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HomeMy WebLinkAbout89999930625 (01) 899999 AflerRecording Remm To: FIRST BANK OF IDAHO, FSB D/B/A FIRST BANK OF THE TETONS P.O BOX 12860 JACKSON, WY 83002 [Space Above This Line For Recording Data] SMITH MORTGAGE MIN: 100174102000012205 PIN #: 34191040004000 DEFINITIONS Words used in multiple sectiors of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rule., regarding the usage of words used io this docoment are also provided in Section 16. (A) "Security h~strumeut" m~ans this document, which is dated JUNE 4, 2004 together with all Riders to this d 3cument. (B) "Borrower" is GEORGE TODD SMITH AND ABBEY LEE SMITH, HUSBAND AND WIFE ~ Borrower is the mortgagor und~x- this Security Instalment. (C) "MERS' is Mortgage El?ztronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nonfinee for Lender' and Lender's successors and assigns. MERS is the mortgagee under this Security histrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone nmnber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FIRST BAIB{ OF IDAHO, Lender is a CORPORATION laws of IDAHO 170 E BROADWAY JACKSOK, WY 83002 FSB, DBA FIRST BANK OF THE TETONS organized and existing Under the · Lender's address is P.O.BOX 12860 / (E) "Note" means the promissc,5, note signed by Borrower and dated JUNE 4, 2 004 The Note states that Borrower owes Lender ONE HUNDRED THIRTY-NI~'E THOUSAND FIVE HUNDRED AND 00/100 Dollars (U.S. $ 139,500. ti:) ) ptt, s interest. Borrower has promised to pay this debt m regular Periodic Paymen:s and to pay the debt in full not later than JULY 1, 2 034 (F) "Property" means the property 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 dtl[e under this Security Instrument, plus inteIest. WYOMING - Single Family - Fannis Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY~ (Page I of 13 pages) ~oc,m~Lwx Form 3051 1/01 17d 494012388 (H) "Riders" means all Rider.; to tiffs Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Balloon Rider [] 1-4 Family Rider [] Condonfinium Rider [] Plmmed Unit Development Rider [] Other(s) [specify] [] Second Home Rider [] Biweekly Payment Rider (I) "Applicable Law" means :~11 controlling applicable federal, state and local statutes, regulations, ordinances and administrative roles and order.'; (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 Borrowm or the Property by a condonnmum association, hmneowners association or similar organization. (K) "Electronic Funds Tran~,fer" means any transfer of fi~nds, other than a transaction originated by check, draft, or similar paper instrument, ~hich is initiated through an electronic terlninal, telephonic instrument, computer, or nmgnetic tape so as to order, i'~sn'uct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autumated teller machine transactions, transfers initiated by telephone, w~re transfers, and entomated clearinghouse transfers. (L) "Escrow Items" means th.~se items that are described in Sectiou 3. (M) "Miscellaneous Proceedt;" 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 or; the Property; (i:t) condermration or oflrer taking of all or airy part of the Property; (iii) conveyance in lieu ofcondenmafion; or (iv) ncsrepresentations of, or omissions as to, the valne and/or condition of the Property. (N) "Mortgage Insurance" me ans insurance protecting Lender agains~ the nonpayment of, or default on, tire Loan (O) "Periodic Payment" me~ns the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Sec :ion 3 of this Security Instrulnenl (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject maner. As used in this Security Instrmnent, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does no:qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest ol Borrower" means any party thai has taken title to the Property, whether or not that pan'y has assumed Borrower's c.bligations under the Note and/or this Security InstrumenC TRANSFER OF RIGHTS iN'THE PROPERTY This Security Instalment secures to Lender: (0 tire repayment of tire Loan, and all reuewals, extensmns and modifications of the Note; an,l' (ii) the performance of Borrower's covenants and agreemeots nnder this Security Instrument and the Note. Fo~ this purpose, Borrower does hereby mo~gage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigus) and to the successors and assigns of MERS, and Lender's successors and assigns, with pcqver of sale, the following described property located in the COUNTY of LINCOLN (Type of Recording Jurisdicfio a) (Name of Recording Jurisdiction) : LOT 21 OF SOUTIIBROOK RANCHES SUBDIVISION, LINCOLN COUNTY, WYOMING, ACCORDING T£ .THAT PLAT FILED SEPTEMBER 5, 1990 AS PLAT NOS. 335-1 AND 335-2 .ZN THE OFFICE OF THE LINCOLN COI/NTY CLERK. which currently has the address, Of 177 LUPINE DRIVE THAYN'E ' :' ,Wyomh~g 8 3 12 7 [City] [Zip Code] WYOMING - Single Family - Fann!,e Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY2 DOC'tmm~a.VTX ~.O/X~/~O02 (Page 2 of 13 pages) [Sn'eet] ("Property Address"). Form 3051 1/01 175 494012388 TOGETHER WITH all tile improvements now or hereafter erected on tile property, and all easements, appurtenances, and fixtures nov/cr hereafter a part of the property. All replacelnents and additions shall also be covered by this Security Instrument All of the foregoing is referred to in this Security Instniment as the "Property." Borrower understands and agrees ithat 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.nonfinee for Lender and Lender's successors and assigns) has the fright: to exercise any or all of those interests, including, but not linuted to, the right to foreclose and sell the Proper~y;iand to take any action required of Lender iucluding, but not linfited to, releasing and canceling this Security Ii~sf::mnent BORROWER CovEN~:'~NTS that Borrower is lawfillly seised of the estate hereby conveyed and has the right to mortgage, grant and cc~.nvey the PropmXy and that the Property is nnencumbered, except for encumbralices of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSI'RUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the princiFal Of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under tt:e Note. Borrower shall also pay fimds for Escrow