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HomeMy WebLinkAbout899814Preparedbyand When RecordedReturnTo: Alpine, WY 83128 First National Bank-'West PO BOX 3110 Alpine, WY 83128 RECEIVED ' I LINCOLN COI. NTY CLERK ............................... ,~$E~,ee Above ?his Line For Re~rdin~ Data] ........................... I,O~N NO. 5823'7~ MORTGAGE DEFINITION S 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 osed in this document are also provided in Section 16. (A) "Security Instrnment" means this document, which is dated JUNE 1, 2004 together with all Riders to this document. (B) "Borrower" is Brian W. Littleton ~'ND Rosemarie Littleton, husband and Borrower is the mortgagor un'let this Security Instrument. (C) "Lender" is FIRST NATIONAL BANK ' I~EST (ALPINE BRANCH) Lender is a A NATIONAL: B~/qKING ASSOCIATION under the laws of THE UNITED STATES OF AMERICA Lender' s address is 100 GREYS RIVER ROAD ALPINE, WY 83128 i Lender is the mortgagee tinder this Security Instrument. wife organized and existing (D) "Note" means the promissory note signed by Borrower and dated JUNE 1, 2004 The Note states that Borrower owes Lender FIVE HUNDRED THOUSAND AND 001100 Dollars (U.S, $ 500,000.00 ! ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than JUNE 1, 2019 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan"means the debt evidenced 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. (G) "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 1-4 Family Rider ---]Balloon Rider [~ Condominium Rider [-~ ~--~ Second Home Rider [~ _.Other(s) [specifyl Planned Unit Development Rider Biweekly Payment Rider WyoMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page I of 12 Form 3051 (01/01) INITIALS~_~ -. 420 (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. " (I) "Community Association Dues, Fees and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, dralff, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, cmnputer, or magnetic 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, automated teller machine transactions, transfers initiated by telephone, wi're transfers, and automated clearinghouse transfers. (K) "Escrow Items" mean those items that are described in Section 3. (L) "Miscellaneous Proceeds" mlmns 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 destruction of, the Property; (ii) condemnation or other taking of all o,' any part of the Property; (iii) conveyance in lieu of condemnation; or (i¥) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. tN) "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. (O) "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 might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security 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 this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender' s successors and assigns: with power of sale, the following described property located in the TOWN OF ETNA [Type of Recording Jurisdiction] of Lincoln County : [Name of Recording Jurisdiction] aTrACHED EXHIBIT "A" WYOMING - Single Family - Fanoie Mae/Freddie Mac UNIFORNI INSTRUMENT Page 2 of 12 Form 3051 (01/01) INITIAL~ ~N~Tn~S which currently has the address of Wyoming 83118 [Z~ p Code] 2801 Stewart Trail, Etna [Str~tI (" Property Address"): Ici~] TOGETItER 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 Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS :hat 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 eucumbrances 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 uniform security instrument covering real property UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the: Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrnment shall be made in U.S. currency. Itowever, if any check or other instrument received by Lender as payment under the Note or this Secu,'ity Instrument is returned to Lender unpaid, Lender may require that any or all subsequent pa>ments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, t?easurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15 Lender may return any payment(s) or p'artial payment(s) if the payment(s) or partial payments are insufficient to bring the Loan current. Lender may accept any payment(s) or partial payment(s) insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment(s) or partial payments in the fi~ture, but Lender is not o'aligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as. of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplki:d fands until Borrower makes payment(s) to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, 'such fnnds will be applied to tile outstanding principal balance under the Note immed!ately pti.or to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower fi'om 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 and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Auy remaining amounts shall be applied first to late charges, second to any other amounts due trader this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a snfficient amount to pay any late charge due the payment ,nay be applied to tile delinquent payment and tile late charge. If more than one Periodic Paymeat is outstanding, Lender may apply any payment received fi'om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that WYOMING - Single Family - Fannie ~lac/Freddie Mac UNIFORM INSTRUMENT Page 3 of 12 Form 3051 any excess exists after the payn eot is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charge~ due. Voluntary prepayments shall be applied first to any prepaymem charges and then as described in tile Nole. Any application of paymen s, linsurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of tile Periodic Payments. 