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HomeMy WebLinkAbout899323t~30394 (02) 899323 RECEIVED LII',!COLN C:OUI'qTY CLERK (i~!; !'!~',v 17 ;',iq I0:50 After Recording Return To: [Space Above This Line For Recording Data] HOLICK MORTGAGE Lo~ #: 494012339 MIN: 100174102000011835 PIN #: 37182830000400 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined iu Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided hi Section 16. (A) "Security Instrument" means thi~ document, which is dated together with all Riders to this document· (B) "Borrower"is JOHN M. HOLICK, A SINGLE MAN MAY 14, 2004 Borrower is the mortgagor under this Security Instrmnent. (C) "MERS' is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nonfinee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, aud has an address and telepbone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS Lender is a CORPORATION organized and existing under the lawsof IDAHO .kender'saddressis P.O.BOX 12860 / 170 E BROADWAY JACKSON,, WY 83002 (E) "Note" means the promissory:note signed by Borrower and dated MAY 14, 2004 The Note states that Borrower owes Lender ONE HUNDRED NINETY-SEVEN THOUSAND ONE HUNDRED AND 00/100 Dollars (U.S. $ 197,100.00 ) phis interest· Borrower bas pronfised to pay this debt in regular Periodic Paynrents and to pay the debt in fifll not later than a'UN~. 1, 2034 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges aud late charges due uuder the Note, and all sums due nnder tbis Security Instrument, plus interest. WYOMING i Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 'DOCUKWY~ (Page 1 of 13 pages) DOCI/KWY1 .VTX 10/17/2002 494012339 (H) "Riders" means all Riders to this Security Instrument that are executed by Bo~xoxver. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider' [] COndominium Rider [] Second Home Rider [] Balloon Rider [] Planned Unit Development Rider .[] Biweekly Payment Rider [] 1-4 Family'Rider . [] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominimn association, hmueowners association or similar organization. (K) "Electronic Funds Tram;fer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, whiCh is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term h~cludes, but is not li~nited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, 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) condenmation or other tal~ing of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Pay~nent" means the regularly scheduled amoont due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Setdement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of BorrOwer'' means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY Tiffs Security Instrument secures to Lender: (i) the repayment of the Loan, and all reneWals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, 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 Jurisdiction) : LOT 5, GREYS RIVER VILLAGE ADDITION TO THE TOWN OF ALPINE, WITHIN THE NW1/4SW1/4 OF SECTION 29, T37N, RllSW, ACCORDING TO THAT PLAT FILED IN THE OFFICEOF COUNTY CLERK, LINCOLN COUNTY, WYOMING which currently has the address of 464 GREYS RIVER LOOP ALP INE ,WY°ming 8 312 8 ' [City] [Zip Code] WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY:~ (Page 2 o fl 3 pages) O 0 C"D~K~Y 2 .VTX 10/17/2002 [Street] ("Property Address"). Form 3051 1/01 430 494012339 TOGETHER WITH all the improvements now or hereafter erected on lhe property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instmmeut. All of the foregoing is referred to iii this Security Instrument as the "Property." Borrower understands and agrees lbat MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to cmnply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Properiy; and to take any action required of Lender including, but not limited to, releasing and canceling this Secnrity Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, 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 combines unifm-m covenants for national use and non-unitbrm covenants with limited variations by jnrisdiction to constitute a uniform security mstrumel~t covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower sball pay when due the principal Of, and interest on, the debt evidenced bY the Note and any prepayment charges and late charges due tinder the Note. Borrower shall also pay fimds 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 instn~ment received by Lender as payment under tbe Note or lhis Security Instrument is returned to Lender unpaid, Lender may i-equire that any or all subsequent payments due under tbe Note and this Security histmment be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bm~k 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 Fuuds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at sucli other location as may be designated by Leuder in 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 the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, witbout waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such Payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender nmy hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds. will be applied to the outstanding principal balance under the Note inmaediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower fi'om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as othmwvise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest dne 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 remahfing amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which inchides a sufficient amount 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 that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Paymtents, such excess may be apPlied to any late charges due. Voluntary prepayments shall be applied In:st to any prepayment charges and then as described in the Note. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY~ : (Page 3 of 13 pages) DOC~ll(l~Pff 3. V'I'X 10/3.7/2002 494012339 Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or gronnd rents on the Property, if any; (c) premiunu 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 prenfiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if m~Y, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for auy 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 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall fm-nish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, 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 amonnt. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Fnnds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the ~naximtun 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 with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in auy Federal Home Loan Bank. Lender shall apply the Funds to pay the Eicrow Items no later than the time 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 interesi 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 on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined nnder 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 the amount necessary to make np the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refnnd to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Connnumty Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the maturer provided m 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 performing such agreement; (b) contests the lien in good faith by, or WYOMING - Single Family - Fannie MaedFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Docu~wY4 (Page 4 of 13 pageO ~ocuzvvt~ .wx xo/~.v/a000 4940122~9 defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from fl~e-holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deternfines 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 lien. Within 10 days of the date on which thal notice ~s given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requkes insurance. This insurance shall be nmintained 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, which right shall not be exercised unreasonably. Lender may reqmre Borrower to pay, in com~ection with this Loan, either: (al a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or sinfilar changes occur which reasonably might affect such deternfination or certification. Bon'ower shall also be responsible for the payment o~ any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone detemfination resulting fi'om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance flint Borrower could have obtained. Any amounts disbursed by Lender under fl:is Section 5 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 fi'om Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have fl~e right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherWise required by Lender, for damage to, or destruction of, the Prope~hty, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an addilional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of 10ss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance 'proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of 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 opportnnity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other flfird parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Bon'ower. If the restoration or repair is not econo~nically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. if Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice fi'om Lender that the insurance carrier has WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCLIKWY5 (Pt~ge 5 of 13 pages) DOCUKWY 5 .VTX 10/17/2002 xl ml4 494012339 offered to settle a claim, then Lender may negotiate and settle the claim. Thc 30-day period will begin when the notice is given. In either event, or if Lender acquires the Properly under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any otber of Bon'ower's rights (other than the right to any refi~nd of unearned prenfiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender lnay use the insurance proceeds either to repair or restore the Property or to pay amonnts mmaid under the Note or ibis Security Instmn~ent, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence Within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the dale of occupancy, unless Lender otberwise agrees ~n va-iting, whicb consem sball not be um'easonably witlfl~eld, or nnless extenuating circulnstances 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 comn~t waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless il is determined pursnant m Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid hirther deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such pm-poses. 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 condemuation proceeds are not sufficient to repair or restore the Propert),, Borrower is not relieved of Borrower's obligation lbr the cmnpletion of such repair or re:storation. Lender or its agent may make reasonable, entries npon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of tbe improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave nmterially false, misleading, or inaccurate information or statmnents to Lender (or failed to provide Lender with material information) in, connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in lhis Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's iuterest in the Property and/or rigbts under this Security Instrument (such as a proceeding in bmff~mptcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain_ priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasouable or appropriate to protect Lender's interest in the Property and rights tinder this Security Instrument, inchlding protecting and/or assessing the value 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 Secm'ity Instax~ment; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rigl!ts under this Security Instn, nent, including its secured position in a bankruptcy proceeding. Securing the ProPerty includes; but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities tnrned on o? off. Ahhough Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized tinder 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 the Note rate front the date of disbursement and shall be payable, with snch 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. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Farm 3051 1/01 DOCLIKWY6 (Page 6 of 13 pages) DOCUKWY 6 .VTX 10/17/2002 !. 