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HomeMy WebLinkAbout899390,.o..~, .~.,,~, ' 8 9 9 3 9 0 RECEIVED LINOOt. N COI.INTY CLERK ~o0~ 65'7 6,$3 DOC ID #: 000549470230.5004 (G) "Loan°. means the debt evidenced by the Note, phis iuterest, any prepayment charges and linc charges dde under the Note, and all sums due under this SecuriW Instrument, plus interest. tH) "~ders,' ~neans all Riders to this Secnrity Instrument that are executed by Bon'ower. The following Riders m'e to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~ Condominium Rider ~ Second Home Rider ~ Balloon Rider ~ Planned Unit Development Rider ~ 1-4 Family Rider ~ VA ~der ~ Biweekly Pay~nent Rider ~ Other(s) [specify] ti) "Applicable Law" means all coutrolling applicable federal, state anti local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, uou-appealable judicial opinions. (J) "Conmmnity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condomiuium association, homeowners association or similar organization. (K) "Electronic Funds Transl'er" means any trausfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is iuitiated throngh an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instn,ct, or attthorize a financial institutiou to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, tt'ansfers initiated by telephone, wire transfers, and automated clem'inghouse transfers. (L) "Escrow Items" ~neans those items that are described in Sectiou 3. tM) "Miscellaneous Proceeds". means m~y compensation, settlement, award of damages, or proceeds paid by any third party (other than insnrance proceeds paid under the coverages described in Section 5) for: (il) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any pm't of the Property; (iii) conveyance in lieu of condemnation; or (iv) ~nisrepresentations of, or omissions as to, the value and/or condition of the Property. tN) "Mortgage Insurance" means insurance protectiug Lender against tile nonpaylnent of, or del'ault on, the Loan. (O) "Periodic Payment" means the reguhn'ly scheduled amount due for fi) principal and interest mtder the Note, plus (ii) any atnounts under Section 3 of this Security Instrument. (P) "RESPA" ]neans the Real Estate Setlle~nent Procednres 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 h'om time to ti]ne, or any addilional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremenls and resmctions thai m'e iml)osed itt regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related inortgage loan" under RESPA. (Q) "Successor in Inlerest 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 lnstrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: Ii) the repayment of Ihe Loan, anti all renewals, extensions and modificatious of tile Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instnunent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey MERS (solely as nominee for Lemler and Lender's successors aud assigns) and 1o the successors and assigns of MERS, with power of sale. the following described property located in the COUNTY of LINCOLN [Type of Recording .lurisdiclion] [Name of Recording Jurisdictio~] LOT ~1, MOUNTAIN VIEW RANCHETTES, ACCORDING TO THE OFFIC{AL PLAT OF RECORD IN THE OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. Parcel ID Nmnber: 34181710100900 ]_8.56 LOST CREEK COUNTY RD. [Street/City] Wyoming 83127 ("Property Address"): [Zip Code] I~®-§A(WY) (0005) CHL (08/00) Page 2 of 11 120, which cnrrently has the address of THAYNE Initials: Form 3051 6.89 DOC ID #: 0005494702305004 TOGETHER WITH all the impmvemems now or hereafter erected on the property, and all easements, appm'tenances, and fixtures now or hereafter a pm't of the property. All replacements and additions shall also be covered by this Security Instrument. All of tile foregoing is referred to itl this Security Instrument as the '!Property." Borrower understands and agrees lhat MERS holds only legal title to tl~e interests granted by Bon'ower itt this Security Instrument, but, if necessary to comply with law or custom, MERS (as nomi,ee for Lender and Lender's successors and assigns) has the right: to exercise at~y or all of those interests, includiug, but not li~nited to, the right to foreclose aod sell the Property; and to take :my action required of Lender including, but not limited to, releasing at~d canceling this Security Instmmenl BORROWER COVENANTS that Borrower is lawfldly seised of the estate hereby conveyed and has the right to mortgage, grout aod convey the Property and that file Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and de,hat,ds, subject to any encumbrances of record. T}LIS SECURITY INSTRUMENT combines nnifonn covenants for national use and uon-uniform covenants with limited variations by jurisdiction to const~tule a uniform security instnnnent covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepaymen! Charges, and Late Charges. Bo,'rower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment chm'ges and' late charges due nnder the Note. Bon'ower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Insmnuent shall be made in U.S. curt'ency. However, if any check or other instrument received by Lender as payment under tlie Note or this Security h~strument is returned to Lender unpaid. Lender may reqmre thai m~y or all subsequent payments due nnder the Note and this Security Iustrument be made m one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bauk check, treasm'er's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured hy a federal, agency, iostrumentality, or entity; or (d) Electronic Funds Transfer. Payments at-e deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions iu Section 15. Lender may remm any payment or partial payment if the payment or partial payments are iusufficient to bhng the Loan current, Lender may accept any paymeut or partial payment insufficient to bring the Loan cun'ent, without waiver of auy rights herennder or prejudice to its rights to refltse such payment or partial payments in the fltture, but Lender is not obligated to apply such payments at Ire rune such paymems at'e accepted. If each Periodic Payment is applied as of its scheduled due date, Ihen Lender need not pay interest on unapplied funds. Lender may hold such nnapplied funds tmtil Borrower makes payment to bring the Loan current If Borrower does not do so within a reasouable period of time. Lc,der shall either apply such flmds o,' remm them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance uoder the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the flUure against Lender shall relieve Bon'ower fi'om making payments due uuder the Note and this Security Instmmeot or performing the covenants and agreements secured by this Security h~strnment. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted aud applied by Lender shall be applied in the following order of priority: (a) interest due trader Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be al)plied to each Periodic Payment in the order in which it becatne due. Any remaining amounts shall be al)plied firsl to late chat'ges, second to any other amounts due under lilts Security Inst,'ument, and then to red,ce the principal balance of the Note. If Lender receives a payment fi'om Bon'ower for a delinquent Periodic Payment which includes a sufficient amonnt to pay any late charge due, tile payment may be al)plied to the delinquent payment and the late chat'ge. If more titan one Periodic Payment is outstauding, Lender may apply any payment received fi'om Borrower to the repayment of tile Periodic Payments if, aod to the extent that, each payment can be paid in full To tile extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment chat'ges and then as described in the Note. Auy application of payments, insurance proceeds, or Miscellaneous Proceeds to pnncipal due under the Note shall not extend or postpone tile due date, or chan ge tile amount, of lhe Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender tm II~e day Periodic Payments at'e due under the Note, until the Note is paid in full, a sum (the "Funds") 1o provide for payment of amounts due for: (a) taxes at~d assessments and other items which can attain priority over this Security Instrument tls a lien or encumbrance on the Property; (b) leasehold payments o,' ground rents on lite Property, if any; (c) premiums for any and all insurance required by Lender under Sectiou 5; and (d) Mortgage Iosl,rance premiums, if any, or any sums payable by Borrower to Lender in lieu of tile paytnent of Mortgage Insurance premiums in accordance with the provisions of Sectiou 10. These items are called "Escrow Items." At origin,ation or at at~y time during the term of the Loan, Lender may require that Comtnunity Associalion Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assesstnents shall be an Escrow Item. Bon'ower shall p,'omptly fumisll to Lender all notices of amounts to be paid nnder this Section. Borrower shall pay Leuder the Funds for Escrow Items unless Lender waives Borrower's obligation' to pay the Fnnds for any or all Escrow Items. Lender may waive Borrower's obligation ti) pay to Lender Funds for any or all Escrow Initial (~)®-6A(WY) (0005) CHL (08,/00) Pa§e 3 of 11 Form .. Doc ID #: 0005494702305004 Items ht any time. Any such wmver may only be in writing. In ihe event of such waive,', Borrower shall pay directly, when and where payable, the amounts dne for any Escrow Items for which payment of Ftmds has been waived by Lender and, if Lender reqnires, shall fimfish Io Lender receipts evidencing snch payment within snch time period as Lender may reqnire. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenaut and agreement contaiued in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If BorroWer is obligated to pay Escrow Items directly, pursnant to a waiver, and Borrower fifils to pay the amount clue for an Escrow Item, Lender may exercise its fights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke Ihe waiver as to any or all Escrow Ilems at any time by a notice given in accordauce with Section 15 and, upon such revocation, Borrower shall pay to Leuder all Fnnds, and in such mnounts, that are theu required under riffs SectiOn 3. Lender may, at any time, collect and hold Funds in an amouut (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, ~nd 0)) not to exceed the maximmn amount a lender can reqt, ire under RESPA. Lender shall estimate the amouut of Funds due on the basis of curreut data and reasouable estimates of expenditures of future 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, instrnmenlality, or entity (including Lender, if Lender is an institutiou whose deposits are so insnred) or in any Federal Home Loan Bank. Lender shall apply the Funds lo pay the Escrow Ile,ns no later than the time specified under RESPA. Lender shall not charge Borrower for holding and apl)lying lhe Funds, annually analyzing the escrow acconnt, or verifying the Escrow Ice,ns, unless Lender l)ays Borrower interest on the Fnnds and Applicable Law permits Lender to niake such a charge. Unless an agreement is made in writing or Applicable Law reqnires interest to be paid on the Fnnds, Lender shall not be reqnired to pay Bon'ower any inlerest or emqfings on the Funds. Borrower and Leuder can agree in writing, however, that interest Shall be paid on tl~e Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by ~SPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account lo Borrower for lhe excess funds in accordance with RESPA. If tl~e,'e is a shorlage of Funds held iu escrow, as defined under ~SPA, Lender shall notify Borrower as required by RESPA, and Bon'ower shall pay to Lender amonnt necessary to make up the shortage in accordance wilh RESPA, but in no more than 12 monthly payments. If il}ere is a deficiency of Funds held in escrow, as defined under ~SPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender lhe amount necessary to make up the deficiency in accordance wilh RESPA, but in no more Ihan 12 monddy payments. Upon payment in fidl of all sums secnred by this Security h~slru,nent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can atlain priority over this Security Iustrument, leasehold payments or ground rents on the Property; if any, anti Commnnity Associalion Dues, Fees, and Assessments, if any. To the extent that lhese items am Escrow Items, Borrower shall pay them in the manner provided in Section 3.' Borrower shall promptly discharge any lien which has priorily over this Security Instrument nnless Borrower: (a)' agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so loug as Borrower is performing such agreement; (b) contests the lien in good faill~ by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent Ihe enforcement of lhe lien while those proceedings are pending, but only nntil snch pmceediags m'e conclnded; or (c) secnres fi'om the holder of the lien an agreement satisfactory to Lender subordinating the lien lo this Securi~ Instrument. If Lender determines that any part of the Property is subject to a lien which can alia;il priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Wilhin 10 days of the dale on which that notice is given, Bon'oWer shall satisfy the lien or take one or more of the actions set forlh 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 Loam 5. Property Insurance. Borrower