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HomeMy WebLinkAbout900014Return To: HOMECOMINGS FINANCIAL NlqTWOPd~. INC ONE MERIDIAN CROSSING, STE 100 MINNEAPOLIS. MN 5.5423 Loan Number: 042-104274-8 Prepared By: HomeComini~s 14850 Quo?urn Drive, Dallas, 'PK 75254 9000lb Financial Network Suite 500 RECEIVED LINOOLN COUNTY CLERK dEANN£ BOOK [Space Above This Line For Recording Data]. MORTGAGE MIN 100062604210427482 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain 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 tk;s document. (B) "Borrower" is KIM CLARK AND JILL C:i~RK, HUSBAND AND WIFE JUNE 8TH, 2004 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage E!ectronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee l:~r Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instruml.;nt. MERS is organiTed and existing under the laws of Delaware, and has an address and telephone numb,ct of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (il/00) / 042-104274-,~ (~®-6A(WY! 10005L01 VMP MORTGAGE FORMS - (8001521-7291 Form 3051 1/01 O O00 L t (D) "Lender" is HOMECOMINPoS FINANCIAL NETWORK INC. Lender is a CORPORATION organized and existing under th.z laws of DELAWARE Lender's addressis 14850 QiUORUM DRIVE, SUITE 500 DALLAS, TX 75254 ? (E) "Note" means the promissory note signed by Borrower and dated JUNE 8TH, 2004 The Note states that ]Borrower owes Lender ONE HUNDRED FORTY EIGHT THOUSAND AND NO/100 Dollars (U.S. $ 14 8,0 0 0.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full notlater thanJULY 1ST, 2024 (F) "Property" means the proi?erty that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepaymentcharges and late charges due under the Note, and 'all sums due under this Security Instrument, plus interest. (H) "Riders" means all Rider.,.; to tiffs Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider W-i Condominium Rider ~-~ Second Home Rider ~ Balloon Rider [___' Planned Unit Development Ride~ 1-4 Family Rider ~-~ VA Rider [--~ Biweekly Payment Rider ~ Other(s) [specifYl (I) "Applicable Law" means all Controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable £mal, non-appealable judicial opiniohs. (J) "Community AssociatiOn Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners · association or similar organiza,:ion. (K) "Electronic Funds Transfer" means any transfer of funds, 'other than a transaction originated by check, draft, or similar 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 term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfe:;s initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are describedin Section 3. (M) "Miscellaneous Proceeds'" means any compensation, settlement, award of damages, or proceedspaid by. any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentationsof, or omissions as to, the value and/or condition of the l'~'operty. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. .:: (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts un=~lzr Section 3 of this Security Instrument. (P) "RESPA" means the Real/EstateSettlementProceduresAct (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regfilation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RJ!SPA" refers to all requirementsand restrictions that 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. MFWY7770 (11/00) /' 042-104274-8~ (~-6AIWY) Iooos}.o~ P~o*2of 15 Form 3051 1101 0900014 (Q) "Successor in In terest ct: Borrower" means any party that has taken title to the Property, whether or not that party has assumed B!)rrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrumentsecu :es to Lender: (i) the repaymentof the Loan, and all renewals, extensions and modifications of the Note; .i:~md (ii) the performance of Borrower's covenants and agreements under this Security Instrumentand t:m Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, l with power of sale, the following described property located in the COUNTY of LINCOLN : [Type ofR~cord ng Jurisdiction] [Nam~ of Recording Jurisdiction] Legal description attached hereto and made a parc hereof Parcel ID Number: N/A 16167 STATE HWY 30 COKEVILLE ("Property Address"): which currently has the address of , [Street] [City] , Wyoming 8 3114 [Zip Code] TOGETHERWITH al'~ the improvements now or hereafter erected on the property, and all easements, appurtenances, aLd f~ctures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "P:!operty." Borrower understands and agrees that MERS holds only legal title to the interests granted by B~)rrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nomineefor Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, inckiding, but not limited to, the right to foreclose and sell the Property; and to take any action required of ?~ender including, but not limited to, releasing and canceling this Security Instrument. BORROWERCOVEN~'~A'qTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant md convey the Property and that the Property is unencumbered, except for encumbrancesof record. Bor_:':ower warrants and will defend generally the title to the Property against all claims and demands, subject .o any encumbrances of record. THIS SECURITY INS~?RUMENT combines uniform covenants for national use and non-uniform covenants with limited variat:ans by jurisdiction to constitute a uniform security instrument covering real property. MFWY7770 (11100) / 042-104274-;I (~-6A(WYI Iooo5).ol P]9.'3of '15 Form 3051 1/01 UNIFORMCOVENANr['S. Borrower and Lender covenant and agree as follows: 1. Payment of Princip:d, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due: Iihe principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late c~arges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payme:~ts due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrumentreceived by Lender as payment under the Note or this Security Instrumentis returne,lto Lender unpaid, Lender may require that any or all subsequentpayments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: / (a) cash', i(b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any ~mch check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality; or entity; or (d) Electronic Funds Transfer. Payments are deemedreceived by Lender when received at the location designated in the Note or at such otherlocation as may be tesignatedby Lenderin accordancewith the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunderor prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lt ndermay hold such unapplied funds until Borrowermakes payment to bring the Loan current. If Borrower does not do so within a reasonableperiod of time, Lender shall either apply such funds or return them to B'crrower. 