actions set forfll, above in fids Section 4. Lender may require Bo¥./'ower to pay a oue-time charge for a real estate tax verification and/or reporting service used by Lend¢? in comlection with tiffs Loan. · 5. Property Insurance. Borrower shall keep fl~e improvements now exisfiug or hereafter erected on fl~e Property insured against loss by fire, hazards incloded wiflfin the telm "extended coverage." and auy oilier hazards including, but not linfited to, earthquakes aud floods, for which Lender requires insurauce. Tiffs insurance shall be maintained in fl~e amounts (including dedocdble levels) aud for the periods fllat Lender requires. What Lender requires pursuant to the preceding sentences cau Change during file term of fl~e Loan. The insurance carrier;providiug the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wMch right shall not be exercised unreasonably. Lender may require Borrower to pay, in qonnectiou with this Loan, either: (Il) a one-time charge for flood zone determination, certification and ti-ackiug services; or (b) a oue-time charge for flood zone detemfinati0n and certification services and snbsequeut charges each time remappings or similar chauges occur which reasonably might affect such determination or certification. Borrower shall al~o be responsible for fl~e payment of any fees imposed by fl~e ?ederal Emergency Management Agency in connection with file review of any flood zoue deterniination resulting froln au objection by Borrower. If Borrower fails to maintain any of file coverages described above, Lender may obtain insurance coverage, at Lender's optiou ~!nd Borrower's expense. Leuder is under no obligation to purchase auy particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrowe/'s equity in tile Property, or fl~e conteuls of file Property, against ally risk, hazard or liability aud might pi'ovidc greater or lesser coverage than was previously in effect. Borrower ackuowledges fl~at the cost of [l~e insurance coverage so obtained might sig~fificantly exceed fl~e cost of insurance that Borrower could b~ive obtained. Any amouots disbursed by Lender under this Section 5 shall become additio~ud debt of Bon'ower secured by fills Security Instnm~ent. These amounts shall bear interest at fl~e Note rate from the date of disbursemeot and shall be payable, with such iuterest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renew.'ds of such policies shall be subject to Lender's right to disapprove such policies, shall include a sta,~dard morlgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have file r'ight to hold file policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiu,~ks aud renewal notices. If Borrower obtains any ti)rm of iusurance coverage, not otherwise required by Lender, for danmge to, or destruction of, fl~e Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee '.aod/or as an additional loss payee. In fl~e event of loss, Borro~wer shall give prompt notice to tile il~surance carrier and Lender. Lender may make proof of loss if not niade promptly by Borrower. Unless Lender aud Borrower ofllerwise agree in writing, any iusurauce proceeds, whether or not fl~e underlying iusurance was required by Leuder, shall be applied to restoration or repair of file Property, if file restoration or repair is economically feasible and Lender's security is not lessened. During such repair aud restoration period, Lender shall have the right to hold such insurance proceeds mitil Leoder has had an opportunity to inspect such Property to ensure file work bas been completed to Lender's s:ttisfaction, provided fl~at such iuspectiou shall be undertaken prornptly. Lender may disburse proceeds for d~e repairs and restoratiou iu a sing!e payme,u or in a series of progress payments as fl~e work is completed. Unless an agreement is nmde in writing or Applicable Law requn'es interest to be paid on such insurauce proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or oilier third parties, retained by Borrower shall not be paid out of file insurance proceeds and shall be file sole obligatiou of Borrower. If fl~e restoration or repair is not ec'onomically feasible or Lender's security would be lessened, file insurance proceeds shall be applied to file sums secured by this Security Instrument, whefller or not theu due, with ~.,~j~-6(WY) (o0o6} Pag, 6 o~ ~ s ~ Form 3051 1/01 '.~) L~.~ 58[3 the excess, if any, paid to Borrower. Such iosurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons fl~e Property, Lender may file, negotiate and settle any available insurance claim and related n~tters. If Borrower does not respond wiflfin 30 days to a notice from Lender fl~at the insurance carrier has offered to settle a claim, then Lender may negotiate and settle fl~e claim. The 30-day period will begin when fl~e notice is given. In eifl~er event, or if Lender acquires fl~e Property under Section 22 or ofl~erwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed fl~e amounts unpaid under the Note or Otis Security Instrument, and (b) any off, er of Borrower's rights (oilier fl~an fl~e right to any refund of unearned premiums paid by Borrower) under all insurance p61icies covering the Property, insofar as such rights are applicable to fl~e coverage of fl~e Property.' Lender may use fl~e insurance proceeds eifl~er to repair 0r restore fl~e Property or to pay amounts unpaid under rite Note or Offs Security Instrmnent, whether or not fl~en due. 6. Occnpancy. Borrower :;hall occupy, establish, and use the Property as Borrower's principal residence wiflfin 60 days after fl~e execution of this Security Instrument and shall conti~me to occupy fl~e Property as Borrower's principal residence for at least one year after fl~e date of occupancy, unless Lender ofl~erwise agrees in writing, which consent shall not be m~easo~mbly wiflfl~eld, or. unless extenuating circumstances exist which are beyond Borrower's control. 