shall keep the improvements now existing or hereaher erecled ou the Property insured against loss by fire, hazards inclnded widfin ll~e lenn "exteuded coverage," and any other hazards inclnding, bnt not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounls (including deductible levels) and for the periods that Lender reqnires. What Lender requires pursnanl to the preceding semences can change during the term of the Loan. The insnrance can';er providing the iusnrance shall be chosen by Borrower subject to Lender's dghl to disapprove Borrower's choice, which right shall uot be exercised unreasonably. Lender may reqnire Borrower to pay, in connection with this Loan, either: (a) a oue-time chm'ge fi)r flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services aud subsequent charges each time remappings or similar changes occur which reasonably might affect snch determination or certification. Borrower shall also be responsible flu' Ihe paylnent of any fees imposed by the Federal Emergency Mauagement Agency in connection wilh Ihe review of any flood zone determination resnlting from an objection by 'Borrower. If Borrower fifils to maintain any of the coverages described above, Leuder may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is nnder no obligation to lmrchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, bnt might or might not protect Borrower, Borrower's equity in the Property, or lhe contenls of the Property, ag0inst any risk, hazard ~-6A(WY) (0005) CHL (08/00) Page 4 of 11 / ~ Form 3051 ~01 DOC ID #: 00054947023050'04 or liability and might provide greater or lesser coverage Ihan was previously in effect. Bon'ower acknowledges that the cost of Ihe insurance coverage so obtained might significantly exceed tile cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Inslrmneut. These amounts shall bear interest al the Note ,'ate fi'om the date of disbnrsement and shall be payable, with such interest, upon notice fi'o,n Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lende,"s right to disapp,'6ve such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have Ihe right to hold lhe policies and ,'enewal certificales. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums aud renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, fi)r damage to, or destruction of, the Property, such pOlicy.shall iuclude a standm'd mo,'tgage clause and shall name Lender lis mortgagee and/or tis an additional loss payee. In the event of loss, BorroWer sball give prompt notice 1o the insurance ca,-rier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower olherWise ag,'ee in writing, any insurance proceeds, whether or not the umlerlying insurance was required by Lende,', shall be applied to restoration or repair of tile property, if lhe restoration or repair is economically feasible and Lender's security is not lessened:. During such repair and ,'es}oration period, Lender shall have the right to hold such insurance proceeds nntil Lender has had an opportunity to iuspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such iuspection shall be undertaken promptly. Lender may 'disbnrse proceeds for the repairs and restoration in a siugle payment or in a series of progress payments as the woik is co~npleted. Unle:is an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be requi,'ed 1o pay Borrower any interest or eamiugs on such proceeds. Fees for public adjusters, or other third parlies, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the resloratiou or repai,' is not economically feasible or Lender's security would be lessened, the mst,rance proceeds shall be applied to Ihe sums secured by this Security Instrument, wbelher or not then due, with tile excess, if any, paid to Bon'ower. Such insurance proceeds shall be applied in lhe order provided for in Section 2. if Borrower abandons the Properly, Lender may file, negotiale a,,d settle any available insn,'ance claim and related matters. If Bormwe,' does not respond'within 30 days io a notice fi'om Lender that the iusurance ca,'rier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In 'eilher event, or if Lender acquires the Property unde,' Section 22 or otherwise, Borrower he,'eby assigns 1o Lender (a) Bo'rrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under Ihe Note or this Secnrity lnstrnment, and tb) any oilier of Borrower's rights (olher than tile right to any refimd of unem-ned premiums paid I~y Borrowe,') uuder all i,lsurance policies covering the Property, insofar as such rights are applicable to lhe cove,'age of the Property. Leuder may use tile insurance proceeds either to repair or restore the Property or Io pay amounts unpaid under the Note or this Security Instrument, whelher or uot then due. 6. Occupancy. Bon'ower shall occupy, establish, and use Ihe P,'operty as Borrower's principal residence within 60 (lays after the execution of this Security Instn,ment and shall coutinue to occupy lhe Property as Borrower's principal residence for at least one yem' after the date of occupancy, unless Lender otherwise agrees in whting, which consent shall not be unreasonably withheld, or unless extenuating circmnstances exist which m'e beyond Borrower's control. 7. Preservation, Maintenance and Proleelion or the Property; Inspeclions. Bo,'rower shall not destroy, damage or impair the Property, allow the Property to deleriorate or commit waste on the Property. Whether or not Borrower is residing in the ProPerty. Bon'ower shall mainlain lhe Property ill order to prevent the Property fi-om deterioratil~g or decreasing in value due to its condilion. Unless it is determined pursuant to Section 5 that repair or resloration is not economically feasible, Borrower shall p,'o~nptly repair the Property if damaged to avoid timber deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property. Bo,'rower slmll be re~;ponsible for repairing or restoring the Property only if Lender has released proceeds fo,' such purposes. Lender may disburse proceeds for the repairs aud restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property. Borrower is not relieved of Bo,'rower's obligation for the completion of such repair or restoration. Lender or its agent ,-nay .make reasonable entries upon aud inspectious of the Property. If' it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrowe,' notice at the time of or prior to such an interior inspeclion specifying such reasonable cause. 