Loading...
HomeMy WebLinkAbout899768Return To: I{OMECOMIN~$ FINANCIAL NETWOR}2, ONE MERIDIAN CROSSlN6, MINNEAPOI IS. MN 55423 Loan Number: 042-098899-0 899768 Prepared By: HomeComing3 Financial Network 14850 Quorum Drive, Suite 500 Dallas, TX 75254 -]Space Above Tiffs Lhle For Recordhig Data] MORTGAGE MIN 100062604209889908 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21 Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to tiffs document. (B) "Borrower" is CAROL A. BITTENBENDER, AN UNMARRIED WOMAN MAY 28TH, 2004 Borrower is the mortgagor unde1 this Security Instrument. (C) "M-ERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation flint is acting solely as a nonfinee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is orgalfized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. 70! WYOMING-Single Family-Fannie Ma~dFreddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (ltl00) / 0424398899-0 (~®-SA{WY} Iooo~1.o~ Page I of 1 ti Initials:.~~ VMP MORTGAGE FORMS - 18001ri21-729~ Form 3051 1/01 (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPORATI ON organized and existing under)he laws of DELAWARE Lender's addressis 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 (E) "Note" means the promis'sory note signed by Borrower and dated MAY 28TH, 2004 The Note states that Borrowe~ owes Lender SEVENTY THOUSAND AND NO/100 i Dollars (U.S. $ 70,000.00 ' ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay die debtl in full not later than JUNE 1ST, 2034 (19 "Property" means the pi:'operty that is described below under the heading "Transfer of Rights in the Property." , (G) "Loan" means the debt e. videnced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider. t~ Condominium Rider ~ Second Home Rider ~ Balloon Rider [--'] Planned Unit Development Rider ~] 1-4 Family Rider '[-~ VA Rider ['~ Biweekly Payment Rider [--] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and adnfinistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condonfinium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer 0f fuods, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, 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 linfited to, point-of-sale transfers, autonmted teller maclfine transactions, trans:?ers initiated by telephone, wire transfers, and autmnated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described ii1 Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or oilier taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" :ne,'ms insurance protecting Lender against the nonpayment of, or default on, the Loan. (O). "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfigbt be amended t¥om dine 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 reqnirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. MFWY7770 (11/00) / 042-098899-0 Page 2 of lli Form 3051 1101 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrcwer's obligations under the Note and/or this Security Instrmnent. TRANSFER OF RIGHTS IN THE PROPERTY 1 This Security Instrument secures' to Lender: (i) the repayment of the Loan, and all reneWals, extensions and modifications of the Note; andI (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For tiffs purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, With power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording ilurisdiction] [Name of Recording Jurisdiction] PART OF LOT 2 OF BLocK 2 OF THE AFTON TOWNSITE, LINCOLN COUNTY, WYOMING BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTH.~-3IST CORNER OF SAID LOT 2 AND RUNNING THENCE WEST 5 RODS; THENCE SOUTH 8 RODS; THENCE EAST 5 RODS; THENCE NORTH 8 RODS TO THE POINT OF BEGINNING. ParcellD Number: 32183120307400 458 E. 1ST AVE AFTON ("Property Address"): which currently has the address of , [Streetl [City] , Wyoming 83110 [zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instruxnent. All of the foregoing is referred to in this Security Instrument as the "Prot,erty." 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 nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to tbreclose and sell the Property; and to take any action required of Lender including, but not linfited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unitbrm security instrument covering real property. MFWY7770 (11/00) / 042-098899-0 (~-SAIWY) Inilials: ~ Page 3 o115 ! Form 3051 1/01 UN~FOAM COVENANTS,. 'Bo~ower and Lender covenant and agree as follows: ~. ~ay~ent of Princip~'~ii., Interest, Escrow Items, Prepayment Cha~ges, a~d La~e Charges. Borrower shall pay when due ~e principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late ct~arges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Paymeflts due under the Note and this Security Instrulnent shall be made in U.S. currency. However, ff any che~:k or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this ,Security Instrument be made in one or more of file following forms, as selected by Lender: (a) caflt;~ (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 federal agency, instrumentalityi Or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location desig~mted in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lendei: may accept any payment or partial payment insufficient to bring the Loan current,, without waiver of any, rights hereunder or prejudice to its riglits to refuse such payment or. partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on mmpplied funds. Lender may hold such unapplied funds until 'Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such ~nds or return them to B~rrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note inwnediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this section 2, all payments accepted alal applied., by Lender shall be applied in file following order of priority: (a) interest due under the Note; (b) principal due under file Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remai~fing amounts shall be applied first to late ckarges, second to any other amounts due under this Security Instrmnent, and then to reduce the principal ballauce of the Note. if Lender receives a payment from Borrower for a delinquent Periodic Pa~,ment which includes a sufficient amount to pay any late charge due, file payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To fl~e extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described iu file Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Ite~ns. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note' is paid in full, a sum (the "Funds") to provide Ibr payment of amouuts due for: (a) taxes and assessments and other items wltich can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Bqrrower to Louder in lieu of the payment of Mortgage Insurance premiums in accorc',ance with the provisions of Section 10. These items are called "Escrow Items." At origination or at ahy time during the term of the Loan, Lender may require that Conunmfity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items mfless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender inay waive Borrower's obligation to pay to Lender Ft:.nds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of suclX waiver, Borrower shall pay directly, wheu and where payable, the amounts MFWY7770 (11/00) / 042-098899-C (~-6AlWY) Iooo~l.ol Form 3051 1/01 due for any Escrow Items for Which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to makei~'such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in tlfis Security h~strument, as the plu'ase "covenant and agreement" is used in Section 9. If Borro,~,er is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender nkay exercise its rights under Section 9 and pay such amount and Borr~ower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke ~ waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 an~., upon such revocation, Borrower shall pay to Lender all Fuuds, and in such amounts, that are Oxen required under this Section 3. Lender nmy, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender slmll esti~nate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. l~ender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender Shall not charge Borrower for holding and applying the Funds, mmually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law perndts Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires inte:est to be paid on the Funds, Lender shall not be requiredto pay Borrower any interest or eanfings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Fvmds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the 'shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by 2~-ESPA; and Borrower shall pay to Lender the amount necessary to make up the deficie~my in accordance w'ith RESPA, but in no more than 12 monthly payments. Upon payment in full of allt: sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the ProPerty, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument mfless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a mauner acceptable to Lender, but o~fly so long as B'~rrower is per/brming such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion Operate to prevent the enforcement of the lien while those proceedings are pending, but o~fly until such proceedings are concluded; or (c) secures frown the holder of the lien an agreement satisfactory to Lender subordinating the lien to fids Security Instrume:at. If Lender deternfiues that any part of the Property is subject to a lien which can attain priority over this: Security Instrument, Lender may give Borrower a notice identifying the MFWY7770 (11/00) / 042-098899-0 Page 5 ;,f 15 Form 3051 1/01 lien. Within 10 days of [tie dar.~, on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth a~ove in this Section 4. Lender nkay require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included wi[lfin the term "extended coverage," and any other hazards including, but n.o't limited to, earthquakes and floods, for which Lender requires insurance. This insurauce shall be mainlined in the amounts (including deductible levels) and for the periods that Lender requires. What Lender:,requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carde,r providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender nmy require Borrower to pay, in :~.onnection with this Loau, either: (a) a one-time charge for flood zone deternfination, ceitification andI tracking services; or (b) a one-time charge for flood zone determination and certification services and :subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in com~ection with the review of any flood'zone deterinination resulting from an objectiou by Borrower. If Borrower fails to ~naihtain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option iland Borrower's expeuse. Lender is uuder no obligation to purchase any particular type or amount of cbverage. Therefore, such coverage shall cover Lender, but ]night or nfight not protect BorrOwer, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage tl~an was previously in effect. Borrower acknowledges that the cost· of'~ the insurance coverage so obtained might sig~fificantly exceed the cost of insurance that Borrower could ;have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Boniower 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 uotice from Lender to Borrower requesting ¢payment. All insurance policies 'reqi'uired 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 Inortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower clbtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgage{; and/or as an additional loss payee. In the event of loss, Borrower shall give pro~npt notice to [lie insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlyiug insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until. Lender has had an opportunity to inspect such Property to ensure the work has been completed to ~Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoratiou in a single payment or in a series of progress payments as the woi-k is qompleted. U~fless an agreement is made iu writing or Applicable Law requires interest to be paid on S~ich insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid outI 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 th~: sums secured by fids Security Iustmn~eut, whether or not then due, with MFWY7770 (11/00) / 042-098899-0 ~ni~i~: ~--~/'~ (~)~-6AtWY) Iooo~1.o~ Pag~ ~ o~ ~6 Form 3051 1101 the excess, if any, paid to Bor!:ower. Such instlrance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons fl~e Property, Lender tnay file, negotiate and settle any available insurance claim attd related nmtters. If Borrower does not respond within 30 days to a notice from Lender that file insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires rite Property under Section 22 or otherwise, Boi:r..ower hereby assigns to Lender (a) Borrower's fights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of uneanted prenfimns paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lentier may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under file Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and nsc the Property as Borrower's principal residence within 60 days after', rte execution of this Security Instrument and shall contitme to occupy the Property as Borrower's principal residence for at least one year alter the date of occupancy, unless Lender otherwise agrees in writing, Which consent shall not be unreasonably withheld, or unless extenuating circumstances exist wlfich are beyond Borrower's control. 7. Preservation, Maintf~.nance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or con, nit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, tile Property, Borrower shall be responsible tbr repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for file repairs and restoration itt a single payment or in a series of progress payments as file work is completed. If the insurance or condetmxation proceeds are not sufficient to repair or restore the Proper~y, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender tnay inspect the interior of the intprovements on the Property. Lender shall give Borrower notice at the time of 3r prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, dufiug the Loan application process, Borrower or any pc:sons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lemk:r with material infornmtion) in comtection with the Loan. Material representations include, but are not limited to, representations concenfing 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 Instrumeut. If (a) Borrower tails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might sig~fificantly affect Lender's interest in file Property atnl/or rights under this Security Instrument (such as a proceeding itt bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain priority over this Security Iustrument or to etfforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay /bt whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of file Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this ~Secufity Instrument; (b) appearing in court; and (c) paying reasonable MFWY7770 01/00) ! 042-098899~0 (~-6AiWY) Iooo~}.ol Initial.: ~-~ P~g~ 7 ol I [5 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under tiffs Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not liufited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building i or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender maly .take action under this Section 9, Lender does not have to do so and is not under-any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Seciion 9. Any amounts disbursed t?yI Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrulnlent. These amounts shall bear interest at the Note rate from file date of disbursement and shall be payable, with such interest, upon notice t¥om Lender to Borrower requesting payment If tiffs Security Instrumerit 4s on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fe~ title to the Property, the leasehold and file fee title shall not merge mfless Lender agrees to the merger in iwriting. 10. Mortgage Insurance.~ If Lender required Mortgage Insurance as a condition of ~naking the Loan, Borrower shall pay the premimns required to nmintain the Mortgage Insurauce in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be availabl~ from the mortgage insurer that previously provided such insurance and Borrower was required to nmke separately designated payments toward the premiums for Mc!rtgage Insurance, Borrower shall pay file prenfiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of file separately designated payments that were due when the insurance, icoverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable, loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstandit~g the fact that the Loan is ultinmtely paid iu full, and Lender shall not be required to pay Borrower any ~nterest or eanfings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage insurance coverage (in the amount and tbr file period that Lender requires) provided by au .insurer selected by Lender again becomes available, is obtained, and Lender requires separately desigxutted payments! toward'the premiuxns for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of n~king the Loan and Borrower was required to make separately designated payments toward the premiun~s for 'Mortgage Insurance, Borrower shall pay the prenfimns required to maintain Mortgage Insurance i in effect, or to provide a nou-refundable loss reserve, until Lender's requirement tbr Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such tern!dnafion or until termi~mtion is required by AppliCable Law. Nothiug in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. ' Mortgage Insurance rei~ourses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does ~tot repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evalua~ie their total risk on all such insurance in force from time to time, and ~nay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions th~,t are satisfactory to the mortgage insurer and the other party (or parties) to these agreements These agreements may require the mortgage insm'er to make payments using any source of funds that the mortgage insurer may have available (wlfich nmy iuclude funds obtained from Mortgage fusurance premiums). As a result of these agreements, Lender, any purchaser of file Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage InsUrance, in exchange tbr sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: . (a) Any such agreements Will not affect the amounts that Borrower has agreed to pay f°r Mortgage Insurance, or any ~ther terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortg~i~ge Insurance, and they will not entitle Borrower to any refund. MFWY7770 (11/00) / 042-098899-0; ' (~-6A[WY} looo~l.o~.:' :, p~g. 8 o~ ~ ~ Form 3051 1101 (b) Any such agreements, will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under tlh~ Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtaiu cancellation of the Mortgage Insurance, to have, the Mortgage Insurance termiuated automatically, and/or to receive a refund of any Mortgage InsUrance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid t0 Lender. If the Property is damaged} such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible aud Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be uudertaken promptly. Lender may pay lbr the repairs and restoration in a tingle disbursement or in a series of progress payments as the work is completed. Unless an agreemet~t is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Len&r shall, not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrunent, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaueons Proceeds shall be applied in the order provided fcr in Section 2. In the event of a total 'taking, destruction, or loss in value of the Property, the Miscellaneons Proceeds shall be applied to th,~ .sums secured by this Security Instruuent, whether or not then due, with the excess, if any, paid to BorrOwer. In the event of a partial tak.~ng, destruction, or loss in value of the Property in which the fair market value of the Property innnediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument iumediately before file partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced' by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured iimnediately before file partial taking, destruction, Or loss in value divided by (b) the thir market value of the Property immediately before the partial t;,king, destruction, or loss in value. Auy balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of file Property in which the fair market value of the Property inmediatfiy before file partial taking, destruction, or loss in value is less than the amount of the sums secured inmediately before the partial takiug, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not file sums are dieu due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that file Opposing Party (as defined in the next sentence) offers to make au award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date file notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action iii regard to Miscellaneous Proceeds.. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a delhuh and, if acceleration has occurred, reinstate as provided in Section 19, by causiug the action or proceeding to be dismissed with a ruling that, in'Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security instru~nent. The proceeds of any award or claim for damagesithat are attributable to the impairmeut 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 for in Section 2. MFwY7770 (11/00) / 042-098899-0 (~de,~iWY! ~ooosl.o~ Page ma ol 1 I~ Form 305i 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of anlortization of the sums secured by fids Security Instrument granted by Lender to Borrower or any Successor lini Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Ilaerest of Borrower Lender shall not be required to connnence proceedings against any Successor in Interest of ;Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured:by this Security Instrument by reason of any demand made by the origitml Borrower or any Successors in. Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrawer or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any rilliht or remedy. . 13. Joint and Several I~iability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obl~.igOtio~ts and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute file Note (a "co-signer")~: (a) is co-signing this Security Instrument only to mbrtgage~ grant and convey the co-signer's interest in the Property under the terms of this Security Instrum9nt; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees th~!t Lender and any other Borrower can agree to extend, modify, tbrbear or make any acconm~odations wifit .regard to the terms of this Security hkstrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument mfless Lender agrees to such release in writing. The covenants and {tgreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Le~ider may charge Borrower fees for services pertbnned in connection with Borrower's default, for the PUrpose of protecting Lender's interest iu rile Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, th{: absence of express authority in dfis Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on file charging of such fee. Lender nmy not charge fees that are expressly prohibited by this Security Instrument or by ~pplicable Law. If the Loan is subject to a law which sets ~naximum loan charges, and that law is finally interpreted so that the interest or other loan ~charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any; 'such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Boi~rower. Lender may choose to nutke this refund by reducing the priacipal owed under the Note or by irnaking a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as .a partial prepayment without any prepayment charge (whether or ~mt a prepayment charge is provide~l for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with fids Security Instrument shall be deemed to have been given to Borrower when mailed by first class ]nail or when actually delivered to Borrower's notice address if sent by other~means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expre4sly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's c. hange 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 ~nay be only one desig~nated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class ~nail to Lender's address stated herein unless Lender ,~has, designated another address by notice to Borrower. Any notice in connection with this Security h~strument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. MFWY7770 (11/00) / 042-098899-(~ I~-~ACW¥} ~ooos~.o~ Page 10 of 16 Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such 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 can be given effect without the conflicti.ng provision. . As used in this Security Instrument: (a) words of the nmsculine gender shall mean and include corresponding neuter words or ,words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Boi'rower shall be given one copy of the Note and of tiffs Security Instrument. 