HomeMy WebLinkAbout900011BOOK 5-
Prepared by and When Recorder/ Return To:
ROXIE JENKINS
FIRST NATIONAL BANE-WEST 9
314 S WASHINGTON/PO;BOX 1620
AFTON, WY 83110
RECEIVED
'LINCOLN COUNTY CLERK
0~-~ JUN-9 F'H 3:21
JEANNE WAGNER
........................... ISp.ce Above This Li.e For Recordi.g
LOAN NO. 58811227
MORTGAGE
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DEFINITION S
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. Certair. rules regarding the usage of words used in this document are also provided in
Section 16.
(A) "Security Instrument" means this document, which is dated
together with all Riders to this d~gument.
(B) "Borrower" is
STEVE K HUHTAI,A AND ELIZABETH W HUHTA_LA,
JUNE 8, 2004
husband and wife
Borrower is the mortgagor under ::his Security Instrument.
(C) "Lender" is
FIRST NATIONAL BAN]~i - WEST (AFTON BRANCH)
Lender is a NATIONAL .~3.~IKING ASSOCIATION
under the laws of THE UNITED STATES OF AMERICA .
Lender' s address is
314 SO. WASHINGTON/" P.O. BOX 1620
AFTON, WY 83110
;
Lender is the mortgagee under tliii Security Instrument.
organized and existing
(D) "Note" means the promisso:.'y note signed by Borrower and dated JUNE 8, 2004
The Note states that Borrower owes Lender
NINETY-SIX THOUSAND AND 00/100
Dollars (U.S. $ 96,000.90 ) plus interest. Borrower has promised to pay this debt in regular
Periodic Payments and th'pay th~ debt in full not later than dULY 1, 2034
(E) "Property" means the property that is described below under the heading "Transfer of Rights in the
Property."
(F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due
under the Note, and all sums due :.ruder this Security Instrument, plus interest.
(G) "Riders" means all riders rc~ this Security Instrument that are executed by Borrower. The following riders
are to be executed by Borrower lc.neck box as applicable]:
---]Adjustable Rate Rider
1-4 Family Rider
---]Balloon Rider
----] Condominium Rider
Second Home Rider
---] Other(s) [specify]
Planned Unit Development Rider
~-] Biweekly Payment Rider
WYOMING - Single Family - Fannie Mae/Freddie Nh c UNIFORM INSTRUMENT
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(It) "Applicable L-w" means :~'dl: controlling applicable federal, state and local statutes, regulations, ordinances
and administrative rules and ordlers (that have the effect of law) as well as all applicable final, non-appealable
judicial opinions.
(I) "Community Association D~aes, Fees and Assessments" means all dues, fees, assessments and other charges
that are imposed on Borrower or the Property by a condominium association, homeowners association or similar
organization.
(3) "Electronic Funds Tra~f,~r" means any transfer of funds, other than a transaction originated by check,
draft, or similar paper instrum,mt, which is initiated through an electronic terminal, telephonic instrument,
computer, or magnetic tape so )s to order, instruct, or authorize a financial institution to debit or credit an
account. Such term includes, bu.~ is not limited to, point-of-sale transfers, automated teller machine transactions,
transfers initiated by telephone, ,wire transfers, and automated clearinghouse transfers.
(K) "Escrow Items" mean those:! items that are described in Section 3.
(L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any
third party (other than insurance .proceeds paid under the coverages described in Section 5) for: (i) damage to, or
destruction of, the Property; (ii) :ondemnation or other taking of all or any part of the Property; (iii) conveyance
in lieu of condemnation; or (ivI misrepresentations of, or omissions as to, the value and/or condition of the
Property.
(M) "M°rtgage Insurance" m~.'ans insurance protecting Lender against the nonpayment of, or default on, the
Loan.
(N) "Periodic Payment" means {he regularly scheduled amount due for (i) principal and interest under the Note,
plus (ii) any amounts under Secti ,n 3 of this Security Instrument.
(O) "RESPA" means the Real F state Settlement Procedures Act (12 U.S.C. {}2601 et seq.) and its implementing
regulation, Regulation X (24 C.I: .R. Part 3500), as they might be amended from time to time, or any additional
or successor legislation or regulz~tion that governs the same subject matter. As used in this Security Instrument,
"RESPA" refers to all requirem,~nts and restrictions that are imposed in regard to a "federally related mortgage
loan" even if the Loan does not qaalify as a "federally related mortgage loan" under RESPA.
(P) "Successor in Interest of Bc. rrower" means any party that has taken title to the Property, whether or not that
party has assumed Borrower's obligations under the Note and/or this Security Instrument.
.TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secure: to Lender: (i) ihe repayment of the Loan, and all renewals, extensions and
modifications of the Note; and (!i) the performance of Borrower's covenants and agreements under this Security
Instrument and the Note. For tfis purpose, BorroWer does hereby mortgage, grant and convey to Lender and
Lender' s successors and assigns, i,vith power of sale, the following described property located in the
TOWN OF TPX~YN~- ~ [q'ype of Recording Juri~iction]
of LINCOLN COUNTY ,: : [Name o f Recording Jur l ',diction]
Lot 5 Of the Star Valley Rancl( Plat 4, Lincoln County, Wyoming as
described on the official plat t'~iereof.