Itetns pursuant to Section 3. Payments due under the Note and this Security Instrument shall be lnade in U.S. currency. However, if any check or other instrument received by Let~der 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 Secnrity II~strunlent be made in one or more of fl~e fbllo~¢ing 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 federai agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed?received by Lender when received at the location desiguated in the Note or at such other location as may be desigllati¢d by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment :or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice tC it; rights to refuse such payment or partial payments ill the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then L}nder need not pay. interest on unapplied fi~nds. Lender may hold such unapplied funds until Borrower makes pay~nent to bring the Loan current. If Borrower does not do so within a reasonable .period of time, Lender shall ei~her apply such fuuds or return them to Bon'ower. If not applied earlier, such funds will be applied to the outstandn~ principal balance under tim Note immediately prior to foreclosure. No offset or claim wlfich Borrower nfight have now or in the future against Lender shall relieve Borrower fi'om making payments due under tile Note and this Security instrument or pel-lbrming tile covenants and agreelnents 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 ill 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 de:e, 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 fi'om Bon'ower to the repayment of the Periodic Pa)nne:ats if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the pay:nent is applied to the full payment of one or more Periodic Payments such excess may be applied to any late char:ges due. Voluntary prepaymeuts shall be applied first to any prepayment charges and then as described in the Note. : %~?OMING - Single Family - Fannie, Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY3 (Page 3 o fi3 pages) DOCUKbPx'3. VTX 10/17/2002 Form 3051 1/01 494012388 Any application of payments, ~nsurance proceeds, or Miscelhmeous Proceeds to principal due nnder the Note shall not extend or pos~one the due date, or change thc amount, of the Periodic Pa~ents. 3. Funds for Escrow It:ems. Bo~ower shall pay to Lender on the day Periodic Payments are dne under the Note, until the Note is paid in fi;ill, a sum (the "Funds") to provide tbr pa~nent of amounts due for: (a) taxes and assessments and other iten~ ~hich Call auain prioriw over this Security Ins~ument as a lien or encumbrance on the Property; (b) leasehold pa~e:ntg or ground rents on the Property, if any; (c) premiunm for any and all insurance required by Lender nnder Sect'on 5; and (d) Mortgage Insurance premiunm, if any, or any sn~ payable by Bmxower to Lender in lien oQ the pa~ent of Mortgage [nsnrance prenmmm in accordance with the provisions of Section 10. These itenm are called "Escrow Ite~." At origination or at any time during the term of the Loan, Lender ~nay require that Com:ntmiW Association Dnes, Fees, and Assessments, if any, be escrowed by Bogower, and snch dues, fees and assess~t:nts shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under :hi.s Section. Bogower shall pay Lender the Funds for Escrow Itenm unless Lender waives Borrower's obligatior.t to pay the Funds for any or all Escrow Ite~. Lender may waive Bmxower's obligation to pay to Lender Ft4nd~ for any or all Escrow Ite~ at any time. Any such waiver may only be in ~iting. In the event of such waiver, B~n'ower shall pay directly, when and where payable, the amonnts due for any Escrow Ite~m for which pa~ent of 'run,ds has been waived by Lender and, if Lender requires, shall ~mish to Lender receipts evidencing such pa~ent witlfin such time period as Lender nmy require. Bon'ower's obligation to make such pa~ents and to provide 'receipts shall for all pnrposes be deemed to be a covenant and agreement contained in this Securi~ lns~ument, as the pNase "covenant and a~eement" is nsed in Section 9. If Borrower is obligated to pay Escrow Ite~ directly, pnrs'aant to a waiver, and Borrower fails to pay the amotmt dne for an Escrow Ite~ Lender may exercise its right~ under Section 9 and pay such amonnt and Borrower shall then be obligated under Section 9 to repay to Lender any such amonnt. Lender may revoke the waiver as to any or all Escrow Itelm at any · time by a notice given in acccdrdance with Section 15 and, npou such revocation, Boxxower shall pay to Lender all Fnnds, and in such amonnts, tl~at are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pem~it Lender to apply the Funds at the time specified u~.der ~SPA, and (b) not to exceed the maximum amount a lender can require under ~SPA. Lender shall estinmt~S txe amount of Funds due on the basis of cugent data and reasonable estinmtes of expenditures of fi~ture Escrow,Itcnz or otherwise in accordance with Applicable Law. The Funds shall be ~el~ in an institution whose deposits are insured by a federal agency, ins~umentaliW, or entiW (including Lender, i~Lender is an institution whose deposits are so insm-ed) or in any Federal Home Loan Ba~. Lender shall apply the Funds to pay the Escrow Iteum no later than the time specified under ~SPA. Lender shall not charge Borrower for,holding and applying the Funds, ammally analyzing the escrow account, or veri~ing the Escrow Ite~, unless Lent er pays Bmxower interest on the Funds and Applicable Law pe~ts Lender to ~mke such a chazge. Unless an agre~mmt is made in ~-iting or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to PW Bo~ower any interest or eanfings on the Funds. Borrower and Lender can agree in ~iting, however, that h~te::est shall be paid on the Funds. Leuder shall give to Bogower, without charge, an a~ual accounting of the Fund:~ a~ required by RESPA. If there is a stuplus cf Funds held in escrow, as defined under ~SPA, Lender shall account to Bon'ower for the excess ~mds in accordance with ~SPA. If there is a shortage of Funds held in escrow, as defined under ~SPA,'Lender shall notify B6~xower as requ[red by ~SPA, and Borrower shall pay to Lender the amount necessary to make up