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HomeMy WebLinkAbout899943WHEN RECORDED, MAIL TO: UTAH POWER & LIGHT EMPLOYEES'S: CREDIT UNION 1407 W NORTH TEMPLE #120C SALT LAKE CITY, UTAH 84116 This Instrument was prepared by: UTAH POWER & LIGHT EMPLOYEES'S CREDIT UNION 1407 W NORTH TEMPLE #120C SALT LAKE CITY, UTAH 84116 801-220-4180 Loan Number: 001 Order Nu~nber: 8 9 9 9 t_,, ,3 (Space Above This Line For Recording Data MORTGAGE RECEIVED LIItOOL[", COIINTY OLEF/I( DEFINITIONS Words used in multiple sections of th~s d(,,cument are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage ofword~; useJ in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated June 7, 2004, together with all Riders to this document. (B) "Borrower" is RICHARD C. FASSETT' and REBECCA A. FASSETT, husband and wife as joint teuants with full rights of survivorship . Borrower is the mortgagor under this Security Instrument. (C) "Lender" is UTAH POWER & LIG. HT EMPLOYEES'S CREDIT UNION, organized aud existing under the laws of UTAH. Lender's address is 1407 W NORTH TEhlPLE #120C, SALT LAKE CITY, UTAH 84116. Lender is the mortgagee under this Security Instn~ment. (D) "Note" means the promissory note signed I?.y Borrower and dated June 7, 2004. The Note states that Borrower owes Lender NINETY- SlX THOUSAND and no/100 Dollars ('U.S. $96,000.00) pins interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not kter than July 1, 2019. (E) "Property" means the property that is described below under the heading "Transfer of Rights i,~ the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due nnder the Note, and all surns due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Set:urity 'Instrument that are executed by Borrower. The following Riders are to be executed by Borrower (check box as applicable): [] Adjustable Rate Rider [] Condominium Rider [] Second l-Iome Rider [] Balloon Rider [-'} Planned Unit Development Rider [] VA Rider [] 1-4 Fa~nily Rider [-'] Biweekly Payment Rider [] Other (Specify) - .: (H) "Applicable Law" means all control['ng 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, anti 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, draft, or si~nilar paper instn~ment, which is initiated through an electronic terminal, telephonic instrument, computer, 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 initkted by telephone, wire ~ransfers, and automated clearinghouse transfers. (K) ~'Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction off the Property; (ii) condemnation or other taking of all or any part of the Property; (i/i) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurvnce protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the reguhrly scheduled amount due for (i) principal and interest under the Note, plus (ii) any a~nounts under Section 3 of this Security Instrumer, t. ' (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 am;)nded from time to time, or any addiiional or successor legislation or regulation that governs the same subject matter. As used in this Securi[y Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even i,f the Loan does not qualify as a "federally related mortgage loan" under RESPA. WYOMING - Single Family- Fannie Mae/Freddl e Mac UNIFORM INSTRUMENT Form 3051 1101 IDS, Inc. - (800) 554-1872 Page 1 of 8 Borrower(s) ,nilials ~(-~ '~_ i~. ~ s9994a 854 (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 lnstrmnent. 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, Bmxower 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 County of LINCOLN: : See Attached Exhibit "A" - ! Parcel Identification Number: 12-2116-22-4-022011.00 which currently has the address of: 1666 SiUNLIGHT DRIVE KEMMERER,, WYOMING 83101 ("Property Address"): TOGETHER WITH all the improwments 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 Inst?mnent as the "Property." BORROWER COVENANTS that Bon;ower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and'that the Prope~ ty i~ unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against ali. da:ms and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT cc. mbines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unJ'form 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 pnncipal of, and interest on, the debt evidecced 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 Instrument shall be made in U.S. currency. However, if any check or otaer 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 oftbe following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lenaer when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with tke notice provisions in Section 15. Lender may return any payment or partial payment if the or partial payments are insufficiem' to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of ar.:y rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply fuch payments at the time such paymeots 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 snch unapplied funds until Borrower makes payment to bring the Loan current. If Bo;rower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not ap?lied earlier, such funds will be applied to the outstanding principal balance under the Note immediately 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 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. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the 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 in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amour, t, of the Periodic Pay~nents. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Pay~nents are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premimns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premimns in accordance with the provisions of Section 10. These items are called "Escrow Items."/it origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any; be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all nc:tices of amounts to be paid under this Section. Borrower shall pay Lender the Fnnds for Escrow Items unless Lender waives Borrower's Obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to payto Lender Funds for any o.' all Escrow Items at any time. Any such waiver may only be in writing. In the event of such VVYOMING- Single Faro y.- Fannie Mae/Freddie Mac uNIFORM INSTRUMENT Form 3051 1/01 IDS. Inc. - (800) 554-1872 Page 2 of 8 Borrower(s> Initials (~_.Q~" ~,,~ waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, ~hall ~furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make s~ch payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. Ii'Borrower is obligated to pay Escrow Items directly, pursuant to a waive:', and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amouitt an':l 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 Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any tilne, collect ;'and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the tiine specified under RESPA, and (b) not to exceed tt.~e maximum amount a lender can require tinder RESPA. Lender shall estimate the amount of Funds due on the basis of current data an'd rea,sonable estimates of expenditures of future Escrow Items or otherwise iii accordance with Applicable Law. The Funds shall be held in an insltituti.on whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose dg'posiis are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time sp¢cifi~!d under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or ,,eri~/ing the Escrow Items, nnless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Un~ess an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be reqnired to.pa5 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 shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. : If there is a surplus of Funds held .in es:row, 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 P, ESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Len:ler the amount necessary to make tip the shortage in accordance with RESPA, but in no inore 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 RESPA, and Borrower shall paly to !~ender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shal pa), all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, 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 unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good fai~h-byi, 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 only uutil such proceedings are concluded; or (c) secures from the holder of the lien an agt,eement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property i~ sul:ject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien Wit :~in 1 ~ days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in d/is Section 4. Lender may require Borrower to 1: ay 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 within the term "t. xtended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change dm'lng the term of the Loan. The insurance carrier 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. 12 ender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time rerr. appings 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 connection with the review of any flood zone determination resulting front an objection by Borrower. If Borrower fails to maintain any d;fthe: coverages described above, Lender may obtain nsurance coverage, at Lender s option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not prote :t Bo :rower, Borrower s equity iii the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have Obtained. Any amonnts disbursed by Lender under this Section 5 stall become additional debt of Borrower secnred by this Security Instrument.-These amounts shall bear interest at the,Note rate from th ~ dat~ of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Let.der and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. 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 premiums and renewal notices. IfBorrowe':' obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. VVYOMING- Single Family- Fannie Mae/Freddie Ma.; UNIFORM INSTRUMENT Form 3051 1/01 IDS, Inc. - (800) 554-1872 Page 3 of 8 Borrower(s) Initials In the event of loss, Borrower shali; g?/e prompt notice to tile insurance carrl er and Lender. Lender may make proof o floss if not made promptly by Borrower. Unless Lenfler!and Borrower otherwise agree itl writing, any insurance proceeds, whether or not the underlying insurance was required by Let[der, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lend er's security is aot lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has h!