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HomeMy WebLinkAbout899965#30530(02) Return To: Bank of Star Valley P.O. Box 8007 Afton, WY 83110 888-589-9500 Prepared By: Kris Schneiter P.O. Box 8007 Afton, WY 83110 888-589-9500 *This document is being rerecorded to include a Condominium Rider. [Space Above This Line For Recording Data] MORTGAGE MtN 001602860 100049200000009909 BOOK RECEIVED ~, nC '9 CC..' .!I,JTY ' ,_. .... , .... CLERk DEFINITIONS f: , . t :','t'.":'~!i'.~i':2/:'?. ii;' "":,~i."!:' Words used in multiple sections of this document are defined below and other words are d~fined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated May 2 6th, together with all Riders to this dccmnent. (B) "Borrower"is William C:rardner, A Married Man 2004 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lerder and Lender's successors and assigns. MERS is the mortgagee under this Security lnstrument.~MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.Cc). Box 2026, Flint, MI 48501-2026, tel. (888)679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~®-GA(WY) (ooo~).ol ~,21~,/, Page I of 15 Inilials: VMP MORTGAGE FORMS - (800)521-?2Oli Form 3051 1101 (D) "Lender"is Bank of ~Star Valley Lender isa Wyoming Corporation organized and existing under the laws of The State of Wyoming Lender' s address is P.O. Box 8007, Afton, WY 83110 (E) "Note" means the promissor? note signed by Borrower and dated Hay 26th, 2004 The Note states that Borrower owes Lender One Hundred Thousand and no/100. Dollars (U.S. $ 100, 000.00 ) plus interest. Borrower has promised to pay this debt in regnlar Periodic Payments and to pay the debt ih !full not later than June 1 st, 2034 (F) "Property" means the prcperty that is described below under the heading "Transfer of Rights in the Property." (G) "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. (H) "Riders" means all Riders to this Security Instrument thai are executed by Borrower. The following Riders are to be executed by Bvrrower [check box as applicable]: [---] Adjustable Rate Rider [-:.~ Condominium Rider [--] Second Home Rider ~-] Balloon Rider E_-! Planned Unit Development Rider ~] 1-4 Fmnily Rider [~] VA Rider E.~ Biweekly Payment Rider [] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, 'ordinances and administrative roles and orders (that have the effect of law) as well as all applicable final, non-apPealable judicial opinions. (J-) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organiza:ion. (IQ "Electronic Funds Tran,~fer" means any transfer of funds, other than a transaction originated by check, draft, or similar papei' instrument, 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 pr credit an account. Such te:"m includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds." means any compensation, settle~nent, 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 or any part of the Property; (iii) conveyance in i:.ieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any mnounts un'der Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional Or successor legislation or regulation that governs the stone subject matter. As used in this Security Instrument, "Iq.ESPA" refers to all requirements and restrictions that are imposed in regard to a !'federally related ~nortgagei loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6A(WY) (ooo5),o~ Page 2 o~ ~s Form 3051 1101 °°6 (Q) "Successor in Interest of Borrower" means any party that has taken title to the PropertY, whether or not that party has assumed Borrewer' s obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS 1N TH[~ PROPERTY This Security Instrument securesi to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; am~t i(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 MERS (solely as nominee ~'or Lender and Lender's successors and assigns) and to the successors and assigns of MERS, ~;ith power of sale, the following described property located in the of : [Type of Recording Jurisdiction] [Name or' Recording Jurisdiction] Unit B-2 of the Palisades Heights Townhouses, a Condominium Addition to the Town of Alpine, Lihcoln County, Wyoming, according to that plat filed in the Office of'' the County Clerk on October 8, 1993 as Instrument no. 772750t Plat No. 2~9-A. Parcel ID Number: ("Property Address"): :186 Mornlngscar Alpine which currently has the address of Drive B2 [Street] [City] , Wyoming 83128 [Zip Code] TOGETHER WITH all 'ihe 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 "Prooerty." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for'Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, includiag, but not limited to, the right to foreclose and sell the Property; and to take any action required of Le,~der including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant an.lt ,:onvey the Property and that the Property is unencumbered, except for encumbrances of record. Borrowe? 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 variatior's by jurisdiction to constitute a uniform security instrument covering real property. (~-6A(WY) (ooo5).o~ Page3 o~ t5 Form 3051 1101 UNIFORM COVENANT'g: Borrower and Lender covenant and agree as follows: 1. Payment of Principal,~ Interest, Escrow Items, Prepayment Ch'arges, 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 cl~arges 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 cheqk or other instrument received by Lender as payment under the Note or this Security Instrument is returned, to Lender unpaid, Lender may require that any 6r all subsequent payments due under the Note and this ',]ecurity Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank cl~eck, 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 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 ! 