the shortagb in accordance with ~SPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under ~SPA, Lender shall notify Bo~ower as required by RESPA, and Bogower shall pay to Lender the amount necessaw to make up the deficiency in accordance with ~SPA, but in no more than 1 ~ monthly paBnents. Upon payment in fifil df all sram secured by fl~is Securi~ Instl'un~ent, Lender shall promptly refund to Bon'oWer any Funds held by L:nder. 4. Charges; Liens. E:orrower shall pay all taxes, assessments, charges, fines, and impositions a~'ibutable to the Proper~ which can a~ain'priori~ over this SecuriW Instrument, leasehold pa~ents or ground rents on the Prope~, if any, and Co~ntnfi~, Association Dues, Fees, and Assessments, if any. To the extent that these ite~ are Escrow Ite~, Borrower si'all, pay them N ~e nmm~er provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instalment nnless Bogower: (a) agrees in ~iting to the pa~ent of the obligation secured by the lien in a ma~er acceptable to Lender, but only so long as -3otxower is performing such agreement; (b) contests the lien in good faith by, or %VYOMING - Single Family - Fann'e Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWYa (Page 4 of 13 pages) DOCUK'dY.{ .VTX 10/17/2000 ! Form 3051 1/01 494012388 defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while tl'~ose proceedings are pending, bnt only until such proceedings are concluded; or (c) secures from the holder of the~ li~n an agreement satisfactory to Lender subordinating the lien to this Secur,ty Instrument. If Lender detemfines that any part of the Property is subjecl to a lien which can attain priority over this Security Instrument, Lender nmiy give Borrower a notice identifying the lien. Within 10 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 tiffs Section 4 Lender may require Borr)wer to pay a one-time charge for a real estate tax .vehfication and/or reporting service used by Lender in cmmection with this Loan. 5. Property Insuranc/~. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by f'r:e, hazards included within tile term "extended coverage," and any other hazards including, but not limited to, ea:[~tl~quakes and floods, lbr which Lend er requires insurance This insurance shall be maintained in the amounts (h~cilu~ling deductible levels) and for tile periods that Lender requires. What Lender requires pursuant to the precelirg sentences can change during the term of the Loan. The insurance carrier providing tile insurance shall b5 chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised ~mreasonably. Lender may require Borrower to pay, iu connection with this Loan, either: (a) a one-time charge for :]ood zone deterrmnation, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remapp~ngs 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 m cmmection with the review of any flood zone cetenmna tion resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is onder no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or nught 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. Bor,'ower ac'knowledges that the cost of the insurance coverage so obtained might sigmificantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under thi!g Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Borrower requesting payment. All insurance policiei :-equired 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 additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give tc Lender all receipts of paid prenfiums and renewal uotices. If BOrrower obtains auy form of insurance coverage, not otherwise required by Lender, for damage to, or desh'uction of, the Property, such policy shall include a standard mc.rtgage clause and shall name Lender as mmtgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the msurauce carrier and Lender. Lender may make proof of loss if not nmde Fro:nptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any ~nsurance proceeds, whether or no~ the underlying insurance was required by Lender, shall be applied to.restoration or repair of the Property, if the :estorafion or repair is economically feasible and Lender's security xs not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until gender has had an opportunity to inspect~such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection ~,hail be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or ia a series of progress payments as the work is completed Unless an agreement is nmde in ~vrinng or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any imer~st or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not ~e paid out of the iusnrance proceeds and shall be file sole obligation of Borrower. If the restoration or repair is not et on'omically 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 the excess, if any, paid to Borrower. Such insurance p:roceeds shall be applied in the order provided ~br in Section 2. if Borrower abandons the iProperty, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does rot respond within 30 days to a notice from Lender that the hlsurance carrier has WYOMING - Single Family - Fannie Ma~e/Freddie Mac UNIFORM INSTRUMENT DOCUKWY5 (Page 5 of 13 pages) DO CUKIqY 5 .VTX 10/17/2002 ~ Form 3051 1/01 494012388 offered to settle a claim, then Lender nmy negotiate and settle the claim. The 30-day period will begin when the notice is given. In either even':, or if Lender acquires the Property nnder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrowe'F~,~ rights to any insurance proceeds in an amount not to exceed the amonnts tmpaid under the Note or this Security II3strument, and (b) any other of Borrower's rights (other than the right to any i'efi~nd of unearned premimns paid by E:orrower) under all insurance policies covering the Property, insohr 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. B0rrt{wi~r shall occupy, 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 Prope~Xy as Borrower's principal residenc~ f})r at least one year after the date of occupancy, unless Lender otherwise agrees in writing, Milch consent shall iaot', be unreasonably witlflmld, or tmless extenuating circumstances exist which are beyond Borro~ver's control. . 