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HomeMy WebLinkAbout900038r~, .... To:, GMAC Mortgage Corporation RECEIVED ,LINOOLN COUNTY CLERK 200 Century Parkway, Mount Laurel, NJ 08054 Prepared By: ~t~aqt h.y Kozuhowski ueSted by and Return to: Recording Department First American Lender~ Advamage 1801 L'akepoint¢ Drive, Suite 111 Lewisville, TX 75057 (469) 322-2500 900038 uoo 558 '-- 358 -- [Space Above Tiffs Line For Recording Data] MORTGAGE lvllN 100037506853762939 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 04/20/2004 together with all Riders to this document. (B) "Borrower" is Dennis R. Fretag and Sandra L. Fretag, Husband And Wife Borrower is the mortgagor t n~er this Security Instrument. (C) "MEltS" is Mortgage Electronic Registration Systems, lnc MERS is a separate corporation that is acting solely as a nonfinee ff, r Lender and Lender's successors and assigns. MI~RS is the mortgagee under this Security h~strmnent. MERS is organized and existing under the laws o£ Delaware, and has an address mid telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. 000685376293 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~)®-6A(WY) ~ooo5}.o~ VMP MORTGAGE FOAMS- (800}521-72~ ~ Form 3051 1/01 0900038 359 (D) "Lender" is GMAC Moftcjage Corporation Lender is a Residential Mortgage Lender organized and existing under *he laws of Commonweal th of Pennsylvania Lender's address is 200 Century Parkway, Mount Laurel, NJ 08054 (E) "Note" means the promisko!:y note signed by Borrower and dated 04/20/2004 The Note states that Borrowe!'o;wes Lender 0ne Hundred lhirty Eight lhousand One Hundred Dollars (u.s, $138,100.00 : 2 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than May 1, 2034 (F) "Property" means the p~'ol: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 prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed b'y Borrower [check box as applicable]: E~ Adjustable Rate Rider [--] Condomiuium Rider L~ Second Home Rider [--] Balloon Rider [---] Plmmed Unit Development Rider [---] 1-4. Family Rider [--] VA Rider [--~ Biweekly Payment Rider ~-~ Other(s) [specifyl (l) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and adnfinistratiw: roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Associatiol~ l)ues, Fees, and Assessments" means all dues, fees, assessments and other charges that are iinposed o::i Borrower or the Property by a condoufinium association, homeowners association or sinfilar organization. (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 magn(:tic 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, translers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means tl':ose items that are described in Section 3. (M) "Miscellaneous Proceeds",means any compensation, settlement, award of damages, or proceeds paid by any third party (other thm~ insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of tbe Property; (iii) conveyance in lieu of conderm~ation; or (iv) ~nisrepresentations of, or omissions as to, the value and/or condition of the Property. (I'4) "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 an~ounts under Section 3 of this Security Instrument. (P) "RESPA" means the Rezd Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regullation 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 goverus the same subject matter. As used in this Security Instrument, "R[~SPA" refers to all requirements dud 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. 000685376293 (~-6A(WY} 10oo5~.01 Initial -' - ~ Page 2 of 15 orrn 3051 1101 Oh}OOOht8 .--360 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Ban'ower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument sec'ares to Lender: (i) the repayment of tile Loan, and all renewals, extensions and modifications of the Note; 'and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Leuder's successors and assigns) and to tile successors and assigns of MERS,, with power of sale, the lbllowing described property located in the County of ki ncol n : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] The Assessor's Parcel Number (Property Tax ID~) for the Real Property is 32192540002700. See Attatched EXHIBIT "A" Parcel ID Number: 32192540002700 which currently bas the address of 390 Lincoln St [Street] Alton [City] , Wyonfing 83110 [Zip Code] ("Property Address"): TOGETHER' WITH v. ll the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrmnent. All of the lbregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by liorrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to lbreclose and sell the Property; and to rake any action required of Lender including, but lint limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfidly seised of the estate hereby conveyed and has the right to mortgage, gram and convey the Property and that the Property is unencumbered, except for encumbrances of record. BorrOwer warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. - THIS SECURITY INSTRUMENT combines uniform covenants lbr national use and non-unifom~ covenants with linfited varig, lions by jurisdiction to constitute a uniform security instrument covering real property. 000685376293 ~<~-6A{WYI I000§1.01 Pageaof 15 Form 3051 1/01 O 30OOLi8 361 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Pay~nent of Prinei:)al, Interest, Escro~v Items, Prepayment Cbnrges, and Lute Charges. Borrower shall pay when due the principal of, and interest on, the den evidenced by the Note and any prepayment charges arid late charges due under tile Note. Borrower shall also pay funds for Escrow hems pursuant to Section 3. Payments due under the Note m~d this Security llrstruinent shall be made in U.S. currency. However, if any ct~eck or other instrument received by Lender as payment under the Note or this Security Instrument is returnee to Lender nnpaid, Lender may require tbat any or all subsequent payments due under the Note and th;.': Security Instrument be made m one or more of the following forms, as selected by Lender: (a) cas~l~ (b) money order; (c) certified check, b,'mk check, treasurer's check or cashier's check, provided ~y"such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at tile location designated in the Note or at such other location as may bt designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to L ~ bring the Loan current, eric. er may accept any payment or partial payment insufficient to bring