Loading...
HomeMy WebLinkAbout899375$993' 5 RECEIVED :LINCOLN COUNTY CLERK Rehu'n To: CitiMortgage, Inc. Attn: Document Processing P.O. Box 790021 St. Louis, MO 63179-0021' Prepared By: CitiM ortgage, Inc. 1000 Technology Drive MS /t 852 O' Fallon, MO 63304 [Space Above This l.ine For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sei:lions of lids documen[ are defined below anti olher words are deft,led in Seclions 3, 11, 13, 18. 20 and 21. Certain rules regarding the usage of words nsed in this docnmenl are also provided in Section 16. (A) "Security Instrument" means Ihis docnmenl, which is dated Ivlay 11, 2004 together wilh all Riders 1o this docmnenl. (B) "Borrower" is R_ebekah J Smith and Arntfeldt Pedersen Wife and Husband Borrower is Ihe mortgagor u:nder Ihis Securily Instrnmenl. (C) "Lender" is CitiMort~age, Inc. Lender is a Corporation organized ami exisling unde/ihe laws of Delaware 002001729841 WYOMING-Single FamiI.y-Fannle Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6 ONYl (O00S) ~ //~ VMP MORTGAGE FORMS - (8OO)52 Form 3051 1/01 .,., 6O7 Lender's address is 1000 Technology Drive, O' Fallon, MO 63304 Lend er is the mortgagee under this Security lnstrnment. (D) "Note" means the prmnissory note signed by Borrower and dated May 11, 2004 The Note states that Borrower owes Lender One Hundred Forty Seven Thousand Five Hundred Dollars (U.S. $147,500.00 ) plus interest. Borrower has promised to pay tiffs debt in regular Periodic Payments and to pay the debt in full not later than June 1, 2034 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by tbe Note. plus interesl, any prepayment charges and late charges due under the Note, and all sums due under this Secnrity Instrument plus interest. (G) "Riders" means all' Riders to this Secority Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [-~ Adjustable Rate Rider [---] Condominium Rider F'--] Second Itome Rider [---] Balloon Rider [-~ Planned Unit Development Rider [~ 1-4 Family Rider ~] VA Rider [-~ Biweekly Payment Rider [---] Other(s) [specifyl Other(s): (H) "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 opinions. (I) "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, homeowners association or similar organization. (J) "Electronic Funds Transfer" means auy transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated througt~ an electronic terminal, telephonic instrmnent, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credil an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire trausfers, and automated clearing!muse transfers. (K) "Escrow Items" means tbose items that are described in Section 3. (L) "Miscellaneous Proceeds" means any cmnpensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property: (ii) condemnation or other taking of all or any part of the Property; (iii)conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property, (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled mnount due for 0) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Secnrity Instrument. (O) "RESPA" ~neans the Real Estate Setllement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time. or any additional or successor legislation or regulation thai governs the same subject matter.. As used in this Security Instrument, "RESPA" refers to all requirmnents and restrictions that are imposed in regard to a "federally related mortgage loan" even if tbe Loan does nol qualify as a "federally related mortgage loan" under RESPA. 002001729841 ~~ Ihitlals: ~®-~ (WY) (0005) Page 2 or 15 Form 3051 1/01 0') "Successor in Interest 0f Borrower" means any party that has taken title to the Property. whether or not that party has assumed Borrower's ohligadons under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument se~:nres to Lender: ti) lite repayment of the Loan. and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under Ihis Security Instrument and the Note. For tiffs 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 Recording Jurisdiction} [Name of Recording Jurlsdlcllon} LOT 66 OF BRIDGER FOREST RANCH SUBDIVISION, AMENDED, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF Parcel ID Number: 315 Strawberry Creek Lane BEDFORD ("Property Address"): which currently has tile address of [Slreel} [Cl~y] . Wyoming 83112- [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on tile property, and all easements, appnrtenauces, and fixtures now or hereafter a parl of tile property. All replacements and additions shall also be covered by this Security Instrument. Ail of tile foregoing is referred Io in tiffs Security Instrmnent as the "Property." BORROWER COVENANTS that Borrower is lawfiflly seised of tile estate hereby conveyed and has the right to mortgage, grant and convey tile Property and that the Property is unencumbered, except for encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant anti 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, tile debt evidenced by Ihe Nole and any prepayment charges and latin, charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant Io Section 3. Payments dne under tile Note and this Security Instrument shall be made in U.S. currency. However, if any Check or other instrmnent received by Lender as payment under the Note or this 002001729841 __~ Initials: I(~I®'~(WY) (0005) Page a of lS ^ ~' Form 3051 1101 609 Securily Instrument is returned lo Lender unpaid, Lender may require Ibat any or all subsequent payments due nnder the Note and this Seem'try Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such cbeck is drawn upon an institution whose deposits are insured by a federal agency, iustrumentalily, or enlity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received al tile location designated in the Note or al sucb other location as may be designaled by Lender ill accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring tile Loan current. Lender may accept any paymenl or partial payment insufficient Io bring tile Loan current, without waiver of any rigbts hereunder or prejudice to ils rights to refuse such payment or partial payments in lhe fillure, but Lender is not obligated to apply such payments at Ihe time such paymenls are accepted. If each Periodic Payment is applied as of its scbeduled due date, theu Lender need not pay interest on unapplied fuuds. Lender may hold such unapplied funds until Borrower makes payment to bring lhe Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply sucb funds or return them to Borrower. If not applied earlier, such funds will be applied to tile outstanding principal balance under the Note immediately prior Io foreclosure. No offset or claim which Borrower might have now or in tile filture agaiust Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by Ibis Security Iustrument. 