7. Preservation, Mamt'enance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Prope~,, ~llow the Property to deteriorate or conunit waste on the Property. Whether or not Borrower is residing in the P{ol/erty, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in '~aiue due to its condition. Unless it is detemfined pursuant to Section 5 that repair or "restoration is not economicall/ feasible, Borrower shall promptly repair the Property if damaged to avoid fi~rther deterioration or damage, if insm'ance or conde~m~ation proceeds are paid in cmmection with damage to, or the taking of, the Property, Borr(wcr shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such p-.nl:oses. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series ofpro~ress payments as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or Testore the Propmty, Borrower is not relieved of Borrower's obligation for the completion of such repair or rcstt,ration. Lender or its agent n~ay nmke reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect th~. ir:terior of the improvmnents on the Property. Lender shall give Borrower notice at the time of or prior to such an 7nterior 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 epti'ies 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 fhiled to provide Lender with material information)in.,co, nnection with the Loan. Material representations include, but are not limited to, representations concerning Boq'ower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Secnrity Instrument. If (a) Borrower fails to perform the:covenants and agreements contained in this Security Instrnment, (b) there is a legal proceeding fl~at nfight signif'cahtly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceed(ng, in bankruptcy, probate, for condenmation or/brfeiture, for enforcement of a lien which may attain priority over ..his Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned tbe PropmW, then ~ .~ender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under tbis Security lnstnnnent, inch,ding protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lif!n which has priority over this Secu,'ity Instrument; (b) appearing in COUlt; and (c) paying reasonable attorneys' f2e~, to protect its interest in the Property and/or rights under this Security Instrument, including its secured position' in a ba~flcrt~ptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to mak{:: ri~pairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate building or .ther code violations or dangerous conditions, and have utilities turned on or off: Although Lender may take actioh under tlfis 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 Insn-ument. 'I'hege amounts shall bear interest at thc Note rate fi-mn the date of disbursement and shall be payable, wifl~ suclLintere!it, upon notice from Lender to Borrower requesting payment. If this Security Instrr:m~;nt is on a leasehold, Borrower shall comply with all the provisions.of the lease. Borrower shall not SUlTender 'h~ leasehold estate and interests hereiu conveyed or terminate or cancel the ground lease. Borrower shall not, ~ith'.out 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 to the merger in writing. ~VI'oMING - Single Family - Fan,re Mae/Freddie l%lac IJNIFORM INSTRUMENT DOCUKWY6 (Page 6 of 13 pages) DOCUKWYg. VTX 10/17/1002 Form 3051 1/01 494012388 10. Mortgage Insuraaee. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to nminiain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage r~i:q~fired by Lender ceases to be available from the ~nortgage insurer that previously provided such insurance and Bc, rrower was required to make separately designated payments toward the preminms for Mortgage Insurance, Borrowe~'; shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previcusly in effect, at a cost substantially equivalent to the cos~ to Borrower of the Mortgage Insurance previously, ir: effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance icoverage is not available, Borrower shall continue to pay ~o Lender the amounl of the separately designated paym~nl~s that were due when the insurauce coverage ceased to be in effect. Lender will accept, use and retain these paim~ents as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundablei notwithstanding the fact that the Loau is nltinmtely paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no louger require loss reserve payments if Mortgage ii~snrance coverage {in the amount and for the period that Lender requires) provided by an insm'er selected by Lendii~'r '~gain becomes available, is obtained, and Leuder requires separately designated payments toward the premiums 'f~r Mortgage Iusurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrowe~ was required to make separately designated pa!anents toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable lo'ss rgserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between 13orrower and Lender providing for such temfiuation or until termination is required by Applicable Law. Nothing in'iNs Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repa? tl:e Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all snch insurance in force from time to time, and may enter into agreements ~vith other part'es that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfacio[y to the mointgage insurer and the other party (or parties) to these agreements. These agreements may reqnire the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (whkh may include funds obtained fi'om Mortgage Insurance premiums). As a result of these agregments, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of :,'~ny of the foregoing, may receive (directly or indirectly) amoonts that derive from (or might be characterized as) apo::tion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insure~:"s risk, or reducing losses. If snch agreement provides that an affiliate of Leuder takes a share of the insurer's ri'¢k in exchange for a share of the prenfiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreement; will not 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 ~;hey Will not entitle Borrower to any refuml. (b) Any snch agreemen.ts will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowuers Protection Act of 1998 or an)' other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Iusurance, to have the Mortgage Insui-anc'e terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that wer{~ hi,earned at the time of such cancellation or termination. 