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Home My WebLink About899742 R~CF_IVED .lt~,~ LINCOLN cout',IT'F CLERK MORTGAGE JEANNE (With Future Advice Clause) DATE A~ PARTIES. Tbe date of tiffs Mcr[gage (Security Ins[rumem) is ~Y parties, their addresses and tax id(~ntificaiion numbers, if required, are as follows: MORTGAGOR: , Richard L Pieper AND LaJean WITH RIGHT OF SURVIVORSHIP 113 Westward Drive COKEVILLE, WY 83114 C Pieper, HUSBAND AND WIFE, AS JOINT TENANTS SOCIAL SECURITY #: 518 -76 -2077 520-82-4822 ~]If checked, refer to the attached Addendunt incorporated herein, for additional Mortgagors, tlteir signatures and acknowledgments. LENDER: WYOMING EMPLOYE~ES FEDERAL CREDIT UNION ORGANIZED AND EXISTING UNDER, TIlE LAWS OF THE UNITED STATES OF AMERICA 2223 WARREN AVENUE WY 82001 TAXPAYER, I.D.//: 83-0179749 2. CONVEYANCE. For good and valuable conskleration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security htstrument, Mortgagor grants, bargains, conveys, mortgages and warrants ~o Lender, with power of sale, the following described property: LEOAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF, AS EXHIBIT 'A' The property is located in' LINCOLN at (County) 113 Westward Drive , COKEVILLE , Wyoming 83114 (Address) (City). (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock a'nd all existing and future improvements, structures, fixtures, and replacements that inay now, or at auy time in the futtn-e, be part of tbe real estate desoribed above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The 't0tal principal amount secured by tiffs Security Iostrmnent at any one time shall not exceed $ 82,800.00' This limitation of amount does not include interest and other fees and charges validly made pursuant to this Security Iostrument. Also, tltiS limitation does not apply to advances made under the terms of this Security Instrulnent to prolect Lender's security and to perform auy of the covenants contained in this Security InstrumenL SECURED DEBT AND FUTURE ADVANCES. Tbe term "Secured Debt" is defined as follows: A. Debt recurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described secure and you should include the final maturity date of such debt(s). HOME EQUITY LINE OF CREDIT AGREEMENT DATED MAY 26, 2004 , AND MATURINGMA¥ 30, 2006 All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender' executed after this Security Instrument whether or not this SecUrity Instrument is specifically referenced. If more than one person signs this Security lnstrulnent, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor and others. All furore advances and other future obligations are secured by this Security Instrument even though all or part may net yet be advanced. All future advances and other future Obligations are secured as if made on the date of tiffs Security I:~strument. Nothing in tiffs Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such comnfitment must be agreed to in a separate writing. All other obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including. but not funited to, liabiliti:s for overdrafts relating to any deposit accouut agreement between Mortgagor and Lender. ALL additional sums ad',anced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced, and expenses incurred by Lender under the terms of this Security Instrument. WYOMING- nOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FI,INA, FHLMC, FhA OR VA USE) DDS-VVIIM : ,?;;:i. !!:'.i!.?:: .5. In tile event that Lender Ihils to provide any necessary notice of the right of rescission with respect to any additional indebtedness secm'ed under: paragraph B of this Section, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument (but does not waive the security interest for the debts referenced in paragraph A of this Section). 'MORTGAGE COVENANTS. Mortgagor agrees that tile covenants in this section are material obligations under the Secured Debt and this Security Instrmnent. If Mortgagor breaches any covenant itl this' section, Lender inay refuse to make additional extensions of credit and reduce the :redit limit. By not exercising either remedy on Mortgagor's breach, Lender does not waive Lender's right to later consider the event a breach if it happens again. Paylneuts. Mortgagor agrees that all payments under the Secured Debt will be paid when due and iu .accordance with the let,ns of the Secured Debt and this Securiiy Iustrument. Prior Security Interests. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a .prior security interest or encumbrance on the Property, Mortgagor agrees to make all payments when due and to perform or comply with all covenants. Mortgagor also agrees not to allow any modification or extension or', nor to request any future advances under any note or {,greement secured by the lien documem witbout Lender's prior written approval. Claims Against Title. Mortgagor will. pay all taxes, assessments, liens, encumb,'ances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair tbe lien of this Security Instrument. Nlortgagor agrees to assign to Lender. as requested by Lender, any rights, clai~ns or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. Property Condition, Alterations ai~d 'Inspection. Mortgagor will keep lhe Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any cha':}ge in any license, restrictive covenant or easement without Lender's prior written conseut. Mortgagor will notify Lender of all deumnds, proceedings, claims and actions against Mortgagor~ an'd of auy loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for tile pnrpose of inspecting tile .Property. Lender shall give Mortgagor notice at the time of or belb,-e an inspection specifying a