WYOMING - Single Family - Fannie Mte/Freddie l~{ac UNIFORM INSTRUMENT
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O O00Z1
which currently has the address of 118 BRAMBLEBERRY DRIVE, TItAYNE
[S~r,aa] [Cillt]
Wyoming 83127 (" Pro petty Address" ):
Izip c~]
TOGETHER WITH all th:~. hnprovements now or hereafter erected on the property, and all easements,
appurtenances, and fixlures no~ c,r hereafter a part of the property. All replacements and additions shall also be
covered by this Security Instrt!n ent. All of the foregoing is referred to in this Security Instrument as the
"Property."
BORROWER COVENANq-S that Borrower is lawfvlly seised of the estate hereby conveyed and has the right
to mortgage, grant and convey [hl Property and that the Property is unencumbered, except for encumbrances of
record. Borrower warrants and gill defend generally the title to the Property againsf all claims and demands.
subject to any encumbrances of, e~:0rd.
THIS SECURITY INSTRU lvlENT combines uniform covenants for national use and non-uniform covenants
with limited variations by jurisd:c ion to constitute a uniform security instrument covering real property.
UNIFORM COVENANTS.: %rrower and Lender covenant and agree as follows:
1. Payment of Principal, il':~terest, Escrow Items, Prepayment Charges, and Late Charges. Borrower
shall pay when due the principal cfi, and interest on, tile debt evidenced by tile Note and any prepayment cbarges
and late charges due under the 1, otc. Borrower shall also pay funds for Escrow Items pursuant to Section 3.
Payments due under the Note ,:n I this Security Instrument shall be made in U.S. currency, llowever, if any
check or other instrument receiv':~ by Lender as payment under the Note or this Security Instrument is returned to
Lender unpaid, Lender may require that any or all subsequent payments due under the Note' and this Security
Instrument be made in one or mo:.'e of the following forms, as selected by Lender: (a) cash; (b) money order; (c)
certified check, bank check, trrmmrer's check or cashier's check, provided any such check is drawn upon an
institution whose deposits are i::~:ured by a federal agency, instrumentality, or entity; or (d) Electronic Funds
Transfer.
Payments are deemed receiw:d by Lender when received at tile location designated in the Note or at such
other location as may be desigra:ed by Lender in accordance with the notice provisions in Section 15, Lender
may return any payment(s) or peirtial payment(s) if the paylnent(s) or partial payments are insufficient to bring tile
Loan current. Lender may accept any payment(s) or partial payment(s) insufficient to bring the Loan current,
without waiver of any rights be, eunder or prejudice to its rights to refuse such payment(s) o( partial payments 'in
the future, but Lender is not obligated to apply such payments at thc time such payments are accepted. If each
Periodic Payment is applied as .of its scheduled due date, then Lender need not pay interest on unapplied funds.
Lender may hold such unapplied i'unds until BOrrower makes payment(s) 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
Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note
immediately prior to foreclosure:.. ~ No offset or claim which Borrower might have now or in the future against
Lender shall relieve Borrower' f'om making payments due under the Note and this Security Instrument or
performing the covenants and agrce~nents~ secured by this Security Instrument.
2. Application of Payme~ts or Proceeds. Except as otherwise described in lifts Section 2, all payments
accepted and applied by Lender ghall be applied in the following order of priority: (a) interest due under the Note;
Co) principal due under the NO e. (c) amounts due under Section 3. Such payments shall be applied to each
Periodic Payment iu the order in which it became due. Any remaining a,nounts shall be applied first to late
charges, second to any other ama,~nts due under this Security Instrument. and then to reduce tile principal balance
of the Note. .
If Lender receives a paymem from Borrower for a delinquent Periodic Payment which includes a sufficient
amount to pay any late charge d!ae. the payment may be applied to the delinquent payment and the late cbarge. If
more than one Periodic Paymefit is outstanding, Lender ,nay apply any payment received from Borrower to the
repayment of the Periodic Paym,.mts if, and to the extent that, each payment can be paid in full. To the extent that
WYOM1NG - Single Family - Fanoie hladFreddie fi`lac UNLFORM iNSTRUMENT Form 3051 (01/01)
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0900011
any excess exists after the payment is applied to the full payment of one 0r more Periodic Payments, such excess
may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges
and then as described in the Note~
Any application of payments insurance proceeds, or Miscellaneous Proceeds to principal due under the Note
shall not extend or postpone the cue date, or change the amount, of the Periodic Payments.
3. Funds for Escrow ltems~. Borrower shall pay to Lender on the day Periodic Payments are due under the
Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and
assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on
the Property; 03) leasehold paynt~ents or ground rents on the Property, if any; (c) premiums for any and all
insurance required by Lender unc~.er 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 premiums in accordance with the provisions
of Section 10. These items are ci~lled "Escrow Items." At origination or at any time during the term of the Loan,
Lender may require that Commu~ity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower,
and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all
notices of amounts to be paid un~ler this Section. Borrower shall pay Lender the Funds for Escrow Items unless
Lender waives Borrower's obli:~ation to pay the Funds for any or all Escrow Items. Lender may waive
Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may
only be in writing. In the evel',t of such waiver, Borrower shall pay directly, when and where payable, the
amounts due for any Escrow It4~ms for which payment of Funds has been waived by Lender and, if Lender
requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require.
Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a
covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in
Section 9. If Borrower is obligat~:d to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay
the amount due for an Escrow kern, Lender may exercise its rights under Section 9 and pay such amount and
Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the
waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such
revocation, Borrower shall pay 'to Lender alt Funds, and in such amounts, that are then required under this
Section 3. ~,
Lender may, at any time, ccdlect and hold Funds in an amount (a) sufficient to permit Lender to apply the
Funds at the time specified unde~ RESPA, and (b) not to exceed the maximum amount a lender can require under
RESPA. Lender shall estimate ti~ae amount of Funds due on the basis of current data and reasonable estimates of
expenditures of future Escrow Ite~ns or otherwise in accordance with Applicable Law.
The Funds shall be~ held in aa institution whose deposits are insured by a federal agency, instrumentality, or
entity (including Lender, if Lend:r is an institution whose deposits are so insured) or in any Federal Home Loan
Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA.
Lender shall not charge Borrowe' for holding and applying the Funds, annually analyzing the escrow account, or
verifying the Escrow Items, un?.ss Lender pays Borrower interest on the Funds and Applicable Law permits
Lender to make such a charge.. Unless an agreement is made in writing or Applicable Law requires interest to be
paid on the Funds, Lender shall r?t be required to pay Borrower any interest or earnings on the Funds. Borrower
and Lender can agree in writin.g, however, that interest shall be paid on the Funds. Lender shall give to
Borrower, without charge, an anrual accounting of the Funds as required by RESPA.
If there is a surplus of Fund'~ held in escrow, as defined under RESPA, Lender shall account to Borrower for
the excess funds in accordance v.'ith RESPA. If there is a shortage of Funds held in escrow, as defined under
RESPA, Lender shall notify Bolirower as required by RESPA, and Borrower shall pay to Lender the amount
necessary to make up the shortag: in accordance with RESPA, but in no more than twelve monthly payments. If
there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required
by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with
RESPA, but in no more than tweve monthly payments.
Upon payment in full of al sums secured by this Security Instrument, Lender shall promptly refund to
Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to
the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the
WYOMING - Single Family - Fannie M"4e/Freddie Mac UNIFORM INSTRUMENT
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Property, if any, and Communitl' Association Dues, Fees, and Assessments, if any. To the extent that these items
are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly dis,:;aarge any lien which has priority over this Security Instrument unless Borrower:
(a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but
only so long as Borrower is perl~;)rming such agreement; Co) contests the lien in good faith by, or defends against
enforcement of the lien in, legal'.proceedings which in Lender' s opinion operate to prevent the enforcement of the
lien while those proceedings are:pending, but only until such proceedings are concluded; or (c) secures fi.om the
holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If
Lender determines that any part. of the Properiy is subject to a lien which can attain priority over this Security
Instrument, Lender may give Bo[rower a notice identifying the lien. Within 10 days of the date on which that
notice is given, Borrower shall sgiisfy the lien or take one or more of the actions set forth above in this Section 4._
Lender may require Borrov.~er to pay a one-time charge for a real estate tax verification and/or reporting
service used by Lender in connection with this Loan.
S. Property Insurance. 1.10rrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, ba?ards included within the term "extended coverage," and any other
hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This
insurance shall be maintained ir~ the amounts (including deductible levels) and for the periods that Lender
requires. What Lender requires ,,'~:,rsuant 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
Borrower's choice, which right ;shall not be exercised unreasonably. Lender may require Borrower to pay, in
connection with this Loan, eithe$: (a) a one-time charge for flood zone determination, certification and tracking
services; or da) a one-time charge for flood zone determination and certification services and subsequent charges
each time remappings or similar changes occur which reasonably might affect such determination or certification.
Borrower shall also be responsil;le for the payment of any fees imposed by the Federal Emergency Management
Agency in connection with the re(iew of any flood zone determination resulting from an objection by Borrower.
If Borrower fails to maintainI 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 Propert):, or the contents of the Property, against any risk, hazard or liability and might
provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the
insurance coverage so obtained' might significantly exceed the cost of insurance that Borrower could have
obtained. Any amounts disbur:)~?d by Lender under this Section 5 shall become additional debt of Borrower
secured by this Security InStru:~;ent. These amounts shall bear interest at the Note rate from the date of
disbursement and shall be Payabl :', with such interest, upon notice from Lender to Borrower requesting payment.
All insurance policies requi~ed by Lender and renewals of such policies shall be subject to Lender' s right to
disapprove such policies, shall irclude a standard mortgage clause, and shall name Lender as mortgagee and/or as
an additional loss payee. Lendt:~. shall have the right to hold the policies and renewal certificates. If Lender
requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower
obtains any form of insurance cc verage, not otherwise required by Lender, for damage to, or destruction of, the
Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an
additional loss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing,
any insurance proceeds, whethe: or not the underlying insurance was required by Lender, shall be applied to
restoration or repair of the Propi:rty, 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 it single payment or in a series of progress payments as the work is completed.
Unless an agreement is made Sr. writing or Applicable Law requires interest to be paid on such insurance
proceeds, Lender shall not be req:t!ired to pay Borrower any interest or earnings on such proceeds. Fees for public
adjusters, or other third parties, )etained by Borrower shall not be paid out of the insurance proceeds and shall be
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
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the sole obligation of Borrower. i, If the restoration or repair is not economically feasible or Lender's security
would be lessened, the insurance, proceeds shall be applied to the sums secured by this Security Instrument,
whether or not then due, with theie×cess, if any, paid to ]~rrower. Such insurance proceeds shall be applied in
the order provided for in Section ~..