494012339 10. Mortgage Insurance. If Lender reqaired Mortgage Insurance as a comlition of making the Loan, Borrower shall pay the prenfiums required to maintain the Mortgage Insurance ~n effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available fi'om tbe mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prenfimns for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substautially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi'our 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 designated pay]nents that were due when the lnsurauce coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refi~ndable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the lhct 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 Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiurns for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Bon'ower was required to make separately designated payments toward the premiuins for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or lo provide a non-refimdable loss reserve, until Lender's requirement for lvlortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimbtfrses 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 agremnents are on terms and conditions that are satisfactory to the mortgage insurer and the other party.(or'parties) to tbese agreements. These agreements may require the ~nortgage insurer to nuke payments using any source of funds that the mortgage insurer may have available (which may include funds obtained fi'om Mortgage Insurance premiums). · As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reh~surer, auy other entity, o? any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive frmn (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If st,ch agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange tbr a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amonnts 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. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under ,~:he Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were nnearned at the time of such cancellation or ternfination. 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 Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCU~W¥7 (Page 7 of 13 page0 DO CUI(W%"'7 .VTI 10/17/2002 494012339 this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided Ibr in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in valne is equal to or greater than the amount of the sums secured by this Security Instrument inm~ediately before the partial taking, destruction, or loss iu value, unless Borrower and Lender otherwise agree in writiug, 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 the 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, destructio n, 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, destrnction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Bon'ower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then' due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action iu 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 in 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 causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impaim~ent of Lender's interest in the Property or rights under thisI Security Instrument. The proceeds of any award or claim for damages that are a~'ibntable to the impairment 0f 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 Sectibn 2. 12. Borro~ver Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refi~se to exte.hd tinge for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. 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 amonnts less than the amonnt then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Properly under the temxs of this Security Instrument; (b) is not personally obligated to pay the sums secured by tiffs Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, 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 assnmes 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 Instrmnent. Borrower shall not be released fi'om Borrower's obligations and liability under this Security Instrument nnless Lender agrees to such release in writing. The covenants and WYOMING - Single Family - Fa'nnie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051, l/Ol I~OCtrKWY~ (Page 8 of 13 pages) ~oc~s.vex xo/x,/~ooo 494012339 agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Bon'ower fees for services perfurmed in comiection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights nnder this Security Instn~ment, inclnding, but not limited to, attorneys' fees, property inspection and vahmtion fees. In regard to any other fees, the 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 snch fee. Lender may not charge fees that are expressly prohibited by this Security Instalment or by Applicable Law. If the Loan is subject ~to a law which sets maximmn loan charges, and that law is finally intmpreted so that the interest or other loan charges collected or to be collected in commction witti the Loan exceed the pemfitted limits, then: (a) any such loan cimrge shall be rednced by the amount necessary to reduce the charge to the pernfitted limit; and (b) any sums already collected frown Borrower wlfich exceeded pemfitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower If a refund reduces principal, the reduction will be treated as a partial prepayment withont any prepayment ctiarge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund'made bY direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out 0'f such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument lnnst be in writing. Any notice to Borrcwer in com~ection with this Security Iustrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by olher 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 nnless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only oue designated notice address tinder this Security Instrument at any one 'fime..Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein nnless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the ApPlicable Law requirement will satisfy the corresponding reqnirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any reqnirements 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 La,v, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instnunent: (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} the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of tiffs Security Insm,ment. 18. Transfer of the property or a Beneficial Interest in Borrower. As nsed in this Section 18, "Interest in the Property" means any legal or beneficial interest in theProperty, 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 in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require inm~ediate payment in full of all stuns secured by this SecUrity Instrument. However, this option shall not be exercised by Lender if snch exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice' is given in accordance with Section 15 within which Borrower must pay all sums secnred by this Security Instrument. If Borrower fails to pay these sums prior to the Form 3051 1/01 WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT DOCUKWY9 i (Page 9 of 13 pages) Doc-~lt%~9 .V'l'X !0/17/200~ 4 3 '? 