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; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in tile order in wbich it became due:'Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce tile principal balance of the Note. If Lender receives a Faymenl from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to tile delinquent paymeut and tbe late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of tile Periodic Payments if, and to the extenLthat, each payment can be paid in full. To lhe extent that any excess exists after tbe payment is applied to the full payment of one or more Periodic Pay~nents, such excess may be applied to any late cbarges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due uuder the Note shall not extend or postpone the due date, or change Ihe amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on tile day Periodic Payments are due under the Note, until the Nnte is paid iu 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 sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or al any time during tile term of tile Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments sball be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under Ibis Section. Borrower shall pay Lender the Funds for Escrow Items nnless Lender waives Borrower's obligation to pay tile Funds for any or all Escrow Items. Lend'er may waive Borrower's obligation to pay to Lender Fnnds for any or all Escrow Ite~ns at any time. Any such waiver may only be ill ~writing. In the event of such waiver, Borrower shall pay directly, when andWhere payable, Ihe amounts 002001729841 ~®-O(WY) (ooosl Form 3051 1101 due for any Escrow IIems for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment wilbin 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 Instrmnent, as tile phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, .pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Ilem, 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 ~nay revoke the waiver as to any or all Escrow Items at any ii,ne by a notice given in accordance with Section 15 and, npon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then reqnired under this Section 3. Lender may, at any ii,ne, collect and hold Funds in an amount (a) sufficient t.o permit Lender to apply the Fnnds at the time specified under RESPA, and (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 reasonable estimates of expenditures of fl~ture Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be beld 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 lime specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid ou the Fnnds, Lender shall not be required to pay Borrower aoy interesl or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall accounl to Borrower for the excess funds iu accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA. I.ender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender tile amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 nmnthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount oecessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in fidl of all sums secured by this Security Instrument, 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 whicb can attain priority over this Security Iustrumeul, leasehold paymeuts or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow lte~ns, Borrower shall pay them in the ~nanner provided in Section 3. Borrower sball promptly discharge any lien which has priority over this Security Instrmnent 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 perfor~ning snch 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 enforce~nenl of the lien while those proceedings are pending, but only until such proceedings are concluded: or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority o~)er this Security Instrument, Lender may give Borrower a notice identifying the 002001729841 In}rials: l~®-6(Wy) (ooos) Form 3051 1/01 lien. Within 10 days of the date on whicb that notice is given, Borrower shall satisfy tbe lien or take one or more of the actions set forth .above in this Section 4. Lender may require Borrower to pay a one-ti]ne charge for a real estate tax verification and/or reporting service used'by Le~lder in connection with this Loan. :~ 5. Property Insurance. 