reasonable purpose tbr the inspection. Any inspection of the Frop'erty shall be entirely Ibr Lender's benefit and Mortgagor will in no way ,'ely on Lender's inspection. ' ' Authority to Perform. If Mortgagor fails to perform any duty or any of the covenants contained ill this Security Instrument, Lender may, without notice, perlbrm Or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any arno:mt necessary for performance. Lender's right to pertbrm for Mortgagor shall not create an obligation to perform, and Lender's fi, ilure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. Leaseholds; Condominiums; Planned Unit Developments. Mortgagor agrees to comply If with the provisions of any lease if this Security lustrument is on a leasebold. The P,'operty includes a unit m a coudominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulatious of the condolnmium or planned unit develoPment. Condemnation. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all, of the ProFerty through condemnation, eminent domain, or any other ,neons. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims, Mortgagor assigns to Lender the proceeds of any award or claitn for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assigmnent of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien docu,nent. Inst, rance. Mortgagor shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasouably associated with the Property due to its type and location. This insurance shall be maintained in the anmunts and fo,' the periods that Lender requires. The insurance carrier providiug the insurance shall be chosen by Mortgagor subject to Lende,"s a approval, which shall not be uureasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender ,nay, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals si!all be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause" Mortgagor shall innnediately notifl/ Leader of cancellation or termination of the insurance. Lender shall have the. right to bold the 'p61icies and renewals. If Lender requires, lVlortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof o.f loss if not made ilmnediately by Morlgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then doe, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to the Mortgagor. If the Property is acqaired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property betbre the acquisition shall pass to Lender to the exteut of the Secured Debt immediately before the acquisition. Financial Reports and Additional Documents. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonabl.y necessary. Mortgagor agrees to sign, deliver, and file any additional documents or WYOMING- HOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, FllLMC, FHA OR VA USE) DDS-WHM 10. certifications lhat Lender may con~iider necessary to perfect, continue, and preserve Mortgagor's obligatioos under this Security Instrument and Lender's lien statu~; on~ the Property. DUE ON SALE. Lender may, atlits option, declare die entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract llor ihe creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. DEFAULT. Mortgagor will be in default if any of the following occm': Fraud. Any Consumer Borroweriengages in fraud or material misrepresentation in connection with the Secured Debt that is an open end holne equity plan. Payments. Any Consulner Borro~ver!on any Secured Debt that is an open-end home equity plan l:ails to make a payment when due. Property. Any action or inaction ey the Borrower or Mortgagor occurs that adversely affects die Property or Lender's rights in die Property. This includes, but is not limited to, the following: (a) Mortgagor fails to maintain required insurance on the Property; (b) Mortgagor transfers ihe Property; (c) Mortgagor commits waste or otherwise destructively uses or fails to maintain tbe Property such that the action of' inaction adversely affects Lender's security; (d) Mortgagor tails to pay taxes on tbe Property or otherwise tails to act and thereby'"causes a lien to be filed against the Property that is senior to the lien of this Security h~strument; (e) a sole Mortgagor dies; (f) if more than one Mortgagor, any Mortgagor dies and Lender's security is adversely affected; (g) the Property is taken~through eminent domain; (h) a judgment is filed against Mortgagor and subjects Mortgagor and the Property to action that adgersely affects Lender's interest; or (i) a prior lienholder lbrecloses on the Property and as a result, Lender's interest is adverse!.y a.ffected. Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to Lender or another lender in all aggregate amount greater than the amount perluiUed under federal laws and regulations. REMEDIES ON DEFAULT. Iniaddition to any other remedy available uuder the terms of this Security Instrnment, Lender may accelerate the Secured Debt a'.nd foreclose this Security Instrument in a manner provided by law if Mortgagor is iii default. In some instances, federal and sUlte law will require Lender to provide Mortgagor with notice of thc right to cure, or other lmtices and may establish time schedules for foreclosure actions. At the option of the Lender, all 'or any part of the agreed fees aud charges, accrued interest al~d principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Lender shall be entitled to, withom limitation, the power to sell the Property. The acceptance by Lender of any suni iii payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exe-cising any remedy on Mortgagor's delhult, Lender does not waive Lender's right to later consider the event a default if it happens again. EXPENSES; ADVANCES ON COVENANTS; ATI'ORNEYS' FEES; COLLECTION