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HomeMy WebLinkAbout899703#30444(02) Return To: Land Title Company 160 East Broadway Jackson, WY 83001 Prepared By: : 24000133 *This document is being rerecorded tO correct legal description. RECEIVED LINOOLN COUNTY CLERK 898983 ,,,, -2 P?! I.,: 38 Krissy Ellison 2401 LAKE PARK DRIVE, SUITE 300, SMYRNA, GEORGIA 30080 ooK S 9 BOOK [Space Above Tiffs Line For Recording Data] MORTGAGE -.,a .,. 34~N 1000~sso, o~?145341 Recorded ..-~.~Z~,,.l.~...q.., ..... at ..[~.~.~9 eq M ,. Book ~S2.. Paflo....~ ...... Kem~;';;';,"~? No...~.~.~..~.~..~ ......... ,Jeanne Wagner, Clerk RECEIVED DEFINITIONS LINCOLN COUNTY CLERK Words used in lnultiple sect ons_of_thisxlocument are defined bd;ovo~.,,m~fl '.~er~iN, c~Cs 10F~ defined Sections 3, 11, 13, 18, 20 andS]~ g,7~ai~ ;u~les regard,ng the usage of words used in this document are also provided in Section 16. ,J LAN[q i:. (A) "Security Instrumeut" means this doculnent, which is datedApril 30, 2004 , together with all Riders to this document. (B) "Borrower" is CATHERI~ S. PEET PATRICK I.. HILLIG~ ~ Wkfe and Husband Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a: separate corporation that ts acting solely as a nominee tbr Lender and Leuder's successors and assigus. MERS is the mortgagee uuder this Security h~strument. MERS is orgauized and existing under the laws of Delaware, and has au address and telephone number of P.O. Box 2026, Flint, MI 48501:2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~®-6A(WY} 100051.02 ~i~ Page 1 of 15 Initials: , ' · VMP MORTGAGE FORMS - 1800)521-7291 Form 3051 1/01 '' .... 0,3O (D) "Lender" is SUNSHIN~/ MORTGAGE CORPORATION Lender is a CORPORATION organized and existing under the laws of The State of Georgia Leuder's address is P.O. iBox 9274, Marietta, GA 30065 CE) "Note" means the pronfissory note signed by Borrower and datedApril 30, 2004 The Note states that Borrower owes Lender two hundred forty-nine thousand nine hundred and 00/100 Dollars (U.S. $ 249,900.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in 1411 not later than May 1, 2034 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" inemrs the debt evidenced by the Note, plus iuterest, any prepayment cbarges and late charges due under tire Note, and all sums due under this Security Instrument, plus inte?est. CH) "Riders" means all Riders to this Security h~strument that are executed by Borrower. The followiug Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable irate Rider [-~ Condominium Rider ~ Second Home Rider ~] Balloon Rider [-~ Planned Unit Development Rider [~] 1-4 Family Rider [-~ VA Rider " [~ Biweekly Payment 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 coudominium associatiou, homeowners association or similar organization. {K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic ternfinal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Snch term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone,' wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compeusation, 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) danmge to, or destruction of, the Property; (ii) condeumatiou or other taking of all or any part of the ProPerty; (iii) conveyance in lieu of condeumation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount clue for (i) principal and interest under the Note, plus (ii) any amounts ander Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are i~nposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. Page 2 o115 ~'"~.~,/¢/// Form 3051 1/01 ~-6AIWY) 10005).02 (Q) "Successor in Interest of Borrower" meaus any party that has taken titl.e to the Property, wtlether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instminent sec~ares to Lender: (i) the repayment of the Loan, and all reuewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument antl the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS,'. with power of' sale, the following described property located in the COUNTY of LINCOLN [Type of Recording .Jurisdiction] [Name of Recording Jurisdiction] ALL THAT CERTAIN REAL PROPERTY AS PIORE PARTICULARLY DESCRIBED ON EXHIBIT A ATTACHED HERETO AIID MADE A PART HEREOF. · Parcel ID Number: 521 SNAKE RIVER DRIVE ALPINE CProperty Address"): which currently has the address of [Street] [City] , Wyoming 8 312 8 [Zip Code] TOGETHER WITH all the i~nprovements now or hereafter erected on the property, aud all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrnment. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower iu this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Leuder 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 Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, granl m~d convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally ihe title to the Property against all claims and demands, subject to any encumbrances of record. THIS 5}ECURITY INSTRUMENT combines uniform coven,'mts for fiational use and non-unilbrm coveuants with linfited variations by jurisdiction to constitute a uniform security instrument covering real property. , (~-6A(WY) (0005).02 UNIFORM COVENANTS. Borrower and Lender covenant aud agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges dne under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrulnent is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made iu one or more of the following forms, as selected by Lender: (a) ca~h; (b) ]noney order; (c) certified check, bank clmck, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Paylnents are deemed