3. Finials for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under tile Note, until the Note is paid in full!, a sum (the "Funds") to provide Ibr payment of amounts due for: (a) taxes and assessments and other items wtich can attain priority over this Security Instrument as a lien or encumbrance oil the Property; (b) leasehold pay'merits or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender trader Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of ihe payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are eailed "Escrow Items." 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 Barrower, and such dues, fees and assessncnts 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 unless Lender waives Borrower's obigation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay tti Lender Funds for any or all Escrow ltems at any time. Any such waiver may only be in writing. In the ev:nt of such waiver, Borrower shall pay directly, when and where payable, the an~ounts due fox' any Escrow ?reins fox' which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all pm'poses be deemed to be a covenant and agreement contair, ed in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is oblige.ted to pay Escrow ltems directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated tinder Section 9.to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow terns at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pa) to Lender all Funds, and iii such amounts, that are then required under this Section 3. Le,lder may, at any time, Collect and hold Funds in an amouut (a) sufficient to permit Lender to apply the Funds at the time specified und~;r RESPA, and Co) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate file amount of Funds due on tile 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. Lender shall apply the i?unds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borro~ er for holding and applying the Funds, annually analyzing tile escrow account, or verifying the Escrow Items, unle3s Lender pays Borrower interest on tile Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in xvriting or Applicable Law requires iuterest to be paid on the Funds, Lender shall net be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender sha[l give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Fun:Is held in escrow, as defined nnder RESPA, Lender shall account to Borrower for the excess funds in ,qccordance with RESPA. .If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify B'~rrower as required by RESPA, and Borrower shall pay to Lender tile amount neicessary to make up the shortage in accordance with RESPA, but in ilo more than twelve monthly payments. If there is a deficiency of Funds h'~ld in escrow, as defined under RESPA, Lender shall notify Borrower as requi,'ed by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than twehe monthly payments. Upon payment in full 'of all ,sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lc.ad.er. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain Friority over this Security Instrument, leasehold payments or ground rents oil the · ;: WYOMING - Single Family - Fannie i',lae/Freddie Mac UNIFORM INSTRUMENT Page 4 of 12 Form 3051 (01/01~ Property, if any. and Commt, nity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow ltems, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly c~i~cl:arge any lien which has priority over this Security l,lstrument unless Borrower: (a) agrees in writing to the paymc:nt of the obligation secured by Ibc lien in a manner acceptable to Lender, but only so long as Borrower is p~ffomfing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, lega~l woceedings which in Lender' s opimon operate to prevent, the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures l'rom tile holder of the lien an agreement smisfacto,-y to Lender subordim~ting the lien to this gect,rity Instrument. If Lender dete,'mines that any p,qrt of the Property is subject to a lien which can retain prio,'~ty nye,' this gecurity h~strument, Lender may give [~;orrower a notice identifying the ficu. Within 10 days of the date on which that notice is given, Borrower shallI ~ati. sfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require BorrSwer 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. 'B~rro~ve,' shall keep tile improvemeuts now existing o,' hereafter erected on the Prope,'ty inst, red against loss by fire, hazards included within the term "extended coverage," and any other haza,-ds including, but not Ii.mired to, earthqnakes and lloods, lbr which Leuder requires insurance. This insurance shall be maintaine(I.in the amounts (inclnding dednctible levels) and for tile periods that Lender requires. What Lender requires pursuant to tile preceding sentences cml change during the term of the Loan. The insurance carrie,' providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which righ: shall not be exercised un,'easonably. Lende,' may requi,'e Borrower to pay, in connection with this Loan, either: (a) a one4ime charge for tlood zone dcte,'mination, certification and tracking services; or (b) a one~time cht.rge 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 respon.sible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with thelreview, of any flood zone determination resulting fi'om an objection by Borrowe,-. If Borrower i~hils to maintain any of the coverages described above, Lender ,nay obtain insurance coverage, at Lender's option and Bor,-ow~-'s expense. Lende,' is unde,- no obligation to purchase any pa,'ticular type or amount of coverage. The,'efe, re, such coverage shall cover Lender, but ,night or might not protect Borrower, Borrower' sequity in the Prope,'.rty, or tile contents of the Property, against an), risk, hazard or liability and might provide g,'eater or lesser cov~:~'age than Was previously in et'l~ct. Borrower acknowledges that the cost of the insurance coverage so obtains.ed might significantly exceed the cost of insurance thai Bo,'rower