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HomeMy WebLinkAbout899734, ,.,. :;.,, - 89973h RECEIVED LINCOLN COUHTY CLERK After Recording Return To: FIRST BANK OF IDAHO, FSB,DBA FIRST BAlq-K OF THE TETONS P.O.BOX 12860 JACKSON, WY 83002 [Space Above This Line Fol' Recording Data] STILSON MORTGAGE ~o~ #: ~4o123~6 MZN: 10017410200~011884 PIN #: 12-3619-27-1-00-304.00 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined iii Sections 3, 11, 13, 18, 20 and 21 Certain rules regarding the usage ofxvords used iii this docnment are also provided iii Section 16. (A) "Security Instrtmlent" means this document, which is dated MAY 2 ~, 2 0 04 together with all Riders to this document. (Bi "Borrower" is MARC~US D. STILSON AND LINDA STILSON, HUSBAND AND WIFE Borrower is the mortgagor uno'er this Security Insh-ument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nonfinee for Lender and Lender's snccessors and assigns. MERS is lhe mortgagee under this Security Instrument. MERS is organized and existing under the la~vs of Delaware, and has an address and telephone number of P.O. Box 2026, Flint,.iMI 48501-2026, tel. (888) 679-MERS. ~ (D) "Lender" is FIRST BANK OF IDAHO, FSB, DBA FIRST BAlgK 0F THE TETONS Lender is a CORPORATION; organized and existing uuder the lawsof IDAHO ,3 . Lender's address is P.O.BOX 12860 / 170 E BROADWAY JACKSON, WY 83002 (E) "Note" means the promissbry note signed by Borroxver aud dated MAY 2 6, 2 0 04 The Note states that Borrower ;owes Lender ONE HUNDRED NINE THOI~ISAND EIGHT HUNDRED A_N-D 00/100 Dollars (U.S. $ 109,800 ..00 ) plus interest. Bmxo~ver has promised to pay this debt m regular Periodic Payments and to pay the debt in full not later than JUNE 1, 2 03 4 (Fi "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt !~videnced by the Note, plus interest, any prepayment charges and late charges due nnder the Note, and all sums due under this Security Instrumeut, phis interest. WYOMING- Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWYI (' (Page I of l3 pages) &g&012396 (H) "Riders" means atl Riders lo this Security Instrument flint are executed by Borrower. The following Riders are to be e×ecuted by Borrower [check box as applicable]: [] Adjnstable Rate Rider [] Balloon Rider [] 1-4 Fanfily Rider [] Condonfiuium Rider [] Planned Unit Development Rider .[] Other(s) [specify] [] Second Home Rider ~ Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, state and local s:ratutes, regnlations, ordinances and adnfinish'ative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association l)ues, Fees, and Assess~nents'' means all dues, fees, assessments and other charges that are imposed on Bon'o~ver or the Property by a condonfinium association, homeowners association or si~mlar organization. (K) "Electronic Funds Transfer" meaus any transfer offimds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated tlu'ough an electronic temfinal, telephonic instrument, computer, or nmgnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autonrated teller machine transactions, transfers initiated by telephone, wire transfers, and autotnated clearinghouse trausfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or deshamtion of, the Property; (ii) condemnation or other taking of all or auy part of file Property; (iii) conveyance in lieu ofcondenmation; or (iv) mi:~representations of, or onfissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" meres insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" mean~ the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Insh'ument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.;F.R. Part 3500), as they nfight be amended flora 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 require~ents and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" uuder RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title t.o the Properly, whether 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 Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii)the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For tt{is pnrpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender s successors and assigns) and to the successors and assigns of MERS, and Lender's successors and assigns, with po~er of sale, the followiug described property located.in the COUNTY of TETON : (Type of Recording Jurisdiction) (Name of Recording Jurisdiction) : LOT 1 OF THE SWIblMING POOL VIEW SUBDIVISION, LINCOLN COUNTY, WYOMING, AS DESCRIBED ON THE OFFICIAL PLAT FILED NOVEMBER 19, 2003 AS INSTRUMENT NO. 895398 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. which cm-rently has the address ,)f 2 8 COU'NT¥ ROJ~D 10 8 ETNA ,Wyormng 8 3118 [City] [Zip Code] WYOMING- Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCU~CWY~ · (Page 2 ofl$ pages) ~oc~x~2.v.rx zo/zv/2002 [Street] ("Property Address"). Form 3051 1/01 494012396 TOGETHER WITH all the ~mprovements no~v or hereafter erectedon the property, and all easements, appurtenances, and fixtures now or hereafter a pmx of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instmn~ent as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nmmnee for Lender and Lender's successors and assigns) has the right: to exerci se any or all of those intcn'ests, including, but not limited to, the right tO foreclose and sell the Properly; and to take any action required of Lender including, but not li~mted to, releasing and canceling this Security Inslrmnent. BORROWER COVENANTS that Borrower is lawfidly seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is nnencumbered, except for encumbrances of record. Bmxower warrants and will defend generally the title to the Property against all claims aod demands, subject to any encnmbrances or'record. THIS SECURITY INSTRUMENT combines unifmm covenants for natioual nse and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering read property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Bon'ower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fi~nds for Escrow Items pursuant to Section 3. Paytnents due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other insn-ument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may reqmre that any or all subsequent payments due under the Note and this Secnrity Instrument be nmde in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check! or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federhl agency, instrumentality, or entity; or rd) Electronic Funds Transfer. Paylnents are deemed, received by Lender when received at the location designated in the Note or at such other location as nmy be desigiaated by Lender in accordance with the notice pravisions in Section 15. Lender may return any payment ox' pmlial [;ayrnent if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payme, mt or partial payment insufficient to bring the L~an current; without waiver of any rights hereunder or prejudice tO its rights to refi~se such payment or partial payments in the fim~re, but Lender is not obligated to apply such paymei.