5. Lender may return any payme~t or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any'rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, ' but Lencier is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Le~der may hold such unapplied funds until Borrow.er makes payment to bring the Loan current. If Borrower rices not do so within a reasonable period of time, Lender shall either apply such funds or retnrn them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note i~mnediately prior to foreclosure. No offset or claim which Borrower might have now or in the futu!-e 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 becmne due. Any remaining amounts shall be applied first to late ch~trges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payxn(,:nt from Borrower for a delinquent Periodic Payment which includes a sufficient mnount 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 repaymem of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent thatany excess exists after the payment is applied to the full payment of one or more Periodic Payments, such .~xcess 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 po~';tpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments {tnd other items which can attain priority over this Security Instrument as a lien or encumbrance on the Pr,)perty; (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 premiums, if any, or any surqs payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at ary 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 notices of amounts to be paid under this Section. Bo:"rower shall pay Lender the Funds 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 pay to Lender Fu ~ds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the an~ounts Im~ials: ~ (~-6A(WY) (ooo$).o~ ~'ag~ of ~s Form 3051 1101 due for any Escrow Items for wl-icii payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts ~v[dencing such payment within such time period as Lender may require. Borrower's obligation to make snch payments and to provide receipts shall for all purposes be deemed to be a covenant and agreemeht codtained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower~is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Ite~n, Lender may exercise its rights under Section 9 and pay such mnount and Borro!wer shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to troy or all Escrow tie,ns at any time by a notice given in accordance with Section 15 andI t~lpon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then require',] under this Section 3. Lender may, at any time, collect and hold Funds in an alnonnt (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender .,hall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or'in any Federal Home Loan Bank. ken'der shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, ox verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires inter, est to be paid on the Funds, Lender shall not 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. Ler, der shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Ftnc~s held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds ir accordance with RESPA If there is a shortage of Funds held in escrow, as defined under RESPA, Lende: shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to inake up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by 2,ESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance ;vith RESPA, but in no more than 12 monthly payments. ' Upon payment in full of all sums secured by this Security Instrtanent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrc,wer shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if :my, and Cormnunity Association Dues, Fees, and Assessments, if any. To the extent that these items are Es :row Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly d scharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing t3 t~he payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Eorrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures fi.on the holder of the lien mi agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over tbs Security Instrument, Lender may give Borrower a notice identifying the (~-6 A(WY)(ooo~).os Initial$:~ Page 5 ol 1 5 Form 3 0 51 1101 lien. Within l0 days of the dat~ on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a 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 lo;s bY fire, hazards included within the term "extended coverage," and any other hazards including, but n6t 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 ,req:.fires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrie:c providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower"s choice, which right shall not be exercised unreasonably. Lender 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 ;ubsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed 'by' the Federal Emergency Management Agency in connection with the review of any flood zone deterr'fination resulting from an objection by Borrower. If Borrower fails to mairtain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or migbt not protect Borrower, Borrower's equity in 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 acknowledgesthat the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have 6btained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These anmunts shall bear interest at the Note rate from the date 3f disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment'. All insurance policies required by Lender and renewals of such policies shall be subject to Lender' s right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additiohal 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 premimns and renewal notices. If Borrower c'btains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction ,?f, :he Property, such policy shall include a standard mortgage clause and shall name Lender as mortgage, i and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not maoe promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or tel:air of the Property, if the restoration or repair is