could }lave obtained. Any amounts disb'~,csed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security h~st}'ument. These amounts shall bear imcrest at tile Note rate fi'om tim date of disbursement and shall be payable, with such interest, upon notice ii'om Lender to Borrowe,' requesting payment. All insm'ance policies req~,~xed by Lender and renewals of such policies shall be subject to Lender's right ta disapprove such policies, shall~ !nciude a standard mortgage clanse, and shall name Lender as mortgagee and/or as an additional loss payee. Le(~der shall have the right to hold the policies and renewal certificates. If Lender reqoires, Borrower shall promptly give to Lender all receipts oI' paid premiums and renewal notices. If Borrower obtains any form of insurance~.coverage, not otherwise required by Lender, for damage to, or destruction at; tile Property, such policy shall include a standard mortgage clause and shvll name Lender as mortgagee and/or as an additional 10ss payee. In the event of loss, Bon!ower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made. promptly by Borrower. Unless kender and Bo,'rower otherwise agree in writing, any insurance proceeds, whet:~'er '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 secnrity is not lessened. During such repair and ,'estoratiOn period, Lender shall }lave 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 p,'omptly. Lender may disbnrse proceeds for the repairs and restorationlin a single payment or in a series of progress payments as the work is completed. Unless an agreement is mad/~ in writing or Applicable Law requires iute,'est to be paid on such insu,'ance proceeds, Lender shall not be dequ;red to pay Borro,.ver any interest or earnings on such proceeds. Fees for public adjusters, o,' other third partieg, retained by Borrower shall not be paid ont of the insurance proceeds and shall be WYOMING - Single Family -Fannie Mae/Freddie Mac UN[FORM INSTRLh\H~NT Page 5 o~' 12 !, Form 3051 (0 I/Q.~:~,~. INITIALS 434 the sole obligation of Borrowe . If the restoration or repa,r is not economically feasible or Lende,"s security would be lessened, the insura~me proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with t~he excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Sectio ~ 2. If Borrower abandons the ?roperty, Lender may file, negotiate and settle any available insurance claim and related matte,-s. If Borrower d )e~; not.respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, th :n iLender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either c.'ent, or if Lender acqui,'es the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) BC rr0wer' s rights 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 unearned premiums paid by Borrower) under all insurance policies cove,'ing the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to paz ~'.mounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrowe:' shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence or at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protectiou o£ the Property; Inspections. Borrower shall not destroy, damage or impair the Property:. a/low the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econ.)mically 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 darer, ge to, or the taking of, the Property, Borrower shall be responsible for repaMng or restoring the Property only if Lender has released proceeds for such ~m'poses. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progre:ss payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or i'estore the Property, 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 may inspect the iaterior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an ihterior inspection specil~ing such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in defanlt il; during the Loan application process, Borrower or any persons or ertl:ties .acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleadir,g, or inaccurate information or statements to Lender (or failed to provide Lender with mate,-ial information) in ccmnection with the Loan. Material representations include, but are not limited to, representations concerning Borrower' s occupancy of the Property as Bo,'rower' s principal residence. 9. Protection of Leuder'; Interest in the Property and Rights Under this Security lostrument. If (a) Borrower fails to perform the c ~venants and agreements contained in this Security Instrument, (b) the,-e is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceedin; in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority o~er this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Propert/~[nd rights nnder this Security Instrument, including protecting and/or assessing the value of the Property, and :':ec,~,ring 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 Security Instrument; (b) appearing in court; and (c) paying reason ~bl~. attorney' s fees to protect its interest in the Property and/or rights under this Security Instrument, including ~ts ~secured position in a bankruptcy proceeding. Securing the Property includes, bot is not limited to, entering the ?roperty to make repairs, change locks, replace or board up doors and windows, drain water fi'om pipes, eliminat~ building or other code violations or dangerous conditions, and have htilities turned on or off. Although Lerde!' may take action under this Section 9, Lender does not have to do'so and is not WYOMING - Single Family -Famfie: dae/Freddic Mac UNIFORM INSTRUMENT Page 6 oi- 12 Form 3051 (01/~'~ IlqlTIALS under any duty or obligation to dc, so. It is agreed that Lender 'ncurs no liability for not taking any or all actions authorized under this Section Any amounts disbursed by~ Lenc~er under this Section 9 shall become additiontd debt of Borrower secured by this Security Instrument. The:~e amounts shall