8. Borrower's Loan Application. Bon'ower shall be in del'at,It if, during the Loan application process, Borrower or any persons or entities acting at the direction of Bon'ower or with Borrower's kuowledge or consent gave materially false, misleading, or inaccnrate informatiou or statements to Lender (or failed to provide Lender with material information) in conaection wilh the Loan. Material represeutations include, but are not limited to, represenlations concerning Borrower's occupancy of tile Property as Borrower's principal residence. II~®-6A(WY) (0o05) CHL (08/00) Page 5 oi 11 DOC ID #: 0005494702305004 9. Protec£ion of Lender'S Interest in th~ Property and Righls Under this Security Instrmnent. If ia) Borrower fails to perform tile covenants and agreements contained in this Security Insm.nent, (b) there is a legal proceeding that migbt significandy affect Lender's imerest in die Property and/or rights uuder'this Security Instrument (such as a proceeding in bankruptcy, probate, roi' condemnation or forfeiture, for enforcement of a lien which may attain priority over ibis Security Instrument or to enforce laws Or regulations), or (c) Bon'ower has abandoned the Property, then Lender may do aud pay for whatever is reasonable or appropriate to protect Lender's interest in tile Property and rights nnder this Security lnstn.ment, inclnding protecting and/or assessiug the value of tile Property, and securing and/or repairing lhe Property. Lender's actions can include, b~t,t are not limited lo: ia) paying auy sums secured by a lien which has priority over tilts Security Instrument; (b) appearing in court; and (c) payiug reasonable anorneys' fees to protect its interest in lite Property and/or rights under this Security luSlmment, inclnding its secured l)osition in a banlm4)tcy proceeding. Securing the Property inclndes, but is not limited to, entering the Property to make repairs, change locks, replace or bom-d tip doors and windows, drain water fi'om pipes, eliminate buihling or' odler code violations tlr dangerous conditions, aud have utilities turned on or off. Al}bough Lender may take action under this Section 9, Lender does not have to do so and is not unde,' any duty or obligation to do so. It is agreed that Lender incurs 1!O liability for not taking ally or all actions authorized umler this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additioual debt of Bom)wet secured by this Security hmtmlnent. Tllese amounts shall bear iuterest al Ihe Note rate fi'om 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 silall comply with all Lhe provisions of Ihe lease. If BorroWer'acquires fee title to the Property, the leasehold aud ihe fee title shall not merge uldess Lender agrees to Ihe merger in writing. 10. Mortgage Insur.'mce~ I1' Lender reqnired Mortgage Insurance as a condition of making tile Loan, Borrower shall pay the premimns required to maintain tile Morlgage Insurance in effect. If, for any reason, tile Mortgage Insurance coverage required by Lender ceases to be available fi'om the mortgage iusurer that previously provided such insurance and Borrower was required to make separately designated payments towm'd tile premiums for Mor;gage Insurance, Borrower shall pay the premiums required to obtain coverage substantially eqnivalent to the Mortgage Insurance previously iu effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from aa alternate modgage insurer selecled by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall contiuue to pay to Lender the amount of the sepm'ately designated paymeuls Ihat .were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refuudable, notwithsta'mlmg the fact lhal Ihe Loan is ultimale!y paid in full, and Lender shall not be reqnired to pay Borrower any inlerest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Morlgage Insurance coverage (in the amount and for the period that Lender reqUires) provided by an insu,'er selected by Lender again becomes available, is obtained, and Lender requires separately designaled payments towm'd the premiums fo,' Mortgage Insurance. If Lender reqLfired Mortgage Insurance as a condilion of making the Loan and Borrower was required to make separately designated payments towa,'d the l)remiums for Mortgage Insurance. Borrower shall pay the premiums reqL]ired to maintain Mortgage Insurance in effect, or to provide a non-refumlable loss reserve, nntil Lender's requirement for Morlgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or mnil termination is req,lired by Applical)le Law. Nothing in tiffs Section 10 affects Borrower's obligation Io pay interest al tile rate provided ill the Note. Mortgage Insnrance reimburses Lender (or any entity lhal pu,'clmses tile Note) fi)r ce,'tain losses it may incur if Borrower does not repay tile Loan as agreed. Borrower is ,lot a pm'ty lo tile Mortgage Insnrance. Mortgage insurers evaluate their total risk on all such insurauce ill force fi'om time to time, and may enter into agreements with other pm'ties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that m'e satisfactory to lhe mortgage inst,rer ami tile other party (or pa(ties) to these agreements. These agreements may require lite mortgage i,~sm'er to make payn}ents using any so,rte of funds that the mortgage insurer may have available (which may include fnllds obtained from Mortgage lnsurmme 'prelniums). As a resnlt of these agreements, Lender, any purchaser of tile Note, another insurer, any reiusurer, aay other entity, or any affiliate of any of the foregoing, ,nay receive (dil'ectly or indirectly) a,nounts that derive from (or might be chm'acterized as) a portion of Borrower's pay,nents fi~r Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reduciug losses. If such agreemeut provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a shm'e of' the premiums paid to the insn,'er, the m'rangement is often termed "captive rei,surance." Fu,'lher: Ia) Any such agreements will not affect the amounts lhat Borrower has agreed to pay for Mortgage Insurance, or any other lerms of the Loan. Such agreemenls will not increase tile amount Borrower will owe l'or Mortgage Insurance, and lhey will not entitle Borrower to any refund. 4~)®-6A(Wy) (0o05) CHL (08/00) Page 6 of 11 Inilial~,~ /~~ Form 3051 i~/01 DOC ID #: 0005494702305004 (b) Any such agreements will not affect the rights Bnrrower has - if any - wilh respect to the Mortgage Insurance under tl~e Homeowners Prolection Acl of 1998 or any other law. These rights may inclnde the right to receive' cerlaln disclosures, ~o reqnesl and oblain cancellation of the Mnrtgage Insurance, to have the Mortgage lnsurm~ce lerminaled aulomalically, and/or to receive a retired o1' any Morlgage Insurance premiums that were unearned at the lime of such cancellation or terminalion. 