received by Lender when received at the location designated in the No~e or at such other location as may be designated by Lender 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, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the futm'e, 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 may 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 flmds or return them to Borrower. If not applied earlier, such funds will.be applied to the outstanding principal balance under 'the Note i~mnediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under- the Note and this Security Ip. strument or perforating the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order 0f priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other mnounts due under 'this Security Instrument, and then to reduce the principal balance of the Note. If Leuder receives a payment from Borrower f~r a delinquent Periodic Pay~neut which includes a sufficient amount to pay any late charge dne, 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 repayrnent of the Periodic Payments if, and to the extent that, each payment cau be paid in full. To the extent that m~y excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous ProCeeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. · 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due uuder 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 Insmunent as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiu~ns for any mid all iusurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any ,~;nms payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in acc(¢dance 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 Conmmnity Association Dues, Fees, and Assessmeuts, if any, 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. B-orrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of Such waiver, Borrower shall pay directly, when and where payable, the amouuts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish 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 agreemen[ contained in this Security Instrument, as the phrase "covenant and ag,'eement" is used in Section 9. If Bo:rower is obligated to pay Escrow Items directly, pursuant {o a xvaiver, and Borrower fails to pay the a~,~onnt dne for an Escrow Item, Lender may exercise its rights under Section 9 and pay such axnount and Borrower shall theu be obligated under Section 9:to repay to Lender any such an~ount. Lender may revoke tile waiver as to any or all Escrow Items at any time by a notice given in accord,'mce 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. Lei]der may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximmn an~ount a lender require under RESPA. Lender shall estimate the an~ount of Funds due on the basis o1! curreut data and reasonable estimates of exp~mditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held iu an institution whose deposits are insnred by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Ba~.k. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall I~.Ot charge Borrower for holding and applying the Funds, mmually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Fuuds and Applicable Law perxnits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on tbe Funds, Lender shall not be required to pay Borrower any interest' or earnings on the Fuuds. Borrower and Leuder can agree in writiug, however, that interest shall be paid Oil 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 uuder RESPA, Lender shall account to Borrower for the excess fun:ls 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 necessar3, to make np the shortage in accordance xvith RESPA, but in no more than 12 inonthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required,I by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordahce with RESPA, but in no more than 12 monthly payments. Upon payment in full i>f all sums secured by this Security Instrument, Lender shall promptly refund ' to B6rrower 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 Community Association Dues, Fees, and Assessments, it' any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unlass Borrower: (a) agrees in writing to the payxnent of the obligation secured by the lieu in a manner acceptable to Lender, but ouly so long as Borrower is performing such agreemeut; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcemeut of 'the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that m]y 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 (~-6AIWY] iooosl.o~ Initials .... 0'34 o8 8 8a lien. Within 10 days of the date on which that notice is 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 tbr a real estate tax verification m~d/or reporting service used by Lender in connection with this Lo~. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafier erected on the Property insured against~loss by fire, hazards included within the term "extended coverage," and rely other hazards including, but:not limited to, earthquakes mid floods, for which Lender requires insurance. This insurmice shall be maintained in the mnounts (including deductible levels) and for the periods that Lender requires. Wliat Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carTrier providing the insurm~ce shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone detemfination, certification :md tracking services; or (b) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or similar changes occur which reasonably ~night affect such determination or certification. Borrower shall also be responsible for the payment of any fees ilnpos':d by the Federal Emergency Management Agency in connection with the review of m~y flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain iusurance coverage, at Lender's optiou and Borrower's expense. Lender is uuder 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, h~ard or liability and inight 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 insurm~ce that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Iilstmment. These amounts shall bear interest at the Note rate from the date of disbursement m~d shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, ~d shall n~e Lender as mortgagee and/or as an additioual loss payee. Lender shall have the right to hold the policies m~d renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause ~d shall name Lender as mortgagee ~d/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, m~y insur~ce 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 tEasible 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 opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be uudertaken promptly. Lender may disburse proceeds tbr the repairs ~d restoration in a.single payment or in a series of progress payments as the work is completed. Unless an agreement is made iu writing or Applicable Law reqnires interest to be paid cn such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically tkasible 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 from Lender that the insurance carrier has offered, to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when thd notice is given. In either evenr, or if Lender acquires the Property under Section 22 or otherwise, [!orrower hereby assigns to Lender Ca) Borrower's rights to m~y insurance proceeds in an mnount not t.o exceed the mnounts unpaid under the Note or this Security Instrument, and Cb) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay mnounts uupaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and Use the Property as Borrower's principal residence within 60 days after the execntion of this Security Instrument and shall continue to occupy the Property as Borrower's prindpal residence for at least one year after the date of occupancy, nnless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Properiy frown deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Seclion 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Prope~,ty if damaged to avoid further deterioration or dmnage. If insurance or condenmation proceeds are i3aid in connection with dmnage to, or the taking of, tbe Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such puq~oses. Lender may disburse proceeds Ibr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurm~ce or condenmation proceeds are not sufficient to repair oi' restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent m3y make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender mg.y inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time 9f 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 lo~owledge or consent gave materially false, misleading, or inaccurate information or statements 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 occnpm~cy o1' the Property as Borrower's prindpal residence. . 9. protection of Lender's Interest in the Property and Rights Under this Security Instrument. If Ca) Borrower fails to perform the covenants and agreements contained in this Security Instrument, Cb) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrumeut (such as a proceeding in bankruptcy, probate, for condemmation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or Cc) Borrower has abandoned the Property, then Lender may do and pay for whatever is .reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrnment, including protecting m~d/or assessing the value of the Property, :md securing and/or repairing the Property. Lender's actions can includel but are not limited to: Ca) paying ~any sums secured by a lien which has priority over this Security Instrument; Cb) appearing in court; and Cc) paying reasonable (~-6A(WY) (ooos).o2 P.oe 7 o~ ~5 Form 3051 1/01 attorneys' fees to protect its nterest in the Property and/or rights under this Security Instrument, including its secured position in a b~akruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to ~nake repairs, change locks, replace or board up do6rs and windows, drain ~vater from pipes, eliminate building or other code violations or dangerous conditions,' and have utilities turued on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Sectiou 9. Any amounts disbursed by Leuder under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from tile date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires (ee title to the Property, the leasehold and tile fee title shall not merge unless Lender agrees to the merger ~n writing. 