bear interest at tile Note rate fi-om the date of disbursement and shall be payable, with such int~irest, !.,pon notice fi'om Lender to Borrower req,esting payment. Il' this Security Instrument is*on: a leasehold, Borrower shall comply with all the provisions of tile lease. If Borrower acquires fee title to tile Prt!)perty, the leasehold and the fee title shall ,lot merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a coodition of making the Loan, Bo,'rower shall pay the premiu~ns required to maintain the blortgage Insurance in effect. It; tbr any reasou, tile Mortgage Insurance coverage ,~eqifired by Lender ceases to be available ii'om tile mortgage insurer that previously provided such insurance and BOrrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrowe'r shall pay tile premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, m a cost substantially equi(,alent to the cost to Borrower of tile IVlortgage Insurance previouslf in. effect, fi'om an alternate inortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance,coverage is not available, Borrower shall'continue to pay to Lender the 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 pa3, ments as a non-refundable loss reserve in lieu of lvlortgage Insurance. Such loss reserve shall be non-refimdablq, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required 1o pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss' reserve payments if Mortgage Instlrance coverage (ia the amount and lbr the period that Lender requires) provided by an insurer selected by Lendier again becomes available, is obtained, and Lender requires separately designated payments toward the premiums' for. lVlortgage Insurance. If Lender rcq,ired blortgage Insurance as a condition of making the Loan and Borrower was reqt, ired to make separately designated payments toward the premiums for lvlortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to prowde a non-refundable loss ii'eserve, until the Lender's requirement for lvlortgage Insurance ends in accordance with any written agreement be{ween Borrower and Lender providing for such termination or until termination is required by Applicable Law. l~lo[hing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimb{~rses Lender (or any entity that purchases the Note) fo,' certain losses it may incur if Borrower does not repay the.Loan as agreed. Borrower is not a party to tile Mortgage Insurance. Mortgage insurers evaluate~ their total risk on all such insurance in force from time to time, and may enter into ' agreements with other parties ti\at share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory }o the mortgage insurer and the olhcr party (or parties) to these agreements. These agreements may require the tho-,gage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiunm). As a result of these agreen'~en.ts, .Lender, any purchaser of the Note, another lust,ret, any reinsurer, any other entity, or any affiliate of any q,f the foregoing, may receive (directly or indirectly) amounts that derive Ii'om (or might be characterized as) a pr~rtign 0f Borrower's payments for Mortgage Insurance, in exchaoge for sharing or modifying the mortgage ' "s~risk, or nsure,' reducing losses. If such agreement provides that ail affiliate of Lender takes a share of the insurer's risk :in exchange for a shm'e of the premiums paid t0 the insurer, the arrangement is often termed 'captive reinsuran',ce." Further: (a) An), such agreement[s, will not affect the amounts th:Jr Borrower has agreed to pay for Mortgage Insurance, or any other t'erni's Of the Loan. Such agreements will nut increase the amount Borrower will owe far Mortgage lnsuraneei ~.q~l~::l they svill not entitle Borrosver to auy refnnd. (b) Any such agreements~.will not affect the rights Borruwer has - il' any - with respect to the Mortgage Insurance under the Homeo's4,ners Protection Act of 1998 or auy other law. These rights ~nay include lhe . right to receive certain d~sclosures,.to request and obtain e:mcellatiuu of the Mortgage Insurance, to have the Mortgage Insurance t'erniin.'d-ed :mtomatically, and/or to receive a refund of any Mortgage Insurance l)remit, ms that were unearne~/ at the time of such cancellation or termiuation. 11. Assignment of Miscelilaneous Proceeds; Forfeiture. All lVliscclhmeot,s Proceeds are hereby assigned to and shall be paid to Lender. !. WYOMING - Single Family - Faimie,Mae/Fcedflie Mac UNIFORM INS]'It[hMIr. NT : ; Page 7 of 12 Farm ~051 (0 INITIALS /~/ If the Property is damager;, such Miscellaneous Proceeds sba[ be applied to restoration or repair of the Property, if the restoration or r~pair is economically feasible and Lender's security is not essened. During such repair and restoration period, ~Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect tach Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work s completed. Unless an agreement is made in writing or Applicable Law reqtures interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pa>, Borrower any imerest 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 .instrument, whether or aot then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before ';:he partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secm'ed by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree ~n writing, the sums secured by this Security Instrument shall be reduced by the anaount of the Miscellaneous Proceeds multiplied by the following fi.action: (a) the total mnount of the sums secured irm~mdiately before 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 partial tak ng, destruction, or loss in value of the Property in which the fair market value of the Property inmmdiately before the partial taking, destruction, or loss in value is less thao the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree ~n writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim fo,' damages, Borrower fails to respond to Lender within 30 days after ~:he date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against w(om Borrower has a right of action in 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 forfeit[re of the Property or other material impairment of Lender's interest in the Property or rights under this Security lnstr'ument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing 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 Instrument. The proceeds of any award or claim for damages 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 for in Section 2: 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the snms secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy inclt,ding, without limitation, Lender' s acceptance of payments fi'om third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Snccessors and Assigns Bonnd. Borrower covenants and WYOMING - Single Family - Fannie Ma~/Freddie Mac UNIFORM INSTRUMENT Page 8 of 12 Form 3051 (01/0,g~ INITIAL~ INITIALS 437 agrees that Borrower's obligations and liability shall be joint and several, l lowever, any Borrower who co-signs this Security Instrument bnt doss not exectite the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property tinder the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security h~strument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instruimeat or the Note without the co-signer' s consent. Subject to the provisions of lSection 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 Irlstrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Insti'ument shall bind (,except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lend3r may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of prolecting Lender' s interest in the Property and rights under this Security Instrument, including, but not limited to, af:torneys fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on rite charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maxtmum 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 fi'om Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose,to make this refund by reducing the principal owed tinder the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge; (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund inade by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising oqt o't' such overcharge. 15. Notices. All notices giv:n by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mallet! by first class mail or when actually delivered to Borrower' s notice address if sent by other means. Notice to ar.y One Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. ('he notice address shall be the Property Address unless Borrower has designated a substitute notice address by noiice to Lender. Borrower shall promptly notify Lender of Borrower' s change of address. If Lender specifies a' prvcedure 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 tinder this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received hY Lender. If any notice required by this Security Instrument is also required tinder Applicable Law, the Applicable Law requirement will satisfy the corresponding [equirement under this Security Instrument. ' ,. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the iurisdiction in which the Property is located. All rights and obligations contained itl this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly al!ow 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 Instrmnent or the Note which can be given effect without tile conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of tile 7~eminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may'i gives sole discretion without any obligation to take any action. ' 17. Borrower's Copy. Bprr0wer shall be given one copy of thc Note and of this Security Instrument. WYOMING ~ Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 9 of 12 Form 3051 (01/01) INITIAL~ INITIALS 18. Transfer of the Propertyor a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer 0'7 tit~e by Borrower at a future date to a purchaser. If all or any part of the Prcpe[;y or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial .nterest in Borrower is sold or transferred) without Lender' s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. flowever, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Il' Lender exercises this opt:on, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 day.3 fi'om the date the notice is given in accordance with Section 15 within which Borrower must pay all snms secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. II' Borrower meets certain conditions, Borrower shall have the right to have enSrbrcement of this Security Instrument discontinued at any time prior to the earliest off (a) five days before sale of the.Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due ruder this Security Instrument and the Note as if no 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 fees incurred for the pnrpose 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 Secffrity Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borro~ve,' pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, tieasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no accelera:ion,had occurred. However, this right to reinstate shall not apply in the case of acceleration under Sectioo 18. 20. Sale of Note; Chang.