~d a;n opportunity to inspect such Property to ensure the work has been completed 1o Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for tile repairs and restoration in a single payment or in a series of progress pa.?ments as the work is completed. Uqless an agreement is made in writing or Applicable Law reqmres interest to be paid on such insurat{ce !!)roceeds, Lender shall uot be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or othet, third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the res?oration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applidd to the sums secured by this Seem-try Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shal;,!..be: applied in the order provided for in Section 2. If Borrower abandons the PropertY, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days 1:~ a hotice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day [.,eri0d will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower herelzY assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note 6r this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrdwei') tinder all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may ui;e tlze insurance proceeds either to repah' or restore the Property or to pay amounts uupaid under the Note or this Security Instrument, whetl,er pr not then due. 6. Occupancy. Borrower shall ocdupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall Continue to occupy the Property as Borrower's principal residence for 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 c~rcumstances exist which are beyond Borr;ow{;.r's control. 7. Preservation, Maintenance an'd Pi:oteetion of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate Or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to pre~,ent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined p[!rsuant to Section 5 that repa{r or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to a9oid further deterioration or d'~m~ge. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be rcspo.~sible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds fo~' the repairs and restoration in a single payment or in a series of progress payments as the work ~s completed. If the insurance or condemm{ti0n proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion c~f suah repair or restoration. Lender or its agent may make rea.;one, ble entries upoq and inspections of the Property. If it has reasonable cause, Lender may respect the interior of the in~provements o't thc Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. . 8. Borrower's Loan Application. Borrower shall be in dePault if, during the Loan application process, Borrower or any persons 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 fi~iled to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited !o, r~presentations concerning Borrowe,"s occupancy of the Property as Borrower's principal residence. 9. Pr0teetion of Lender's Inter(st i ~ the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contidne zl in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or :igh:s tinder this Security Instrun~ent (such as a proceeding itl bankruptcy, probate, for condemnation or forfeiture, for enforcement c'f a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandone;l the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights ~mder this Security Instrument, including protecting and/or assessing tile value of the Pronertv and seem'lng and/or repairing the Property. L~ender's actions can include, but are not limited to: (a) paying any stuns secured by [ li~r~ which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security In~;trument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the pro[ erty to make repairs, change locks, replace or board up doors and windows, draiu water from pipes, eliminate building or other code' vioiations or dangerous conditions, and have utilities turned on or off. Although Lender may take action 'under this Section 9, Lender do :s not have to do so and is not under any duty or obligation to do so. It is agreed that Lender recurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Len& r urder this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest atlthe Note rate from the date of disbursement and shall be payable, with such interest, upon notice frmn Lender to Borrower requesting pa)4ment. If this Security Instrument is on ~ leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests l!er~in conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge Unless Lender agrees t,~ the; merger in writing. 10.' Mortgage Insurance. If Lencier required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premimns required to maintain the Mortgag:.~ Insurance in effect. If, for any reason, the Mortgage Insurance coverag'e required by Lender ceases to be available from the mortgage in'surer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiumi; fo~ Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage In'surahce previously in effect, at a cost substantially equivalent to the cost to Borrower of the : W~'OMING- Single Family- Fannie Mae/Freddk~ Ma~, UNIFORM INSTRUMENT Form 3051 1101 DS nc - (~00) 554-~77~ : Mort'a einsura ' ' ' ' ~ - - ' - ':' ' ~ ~ ]?sura. nce coverage is not available. Borro~/::r s!t~all co.tinu~ to pay Io ~emlor lhe amounl of the sep~eale]y d~si~u~led~aymenl~ lhal due wl~en the insurance coverage ceased to ke in..effect. Lender will accept, use and relain these paymenls as a om~-refimdable loss resole m heu of Mortgage Insurance. Such loss re~,erve: shall be non-refimdable, notwilhslandiag the fact that the Loan is ullimately paid in and Lender shall not be required to pay Bon~ow6r any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage ,(in tl~e amoont and for .the period thai Lender requires) provided by an insurer selected by Lender again becomes available, is obtainS::], and'Lender requires separately designated payments toward tl~e premiums for Mortgage Insurance. If Lender required Me,gage lhsuraace as a condition of making the Loao and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance Borrower shall pay the prenfituns required to maintain Mortgage Insurance in effect, or to provide a non-ref~r~:da~le loss reserve, until Lender's requirement for Mortgage lnsurauCe ends in accordance with any written agreement between Borrower a~:.d L~nder providing tbr such termination or until termination is required by Applicable l~aw. Nothing in this Section 10 affects Borrowe:r s obligation to pay interest at the rate provided in II~e Note. Mortgage Insurance reimburses L3hde~ (or a ~y enti~ that purchases the Note) for certain losses it may iucur if Borrower does not repay the Loan as agreed. Borrower is not ¢q' paay to the Mm:tgage Insurance. Mortgage iosnrers evaluate their t.