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 shSll relieve Borrower from making payments due under the Note and this Security Inst rq~mentor performing the covenants and agreementssecured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; Co) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Perio.:lic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal b*.lance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient anmunt to pay any 1)~':e charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent thafany excess exists after the payment is applied to the full payment of one or more Periodic Payments, such~xcess may be applied to any late charges due. Voluntary prepaymentsshall 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 due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note i.; paid in full, a sum (the "Funds") to provide ~or payment of amounts due for: (a) taxes and assessments i:ad other items which can attain priority over this Security Instrumentas a lien or encumbranceon the Pr)perry; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insa.rance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any stuns payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accorf'~nce with the provisions of Section 10. These items are called "Escrow Items." At origination or at am, time during the term of the Loan, Lender may require that Community Association Dues, Fees, and .4ssessments, if any, be escrowed by Borrower, and such dues, fees and assessments sh',dl be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Bor.:ower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts MFWY7770 (11/00) / 042-104274-8 ~ni~i.l~: /~ff-./ ~C (~-6A{WY} {ooosl.ol Paga4ofl5 Form 3051 1/01 due for any Escrow Items for ,~?hich payment of Funds has beenwaived by Lender and, if Lenderrequires, shall furnish to Lender receipl s 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 agreementc~mtainedin 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 arno .mt due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Bor-rower shall thenbe obligated under Section 9 to repay to Lender any such amount. Lender may revoke t m waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 a~d, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then r6quired under this Section 3. Lendermay, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specifie,ii under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lende: 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 held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (incl;',ding Lender, if Lender 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 Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pm mits Lender to make such a charge. Unless an agreementis made in writing or Applicable Law requires int::rest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on th~) Funds. Borrower and Lender can agxee in writing, however, that interest shall be paid on the Funds. Lznder shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of i'~nds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds ~in accordancewith RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Len,'ter shall notify Borrower as requiredby RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If thereis ~'. deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required b:., RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held bi~ Lender. 4. Charges; Liens. Bm'rower shall pay all taxes, assessments, charges, frees, and impositions attributable to the Property wl~ich can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if 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 manner provided in Section 3. Borrower shall promptly:~discharge 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 performing such agreement; (b) contests the lien in good faith by; or defends against enforcementof the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of thc lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures fi'om the holder of the lien an agreementsatisfactory to Lender subordinating the lien to this Security Instrffnent. If Lender determinesthat any part of the Property is subject to a lien which can attainpriority over 'his Security Instrument, Lender may give Borrower a notice identifying the MIWCY7770 (11/00) / 042-104274-8. ~-6AlWY) ~ooo6).ol Page 5 o! 15 Form 305i 1/01 Oh 00014 0o2 lien. Within 10 days of the dat~'~ion 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 Borcawer to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Prnperty Insurance. BOrrower shall keep the improvements now existing or hereafter erected on the Property insured against lc?s!s by fire, hazards included witlfin the term "extended coverage," and any other hazards including, but m')t. limited to, earthquakesand floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrk7 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 ,:onnection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and '~ubsequent charges each time remappings or similar changes occur which reasonably might affect such dztermination or certification. Borrower shall also be responsible for the payment of any fees imposed '~y the Federal Emergency ManagementAgency in connection with the review of any flood zone detenr~ination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might tlrovide 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 