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HomeMy WebLinkAbout900001 #30554(02) Retum To: Land Title Company 160 East Broadway Jackson, WY 83001 Prepared By: 900001 24000156 REOE: c" LI NO()L?.' 0,~. [ I:.,, OLERK. Krissy Ellison 2401 LAKE PARK DRIVE, SUITE 300, SMYRNA, GEORGIA 30080 [Space Above Tiffs Line For Recordi.g Data] MORTGAGE M1N 100065500000150671 ~ DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" r:~e~ms this docnment, which is dated June 8, 2004 together with all Riders to th':s document. (B) "Borrower" is Borrower is tile mortgago~: under this Security Instrument. (C) "MERS" is Mortgage Eleztronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee fo- Lender aud Lender's successors and assigus. MERS is the mortgagee under this Security Instrun-er.t. MERS is organized and existing under tile laws of Delaware, and has an address mid telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mhe/Freddie Mac UNIFORIV -~A{WVl ,o0o~,.o~ 51/ZJ Page 1 of 15 Initials: VMP MORTGAGE FORMS -(8001521'i72;'91 INSTRUMENT WITH MERS Form 3051 1/O1 0 00001. (D) "Lender" is SUNSHTNE 1,dORWGAOE CORPORATION Lender is a CORPORATION organized and existing under':he laws of The State of Georgia Lender's address is P.O. Box 9274, Marietta, GA 30065 (E) "Note" means the promisi'my note signed by Borrower aJld dated June 8, 2004 The Note states that Borrower o~wes Lender one hundred thousand and 00/100 Dollars (U.S. $100,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments aJ~d to pay the debt in full not later than July 1, 2034 (F) "Pr~]perty" 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 st ms due under this Security Instrument plus interest. (It) "Riders" means all Ride;s to this Security Instrument that are executed by Borrower. The tbllowing Riders are to be executed by Borrower [check box as applicabM: ~ Adjustable Rate Rider ~-~ Condominium Rider E~ Second Hmne Rider [~] Balloon Rider I'--] Planned Unit Development Rider [~] 1-4 Family Rider J---J VA Rider I--] Biweekly Payment Rider [~ Other(s) [specifyl (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinmices and administrative rules and orders (that have thc effect of law) as well as all/lpplicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, tees, assessments and other charges that are imposed on Borrower or the Property by a condominium assocmdon, homeowners association or similar organization. (K) "Electronic Funds Transler" means any transfer of funds, oilier than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or ma/~,netic tape so as to order, instruct or authorize a finaJ~cial instttution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transf~.rs initiated by telephone, wire transfers, mid automated clearinghouse trm~sfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other that insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in'lieu of condenmation; or (iv) misrepresentations of, or omissions as to, tile value and/or condition of the ?roperty. (N) "Mortgage Insurance" r~eans insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be an~ended from rune to nme, or any additional or succe';sor legislation or regulation thai governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all reqmremeuts and restrictions that are imposed in regard to a "federally related mortgage~ loan" even il' the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6A(WY) 100051.02 Page 2 of ~5 Form 3051 1/01 0900001 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assmned Borrower's obligations under the Note and/or this Security Instrument TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, mhd all renewals, extensions and modifications of the Note; and (ii) the perfonnance of Borrower's covenants and agreements under this Security Instrument and lhe Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in tile COUNTY of LINCOLN : [Type of Recor(ing Jurisdiction] [Name of Recording Jurisdiction] ALL THAT CERTAIN REAL PROPERTY AS MORE PARTICULARLY DESCRIBED ON EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF. Parcel 1D Number: which currently has the address of 294 VALLEY VIEW DRIVE [Streetl ALPINE [City] , Wyoming 83128 [Zip Code] ("Property Address"): · TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, ahd fixtures now or hereafter a part of the property. All replacements and additions shall also be cove:et: by this Security Instrument. All of the ibregoing is referred to in this Security Instrument as the "Pfc:perry." Borrower understands and agrees that MERS holds only legal title to the interests granted by B)ri'ower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nonfinee /or Lender and Lender's successors and assigns) bas the right: to exercise ajay or all of those interests, inclad:,ng, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lt:nder including, but not limited to, releasing and canceling Ibis Security Instrument. BORROWER COVEN.~,NTS that Borrower ts lawfully seised of the estate hereby conveyed and bas the right to mortgage, grant ard convey the Property and that the Property is unencumbered, except encumbrances of record. Bo~ro,a, er warrants and will defend generally tl~e title to the Property agmnst all claims and demands, subject ;o my encumbrances of record. THIS SECURITY 1NSFRUMENT combines uniform covenants for national use and non-uniform covenants with limited varialions by jurisdiction to constitute a uniform security instrument covering real property. Initials:~ (~-6A(WY) I0005).02 Page 3 of ~s Form 3051 1/01 0:900001. UNIFORM COVENANTS.' Borrower and Lender covenanl and agree as follows: 1. Payment of Princip:~l,', Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due ,the principal of, and interest on, the debt evidenced by the Note and any prepaymem charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security lnstrmneut shall be made in U.S. currency. However, if any check'or other instrument received by Leuder as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forins, as selected by Lender: (a) cash;~ ()) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any' sLch check is drawn upon an institution whose deposits are insured by a federal agency, instrumentalityi., c.r entity; or (d) Electronic Funds Transfer. Payments are deemed re¢~i~,ed· 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 1~. Lender may return any payme:~t or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lende7 may accept emy payment or partial payment insufficieut to bring die Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Pa~/n-ent is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. L~nder may hold such unappli'ed funds until Borrower makes payment to bring the Loan current. If Borrower sloes not do so within a reasonable period of time, Lender shall either apply such funds or return them to Bonower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note in'anediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secaned by this Security Instrument.. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all paymenls accepted and applie6 by Lender shall be applied in the followiug order of priority: (a) interest due under the Note; (b) prin¢!pal 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 amonnts shall be applied first to late charges, second to any other amounts clue under this Security Instrument, and then to reduce the principal balan:e of the Note. · · If Leuder receives a payment from Borrower fbr a delinquent Periodic Payment which iu~zludes a sufficient amount to pay any l~te charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that m:y excess exists after the payment is applied to the full payment of oue or more Periodic Payments, such'ex.zess 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 postFone 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 an~ounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Prop.~rty; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all ins'~rance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accord'ance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Co~mnunity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow' h'em. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrc~wer shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow hems. Lender may waive Borrower's obligation to pay to Lender Fundk for any or all Escrow Items at auy time. Any such waiver may only be in writing. In the event of suc~ u)aiver, Borrower shall pay directly, when and where payable, the amounts (~-6A{WY} 10005}.02 ., Page4of ~5 Form 3051 1/01 due for any Escrow Items for. w. hich payment of Funds bas been wawed by Lender and, if Lender requires, shall fi~rnish to Lender receipts~evidencing such payment within such time period as Lender may require. Borrower's obligadon to m~e such payments ~d to provide receipts shall for all pu~)oses be dee~ned to be a covenant ~d agreement contained in this Security Instrument. as the phrase "covenant and agreement" is used in Section 9. If Bori'oOer is obligated to pay Escrow Items directly, pursuant to a waiver, ~d Borrower fails to pay the amount due IBr ~ Escrow Item, kcndcr nmy exercise its rights under Section 9 and pay such amount ~d BorrOwer shall then be obligated under Secdon 9 to repay to Lender any such amount. Lender may revoke th.e waiver as to any or all Escroa Items at any time by a notice given in accord~ce with Section 15 :md, upon such revocation, Borrower shall pay to kender all Funds, and in such mnounts, that are then reqtired under this Section 3. Lender may, at any time, collect ~d hold Funds ~n m~ amoun[ (a) sufficient to permit Lender to apply the Funds at the time specified, under RESPA, ~d (b) not to exceed the maximum ~ount a lender can require under RESPA. Lendsr shall estimate the ~ount of Funds due on the basis of curren~ data and reasonable estimates of expe::~ditures of ~ture Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be l.eld in ~ institution whose deposus are insured by a federal agency, instrumentality, or entity (induding Lender, if Lender ts m~ institution whose deposits are so insured) or in m~y Federal Home Loan Bm~}: 'Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA, Lender: shall not charge Borrower for holding m~d applying the Funds, ammally mmlyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds ~d Applicable Law p~:rnnts Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires i:'~tecest to be paid on the Funds, Lender'shall not be required to pay Borrower ~y interest or earnings on tJ~e Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. 'Leader shall give to Borrower, without charge, an annual accounting of the Funds as required by RESP&:: If there is a suq~lus ol Fands held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess ~nds ia accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Leader shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary_ to m~e up the shortage in accordm~ce 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 oyRESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accord~:e with RESPA, but in no more than 12 monthly payments. Upon payment in ~11 of all sums secured by this Security Instrument, Lender sball promptly re.nd to Borrower ~y Funds held by Lender. 4. Charges; Liens. Borrbwer shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property v,hich can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if auy, and Community Associadou Dues, Fees, and Assessments, if any. To the extent that these items are Es~crow Items. Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly t]scharge any lien which has priority over this Security lnsn~ment unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is pertbrming such agreement; (b) contests the lien in good faith by, or defends against enforcenent 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'from the holder of the lien m~ agreemenl satisfactory to Lender subordinating the lien to this Security Instr]~nt. If Lender determines that auy part of the Property is subject to a lien which cm~ attain priority ove:' ti~is Security Instrument, Lender may give Borrower a notice identi/~ing the I~6AIWY) Iooo5t.o2 Page 5 of ~5 Form 3051 1/01 0: 00001. lien. Within 10 days of the d~:te on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth r.bove in this Section 4. Lender may require B6rrower to pay a one-ttme charge for a real estate tax verification and/or reporting service used by Lev~l~r ~n colmection with this Loan. 5. Property Insm'ance. 