10. Mortgage Insurmw. e. If Leuder required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage.Iusurauce coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Ii~surance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to tile Mortgage Iusurance previously iu effect, at a cost substantially equivalent to the cost to Borrower of tile Mortgage Insurance previously in effect, from au alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Iusurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when lhe insuraoce coverage ceased to be in effect. Lender will :accept, use anti retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstant!ing the fact that tile Loan is ultimately paid in fifll, 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 tile amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan ,and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage In~surance 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 obligatiou to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases tile Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to tbe lVlortgage Insurance. Mortgage iusurers evaluate their total risk ou all such insurance in force from time to time, and may enter into agreements with odler parties that share or modify their risk, Or reduce losses. These agreements are on terms and conditions ~hat are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may iuclude funds obtaiued from Mortgage Insurance prenfiums). As a result of these agreements, Lender, any purchaser of the Note, another iusurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage lusnrance, ill exchange for Sharing or modifying the mortgage insurer's, risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premimns paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) An)' such agreelnmts will not nffect the amounts thnt Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Snch agreements will not iucrease the nmount Borrower will owe for Mortgage Ii~surauce, and they will not entitle BorrOwer to any refuud. }oitials:...~~ ~-6A(WY} Iooosl.o~ Page 8 of 1§ -~-"~/ Form 305~1 '1t01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right td,. receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to lu:ve the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Ifism'ance premiums that were uuearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be pai~ to Lender. If the Property is dan]hged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoratiou or repair is econonfically feasible aud Lender's security is not lessened. During such repair aud rest(ration period, Leuder 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 inspectiou shall be undertaken promptly. Lender may pa), for the repairs and restoration in :~ single disbursement or in a series of progress payments as /he work is completed. Unless an agreement is made in writing or Applicable Law requires .interest to be paid ou such Miscellaneous Proceeds, Lender shall not be required to pay Borrower auy interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econolnically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if auy, paid to Borrower. Such Miscellaueous Proceeds shall be applied in the order provided for in Section 2. 'In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to' the sums secured by this Security Instrulnent, whether or not then clue, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of/he ProPerty in which the fair market value of /lie Property inunediately before the partial taking, destruction, or loss in value is equal to or greater than the ,remount Of the sums secured by this Security Instrument ilmnediately before the partial taking, destruction, or loss' in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security lnstrnment shall be reduced by the an]ount of the Miscellaneous Proceeds multiplied by the followi.u~ fraction: (a) tbe total amouut of the sums secured in~nediately before the partial taking, destruction( or loss in value divided by (b) the fair market value of the Property inm~ediately before the parffal taking, destruction, ox' 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 inarket value of the Property inm~ediately before the partial taking, destruction, or loss in valne is less than the amount of the sums secured inm~ediately before the partial taking, destruction, or loss in valne, 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 dalnages, Borrower fails to respond to Lender within 30 days after tbe 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 tbis Security Instrument, whether or not then due. "Opposing Party" means the tbird party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower bas a right of actiou in regard to Miscellaneous ProCeeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, iu Lender's judgment, could l'esult in forfeiture of the Property or other material ilnpairment 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 tLe action or proceeding to be dismissed with a ruling that!, in Lender's judgmeut, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights uuder this Security Instrumeut. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigued and shall be paid to Lender. All Miscellaueous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. (~-6A(WY) (0005).02 Page9o[ 15 ~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to cormnence proceedings against any Successor in Interest o~' Borrower or to refuse to extend time for paymeut or otherwise modify amortization of the sums sect'Lred by this Security Instrument by reason of any demand made by the original Borrower or any Successors ]n Interest of Borrower Any forbearance by Len:Jer in exercising any right or remedy including, without iimitation, Lender's acceptance of payments l¥om third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any ~ight or remedy. 