7. Pr~ervation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair fl~e Property, allow fl~e Property to deteriorate or coumfit waste on fl~e Property. Whether or not Borrower is residing in the Property, Borrower shall maintain ~e Property in order to prevent fl~e Property frC'm deteriorating or decreasing in value due to its condition. Unless it is detemfined pursuant to Section 5 fl~at repair or restoration is not economically feasible, Borrower shall promptly repair flxe. Property if da~mged to avoid brier deterioration or danmge. If i~murance or condenumtion proceeds are paid in com~ection wifl~ damage to, or fl~e taking of, the Property, Borrower shall be responsible for repairing or restoring fl~e Property only if Lender has released proceeds for such purposes. Lender nmy disburse proceeds for rte repairs and restoration in a single payment or in a series of progress payments as fl~e work is completed. If fl~e insurance or condenmation proceeds are not sufficient to repair or restore fl~e Property, Borrower is not relieved of Borrower's obligation for fl~e completion of such repair or restoration. Lender or its agent nmy umke reasonable entries upon and inspections of fl~e Property. If it has reasonable cause, Lender may inspect fl~e interior of fl~e improvements on fl~e Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reaso~mble cause. 8. Borrower's Loan Application. Borrower shall be in default if, during fl~e Loan application process, Borrower or any persons or entities acdng at ~e direction of Borrower or wifl~ Borrower's knowledge or consent gave nmterially false, nfisleading, or inaccurate information or statements to Lender (or failed to provide Lender wifl~ material infornmtio~0 in connection wifl~ fl~e Loan. Material representations include, but are not linfited to, representations concenfing Borrower's occupancy of Property as Borrower's principal residence. 9. Protection of Lender's lnter~t in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform fl~e cove~mnts and agreements contained in Offs Security Instrument, (b) fl~ere is a legal proceeding fl~at nfight sig~fificantly affect Lender's interest iu fl~e Property and/or rights under tiffs Security Instrument (such as a proceeding in bankruptcy, probate, for condennmtion or forI~iture, for enforcement of a lien which may attain priority over tiffs Security h~tmment or to enforce laws or regulations), or (c) Borrower has abandoned fl~e Property, fl~en Lender my do and pay for whatever is reasonable or appropriate to protect Lender's interest in fl~e Property and rights under tiffs Security Instrument, including protecting and/or assessing fl~e value of ~e Property, and securing and/or repairing fl~e Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over tiffs Security Instrument; (b) appearing iu court; and (c) paying reaso~mble (~-6(WY} Iooosl Page 7 oi' 15 ~ Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not lin:Lited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water fron:L pipes, elinfinate building or other code violations or dangerous conditions, aud have utilities turned on or off. Although Lender ma~, take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not takiug any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at die Note rate from the date of disbursement and shall be payable, with such interest, upon notice fron:L Lender to Borrower requesting payment. If this Security Instrument'is on a leasehold, Borrower si]all comply with all the provisions of the lease. If Borrower acquires, fee title to the Property, the leasehold and fl~e fee title shall not merge unless Lender agrees to the n:Lerger in writing. 10. Mortgage Insnrauce. If Lender required Mortgage Insurance as a condition of making die Loan, Borrower shall pay fl~e premiums required to mail:Ltain the Mortgage Insurance iii effect. If, for auy reason, the Mortgage Insurance coverage required by Lender ceases to be available fi:om the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the pren:Liums for Mortgage Insurance, Borrower shall pay the prendums required to obtain coverage substantially equivaleat to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage hrgurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately desiguated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain fl]ese payments as a non-refundable ~loss reserve iix lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding fl:Le tact that the Loan is nltimately 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 au:Lount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to n]ake separately designated payments toward the pre~niums for Mortgage Insurauce, Borrower shall pay the premiums required to n]aintain Mortgage Insurance in effect, or to provide a nou-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreeinent between Borrower and Lender providing for such ternfination or until ternfination 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 ri:Le Note) for certain losses it ri]ay incur if Borrower does not repay the Loal:L as agreed. Borrower is not a party to fl:Le Mortgage Insm'ance. Mortgage insurers evaluate their total risk on all such insurance in force front time to time, and may enter into agreements wifl:L oflmr 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 agreeu:Lents. These agreemeuts may require the mortgage iusurer to n]ake payments using any source of funds that fl:Le mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreen}ents, Lender, any pnrchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts fl]at derive from (or nfigbt 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 iusurer's risk in exchange for a share of the premiums paid to die insurer, the arrangement is often termed "captive reinsurance." Furflier: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loau. Such agreements will not increase the amount BOrrower will owe for Mortgage Iusurance, and they will not entitle Borrower to. any refund. (~-6(WY) (ooo5} Page 8 of 15 /"'1 //' Form 3051 1/01 58? (b) Any such agreemenls will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under tl~e Homeowners Protectiou 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 premium~ tlmt were nuearned at the time of such cancellation or ter~nination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If file Property is dalnaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible dud 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 au opp0~'tunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be uudertaken promptly. Leuder may pay for the repairs and restoration in a single disbursement or in a series of progress paylnents as the work is completed. U~ess 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 eanfings on such Miscellaneous Proceeds. If the restoration or repair is not ecououfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Iustrument, whether or not theu due, with the excess, if auy, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destructiou, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the stuns seem'ed by this Security Instrument, whether or not then due, with rite 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 nntrket value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater titan file amount of the sums secured by this Security Instrument innnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, tile sums secured by this Security Instrumen~ shall be reduced by file amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured iuunediately before the partial taking, destructiou, or loss in value divided by (b) file fair nmrket value of the Property immediately before fl~e partial takiug, destn~ction, or loss iu value. Any balauce 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 immediately before the partial taking, destruction, or loss iu value is less than the amount of the sums secured immediately before file partial taking, destructiou, 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 nmke an award to settle a claim for damages, Borrower fails to respond to Lender withia 30 days after the date the notice is given, Lender is authorized to collect dud apply the Miscellaueous Proceeds either to restoration or repair of the Property or to the sums secured by fids Security Instnnnent, whed~er or not then due. "Opposiug Party" means the third party that owes Borrower Miscellaneous Proceeds or fl~e party against whom Borrower has a right of action in regard to Miscellaueous Proceeds. Borrower shall be in defenlt if auy action or proceeding, whether civil or criminal, is begun that, in Lender's judgmeut, could result in lbrfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can: cure such a default and, if acceleratiou has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, iu Lender's judgment, precludes tbrfeiture of file' 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 iuterest 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 iu the order provided for in Section 2. (~)~-6(WY) Iooo~l Page 9 o~ is ~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of fl~e time for payment or modification of amortization of the sums secured by tiffs Security Instrument granted by Lender to Borrower or any Successor ~n Interest of Borrower shall not operate to release tim liability of Bo~ower or any Successors in Interest of Borrower. Lender shall not be required to conm~ence proceediugs against any Successor in Interest of Borrower or to rehse to exteud time for payment or ofl~erwise modify amorti~tion of fl~e sums secured by tiffs Security Instrument by reason of any denmnd nmde by ~e origiml Borrower or any Successors in iInterest of Borrower. Any forbearance by Lender ia exercising any right or rmnedy including, wifl~out limitation, Lender's acceptat~ce of payments from flfird persons, entities or Successors in interest of Borrower or in amounts less fl~an ~e amount fl~en due, shall not be a waiver of or preclude the exercise of auy right or remedy. 13. Joint and Several Liability; Co-signers; Snccessors and Assigns Bound. Borrower covenauts and agrees flint Borrower's obligatio~m and liability shall be joint and several. However, any Borrower who co-signs tiffs Security Instrument but does not execute fl~e Note (a "co-signer"): (a) is co-sig~ng tiffs Security Instrument only to mortgage, grant aud convey tim co-signer's interest in fl~e Property under fl~e terms of tiffs Security Instrument; (b) is not persomdly obligated to pay rte sums secured by ~is Security Instmmeut; and (c) agrees fl~at Lender and auy otber Borrower cau agree to extend, modify, tbrbear or nu~ke any acconnnodations wifl~ ~egard to the terms of tiffs Security Instrument or file Note wiflmut fl~e co-signer's consent. Subject to fl~e provisions of Section 18, any Successor iu Interest of Borrower xvho assmnes Borrower's obligations uuder tiffs Security Instrument in writing, aud is approved by Lender, shall obtain all of Borrower's rights and benefits under tiffs Security Instrument. Borrower shall not be released from Borrower's obligations aud liability under tiffs Security Instrument mdess Leuder agrees to such release in writing. The cove~unts and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit fl~e successors and assigns of Lender. 