~ts at the time such payments are accepled. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied fi~nds. Lender may hold such nnapplied fimds 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 snch fimds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosnre. No offset or claim which Borrower nfight have now or in the fimn'e against Lender shall relieve Borrower fi'om nmking payments due under the Note and this Security Instrument or perforating the cocenants 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 of priority: (a) interest due under the Note; (b) principal dne nnder the Note; (c) amouuts due nnder Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any re~naining anronnts shall be applied first to late charges, second to any other amounts due trader this Security h~stmment, and then to reduce the principal balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Bayment which includes a sufficient amount to pay any late chargel due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is ontstanding, Lender may apply any Payment received fi'om Bon'ower to the- repayment of the Periodic Payments if, and to the extent that, each payment can be paid in fifll. To the extent that any excess exists after the payment is applied to the fitll paymeut of one or mdl'e Periodic Payments, such excess may be applied to any late chmges due. Vohmtary prepayments shall be applied first to any prepayment charges and then as described in the Note. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOC:U~WY~ (Page 3 of 13 pages) ~oc~x~.wx ~0/~?/~00~ Any application of p~¥ments, insurance p~oceeds, or Miscellaneous ~oceeds ~o princ~pM du~ unde~ fl~e No~e shah no~ ex~end or postpone fi~e due da~e, or change ~he amount, of the Periodic P~ymen~s. 3. Funds for Escrow ,Items. Bon'ower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in.fifll, a sum (the "Funds") to provide for pa~ent of amounts due for: (a) taxes and assessments and other ite~m which can attain priority over this SecuriW Instnunent as a lien or encumbrance on the ProperW; (b) leasehold payments or ground rents on the ProperW, if any; (c) prenmtms for any and all insurance reqnired by Lender under Se~Xion 5; and (d) Mo~gage Insurance premiums, if any, or any sums payable by Bon'ower to Lender m lieu of:the payment of Mortgage Insurauce premiun~ iv accordance with the provisions of Section 10. These items are dalled "Escrow ltems." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessr(~ents shall be an Escrow Item. Bon-ower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Bon'ower shall pay Lender the Funds for Escrow Items unless Lender waives Bon'ower's obligation to pay the Funds for any or all Escrow Itches. Lender may waive Borrower's obligation to pay to Lender Fnnds for any or all Escrow Items at any time. Any such waiver may only be m writing. In the event of such waiver, Borroxver shall pay directly, when and xvhere payable, the amounts due for any Escrow Items for which pa~ent of Funds has been waived by Lender and, if Lender reqtnres, shall fi~n~ish to Lender receipts evidencing such pa~ent within such time period as Lender may require. Bo~xo~ver's obligation to make such pavements and to provide r:ceipts shall for all pu~oses be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and a~'eement" is used in Sectiau 9. If Bon'ower is obligated to pay Escrow Ite~m directly, pu?suant to a waiver, and Bo~xower fails to pay the amonnt due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Bonower shall then be obligated under Section 9 to repay to Lender any such amount. Lender ~nay revoke the waiver as to auy or all Escrow Items at any time by a notice given in accordauce with Section 15 and, upon such revocation, Borrower shall pay t'o Leuder all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a leuder can reqnire under ~SPA. Lender shall estimate the amount of Funds due on the basis of cu~ent data and reasonable estimates of expenditures of run, re Escrow I.tems or otherwise in accordance ~vith Applicable Law. The Funds shall be held in an insti~tiou whose deposits are insured by a federal agency, insaxm~entali~, or entity (including Lender, if Leuder is an institution whose deposits are so insured) or in any Federal Home Loan Ba~. Lender shall apply the Funds to pay the Escrow Iten~ no later than the tin~e specified under ~SPA. Lender shall not charge Borrower for holding aud applyiug the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Bo~ower iuterest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is inade in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Bon'oxver any interest or earnings on the Funds Bon-o~ver and Lender can agree in ~'iting, however, that interest shall be paid ou the Funds. Lender shall give to Bon'ower, without charge, an annual accounting of the Funds as required by RESPA. If there is a sn~plus of Funds held in escrow, as defined under ~SPA, Lender shall acconnt to Borrower for the excess fimds in accordance with RESPA. If there is a sho~Xage of Funds held in escrow, as defined under ~SPA, Lender shall notify Bo~ower as required by RESPA, and Bon-owe~c shall pay to Lender the amouut necessa~ to make up the shortage in accordance with RESPA, but in no more than 12 monthly pa~nents. If there is a deficiency of Fnnds held in escroxv, as defined uuder ~SPA, Lender shall notify Bo~xower as required by ~SPA, and Bon'ower shall ~ay to Lender the amount necessary to make up ~the deficiency in accordance with ~SPA, but iu no more tha~ 15. monthly payments. Upon pavement in ~1! of all sums secured by this Security Ins~umeut, Lender shall promptly refund to Borrower any Funds held by Lender. . 