~ 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 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 the Note and this Security Iastrument and performs 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 tile Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which w~ll state the name and address of the new Loan Servicer, the address to which payments should be made and .any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain 'with the Loan Servicer or be transferred to a successor Loan Servicer(s) and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender nmy commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) fi;at arises from the other party' s actions pursuant to this Security Instrument or that alleges that the other part)' has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrowe[ or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice.to take corrective action. If Applicable Law provides a time period which must · elapse before certain action car: 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 pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and WYOMING - Single Family - Fannie iVlae/~Freddie Mac UNIFORM INSTRUMENT Page I0 of 12 Form 3051 (01/~ INITIALS~ INITIALS opportunity to take corrective ~ction 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 haw and the Ibllowing substances: gasoline, kerosene, other flan~nable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials comair'ing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the ProperW is located that t-elate to health, safety or environmental protection; (¢) '~Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleannp. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anythingiaffecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmen'.al Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely afl'ects the value of the Property. The preceding two 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 appropFiate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give 2ender written notice of (a) any investigation, claim, denmnd, lawsuit or other action by any governmental c'r regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, 'any spilling, leaking, discharge, release or threat of release of any lfazardous Substance, and (c) any conditiCn czused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. ~f Borrower learns, or is notified by an5' governmental or regulatory authority, or any private party, that any removal or other remediation of an), llazardous Substance affecting the Property is necessary, Borrower shall pro~ptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any.., obligation on Lender fbr an Environmental Cleanup. NON-UNIFOIhM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies.,' Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any Cos, enant or agreement in this Security Instrument (but not prior to acceleratim~ 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 thau 30 days from the date the notice is given to Borrower, by which the defaalt must be cured; and (d) timt failure to cure the default on or before the date specified in the notice may re'suit' in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice sba.il further inform Borrower of the right to reinstate after acceleration and the right to bring a court action' to ::~ssert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the ;lefault is not cured on or before the~ date specified in the notice, Lender at its option may require immedi~te payment in full of all sums s~cnred by this Security Instrument without further demand ami may im'oke 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 power:, of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of th'e 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 s01d in the 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 su'ms secured by this Security Instrument; and (c) any iexcess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay ,iny recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is WYOM[ING - Single Family -Fanme' Mae/Freddie Mac UNIFORM INSTRUMENT Pagell of 12 Form 3051 (01/0~ INITI~ 44O permitted under Applicable Law.. 24. Waivers. Borrower releaseg and waives all rights under and by virtue o£ the hoalestead exemption laws of Wyoming. BY SIGNING BELOW, Bcrrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) execl,ted by Borrower and recorded with it. ses:  Brian W. Littleton · Social Security Number Ros ema'~ie Li~t~et~n' ' (Seal) - BOlT OWgf (Seal) Borrow~ Social Security Number ~'~,, fi- ~'~ ~.~7/~ ~,. Social Security Number .(Seal) (Seal) Social Security Number .................................. {Space Below This Line For Acknowledgment] ............................... STATE OF WYOMING ) )SS: COUNTY OF LINCOL~ ) The ~regoinginstrumentwasacknowledgedbe~reme, aNotaryPublic, on by: Brian W. Littlet¢.n AND Rosemarie Littleton, JUNE 1, 2004 Date husband and wife Person(s) Acknowledging In WITNESS WHEREOF, I have hereunto set my hand and official seal. My Commission expires: 9/18/C7 I COU~ITY OF ~v~,~ SLATE! OF ~ LINCOLN ~ WYOMING II ~EM[t~R 1L 2001 WYOMING - Sin gle Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 12 of 12 Notary Public Form 3051 (01/01) The land referred to in this conunitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: ' Parcel 1 A portion of the NMN~ of Section 24, T36N Rll9W of the 6th P.M., Lincoln County, Wyoming, being more particularly described as follows: BEGINNING at the North Center 1/16 corner of said Section 24, and running S 89029'32'' W, along the South line of said N~N~, 601.68 feet; thence North, 1308.11 feet to a point in the North line of said Section 24; thence East, along last said North line, 607.36 feet to the North ~ corner of said Section 24; thence continuing along last said North line N 83046'58'' E, 1320.43 feet to the East 1./16 corner in said North line; thence S 0°13'25, W. 518.60 feet; thence S 71056, W, 559.89 feet; thence S 84053, W, 614.29 feet; thence S 0°13'25,, W, 688.62 feet; thence S 86034'30'' W, 169.83 feet to the POINT OF BEGINNING. Parcel 2 The right of access as provided for in instruments recorded April '28, 2000 in Book 445PR on page 2 and recorded May 12, 2000 in Book 445PR on page 535 of the records of the Lincoln County Clerk.