13. Joint and Several Liability; Co-siguers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's ohligations 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-sigmng this Security Instrumeut only to ~nortgage, grant ,'md convey the co-signer's interest in tile Property under the terms of this Security Instrulnent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any acconnnodations 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 iu Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writiug, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's Obligations and lmbility under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) ,'md benefit the successors and assigns of Lender. 14. Loan Charges.' Lender may charge Borrower fees for services performed in connection with Borrower's default, for the 2urpose of protecting Lender's interest in the Property aud rights under this Security Instrument, includirg, but not limited to, attorneys' lees, property inspection and vah, ation 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 lhe charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is .subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted linfits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit: and (b) any snms already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to BOrrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or 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 of such overcharge. 15. Notices. All notices given by Borrower or Lender in com~ection with this Security Instrument must be in writing. Any notice to Borrower in connectiou with this Security' Instrmnent 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 other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expr"essly requires otherwise. The notice address shall be the Property Address unless Borrower bas 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 Bon'ower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one des!gnated notice address under this Security Insm'm~ent at any one time. Any notice to Lender shall be given by delivering it or by lnailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice .tO Borrower. Any notice iu 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 als0 required under Applicable Law, the Applicable Law ~equirement will satisfy the corresponding requirement under this Security Instrument. (~'6A(WY) Iooo5).o2 Page ~o 0¢ ~5 ~ Form 3051 1/01 !29 16. Governing Law;: Severability; Rules of Co~rstruction. This Security Instrmnent shall be governed by federal law anal the law of the jurisdiction in which the Property is located. All rights and obligations contained in tl~is 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 might be silent, but such silience shall not be construed as a prohibition against agreement by contract. In the event that any provisimi or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall noii affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words., or xvords of the feminine gender; (b) words in the singular shall mean and iuclude the plural and vice ~,,ersa; 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 this Security Insmunentl 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred iu a bond for deed, contract for deed, installment sales contract or escrow agreement, the inteni 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 transfen'ed (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 inunediate payment in full of all sums secured by this Security Instrument. However, this .option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises, this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower mu~t pay all sums secured by this Security ll~strument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security h~strument without !further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to bare enforcement of this Security Instrument discontinned at any time prigr to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (k) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrowi~r: (a) pays Lender all sums which then would be due under this Security Instrument aud the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agree~nents; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not linfited to, reasonable attorneys' fe,.es, property inspection and valuation fees, and other tees incurred for the pnrpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes snch action as Lende~ may reasonably require to assure that Lender's interest in the Property and rights under this Security histrument, and Borrower's obligation'to pay the sums secured by this Security Instrument, shall continue U~ncl!anged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check,,, treasurer's check or cashier's check, provided any snch check is drawn upon an institution whose deposits are insured by a federal ageucy, instrumentality or entity; or (d) Electrouic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Cha[nge of Loan Servicer; Notice or Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (kmown as the "Loan Servicer") that collects Periodic Payments due under the Note' and this Security Instrument and p:erforms other mortgage loan servicing obligations under the Note, this Security h~strument, and Applicable Law. There also nright be one or more changes of the iLoan 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 (~-6A(WY) (0005).02 P.ge ~t of ~5 ~ Form 3051 1/01 requires in connectiou with a notice of transfer of servicing. If the Note is ~'old and thereafter the Loan is serviced by a Loan Servicer !'other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain witfi the Loan Servicer or be translkrred to a successor Loan Servicer and are not assnn~ed by the Note purchas?r unless otherwise provided by the Note purchaser. Neither Borrower nor l~ender may conunence, join, or