14. Loan Charges. Lender ~may charge Borrower fees for services performed in com~ection wifll Borrower's default, for the purpose of protecting Lender's iuterest in fl~e Property aud rights under this Security Instm~nent, including, but not linfited to, attorneys' fees, property inspection and valuation fees. In regard to any o~er fees, ~e absence of express authority in tiffs Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition ou rte charging of such fee. Lender may not charge fees fl~at are expressly prohibited by tiffs Security Instrument or by Applicable Law. If fl~e Loan is subject to a taw which sets maximum loau charges, and fl~at law is fi~lly inte~reted so fl~at the interest or other loan charges collected or to be collected in cmmectiou with fl~e Loau exceed fl~e perufitted linfits, flmu: (a) any such loan charge shall be reduced by fl~e amount necessary to reduce tbe charge to fl~e permitted linfit; and (b) any sums already collected from Borrower which exceeded pernfitted limits will be refunded to Borrower. Lender may choose to nuike tiffs re,nd by reducing fl~e priucipal owed under fl~e Note or by making a direct pay~nent to Borrower. If a retired reduces principal, fl~e reduction will be treated as a partial prepayment wifl~out any prepayment charge (whether or not a prepayment charge is provided for under rite Note). Borrower's acceptance of auy such refund uu~de by direct payment to Borrower will co~utitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection wifl~ tiffs Security Instrument must be in writing..Any notice ~o Borrower in connection with tiffs Security Instrument shall be deemed to have been given to Borrower when nmiled by first class mail or wheu actually delivered to Borrower's notice address if sent by off, er means. Notice to any one Borrower shall co~mtitute notice to all Borrowers mdess Applicable Law expressly requires ofl~erwise. The notice address shall be fl~e Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall proiuptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's chauge of address, fl~en Borrower shall ouly report a change of address fl~rougb flint specified procedure. There may be o~fly one designvted notice address under tiffs Security Instrument at any one time. Auy notice to Lender shall be given by delivering it or by ~nailing it by first class mail to Lender's address stated herein unless Lende~ has desig~mted auofl~er address by notice to Borrower. Any notice in connection wifl~ tiffs Securi[y Instrument sball not be deemed to have beeu given to Leuder until actually received by Lender. If any notice required by tiffs Security Instrument is also required under Applicable Law, fl~e Applicable Law requirement will satisfy ~e corresponding requirement under ~is Security Instmmeut. *;6(WY)(ooo,, ~.,Oo,,5 ~ Form3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrmnent shall be governed by federal law and the law of the jurisdiction iii which die Property is located. Ail rights and obligations contained iii dfis 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 nfight be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used iii this Security h~strument: (a) words of die masculine gender shall mean and include corresponding neuter words or words of dee fenfiniue gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) die word "may" 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 diis 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 the Property, including, but not linfited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is die transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in die Property is sold or transferred (or if Borrower is not a mttural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require innnediate payment iii full of all sums secured by this Security Instm~nent. However, this Ol:fion 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 nmst pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or dernand on Borrower. ~ 19. Borrower's Right to Reinstate After Acceleration. If Borrower ineets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days befure sale of the Property pursuant to any power of sale contained in this Security [nstrunient; (b) such other period as Applicable Law might specify lbr the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security hxstrmnent. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under diis Security Instrument and die Note as if no accelerati0u had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security hlstrument, including, but not linfited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest iii the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure Olaf Lender's interest in the Property and rights nnder [his Security Instrument, and Borrower's obligation to pay the sums secured by this Security histrument, 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 :'~re insured by a federal agency, instrumentality or entity; or (d) Electro~fic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall renmin fully effective as if no acceleration had occurred. However, fids right to reinstate shall not apply in file case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest iii the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result iii a change iii the entity (known as file "Loan Servicer") that collects Periodic Payments due under fl~e Note and this Security Instrument and performs oilier mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also nfight be one or more changes of fl~e Loan Servicer unrelated to a sale of the Note. If fllere is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the ~mme and address of the new Loan Servicer, the address to which payments should be made and any oilier infi)rnn~tion RESPA 1(~)~-6(WY) (0005) Pa~e 11 of ,5 ~[,~_.