4. Charges; Liens. Bv~xower shall pay all taxes, assessments, charges,, fines, and impositions at~ibutable to the ProperW which can atta?n prioriW over this SecuriW InsOxm~ent, leasehold payments or gronnd rents on the Property, if any, and ConmmniW Association Dues, Fees, and Assessments, if any. To the extent that these ite~ are Escrow Ite~, Borrower shal! pay them m the maturer provided m Section 3. ' Bon-ower shall promptly discharge any lien which'has prioriW over this SecuriW Ins~ument uuless Bo~xower: (a) agrees iu writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfornfing such agreement; (b) contests the lien in good faith by, or WYOMING - Single Family - Fannie Ma~Freddie Mac UNIFORM INSTRUMENT ~ Form 3051 1/01 ~ocu~ (Page 4 of/3 pages) DOnKeY4 .VTX 10/17/2000 494012396 defends against enforcement of the lien in, legal proceedings xvhich in Lender's opinion operate to Preveut the enforcement of the lien while q~ose 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 detemfil:es that any part of the Property is subject to a lien which can attaiu priority over this Security Instrument, Lender may give Boin:ower a notice identifying the lien. Withiu I0 days of the date on which that notice is given, Bon-ower 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 oue-time charge for a real estate tax verification and/or reporting service used by Lender in comiection with this Loan. 5. Property InsuranCe. Bon'ower shall keep the improvements now existing or hereafter erected on the Property insured against loss b.'y fire, hazards included witlfin the tram "extended coverage," and any other hazards including, but not linfited to, qarthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the tem~ of the Loan. The insurance can-ier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised um'easonably. Lender may require Borrower to pay, in comrection with this Loan, either: (a) a one-time charge f'or flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone detemnnation and certification services and subsequent charges each time rmnappings or similar changes occur which, reasonably nfight affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in colmection with the review of any flood zone detemfination resulting fi'om an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, smzh ,::overage shall cover Lender, but might or aright not protect Borrower, Borrower's equity in the Property, or the c?ntents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was pr:viously in effect. Borroxver acknowledges that tlle cost of the insurance coverage so obtained might siguificantly exceed the cost of insurance that Borrower cculd have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of BmTower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice .'from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lendlir shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give i:o Lender all receipts of paid premiums and renewal notices. If Borrower obtains any forln of insurance coverage, ngt othe~avise required by Lender, for damage to, or'destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mOrtgagee and/or as an additional loss payee. In the eveut 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 othe~wvise agree iu writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold sulzh insurance proceeds until Lender has had an opportmfity to inspect, such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress pa3anents as the work is :completed. Unless ali agreement is ~nade in xvriting or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any ;uterest 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 feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sunts secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bo~'ower. Such insurm~ce 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 Lc;nder that the insurance carrier has WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY5 ! (Page 5 of 13 pages) ~ocm<~s .v'rx 494012396 offered to settle a claim, then 'Lender may negotiate and settle the claim. The 30-day period ,,viii begin when the notice is given In either event, or if Lender acquires the Property under Section 22 or otherwise, Bon:ower hereby .assigns to Le. nder (a) Bon'owe:-'s rights to any insurance proceeds in an amoun: not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Bon-ower's rights (other thau the right to any retired of unearned prmmnms paid by Borrower) uuder all insm'ance policies covering the Property, insofar as snch rights m:e applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Propmty or to pay amounts nnFaid under the Note or this Security Instn,nent, whether or not then due. 6. Occupancy. Borrokver shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrnment and shall continue to occupy the Property as Borrower's principal residence' for at least one year after the dale of occupancy, unless Lender otherwise agrees in writing, which consent shall rot be unreasonably withheld, or unless extenuating circnmstances eXist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Bon'ower shall not destroy, damage or impair the Property, allow the Ploperty to deteriorate or conmfit waste on the Property. Whether or not Borrower is residing in the Pr/)perty, BotTower shall maintain the Property in order to prevent the Propmly from deteriorating or decreasing in x}alue due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid fi~rther deterioration or damage. If in:;nrance or condemnation proceeds are paid in connection ;vith damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of prog;-ess payments as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its ageut may make reasonable entTies upon and inspections of the Property. ·If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at thb thne of or prior to such an interior inspection specifying such reasonable causz. 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 Borroxver's knowledge or consent gave materially false, nfisleadmg, or inaccurate infommtion or statements to Lender (or failed to provide Lender with material information) in zomiection with the Loan. Material representatious include, but are not li~nited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Bonmver fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceediag in bankruptcy, probate, for condenmation or f[}rfeimre, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or;regulations), or (c) Borrower has abandoned the Property, theu Lender nmy do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Propecty and rights under this Security Insh'ument, including protdcting and/or assessing the value of the Property, and secnring and/or repairing the Property. Lender's actions can include, but are not linfited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in conrt; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instnnnent, including its secured position in a bankruptcy proceeding· Securing the Prope~y includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up dooi's and windows, drain water from pipes, elinfinate building or otlier code violations or dangerous conditions, a~d have ntilities turned 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 tlfis Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. 