~tal ~isk on all such msur~ ncr ' ~ fo 'ce fi'om time to time, and may enter into agreements with other pa~ies that share or modi~ their risl'~, or redt ce losses. These agreements arc on terms and cooditions that are satisfactory to the ~nortgage insurer and the other party.(or ~arti~s) to these agreements. These agreements may require the mmlgage insurer to make payments using any source of fimds that t~:~ mortgage insurer may have available (w rich may include fimds obtained fi'om Mortgage Insurance premiums). i As a result of these, agreements. , Leuder~.:. ,, any purchaser of the Nole, another insurer, any reinsurer, any other enti~, or any affiliate of any of the foregmng, may rece ye (dn:'cctly or indirectly) amounts that derive fi'om (or Might be characterized as) a portion of Bo~ower's payments for Mortgage lnsuram;e,' in exchange for sharing or modifying tbe mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender ta ~es a share of the insurer's risk in exchange IBr a share of the pre~niums paid lo ibe insurer, the arrangement is often termed "captive reinsurance." Further:' (a) Any such agreements will n~*: afl'ect the amounts that Borrower has agreed ~o pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Morlgt~ge Insurance, and they will not entitle Borrower to any retired. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance nnder the Homeowners Protection Act of 199~ or ~ny other !aw. These rights may ioclude the right lo receive certain disclosures, to request and obtain cancellation of the M6 rtg~ge Insurance. To have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance .tn-emiums that were unearned al the time of such cancellation or termination. · 11. Assignment of Miscellaneon} Proceeds; Forfeiture. All Miscelhmeous Proceeds are hereby assigned to and shall be pakl to Lender. ~ : · If the ProperS'is damaged, such M~sce~laneons Proceeds shall be applied to restoration or repair of the Prope~, if the restoration or repair is economically feasible and Lenc',~,r's securi~ is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceed~ until Lender has had an opporluoity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provig~.d tl~at such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a Stories of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid'~m st~ch Miscellaneous Proceeds, Lende- s mil eot 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 securi~ woukl be lessened, the Miscellaneous Proceeds shall be applie:l to the su ns secured by this Securi~ lastrument, whether or not the ~ due, with the excess, if any, paid to Borrower. Such Miscellaneous; Pro,~eeds shall be applied in the ord'er provided tbr in Section 2. In the event of a total taking, destr~vztion, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Ins~ument, whether or. not then due, with tl~e excess, if any, paid to Borrower. In the event of a partial taking, des~uction, or loss in value of the Property in which the fait' market value of the Property immediately before the paaial taking, desh action, or loss in value is equal to or greater than the amount of the sums secured By this Secori~ Instrument immediately before the pat"iai taking, destruction, or loss io value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Securi~ l:~s~.onent shall be reduced by the amount o~ the Miscellaneous Proceeds multiplied by the following ~action: (a) the total amount ofth~ sums secured immediately before the pmxial laking, destruction, or loss in value divided by (b) the fair market value of the Prope~y immediately before the partial taking, destruction, or loss io value. Any balance shall be paid to Borrower. In the event of a pa~ial taking, dc. struclion, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, deslruction, or loss in value is less than the amount of the sores secured immediately before the partial taking, 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 the sums are thee due. If the Proper~ is abandoned by Borrower, or it} after notice by Lender to Borrower tl~at lhe OpposMg Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fifils to respond to Lender within 30 days after the date the notice is given, Lender. is authorized to collect ahd apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Securi~ Instrument, whether or not then due. "Opposing Party" means the third party tha~ owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be h~ default if an? action or proceediog, whqther civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Prope~y or other r.~:~ter~.al impairment oFLender's interest in the Property or rights under this Securi~ lnstromentl Borrower cau cure such a default and, ifacc:elera~ion has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's j(~dgment, precludes forfeiture of ll~e Proper~ or other material impairmem et'Lender's mterestmtheP~o er or~ htsuode~ tlnsSecm t Instrument The ~ oce ' ' ' P ~ "g ' ' :' :~ '~ Y · Ir eds ofany awa 'd or claim for damages that are attribntable to the impairment of Lender s interest in the Property hre hereby assigoed and s ~a I be paid to Lender. All Miscellaneous Proceeds that'are: not applied to restoration or repair el'the Proper~ shall be applied in lhe order provided for Section 2. ~OM!NG- Sinolo Family- Fannie Mao/Froddi'~ Mac U~IFORM I~SIRUMENT Form 305~ . i Page 5 of 8 ...... V-~ . I.~ '~-..") ~ Crt 858 12. Borrower Not Released; For~be~i~rance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Se~'uri'!y Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borr6wer 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 sums secured by this Security Instrument by ;reason of any demand made by the original Borrower or any Successors in Interest of orro.,w.er; Any forbea,r.a..nce by. Lender in exe~rclising one,right or remedy including, without limitation, Lender's acceptance of payments om tmra persons, entitles or auccessors in interest o~orrower 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; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and sever ~l. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a co-signer ): (a) Is co-signing ttns Security Instrument only to mortgage, grant and convey tile co-signer s Interest tn the Property under the terms of this Security Instrument; (b;t is not personally obligated to pay tile sums secured by this Security Instrumeut; and (c) hgree_s that Lender and any other Borro.w. er i;an agree to extend, modify, forbear or make any accommodations with regard to the terms of is Security Instrument or the Note withou,t thie co-signer s consent Subject to the provisions of Section 1 ~, any Successor in Interest of Borrower who assumes Borrower's obligations tinder this Security Instrument in writing, and is appro,~/ed.,by Lender, shall obtain all of Borrower's rights and benefits under this Security histrument. Borrower shall not be released from Borrower s obligations'and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agree[ner'ts of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. i : 14. Loan Charges. Lender may char'ge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's .interest in tl~.e P;operty and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees,. Ir; regard to any other fees, the absence of express authority in this Security instrmnent to charge a specific fee to Borrower shall not Ue construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instru.'ment or by Applicable Law. If the Loan is subject to a law which s=ts maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted 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 B ~rrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not. a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument nmst be in writing. Any notice to Borrower in connection with this Securit)' In,, trument shall be deemed tO have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressl!¢ requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by ngtice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting 13 orrgwer's change of address, then Borrower shall only report a change of address tkrough that specified procedure. There may be only one designated notice address unde,r 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 ccnnection with this Security Instrument shall not be deemed to have been given to Lender ntil actually received by L~ender. If any notice ~equired by this Security Instrument is also required under Applicable Law, the Applicable aw requirement will satisfy the correspon~]ing requirement 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 jurisdiction in which the Property isilocated. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Lav¥. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be co astrued as'a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or tile Note conflicts with Applicable Law, snch conflict shall not affect oth'er provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the ~nasculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in Se singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any a{,tion. 17. Borrower's Copy. Borrower ~'hal be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Bereficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest' in the Prop(irty~ including, but not limited to, those beneficial interests transfen-ed in a bond for deed, contract for deed, installment sales contract !)r 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 Property or:any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require ilnmediate payment in full of all sums secured by this Security Instfum6nt. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. . .:, If Lender exercises this option, Lei~de~~ shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given i'~ accordance with Section 15 within which Borrower must pay all sums secnred by this Security Instrument. If Borrower fails to pay th6se sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further noti~ce or demand oil Borrower· WYOMING- Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ! Page 6 of 8 IDS, Inc.- (800)554-1872 ; _~,,.