~ Form 3051 1/01 590 requires iu connection wifl~ a !?rice Of transfer of servicio~. If d~ No~e is sold and fl~¢reafi~r tim Loan is serviced by a Loan Servicer off,er dmn d~ purchaser of fl~e No~, tim morlga~¢ loan s~rvicing obli~afioi~s Io Borrower will remain wifl~ fi~e Loan Servicer or be ~ansferred ~o a successor Loan Servicer and are no~ assumed by fl~ Nole purchaser m~less ofl~rwise provided by d~e Nora purchaser. N~id~er Borrower nor Le!~de~ may commeoc~, join, or be joined ~o any judicial action (as ~id~er an individual lifigan~ or d~ member of a class) flm~ arises flora d~ od~er party's acfio~ pursuan~ ~o tiffs Security I~rum~n~ or fl~a~ alleges fl~a~ fl'~¢ ofl'~er par~y has br~ach~d auy provision of, or any du~y owed by reason of, tiffs Secnfity Instrument, nntil such Borrower 0r Lender has notified the other party (wid~ such notice given in compliance wi~ fl~e requirements o.f Section 15) of such alleged breach and afforded the off, er party hereto a reasonable period after fl~e giving of such notice to take corrective action. If Applicable Law provides a dine period which must elapse before cerlain action can be taken, flint time period will be deemed to he (easonable for purposes of tiffs paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 aod the notice of acceleration giveu to Borrower pursuant to Section i8 shall be deemed to satisfy fl~e notice and opportunity to take corrective action provisions of tiffs Secti0r] 20. 21. ~lazardous Substances. As used in tiffs Section 21: (a) "Hazardons Substances" are ~ose substances defined as toxic or hazardous substances, poilu/ants, or wastes by Enviromnental Law and lbllowing substances: gasoline, kerosene, other flammable or ~oxic petroleum products, toxic pesticides and herbicides, volatile solvents, lnaterials containing asbestos or fornmldehyde, aod radioactive nm~erials; ~) "Environmental Law" means federal laws and laws of fl~e jurisdiction: where fl~e Property is located relate to health, sat~ty or environmental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defioed in Environmental Law; and (d) an "Hnvironmental Condition" means a condition thai can cause, contribute to, or ofl~erwise trigger an Environmental Cleam~p. BmTower shall not cause or pen~fit fl~e presence, use, disposal, storage, or release of any Hazardous Subslances, or fl~reaten ~o release any Hazardous Snbstances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) flint is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to fl~e presence, use, or release of a Hazardous ~bstance, creates a conditiou flint adversely affects the value of fl~e Property. The preceding two sentences shall not apply [o fl~e presence, nse, or storage on fl~e Property of small quantities of Hazardous Substances fl~al are generally recognized to be appropriaie to normal residential uses and to omintenance of the Property (including, bnl not limited to, hazardous substances Jn consun~er products). Borrower shall promptly g~.ve Lender written notice of (a) any iovesfigadon, claim, demand, lawsuit or od~er action by any governmental or regnlatory agency or private party involving fl~e Properly and any Hazardous Substance or Euvirtmmental Law of which Borrower bas actual kuowledge, (b) any Environmental Condition, inclut!ing but not linfited to, any spilling, leaking, discharge, release or du'eat of release of any Hazardous Sobstance, and (c) any condition caused by fl~e presence, nse or release of a Hazardous Substance which adversely affects fl~e valne of fl~e Property If Borrower learns, or is notified by any governmental or regnlatory authority, or auy private party, flint any remava~ or other remediafion o'f any Hazardous Substance affeadng fl~e Property is necessary, Borrower shall prompdy take all necessary remedial actions in accordance ~vifl~ Environmental Law. Noflfing herein shall create any obligatiou on Lender for an Environmental Cleanup. Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender furfl~er covexmnt 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 Instrnment and sale of the Property. The notice slmll 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 tile 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 snms 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 expeuses incnrred in pursuing the remedies provided in this Section 22, including, but not limited to, reasouable attorneys' fees and costs of title evidence. If Lender invokes tile power of sale, Lender Shall give notice of intent to foreclose to Borrower and to the person in possessio~l 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 pnblish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Leuder 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 expeoses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Secnrity Instrmnent; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by tiffs Security Instrument, Lender shall release tiffs Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only it' the fee is paid to a third party for services rendered and the charging of fl~e fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of fl~e homestead exemption laws of Wyoming. (~-6(WY) ~ooos) Page ~3 o~ ~s Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to file terms and cove~mnts contained in this Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. Witnesses:  (-'~ ~ (Seal) KERRY C KILLI.KN -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~)~;6(WY) Iooosi Page ~4 o~ 15 Form 3051 1/01 59° STATE OF WYOMING, LINCOLN The foregoing instrument ',vas acknowledged before me this by KERRY C KILLIAN AND CHRISTY J KILLIAN Cotlllty ss: My Conmfission Expires: (~-6G(WY) [ooos} Page 15of 15 Initials: Form 3051 1/01