COSTS. If Mortgagor breaches any covenant in this Security Instrmnlmt :Mortgagor agrees topay all expenses Lender incurs in performing such covenants or protecting its security interest in ,:lie Property. Such expenses include, but are qot limited to, fees incurred /bt inspecting, preserving, or otherwise protecting the Property and Lender's security interest. These expenses are payable on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in effi:ct as provided in the terms of the Secured Debt. Mortgagor agree~! to pay all costs and expenses incurred by Lender iii collecting, enforcing or protecting Lender's rights and remedies under this Security Instrmnent. This amotmt may include, but is not limited to, reasonable attorneys' lees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. To the extent permitted bY the United States Bankruptcy Code, Mortgagor ag,'ees to pay the reasonable attorneys' fees Lender incurs to collect die Se:cur~d Debt as awarded by any court exe,-cising jurisdiction uuder the Baukruptcy Code. This Security Instrument shall remain in"effect until released, lvlortgagor agrees to pay for any recordation costs of such release. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Compreben{ive Environmental Response, Compensatioo and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local taws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health., safety, welfare, environment or a haza,'dous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contanlinant which bas characteristics which render the substance dangerous or potentially'dangerous to die public health, safety, ,a, elfitre or environment. The term includes, without limitation; any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disClosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, ' ' stored or released 0n or ':in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recogni:zed to be appropriate tbr the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full c6mpliance with any applicable Enviromnental Law. C. Mortgagor shall immediately notify Lender if a release or lhreatened release of a IIazardous Substance occm-s on, under or about the Prop{:rty or there is a violation of any Environmental Law concerning Ihe Property. Ill such an event, Mortgagor sball tare all necessary remedial actioo iii accordance with any Environmental Law. WYOMING- nOME EQUITY LINE OF CREDIT MORTGAGE (NOT FOR FMNA, Flll. ivlC, FHA OR VA USE) DDS-~,~,qtlVI 11. 12. 13. 14. 15. 16. 17. 18. 19. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Enviromnental Law. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required [o pay to Lender funds for taxes and insurance in escrow. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under tiffs Security Instrument are joint and individual If Mortgagor signs tbis Security Instrument but does not sign au evideuce of debt, Mortgagor does so only to mortgage. Mortgagor's interesl in the Property to secure payment of the Secured Debt and Mortgagor does not agree to, be personally liable on the Secured Debt. It' this Security Instrument secures a gnaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender fi'om bringing any action or clai~n agaiust Mortgagor or auy party indebted under this obligation. These rights may include, but are not limited 1o, any anti-deficiency or one-action laws. The duties and benefits of this Security Instrument shall bind and benefit tbe successors and assigns of Mortgagor and Lender. SEVERABILITY; INTERPRETATION. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that con?licts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement If any section of this Security h~strument cannot be enforced according to its terms, that section will be severed and will not aft'ecl the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions aud bendings of file sections of this Security Instrument are for convenience only and are ~ot to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. NOTICE. Unless otberwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to tile appropriate party's address on page' 1 of this Security Instrument, or to any other address designated iq writing. Notice to one mortgagor will be .deemed to be notice'to all mortgagors. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding tile marshalling of liens and assets and all homestead exemption rights relating to the Property. LINE OF CREDIT. The Secured Debt iucludes a revolving line of credit. Ahhougb tile Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. APPLICABLE, LAW. This Security Instrument is governed by the laws as agreed to in the Secured Debt, except to Ibc extent required by the laws of the jurisdiction where the Property is located and applicable federal laws and regulations. RIDERS. Tile covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes] I I Assignment of Leases and Rent:; ~ Other 1-4 FAIqlk¥ RID£R [~ ADDITIONAL TERMS, SIGNATURES: By signing below Mortgagor agrees to the terms and covenants contained in this Security Instrmnent and in any attachments. Mortgagor, also acknowledges receipt of a ce py of this Security Inst,'ument on the date stated on page 1 (tSfg~"it tl~) (~ate) Richard L Pieper LaJean C Pieper ACKNOWLEDGMENT: (Individual) STATE OF l~-O~.