be joined to ~y judicial action (as either an individual litigant or the me~nber of a class) that arises from the other party's actions pursuit to this Security Instrument or that a~':leges that the other party has breached any prov. ision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice giveu in complimme 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 t~e corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for pu¢oses of this paragraph. The notice of acceleration aud opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursumn to Section 18 shall be deelned to satis~ the notice and opportunity to t~e con'ective acliou provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substm~ces" are those substances defined as toxic c.r h~ardous snbstances, pollutants, or wastes by Environmental Law ~d the following snbstm~ces: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" xneans federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromental protection; (c) "Environmeutal Cleanup" includes any response action, remedial action, or r~moval action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condit~.on that c~ cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cau$:e or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow ~yone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Coudition, or (c) which, due to the presence, use, or release of a Hazardous Substance, create'~ a condition that adversely affects the value of the Property. The preceding two sentences shall uot 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 resideutial uses and to maintenance of the Property ~]including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claixn, dem~d, lawsuit or other actiou by ~y govefi~ental or regulatory agency or private party involving the Property and ~y Hazardous Substance or Environmental Law of which Borrower has. actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, le~ing, discharge, release or threat of release of any H~ardous Substm~ce, 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 govermnental or regt:,latory authority, or ~y private party, fl~at any rexnoval or other remediation of anyHazardous Substance aftkcting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordz:ce with Environmental Law. Nothing herein shall create any obligation on Lender for m~ Environlnental Cleanup. (~-6A(WY) 10oo51.o2 Page12o[ ~5 Form 3051 1/01 1531 NON-UNIFORM CO¥ ENANTS. Borroxver mid Lender further covenant aid agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration followiug Borrower's breach of an3: covenant or agreement in this Security Inst. rument (but not prior to acceleratiou nnder Section 18 nnless Applicable Law provides otberwise)i The uotice shall specify: (a) the default; (b) the action required to cnre tbe default; (c) a date, not less than 30 days h'om the date the notice is given to Bon'ower, by which the default nmst be cured; and (d) that failm'e to cure the defanlt on or before the da:re specified in the.notice may resnlt in acceleration of the snms secured by this Security Instrnment and sale o,f the Property. The uotice shall fur(her inform Borrower Of the rigbt to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require ihm~ediate payment in full of all sums secured by this Secnrity Instrument withont further demand aud may invoke the power of sale aud any other remedies permitted by Applical}le Law. Lender sMll lie entitled to collect all expenses incurred in pursuing the relnedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender' shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of tbe sale to Borrower in tile manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed hy Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasouable attorneys' fees; (b) to all sums secured by this Security Iustrument; 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 Instn, ment, but only if the tee is paid to a third party for services rendered and ~he charging of the fee is permit:ed under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6AIWY) 10005).02 Page ~3 o~ ~5 .¢---[)/]/~ Form 3051 1/01 132 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrumenl and in any Rider executed by Borrower and recorded with it. Wimesses: (Seal) CATHERINE S. PEET -Borrower eal) PATRICK I. PIILLIGAN ./ -Borrower (Seal) (Seal) -Borrower -Bor, ower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~;6A(WY) (0005).02 Page 14 o[ 15 Form 3051 1/01 STATE OF WYOMING, The foregoing instr0ment was acknowledged betbre me this 30th by Catherine S. Feet and Patr±ck I. M±ll±gan Teton County ss: day of April, 2004 My Coinmission Expires: 9-15-07 Notary Public · I~}~-6AIWY) Iooosl.o2 Page 15 of 15 ~ Form 3051 1101 -J. A'DJUSTABLE RATE RIDER (1 Yem' LIBOR Index - Rate Caps) (Assumable after Initial Period) THIS ADJUSTABLE RATE RIDER is made this 30th day of April, 2004 and is incorporated into and shall be deelned to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the stone date given by the undersigued (the ';Borrower") to secure Borrower's Adjustable Rate Note to SLTNSHINE MORTGAGE CORPORATION (the "Lender") of the same date and covering the property described in tile Security Instrument and located at: 521 SNAKE RIVER DRIVE, ALPINE, WY 83128 [Property Addressl 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. ADDITIONAL COVENANTS. In addition to tile covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Ndte provides for an initial interest rate of chauges in the interest rate ard the monthly payments as follows 4. 