11. Assigmnent nf NHgcellaneous Proceeds; Forl~ilnre. All Miscellaneous Proceeds are hereby assigned 1o and shall be paid ~9 Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied ~o restoration or repair of Property, if thc restora6on or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the righ[ ~o hokl such Miscellaneous Proceeds until Lender has had an opportunity [o inspect snch Property ~o ensm'e the work has been completed to Lender's satisfaction, provided flint snch inspection shall be undertaken promptly. Lender may pay for Ibc repairs and restoration in a single disbursemem or in a series of progress payments as Iht work is complelcd. Unless an agreement is made in writing or Applicable Law mqnires imerest ~o be paid on such Miscellaneous Proceeds, Lender shall not be required [o pay Borrower any interest or earnings on snch Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's securi~ would be lessened, ibc Miscellaneous Proceeds shall be applied to the snms sedured: by this Security Instrulnent, whether or not then dne. with the excess, if any, paid to Borrower. Such Miscellaneons Proceeds shall be applied in lhe order provided for in Seclion 2. In the event of a total taking, destruction, or loss in value of Ihe Property, the Miscelhmeous Proceeds shall be applied to the sums secured by this Secm'ity Instrument, whed~er or not then dne. with tl~e excess, 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 belbm the partial taking, destmctioa, or loss in value is equal to or grealer than II~e amount of the snms secured by this Security Instrument immediately before tl~e partial taking, ¢lestruclion, 0r loss in value, unless Borrower and Lender otherwise agree in wriling, lhe sums secnred by this Security Instrument shall be reduced by the amount of the~ Miscellaneons Proceeds multiplied bY the following fraction: (a) the total amount of Ihe snms secured immedimely before the partial laking, destruction, or loss in value divided by {b) the fair market value of the Property immedialely heft)re the partial taking, destrnction, or loss in value, Any balance shall be paid to Borrower. In the event of a parlial taking, desh'uction, m' loss in value of the Proper~ m which the fair market valne of the Property immediately before the partial laking, destruction, or loss in value is less than the amomn of the sums secnred immediamly before the partial taking, desh'uction, or loss in value, unless Borrower and Lender otherwise agree m writing, the Miscellaneous Proceeds shall be apl)lied to the sums secnred by this Secm'i~ Instrument whether or not the snms are then due. If the Property is abandoned by 'Borrower, or ih after notice by Lender to Borrower that the Opposing Party (as defined in the next senlence} offers to make an awm'd to settle a claim for damages. Borrower fails to respond to Lender within 30 days after lhe date the notice is given, Lender is amhm'ized to collect and apply d~e Miscellaneous Proceeds either to res~oranon or repair of lhe Property or to the sums secured by this Security Instrnment, whelher or not then due. "Opposing Party" means the third pm'~y Ihat owes Bon'ower Miscellaneous Proceeds or tl~e party against whom Borrower has a fight of action in regard to Miscellaneous Proceeds. Bon'ower shall be in default if any action or proceeding, whether civil or criminal, is begnn that. in Lender's judgment, could resul~ in forfeiture of the Proper}y or off,er malefial impairment of Lender's interest in the Property or nghls nnder this Security Insm,nent. Bon'ower can cure such a default and, if acceleration has occurred, reinstale as provided in Section 19, by cansing the action or proceeding to be dismissed witl~ a ruling that, in Lender's judgment, precludes forfeiture of the Properly or olher material ~mpairmem of Lender's interest in the Property or rights nnder this Secnfity Instrun~ent The proceeds of any award or claim for damages that are atlributable to the impairment of Lender's interest m the Property are hereby assignetl and shall be paid to Lender. All Miscellaneons Proceeds that are no~ applied to restoration or repair of the Property shall be applied in the order provided for in Section 2, 12. Borrower Not Released; Forbearance By Lender Nol ti Waiver. Extension of the time for paylnent or modification of amortization of the stuns secnred by tiffs Secndty Instrument granled hy Lender to Bon'ower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bon'ower. Lender shall not be reqnired to commence proceedings againsi any Successor in Interest of Borrower or to refl~se to extend time for payment or olherwise modify amortiza6on of the snms secured by this Secnrity lnsn'ument by reason of any demand made by the mSginal Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including. wilhont limitation, Lender's acceptance of payments fi'om third persons, enlilies or Successors in lnteresl of Borrower or in amounts less than the mnonnt then dne, shall not be a waiver of or preclude the exermse of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. Borrower covenants and ag~es that Borrower's obligations and liability shall be join~ and several. However, any Bon'ower who co-s~gns this Secnrity h~stmment but does not execute the Note la "co-signer"): (a) is co-signing this Security (~®-6A(WY) (ooo5) CHL (08/00) Page 7 of 11 Form 3051 lJ/01 DOC ID #: 000549470230.5004 Instrulnent only to mortgage, grant and couvey tile co-signer's interest in file Property under tile lerms of this Security Insu'ulnent; (b) is no{ Personally obligated to pay Ihe sums secured by this Security I,tstl'Ulnent; and (c) agrees that Lender and-any other Borrower can agree to exleud, modify, forbea,' or make any accommodations with regard'to the terms of lhis Security h~stl'ument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Snccessor ill hlterest of BorrOwer who assumes Borrower's obligations nnder this Security !nstrulnent in writiug, and is approved by Leuder, shall oblain all of Borrower's rights and benefits nnder tMs S'ecurity Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Insmlmeut unless Lender agrees to such release m writing. The covenants and agreernents of this Security Instrument shall bind (except as p,'ovided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees fei' services performed ill connection with Bon'ower's defimlt, for the purpose of protectiug Lender's ilnerest ill the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority ill this Security Instnlment to charge a specific fee 1o Borrower shall not be construed as a prohibition on the chargiug of such fee. Lender may not charge fees lhat are expressly prohibited by this Security Instrument or by Al)l)licable 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 loaff charges collected or to be collecled ill connection with the Loan exceed the permitted limits, then: (al) any such loan charge shall be reduced by the amount necessm'y to rednce the charge to the permitled limit; and (b) anY sums already collecled from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this I'eflll~d hy reducing the principal owed under the Note.or by making a direct payment to Borrower. If a rebind rednces principal, lhe rednction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refnnd made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have a,'ising out of such overcharge. 