~x-N~- , COUNTY OF ~ }SS. Thisinstrumentwasacknowledgedbefuremethis 26TH By Richard L Pieper AND LaJean' C Pieper, WITH RIGHT OF SURVIVORSHIP My commission expires:' }'2--/~1 Io ~ dayofMAY, 2004 HUSB/kND AND WIFE, AS JOINT TENANTS '(Seal) X Notary Public WYOMING- HOME EQUITY LINE OF CREDIT MORTGA ]E (NOT FOR FMNA, FnLMC, FHA OR VA USE) DDS4VItM PAGE 4 OF 4 EXHIBIT A Legal Description of Property A Portion of Lot 6 of the Taylor Fifth Subdivision as filed and platted in the Lincoln County Clerk's Office in Kemmerer, Wyoming to wit; The POINT OF BEGINNING the Northeast corner.of said Lot 6 (said point also being the Northwest corner of Lot 10 of said subdivision), thence S 00 degrees 43' W, 286 feet; thence N 89 degrees 49' W, 175 feet; thence N 00 degrees 43' E, 328 feet, more or less, to the North boundary line of said Lot 6; thence along the North boundary line of said Lot 6, to the POINT OF BEGINNING. .: Also, a portion of Lot 10 of the Taylor Fifth Subdivision, Lincoln County, Wyoming being deserib, ed~as follows: Commencing at the Northwest corner of said Lot 10, which is located in the center line of the Westward Drive; thence S 53 degrees 16' E, 45 to the POINT OF BEGINNING; thence N 53 degrees 16' W, 45 feet; thence S 00 degrees 43' W, 194.06 'feet; thence in a straight line to the POINT OF BEGINNING. 1-4 FAMILY RIDER (Assignment of Rents) Loan Number: 20022-008 THIS 1-4 FAMILY RIDER is made this 26th day of May. 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to WYOMING EMPLOYEES FEDERAL CREDIT UNION (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 113 Westward Drive COKEVILLE. WY 83114 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUBJECT TO TIlE SECURITY INSTRUMENT. In addition to the Property described in thc Security Instrument, the following items now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also constitute the Property covered by the Security instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Property, including, but not l~mited to, those for the purposes of supplying or distributing heating, cooling, electricity, gas, w. aterl air and light, fire prevention and extinguishing apparatus, security and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and c'~rtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of whichl including replacements and additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Instrument. All of the foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Security lnstrumei~t is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property." MULTISTATE 1- 4 FAMILY RIDER - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page I of 4 (0008) VMP MORTGAGE FORMS (800) 521-7291 DDS-OF5 Initials: 7/~ Forr)t 3170 1/01 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, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any govermnental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required by Section 5.' E. "BORROWER'S R1Gn'F 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 assign to Lender all leases of the Property and all security deposits made in co~mection 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 "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF ~:tCENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and un~!;onditionally assigns and transfers 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. However, Borrower shall receive the Rents until: (i) Lender has given Borrower notice of ~lefault pursuant to Section 22 of the Security Instrument, and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Leuder or Lender's agent. This assignment of Rents constitutes an absolute ~ssignment and not an assignment tbr additional Security ooly. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the tl,enefit of Lender only, to be applied to the sums secured by the Security Instrmnent; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) (~57R (O00S) DDS-OF5 · Page 2 of 4 Initials: Borrower agrees that each tenant of the Property 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 otherwise, all Rents collected by Lender or Lender:s agents shall be applied first to die costs of taking control of and managing the Property and collecting rte Rents, including, but not limited to, attorney's fees, receiver's lees, premiums on receiver's bonds, repair and maintenance costs, insurance prenfiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security lnstrmnent; (v) Lender, Lender's agents 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 profits derived from the Property without any showing as to the inadequacy of the Property as security. If the Rents of the Proper'y are not sufficient to cover the costs of taking control of and managing the Property and of collecting th~. Rents any funds expended by Lender /hr such purposes shall become indebtedness of Borrower to Lc:rider secured by the Security lustrument pursuant to Section 9. Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has not performed, and wi'~l not perform, any act that would prevent Lender front exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain thc Properly before or after giving notice of default to Borrower. However, Lender, or Lender's agents' or ~. judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate Wbel~ all the sums secured by' the Security Instrument are paid in full. I. CROSS,DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest sh'all be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrmnent. (~,,~ 57 R (0008) DOS-OF5 Initials: '~,~)z~/ Page 3 of 4 /~r_~3170, 1101 BY SIGNING BELOW~ ,Borrower accepts and agrees to the terms and provisions contained iWih~(~i-~'.'( ' ', '. ~1o4 ~Fm~iJy Rider. ' · ,,')~ v~ N .(2',, " ~,' ......... 4,~ ,, .j' · '_.~,--t~,; ;-~. ~,;' % n , ,. .' '." ."~"L'~"~9 k,'v .// ; 4; ,--....'~ . 3'.. ~-- :".'):,i' :"Oo'/x../O7~1~ ~z~z~.~._~ (Seal) . ':¢"~:". ~ichard L 1~$'p~."r · kaJean C Pieper z'-',,, ::~ ~ --'~s':'~'"':~'-mc.."'~:'~' , o_'.:*ov~'~..- .,- '- i/lllll~ " (Seal) (Seal) -Borrower -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (~57R 10008} DDS-OF5 Page 4 of 4 Form 3170 1/01