ihave obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of BoW0wer secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date ~f disbursementand shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies re§'r4red 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/oras an additionalloss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requiresI Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower Clr,tains any form of insurance coverage, not otherwise required by Lender, for damage to, or destructioni)-', 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, Bon:c wer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss ff not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insuranceproce~ds, whether or not the underlying insurance was requiredby Lender, shall be applied to restoration or ret. air of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restorationperiod, Lender shall have the right to hold such insurance proceeds tmtil Lender has had an opportunity to inspect such Property to ensure the work has been complete~l to Eender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse iproceeds for the repairs and restoration in a single payment or in a series of progress payments as the wori'~ is completed. Unless an agreementis made in writing or Applicable Law requires interest to be paid on ;;~)ch insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restorafionor 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 MFWY7770 (11/00) / 042-104274-8: (~-~AIW¥) ~ooo~.o~,"~ Form 3051 1/01 the excess, if any, paid to Br'.rrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons lhe Property, Lender may f'de, negotiate and settle any available insurance claim and related matters. If: Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered~o settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the. notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Bbrrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to, exceed the amounts unpaid under the Note or this Security Instrument, and Co) any other of BorrowerL, Ii 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 the coverage of the Property. Lender may use th~ insurance proceeds either to repair or restore the Property or to pay amounts unpaid unde~ the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrow?er shall occupy, establish, and use the Property as Borrower's principal residence within 60 days aft?;r the execution of this Security Instrument and shall continue to occupy the Property as Borrower's princtpal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writings which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which ar~: beyond Borrower's control. 7. Preservation, Main;chance and Protection of the Property; InsPections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Proper[? from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Proper.y if damaged to avoid further deterioration or damage. If insurance or condemnationproceeds are [ aid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repa xing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restorationin a single payment or in a series of progress payments as the wo..:k is completed. If the insurance or condemnationproceeds are not sufficient to repair or restore the Prop,::rty, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent mt.y make reasonable entries upon and inspections of the Property, If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time i~f or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan i~pplication. Borrower shall be in default if, during the Loan application process, Borrower or any l:ersons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurateinformation or statementsto Lender (or failed to provide Lenter with material information) in connection with the Loan. Material representationsinclude, but "are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's prin(¥al residence. 9. Protection of Lende;:'s Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfor~ the covenants and agreementscontained in this Security Instrument, (b) there is a legal proceeding that mi'ght significantly affect Lender's interest in the Property and/orrights under this Security Instrument(suc'~ as a proceeding in bankruptcy, probate, for condemnationor forfeiture, for enforcement of a lien wlfich may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandonedthe Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protec!'ing and/orassessing the value of the Property, and securing and/orrepairing the Property. Lender's actim~s can include, but are not limited to: (a) paying any sums securedby a lien which has priority over thi} Security Instrument; (b) appearing in court; and (c) paying reasonable MFWY7770 (11/00) / 042-104274.18 (~-6A{WY) (ooos~.o~ Page 7 °1' lS Form 305! 1101 O O O k4 attorneys' fees to protect its interest in the Property and/orrights under this Security Instrument, including its secured position in a bankr~uptcy 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 Lender may take action tinder this Section 9, Lender does not have to do so and is not under any duty or obligation t6 do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this fi, ection 9. Any amounts disbursed by Lender under this Section 9 shall become addition al debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be pay!?le, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrume?tis 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 hr'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 coverag;e required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for M0:rtgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalclat to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall contirme to pay to Lender the amount of the separately designatedpayments that were due when the insurance!coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundabl~i~ 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/3lterest or earnings on such loss reserve Lender canno