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 not limited to, earthquakes and floods, for which Lender reqmres insurance. This insurance shall be maintained in the an-tounts (including deductible levels) and for the periods that Lender requires. What Lender ;equires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier: providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrow~:r'; choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, ir Connection with this Loan, either: (a) a one-rime 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 sucl' cetermination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting 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 under no obligation to purchase any particular type or amount Of coverage. Therefore, such coverage shall cover Lender, but might or might 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 acknowledges that the cost el' :he insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrgwer secured by this Security Instrument. These mnounts 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 !)ayment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such pot, icles, 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 requirels, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower ostains any form of insurance coverage, not otherwise required by Lender, ~:br damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortga~ eei and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender lnay make proof of loss if ne~t made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proce~!ds, whether or not the underlying insurance.was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's 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 is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on suct~ proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid oatlof the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not ¢,conomically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to -.he; sums secured by this' Security Instrument, whether or not then due, with (~-6A(WY) Initials: Form 3051 1/01 O90000Z 196 the excess, if m~y, paid to Bocrc!,wer. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related maners. If.Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered '7:o settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, B0rr?wer hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to e?;ceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's fights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance 1,olicies covering the Property, insofar as sucb rights are applicable to the coverage of the Property. Lerder may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under :he Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days alter the execution of this Security lnstrunlent and shall coutinue to occupy the Property as Borrower's princ:pal residence for at least one year after the date of occupancy, unless Leuder otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protectiou of' the Property; Inspections. Borrower shall not destroy, damage or impair Iht' Property, allow the Property to deteriorate or coimnit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Propert3: from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Secti)n 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 condenmation proceeds are paid in connection with dmnage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender maydisburi:e proceeds for the repairs and restoration in a single paylnent or itl a series of progress payments as the work ~s completed. If the insurance or condemnation proceeds are uot sufficient to repair or restore the Properts', Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. ' ~ Lender or its agent may ;hake reasonable entries upon and iuspections of the Property. If it has reasonable cause, Lender ma:' inspect the interior of the improvements on tile Property. Lender shall give Borrower notice at the time o:' o.' prior to such an interior inspection specifying sucb reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, dnring the Loan application process, Borrower or any p:rsons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave n'aterially false, misleading, or inaccurate iuformation or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. lVlaterial representations include, but hre not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principm residence. 9. Protection of Lender's:Interest in the Property and Rights Under this Secm'ity h~strument. If (a) Borrower fails to perform, th;.~ covenants and agreemeuts contained in this Security Instrument, (b) there is a legal proceeding that mi.;hr significantly affect Lender's interest iu the Property and/or rights under this Security Instrument (suck as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien whicl', rhay attain priority over this Security Instrument or to enforce laws or regulations), or (c) BorroWe~ h:)s 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 protect ng and/or as.sessing the value of the Property, and securing and/or repairing the Property. Lender's actions which has priority over thi~; {~.-6A(WY) 10005~.02 ® (:an include, but are not iinfited to: (a) paying any sums secnred by a Lien ;ecurity Instrument; (b) appearing in court; and (c) paying reasonable Inkials:_~ Page7oll5 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, bul is nol limited to, entering the Property to make;~ repairs, 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 n or off. Although Lender n~tay take action under th~s Sectmn 9, Lender does not have to do so and ~s not under any duty or obligation fro.do so. It is agreed that Lender incurs no liability for not taking aoy or all actions authorized under this ,?cotton 9. Any mnounts disbursed;.bi! Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instiument. These anmunts shall bear interest at the Note rate from tbe date of disbursement and shall be payalble, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrumen:~: is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires foe ititle to the Property, the leasehokl and the tee title shall not merge unless Lender agrees to the.merger irt ~¢riting. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the preminmS required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverag!e required by Lender ceases to be available from the mortgage insurer that previously provided such insarmce and Borrower was required to make separately designated payments toward the premiums for l~',~ortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially eqflivaient 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 b,:, Lender. If substantially equivalent lVlortgage Insurance coverage is not available, Borrower shall comiva~e to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept~ use and retain these payments as a n0n-refundab~e loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstand~.ng the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings, on such loss reserve. Lender can no longer require loss reserve payments if Mortgag( Iasurance coverage (in the mnount and for the period that Lender requires) provided by an insurer selected by Lender again 'becomes available, is obtained, and Lender requires separately designated paymen;s :oward the premiums for Mortgage Insurance. If kender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiu:m for. 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 Ins~arance ends in accordance with any written agreement between Borrower and Lender providing for such term!nation 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 reiml~urses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower doe& not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with othm parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions t}~a! are satisfactory to the mortgage insurer and the other party (or parties)to these agree~nents. These agre~:ments may require the mortgage insurer to make payments using any source of funds that the inortgage into:er may have available (wbich may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affili~tte of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be charazterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange tbr a share of the premiums paid to the insurer, tl~,2 arrangement is often termed "captive reinsurance." Further: (a) Any such agreemeats will not affect the amounts that Borrower has agreed to pay for Mortgage h~surance, or any. other terms of the Loan. Such agreements will not increase the amount Borrower will owe t'or Mortgage insurance, and they will not entitle Borrower to any ret'und. (~6AlWY) (ooos}.o2 ! Paoo 8 ot ~s Form 3051 1/01 O 0OOO1. (b) Any such agreem,mts will not affect the rights Borrower has - if any - with respect to tile Mortgage Insurance undetl the Homeowners Protection Act of 1998 or any other law. These rights may include the right to r'eceive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to h~'.ve, the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage h,surance premiums that were unearned at the time of such cancellation or ternfination. 11. Assignment of 1V'lis~ellaneous Proceeds; ForfeitUre. All Miscellaneous Proceeds arc hereby assigned to and shall be paid tc~ Lender. If the Property is dmn0gc~d, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoraiion or repair is economically feasible and Lender's security ,is not lesseued. During such repair and restcra;ion period, Lender shall have tile right to hold such Miscellaneous Proceeds until Lender has had an op)o?tunity to inspect such Property to cusure the work has been completed to Lender's satisfaction, provkled that such inspection shall be undertaken promptly. 'Lender may pay for the repairs and restoration in .~. :;ingle disbursement or in a series of progress payments as tile work is completed. Unless an agreeh~ent is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, LendP. r shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the'restoration or repair is not economically feasible or.Lender's security would be lessened, the Miscellaneous Proceeds shall be al)plied to tile sums seem'ed by this Security Instrmneut, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total 'taking, destruction, or loss in value of the Property, tire Miscellaneous Proceeds shall be applied lc. tl-e sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which tile fair market value of the Property inwn(:diately before the partial taking, destruction, or loss in value is equal to or greater than the an~ount of.the sums secured by this Security Instrument inm~ediately before the partial taking, destruction, or loss,lin?value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Ins(rument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following f?-action: (a) the total amount of the sums secured i~mnediately before tile partial taking, destruction,,i or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss itl value. Any balance shall be paid to Borrower. In the event of a partia'l taking, destruction, or loss in value of the Property in which the fair market value of the Property inm~ezliz,lely before tile partial taking, destruction, or loss in value is less than tile amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise in ~ agree writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is ab~mconed 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 dmnages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to coliect and apply the Mi'scellaneous Proceeds either to restoration or repair of the Property or to the sums.secured by this Security Iastrument, 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 Proceeds. Borrower shall be in d.'