11. Assignment of Mi~cellaneous~ Proceeds; Forfeitnre. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. :i If the Property is damhg~d, such Miscellaneons Proceeds shall be applied to restoration or repair of the Property, if the restoration or r~p: ir is econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lc.nd, er shall have the right to hold snch Miscellaneous Proceeds until Lender has had an oppoxXuuity to inspect such )rcperty to ensure the work has been completed to Lender's satisfaction, provided that such inspection sball be t'.hdertaken promptly. Lender nmy pay' for the repairs and restoration in a single disbursement or in a series ofp,'-ogress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires inte%st to be paid ou such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings .0n such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security wo'ald, be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by WYOMING - Single Family - Fannie :Ma~e/Freddie Mac UNIFOR34 INSTRUMENT Form 3051 1/01 DOCIAKWY? . DOCUK!4Y7 .VTX 10/17/2002 (Page 7 of13 pttges) · .~ ~-~ 0 494012388 this Security Instrument, whe;her or not then due, with the excess, if any, paid to Borrower. Such Miscellaneons Proceeds shall be applied in th= 6rder provided for in Section 2. In theevent of a total taking, destruction, or loss in value of the Propeny, the Miscellaneous Proceeds shall be applied to the sums secure(, by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. ' In the event ofa partialltaking, destruction, or loss in value of the Property in which the fair market value of the Property immediately befi3re the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by tFis Security Instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lead er otherwme agree in writing, the sums secured by this Secm'ity Instrument shall be reduced by the amount of the ~Miscellaneous Proceeds multiplied by the following fraction: (a) the total mnount of the sums secured innnediatel~ before the partial taking, destruction, or loss in value divided by (b) the fair market valne of the Property inwaedia'tely before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. " In the event of a part;aktaking, 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 amount of the sums secured immediately be f&e the partial taking, tlestruction, 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 ,';uns 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 Lender within 30 ,lays after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not tb~n 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 Proceeds. Borrower shall be in defaolt if any action or proceeding, whether civil or criminal, is begnn that, in Lender's judgnnent, could resn!t ia forfeiture of the Property or other materialimpa~m~ent' of Lender's ~nterest' in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided: i~:. Section 19, by causing the action or proceeding to be disnfissed with a rifling that, in Lender's judginent, precludles forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this~ Security Instrument. The proceeds of any award or claim tbr damages that are attributable to the impairment ~)f Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or rePair of the Property shall be applied in the order provided for in Section 2 12. Borrower Not R'ele.ased; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization fif the sums secured by this Security Ins[rument granted by Lender to Borrower or any Successor in Interest of Bolxower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender *-gh~]l 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 deinand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by ~Lender in exercising any right or remedy including, without linfitation, £ender's acceptance of payments from third persons, entities or Successors m luterest of Bmxower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Snccessors and Assigns Bound. Borrower covenants and agrees that Borrower's obligakon:s and liability shall be joint aud several. However, any Borrower who co-signs tlfis Security Instrument but does ~%t,execute the Note (a "co-signer"): (a) is co-signing this Security Instrument tuffy to mortgage, grant and convey tl:.e co-signer's interest in the Property under the temps of this Security Instrument; (b) is not personally obligated to pay the sunu secured by this Security Instmn~ent; and (c) agrees that Lender and any other Borrower can agree to ektend, modify, forbear or make any acconm~odations with regard to the temps of this Security hrstmment or the Not~ without the co-signer's consent. Subject to the pr?vis!ors of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security l,nstrmnent in writing, and is approved by Lender, shall ,obtain all of Borrower's rights and benefits under this '-~eo:urity Insnmnent. Borrower shall not be released from Borrower's obligations and liability under this Security')Instrument mfless Lender agrees to such release in writing. The covenants and WYOMING - Single Family - Fann:;e laedFreddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKWY8 (Page 8 of 13 pages) 494012388 agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. ?:nder may charge Borrower fees for services performed in connectmn with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, inclnding, but not fir.filed to, attorneys' fees, property inspectmn and valuation fees. In regard to any other fees, the absence of expre'Sslauthority in this Security Instrument to charge a specific tee to Borrower shall not be construed as a prohibition o'a lhe charging of such fee Lender may not charge fees that are expressly prohibited by this Security Instrument or hiy Applicable Law. If the Loan is subject i'o ~ law which sets maximmn loan charges, and that law is finally interpreted so that the interest or other loan charlge~ collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any snch loan chai.lge shall be rednced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums alrea~ily~collected from Borrower which exceeded permitted limits will be refimded to Borrower. Lender may choose itoJmake this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. I:~' ~ refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charg~ (!whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund .m:~de by direct payment to Borrower will constitute a waiver of any right of action Borroxver might have arising out C,f such overcharge. 