longer require loss reserve payments if Mortgage ilnsurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires Separately designated paymenL,! ioward the premiums for Mortgage Insurance. If Lender requiredMortgage Insurance as a condition of m,king the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance:, in effect, or to provide a non-refundable loss reserve, until Lender's reqtiirementfor Mortgage Insff}'ance ends in accordancewith any written agreementbetween Borrower and Lender providing for such ter~inationor until terminationis requiredby Applicable Law. Nothing in this Section 10 affects Borrower's Obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does nat repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evalua:;e their total risk on all such insurance in force from time to time, and may enter into agreementswith other parties that share or modify their risk, or reducelosses. These agreements are on terms and conditions th:ii are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreementsmay require the mortgage insurer to make payments using any source of funds that the mortgage insfi::er may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agrei}:i'mnts, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliat~ of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affdiate of L~nder takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, d)e arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any ~ther temns of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any ret'und. MFWY7770 (11/00) / 042-104274-8 (~-6AIWY) (ooos).o~ P~ge 8 ol 15 Ir~tials:/f~'~'''~ ~ ~ Form 3051 1101 O OL OZ4 (b) Any such agreeme!its will 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 disclosures, to request and obtain cancellation of the Mortgage Insurance, to ha, ie the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage In::iurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of M~scellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paidflo Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restorat;'on or repair is economically feasible and Lender's security is not lessened. During such repair and resto:l ationperiod, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opFortunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertakenpromptly. Lender may pay for the repairs and restoration in a, single disbursement or in a series of progress payments as the work is completed. Unless an agreen'lentis made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lmi~.der shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If tlxe restorationor repair is not economically feasible or Lender's security would be lessened, the Miscellaneo"~s Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, wit?~ the excess, ff any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a tota: raking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to ~he sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bo:'rower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of lhe 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 sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following ;'fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, 'or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in wdue. Any balance shall be paid to Borrower. In the event of a partia~itaking, destruction, or loss in value of the Property in which the fair market Value of the Property imme¢iately 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 other~?e agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security InstrUment whether or not the sums are then due. If the Property is aba!adoned by Borrower, or fi, 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 dter the date the notice is given, Lender is authorized to collect and apply the Mis:;ellaneous Proceeds either to restoration or repair of the Property or to the sums securedby this Securit3. Instrument, whether or not then due. "Opposing Par~' means the third party that owes Borrower Miscell~!neous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Pr0r~:eeds. BOrrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could r~':sult in forfeiture 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 accelerationhas occurred, rdmstate as provided in 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 intei;.,est in the Property or rights under this Security Instrument. The proceeds of any award or claim for damai~es that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shalr~ be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shah be applied in the order provide(,I for in Section 2. MFWY7770 (11/00) / 042-104274148 (~-6A(WY) {ooos).o~ !, Page 9 ol' 15 Form 3051 1101 0 0001L4 ,. . .,-, 12. Borrower Not Rele~.~,~ed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of am artizationof the sums secured by tliis Security Instrumentgrantedby Lender to Borrower or any Successor i~. Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of ;~orrower or to refuse to extend time for payment or otherwise modify amortizationof the sums securc¢lby this Security lnstrumentby reasoner any demandmadeby the original Borrower or any Successors in Interest of Borrower. Any forbearanceby Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of BorroWer or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Li..