~.fault if any action or proceeding, wbether civil or criminal, is begun that, in Lender's judgment, could ~'est}lt in forfeiture of the Property or other material impairment of Lender's interest in the Property or rghts under this Security Instrument. Borrower can cure such a default mid, if acceleration has occurred, r~in:state as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling thai, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for dan'~,'lges tbat are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall b~. 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. (~-6AlWY} (ooo5Lo2 Iniliola:~ Pagegof 15 Form 3051 1/01 12. Borrower Not Rele~ased; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amof'tization of the sums secured by this Security Instrument granted by Lender to Borrower or any Succesgor'in Interest of Borrower shall not operate to release the liability of Borrower or any Snccessors m Interest ,)f Borrower. Lender shall not be required to conm~ence proceedings against any Successor in Interest of~Bbrrower or to refuse to extend rune for payment or otherwise modify amortization of the sums secuned by this Security Instrument by reason of any demand made by the original Borrower or any Successors ir l ~terest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without li'niltation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than tile amonm then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Li~:bility; Co-signers; Successors and Assigns Bound.. Borrower covenants and agrees that Borrower's obiigations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrumeut but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to i~or:tgage, 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 Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations w:th regard to the terms of this Security Instrument or tile Note without tile co-signer'S consent. Subject to the provisions of Section 18, any Successor ill Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, ,and is approved by Lender, shall obtain all of Borrower's rights and I:enefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and li~:bility under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security lnstrnment shall bind (except as provided.in Section 20) and benefit the su(:cessors and assigns of Lender. 14. Loan Charges. Lerder may charge Borrower tees lbr 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, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such lee. 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 maximmn loan charges, and that law is finally interpreted so that the interest or other loan,cE'arges collected or to be collected in connection with the' Loan exceed the permitted limits, then: (a) an3' such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; 3.n::l (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by ,making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge 15..Notices. All notices given by Borrower or Lender in connection with this Security Instrmnent must be in'writing. Any notice tO Borrower in com~ection with this Security Instrument shall be deemed to have been given to Borrower' x~hen 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 expre!;sly 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 change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrc';wcr shall only report a change of address through that specified procedure. There may be only one desig~n~ited notice address under this Security Instrument at any one time. Any notice to Lender shall be giv/;niby delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender :hi:s 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 n.oti~3.e required by this Security Instrt, ment is also required under'Applicable Law, the Applicable Law requlirement will satisfy the corresponding requirement under this S~curity Instrument. -6A('WY) Iooo51.o2 Initials: Form 3051 1/01 - 16. Governing Law; S,~verability; Rules of Construction. This Secnrity Instrnment shall be governed by federal law and me law of the jurisdiction in which the Property is located. All rights and obligations contained in ti:is :Security Instrument are subject to any reqmrenrents and limitations of Applicable Law. Applicabl~ Lfiw might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition agains~ agreement by contract. In the event that any provision o'r clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall no.: affect other provisions of this Security Instrument or the Note which can be given effect without the con':'licting provision. As used in this Security. Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words o~ words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "ma5," 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 Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial imcrest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the inten': of which is the transfer of title b) Borrower at a future date to a purchaser. If all or any part of thc. 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 conseut, Lender m~y require immediate payment iu full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this c',ption, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less,, than 30 days from the date the notice is given in accordance with Section 15 withiu which Borrower n'm;t pay all sums secured by tbis Security hrstrmnent. If Borrower fails to pay these sums prior to the ex~pirlation of this period, Lender may invoke any remedies permitted by this Security Instrument without!further notice or demand on Borrower. -19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the ri~?,ht'to have enforcement of this Security Instrument discontinued at any tinre 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) such other period as Applicable Law might specify for the termination of Borrower's right to reinst~dte; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower:~ (a) pays Lender all sums which tbeu would be due under this Security Instrument and the Note as )fro acceleration had occurred; (b) cnres any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' f~:es, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security