494012339 expiration of this period, Lender may invoke any remedies permitted by this Secnrity Instrument withont timber notice or demand on Bon:ower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcemem of this Security lnstmn~ent discontinued al any time prior to the earlies[ of(a) five days before sale of the Property pursuam to any power of sale comamed in tiffs Secnrity Instrumen[; (b) sncb other period as Applicable Law nfight specify for the termination of Borrower's right m reinsta[¢; or (c) entry of a judgm~m enforcing this Security lnsmm~¢nt. Those conditions are that Borrower~ (a) pays Lender all snms which then would be due trader this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreemems; (c) pays all expenses incurred in enforcing tlfis Security Instmn]ent, including, but no[ limited [o, reasonable az[orneys' fees, property inspection and valuation fees, and other fees incurred for the pm-pose of protecting Lender's interest ~n the Property and rights under this Security h~stmment; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights nnder this Security Instrument, and Borrower's obligation to pay the sum. s secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or ~nore of the following fmms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's' ci~eck or cashier's check, provided auy snch check is drawn upon an iustitntion whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Secm'ity Instrument and obligations secured hereby shall remain fidly effective as if no acceleration had occurred However, this right to reiustate shall not apply in the case of acceleration nnder Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note ~)r a partial interest iu the Note (together with this Secnrity Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations nnder the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA, requires in com~ection with a notice of n-ansfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan serviciog obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assnmed by the Note pnrcbaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until snch Borrower or Lender has notified the other party (with snch notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which mnst elapse before certain action can be taken, that time period will.be deemed to be reasonable for pnrposes of this paragraph. The notice of acceleration and opportunity to cnre given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursnant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous snbstances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other flanmmble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jnrisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleannp" includes any response action, remedial action, or removal action, as de£med in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not eai~se or pemfit the presence, use, disposal, storage, or release of any Hazardons Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardons Substance, WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUI~WY]O (Page I 0 of 13 pages) 494012339 creates a condition that adversely affects the value of the Propmzy. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not li~ted to, hazardous substances in consumer products). Bo~ower shall promptly give Lender ~itten notice of (a) any investigation, claim, de~nand, lawsuit or other action by any gove~ental or regulatory agency or private party involving the Property and any Hazardous Substance or Envkomental Law of'which Bo~ower has actual ~owledge, (b) any Environmental Condition, including but not lin~ted to, any spilling, leaking, discharge, release or t~eat of release of any Hazardous Substance, and (c) any condition caused by the presence, rise or release of a Hazardous Substance which adversely affects the value of the Property. If Bo~ower learns, or is notified by any govenunental or regulato~ authoriW, or any private paxW, that any removal or other remediation of any Itazardous Substance afl%cting the Properw is necessary, Bon'ower shall promptly take all uecessa~ remedial actions in accordance with Euviromnental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleannp. NON-UNIFORM COVENANTS. Borrower and Leuder fin~ther covenant and agree as follows: 22. Acceleration; Rdmedies. 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). Tile notice shall specify: (a) the default; (b) the action reqnired to cm'e the default; (c) a date, not less than 30 days from tbe date the uotice 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 tile sums secured by this Security Instrnment 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 defaolt 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 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 expenses incurred in pnrsuing tile remedies provided in this Section 22, including, but not limited to, reasonable attorneys' lees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to fm'eclose to Borrower and to the person in possession of the Property, if different, iu accordauce with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee nmy purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrnment; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower:shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of file homestead exemption laws of Wyoming. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY~ ~ (Page 11 of 13 pages) oocmv~.wx xo/x~/a0oa Form 3051 1/01 0 99323 494012339 BY SIGNING BELOW, Borrower accepts and agrees [o {he ierms and coven,~nts contained in this Security Instrumer~ and in any Rider executed by Borrower and recorded with it. /H(JRROWER - JO1TN 1~I. HOLICK - DATE - WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWYI~ (Page 12 of13 pttges) DOCU~r~c.w'x ~o/~/2oo2 Form 3051 1/01 [Space Below This Line For Acknowledgment] STATE OF dc) YO/~O//]j~ COUNTY OF 7".~' ,7'~C' ~ The foregoing ins~ment was ac~owledged before me by ~~ ~. A/O/- / c/d this / q "~ dayof /Y3,~] ~/d ~OOZ-J Wimess my hand and official Seal. Notao, Public My Commission Expires: 9-/~c 07 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY'I3 (Page 13 of I 3 pages) oocu~cw~, vT¥ 6/6/200'~ Form 3051 1/01