~'ibility; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obli gations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrunn ¢.nt but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrumentonly to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrummit; (b) is not personally obligated to pay the sums secured by this Security Instrmnent; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodationswith regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under tais Security Instrumentin writing, and is approved by Lender, shall obtain all of Borrower's rights and N:nefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrumentunless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lendzr may charge Borrower fees for services performed in connection with Borrower's default, for the puraose of protecting Lender's interest in the Property and rights under this Security Instrument, includingi, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrumentto charge a specific fee to Borrower shall not be co, nstrued as a prohibition on the charging of such fee. Lender may not charg~ fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a'..l~w which sets maximum loan charges, and that law is finally interpretedso that the interest or other loan ;:llarges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permittedlimit; ard (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by reeking a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as ;~ partial prepayment without any prepayment charge (whether or not a prepayment charge is provideu 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 Borrowermight hav~ arising out of such overcharge. 15. Notices. All notices .given by Borrower or Lender in connection with this Security Instrument must bein writing. Any notice to Borrowerin connectionwith this Security Instrumentshall be deemedto have been given to Borrower '~'hen mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressWaY requires otherwise. The notice address shall be the Property Address unless Borrower has designate ct a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's ch,~nge of address. If Lender specifies a procedurefor 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 notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender-aas designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any no"ice required by this Security Instrumentis also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. MFWY7770 (11/00) / 042-104274-8- (~-6A(WY} (ooosl.o~ ® . Page 10ol 15 Initials: /e~__,~ Form 3051 1101 0 0001.4 16. Governing Law; Se,'¢erability; Rules of Construction. This Security Instrument shah be governed by federal law and tke law of the jurisdiction in which the Property is located. All rights and obligations contained in this %curity Instrument are subject to any requirements and limitations of Applicable Law. Applicable L~W might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silenq: shall not be construed as a prohibition against agreementby contract. In the event that any provision m'i clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not ~ect other provisions of this Security Instrument or the Note which can be given effect without the conflicli]~ng provision. As used in this Security, Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words ori~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. ~i: 17. Borrower's Copy. Bcrrowershall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest ia Borrower. As used in this Section 18, "Interest in the Property" mear s any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests trahsferredin a bond for. deed, contract for deed, installment sales contract or escrow agreement, the intent o.,! which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the hoperty or any Interestin the Property is sold or transferred(or if Borrower is not a naturalperson and a bt~neficial interest in Borrower is sold or transferred)without Lender's prior written consent, Lender may ?equire immediate payment in full' of all sums secured by this Security Instrument. However, this oPtion shall not be exercised by Lender if such exercise is prohibited by Applicable Law. ~ If Lender exercises this oi~tion, Lender shall give Borrower notice of acceleration. The notice shah provide a period of not less than30 days from the date the notice is given in accordance with Section 15 within which Borrower must p'ay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expir~Aon of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right t,~, Reinstate After Aceeleratiou. If Borrower meets certain conditions, Borrower shall have the right ~fo have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a)five'Aays before sale of the Property pursuant to any power of sale containedin this Security Instrument; (b) s:'.;~ich other period as Applicable Law might specify for the termination of Borrower's right to reinstate.;':or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: .~a) pays Lender all sums which then would be due under this Security Instrumentand the Note as if nb accelerationhad occurred; (b) cures any default of any other covenants or agreements; (c) pays all expens:~s incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneyf fees/property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's:interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender m~:y reasonably require to assure that Lender's interest in the Property and rights under this Security Instr~i .ment, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unctianged. Lendermay require that Borrowerpay such reinstatementsums and expenses in one or more of tha following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, tre, asurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits a~e insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstat~.mentby Borrower, this Security Instrumentand obligations secured hereby shah remain fully effective as !f no acceleration had occurred. However, this right to reinstate shall not apply in the ease of acceleration- under Section 18. 20. Sale of Note; Change'of Loan Servicer; Notice of Grievance. The Note or a partialinterestin the Note (together with this S(;curity Instrument) can be sold one or more times without prior notice to Borrower. A sale might resul!.in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under ;:rte Note and this Security Instntment and performs other mortgage loan servicing obligations under the, Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loah Servicer unrelated to a sale of the Note. If thereis a change of the Loan Servicer, Borrower will be give~) written notice of the change which ~ state the name and address of the new Loan Servicer, the addres~ to which payments should be made and any other information RESPA MFWY7770 (11/00) / 042-104274-8 ii Initials:A/¢~/ ~-~ ~-- (~-6A(WY) Iooo~l.o~ P.