'Borrower shall keep the i]nprovements now existing or hereafter erected on the Property iusured against loss by fire, hazards included within tbe 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 the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wbich right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-ti]ne charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification ' services and subsequenl charges each ti]ne remappings or similar changes occur which reasonably might affect such determination or certification. Borrower. shall also be responsible for the payment of any fees imposed by tbe Federal E]nergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to ]naintain any of the coverages described above, Lender ]nay obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to pnrchase any particular type or amount of coverage.' Therefore, such coverage sball cover Lender, but might or might not protect Borrower, Borrower's equity iii the Property, or the contents of the Property, against any risk, hazard or liability and miglit provide grealer or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so oblained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under ibis Section 5 shall beconle additional debt of Borrower secured by this Secm'ity Instrument. Tbese amounts sball bear interest at the Note rate from the dale 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 morlgage 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 Leuder requires, Borrower sball 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 dmnage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an addilional loss payee. In the event o[ loss, Borrower sball give prompt notice to the insurance c~rrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or nol the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opporlunity 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 disbnrse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work. is completed. Unless an agreement is made in Writing or Applicable Law requires interest to be paid ~',n such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by 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 econmnically feasible or Lender's Security would 'be lessened, the insurance proceeds shall be applied to the sums secnred by this Security Instrument, whether or not then due, with II~Z~®~(VVY) (O00S) Page 6 of f5 Form 3051 1101 612 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in tbe order provided for in Section 2. If Borrower abandons the Property, Lender may file. negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a chim, then Lender may negotiate and settle the claim. The 30-day period will begin when thc notice is given. In either event, or if Lender acquires the Property under Sectiou 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insnrance proceeds in an anmun! nol to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's righls (other dian the right Io any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use tile insurance proceeds either Io repair or restore tbe Property or to pay amounls unpaid under the Note or this Security Instrument, whether or nol then due. 6. Occupancy. Borrower shall occupy, establish, and use tile Property as Borrower's principal residence within 60 days after the execntiml of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at leasl one year after the date of occupancy unless Lender otherwise agrees in writing, which consent shall nol be unreasonably withheld, or unless extennating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the 'Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to proven! tile Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuanl 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 taMng of, lite Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for snch purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such re pair 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 intprovements on the Property. Lender shall give Borrower notice at the time of or prior Io snch 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 al the direction of Borrower or witb Borrower's knowledge or consent gave:materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Leander with material informalim0 iu connection with tbe Loan. Material representalions include, bui are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's pri~cipal residence. 9. Protection of Lender's Interest in thc Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument (b) there is a legal proceeding that might significantly affect Lender's interesl in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnalion or forfeiture, for enforcemenl 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 rigbts nnder this Security Instrument, including protecting and/or assessing the valne of the Property, and securing and/or repairing the 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 002001729841 ~ ~®-6(VVY) (0005) Page 7 or ~5 Form 3051 1101 attorneys' fees to protect its :hlterest in tile Property and/or rigbts under this Security Insffument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited 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 dangerous conditinns, and have utilities turned ou or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duly or obligation to do so. It is agreed fi]at Lender incurs no liability for not taking any or all actions authorized under t.his Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower · secured by this Security Instrument. These amounts shall bear interest at the Note rate 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 ]lot merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage reqoired by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designaled payments toward tim premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, al a cost substantially equivalenl to the cost to Borrower of the Mortgage Insurance previously in effect, frmn an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower si]all continue to pay to Lender ~he amoun! of the separately designaled paymenls that were due when the insurance coverage ceased to be in effecl. Lender will accept, use and retain these paymeuts as a non-refundable loss reserve in lieu of Mortgage Insurance. Sncb loss reserve shall be non-refundable, notwithstanc!ing the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mm:tgage 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 premimns for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making tile Loan and Borrower was required to make separately designated payments toward Ihe premimns for Mortgage Insurance, Borrower shall pay Ibc 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 wilh any written agreement between Borrower and Lender providing for shch termination or until termination is required by Applicable Law. Nothing iu tiffs Section 10 affects Borrower's obligation to pay interest at the rale provided in the Noie. 