15. Notices. Ail notic~::s given by Borrower or Lender in cmmection with this Security Instrument must be in writing. Any notice to Borro'~ver in connection with this Security hmtrt,ment shall be deemed to have been given to Borrower when nmiled by first :lass 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 unles.s Applicable Law expressly requires otherwise. The notice acdress shall be the Property Address unless Borrower has designated a substitute notice address by notice to Leinder. Bon'ower shall promptly noti£y Lender of Bon'ower's change of address. If Lender specifies a procedure fcir reporting Borrower's cbange of address, then Borrower shall only report a change of address ttn'ough that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. An':y 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 com~ection with this Securityl Irstrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice requir(.d by this Security Instrument is also required under Applicable Law, the Applicable Law requirenrent will satisfy th(~ corresponding requirement uuder this Security Instrument. 16. Governing Law; Se'~erability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the ~:nnsd~ctmn in which the Property is located All rights and obligations contained in tlfis Security Instrument are subjc'ct to any requirements and limitations of Applicable Law. Applicable Law nfight explicitly 0r implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be construed as a prohibition agai:asl agree~nent by contract. In the event that auy provision or clause of this Security Instrunrent or the Note conflicts:, with Applicable Law, such conflict shall not affect other provisions of this Security Instrmnent or the Note. which cz.n be given effect without the conflicting provision. As nsed in this Seci.~r.:ty Insn-ument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the fenfinine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) th': Word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy.. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the P?oT~erty or a Beneficial I,terest in Borrower. As nsed iu this Section 18, "interest in the Property" means any leg~d or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond f0r'deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title ky 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 immediat~ payment in full of all sums secured by this Security insmmrent. However, this option shall not be exercised by' L~nder if such exercise is prohibited by Applicable Law. If Lender exercises tlfi!~ c'~iption, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 d:w~i. from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums sect, red by this Security Instrument. If Borrower fails to pay these sums prior to the WYOMING - Single Family - Fanni~ Mae/Freddie Mac UNIFOR31 INSTRUMENT r~octmwv9 (Pttge 9 of 13 pages) DOCIJK%/Y9 .VTX 10/17/2002 i- ~ Form 3051 1/01 494012388 expiratinn of this period, Len,.te~- may invoke any remedies permitted by this Security Instrument without further not]ce or demand on Borrower. 19. Borrower's Rigi t lto Reinstate After Acceleration. If Borrower meets certain conditions, Bo]Tower shall have tile right to have enf0rcemen[ of this Security Insn'u,nen[ 'discontinued at any time prior to the earliest of(a) five days before sale of i,h('~ Propelty pursuan! [o any power of sale contained in this Security Instrument; (b) such other period as Applicab e "Law ,night specify for the termination of Borrower's right to reinstatel or (c) entry of a judEmen[ enforcing this Security Insl-nuuent. Those conditions are that Borrower: (a) pays Lender all sums which then would be due und6r,this Security Instrument and tile Note as if no acceleration had occurred; (b) cures any default of any other co,~enants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not li'mited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the pu"rPpse of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such !action as Lender may reasonably require to assure that Lender's interest in the Property and rights nnder thi'~ ~'' ' :>ecunty Instrument, and Borrower's obligatiou 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 tiae} following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer '; 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, thi; Security Instrument and obligations secured hereby shall reumin fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Cl,ange of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secu;-it'/ Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change iii t-ae entity (known as the "Loan Se]wicer") that collects Periodic Payments due under the Note and this Security Ins_~rr~ment 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 nm'elated to a sale of the Note. If there ii a change of the Loan Servicer, Borrower will be given written notice of the change which will state tile name and adiiress of the new Loan Servicer, the address to which payments should be made and any other information I~ESPAi requires in connection with a notice of trausfer 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 serviciug obligations to Borrower will renmin with the Loan Servicer or be transferred to a successor Loan Smwicer and are not assumed by the Note pnrckafier unless otherwise provided by the Note purchaser. Neither Borrower ncr Lender may conm~ence, join, or be joined to any judicial action (as either an individual litigant or the memh:r of a class) that arises fi'om tile other party's actions pursuant to this Security Instrument or that alleges ]ha!. the other party has breached ally provision of, or any duty owed by reasou of, this Security Instrument, until su':h Borrower or Lender has notilied the other party (with such notice given itl compliance with the requirements of Section 15) of such alleged breach and aflbrded 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 certz)in~ action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice 6f.hcceleration and opportunity to core given to Borrower pursuant to Section 22 and the notice of acceleration giCe]{ to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and !. opportunity to take correcti've action provisions of this Section 20. 