'These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with snch interest, upon notice from Lender to Bo~Tower requesting payment. If this Security Instru'r~ent is on a leasehold, Borrower shall comply v~dth all the provisions of the lease. Borrower shall not surrender ti~e leasehokl estate aud interests herein conveyed or temfinate or cancel the ground lease. Borrower shall not, w:thont the express xvritten consent of Lender, alter or amend file ground lease. If Borrower acquires fee title to 'he Property, the leasehold and the fee title shall not merge nnless Lender agrees to the merger in xvriting. WYOMING - Single Family - Fanni,~ Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY6 (Page 6 of 13 pages) DOCUKWY6. v'rx 10/17/2002 494012396 10. Mortgage Insurance. If Lender reqnired lVlortgage Insurance as a condition of making the Loan, Bonower shall pay the premirms required to maintain the Mortgage Insurance iu effect. If, for any reason, the Mortgage Insurance coverage l~equired by Lender ceases to be available fi-om the mortgage insurer that previously provided such insurance and BOn-oxver was reqnired to make separately designated payments toward the premiums for Mortgage Insurance, Bon'ower shall pay the prenfiums reqnired to obtain coverage substantially eqnivalent to the Mortgage Insnrance pl-evigusly m effect, at a cos1 snbstantially equivalent to tile cos1 to BmTower of the Mortgage Insurance previously m effect, fi'om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Bon'ower shall continue to pay to Lender tile amount of the separately designated payments that were due when the insurance coverage ceased to be in effect Lender will accept, use and retain these peyments as a oon-refimdable loss reserve in lien of Mortgage Insnral~ce. Such loss reserve shall be non-reflmdable., notwithstanding the fact that the Loan is ultimately paid in fidl, and Lender shall not be reqnired to pay Bon'ow~r any inlerest or earnings on snch loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insm'er selected by Lender again becomes available, is obtained, and Lender reqmres separately designated payments toward the premiums fol' Mortgage Iusurance. If Lender required Mo,-tgage Insurance as a condition of making the Loan and Bon'ower was reqnired to make separately designated payments toward the preminms for Mmtgage Insurance, Bon-o~ver shall pay the i)renliums required to maintain Mortgage Insurance in effect, or to provide a non-refilndable loss reserve, until Lender's reqnirement fro' Mortgage Insnrance ends in accordance with any xw-itten agreen, ent between Bon'ower and I.ender providing for such termination or until temfination is reqnired by Applicable Law. Nothing in this Section 10 affects Bon'ower's obligation to ,)ay interest at the rate provided in the Note Mortgage Insurance reimburses Lender (ox' any eutity that purchases the Note) for certain losses it may recur if Borrower does not repay the Loan as agreed· Bon-ower is not a party to the Mortgage Insurance. Mortgage insurers evalnate their total risk on all such msorance in force fi'om rune to time, aod may enter into agreements with other pames that share ox' modify their risk, or reduce losses. These agreexnents are on texms and conditions that are satisfac;tory to tile mortgage insurer and the other party (or pames) to these agreements. These agreements may require tthe mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include fimds obtained from Mortgage Insurance premiums). As a result of these aTgreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other enmy, 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 Insurance, m exchange fol' 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 exchauge for a share of the prenriums paid to the insurer, the arrangement is often tem~ed "captive reinsnranee." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other term:~ of the Loan. Such agreements will not increase tile amount Borrower will owe for Mortgage Iusnrance, and they will not entitle Borrower to any refnnd. (b) Any such agreelnents will not affect the rights Borrower has - if any with respect to the Mortgage Insurauce under the Homeowners Protection Act of 1998 or any other law. These rights may inch, de.the right to receive certain disclosures, to reqnest and obtain cancellation of the Mortgage Insnrance, to have the Mortgage Insurance terminated antomatically, and/or to receive a refund of any Mortgage Insurance l)remiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeitnre. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, snch Miscellaneous Proceeds shall be app!ied to restoration ox' repair of the Property, if the restoration or ~'epair is economically feasible and Lender's security is not lessened During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed ~o Lender's satisfaction, provided that such inspection shall be 'mdertaken promptly. Lender may pay for the repairs and restoranon m a single disbursement or in a series of ~yogress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneons Proceeds, Lender shall not be required to pay Borrower any interest or earnings on snch Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by WYOMING -Single Family - Fannit Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY7 (Page 7 afl3 pages) DOCUKWY~ .VTX 10/17/2002 ~, 940:1.2396 this Security' Instrument, whetE'er or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for m Section 2. In tile event of a total faking, destruction, or loss in value of the'Property, the Miscellaneous Proceeds shall be applied to the sunrs secured by this Security Instrument, whether or not [hen clue, with tile excess, if ally, paid to Bon'ower. In the event of a parti/1 taking, destruction, or loss iu value of the Property in which the fair market value of the Property inunediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secnred by :his Security Instnunent nnmediately before the partial taking, destruction, or loss m value, unless Borrower and Leuder otherwise agree ill writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following .fi'action: (a) the total amount of the sums secured immediately)>efore the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a parti~l taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured im~nediately before the partial taking, destruction, or loss in value, unless Borroxve~ and Lender otheiwvise agree in xvriting, thc Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not file sums are then due. If the Property is abandoned by Borrower, or if, ariel' notice by Lender to Borrower that the Opposing Party (as defined in the next sgntence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender xvithin 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sunu secured by this Security Instrument, xvhether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against ~vhom Bon'ower has a right of action in regard to M~scellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crimiual, is beguu that, in Lender's judgment, could result' in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights nnder this Security Instrument. Borrower can cure such a deflult and, if acceleration has occurred, reinstate as provided :n Section 19, by causing the action or proceeding to be dismissed with a mlmg that, in Lender's judgment, precludes forfeiture of the Property or other material iinpaimlent of Lender's interest in the Prope~Xy or rights under this Secnrity Instrument. The proceeds of any award or claim for dalnages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided ~br in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Exteusion of the time for payment or modification of amortizatiol~ of the sunu secured by this Security lnstnunent ,granted by Lender to Borrower or any Successor in Interest of B)rrower shall not operate to release the liability iof Borrower or auy Successors in Interest of Borrower. Lender shall not be required to conmmnce proceedings against any Successor in Iuterest of Borrower or to refilse to extenzl time for payment or otheBvise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrowel: or. any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Snccessors ill Interest of:Borrower or ill amounts less than the amount then due, shall not b'e a waiver of or preclude the exercise of any right or remedy. 13. Joint :md Severa'.! Liability; Co-siguers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant aud convey the co-signer's interest in the Property under the terms of this Security Instniment; (b) is not personally obligated to p:ly the sums secured by this Security Instmn'~ent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, tbrbear or make any accommodatio!ns 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 Successoi' ill Interest of Borrower who assumes Borrower's obligations under this Security Instrument in ;wiling, and is approved by Lender, shall obtain all of Bon-ower's rights and benefits under this Security Instmmeut. Borrower shall not be released fi'om Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in ~vriting. The covenants and WYOMING - Single Family - Fannle MaedFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY8 (Page 8 of 13 pages) ~ocuxwts.wx ~0/~.~/~000 494012396 agreements of this Security Insh~ument shall bind (except as provided in Section 20) and benefit the snccessors and assigns of Lender 14. Loan Charges..Lender may charge Borrower fees for services perforated in comiection with Borrower's default, for the pt{;tpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not,limited to, attorueys' fees, property inspection ahd valuation fees. In regard to any other fees, the absence of express authority iii this Security Instrnment to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charl~e fees that are expressly prohibited by this Security Instnunent or t2y Applicable Law. If the Loan is subject to a law which sets n~aximunr loan charges, and that law is finally interpreted so that the interest or other loan chalges collected or to be collected in com~ection with the Loan exceed the permitted linfits, then: (a) any such loan c;',harge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums ah'ea;:dy collected fi'om Bon'ower which exceeded permitted li,nits will be refimded to Borroxver. Lender may choose to make this retired by reducing the principal owed onder the Note or by making a direct payment to Borrower. If a refi~nd reduces principal, the reduction will be treated as a partial prepayment withont any prepayment cha~ge (whether or not a prepayment charge is provided for under the Note). Bon-ower's acceptance of any such retired made by direct payment to Borrower will consti.de a xvaiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. Ali notices given by Borrower or Lender iii colmection with this Security Instrument must be in writing. Any notice to Borrower in commction ~vith this Security Instrument shall be deemed to have been given to Bon-ower when mailed by.fi[st class mail or when actually delivered to Borroxver's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly reqnires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lblder. BolTower shall promptly notify Lender of' Bon'ower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. A[iy notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated her;fin unless Lender has designated another address by notice to Borrower. Any notice in comiection with this Securi~ Instrument shall not be deemed to have been given to Lender tmtil actually received by Lender. If any notice requirled by this Security hlstrument is also required under Applicable Law, the Applicable La~v requirement will satisfy 'the corresponding requirement uodei" this Security Instrument 16. Governing Law; ~Severability; Rules of Coustruction. This Security Instrument shall be governed by federal law and'the law of the'~jnrisdiction iii which the Property is located. All rights and obligations contained in this Security Instrument are st}.bject to any requirements and lira/rations of Applicable Law. Applicable Law nfight explicitly or implicitly allow :~he parties to agree by contract or it might be silent, but snch silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which c~an be given effect without the conflicting provision. As nsed m this Se~:nrity Instrument: (a) words of the masculine gender shall mean and include con-esponding nenter words or words of the feminine gender~ (b) words in the s,ingnlar shall mean and inclnde the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note anal of this Security Instn~n~ent. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest iii the PropelTy" means any leg. al or beneficial interest iii the Property, inclnding, but,not limited to, those beneficial interests transfelTed in a bond for deed, contract for deed, instalhnent sales contract ~r escrow agreement, the intent of which is the transfer of title by Borrower at a fnture date to a purchaser. If all or any part of th9 Property or any Interest in the Prope,-ty 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 ~vritten consent, Lender may require immedialie payinent in full of all sums secnred by this Security Instrumellt. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicabie Law. 'If Lender exercises this option, Lender shall give Bon'oxver notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the notice is given in accordance with Section 15 within which Bon-ower innst pay all sums s'.ecnred by this Secnrity Instrument. If Borrower fails to pay these snms prior to the WYOMING - Single Family - Famfie Mae/Freddie Mac UNIFORIM INSTRUMENT Form 3051 1/01 DOCUI<~VY9 (Page 9 of 13 pages) 494012396 expiration of this period, Lencer may revoke any renredies permitted by this Security Instrmncnt withont further notice or demand ou Borro~ver. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certmn conditions, Borrower shall have the right to have erforCement of this Security Instrument discontim ed at any time prior to the earliest of(a) five (lays before sale of tee Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicabl~5 Law might specify for the term/nation of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Bon'ower: (a) pays Lender all sums which then would be due under tlfis Security Iustnunent and the Note as if uo acceleration had occnrred; (b) cures any default of any other cov. enants or agreements; (c) pays all expeuses incurred in enforcing this Security Instrument, including, but not~linfited to, reasonable attorneys' fees, property inspectiou and valuation fees, and other fees mcurl:ed for the put. pose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this' Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of tb.e following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is draxvn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d)Elecn'onic Fnnds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. Ho~vever, this right to reinstate shall not apply in the case of acceleration 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) can be sold one or more times ~xJithout prior notice to Borrower. A sale might result in a change iii the entity (known as the "Loan Servicer") that codects Periodic Payments due under the Note and this Security Instrument and perfom~s other mortgage loan servicing obligations tinder the Note, this Security Instrument, and Applizable Law. There also inight be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other info]mation RESPA requires in connection xvith a notice of transfer of servicing. If the Note is sold and thereafter the Loan is se]~,iced Yy a Loan Setwicer other than the Purchaser of the Note, the modgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchsser unless otherwise provided by the Note purchaser. Neither Borrower no;: Lender may connnence, join, or be joined to any judicial action (as either an individual litigant or the mmnber of a class) that arises flora the other party's actions pursuaut to tiffs Security Instrument or that alleges that.the other party has breached any provision of, or any duty owed by reason of, this Security Instnunent, until such Borrower or Lender has notified the other party (with such notice given in conrpliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the givihg of such notice to take 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 purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuaut to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are tbose substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flamrnable or toxic petroleunr prodncts, toxic pesticid{s and herbicides, volatile solvents, materials containing asbestos c.,r formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisd{ction where the Property is located that relate to health, safety or enviro]unental protection; (c) "Environmenta~ Cleanup" includes any response actiou, remedial action, or removal action, as defined in Enviroxm~ental Law; and (d) an "Enviroim~eutal Condition" means a conditiou that can cause, contribute to, or otherwise trigger an Envi'-omnental Cleanup. Borrower shall not ci}use or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to relea ;e any Hazardous Substances, on or in the Property. Bo]xower shall not do, nor allow anyone else to do, anything a!fecting the Property (a) that is m violation of any Enviromnental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, WYOMING - Single Family - Fannie Mae/F,'eddie Mac~ UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWYIO (Page 10 of 13 pages) ~ocm<~.v'rx zo/z,/2oo~ '494012396 creates a condition that adversely affects the value of tile Property. Tile preceding txvo sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal resideutial uses and to maintenance of the Property (including, but not limited to, hazardous substances ill consumer products). Bon-ower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any gover~miental or regulatory agency or private party involviug the Property and any Hazardous Substance or Enviromnental Law of which Borroxver has actual kalowledge, (b) any Environmental Condition, including but not limited to, ally spilling, leaking, discharge, release or tlu:eat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects th.e value of the Propexty. If Borroxver learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, BoI~:ower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender fox' an Enviromnental Cleanup. NON-UNIFORM CO',VENANTS. Borrower and Lender fi~rther covenaut and agree as follows: 22. Acceleration; Rk~inedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (bnt not prior to acceleration nnder Section 18 unless Applicable Law provides otberwise). The notice shall specify: (a) tbe default; (b) the action required to cure the default; (c) a date, not less tllan 30 days from the date the notice is given to Borrower, by wbicll the default must be cured; and (d) that failure to cure the default ou or before the date specified iu the notice nlay result ill acceleration of the sums secured by tll~s Security Instrumeut