375 %. The Note provides for 4. INTEREST RATE AND MONTItLY PAYMENT CHANGES (A) Change Dates The initial interest rate will pay may change on the first day of Nay, 2009 , and may change on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Chm~ge Date." MULTISTATE ADJUSTABLE RATE RIDER -1 Year LIBOR Index (Assumable after Initial Period} - Single Family - Freddie Mac UNIFORM INSTRUUIENT (~..-856R (0108) For,.] 3148~.~,) Pag;®l of 5 initials:d ..~?~.- VMP MORT GAGE FORMS - (800)52d-w~291 . O45 135 (B) The Index Begi~ming with tire first Change Date, my interest rate will be based on an Index. The "Index" is the one-year London Interbm~k Offered Rate ("LIBOR") which is the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market, 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 "Curren I Index." If the Index is no longer available, the Note Holder will choose a new index which is based npon con]parable information. Thc Note Holder will give me notice of this choice. (C) Calcnlation of Changes Before each Change Date, the Note Holder will calculate my new ~nterest rate by adding two and one-quarter percentage points ( 2. 250 '~o) to the Current Index. The Note Holder 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 4(D) below, this rounded amount will be my new interest rate until the nex~ Change Date. The Note Holder will then determine the amount of the monthly payment that would be snfficient to repay the unpaid principal that I mn expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 9.375 % or less than 2.250 %. Thereafter, my interest rate will never be Increased or decreased on any single Change Date by more than two ' percentage point(s) ( 2. 000 %)frown the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 9. 375 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the an~ount of my nionthly paylnent changes again. (~(~856R (0108) Page 2 of 5 Form 3148 1/01 046 (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment bellcore the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone munber of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTERES4' IN BORRO~,VER 1. UNTIL BORROWER~S INITIAL INTEREST RATE CHANGES UNDER THE TERMS STATED IN SECTION A ABOVE, UNIFORM 'COVENANT 18 OF THE SECURITY INSTRUMENT SHALL BE IN EFFECT AS FOLLOWS: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a futnre dale 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 no~ a natural person and a beneficial interest in Borrower is sold or transferred) w~thout Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercmed by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option Lender shall give Borrower notice of acceleration The notice shall provide a period of not less than 30 days froin the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Iustrument w~thout further notice or demand on Borrower. (~856R (0108) Page 3 of 5 Form 3148 1/01 137 2. AFTER BORRO~"ER'S INITIAL INTEREST RATE CHANGES UNI)ER THE TERMS STATED 1N SECTION A ABOVE, UNIFORM COVENANT 18 OF THE SECURITY INSTRUMENT DESCRIBED IN SECTION B1 ABOVE SHALL THEN CEASE TO BE IN EFFECT, AND THE PROVISIONS OF UNIFORM COVENANT 18 oF THE SECURITY INSTRUMENT SHALL BE AMENDED TO READ AS FOLLOWS: Transfer of the Property or a Beueficial Iuterest ill Borrower.' As used ill this Section 18, "Interest iu the Property" means any legal or beneficial interest in the Property, including, but not linfited to, those beneficial interests transferred ill a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future dale to a purchaser. If all or any part c.f tile 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 trausferred) without Lender's prior written consent, Lender may require inunediate payment in lull of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise: is prohibited by Applicable Law. Lender also shall ,lot exercise this option if: (a) BorroWer causes to be submitted to Lender informatio~ required by Lender evaluate the intended transferee as if a new loan were being made to tile transferee; aud (b) Lender reasonably determines that Leuder's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrumeut is acceptable to Lender. To the extent permitted by Applicable Lawl Lender may charge a reasonable lee as a conditiou to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the trm~sferee to keep all tile promises:and agreements made in the Note m~d in th. is Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in lull, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less thau 30 days from the date the notice is giveu in accord,'mce with Section 15 within which Borrower must pay all sums secured by this Security h~strument. If Borrower fails to pay these st, ms prior to tile expiration of this period, Lender may invoke aa~y remedies permitted by this Security Instrument without lurther notice or demand on Borrower. {~856R (0108) Page 4 of 5 Form 3148 1/01 !38 BY SIGNING BELOW, Borroxver accepts and agrees to the terms and covenants contained in' this Adjustable Rate Rider. CATHERINE S. PEET (Seal) -~------~~/~ ~ea,) -Borrower PATRICK I. MILLIGAN / -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borro wet (~<~856R (0108) Page 5 of 5 Form 3148 1/01 EXHIBIT "A" :.. ~..,.'I 3 9 Order Number: 30444 Lot 86, t · ' ' ' ' ~ e Town of Alpine, Lincoln County, Wyoming within the SE1/4 of Section 30, T37N, R118W, according to that plat filed Februa~ 11,1994, Plat No. 264-D, Instrument No. 778568 File Nvmber: 30444 Land Tille Company Attached Legal Descriplion Page 1 of I