If Borrower abandons the Pr0. perty, Lender may file, negotiate and settle any available insurance claim and
related matters. If Borrower doe.,~not respond within 30 days to a notice from Lender that the insurance carrier
has offered to settle a claim, then .~ender may negotiate and settle the claim. The 30-day period will begin when
the notice is given. In either ever',t, or if Lender acquires the Property under Section 22 or otherwise, Borrower
hereby assigns to Lender (a) Borr~wer' s rights to any insurance proceeds in an amount not to exceed the amounts
unpaid under the Note or this Sect~rity Instrument, and Co) any other of Borrower' s rights (other than the right to
any refund of unearned premiums Oaid by Borrower) under all insurance policies covering the Property, insofar as
such rights are applicable to the cc verage of the Property. Lender may use the insurance proceeds either to repair
or restore the Property or to pay ~,,nounts unpaid under the Note or this Security Instrument, whether or not then
due.
6. Occupancy. Borrower s!aall occupy, establish, and use the Property as Borrower's principal residence
within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as
Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in
writing, which consent shall not [~e unreasonably withheld, or unless extenuating circumstances exist which are
beyond Borrower' s control.
7. Preservation, Maintenan'ce and Protection of the Property; Inspections. Borrower shall not destroy,
damage or impair the Property, al/low the Property to deteriorate or commit waste on the Property. Whether or
not Borrower is residing in the P~;operty, Borrower shall maintain the Property in order to prevent the Property
from deteriorating or decreasing i:x value due to its condition. Unless it is determined pursuant to Section 5 that
repair or restoration is not econom, cally feasible, Borrower shall promptly repair the Property if damaged to avoid
further deterioration or damage. I'~' insurance or condemnation proceeds are paid in connection with damage to, or
the taking of, the Property, Borrcwer shall be responsible for repairing or restoring the Property only if Lender
has released proceeds for such pu~:poses. 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. If the insurance or condemnation proceeds
are not sufficient to repair or res:~:ore the Property, Borrower is not relieved of Borrower's obligation for the
completion of such repair or restotation.
Lender or its agent may mak~~. reasonable entries upon and inspections of the Property. If it has reasonable
cause, Lender may inspect the inte:ior of the improvements on the Property. Lender shall give Borrower notice at
the time of or prior to such an inte"ior inspection specifying such reasonable cause.
8. Borrower's Loan Appli(ation. Borrower shall be in default if, during the Loan application process,
Borrower or any persons or entities acting at the direction of Borrower or with Borrower's ~knowledge or consent
gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender
with material information) in conrection with the Loan. Material representations include, but are not limited to,
representations concerning Borro~aer' s occupancy of the Property as Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a)
Borrower. fails to perform the cow,'nants and agreements contained in this Security Instrument, (b) there is a legal
proceeding that might significant y affect Lender's interest in the Property and/or rights under this Security
Instrument (such as a proceeding i:~a bankruptcy, probate, for condems~ation or forfeiture, for enforcement of a lien
which may attain priority over th s Security Instrument or to enforce laws or regulations), or (c) Borrower has
abandoned the Property, then Le/~der may do and pay for whatever is reasonable or appropriate to protect
Lender's interest in the Property ~'nd rights under this Security Instrument, including protecting and/or assessing
the value of the Property, and secaring and/or repairing the Property. Lender's actions can include, but are not
limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; CO) appearing
in court; and (c) paying reasonabl~ attorney's 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,
but is not 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 on or off. Although Lendei: may take action under this Section 9, Lender does not have to do so and is not
WYOMING - Single Family - Fannie Ma~Freddie Mac UNIFORM INSTRUMENT Page 6 of 12
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under any duty or obligation to ~do so. It is agreed that Leader incurs no liability for not taking any or all actions
authorized under this Section
Any amounts disbursed by:Lender under this Section 9 shall become additional debt of Borrower secured by
this Security Instrument. Thes:g amounts shall bear interest at the Note rate fi.om the date of disbursement and
shall be payable, with such into*est, upon notice from Lender to Borrower requesting payment.
If this Security Instrument ~is on a leasehold, Borrower shall comply with all the provisions of the lease. If
Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to
the merger in writing.
10. Mortgage Insurance, If Lender required Mortgage Insurance as a condition of making the Loan,
Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the
Mortgage Insurance coverage r94tuired by Lender ceases to be available from the mortgage insurer that previously
provided shch insurance and Borrower was required to make separately designated payments toward the premiums
for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to
the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the
Mortgage Insurance previously4n effect, from an alternate mortgage insurer selected by Lender. If substantially
equivalent Mortgage Insurance c~verage is not available, Borrower shall continue to pay to Lender the amount of
the separately designated payme..nts that were due when the insurance coverage ceased to be in effect. Lender will
accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss
reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall
not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss
reserve payments if Mortgage Ihsurance coverage (in the amount and for the period that Lender requires) provided
by an insurer selected by Lende~ again becomes available, is obtained, and Lender requires separately designated
payments towardthe premiums~for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of
making the Loan and Borrower was required to make separately designated payments toward the premiums for
Mortgage Insurance, Borrower ,,hall pay the premiums required to maintain Mortgage Insurance in effect, or to
provide a non-refundable loss r :.~erve, until the Lender's requirement for Mortgage Insurance ends in accordance
with any written agreement bet,,eon Borrower and Lender providing for such termination or until termination is
required by Applicable Law. Nothing in this Section 10 affects Borrower' s obligation to pay interest at the rate
provided in the Note.