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 satisfaclory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may requu'e tbe mortgage insurer to make payments using any source of fimds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurauce premiumS). As a result of these agreements, Lender, any purchaser of Ibe Note~ another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounls that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the morlgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender lakes a share of tim iosurer's risk in excbange for a share of tile premiums paid to the insurer, the arrangement is often termed "caplive reinsurance." Furlber: (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. 002001729841 Initials: I(~®-~(VV'Y) (ooo5) Page s o~ 15 Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that xvere unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Properly 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 dishursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law reqnires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then doe, wilh the excess, if aoy, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property. the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrumenl, whether or not then due. with the excess, if any, paid to Borrower, In the event of a partiH taking, destructioo, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal lo or greater than the ammmt of the sums seem'ed by this Security Instrument immediately before the partial taking, destructim~ 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 fi'action: (a) the total amount of tl~e sums secured immediately 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 immediately before the partial taking, destruction, or loss in value is less than dm amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othfirwise agree iu writing, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Iustrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, alter ootice by Lender to Borrower that the Opposing Party (as defined in the next senteoce) 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 audmrized 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 MiscelIaneous Proceeds or the party against whmn Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest io the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causiog Ihe action or proceeding to be dismissed with a ruling tha(, in Lender's judgment, preclodes forfeiture of the Property or other material hnpairment of Lender's interest in the Property or rights under this Security ln.~rument. The proceeds of any award or claim for damhges that are atlributable 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. 002001729841 (~®-60NY) Iooos~ Page 9 Of 15 Form 3051 1/01 12. Borrower Not Re[eased; Forbearance By Lender Not a Waiver. Extension of the ii,ne for payment or modification of a{nortization 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 tl~e liability of Borrower or any Successors in Interest: of Borrower. Lender shall not be reqoired to commence proceedings against any Successor in Interest of. Borrower or to refuse to extend time for payment or otberwise modify a~nortization of the stuns secdred by this Security Instrument by reason of any demand made by the original Borrower or auy Successors in Interest of Bm'rower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments 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 9f any fight 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 wbo co-signs this Security Instrument but does not execute ibc Note (a "co-signer"): {a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument: and (c) agrees that Lender and any other Borrower can agree to ~xtend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor 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 tbis 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 tbe successors antl assigns of Lender. 14. Loan Charges. Lender ~nay charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protectiug Lender's interest iu the Property and rights under this Security Instrument, inclnding, but not lilnited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, ti~e absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly probibited 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, tben: (a) any 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 wbicb exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by ~naking a direct paymeul to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under tbe Note). Borrower's acceplance of any such refund made by direct pay~nent to Borrower will coustitute a wmver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any uotice to Borrower in connection with this Security Instrnment shall be deemed to have been given to Borrower when mailed by first class mail or wben actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Leuder of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only repm't a change of address through that specified procedure. Tbere may be only one designated notice address under this Security Instrumeut at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class ~nail to Lender's address stated herein unless Lender bas designated another address by notice to 3orrower. Any uotice in connection with this Security Instrument shall no! 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. 