15. Nntices. All notices given by Borrower or Lender in Colmection with this Security Instrument must belu writing. Any notice to Borrower in connection with this Security Inslrulnent shall be deemed to have been given to Borrower When mailed by first class mail o,' when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers uldess Applicable Law expressly requires' otherwise. Tile notice addi'ess shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of BorrOwer's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address th,'ongh that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by !nailing it by ill'St class mail to Lender's address stated herein unless Leuder has designated another address bY notice to Bon'ower. Any notice in connection with this Security Insmnnent shall not be deelned to have been given }.o Lender until actually received by Lender. If any notice reqt, ired by this Security Instrument is also required under Applicable Law, file Applicable Law requirelnent will satisfy the corresponding requirement uuder this Security Instrnn~ent. 16. Guverning Law; SeYerability; Rules o1' Constructinn. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which tile Property is located. All rights and obligations contained in this Security Ins[rument are subject to any reqnirelnents and lilnitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be sileut, but such silence shall not be construed as a prohibition against agreernent by contract. In the event thai ally provision or clause of this Security Instrument or lite Note conflicls with Applicable Law, such conflict shall not affect other provisions of this Security Instnnnent or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and inchlde corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plm-al and vice versa; and (c) tile word "maY" gives sole discretion with(mi any obligation .io take any action. 17. Borrower's Copy. Borrower shall be given one copy of tile Note and of this Security Insh'ument. 18. Transfer uf the Property or a Beneficial In~erest in Burrower. As used in this Sectiou 18, "Iuterest in tile Property" means any legal or beneficial inlerest in Ihe Property, includi,lg, but not limiled to, those beneficial interests transferred in a bond for deed, conll'act Ibr deed, inslalhnent sales contract or escrow agreelnent, tile intent of which is the transfer of title hy Borrower at a ftlllti;e date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or tl-ansferred (or if Borrower is not a natural pe,'son and a beneficial iuterest irt Borrower is sohl or transferred) wilhout Lender's prior wrillen consent, Lender may require immediate payment in full of all sulns secured by this Security Instrun~ent. However, this option shall not be exercised by Lender if such exercise is prohibited hy Applicable Law. If Lender exercises this option, 'Lender shall give Borrower uotice of acceleration. Tile notice shall provide a period of not less than 30 days froln the date the uotice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security lnslrument. If Borrower fails to pay these sums prim- to the expiratiou 0f this period, Lender may invoke any relnedies permitted by this Security Instrulnent without further notice or demand on Bom)wer. (~®-§A(WY) (0005) CHL (08/00) Page 8 of 11 ' Form 3051 110~ DOC ~D #: 0005Zlg~t?0230500zl 19. Borrower's Right to Reinstate After Acceleratiom Ir Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior Io earliest of: (a) five days before sale of the Property pursnant to auy power of sale conlained in dfis Security Insmnnent; (b) snch other pel'iod as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Secndty Insmunent. Those conditions are that Borrower: (a) pays Lender ail sums which~ then would be due under this Security Instrument and lbe Note as if uo acceleration had occnrred; (b) cures any de[anlt of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security instrnment, including, but nol limited to, reasonable attorneys' fees, property iospection and valuation fees, and other fees incurred for the purpose of pr~tecling Lender's interest in the Property and rights under [his Security Instrument; ami (d) takes such action as Lender may reasonably reqnire to assm'e that Lender's interest in the Properly and rights under tiffs Security Insmnnent, and Borrower's obligation to pay the snms secured by this Secnrity Inslrument, shall continue unchanged. Lender may require that Borrower pay snch reinstatement stuns and expeuses 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 snch check is drawn npon an institutiou whose deposils are insnred by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upou reinstatement by Borrower, lhis Securily Instrmnent and obligations secured hereby shall remain [ully effective as if no acceleration had occnrred. However, this right to reinstate shall not apply in the case of acceleralion under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this SecUrity Instrument) canbe sokl one or more limes without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collecls Periodic Payments due nnder the Note and this SecuiSty Instrument and performs other mortgage loan servicing obligations under the Note, this Securi~ instrnment, 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 Ihe Loan Servicer, Borrower will be given writteo notice of the change which will state the name and adth'ess of the new Loan Servicer, tl~e address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sokl and thereafter the Loan is serviced by a Loan Servicer od~er than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to, a successor Loan Servicer and are not assnmed by the Note pnrchaser unless otherwise provided by the Note purchaser. . Neither Borrower nor Lender may commence, join, °r be joined to any judicial action (as either an individual litigant or the member of a class) that m'ises from the other party's actions pursuant to this Security h~stmment or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other p~ty (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 snch notice to take con'ective aclion. If Applicable Law provides a time period which mnst elapse before certain action can be laken,' that time period will be deemed to be reasouable for ptnposes of tiffs paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to Satisfy the notice and opportnnity to take corrective action provisions of this Section 20. 