kstrument and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more o!: tl,~e following forms, as selected by l.ender: (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 deposils are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinsatement 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 accelera:ioi'i 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 S.ecurity 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 tire "Loan Servicer") that collects Periodic Payments due un, er!the Note and this Security Instrument and perforlns other mortgage loan servicing obligations under ,the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the LCCn 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 which will state the nmne and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA (~-6A(WY) (ooo51.o2 Page ~ o¢ ~5 Form 3051 1/01 O O0002t. requires in connection with ~. notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain witl. the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purcha(.~r unless otherwise provided by the Note purchaser. Neither Borrower nor I~eader may corrm~ence, join, or be joined to any judicial action (as either an individual litigant or the meimber of a class) that arises rrom the other party's actions pursu,'mt to this Security Instrument or that a)le, ges thai the other party has breached any provision of, or any duty owed by reason of, this Security Instr.~ment, until such Borrower or Lender has notified the other party (with such notice given in compliance x:¢i[:h the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasoraMe period after the giving of such notice to take corrective action. If Applicable Law provides a 'il'ne period which must elapse before certain action can be taken, that time period will be deemed to bt! reasonable for purposes of this paragraph. The notice of accelerauon and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take correcnve action provisions of this Sect!on 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic er hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" me~mxs federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or er~vironmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or rL~moval action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Envirmmaental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, m~ything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Env!ronmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates :~ condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property drcluding, but not limited to, hazardous substances in consumer products). Borrower shall promptly/ give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any goverhmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, in~!ltding but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous S~[bstance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which .'~dversely affects the value of thc Property. If Borrower learns, or is notified by any governmental or regclatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordarict with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental: Cleanup. (~-6A(WY) Iooo51,o2 Paae ~2 of ~5 Form 3051 1/01 o 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 an,~ covenant or agreement in this Security lnstrmnent (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the defanlt; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the suras secured by this Secnrity Instrument ~ml sale of the Property. The notice shall fnrther inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other def, m::;e of Borrower to acceleration and sale. Ir the defanlt is not cra'ed on or before the date specified iL the notice, Lender at its option may reqnire immediate payment in full ol' all sums secured by this Sec:nrity Instrumeot without fl~rther demand and may invoke the power of sale and any other remec.ie.~ permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in purst..ing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs oI' title evidence. If Lender invokes thc Fower of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in posses:~ion of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale~ and the Property shall be sohl in the manner prescribed by Applicable Law. Lender or its desigm,~e 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' feesi (b) to all sums secured by this Security Instrument; and (c)any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all 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 lnstr~.lment, but only if the fee is paid to a third party for services rendered and the charging of the fee is penni!led under Applicable Law. 24. Waivers. Borrower releases and waives all rights under aa~d by virtue of the homestead exemption laws of Wyoming. ' (~]~-6A{WY) {ooos).o2 Initial~ Paoe~3of~5 Form 3051 '1/01 0:900001 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument m~d in an~: Rider executed by Borrower and recorded with it. Witnesses: lq. lgRI GHT -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrowe~ (Seal) -Borrower (Seal) -Borrower I~6AIWY110005k02 Page 14 of 15 Form 3051 1/01 o.go0001L 2O 4 STATE OF WYOMING, Te t on County ss: The foregoing instrumert was acknowledged before me this 7t:h day of June, 2006 by Ann lq. Wr±ght My Commission Expires: 9-.15-07 Notary Public // (~-6A(WY) ~ooo5).o2 Page 15ot15 Form 3051 1/01 0:90000:!L -':'-'O5 ADJUSTABLE RATE RIDER (1 Year LIBOR Index - Rate Caps) (Assunmble after Initial Period) THIS ADJUSTABLE R-ATE RIDER is made this 8th day of June, 2004 and is incorporated into and shall be deemed to amend and supplelnent the Mortgage, Deed of Trust, or Security Deed (the "Security Iastrument") of the same date giveu by the undersigned (the "Borrower") to secure Borrower's Adjustable'Rate Note to SUNSHINE MORTGAGE CORPORATION (the "Lender") of the same d~,,tt: and covering the property described in the Security Instrument and located at: 294 VA_LLEY VIEW DRIVE, /ULPINE, WY 83128 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BOBROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVEN.ANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND'MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of changes in the interest rate aw3 the monthly payments as follows: 5. 375 % The Note provides for 4. INTEREST RATE AND 5v[ONTHLY PAYM~ENT CHANGES (A) Change Dates The initial interest rate twill pay may change on the first day of July, 2014 , and may change on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." MULTISTATE ADJUSTABLE RA~E RIDER -1 Year LIBOR Index (Assumable after Initial Periodl - Single Family - Freddie Mac UNIFORM INSTRUI%IENT p(~856R (0108) For. 3148 110~ ./~, , VMP MORTGAGE FORMS - (800J52]-7291 (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. Tile "Index" is the one-year London lnterbank Offered Rate ("LIBOR") wbich is thc average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market, as published in The Wall Street Joun~al. The most recent Index figu:e-available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Ch,qnges Before each Change "9ate, the Note Holder will calculate iny new interest rate by adding two and one-quarter. percentage points ( 2. 250 %) to the Current Index. The Note Holder will then round tbe result of this addition to the nearest one-eigl:~th of one percentage point (0.125 %). Subject to the limits stated in Section 4(D) below, this rounded amsunt will be my new interest rate until tbe next Change Date. The Note Holder will then determine the mnount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on tbe maturity date at nay new interest rate in substantial;y equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Linfits on Interest Rate Changes The interest rate I am required to pay at the first Chauge Date will not be greater than 10.3'75 % c,r less than 2. 250 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more tban percentage point(s) ( 2. 000 %) I¥om the rate of interest I have been paying for the preceding 12 months. My interest rate wil'l never be greater than :1.0.3"/5 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning mx the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (~}<~8§6R 10108) Initials: Page 2 of 5 Form 3148 1/01 O )O00fuZ c, 07 (F) Notice of Changes The Note Holder will dcli'/er or mail to me a notice of any changes m my interest rate and the amount of my monthly payment belbre the effective date of any change. The notice will include information required by law to be given to ]ne and also the title and telephone number of a person who will answer any question I may have regardin2~, the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAl. INTEREST IN BORROWER 1. UNTEL BORROWE)I'S INITIAL INTEREST RATE CHANGES UNDER THIZ TERMS STATED IN SECTION A ABOVE, UNIFORM COVENANT 18 OF THE SECURITY INSTRUIVlENT SHALL BE II',/EFFECT AS FOLLOWS: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18,, "Interest in the Pr02erty" means any legal or beneficial interest in the Property, including, but not limited to, those '~¢eneficial interests transferred in a bond for deed, contract for deed, installment sales contra:t or escrow agreement, the intent of which is the transfer of title by Borrower at a future dat~ to a purchaser. If all or any part olf the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natuSa}' person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require inanediate payment in full of all sams secured by this Se(~:urity Instrument. However, this option shall not be exercised by Lender if such exercise ;~s :)rohibited by Applicable Law. If Lender exercises ~!his option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Sectio~. 1'5 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to tile expiration of this period, Lender may invoke any reme~)ids permitted by this Security Instrument without further notice or demand on Borrower. (~1~856R (0108) Initials:0 ~ Page 3 of 5 Form 3148 1/01 0 00001 2. AFl'ER BORROWER"S INITIAL INTEREST RATE CHANGES-UNDER THE TERMS STATED IN SECTION A ABOVE, UNIFORM COVENANT 18 OF THE SECURITY INSTRUMENT DESCRIBED IN SECTION B1 ABOVE SItALL THEN CEASE TO BE IN EFFECT, AND THE PROVISIONS OF UNIFORM COVENANT 18 OF TILE SECURITY INSTRUMENT SHALL BE Ai~ IENDED TO READ AS FOLLOWS: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Eroperty" means any legal or benelicial interest m tile Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contrac; 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 tha Property or any Interesl in tile Property is sold or transferred (or it' Borrower ts not a natural person and a beneficial interest m Borrower is sold or transferred) without Lender's prior written consent, Lender may reqmre immediate payment in full of all sums secured by this Sxcurity Instrument. However, this option shall nor be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as it' a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assmnption and that the risk of a )reach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent pernfitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's coasent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises :mc agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under die Note and this Security Instrument unless Lender releases Borrower' m writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less }hah 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these stuns prior to the expiration of this period, Limder may invoke any remedies permitted by this Security fustrument without further notice or demand on Borrower. (~)a;856R (0108) Page 4 o! 5 Initials: Form 3148 1/01 BY SIGNING BELOW,; Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. ANN lq. WRIGHT ~/K -Borrower (Seal) -Borrower _ (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borroxvef (Seal) (Seal) -Borrower -Borrower (~856R (0108) Page 5 of 5 Form 3148 1/01 Oh}O0001. EXHIBIT "A" oi0 Order NUmber: 30554 LEGAL DESCRIPTION Lot 11, Aspen Hill Subdivisi6n according to that plat of record in the Office of the Lincoln C6unty Clerk, Kemmerer, Wyoming. File Number: 30554 Land Title Company Attached Legal Description Page 1 of I