18. Transfer of the Prol~erty or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" ~neans any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract tbr deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Pn)perty or any Interest in the Property is sold or transferred (or if Borrower is not a natural perso~! and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require innnediate payment in full of all sums secured by tiffs Security Instrument. However, this opts. on shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of'acceleration. The notice shall provide a period of not less thaa~ 30 days frotn the date the notice is given in accordance with Section 15 within wlfich Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender nmy invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right tc Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have e~fforcement of tiffs Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) sc.ch other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment euforcing this Security Instrument. Those conditions are that Borrower: '~a) pays Lender all sums wlficb then would be due under this Security Instrument and the Note as if nc, acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees. and other tees incurred for the purpose of protecting Lender's ~nterest 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 th~.~ following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or caslfier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstate~.nent by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective, as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Sezurity Instrument) can be sold one or more times without prior notice to Borrower. A sale might result~ in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under t!~e Note and this Security htstrument and pertbrms other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there ~s 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 addres,~; to which payments should be nmde and any other information RESPA MFWY7770 (11/00) / 042-098899-0 ~-6AIWY} Iooo~.o~ Pag. ~ of 1~ .-r Form 3051 1/01 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer o~her than the purchaser of the Note, file mortgage 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 purchase~, unless otherwise provided by file Note purchaser. Neither Borrower nor Lender may connnence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrmnent, until such Borrower or Lender has notified the other party (with such notice given in compliance wi'fl~ the requirements of Section 15) of such alleged breach and aftbrded the other party hereto a reasonable period after the giviug 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 fids paragraph. The notice of acceleration and opportunity to cure given to 'Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed tO satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) au "Environmemal Condition" means a condition that can cause, contribute to, or otherwise trigger an Envirmm~ental Cleanup. Borrower shall not cause'or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to rele~tse any Hazardous Substances, on or in file Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Enviromnental Condition, or (c) which, due to fl~e presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not appl5 to the presence, use, or storage on file Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (incluthng, but not lilnited to, hazardous substances m consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, denmnd, lawsuit or other action by any gove_rmnental or regulatory agency or private party involving the Property and any Hazardous Substance or En¥ironmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilliug, leaking, discharge, release or threat of release of any Hazardous Sub?tance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which a(!versely affects the value of the Property. If Borrower learns, or is notified by any govermnental or regul~..tory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordanc~ with Environmental Law. Noflfing herein shall create any obligation on Lender for an Environmental Cleanup. MFWY7770 (11/00) / 042-098899-tj Page 12 of 1§ Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further cove~mnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after accele,"ation and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in tl::.e notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the p~'~wer of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in tbe manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon paymcm of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrowm shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrum~mt. but only if the fee is paid to a flfird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by vmue of the homestead eJ~emption laws of Wyonfing. MFWY777O (11/oo) / 042-098899-0 (~-a AIWY)iooo~.o~ Initials: ~ pag. 13o,~6 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covmmnts contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: (Seal) CAROL A. BI~(~ENB~NDER -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower MFWY7770 (11/00) / 042-098899-0 (~6AiWY) ~ooo~.o~ Page 14 o! 15 Form 3051 1/01 STATE OF WYOMING, Lincoln The foregoing instrument ,,~as acknowledged before .me this by CAROL A. BITTENBENDER,~ AN UNMARRIED WOMAN County ss: May 28, 2004 My Commission Expires: Feb.:."uary 2, 2006 MFWY7770 (11/00) / 042-098899-0 (~-6AIWY) moo~.o, Page 15 of 1B lnidals: ~ Form 3051 1/01