21. Hazardons Substances. As used in this section 21: (a) "Hazardous Substances" m'e those snbstances defined as toxic or hazardous snbstances, pollntants, or wastes by Environmemal Law and the following substances: gasoline, kerosene} other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containiog asbestos or formaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jnrisdiction where the Property is located d~at relate to health, safety or environmental protection; (c) 'Environmental Clemmp" includes any response action, remedial action, or removal actiqn, as defined in Environmemal Law; and ('d) an "Environmental Condition" means a condition that can canse, contribule to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Snbstances, or threaten to release any Hazardous Substances, on or in lhe Property. Borrower shall not do, nor allow auyone 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 lo the presence, ose, or release of a Hazardons Substance, creates a condition that adversely affects Ihe value of the Property. The preceding two sentences shall not apply to the presence, nsc, or storage on the Property of small quantities of Hazardous Substauces that are generally recognized to be appropriate to normal residential nses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer prodncls). Borrower shall PromPtly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regnlatory agency or private party involving the Proper~ and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviroumenlal Condition, inchlding bnt not limited lo, any spilling, leakiug, discharge, release or threat of release of any Hazardons Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govemmenlal or regnlato~ authority, or any private par~, that any removal or other remediation 0f any ttazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessm'y remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmenlal Cleanup. ~_~-sA(Wy) 10005) CHL (0al00) PaDe 9 of ~ Form 3051 ~/~ DOC ID #: 000549q?02305004 NON-UNIFORM COVENANTS. Borrower and Lender hn'lher covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior t0 acceleration l'ollowing Borrower's breach or any covenant or agreement in this Secnrily lnstrmnent (bul not prior to acceleration nnder Section 18 unless Applicable Law provides otherwise). The nolice shall specify: (a) the defanlt; (b) the .'tclion required to cnre the delholt; (c) a dale, not less tlian 30 days from the date the notice is given to Borrower, by which the defaull lnust be cured; and (d) thai failure lo cnre Ihe der.'mlt on or before the date specified in the notice may result in acceleralion of the stuns secured by this Security lnstrnment and sale of file Property.'The notice shall fnrther inform Borrower of the right to reinslate aller accelerati0q and the righl to bring a court action lo assert the non-existence of a delhult or any other defense of Borrower to acceleration and sale. If tile default is not cured on or before the date specified in the notice, Lender at ils option may require immediate payment in Iidl of all snms secnred by this Seem'try Inslrument without fi~rther demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be enlitled 1o collect all expenses incurred in pursning the remedies provided in this Section 22, including, but nol limited lo, reasonable attorneys' fees and costs of title evidence. Il' Lender invokes the power of sale, Lender shall give nolice of inlent lo h}reclose to Borrower and to the person in possession of the Property, il' different, in accordance wilh Applicable Law. Lender shall give notice of [he sale It} Borrower in lhe ~nanner provided i, Section 15. Lender shall poblish lhe nolice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or ils designee may purch.'tse the Property at any sale, The proceeds ol' lhe sale shall be applied in the following order: (a) lo all expenses o1' the sale, including, but nol limited to, reasonable altorneys' fees; (b) to all snms secured by this Secnrity Instrument; and (c) any excess Io the person or persons legally entilled to it. 23. Release. Upon payment of all sums secured by this Security lnstrumeot, Lender shall release this Secnrity h~stmment. Bon'ower shall pay any recordation costs. Lender may charge Bon'ower ,q fee for releasing this Security Instrmnent, 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 fights under and by virtue of the homestead exemption laws of Wyo~ning. BY SIGNING BELOW, Borrower accepts anti agrees lo the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ROBERT A. GRI~F'ITH (Seal') GRiFFiTHt ~ 0 (Seal.) -Borrower Seal') (~®-6A(WY) (0005) CHL (08/00) Page 10 of 11 Form 3051 1/01 by My Commission Expires: ._.J%~ I/~, ~ ~ Notar% (~®-6A(WY) (ooo5) CHL (08100) Pagellolll [Space Above This Line For Recording Data] ADJUSTABLE RATE RIDER (LIBOR Index - Rate Caps) After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: BRENDA COUOH 30480 0005494702305004 [Escrow/Closing #] [Doc ID #] THIS ADJUSTABLE RATE RIDER is made this SEVENTH day of MAY, 2004 . and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust. or Deed to Secure Debt (the "Security hmtrumenl") of the same date g~ven by the undersigned (the "Borrower") to secure Borrower's Note to AMERICA'S WHOLESALE LENDER 1856 LOST CREEK COUNTY RD. 120 THAYNE, WY 83127 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. MULTISTATE ADJUSTABLE RATE RIDER - LIBOR NDEX - Single Family CONV · BO - ARM Rider 2U193-XX (01/01)(d) Page 1 of 3 * 2 3 9 9 I * * 05494 7023000002U193' DOC ID #: 0005494702305004 ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fm'ther covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHA. NGES The Note provides for an initial interest rate of 6.500 the interest rate and tile ,nonthly payments, as follows: %. Tile Note provides for changes in 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay ,nay change ou the first: day of ~JUNE, 2006 , and on that day every sixtl~ moulh thereafter. Each date ou which my interest rate coukl change is called a "Change Dale." (B) The Index Beginlnng with II~e first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered rates for six-month U.S. dollar-denominated depOsits in the London market ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as of the date 45 days before each Change Date is called the "Cun'ent Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calcul:dion o1' Changes Befo,-e each Ctmnge Date; the Note Holder will calculate my new inte,'est rate by adding FIVE & ONE HALF pe,'centagepoint(s')t 5. 