the Loan current, without waiver of m.y rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but 1,ender is not obligated to apply sucb payments at the time such payments are accepted. If each Periodic t:ayment is applied as of its scheduled due date, then Lender need not pay interest oil unapplied funds. Lc:rider may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender sball 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 innnediately prior to foreclosure. No offset or clai~n which Borrower might have now or in the furore against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfornfing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and appliSd by Lender shall be applied in the following order of priority: (a) interest clue under the Note; (b).pri~cipal due under the Note; (c) amouuts due under Section 3. Such payments shall be applied to each Periodic' Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce tile principal balance of tile Note. If Lender receives a p'.yment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late 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 thai any excess exists after the payment is applied to the full payment of one or more Periodic Payments, surimi excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayT, ent charges and then as described in the Note. Any application of pay~nents, insurance proceeds, or Miscellaneous Proceeds to principal due under tile Note shall not extend or lostpone the due date, or change the mnount, of the Periodic Payments. 3. Funds for Escrow stems. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Noie is paid in lull, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessment~ .md other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfiums for any mid all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any stuns 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 called "Escrow Items." At origination or at mxy time during the term of the Loan, Lender may require that Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escr~:.W Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Bo?rower shall pay Lender the Fnnds for Escrow Items unless Lender waives Borrower's obligation to pay the Fnnds for any or all Escrow Itelns. Lender ]nay waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at rely time. Any such waiver may only be in writing. In the event of su.:h waiver, Borrower shall pay directly, when mid where payable, the mnounts 000685376293 ~ ~ (~}~-6A(WY) (ooo5),o] Page 4 of ]5 Form 3051 1/01 -': :';.:.-:/: ,...-...,.".:..:.:::: .. . 090OO38 362 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender rece ps evidencing such payment within such time period as Lender may require. Borrower's obligation to ~m.ke such payments and to provide recmpts shall for all purposes be deemed to be a coveuant and agreemen:, contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a wmver, and Borrower fails to pay the ,'u::to'unt due for an Escrow Item, Lender nmy exercise its rights under Section 9 and pay such amount and Em'rower shall then be obligated under Section 9 to repay to Lender any such amoum. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 ahd, upon such revocation, Borrower shall pay to Lender all Funds, anti in such amounts, that are then :'equired under this Section 3. Lender may, at any tin-'~, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be .held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (ircluding Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bark Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Leader shall not charge Borrower Ibr 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 penuits 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 not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree ~n writing, however, that interest shall be paid on the Funds. Lender sl~all give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus cf Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. It' there is a shortage 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 shortage in accordance with RESPA, but in no more than 12 monthly payments. If there's 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 alnount necessary to make up the deficiency in accordaqce with RESPA, but in no more thtm 12 monthly payments. Upon payment in full .of all 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 Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items me Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall prompqy discharge any lien which has priority over this Security lustrument 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 a~ Borrower is performing such agreement; (b) 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 th~ lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secureg larom the holder of the lien an agreement satisfactory m Lender subordinanng the lien to this Security Instrumem If Lender delenmnes that auy part of the Property is subject to a lien which can attain priority over tiffs Security Instrument, Lender may give Borrower a notice identifying the 000685376293 (~l~o)-6A (WY)1ooo51.o~ Inltl~/ Page 5 of 1§ Form 3051 t/01 - - 3 6 3 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth ]~bove in this Section 4. Lender may require B6rrower to pay a one-time charge lbr a real eslate tax verification and/or reporting service used by Let"~der in cotmection with this Loan. 5. Property Insurance; Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," mid any other hazards including, but inot limited to, earthquakes and 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 insurmme car¥ier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrow..~r's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, iu co~mection with this Loan, either: (a) a one-time charge for flood zone deternfination, certification ;.nd tracking services; or (b) a one4ime charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect suci- determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in cmmection with the review of any flood zone detc:rr.fination resulting from an objection by Borrower. If Borrower fails to m,dntain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is uuder 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 migh: 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 aave obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borr,bwer secured by this Security Instrument. These amounts shall bear interest at the Note rate from the dine of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requestirg payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard tnortgage clause, and shall name Lender as mortgagee and/or as an addi'ional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requirgs, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrowei' cbtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destructioa 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, Br~'rrower shall give prompt notice to the insurance carrier mid Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance prc:ceeds, whether or not the underlying insurance Was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically t~asible 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 ta Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs mid restoration in a single payment or in a series of progress payments as the ',~0rk is cmnpleted. Unless an agreement is made in writiug or Applicable Law requires interest to be paid tin such 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 t~ut: of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not econonfically 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 000685376293 ~-6A{WY? (ooosLol Page 6 oX lS Form 3051 1/01 -.364 the excess, if any, paid to Bbrrower. Such insurance proceeds shall be applied in tile order provided for itl Section 2. If Borrower abandons the Property, Lender inay file, uegotmte and settle any available insurance claim and related matters. 1[ Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offerer to settle a claim, then Lender may uegotiate and settle the claim. The 30-day period will begin when thl: notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Boi'rower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not ~o exceed the amounts unpaid under the Note or this Security lnstrmnent, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurm:ce policies covering tile Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrumel~t, whether or noi then due. 6. Occupancy. Borrower shall occupy, establish, and use tile Property as Borrower's principal residence within 60 days after the execution of this Security lnstrmnent and shall continue to occupy tile Property as Borrower's princit:al residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writinf, which consent shall not be unreasonably withheld, or unless extenuating circmnstances exist which afe beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or comnfit waste on the Property. Whether or not F:,orrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is delem'fined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Prope. rty if damaged to avoid further deterioration or damage. If insurance or conderm~ation proceeds are paid in connection with dmnage to, or the taking of, the Property, Borrower shall be responsible for rep firing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the w.)rk is completed. If the insurance or condenmation proceeds are not sufficieut to repair or restore the Proper.ty, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. ~ ' Lender or its agent, hi!ay 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 of or prior to such an interior inspection specifying st,ch reasonable cause. 8. Borrower's Loan Application. 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 connection with the Loan. Material representations include, bul are not linfited to, representations concerning Borrower's occupancy of the Property as Borrower's prin:iFal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrmnent, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property and/or rights under this Security Instrument (su~zh as a proceeding in bamkruptcy, probate, for condenmation or forfeiture, tbr enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrow~r'has abandoned the Property, tbcn Lender may do and pay tbr whatever is reasonable or appropriate _o protect Lender's interest in thc Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable 000685376293 m,~~ ~-6A(WY} 1ooo5).ol Page 7 of ~5 Form 3051 1/01 (~e-OA(WY) Iooosim -, 365 attorneys' fees to protect its .merest in the Property and/or rights under this Security Instrument, including its secured position in a ba'hk~uptcy proceeding. Securing the Property includes, but is not linfited to, entering the Property to make 'repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate buildings, or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender ma.y take action under this Section 9, Lender docs not have to do so mid is not under any duty or obligation, tO do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this:S6ction 9. Any mnounts disbursed by Lender nnder this Section 9 shall become additional debt of Borrower secured by this Security Ins~.rument. These amounts shall bear interest at the Note rate from the date of 'disbursement and shall be phyable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instruuient-is on a leasehold, Borrower shall comply with all the provisious of the lease. If Borrower acquires f~e title to the Property, the leasehold and the fee title shall not merge mdess Lender agrees to the merger ).n writing. 10. Mortgage Insuran.:e. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the lVlortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage 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 ]'ddrtgage Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to thc cost to Bbrrower 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 co'ntinue to pay to Lender the mnount of the separately designated payments that were due when the iusurm~ce coverage ceased to be in effect. Lender will accept, use mid retain these pay~nents as a non-refundalle loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in lull, 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 .