and sale of the Property. The notice shall further inform Borrower of the rigtlt to reinstate after acceleration and the right to bring a court actiou to assert the nou-existence of a default or any other defeuse of Borrower to acceleratiou and sale. If the default is not cured ou or before the date specified in the notice, Lender at its option may reqnire immediate payment ill full of all stuns secured by ~his Security Instrunlent without further demand and may ix~voke the power of sale and any other remedies pernlitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, includiug, but uot linlited to,reasonable attorneys' fees and costs of title evidence. If Lender invokes ttle power of sale, Lender sbali give notice of inteut to foreclose to Borrower and to the person iu possessiou o;~ tbe Property, if differeut, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Sectiou 15. Lender shall publisb the notice of sale, and tile Property shall be s01d in the mauner prescribed by Applicable Law. Lender or its designee nlay purchase the Property at any sale. The proceeds of the sale shall be aPplied iu the following order: (a) to all expenses of the sale, including, but'not limited to, reasonable attorneys' fees; (b) to all sums scented by this Secnrity Instrunlent; and (c) any excess to the person or persous legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instmmeut. Bmxoxver shall pay any recordation costs. Lender may charge Bon'ower a fee for releasing this Security Inshxm~ent, but only if the fee is paid to a third party for services renc~ered and the charging of the fee is pernfitted under Applicable Law. 24. Waivers. Bon'ower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. WYOMING - Single Family - Fannie MaeJFreddie Mae UNIFORM INSTRUMENT DOCtJK~W~ (Page Il of 13 pages) DOCUK%~YB. VTX 10/17/2002 Form 3051 1/01 494012396 BY SIGNING BELOW, Bon:oxver accepts and agrees to the temu and covenants contained in this Security Instrument and m any Rider executed b~~d recorded with it. k- BOR~WE~ - MA._RCUS. D. STILSON - DATE - WYOMING - Single Family - Fannie Mae/Freddie tMac UNIFOR~M INSTRUMENT DOCUKW¥~2 (Page 12 of /3 pages) ~ocu~c.v~x zo/zv/~ooa Form 3051 1/01 494012396 133 [Space Below This Line For Acknowledgment] STATE OF COUNTY OF The foregoing instrument was acknowledged before me by this ~.~ O~t, day!or ;' Witness my hand and official seal· My Comnfission Expires: ~.//~/__~_///~._~ ' WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY~ (Page 13 of 13 pages) DOCUKICH). VTX 6/6/2002 Form 3051 l/0l ADJUSTABLE RATE RIDER (1 Year Treasury Index -- Rate Caps) STILSON LOAN #: 494012396 HIN: 100174102000011884 THIS ADJUSTABLE P,~kTE RIDER is made this 2 6TH day of MAY, 2 004 and is incorporated into and shall be deemed to amend and supplement the MortLage, Deed of Trust, or Security Deed (the "Security Instalment") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 28 COUNTY ROAD 108, ETNA, WY 83118 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AlVlOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. A1)DITIONAL COVENANTS. In addition to the 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 Note provides for an initial interest rate of 6.3.2 S %. The Note provides for changes in the interest rate and thc monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The fl~terest rate I will pa7 may change on the first day of ffUh¥, 2 0 0 7 , and on that day evmy 12 'month(s) thereafter. Each date on which my interest rate could change is called a "Change Date." (B) The Index Begimfing with the. first: Change Date, my interest rate ~vill be based on an Index. The "Index" is the weekly average yield on United. States Treasury securities adjusted to a constant matmity of one year, as made available by the Federal Reserve: Board. The most recent Iudex figure available as of the date 45 days before each Change Date is called the "Current Index." MULTISTATE ADJUSTABLE RATE RIDER-ARM 4-2/5-2/6-2-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUARCI (page 1 of 3 pages) Form 3111 1/01 ~ocua~cx.wrx x~/0x/~00~ ,,. 494012396 If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Ilolder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest~rate by adding TWO AND THREE-FOURTHS percentage points ( 2.750 %) to the Cun-ent Index. The Note Holder will then round the result of this addition to the nearest one-eigbth of one percentage point (0.125%). Subject to the linfits stated in Section 4(D) below, this rounded amount will be my new interest rate until the. next Change Date. The Note Holder will then deternfine the amount of the ~nonthly payment that would be snfficient to repay the unpaid principal that I mn expected to owe at the Change Date in fiHl on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amonnt of my monthly pay~nent. (D) Limits on Interest Rate Changes The h~terest rate I am reqnired to pay; at fl~e first Change Date ~vill not be greater than 8.125 % or less than 4.12 :i %. Thereafter, my interest rate will never be increased or decreased ou any single Change Date by more than TWO percentage points ( 2. 000 %) fi'om the rate of interest I have been paying for the preceding 12 . months. My interest rate will never be greater than 12. 125 %. (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 fin:st monthly payment date after the Change Date until the amount of my monthly payment: changes again. (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 before the effective date of any change. The notice will include information required by law to be given me and alsc the title and telephone number of a person who will answer any question I may have regarding the notice. ~ B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Instrument is amended to read 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 linfited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escroxv agreement, the intent of which is the transfer of title by Borrower at a fim~re date to a purcliaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may req(fire immediate payment in full of all sums secured by this Security Instrument. However, this option sball not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information reqnired by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines tbat Lender'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 Instrument is acceptable to Lender. To the extent permitted by Applicable Laxv, Lender may ch~.rge a reasonable fee as a condition to LendeFs consent to the loan