Mortgage Insurance reimbt rses Lender (or any entity that purchases the Note) for certain losses it may incur
if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
Mortgage insurers evaluate~their total risk on all such insurance in force from time to time, and may enter into
agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
conditions that are satisfactory (o the 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 funds that the mortgage
insurer may have available (whi:A 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 affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive fi.om (or
might be characterized as) a port'ion of Borrower' s payments for Mortgage Insurance, in exchange for sharing or
modify!ne the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender
takes a share of the insurer's ri:;[ in exchange for a share of the premiums paid to the insurer, the arrangement is
often termed "captive reinsuran~)e~." Further:
(a) Any such agreement~,: iwill not affect the amounts that Borrower has agreed to pay for Mortgage
Insurance, or any other terms~of the Loan. Such agreements will not increase the amount Borrower will
Owe for Mortgage Insurance, find they will not entitle Borrower to any refund.
' (b) Any such agreementslwill not affect the rights Borrower has - if any - with respect to the Mortgage
Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the
right to receive certain disclo,~nres, to request and obtain cancellation of the Mortgage Insurance, to have
the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance
premiums that were unearned'~it the time of such cancellation or termination.
11. Assignment of Miscel~aneons Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
and shall be paid to Lender.
WYOMING - Single Family - Fannie Mae/l,¥eddie Mac UNIFORM INSTRUIVlENT
Page 7 of 12
Form 3051 (01/0!)
If the Property is damaged, i such Miscellaneous Proceeds shall be applied to restoration or repair of the
Property, if the restoration or re[~air is econommally feasible and Lender' s security is not lessened. During such
repair and restoration period, Lehder shall have the right to hold such Miscellaneous Proceeds until Lender has
had an opportunity to inspect'stah Property to ensure the work has been completed to Lender's satisfaction,
provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a
single disbursement or in a series iofprogress payments as the work is completed. Unless an agreement is made in
writing or Applicable Law requ{res interest to be paid on such Miscellaneous Proceeds, Lender shall not be
required to pay Borrower any intlerest or earnings on such Miscellaneous Proceeds. If the restoration or repair is
not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to
the sums secured by this Security:. Instrument, whether or not then due, with the excess, if any, paid to Borrower.
Such Miscellaneous Proceeds sha'l 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, the Miscellaneous Proceeds shall
be applied to the sums secured b:; this Security Instrument, whether or not then due, with the excess, if any, paid
to Borrower.
In the event of a partial takir, g., destruction, or loss in value of the Property in which the fair market value of
the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the
amount of the sums secured by ttris Security Instrument immediately before the partial taking, destruction, or loss
in value, unless Borrower and Lmder otherwise agree in writing, the sums secured by this Security Instrument
shall be reduced by the amount cf the Miscellaneous Proceeds multiplied by the following fi.action: (a) the total
amount of the sums secured imm,:diately before the partial taking, destruction, or loss in value divided by (b) the
fair market value of the Property 'immediately before the partial taking, destruction, or loss in value. Any balance
shall be paid to Borrower.
In the event of a partial takir g, destruction, or loss in value of the Property in which the fair market value of
the Property immediately before' the partial taking, destruction, or loss in value is less than the amount of the
sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender
otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
Instrument whether or not the suns are then due.
If the Property is abandonedby Borrower, or if, after notice by Lender to Borrower that the Opposing Party
(as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond
to Lender within 30 days after';the date the notice is given, Lender is authorized to collect and apply the
Miscellaneous Proceeds either tc restoration or repair of the Property or to the sums secured by this Security
Instrument, whether or not then ~'!ue. "Opposing Party" means the third party that owes Borrower Miscellaneous
Proceeds or the party against whcm Borrower has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default [f any action or proceeding, whether civil or criminal, is begun that, in Lender' s
judgment, could result in forfeii~ure of the Property or other material impairment of Lender's interest in the
Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has
occurred, reinstate as provided i~: Section 19, by causing the action or proceeding to be dismissed with a ruling
that, in Lender' s judgment, precludes forfeiture of the Property or other material impairment of Lender' s interest
in the Property or rights under th~ Security Instrument. The proceeds of any award or claim for damages that are
attributable to the impairment of ~ender' s interest in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the
order provided for in Section 2. :
12. Borrower Not Released'i Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or
any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in
Interest of Borrower. Lender sh~ll not be required to commence proceedings against any Successor in Interest of
Borrower or to refuse to extend qme for payment or otherwise modify amortization of the sums secured by this
Security Instrument by reason o'~' any demand made by the original Borrower or any Successors in Interest of
Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's
acceptance of payments fi.om thml persons, entities or Successors in Interest of Borrower or in amounts less than
the amount then due, shall not be*. waiver of or preclude the exercise of any right or remedy.
13, Joint and Several Lia:Mlity; Co-signers; Successors and Assigns Bound. Borrower covenants and
WYOMING; Single Family - Fannie/~;~e/Freddie Mac UNIFORM INSTRUMENT Form 3051 (01/01)
Page 8 of 12
agrees that Borrower' s obligatidt:~s and liability shall be joint and several. However, any Borrower who co-signs
this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument
only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security
Instrument; (b) is not personally~obligated to pay the sums secured by this Security Instrument; and (c) agrees that
Lender and any other Borrower c:an agree to extend, modify, forbear or make any accommodations with regard to
the terms of this Security htstrument or the Note without the co-signer' s consent.