002001729841 ~ Initials (~®-(~(WY) (0oo5) Page 10 of 15 Form 3051 1101 16. Governing Law; Severability; Rules of Construction. Tiffs Security Instrumeot shall be governed by federal law anti the law of the jurisdiction ill which the Property is located. All rights aud obligations contained in this Securily Instrument are subject to any reqnirmnenls and limitations of Applicable Law. Applicable Law migbt explicitly or implicitly allow the parties to agree by contract or it migbt be silent, but such silence shall uot be construed as a prohibition agaiust agreement by coutract. 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 effecl without the couflicting provision. As used in this Secur!ty Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) tile word "may" gives sole discretimr without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for 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 io the Property is sold or transferred (or if Borrower is nol a natural person and a beneficial interest iu Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums"secured by this Security Instrument. ltowever, this ~ption shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this. option, Lender sball give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om tile date tile notice is given in accordance with Sectiou 15 within which Borrower must pay all sums secured by this Security Instrumenl. If Borrower fails to pay these sums prior to t!m expiration of this period, Lender may invoke any remedies permitted by this Security Instrmnent without further notice or dmnand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrmnent 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 tbe termination of Borrower's right to reinstate; or (c) entry of a judgmen~ 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 defaull of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, bnt not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument: and (d) takes such action as Leuder may reasonably require to assure that Lender's interest in the Property and rights under tiffs Security Instrmnent, and Borrower's obligation to pay lhe sums secured by this Security Instrmnent, sball continue u!mhanged. 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, iustrumentality or entity; or (d) Electronic Funds Transfer. Upon reiustatement by Borrower, this Secnrity Instrmnent and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this fight to ceinstate shall not apply in the case of adceleration under Sectioo 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with tiffs Security Instrument) can be sold one or more limes without prior notice ~o Borrower. A sale might result ioa change in the entity (kuown as the "Loan Servicer") that collects Periodic Payments due under the Note aud this Security Instrume~nt and performs other mortgage loan servicing obligatious under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated lo a sale of the Note. If there is a change of tile Loan Servicer, Borrower will be given written notice of the change which will state the uame and address of the new Loan Servicer, the address to which payments should be made and any ~ther information RESPA 002001729841 (~®-~(I~VY) (00051 Page 11 of 15 Form 3051 1/01 reqmres in connection with a notice of transfer of servicing. If tile Note is sold and thereafter tile Loan is serviced by a Loan Servicer other than the purchaser of tile Note, the mortgage loan servicing obligatious 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 porcbaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either au individual litigant or the member of a class) that arises from the other parly's actions pursuant to this Security Instrument or'that alleges that tile other party has breached any provision of, or any duty owed by reason of, fids Security Instrument, until sncb 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 wbicb must elapse before ceriain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and Ihe notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section gO. 21. Hazardous Substances. As used in this Section :~i: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wasles by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solwmts, materials containing asbestos or formaldehyde, and radioactive materials: (b) "Environmental Law" means federal laws and laws of tile jurisdiction wh ere tile Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or other,vise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do anything affectiug the Property (a) tbal is in violation of any Environmental Law, (b) which creates an Environmental Condition. or (c) which, due to the presence, use. or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply Io the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances'in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Shbstance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which ,adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, . or any privale party, lhat any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly lake all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. 002001729841 ~®-~(WY) ~ooos~ Page 12 of 15 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice o5 the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; Co) 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 lnstrmnent, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this SecUrity Instrument but only if the fee is paid lo 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. 002001729841 Form 3051 1/01 6.10 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Inslrument and in any Rider executed by Borrower and recorded with it. Wilnesses: ,'~'~t-feidt ted ~r~e~ v -Borrower (Sign Original Only) 002001729841 ~6 (v~ (ooos) Page 14 o1' 15 Form 3051 1/01 620 STATE OF WYOMING, Ltncoln The foregoing instrument was acknowledged before ine this by Rebekah J. Smit. h and Arntfeldt Pedersen llth day Countyss: of May, 2006 My Commission Expires: February 2, · ,.~HL:U..EY ,.~A,,Y~ALL . NOTA~?' PUgUC 2006 Notary Public 002001729841 (~)®-~(wv) ~ooos) Page 15 of 1 $ Initial~3 0 51 1/01