economically feasible and Lendei's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be-undertaken promptly. Lender may disburse'proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work i'; completed. Unless an agreement is made in writing Or Applicable Law requires interest to be paid on 'mcll insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the'sums secured by this Security Instrument, whether or not then due, with (~(~-5A(WY) (ooo5).o~ Page6 o2 ~5 Form. 3051 1101 the excess, if any, paid to Borrower:i Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Prdperty, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to s:ttle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrewe~' hereby assigns to Lender (a) BorroWer's rights to any insurance proceeds in an mnount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rightsl (other than the right to any refuud of unearned premiums paid by Borrower) under all insurance Pbli~ies covering 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 pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use tile Property as Borrower's principal residence within 60 days after the ~xecution of this Security Instrulnent and shall continue to occupy the Property as Borrower's principal'residence for at least one year after tile date of occupancy, unless Lender otherwise agrees in writing, wlldch consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are be.,',ond Borrower's control. 7. Preservation, Mainten.qnc~ and Protection 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 tile Property, Borrower shall maintain the Property in order to prevent the Property frbm deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or tile taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse p:oceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is c6mpleted. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property;.Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration· ~, Lender or its agent may blake reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspe.:t the interior of the improvements on the 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 default 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 mate'ially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender .with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's .Interest in the Property and Rights Umler this Security Instrument. If (a) Borrower fails to perform the co'~enants and agreements contained in this Security Instrument, (b) there is a legal'proceeding that might significantly affect Lender's interest in the Property and/or rights tinder this Security Instrument (such as a proceeding in bankrnptcy, probate, for condemnation or forfeiture, for enforcement of a hen wlnch may 'attain prmrlty over 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 Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions c:m 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 reasonable Page7 of 15 Form 3051 1101 attorneys fees to protect ~ts ]nl~rest m the Property and/or rights under flus gecunty Instrument, including its secured position in a bank.rubtcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make !rep'mrs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building.or other code violations or dangerous conditions, and have utilities turned on or oft: Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional 'debt of Borrower secured by this Security I, nstrUmi::nt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrumefit is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee tLtle to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insu:'ar~ce and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost Substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by :Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall contiaue to pay to Lender the mnount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable' loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any ~:nterest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, m~d Lender requires separately designated payments, toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums 7or Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insu}apce ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's Obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimmrses Lender (or any' entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluale their total risk on all such insurance in force I¥om ti~ne to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that f.re satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreer~ents may require the mortgage insurer to make payments using any source of funds that the mortgage ins/ire? may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agree:merits, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) mnounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modi[ying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, t~e arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will nog affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. ~-6A(WY)(ooo.~).ol , Pao, ao~l~ Form 3051 1101 (b) An}, such agreements Will not affect tile rights Borrower has - if any - with respect to the Mortgage Insurance under th}~ 'Homeowners Protection Act of 1998 or any other law. These rights may include the right to re:~eive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insu{ance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to ,Lender. If the Property is damagerq such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restorati"on period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration ~n a single disbursement or in a series of progress payments as the work is completed. Unless an agreemen; is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with tqe excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided fo: in Section 2. In the event of a total 'taking, destruction, or loss in vah,e of the Property, the Miscellaneous Proceeds shall be applied to thc sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrow~m 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 the partial taking, destruction, or loss in value is equal to or greater than the amount of the:sums secured by this Security Instrument irmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instr'.