assumption. Lender nmy also reqnire the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Secm-ity Instrument. Borrower will continue to be obligated nnder the Note and this Security Instrument unless Lender releases Borrower in writing. MULTISTATE ADJUSTABLE Ib%TE RIDER-ARM 4-2~5-2~6-2--Single Family--Fannie l%lae/Fr ~ddie Mac UNIFORM INSTRUMENT ~ DOCU^~C~ (page 2 of J pages) Form 3111 1/01 DOCUARC2 .rTl 12/01/2003 136 494012396 If Lender exercises the option to require inmiediate payment m fitll, Lender shall g~ve Bon'ower notice of a':celeration. The notice shall provide a period of not less than 30 days from the date the notice Is given in accordance xvith Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to Se expiration of this period, Lender may invoke any remedies pernfitted by this Security Instrmnent without further notice or demand on Borroxver. BY SIGNING BELOW, Borrower accepts and agq'ees to the temps and covenants contained in this Adjustable Rate Rider. -% B6RP~W~ff' - MARCUS E. STILSON - DATE - ~-/BO~ROWER - LIN'DA STILSON - DATE - ___~' MULT1STATE ADJUSTABLE RATE RIDER--ARM 4-215-2/6-2-Single Family--Fannie MaeJFreddie Mac UNIFORM INSTRUMENT DOCU^~C~ (page 3 of 3 pagesJ Form 3111 1/01 DOCUARC3. VTX 12/0X/2003 1-4 FAMILY RIDER STILSON (Assignnreut of Rents) LOJUa NO.: 494012396 MIN: 100174102000011884 THIS l-4 FAMILY RIDER is made this 2 6TH day o£ lqxAY, 2 0 0 4 , and is incorporated into and shall be deemed to amend aud supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instalment') of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to F3CRST BAlqrK OF IDAHO, FSB, DBA FIRST BAN-K OF THE TETONS (tile "Lender") of tile same da!te and covering the Property described in the Secnrity Iustmment and located at: 28 COUNTY ROAD 108 ETNA, WY 83118 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, BmTower and Lender fiu'ther covenant and agree as Follows: A. ADDITIONAL; PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the Property described in Security Insn'ument, tile following hems now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also constitme thc Property covered by the Security Instnunent: building materials, appliances and goods of every nature whatsoever now or hereafter located m, on, or used, or intended to be used in conuection with the Property, including, but not linfited to, those for the proposes of snpplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing apparatus, security and access control apparatus, phnnbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, ;vashers, dryers, awnings, storm xvindows, storm doors, screens, blinds, shades, curtah~s and curtain rods, attached rein'ors, cabinets, paneling and attached floor coverings, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Ins.tmment. All of the foregoing togetl~er with the Propmty described in the Security Instrument'(or the leasehold estate if' the Security Instrument is on a leasehold) are refen'ed to in this 1-d Family Rider and the Security Instrument as the "Property." MULTISTATE 1-4 FAMILY RIDER-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUP,~^~ (page I of 3 pages) DOCUR4A1. VTX 3.0/10/2003 Form 3170 IlO1 494012396 B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of the Property Or its zoning classification, nnless Lender has agreed in xw'iting to the cLange. Borrower shall comply xvith all laws, ordinances, regulations and requirements of any gover:m~ental body applicable to the Property. C. SUBORDINAT;~ LIENS. Except as pernfitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior ~m-itl. en permission. :, D. RENT LOSS INSURANCE. Bon'ower shall maintain insurance against rent loss in addition to the other hazards for which insurance is reqnired by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assigm to Lender all leases bf the Property and all security deposits made iii connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "snblease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and trarsfers to Lender all the rents and revenues ("Rents') of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. Hoxvever, Borrower shall receive the Rents until (i) Lender has given Borrower notice of defanlt pursuant to Section 22 of the Secnrity Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assigmnent of Rents constitutes an ai>solute assignment and not an assignment for addit:.'onal secnrity only. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to tae sums secured by the Security Instrument; (ii) I_ender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees tha~ each tenant of the Properly shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides othepMse, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managiug the Property and collecting the Rents, including, but not limited to, attorney's fees, receiver's fees, preminms on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secnred b!~ the Security Instrmnent; (v) Lender, Lender's tigents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profils derived fi'om the Property without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not stffficient to cover the costs of taking control of and managing the Property and of collecting the Rents any filnds expended by Lender for such purposes shall become hMebteduess of Borrower to Lender secured by the Secnrity Instalment pursuant to Section 9. Borrower represents: and wan'ants that Borrower has not executed any prior assignment of the Rents and has not perfommd, and will not perform, any act that xvouhl preveut Lender from exercising its rights under t:~is paragraph. Lender, or Lender's agents or a judicially appohlted receiver, shall l.ot be required to enter upou, take control of' or maintain the Property before or after giving notice Of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, inay do so at any time MULTISTATE 1-4 FA1MILY RIDER.--Fannie IMae/Freddie Mac UNIFORM INSTRUMENT ' DOCURqA2 (page 2 of 3 pages) DO~RiA2 .VTX 10/10/2003 Form 3170 1/01 494012396 when a default occurs. Al~y application of Rents shall no1 cure or waive any default or invalidate any other right or.remedy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in fitll. I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and prowsions contained in this 1-4 Family Rider. ~- BQ-R'~ltJWER - MARCUS D. STiLtON - DATE - (/- ~2p~o~E~ - r. zm~ STT~,-'~6~ - ~AT~. - / I¥1ULTISTATE 1-4 FAMILY RIDER--Fannie Mae/Freddie Mac UNIFORM INSTRU~'IENT DOCUR4A3 (page 3 of 3 pagesJ DOCUR4 Al ,rTl 10/10/200] Form 3170 1/01