~ : Borrower(s) Initials "!,!: .:5 . · i f~ ":':'~ ¢t ; 19. Borrower's Right to Reinstote After Acceleration. If Borrower meets certain conditions, Borrower sha Il have the right to have enforcement of this Security Instrun~ ent'discontinued at any time prior to the earliest of: (a) five days before sol e 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 judgnaent enforcing this Security Instrmnent. Those conditions are that Borrower: (a) pays Lender all sums whic'h tlien would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any othet 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 purpose of protecting Lender's interest in the Propert3~ and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in tl~e 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 the following Forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a 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 i:'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 Loa:n S~rvicer; Notice of Grievance. The,~ote or a partial interest in the Note (together with this Security Instrument) can be sold one or m~re t~mes Without prior notice to Borro~ er. A sale might result in a change in-the entity (known ast " ' " ' :' ~ · he ...... Loan Servicer ) that collects Periodic Payments~. due under the Note. and this Security. . Instrument. aud ,nerforms other mortgga e loan servicing obligations under the Note, this S~ecu :lty Instrument, and Applicable Law. l'here also might be one or more changes of the Loan Servicer unrelated to a sale of the Note If the,re is a change of the Loan Servicer, Borrower will be given written notice-of the change which will state the name and address ofth~ new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notme 0f transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the No!!e, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer aild are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender m~!.y commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises frown 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 Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance witth the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such no'::ice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that tmelperiod will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given ::o Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deelned to satisfy the ~'otice 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.def'med 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 iind herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" meads 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 Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. 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, anything affecting the Property (a) that is in violation of any Eu. vimnmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release ora Hazardous Substahce, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, Use, "or storage oll the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal re'side~ntial uses and to maintenance of the Property (including, but not limited to, hazardous substances in consmner products) Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Er.vironmental Condition, includiug but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release ora Hazardous Substance which adversely affects the value of the Property, Ifgorrower learns, or is notified by any govenunental or regulatory authority, or any private party, that any removal or other remediatio ~ of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordaace with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORIvl COVENANTS Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Let, dershall 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 tinder 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, i~y ~hich 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 acc¢ileration of the sums secured by this Security Instrument and sale of the Property. The not,ce shall further inform Borrower of the ~rl ht to reinstate · ' : 'g ' after acceleration and the right to bring a court action to assert the non-existence ora default or any other defense of Borrower to acceleration aud sale. lfthe default is not cured on or before the date specified in the notice, Lender at its opti~.n may require immediate payment iu full of all sums secured by this Security Instrument without further demand and may invokt.: the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurrec, in pursuing tile remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. WYOMIIqG- Sin§la Family- Fannio Mao/Vroddlo Mac ONIFORM INSIRUMENI Form 305'1 '110'1 Page 7 of 8 " !i:': ':ii",,;':" "' ~'¢"- ."':-,.':, .:-:' ." ':','-E?:: . ..: · , :?;,, -x*',Z;:;.: ." 't4'z~x5 '."? ;'?.;4" "...* '" :" ' ':': '. :.' ':. ';* :s :i' .5::;.;!:?~;b..:, ~ { ¥',: ;;; "L ~ ¢:, ;¢;;':':.:: '- ., If Lender invokes the power of'sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold iR the manner prescribed by Applicable Law. Lender or its designee nay purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of thesale, 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 payment Of a'l sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. LonE:er may charge Borrower a fee for releasing this Security Instrument, but only if the fee ~s paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases aad waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and m any Rider executed by Borrower and recorded wit}', it. Witnesses: RICHARD C. FASSETT (Seal) -Borrower REBECCA A. FASSETT -Borrower STATE OF WYOMING, The foregoing ~nstrument was acknowledged before me this C. FASSETT, and REBECCA A. FASSETT Witness my hand and official seal. My Commission Expires: (Seal) County ss: r~, day of ~'~0¢ by RICHARD Notary Public ~/) 5-~ff~¢ WYOMIN O- Single Family- Fannie Mae/Freddi,e Mac UNIFORM INSTRUMENT Form 3051 1101 IDS, Inc. - (800) 554-1872 Page 8 of 8 SCHEDULE A Lot 24-L-3 of the Rolling Hills ls~ Addinion to the City of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.