~ment shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or. loss. in value divided by (b) the fair market value of the Property immediately before the partial t~king, destruction, or loss in value. Any balance shall be 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 the partial taking, destruction, or loss in value is less than the amouut of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellm~eous Proceeds shall be applied to the sums secured by this Security instrument whether or not the stuns 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 for damages, Borrower fails to respond to Le.ider within 30 days after the date the notice is given, Lender is aufl~orized to collect and apply the Miscella:,~eous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceecs.' Borrower shall be in defat;lt(if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could resti;t in forfeiture of the Property or other material impairment of Lender's interest in the Property or right; under this Security Instrument. 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 lbrfeiture 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 damage.,, 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 fo:' in Section 2. (~}~-6 A(WY) Page 9 of 15 Form 3051 1101 ..'-OG8 ' '233 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 hiterest of B~rrgwer or to refuse to extend time for payment or otherwise modify mnortization of the sums secured] by: this Security 'Instrument by reason of any demand made by the original Borrower or any Successors in htmest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower 9r in amounts less than the amounl then due, shall not be a waiver of or )reclude the exercise of any righ~ o~ remedy. 13. Joint and Several Liability; Co-signers; Successors ami Assigns Bound. Borrower covenants and agrees that Borrower's oblig~.tions and liability shall be joint and several. However, any Borrower who co-signs this Security Instrmnent but does not execute 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 under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrmnent; 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 Instrument or the Note without the co-signer' s consent. Subject to the provisio'ns of' Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under.th(s Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and ber:.efiis under this Security Instrument. 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 agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, >ut not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the f, bsence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be con'itrued as a prohibition on the 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 maximum loan charges, and that law is finally interpreted so that the interest or other loan ct.arges 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 wlfich exceeded permitted limits will be refunded to Borr,3wer. Lender may choose to make this refund by reduciog 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 pm'rial prepayment without any prepayment charge (whether or not a prepayment charge is provided /or 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 glven by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice f~ Borrower in connection with this Security Instrument shall he deemed to have been given to Borrower v~ihen 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 expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated'a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's ch;mgb, of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a chm~ge of address through that specified procedure. There may be only one desigm.ted notice address under this Security Instrument at any one ti~ne. 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 h-ts 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 by Lender. If any noti:e required by this Security Instrument is also required under Applicable Law, the Applicable Law r. eqttirement will satisfy the corresponding requirement under this Security Instrument. . .. (~11~-6 A(W Y)(ooo~).o~ Form 3051 1101 (~-6 A(W Y)(ooo5).ol 16. Governing Law; S~verability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this ,Security Instrument are subject to any requirements and limitations of Applicable Law. Apphcable Lew m~ght explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision o:,~ c~ause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect, other provisions of this Security Instrument or the Note which can be given effect without the conflic~dng.provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or w)rds of the feminine gender; (b) words in the singular shall mean and include the plural and vice ver',~;a; and (c) tile word may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Bcrrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in tile Property, including, but not limited to, those beneficial interests traasl~tred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of'which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the 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 ?equire immediate payment in full of all sums secured by this Security Instrument. However, this op~mr~ shall no~ be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration· The notice shall provide-a period of not less th~n ~30 days from the date the notice is given in accordance with Section 15 within which Borrower must I:iayall sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expirgition of this period, Lender may invoke any remedies permitted by this Security Instrument without furithe~ notice or demand on Borrower. 