500 %.1 to tile Current Index. The Note ttokler will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4iD) below, lhis rounded amount will be my new interest tale until the next Change Date. The Note Holder will then determine the amoun, of the monthly payment that would be sufficient to repay the unpaid principal lhat I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The rest,h of this calculaliou will be the new amount of ,ny monthly payment. (D) Limits on Interest Rate Changes Tile interest ,'ate I am required to pay at the first Change Date will [lot be greater thau 8.000 % or less than 6. 500 %. Thereafter, my interest tale will never be increased or decreased on any Change Date by more than single ONE & ONE HALF percentage pointts) ( 1. 500 %)from the rate of interest. I have been paying for the preceding six monlhs. My interesl rate will never be greater than 13.500 % or less than 6.500 %. (E) Erfective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of ,ny new monthly payment beginmng on the first monthly pay[nent date after the Change Date until the amount of my ~nonthly payment changes again. (F) Nntice of Changes The Note Holder will deliver or mail to ,ne a notice of auy changes in my iute,'est rate and the amount of my monthly payment before the effective date of any change. The not,ce will include iufo,'mation required by law to be given me and also the title and telephone number of a person who will auswer any quest[on I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Coveuant 18 of the Security Instrumenl is amended to read as follows: Transl'er of the Property or a Benericial Interest in Borrower. As used in this Section 18, "Inlerest in the Property" means any legal or beneficial inlerest m the Property, including, but not limited to, those beneficial interests transferred in a bond roi' deed. COnlract for deed. inslalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date [o apt, rchaser. CONV · BC - ARM Rider 2U193-XX (01/01) Page 2 of 3 9. OBLIGATIONS OF PERSONS UNDER 'I;HIS NOTE 700 LOAN #: 54947023 If more than oue person signs this Note, each person is fully and personally obligaied to keep all of the promises made in this Note, inclnding the'promise to pay the full amount owed. Auy person who is a gum'antor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises Inade in this Note. The Note Holder may enforce its ,'ights under this Note against each person individu,'flly or against all of us logether. This means that any one of us may be required to pay al! of the alnounts owed under this Note. 10. WAIVERS I and any other person who has obligations under tbis Note waive the rights of Presentment and Notice of Dishonor. "Presentment" means the right to require the Note Holder to demand paymem of amounts due. '"Notice of Dishonor" ~neans the right to ,'equire the Note Holder to give notice to other persons that amounts due have not been paid. 11. UNIFORM SECURED NOTE This Note is a uniform instrument with limited variations in some jurisdictions. In addition to lhe protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Insmunent"), dated the same date as this Note, protects the Note Holder fi'om possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment m fidl of all amounts I owe under this Note. Some of those conditions are described as fi)llows: If all or any part of the Property or any Intemsl in the Property is sold or transferred (or if Borrower is not a natural person attd a beneficial interest in BorrOwer is sold or trausferredl without Lender's prior written co,men,. Lender may reqnire immediate payment in f~ll of all sums secu,'ed by Ibis Secnrity Instmmem. However, this option shall not be exercised by Lender if such exercise ~s prohibited by Applicable Law. If Lender exercises this option, Lender shall give Bo~Tower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om tile date tile notice is given in acco,'tlance with Section 15 within which Bon'ower must pay all snms secured by this Security Instrument If Borrower fails to pay these snms prior to tile expiration of this period, Lender may invoke any remedies permitted by this Secm'ity Inslrumen[ without furthe,' notice or demand ()il Borrower. WITNESS THE HAND(S) AND SEAL(S) OF TI{E UNDERSIGNED. ROBERT A. GRIFFIT~' (Seal) LIND~ G. COUTTS-GRIFFITH AKA . - ' {Seal) -Bmrower ('Seal) -Borrower [Sign Original Oaly] CONV · BC- ARM Note 20183-WY (01/01) Page 3 of 3 701 [Space Above This Lh~e For Recording Data] SECOND HOME RIDER AfterRecordingRelumTo: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Bo~ 10423 Van Nuys, CA 91410-0423 PreparedBy: BRENDA COUOH 30480 [Escrow/Closing #] 0005494702305004 [Doc ID #] THIS SECOND HOME RIDER is made this SEVENTH day of MAY, 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the sa{ne {late given by the undersigned (the "Borrower" whether there m-e one or more persons undersigned) to secure Borrower's Note to AMERICA'S WHOLESALE LENDER (the "Lender") of the same date and covering the Properly described in the SecuFity Instrument (the "Prope,'ty"), which is located at: 1856 LOST CREEK COUNTY RD. 120 THAYNE, WY 83127 [Property Address] MULTISTATE SECOND HOME RIDER - Single Family - Freddie Mac UNIFORM INSTRUMENT Page 1 of 2 (~®-365R (0011 ) CHL (11/0fl)(d) VMP MORTGAGE FORMS ~ (800)521-7291 CONV/VA * 23 99 1 * * 054947023000002365R* 702 DOC ID #: 0005494702305004 In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fnrther covenant aud agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy, Borrower shall occupy, and shall o,dy use, the Property as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or lo any rental pool or agreement that requires Bon'ower either to rem the Property or give a lnanagement firm or any other person any control over the occupancy or use of the Pro perry. 8. Borrower's Loan Application. Bon'ower shall be in defiwlt 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 materially false, misleading, or maccnrate information or statements 1o Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited lo, representations concerning Bon'ower's occnpancy of the Property as Bon'ower's second home. BY SIGNING BELOW, Borrower accepts and agrees to the te,'ms and provisions contained in this Second Home Rider. ~~~/ (Seal) ROBERT A. GRIFFITH -Borrower LINDA G. COUTTS GRIFFITH AKA LllqDA Gr.. GRIFFITH - Borrower (Seal') - Borrower (Seal) - Borrower (~®-365R (0011) CHL (11/00) Page 2 of 2 Form 3890 1t01