Subject to the provisions ct' Section 18, any Successor in Interest of Borrower who assumes Borrower's
obligations under this Security Histrument in writing, and is approved by Lender, shall obtain all of Borrower' s
rights and benefits under this S~?urity Instrument. Borrower shall not be released from Borrower's obligations
and liability under this Security ~instrument unless Lender agrees to such release in writing. The covenants and
agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successo rs and
assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower' s
default, for the purpose of prott;cting Lender' s interest in the Property and rights under this Security Instrument,
including, but not limited to, auorneys fees, property inspection and valuation fees. In regard to any other fees,
the absence of express authorit/ in this Security Instrument to charge a specific fee to Borrower shall not be
construed as a prohibition on the'charging of such fee. Lender may not charge fees that are expressly prohibited
by this Security Instrument or by Applicable Law.
If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the
interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits,
then: (a) any such loan charge s!mll be reduced by the amount necessary to reduce the charge to the permitted
limit; and (b) any sums alread3 collected from Borrower which exceeded permitted limits will be refunded to
Borrower. Lender may choose t.a make this refund by reducing the principal owed under the Note or by making a
direct payment to Borrower. If: a refund redu6es 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 n)ade by direct payment to Borrower will constitute a waiver of any right of action
Borrower mtght have arising out~ of such overcharge.
15. Notices. All notices g!ven by Borrower or Lender in connection with this Security Instrument must be
in writing. Any notice to Borrcwer in connection with this Security Instrument shall be deemed to have been
given to Borrower when mailedby first class mail or when actually delivered to Borrower's notice address if sent
by other means. Notice to an,~ one Borrower shall constitute notice to all Borrowers unless Applicable Law
expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a
substitute notice address by not:~{:e to Lender. Borrower shall promptly notify Lender of Borrower's change of
address. If Lender specifies a brocedure for reporting Borrower's change of address, then Borroxver shall only
report a change of address thro'agh that specified procedure. There may be only one designated notice address
under this Security Instrument a'. any one time. Any notice to Lender shall be given by delivering it or by mailing
it by first class mail to Lender'a address stated herein unless Lender has designated another address by notice to
Borrower. Any notice in conn~:~:tion with this Security Instrument shall not be deemed to have been given to
Lender until actually received by Lender. If any notice required by this Security Instrument is also required under
Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security
Instrument.
16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by
federal law and the law of the ju~,isdiction in which the Property is located. All rights and obligations contained
in this Security Instrument are .,.t'bject to any requirements and limitations of Applicable Law. Applicable Law
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 agreement by contract. In the event that any provision or clause of this
Security Instrument or the Note 9onflicts with Applicable Law, such conflict shall not affect other provisions of
this Security Instrument or the N6te which can be given effect without the conflicting provision.
As used in this Security Ins~,:rument: (a) words of the masculine gender shall mean and include corresponding
neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and
vice versa; 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.
WYOMING - Single Family - Fannie h!!Ji~e/Freddie Mac UNIFORM INgl'RUMENT
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Form 3051 (01/01)
18. Transfer of the Proper~y or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in
the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial
interests transferred in a bond fi.',r deed, contract for deed, installment sales contract or escrow agreement, the
intent of which is the transfer of litle by Borrower at a future date to a purchaser.
If all or any part of the Prop,:rty or any Interest in the Property is sold or transferred (or if Borrower is not a
natural person and a beneficial in~erest in Borrower is sold or transferred) without Lender' s prior written consent,
Lender may require immediate ~aymcnt in full of all sums secured by this Security Instrument. However, this
option shall not be exercised by k:.endcr if such exercise is prohibited by Applicable Law.
If Lender exercises this optic;~, Lender shall give Borrower notice of acceleration. The notice shall provide a
period of not less than 30 days ~om the date the notice is given in accordance with Section 15 within which
Borrower must pay all sums secui'ed by this Security Instrument. If Borrower fails to pay these sums prior to the
expiration 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 Feinstate After Acceleration. If Borrower meets certain conditions, Borrower
shall have thc right to have enforcement of this Security Instrument discontinued at any time prior to thc earliest
of: (a) five days before sale of file Property pursuant to any power of sale contained in this Security Instrument;
(b) such other period as Applical::le Law might specify for the termination of Borrower' s right to reinstate; or (c)
entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all
sums which then would be due m der this Security Instrument and the Note as if no acceleration had occurred; (b)
cures any default of any other cc~,enants or agreements; (c) pays all expenses incurred in enforcing this Security
Instrument, including, but not lit fited to, reasonable attorneys' fees, property inspection and valuation fees, and
other fees incurred for the purpc;e of protecting Lender's interest in tile Property and rights under this Security
Instrument; and (d) takes such a~:tion 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 Instrument, shall contin!le unchanged. Lender may require that Borrower pay such reinstatement sums
and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c)
certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an
institution whose deposits are irsured by a federal agency, instrumentality or entity; or (d) Electronic Funds
Transfer. Upon reinstatement by,' Borrower, this Security Instrument and obligations secured hereby shall remain
fully effective as if no aecelerati,,n had occurred. However, this right to reinstate shall not apply in the case of
acceleration under Section 18.
20. Sale of Note; Change'~f Loan Servicer; Notice of Grievance. The Note or a partial interest in the
Note (together with this Security.Instrument) can be sold one or more times without prior notice to Borrower. A
sale might result in a change in,the entity (known as the "Loan Servicer") that collects Periodic Payments due
under the Note and this Securit) Instrument and performs other mortgage loan .servicing obligations under the
Note, this Security Instrument, ired Applicable Law. There also might be one or more changes of the Loan
Servicer unrelated to a sale of theNote. If there is a change of the Loan Servicer, Borrower will be given written
notice of the change which willI state the name and address of the new Loan Servicer, the address to which
payments should be made and mi'~y other information RESPA requires in connection with a notice of transfer of
servicing. If the Note is sold anil thereafter the Loan is serviced by a Loan Servicer other than the purchaser of
the Note, the mortgage loan s(:rvicing obligations to Borrower will remain With the Loan Servicer or be
transferred to a successor Loan ,%rvicer(s) and are not assumed by the Note purchaser unless otherwise provided
by the Note purchaser.
Neither Borrower nor Lende~ may commence, join, or be joined to any judicial action (as either an individual
litigant or the member of a class), that arises fi.om the other party' s actions pursuant to this Security Instrument or
that alleges that the other party ,.has breached any provision of, or any duty owed by reason of, this Security
Instrument, until such Borrower t4r Lender has notified the other party (with such notice given in compliance with
the requirements of Section 15) i,)f such alleged breach and afforded the other party hereto a reasonable period
after the giving of such notice tc take corrective action. If Applicable Law provides a time period which must
elapse before certain action can 5e taken, that time period will be deemed to be reasonable for purposes of this
· paragraph. The notice of accelekation rind 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
WYOMING - Single Family, Fannie M)~e/Freddie Mac UNIFORM INSTRUMENT
?'! Page 10 of 12
Form 3051 (01/01)
Opportunity to take corrective action provisions of this Section~tu./~,J ~,J U.~L'~
21. Hazardous Substances. As used in this Section 21: (a) "HazardouS'Substances" are those substances
defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following
substances: gasoline, kerosene, .~her flammable or toxic petroleum products, toxic pesticides and herbicides,
volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental
Law" means federal laWs and law:! of the jurisdiction where the Property is located that relate to health, safety or
environmental protection; (c) "Emjronmental Cleanup" includes any response action, remedial action, or removal
action, as defined in Environmen ;~,l Law; and (d) an "Environmental Condition" means a condition that can cause,
contribute to, or otherwise trigge: ~an Environmental Cleanup.
Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous
Substances, or threaten to releast':,any Hazardous Substances, on or in the Property. Borrower shall not do, nor
allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b)
which creates an Environmental: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 apply to the presence, use, ot 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 (including,
but not limited to, hazardous subi;tances in consumer products).
Borrower shall promptly givi: Lender written notice of (a) any investigation, claim, demand, lawsuit or other
action by any governmental or regulatory agency or private party involving the Property and any Hazardous
Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition,
including '~ut not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous
Substance, and (c) any condition :~tused by the presence, use or release of a Hazardous Substance which adversely
affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority,
or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is
necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law.
Nothing herein shall create any obligation on Lender for an Environmental Cleanup.
NON-UNIFORM COVENAi'~TS. 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 cove~ant or agreement in this Security Instrument (but not prior to acceleration
under Section 18 unless Applical~le Law provides otherwise). The notice shall specify: (a) the default; (b) the
action required to cure the de~'~ult; (c) a date, not less than 30 days from the date the notice is given to
Borrower, by which the defaul~ ~nust be cured; and (d) that failure to cure the default on or before the date
specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of
the Property. The notice shall ?urther inform Borrower of the right to reinstate after acceleration and the
right to bring a court action tu assert the non-existence of a default or any other defense of Borrower to
acceleration and sale. If the de!'~uit is not cured on or before the date specified in the notice, Lender at its
option may require immediate payment in full of all sums secured by this Security Instrument without
further demand and may invoke; the power of sale and any other remedies permitted by Applicable Law.
Lender shall be entitled to colle,:t all expenses incurred in pursuing the remedies provided in this Section 22,
including, but not limited to, reasonable attorneys' fees and costs of title evidence.
If Lender invokes the pow~ of sale, Lender shall give notice of intent to foreclose to Borrower and to
the person in possession of the ~'~mperty, if different, in accordance with Applicable Law. Lender shall give
notice of the sale to Borrower i;~:ithe manner provided in Section 15. Lender shall publish the notice of sale,
and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may
purchase the Property at any s~i~. The proceeds of the sale shall be applied in the following order: (a) to all
expenses of the sale, including, b)'t not limited to, reasonable attorneys' fees; (b) to all sums secured by this
Security Instrument; and (c) an.y:excess to the person or persons legally entitled to it.
23. Release. Upon payment o:~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 Instrument, but only ift~i: fee is paid to a third party for services rendered and the charging of the fee is
WYOMING- Single Family- Fannie M)c/Freddie Mac UNIFORM INSTRUMENT
Pagell ofl2
Form 3051 (01/01)
permitted under Applicable Law.
24. Waivers. Borrower rele:~ses and waives all rights under and by virtue of the homestead exemption laws of
Wyoming.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security
Instrument and in any rider(s) ex'ecuted by Borrower and recorded with iL
Witnesses:
STEVE K HUHTALA -Bor~ow~
Social Security Number ~-' b 5 -/~- ~ 57 ~
EL~iZ~B~T~H W ~' ~~ (Seal)
HUHT~ -
Social Security Number
(Seal)
(Seal)
Social Security Number
.......................... ~[Space Below This Line For Acknowledgment] ..........................