19. Borrower's Right t~ Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right ito have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five!days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) shch 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 under 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 e~pens~s 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' sI interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender m'~y reasonably require to assure that Lender's interest in the Property and rights under th~s Security Instrnment, and Borrower s obhgatmn to pay tile 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 a~'e insured by a federal agency, instrmnentality or entity; or (d) Electronic Funds Transfer. Upon reinstatemeht by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleratior, under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secmity 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 ~:.he Note and this Security Instrument 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 the Note. If there is a change of the Loan Servicer, Borrower will be given written notice Of the change wbich will state the name and address of the new Loan Servicer, the addres:s to.which payments should be made and any other information RESPA Pag.~o¢~s Form 305~ 110'1 requires in connection with a no':ice 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 and are not assumed by the Note purchaser uhless otherwise provided by the Note purchaser. Neither Borrower nor Lenc'er may commence, join, or be joined to any judicial action (as either an individual litigant or the member ,of a class) that arises from the other party's actions pursuant to this Security histrument or that alleg~,:s fhat 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 tbe other p~ty (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 can be taken, that time period will be deemed to be re.~scnable 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 11~' shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section :20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or haza:dous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means?ederal laws and laws of the jurisdiction where the Property is located that relate to health, safety or envirom'nental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or remoyal 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 o" 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, anyth.ng affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an EnvirOnr~ental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a ~:ondition that adversely affects the value of tbe Property. The preceding two sentences shall not apply m he presence, use, or storage on the Property of small quantities of Hazardous Substances that are [;enerally recognized to be appropriate to normal residential uses and to maintenance of the Property (inc~uding, but not limited to, hazardous substances in constuner products). Borrower shall promptly gi:yeLender 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 Envil~onmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substimc'e, and (c) any condition caused by the presence, use or release of a HaTardous Substance which adw:rscly affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affe,:ti~g the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance 'Mtt~ Environmental Law. Nothing herein shall create any obligation on Lender for an Environmenl al Cl?nup. (~-6A(WY) (ooos).o~ Page 12 o~ 15 Form 3051 1101 NON-UNIFORM 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 covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) tbe default; (b) the action requi?ed to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which tbe default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and s~le of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and tile rigbt to bring a court action to assert tile non-existence of a default or any other defense 6f Borrower to acceleration and sale. If the default is not cured on or before the date specified in tlle hotice, Lender at its optiou may require immediate payment in full of all sums Secured by this Securii'y Instrument without further demand and may invoke the power of sale and any other remedies p.~rmitted 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 P0wcr of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possessio~:~ of tbe Property, if different, in accordance with Applicable Law. Lender shall give notice of the .;ale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, a~:~d the Property shall be sold 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 sums secured by this Security Instrument; and (c) any excess to the person or persons legally em;:itled to it. 23. Release. Upon paymcnt,.of-al'l sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security lnstrum~nf:, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower r~leases and waives all rights under and by virtue of the homestead exemption laws of Wyoming: {~)~-6A(WY) (oo05).o~ ~ Page ~3 o~ ~5 Form 3051 1101 07° BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: William Gardner -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -aorrower -borrower (~6A(WY) (ooo5).o~ Paget4ol'15 Form 3051 1101 STATE OF WYOMING, The roregoing instrument was acknowledged before me this by William Gardner May Lincoln 26th, 2004 County ss: My Commission Expires: ~,~---//A~::~ ount ol ~ state o! ' 'on Ex~ire$ Feb. 11,2006 (~-6 A(WY) Initials: Pagelsof~5 Form 3051 1101 05/06/2004 21:04 307-885-0~30~ BANK OF SV CONDOMINIUM RIDER 001fi028, 0 THIS CONDOMIN[UM!R'!DER is made this 26th day of Hay 200,1 , and is incorporated into and sha;l be deemed to amend and supplement the Mortgage, Deed of Tru t, or Security Deed (the "Security l:~strument") of the same date given by the undersigned (the "Borrowe ") to secure Borrower' s Note re Bank of Star Valley "Lender") of the same date andl c'~vering the Property described in the Sec~ity Instrument and Iocan J at: X86 Morni:ngstar Orive B2, Alpine, WY 83~28 [ProperLy Addr~s.] The Property includes a unit in. together with an undivided interest in the common clements { f, a condominium project known as: [Name of Condominium (the "Condominium Project"). If the owners association or other entiW which acts for the Condomi, ium Project (the "Owners Associat~m,") holds title to property for the benefit or use of its member or shareholders, the Property aisc includes Borrower's 'interest in the Owners Association and the t ;es. proceeds and benefits of Borrower's interest. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Seci rity Instrmnent, Borrower and Lender fresher covenant and agree as follows: A. Condominium Obligatk,ns. Borrower shall perform all of Borrower's obligations under the Condominium Project's Constimert Documents. The "Constituent Documents" are the: (i) Deelaratio: or any other document which crea:'es the Condominium Project; (ii) by-laws; (iii) code of regulations; md (iv) other equivalent document;. Borrows. shall promptly pay, whm due, all dues and assessm nts imposed pursuant to the Constituent Documents. B.' Property Insurance. So long as the Owners Association maintains, with. a gene, ally aece insurance carrier, a "master" or', "blanket" policy on the Condominium Project which is satisfactor3 ~o Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire., imzards included within the term "extended coverage," and any o' a~r ha~ds, including, but not limilted to, earthquakes and floods, from which Lende~ requires insurm :e, M ULTIS/ATE CONDOM INIUM RIDER.Single Family-Fannie M aelFreddio M a~ UNIFORM INSTRUMENT Page';i of 3 Initials: VMp MORTGAGE FORMS. (800)52',-7791 0610~/2004 21:04 307-885-0302 BANK OF SV PAGE 03/04 then: ti) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the ) ;arly premium installments for prop.:r'.'y instance on the Property; and (ii) Borrower's obligation under S~ ,'tiaa $ to maintain properly insatiate coverage on the Property is deemed satisfied to the extent thB the required coverage is provided by the Owners Association policy. What Lender req~res as a condition of this waiver can change' during the term o£the loan. Borrower shall give Len&,r prompt notice of any lapse in required property insurance coy, rage provided by/he master or blanl.:e: policy. In tho event of a distributlo~ of property insurance proceeds in lieu of restoration or repair follo ring a loss to the Property, wheth~' to the unit or to common elements, an), proceeds payable to Borrowe ate hereby assigned and shall be p~id re Lender for application to the ~ums secured by the Security Instrm~ eat, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insur, that the Own~s Association mainmJ~as a public liability insurance policy acceptable in 'form, amoun£, and extant of coverage to Lender. D. Condemnation. The' p~oceeds of any award or cl~m for damages, direct or consoqum rial, payable re Borrower in corme:¢rion v4th any condemnation or other taking of all or any part al tho Property, whether of the unit or of t'he common elements, or for any conveyance in lieu of oondemna .on, 8.re hereby assigned and shall he paid to Lender. Such proceeds shall be applied by Lender to the ~' tins secured by the Security Instrument as provided in Section 11. E. Lender's Prior Cansi:n~. Borrower shall not, except after notice to Lender and with Lan, er's prior Written consent, either pir:ition or subdivide the Property or consent to.' ti) the abandonme~: or termination of the Condominium Project, except for abandonment or termination required by law ff the case of subsrantlal destruction by fire or othe, casualty or in rh~ case of a taking by eondernnatio: or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision i. 'for the express benefit of Lendti. r;, (iii) termination of professional management and assumptior, of' self-management of the Owner!: Association; or (iv)'any action which would bare the effect of ten& 'tag the public liability insurance co,'.,efage maintained by the Owners Association unacceptable to Lender. F. Remedies. If B~rrowei' does not pay condominium dues and assessments when due, then Lei der may pay them. Any amounts disbursed by Lender under this pm'agraph F shall become additional de[: of Borrower .secured by the Security Instrument. Unless Borrower and Lender. agree to other term of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shal be payable, with interest, upon notic¢~ from L~nder to Borrower requesting payment. D-SR (O00a) Page 2 of 3 Initials: Form 3140 I '0~ 86/86/2884 21:84 387-885-8882 BANK OF SV PAGE 04/04 '-.'-076 BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contaiaed i, this Condominium Rider. ~a~___ (Seal) William Gardner -BOrrower -Bo~ ower -BOrrower _(cai) -~or ~wer (Seal) -Borrow¢r cai) ,wcr (s~) -Borrowcr _(s :al) -Bom wet Page 3 of 3 Form 314{~ 1 13t IkELEASE AND WAIVER For good and valuable co:as:'.deration, the receipt and sufficiency of which is acknowledged I, DARLENE CARR, do hereby forever release and waive all rights under and by virmre of the Homestead Exemption Laws of the State of Wyoming in regard to: UNIT B-2 OF THE PALISADES HEIGHTS TOWN'HOUSES, A CONDOMINIUM ADDITION TO THE TOWN OF ALPINE, LINCOLN 'COUNTY, WYOMING, .ACCORDING TO THAT PLAT FILED IN THE OFFICE OF TH~ COUNTY CLERK ON OCTOBER 8, 1993 AS INSTRUMENT NO. 772750, PLAT NO. 249-A. Dated this oQ(__, /-J'?9 da;'? 0fMay, 2004 State of WyOming ) · )SS. County of ) DARLE~ CA~d~. The foregoing instrumem: was acknowledged before me this , day of May, 2004, by Darlene Can'. WITNESS my hand and official seal. ~otary Public - / My commission expires: