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HomeMy WebLinkAbout900007Principal Residential Morcga[~e0 Inc c/o Affiliated Computer Svcs 4153 120 St, Urbandale, IA 5~39-~ 13 0 0 ~ RECEIVED LII"..!CO,..:,".~ COUNTY CLERK Prepared By: Stephen Martinez Principal Residential Mortga!je, Inc 6200 Park Ave, Des Molnes, I.~ 50321 Phone Nun~er: {800) 962-3350 2358085-5 [Space Above Tlds Lh~e For Recordh~g Data] MORTGAGE MIN 100026600023580850 115 2358085 DEFINITIONS Requested by and R~turn to: R~cording Department First American Lenders Advantage 1801 Lakepointe Drive. Suite 111 Lewisville, TX 75057 (469) 322-2500 Words used in nmltiple sec:ions of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 a;~d 21. Certain rules regarding the usage of words used in this docmnent are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to thi:; document. 0t) "Borrower" is Jess Dee Sanders, an unmarried person May 11, 2004 Borrower is the mortgagor u] der tiffs Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and asmgns. MERS is the mortgagee under this Security Instrument. MERS is organized and existmg ruder thc laws of Delaware, a~ul has an address at~ telephone uumber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~®-6A(WY) ~ooo~.o~ Page ~ ol' ,6 Ini ti al,.'~_ 5 VMP MORTGAGE FORMS - 1800)521-7291 96265961 Form 3051 1/01 (D) "Lender"is Principa.~. Residential Mortgage, Inc Lender is a Corpora t ion organized and existing under tkte laws of the State of Iowa Lender's address is 711 High Street, Des Moines, IA 50392 (E) "Note" means [he promisStiry note signed by Borrower and dated May 11, 2004 The Note states fl'mt Borrower: bwes Lender Sixty Nine Thousand Six Hundred and 00/100 Dollars (U.S. $ 69,600.00 ) plus interest. Borrower has pronfised to pay [his debt in regular Periodic Payments and to pay the debt ia full not later than ,June 1, 2024 (F) "Property" means tlte property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means [he debt e',4denced by [he Note. plus interest, any prepayment charges and late charges due under the Note, and all sums due under fids Security hzstmment, plus interest. (It) "Riders" means all Ride:l:; to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [---] Adjustable Rate Rider [~-] Condominium Rider [--] Second Home Rider ~ Balloon Rider [~'-] Planned Unit Development Rider ['~ 1-4 Family Rider [---] VA Rider ['~'-] Biweekly Payment Rider {---} Other(s) [specifyl iT) "Applicable Law" meat',:; all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders ([hat have file effect of law) as well as all applicable final, non-appealable judicial opinic us. (J) "Community Associatior, Dues, Fees, and Assessments" means all dues, lees, assessments and other charges [hat are imposed on Borrower or [he Property by a condominium assoctation, homeowners association or similar organiz,tSon. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or sinfilar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such te:,,qn includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, translers initiated by telephone, w~re transfers, and autonmted clearinghouse transfers. (L) "Escrow Items" means tkose 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 titan insurance proceeds paid under file coverages described in Section 5) Ibr: (i) damage to, or destruction of, [he Property; (ii) condenmation or other taking of all or any part of [he Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (lq) "Mortgage Insurance" means insurance protecting Lender agaiust the nonpayment of, or default on, the Loan. (O) "Periodic Payment" mca'Is [he regularly scheduled amount due for (i) principal and interest under [he Note, plus (ii) any amounts under Section 3 of [his Security h~strmneut. (P) "RESPA" means the Re:~t;. 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 [hey might be amended from time to time, or any additional or successor legislation or regulation flint governs the same subject nmtter. As used in [his Security Instrmnent, "IH!SPA" refers to all requirements and restrictions [hat are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. {~}~-6A{WY) Iooo~.o~ .,~ Pag. 2 o~ ~ Form 3051 1/01 0 )0000'7 (Q) "Successor in Interest of~ Borrower" means any party that has taken title to the Property, whether or not that party has assumed Bo-:rower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN rile PROPERTY Ttfis Security Instrument secu:;es to Lender: (i) the repayment of file Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and die Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nomine.~:: for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, 'with power of sale, file tbllowing described property located in the County of Lincoln : IType of Record3ng Jurisdiction] [Name of I~cording Jurisdictioq} The land referred to in this policy is situated in the STATE OF WYOMING, COUNTY OF LINCOLN, C[:iTY OF FREEDOM, and described as follows: A PORTION OF THE SE1/4 SE1/4 OF SECTION 27, T35N, Rll9W, OF THE 6TH P.M., LINCOLN COUNTY, WYOMi~NG, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE COT'?ON GIN SPIKE MARKING THE LLOYD B BAKER PE/LS 698 2000, LOCATION FOR TltE El/16 CORNER BETWEEN SAID SECTION 27 AND SECTION 34; THENCE N 0 DEGREES 43' 19" E, ALONG THE WEST LINE OF SAID SE1/4 SE1/4, 417.42 FEET TO AN IRON PIPE SET; THENCE S 89 DEGREES 18' 55" E, PARALLEL WITH THE SOUTH LINE OF SAID SE1/4 SE1/4, 208.71 FEET TO AN IRON PIPE SET, THENCE S 0 DEGREES 411' 19" W, PARALLEL WITH SAID WEST LINE, 417.42 FEET TO A COTTON GIN SPIKE Si~T AT A POINT IN SAID SOUTH LINE; THENCE N 89 DEGREES .8' 55" W, ALONG SAID SOUTH LINE, 208.71 FEET, TO THE POINT OF BEGINNING. ParcelID Number: 12-351.9-27-1-00-435 70 Laker Lane, Freedom ("Property Address"): which currently has the address of [Street] [Cityl , Wyoming 83120 {Zip Code] TOGETHER WITH a!l the improvements now or hereafter erected on the property, and all easements, appurtenances, a~d fixtures now or hereafter a part of fl~e property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrumem as the "['roperty." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to coxnply with law or custom, MERS (as nominee :"or Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, inclading, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grantand convey the Property and that the Property is unencmnbered, except for encumbrances Of record. Borrower warrants and will defend generally the title to the Property agmnst all claims and demaluiS, subject ;o any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variaqons by jurisdiction to constitute a unilbnn security instrmnent covering real property. 11~-6A{WY} ~ooo~).o~ e~, a o~ ~s Form 3051 1/01 UNIFORM COVENAN'~!~i~. Borrower and Lender covenant and agree as follows: 1. Payment of Princip;d, Interest, Escrow Items, Prepay~nent Charges, and Late Charges. Borrower shall pay when due.i the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late c!iiiarges due under the Note. Borrower shall also pay funds tbr Escrow Items purs.uant to Section 3. Payme~ts due under the Note and this Security Instrument shall be nmde in U.S. currency. However, if any che~tk or oilier instrument received by Lender as payment Under die Note' or this Security Instrument is returned'to Lender unpaid, Lender nmy require that any Or all subsequent payments due under the Note and fids iSecurity I~tstrument be nmde i,l one or more of the tbllowing forms, as selected by Lender: (a) cash':.,. (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided anyI such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentalityi or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as nmy be designated by Lender in accorda,ice with the notice provisions in Section 15. Lender may retun~ any paymem or partial payment if the payment or partial pay~nents are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of an~' rights hereunder or prejudice ~o its rights to refuse such payment or partial payments in the future, but Ld, nder is not obligated to apply such payments at the time such payments are accepted. If each periodic Pa)ment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Le~:~der nmy hold such unapplied funds until Borrower nmkes payment to bring the Loan current. If Borrower:does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Eiorrower If not applied earlier, such fuuds will be applied to the outstanding principal balance under the bore innnediately prior to foreclosure. No offset or claim which Borrower might have now or in the futtt::e against Lender shall relieve Borrower from nmking payments due under the NOte and this Security'h~strument or perlbrming the covenants and agreements secured by this Security Instrument. 2. Application of Payr',~!ents or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) princ, ipal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periedic Payment in tile order in which it became due. Any renmining 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 pa?nent from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any i!.ate charge due, file payment nmy be applied to the delinquent pay~nent and the late charge. If more dian oirxe Periodic Payment is outstanding, Lender nmy 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 tho,: any excess exists after die payment is applied to the full payinent of one or ~nore Periodic Payments, suchl excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Auy application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or p0,1tpone the due date, or change the amount, of the Periodic Payments. 3. Fnnds for Escrow I)':ems. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Notc.:is paid in full, a sum (the "Funds") to provide for payinent of amounts due for: (a) taxes and assessments i~nd other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b)leasehold payments or gruund rents on the 'Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance pre~nimns, if any, or any stims payable by Borrower to Lender in lieu of the payment of IVlortgage Insurance premiunm in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at a~lY time during the term of the Loan, Lender nmy require that Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, lees and assessments shall be an Escrow Item. :Borrower shall promptly furnish to Lender all notices of amom~ts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Itents unless Lender waives Borrower's obligation to pay= the Funds for any or all Escrow Items. Lender nmy waive Borrower's obligation to pay to Lender Ft~nds for any or all Escrow Items at any tilne. Any such waiver nmy ouly be in writing. In the event of snell} waiver, Borrower shall pay directly, when and where payable, die amounts (~-fiA{WY) (ooo~1.o~ ~: , Pao~ 4 o~ ~i Form 3051 1/01 due for any Escrow Items for :Svhich payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receiplis evidencing such payment within such time period as Lender may require, Borrower's obligation to makt!: 'such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement c?ntained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If BorrOwer is obligated to pay Escrow Items directly, pursuant to a waiver, and BorroWer fails to pay the amo~ant due tbr an Escrow Item, Lender lnay exercise its rights under Section 9 and pay such amount and Bm.rower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke ,~he waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and. upon such revocation. Borrower shall pay to Lender all Funds, and in such amounts, that are then reqnired under this Section 3. Lender may, at any time,:~ collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the nmximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. ~: The Funds shall be ht':ld in an institution whose deposits are insured by a federal agency, instrumentality, or entity (inc!ading Lender, if Lender is an institution whose deposits are so insured) or in any Federal Hmne Loan Ba~.i Lender shall apply tile Funds to pay the Escrow Items no later than the ti~ne specified under RESPA. Lencer shall not charge Borrower for holding and applying the Funds, anuually analyzing the escrow account,' or verifying the Escrow Items, mdess Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. U~dess an agree~nent is nmde in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds: i:.ender 'shall give to Borrower, wifllout charge, an ammal accouoting of the Funds as required by RESPA. If there is a surplus oflFunds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds, in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lerder shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary }o make up the shortage in accordance with RESPA, but in no more than 12 nmnth!y payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required ty RESPA, and Borrower shall pay to Lender the amount necessary to snake up the deficiency in accordance with RESPA, but in no more than 12 ~nonthly payments. Upon payment in full oil all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Berrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property Wifich can attain priority over this Security Instrument, leasehold pay~nents or ground rents on the ProPerty, iif any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the maturer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writirlg to the payment of the obligation secured by the lien in a maturer acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforc:ment of the lien in, legal proceedings wlfich in Lender's opinion operate to prevent the' entbrcement of ~:ie lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating tile lien to tiffs Security Instn~ment. If Lender determines that any part of the Property is subject to a lien which can attain priority ove~i this Security Instrument, Lender nmy give Borrower a notice identifying the Initials: F'age 5 oi~ 15 Form 305'1 1/01 (~}~-6A(WY) ooo~.6~ 0 0000'? lien. Within 10 days of the dalie on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Bo:rrower to pay a one-time charge tbr a real estate tax verification and/or reporting service used by Leni3er in com~ection with this Loan. 5. Property Insurance. ~Borrower shall keep the improvements now existing or hereafter erected on the Property insured against'~..)ss by fire, hazards included within the term "extended coverage," and any other hazards including, but S?.ot limited to, earthquakes and floods, /'or which Lender requires insurance. This insurance shall be main'rained in tile amounts (including deductible levels) and for file periods that Lender requires. What Lende~' requires pursuant to file preceding sentences can change during the term of the Loan. The insurance cart:ret providing file insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge Ibr flood zone determination, certification a;:~d tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time renmppmgs or similar changes occur which reasonably might affect such'determination or certification. Borrower shall also be responsible for tile payment of any tees imposer! by file Federal Emergency Management Agency in connection with the review of any flood zone dete'rnfilmtion 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 optiori 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, Borrow~.r's equity in the Property, or the contents of file Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously iu effect. Borrower acknowledges that the cost of the insurance coverage so obtaiued might significantly exceed the cost of insurance that Borrower couh't have obtained. Any amounts disbursed by Lender under this Section 5 shall become additioual debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the dat:.~: of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requestin'g payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an addiW)nal loss payee. Lender shall have the right to hold file policies and renewal certificates. If Lender requir¢;,,;, Borrower shall promptly give to Lender all receipts of paid prentiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destructio!~ of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to file insurance carrier and Lender. Lender may make proof of loss if nc:t made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or r.~pair 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 file right to hold such insurance proceed'..; until Lender has had an opportmtity to inspect such Property to ensure the work has been completed to Lender's satislhction, 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 or such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings on sueda proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid r;ut of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not. economically feasible or Lender's security would be lessened, the Insurance proceeds shall be applied to the sums secured by tiffs Security Instrument, whether or not then due, with (~II~-6A(WY) (ooo6~.ol Form 3051 1/01 the excess, if any, paid to Borrower. 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 matters. If ~orrower does not respond withiu 30 days to a notice t¥om Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the ?rice ~s given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Bdrrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to.exceed rile amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to file coverage of the Property. Leu:let may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instmmen t, whether or not then due. 6. Occupancy. Borrow..~r shall occupy, establish, and use the Property as Borrower's principal residence within 60 days afte: the execution of this Security Instrument and shall conti~me to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, uniess Lender ofl~erwise agrees in writing, which consent shall not be um:easonably wiflfl~eld, or mfless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair ~he Property, allow the Property to deteriorate or comnfit waste on the Property, Whether or not Bo-rower is residing in the Property, Borrower shall maiutain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition Unless it is deternfined 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 p fid in cmmection with damage to, or file taking of, the Property, Borrower shall be responsible for repai,:ing or restoring the Property Olfly if Lender has released proceeds for such purposes. Lender may disbur~'e proceeds for the repairs and restoration in a single paylnent or in a series of progress payments as the work is completed. If the insurance or conde~rmation proceeds are not sufficient tO repair or restore the Property, Borrower is not relieved of Borrower's obligation lbr the completion of such repair or restoration. Lender or its agent ma't make reasonable entries upon and inspections of the Property. If it has reaso~mble cause, Lender ma:, inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time o; or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan /..pplication. Borrower shall be itl de/:ault if, during 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 information or statements to Lender (or failed to provide Lender with material intbrmatio~0 in coxmection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lende?s Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfonmthe covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in file Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrowe:~ has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate tc protect Lender's interest in file Property a~ul rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actioi~s can include, but are not linfited to: (a) paying any sums secured by a lien which has priority over thi:; Security Instrument; (b) appearing in court; and (c) paying reasonable (~-6A(WY) Pag. 7o~5 Form 3051 1/01 0D0000';? attorneys' fees to protect its in't~rest in the Property and/or rights under this Security Instrument, includiug its secured position in a bank,mptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make~t'epairs, change locks, replace or board up doors and windows, draiu water from pipes, eliminate building: or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender m~y take action under this Section 9, Lender does not have to do so and is not under any duty or obligation t't~ do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this S~ction 9. Any amounts disbursed By Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instr,ament. These amounts shall bear interest at the Note rate from the date of disbursement and shall be pa.7[~ble, with such interest, upon notice from Lender to Borrower requesting payment. , If fids Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fe: title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the.merger iv writing. 10. Mortgage lnsurane& If Lender required Mortgage Insurance as a condition of nmking the Loan, Borrower shall pay the premiu~ns required to nmintain the Mortgage lnsurauce in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available l¥om the mortgage insurer that previously provided such insn::ance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiunts required to obtain coverage substantially equivaS:e:nt to the Mortgage Insurance previously itl effect, at a cost substantially equivalent to the cost to Bo;rower of the Mortgage Insurance previously in effect, from all alternate mortgage insurer selected b3 Lender. If substantially equivaleut Mortgage Insurance coverage is uot available, Borrower shall continue to pay to Lender the amount of the separately desig;mted payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundabl,~ loss reserve in lieu of Mortgage Insurance. Such loss. reserve shall be non-refundable, notwithstanding the I:act .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 Mortgage, Insurance coverage (in the antouut and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage lnsurauce. If Lender required Mortgage Insurance as a condition of r:naking the Loan and Borrower was required to ~nake separately designated payments toward the premiuF~s for Mortgage Insurance, Borrower shall pay the prenfiums required to tnaintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insarance ends in accordance wifll any written agreement between Borrower and Lender providing for such ter'minafion 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 reiratmrses Lender (or any entity that purchases file Note) for certain losses it nmy incur if Borrower does not repay the Loan as agreed. Borrower is not a party to file Mortgage Insurance. Mortgage insurers evalu'x~.e their total risk on all such insurance in force from time to time, and may enter into agreements with off,er parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions flint are satisfactory to file mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of fuuds that the mortgage insurer may have available (which nmy include funds obtained from Mortgage Insurance premiums). As a result of these agreemems, Lender, any purchaser of the Note, another insurer, any reinsurer. any other eufity, or any affiliate of any of the foregoing, nmy receive (directly or indirectly) amorous that derive t¥om (or might be ch:~acterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or mod':fying the mortgage insurer's risk, or reducing losses. If such agreement provides that an aftiliate of Lender takes a share of file insurer's risk in exchange lbr a share of the premiums paid to the insurer,,, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pny rot Mortgage Insurance, or any other terms of the Loan. Such agreements will not iucrease the amount Borrower will owe for Mortgage Insurance, nnd they will not entitle Borrower to any refuud. ~-6A(WY) ~ooo5).o~ Page a o~ ~S Form 3051 1/01 0 00007 (b) Any such agreemenis will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under {he Homeowners Protection Act of 1998 or any other law. These rights may include the right to ,~eceive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to haw:,, the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of MiScellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid tt, Lender. If the Property is damag :d, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if tile restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restor~ tion period, Lender shall have the right to hold such Miscellaneons Proceeds until Lender has had an oppcrtmdty to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly Lender may pay tbr the repairs and restoration in a. single disbursement 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 Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such Miscellaneous Proceeds. If th~', restoration or repair is not econoufically feasible or Lender's security would be lessened, the Miscellaneou:; Proceeds shall be applied to the sunts secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided i,'or in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to t.ae sums secured by this Security Instrument, whether or not then due,, with the excess, if any, paid to Bor:ower. In the event of a partial ::aking, destruction, or loss in value of the Property in which the fair market value of the Property immedmtely before file partial taking, destruction, or loss in value is equal to or greater than the amount of rite sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the stuns secured by this Security Ins'trument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following .:raction: (a) the total amount of tile sums secured i~mnediately before the partial taking, destruction, ~r loss in value divided by (b) the fair market value of file Property immediately before the partiali taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial baking, destruction, or loss in value of file Property in which the fair market value of the Property intrnediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destructio/~, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrtment whether or not the sums are then due. If the Property is abardoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined is1 the next sentence) offers to make an award to settle a claim tbr danmges, Borrower fails to respond to Lender within 30 days 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 then due. "Opposing Party" means the third party that owes Borrower Miscella~:~eous Proceeds or the party against whom Borrower has a right of action m regard to Miscellaneous Proceeds. Borrower shall be in de:Tault if any action or proceeding, whether civil or criminal, is begun that, ill Lender's judgment, could remit in forfeiture of the Property or other nmterial impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a det:ault and, if acceleration has 6ccurred, re::nstate as provided in Section 19, by causing the acnon or proceeding to be dismissed with a ruling that,!in Lender's judgment, precludes tbrfeiture of the Property or other nmterial impairment of Lender's inter?st itl the Property or rights under this Security Instrument. The proceeds of any award or claim for danm3.les that are attributable to file ilnpairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Pruaeeds that are not applied to restoration or repair of the Property shall be applied in the order provided:~for itl Section 2. (~-6A(WY) {ooos}.o~ Form 3051 1/01 12. Borrower Not Reh,'tsed; Forbearance By Lender Not a Waiver. Extension of the time /:'or payment or modification of aix4ortization of the sums secured by this Security lnstrulnent granted by Lender to Borrower or any Successo:/:in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall trot be required to cotumence proceedings against any Successor in Interest o~' Borrower or to refuse to exteud tinte for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any denmnd made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Leuder in exercising any right or rmnedy including, without l~iafitation, Lender's acceptance of pay~nents from third persons, entities or Successors in Interest of Bonower or in amounts less than file amount then due, shall not be a waiver of or preclude the exercise of any ~i. ght or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's ol)~tgattons and habthty shall be joint and several. However, any Borrower who co-signs this Security Instru~nent but does not execute file Note (a "co-signer"): (a) is co~siglfing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrut,~ent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower eau agree to extend, modify, forbear or make any accommodations w:~,th regard to the terms of this Security Instrutnent or the Note without the co-signer's consent. ~ Subject to the provisiims of Section 18, any Successor in Interest of Borrower who assmnes Borrower's obligations under dlis Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall ~mt be released fi'om Borrower's obligations and l¢~bility under this Security Instrument unless Lender agrees to such release in writing. The covenants and. agreements of this Security Instrument shall biud (except as provided in Section 20) and benefit file successors and assigns of Lender. 14. Loan Charges. Le':nder may charge Borrower lees for services performed in connection with Borrower's default, for the l~urpose of protecting Lender's interest in file Property and rights under this Security Instrument, includir~g, but not linfited to, attorneys' fees, property inspection and valuatiou fees. In regard to any other fees, [ne absence of express authority in this Security htstrument to charge a specific lee to Borrower shall not be ':'onstrued as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohil:ited by this Security Instrument or by Applicable Law. If the Loan is subject to .i law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with file Loan exceed file pernfitted limits, then: (a) ai~y such loan charge shall be reduced by the amount necessary to reduce die charge to the pernfitted linfit'~ and (b) any sums already collected from Borrower which exceeded pertuitted linfits will be refunded to l~orrower. Lender nmy choose to umke this refund by reducing the principal owed under the Note or bs!~ making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated a:; a partial prepayment without any prepayment charge (whether or not a prepayment charge is provic:e:d 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 nfight have arising out of such overcharge. 15. Notices. All noticc~, given by Borrower or Lender in comlection with this Security lnstrmnent must be in writing. Any notice to Borrower in cotmection with this Security Instrument shall be deemed to have been given to Borrower when nmiled by first class nmil or when actually delivered to Borrower's ~mtice address if sent by oilier means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has desigm ted a substitute notice address by nonce to Lender. Borrower shall promptly notify Lender of Borrower% change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any ~mtice to Lender shall be green by delivering it or by nmiling it by first class mail to Lender's address stated herein unless Lender has designated a~mther address by notice to Borrower. Any tmtice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any gotice required by this Security Instrument is also required under Applicable Law, the Applicable Law r;~.quiretnent will satisfy file corresponding requirement under this Security Instrument. (~)~-6 A(WY) ~ooosl.o~ Page 10 ol~ 1~ Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and .'the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable 1.aw 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 against agreetnent by contract. In the event that any provision ,ar clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not :fffect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in fids Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words [~r words of the fe~ni~fine gender; (b) words in the singular shall mean and include the plural and vice vt:rsa; and (c) the 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 Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" mcr. ns any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests t:anst~rred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Y~roperty 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 ma} require immediate payment in full of all stuns secured by this Security Instrument. However, this aption shall not be exercised by Lender if such exercise ~s prohibited by Applicable Law. If Lender exercises this.option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less t~an 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all stuns secured by this Security Instrument. If Borrower fails to pay these sums prior to the exp.~ration of this period, Lender may invoke any remedies permitted by tiffs Security Instrument without l~'mher notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have entbrcement of this Security Instrument discontinued at any time prior to the earliest of: (a) fi~ e days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrowe~: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if,' no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other tees 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 Instrument, and Borrower's obligation to pay the sums secured by this Security h~strument, shall continue m~changed. Lender nmy require fl~at Borrower pay such reinstatement sums and expenses in one or more of.the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, :reasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinst~'.tement by Borrower, this Security Instrument and obligations secured hereby shall retnain fully effective ~.s 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; Chin ge of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrumen0 can be sold one or more times without prior notice to Borrower. A sale might res:alt in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under ~ae Note, this Security Instrument, and Applicable Law. There also tnight be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be g~ven written notice of the change which will state the name and address of fl~e new Loan Servicer, the add~ess to which payments should be made and any other information RESPA (~I~-6A{WY} Iooosi.o~ Page ~ o, ~ Form 3051 1/01 requires in cmmection with a' 'notice of transfer of servicing. If the Note is sold and thereafter the Lo;m is serviced by a Loan Servicer :,ther than the purchaser of tile Note, the mortgage loan servicing obligations to Borrower will remain witf~ file Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchas:'r mfless otherwise provided by thc Note purchaser. Neither Borrower nor I,~.nder may cmmnence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this 'Security Instrument or that alleges that the other party has breached auy provision of, or any duty owed by reason of, this Security Instrc. ment, until such Borrower or Lender has notified the other party (with such notice given in compliance ~ith the requirements of Section 15) of such alleged breach and afforded file other party hereto a reasoiable period after the giving of such notice to take corrective action. If Applicable Law provides a :me period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph.'-The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Sectio:q 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Sectbn 20. 21. Hazardous Substaaces. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Envirmm~ental Law and the following substances: gasolire, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or tbrmaldehyde, and radioactive ~naterials; (b) "Envirmm~ental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Envirmm~ental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to re ease any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do. anything affecting tile Property (a) that is in violation of any Enviromnemal Law, (b) which creates an E3viromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not app.y 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 nmintenance of the Property ~(including, but not limited to, hazardous substances in consmner products). Borrower shall prompQ, give Lender written notice of (a) any investigation, claim, denmnd, lawsuit or other action by any gover:m~ental 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, i~.icluding 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 wlfich'.'adversely affects the value of the Property. If Borrower learns, or is notified by any govenanental or regtilatory 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 accorda.r~ce with Environmental Law. Nothiug herein shall create any obligation on Lender for an Environmental Cleanup. (~I~-6A(WY) Page 12 of 15 Form 3051 1101 O 0OO07 '71 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any c(venant or agreement in this Security Instrument (but not prior to acceleration under Section 18 ianless Applicable Law provides otbenvise). 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 Boi'rower, by which the default must be cured; and (d) that failure to cure the default on or before the date .,pecified 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 acceleriiffion and the right to bring a court action to assert the non-existence of a default or any other defens{:' of Borrower to acceleration and sale. If the default is not cured on or before the date specified in th*: notice, Lender at its option ~nay require immediate payment in full of all sums secured by this Secu 'ity Instrument without further demand and may invoke the power of sale and any other remedies :permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuinglthe remedies provided in this Section 22, inclnding, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the po?er of sale, Lender shall give notice of intent to foreclose to BorroWer and to the person in possessi.an of the Property, if different, in accordance with Applicable Law. Lender shall give notice of th:.' sale to Borrower in the manner provided in Section 15. Lender shall publish the notice o!' sale, a{!d the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee n ~ay purchase the Property at any sale. The proceeds of the sale shall be applied in the following or;!er: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (bI to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally iintitled to it. 23. Release. Upon payme:nt 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 tbr releasing this Security Instrumt?nt, but o~fly if the fee is paid to a third party for services rendered and the charging of the fee is permitted` under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~I~6A(WY) {ooosl.o'~ Page 13of 15 Form 3051 1/01 0900007 BY SIGNING BELOW, -~arrower accepts and agrees to the terms and covenants contained in Security Instrument and in any Rider executed by Borrower and recorded widl it. Witnesses: ~ D'e~5 '~-"~~'~ (Seal) (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~}~6A{WY) 1ooo~1.ol Paoe~4of~S Form 3051 1/01 O O000T STATE OF WYOMING, Lincoln The ~regoingi~mtmment,vasacknowledgedbe~remeflfis by Jess Dee Sanders, ~i:~ unmarried person County ss: My Commission Expires: Notary Public (~'6A(WY) iooos}.o~ Page 15 o! 15 Iratlala. ~_ 5 Form 305 1/01