STATE OF WYOMING )
) SS:
COUNTY OF LINCOLN )
The foregoing instrument was acknowledged before me, a Notary Public, on JUNE 8, 2004
Date
by: STEVE K AND husband and wife
HUHTALA ELIZABETH W HUHTALA,
,~ Person(s) Acknowledging
In WITNESS WHEREOF, I have hereunto set my hand and official seal.
~~~b~y Comn~ssion Expires ~/ 7
WYOMING - Single Family - Fannie N~ae,'Freddie Mac UNIFORM INSTRUMENT
Page 12 of 12
Form 3051 (01/01)
PLANNED UNIT DEVELOPMENT RIDER
LOAN NO. 58811227
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 8TH day of JUNE, 2004
and is incorporated into andshzll be deemed to amend and supplement the Mortgage, Deed of Trust, or Securit'y
Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure
Borrower's Note to
FIRST NATIONAL BANK - WEST {AFTON BRANCH}
A NATIONAL BANKING AS.~OC (the "Lender") of the same
date and covering the Property described in the Security Instrument and located at:
1 ~18 BRAMBLEBERRY DRIVE
T'~iAYNE, WY 83127
[Property Address]
The Property includes, but is n6i limited to, a parcel of land improved with a dwelling, together with other such
parcels and certain common arezs and facilities, as described in
COVENANTS, CONDITIONS AND RESTRICTIONS OF RECORD
(the "Declaration"). The Property is part of a planned unit development known as
STAR VALLEY RANCH, PLA'I 4
[Name of Planned Unit Developmenl]
(the "PUD"). The Property aisc includes Borrower's interest in the homeowners association or equivalent entity
owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses,
benefits and proceeds of Borrower's interest.
PUD COVENANTS. In ad ]~tion to the covenants and agreements made in the Security Instrument, Borrower
and Lender further covenant anc agree as follows:
A. PUD Obligations. Boir3wer shall perform all of Borrower's obligations under the PUD's Constituent
Documents. The "Constituent D3cuments" are the (i) Declaration; (ii) articles of incorporation, trust instrument
or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or
regulations of the Owners As~,cciation. Borrower shall promptly pay, when due, all dues and assessments
Imposed pursuant to the Constimimt Documents.
B. Property Insurance. S0 long as the Owners Association maintains, with a generally accepted insurance
carrier, a "master" or "blanket" i~olicy insuring the Property which is satisfactory to Lender and which provides
insurance coverage in the amounls (including deductible levels), for the periods, and against loss by fire, hazards
included within the term "exten t,gd coverage," and any other hazards, including, but not limited to, earthquakes
and floods, for which Lender ~quires insurance, then: (i) Lender waives the provision in Section 3 for the
Periodic Payment to Lender of .the yearly premium installments for property insurance on the Property; and (ii)
MULTISTATE PUD RIDER Single Family Fannie Mae/l'¥eddie Mac UNIFORM INSTRUblENT
FNMA3150 (10/00) 3 · Page 1 of 2 FORM 3150 1/01
Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed
satisfied to the extent that the re tuired coverage is provided by the Owners Association policy. What Lender requires as a c~ ,ndition of this waiver can change during the term of the loan.
Borrower shall give Lender' prompt notice of any lapse in required property insurance coverage provided by
the master or blanket policy.
In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to
the Property, or to common ~reas and facilities of the PUD, any proceeds payable to Borrower are hereby
assigned and shall be paid to,Lender. Lender shall apply the proceeds to the sums secured by the Security
Instrument, whether or not then due, with the excess, if any, paid to Borrower.
C. Public Liability Insur. ince. Borrower shall take such actions as may be reasonable to insure that the
Owners Association maintains.a public liability insurance policy acceptable in form, amount, and extent of
coverage to Lender.
D. Condemnation. The l:roceeds of any award or claim for damages, direct or consequential, payable to
Borrower in connection with an, y condemnation or other taking of all or any part of the Property or the common
areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be
paid to the Lender. Such proceeds shall be applied by Lender lo the sums secured by the Security Instrument as
provided in Section 11. ·
E. Lender's Prior Conse'M. Borrower shall not, except after notice to Lender and with Lender's prior
written consent, either partition or subdivide the Property or consent to: (i) the adandonment or termination of
the PUD, except for abandonmti~nt or termination required by law in the case of substantial destruction by fire or
other casualty or in the case of ;aking by condemnation or eminent domain; (ii) any amendment to any provision
of the "Constituent Document~" if the provision is for the express benefit of Lender; (iii) termination of
professional management and ~.ssumption of self-management of the Owners Association; or (iv) any action
which would have the effect c,f rendering the public liability insurance coverage maintained by the Owners
Association unacceptable to Le~ :let.
F. Remedies. If Borrower, does not pay PUD dues and assessments when due, then Lender may pay them.
Any amounts disbursed by Len,~i]er under this paragraph F shall become additional debt of Borrower secured by
the Security Instrument. Unles~ Borrower and Lender agree to other terms of payment, these amounts shall bear
interest from the date of disbffrsement at the Note rate and shall be payable, with interest, upon notice from
Lender to Borrower requesting ~iayment.
BY SIGNING BELOW, BorroVier accepts and agrees to the terms and provisions contained in this PUD Rider.
STEVE K HUHTALA
-Borrower J~E -Borrower
ELIZ TH W HUHTALA
(Seal) (Seal)
-Bofrower -Borrower
[Sign Original Only]
MLILTISTATM PUD
FNMA3150 (10/00)
'i'. Single
Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 2 of 2 FORM 3150 1/01