~=~of~s Form 3051 1/01 0 9000:k4 requires in connection with a~ notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer. other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remainwithi the Loan Servicer or be transferredto a successor Loan Servicer and are not assumed by the Note purcha,,'er unless otherwise provided by the Note purchaser. Neither Borrower. nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrumentor that ~)lleges that the other party has breachedany provision of, or any duty owed by reason of, this Security Instcument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirementsof Section 15) of such alleged breach and afforded the other party hereto a reascnable, period after the giving of such notice to take corrective action. If Applicable Law provides a'.tune period which must elapse before certain action can be taken, that time period will be deemed to l?e' reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given tc Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21.: (a) "Hazardous Substances" are those substances defined as toxic ~:c hazardous substances, pollutants, or wastes by EnvironmentalLaw and the following substances: gasolir,e, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" me ms federallaws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or !re;moral action, as defined in EnvironmentalLaw; and (d) an "Environmental Condition" means a condi,~i~n that can cause, contribute to, or otherwise trigger an Environmental Cleanup. ~ ,, Borrower shall not car!se, or permit the presence, nsc, disposal, storage, or release of any Hazardous Substances, or threatento re:li~ase any HazardousSubstances, on or in the Property. Borrower shall not do, nor allow anyone else to dc, 'anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an l_~hvironmentalCondition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creat ~ a condition that adversely affects the value of the Property. The preceding two sentences shall not ap'p~.y to the presence, use, or storage on the Property of small quantities of Hazardous Substances that ~e generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not hmited to, hazardous substances in consumer products). Borrower shall prompd~.i give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any gove::xanental or regulatory agency or private party involving the Property and any Hazardous Substance or Ehvironmental Law of which Borrower has actual knowledge, (b) any EnvironmentalCondition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Suvstance, and (c) any condition caused by the presence, use or release of a HazardousSubstance which a!dversely affects the value of the Property. If Borrower learns, or is notified by any gover ~nmental or regu!atory authority, or any private party, that any removal or other remediation of any HazardousSubstance affectmg the Property is necessary, Borrower shall promptly take all necessary remedial actions in accor&:nce with Environmental Law. Nothing herein shah create any obligation on Lender for an Environmental Cleanup. MFWY7770 (11/00) / 042-10427,~d ~-6A(WY! 10oosl.o, Page12of15 Form 3051 1/01 359 NON-UNIFORMCOVE~'TANTS. 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 eiiyenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 .~mless Applicable Law provides otberwise). The notice shall specifT: (a) the default; (b) the action reqi:~irefl to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrowe'r, by which the default must be cured; and (d) that failure to cure the default on or before the date ;ipecified in the notice may result in acceleration of the sums secured by this Security Instrument and tale of tbe Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defensr 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 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 collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to tbe person in possession of the Property, if different, in accordance with Applicable Law. Lender sball give notice of tht~' sale to Borrower in the manner provided in Section 15. Lender Shall publish tbe notice of sale, a~.d the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (bi!. to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally ¢~.'~titled to it. 23. Release. Upon payment of all sums securedby this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge BOrrower a fee for releasing this Security lnstrum~.nt, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitt¢~i:under Applicable Law. 24. Waivers. Borrower :releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. MFWY7770 (11/00) / 042-104274-8 (~-6AlVVY) Iooos~.o~ Page 13 of 15 Initials: ~/~/ ~'(~ Form 3051 1101 0:900014 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in m~y Rider executed by Borrower and recorded with it. Witnesses: KlM CLARK (Seal) -Borrower K -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower MFWY7770 (11/00) / 042-10427,l-8 (~6AlWY! Iooo6Lol ' ' Pago 14 of 15 Form 3051 1/01 STATE OF WYOMING, foregoing instrument was acknowledged before me this The by KIM CLARK AND JILL CLARK, HUSBAND AND WIFE Cotlnty ss: 2004 My Commission Expires: , 80NNIE HARMON - NOTARY P'...'~ ~y Co~ssioo [~pifes MFWY7770 (11/00) / 042-104274-8 Pa9~ 15of 15 Form 3051 1101 Oh)OOO:lL4 LEGAL DESCRIPTION .... 3i2 That part of Tract No. 40 and Tract 74 within Section 4, T23N R119W and Section 33, T24N Rl l9W described as follows: BEGINNING at a point N 74°38'50'' W, 2222.41 feet, of the northeast corner of said Section 4; thence S 06°09'19.. W, 15'90.86 feet, to a point; thence S 19o53'32" W, 65'4.05 feet, to point; thence S 77o46'06.' W, 45'5,.20 feet, to a point on the east right-of-way line of U.S. Highway 30; thence N 00o35'28'' E, 2515.86 feet, along said right-of-way line to a point; thence S 88o39'37'' E, 851 30 feet, to the POINT OF BEGINNING.