21. Hazardous Subs!a.ices. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous sul:stances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other flammfble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos >r~fonnaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdidti.'gn where the Property is located that relate to health, safety or enviromnental protection; (c) "Environment;:l !Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; ;iud (d) an "Envirotmaental Condition" means a condition that can cause, contribute to, or otherwise trigger an Envirc'nmental Cleanup. Borrower shall not cafise or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to relet!sd any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything ~,fl;:cting the Property (a) that is in violation of any Environmental Law, (b)which creates an Environmental Col;dj]ion, or (c) which, due to the presence, use, or release of a Hazardous SubstanCe, WYOMING - Single Family - Fann':e Mae/Freddie Mac UNIFORM INSTRUMENT DOcuKWYIo : (Page 10 of 13 pages) nocun~x.~x Form 3051 1/01 494012388 creates a Condition that adversely; affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage of't the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to 'nc.,rmal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances ih consumer products). Borrower shall promptl? Live Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmenta!t or regulatory agency or private parly involving the Property and any Hazardous Substance or Environmental Law 0f which Borrower has actual knowledge, (b) any Enviro~m~ental Condition, including but not limited to, a'ily!spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition icaased by the presence, use or release ora Hazardous Substance which adversely affects the value of the Prope~ty.'If:Borrower learns, or is notified by ally govermnental or regulatory authority, or any private party, that any remcva! or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptl? take all necessary remedial actions in accordance with Enviroim~ental Law. Nothing herein shall create any ol:!,li~iation on Lender for an Enviromnental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender fi~rther covenant and agree as follows: 22. Acceleration; Rem~di!es. Lender shall give notice lo 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 uuless Applic,'i~ble Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default: n',ust be cured; and (d) that failure to cure the default on or before the date specilled in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to ~:~ssert tbe non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specilied in the notice, Leuder at its option may require immediate': payment in full of all sums secured by this Security Instrument without further demand and ~nay invo?ce the power of sale and any other remedies permitted by Applicable Law. Lender shall be eutitled to cOlle~ct :all expenses incurred in pursuing the remedies provided in this Section 22, including, but not li~nited to, re:!tso'nable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of 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 uotice of sale, and the Property shall be sold' i~ the manner prescribed by Applicable Law2 Lender or its designee may purchase the Property at any shle. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, bt:{t 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 paymeiat of all sums secured by this Security Instrament, Lender shall release this Security Instrument. Boxxower shMl,pay any recordation costs. Lender may charge Borrower a fee fol' releasing this Security Instrument, but only if tDe ~fee is paid to a third party fol' services rendered and the charging of the fee is pem~itted under Applicable Law. '. 24. Waivers. Bo~xower fei:eases and waives all rights under and by virtue of the homestead exetnption laws of Wyoming. WYOMING - Single Family - Fannie 5?ae/,Freddie Mac UNIFORM INSTRUMENT DOCUKWY~ (Page 11 of 13 pages) DOCUKWYB. VTX 10/17/2002 Form 3051 1/01 494012388 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. BORROWI~.R 2./ffI~,dl'6DD ~qMTT~'I - DATE - BORROWER - ABBEY LY']E, SMITH - DATE - WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~)octncwy~2 (Page 12 of 13 pages) DOCUKWYC. VTX 10/17/2002 Form 3051 1/01 49'1012388 lSpace Below This Line For Acknowledgment] STATE OF ~) COUNTY OF The foregoing instrument was acknowledged before me by ~q~L6P ~t~ Ioe~d this ~ ~ day of 5t4.~ Wimess my hand and official se,~l Notary Public My Conm-fission Expires: 6~ mid ~55'~ WYOMING - Single Family - Fannie.M,ae/Freddie Mac UNIFORM INSTRUMENT oocmtw'r~ 3 (Page 13 o fl3 pages) ~ocm~nm. v~x ~/6/~oo~ Form 3051 1/01 1-4 FAMILY RIDER SMITH (Assignment of Rents) LOAN NO.: 494012388 MIN: 100174102000012205 THIS 1-4 FAMILY RIDER is made this 4 TH day of ~Jll'E, 2 0 0 4 , and is incorporated into and shall be deemed to an]end and supplement the Mortgage, Deed of Trust or Security Deed (the "Securi~.' Instrument") of the same da te given by tile undeisigned (the "Borrower") to secure Borrower's Note to FIRST BA_NK OF IDA-I-IO, FSB, DBA FIRST BAlq'K OF THE TETONS (tile "Leuder") of the same date and covering the Property described in the Security Instrument and located at: 177 LUPINE DRIVE THAYNE, WY 83127 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agremnents made in the Security Instrument, Borrower and Lei~der fmlher covenant and agree as lbllows: A. ADD1TIONAb PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to tile Property described m Security Instrument, the fbllowing items now or hereafter altached to the Property to the extent they are fixtures are added to tile Property description, and shall also constitute the Prope~xy covered by the Security Instnm]ent: building materials, appliances and goods o17 every nature whatsoever now or hereafter located in, on, or used, or h]tended to be used in c:)e_nection with the Property, including, but not limited to, those for the pm-poses of supplying o7 distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguish{nD appaIarus, security and access control apparatus, plumbing, bath tubs, water heaters, walet closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached nfirrors, cabinets, paneling and attached floor coverings, all of whicl%, iucluding replacements and additions thereto, sball be deemed to be and remain a part of the Property covered by the Security Instrument. All of the lbregoing together with tile Properly described in the Securi~, Instrument (or the leasehold estate if the Security Instrument is on a leasehold) are referred tr in this 1-4 Fanfily Rider and the Security Insu'ument as the "Property." MULT1STATE 1-4 FAMILY RID)2I.t--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUR4^~ (page I of 3 pages) ~ocu~x.wrx Form 3170 1/01 494012388 B. USE O¥ PROI'ERT¥; COMPLIANCE WITH LAW. Borrower slml! not seek, agree to or make a change in ~he use of the Property or its zoning classification, unless Lender has agreed ill writing to tile c]iange. 13orrower shall comply with all laws, ordJn.ances, regulations and requirements of any govel:imrental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Bon'ower shall not allow any lien inferior to the Se~urity Instrument to be perfected against the Property without Lender's prior written pemfissmn. D. RENT LOSS ]INSURANCE. Borrower shall maintain insurar, ce against rent loss m addition to the other hazards for which insurance is required by Section 5. E. "BORROWER § RIGHT TO REINSTATE" DELETED. Section 19 is deleted F. BORROWER'}; OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concern lg Borrower's occupancy of the P~operty is deleted. G. ASSIGNMENt! OF LEASES. Upon Lender's request after default, Borrower shall assign to Leader all leases'of the Property and all security deposits made i~ cmmection with leases of the Property. Upon the assig~unent, Lender shall bare the tight to modify, extend or lerminate the existing leases and to e~:ecute new lease s, in Lender's so le discretion. A.~ used in tiffs paragraph G, the word "lease" shall mean "snblease" if the Security Instrument is on a leasehold. II, ASSIGNMENT OF RENTS; APPOINTMENT OF I~2, CEIVER; LENDER IN POSSESSION. Borrower' absolutely and unconditionally assigns and transfers to Lender all lbe rents and revenues ("Rents") of the Property, regardless of to whom the R,:nts of tile Property are payable. Borrower authori-~es Lender or Lender's ageuts to collect the Rents, and agrees lhat each tenant of the Property shall pay the Rents to Lender or Lender's agents. H)wever, Borrower shall receive the Rents uutil (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument and (ii) Lender has given notice to the tenant(s) that tbe Rents are to be paid to Lender or Lender'~ agent. This assig~m~ent of Rents conslitutes an absolute assignment and not an assigmnent for additional security only. If Lender gives notice of default to Borrower: (i) all Rents receive]'by Borrower shall be held by Bon'ower as trustee for the benefit of Lenderonly, to be applied to the sums secnred by the Security Instnunent; (ii) Lender shall be'entitled to collect and receive ~11 of the Rents of the Property; (iii) Borrower a~:'rees that each tenant of the Property shall pay a}l Rents due and unpaid to Lender or Lender's agt',lts upon Lender's written demand to the tenant; (iv) nnless applicable law provides otherwise, all Rents collected by Lender or Lender's agents Shall be applied first to the costs of taking contro!..of and managing the Property aud collecting fie Rents, including, but not linfited to, attorney'.; fees, receiver's fees, premiunu ou receiver's bonds, repair and nraintenance costs, insurarce premiuins, taxes, assessments and other charoes on the Property, and then to the sums secured h!~ the Security Insmnnent; (v) Lender, Lender's~gents or any judicially appointed receiver shall be liable to account for only those Rents actually rei:eived; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and In~nage the Property and collect the Rents and proEts derived flora the Property without any sbowii'g as to the inadeqnacy of the Property as security. · If the Rents o'f the Property are not snfficient to cover the costs o,r taking conh-ol of and managing tim Propmly a.td of collecting the Rents any fimds expende3 by Lender for such proposes shall become 'indebtedness of Borrower to Lender secured by t:m Security Instrument pursnant to Section 9. Borrower represenls and warrants flint Borrower has not executed any prior assignment of the Rents and has uot perforated, and will not perfom~, any act that woulfl prevent Lender fiom exercising its rights under !.his paragraph. : Lender, or Lender's agents or a jndicially appoh~ted receiver, shall not be required to enter upon, take control of or maintain the Properly before or after giving notice of default to Borrower. However, Lender, or Lender's agents or a judicially appoiuted receiver, may do so at any time MULTISTATE 1-4 FAMILY RIDl~:R--FannJe Mac/Freddie Mac UNIFOP, M INSTRUMENT DOCUR4A2 (page 2 of 3 pages) ~ DOCURiA2.VTE 10/10/200~ : Form 3170 1/01 494012388 when a default occurs, Any:application of Rents shall not cure or waive any default or invalidate any other right or reined; 0f Lender. This assigmnent of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreemem in which Lendzr has an interest shall be a breach under the Security Instrument and Lender nmy invoke any oftt:e remedies permitted by the Security lnsn'ument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1-4 Family Rider. BORROWER~r~i~E~~DD SMTTH - DAT~E - - BORRO~.~- ABBEY '~E~ SMITH - DATE - MULTISTATE 1--4 FAMILY RIDLR:-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~ocuv,4^] (page 3 of 3 pages) Form 3170 1/01