[nsurance coverage (m the amonnt and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated paymeftts toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition oI"making the Loan and Borrower was required to znake separately designated payments toward the premktms for Mortgage Insurance, Borrower shall pay the prentiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Inmrance ends in accordance with any written agree~nent between 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 reimburses Lender (or any entity that purchases the Note) lbr certain losses it may incur if Borrower doerr 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 o!her parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions :hat are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreeraents may require the mortgage insurer to make payments using any source of funds that the mortgage insLrer may have available (which may include funds obtained from Mortgage Insurance premiums). . As a result of these ag'cements, Lender, any purchaser o1' the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of tbe foregoing, may receive (directly or indirectly) amounts that derive from (or might be ch3racterized as) a portion of Borrower's payments for Mortgage Insurance, iii exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of. Lender takes a share of the insurer's risk in exchange lbr a share of the prenfiums paid to the insureri, file arrangement is often telTned "captive reinsurance." Further: (a) Any such agreemmts will not affect the amounts that Borrower has. agreed to pay for Mortgage Insurance, or any Other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mor'~gage Insurance, and they will not entitle Borrower to any refund. 000685376293 Pa§eSofl5 y ..~ Form30fil 1/01 366 (b) Any such agreem,m~s will not affect the rights Borrower has - if any - with respect to tire Mortgage Insurance unde~ 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 have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage InsUrance preufimns that were nnearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paic to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restora'ion or repair is econonfically feasible and Lender's security is not lessened. During such repair and rest6rafion period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an op.?ortunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, providec! thal such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in ~ single disbursement or in a series of progress payments as the work is completed. Unless an agree~nem is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or 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 shall be applied in the order provide!] for in Section 2. In the event of a totld taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied tc the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a parti~:l taking, destruction, or loss in value of the Property in which the fair market value of the Property imm.ediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the 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 Ins'[mment shall be reduced by the amount of the Miscellaneous Proceeds nmltiplied by the followin&; fraction: (a) the total amount of the sums secured intmediately before the partial taking, destruction,, or loss in value divided by (b) the fair market value of the Property inm~ediately before the partial .taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a parti~,l taking, destruction, or loss in value of the Property in which the fair market value of the Property iinmc'diately before the partial taking, destruction, or loss in value is less than the mnount of the stuns secured ~.mmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender other, vise agree in writing, the Miscellaneous Proceeds sliall be applied to the sums secured by this Security Inslrument whether or not the sums are then due. If the Property is ab';mdoned by Borrower, or if, alter notice by Lender to Borrower that the Opposing Party (as defined ip;. 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 tbe notice is given, Lender is authorized to collect and apply the M'scellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security rnstrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscelianeous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could :'esult in lbrfeiture of the Property or other material impairment of Lender's interest in the Property or ~ights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling tha~, in Lender's judgment, precludes tbrfeiture of tl~e Property or other material i~npairment of Lender's interest in the Property or rights uudcr this Security Instrument. The proceeds of any award or claim for dmnages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and sha'l be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order providel for in Section 2. 000685376293 (~-8A(WY) Page 9 ol 15 Form 3051 1101 367 12. Borrower Not Rele~:tsed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of a~,n0rtization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successo.~ in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in lnterest of Borrower. Lender shall not be required to cormnence proceedings against any Successor in Interest of -Borrower or to refuse to extend time lbr payment or otherwise modil:y an~oruzation of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in,Interest of Borrower. Any forbearance by Lender ill exercising any right or remedy including, without l~mitation, Lender's acceptance of payments from third persons, entities or Successors in Interesl of Bort"o~,ver 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 iL!ability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations 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 taortgage, grant and convey the co-signer's interest in the Property under the ternzs of this Security lnstrnr.~ent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees th. at Lender mad any other Borrower can agree to extend, modify, forbear or make any accowanodations Witb regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisit~ns of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations undes t!fis Security Instrument iu writing, and is approved by Lender, shall obtain all of Borrower's rights and.benefits under this Security Instrument. Borrower shall not be released t¥om Borrower's obligations and liability under this Security Instrumeut unless Lender agrees to such release in writing. The covenants and a. greements of this Security Instruxnent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services pertbrmed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument including, but not limited to, attorneys' tkes, property inspection and valuation fees. In regard to any other fees', tli~ absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be ~:onstrued as a prohibition on the charging of such fee. Lender may not charge tees that are expressly prohib ted 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 iuterest or other lorn' charges collected or to be collected in co~mection with the Loan exceed the pernfitted limits, then: (a) ~y such loan charge shall be reduced by the an~ount necessary to reduce the charge to the permitted limit; aud (b) any sums already collected from Borrower which exceeded permitted litnits will be refunded to B~rrower. Lender may choose to make this refund by reducing the principal owed under the Note or by, making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated a~ a partial prepayment without any prepayment charge (whether or not a prepayment charge is provid, i~d for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security fustrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by othe:r means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law exprss~;ly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address nnder this Security Instrument at any one time. Any notice to Lender shall be gb,en by delivering it or by mailing it by first class' mail to Lender's address stated herein unless Lender !bas designated another address by notice to Borrower. Any notice in connection with this Security Ipstrument shall not be deemed to have been given to Lender until actually received by Lender. If any r0fice required by this Security Instrument is also required nnder Applicable Law, the Applicable Law r~,quirement will satisfy the corresponding requirement under this Security Instrnment. 000685376293 (~6A(WY} (ooo§ko~ · PoOe ~o0¢ ~5 Form 30§1 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction m which the Property Is located. All rights and obligations contained in this 'Security Instrument are subject to any requirements and limitations of Applicable Law Applicable ,Law nfight explicitly or implicitly allow the parties To agree by contract or it nfight be silent, but such silenc~e shall not be construed as a prohibition against agreement by contract. In the event that an), provision oj~ clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflic!ing provision. As used in this Securi~:y..Insmunent: (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 wr.,:~a; and (c) the word "lnay" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Berrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer ot' the P?perty 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 ':ransferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the trm~sfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Bo,:rower is not a natural persou and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender ma.~, require innnediate payment in full of all sums secured by this Security InstruInent. However, this ~p[ion shall not be exercised by Lender if such exercise is prohibited by Applicable Law. · If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower taus')pay all sums secured 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 l~urther notice or demand on Borrower. 19. Borrower's l~ght~ to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the rigtit to have enlbrcement of this Security Instrument discontinued at any time prior to the earliest of: (a) fi'*/c days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b~' such other period as Applicable Law might specify for the termination of Borrower's right to reinsta~e; or (c) entry of a judg~nent entbrcing this Security Instrmnent. Those conditions are that Borrowe'h (a) pays Lender all su~ns which then would be due under this Security Instrmnent and the Note as i'l no acceleration had occurred; (b) cures any default of any other covenants or agreemeuts; (c) pays all exp~nses incurred in enforcing this Security lnstrun~ent, including, but not li~nited to, reasonable attorneys' let'!s, property inspection and valuation tees, and other fees incurred /'or the purpose of protecting Lende?'s interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instri.~ment, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue uncl~anged. Lender ~nay require that Borrower pay such reinstatement sums and expenses in one or more of-tl(e 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 deposit,' are insured 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 fidly effective as'if no acceleration had occurred. However, this right to reinstate shall not apply in the case of accelerat.on under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security lnstrun~ent) 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 uhder ithe Note and this Security Instrument and performs other mortgage loan servicing obligations under the' Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the nan~e and address or' the new Loan Servicer, the addYess to which payments should bc made and any other information RESPA 000685376293 (~-6A(WY) 1ooo5).o~ Page tl of 15 Form 3051 1/01 O O003S 369 requires in connection with a notice of transfer of serwcing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer tither than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchase: 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 merlhber of a class) that arises fi'om the other party's actions pursuant to this Security Instrument or that all ~gqs that the other party has breached any provision of, or any duty owed by reason of, this Security Instru;meut, until such Borrower or Lender has notified the other party (with such notice given in compliance w'.th the reqmrements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take correcnve action. If Applicable Law provides a ti:ne period which nmst elapse betbrc certain action can be taken, that time period will be deemed to be re:!tsonable for purposes of this paragraph. The notice of acceleration and opportunity to cm'e given to" Borrower pursuant to Section 22 and the notice of acceleratiou given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provismns of this Secti¢,n 20. 21. Hazardous Substances. As used in this Section 21: (a) "ltazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the followiug substances: gasoline, kerosene, other flanm~able or toxic petroleum products, toxic pesticides and herbicides, volatile solve~;ts, materials containing asbestos or tbrmaldehyde, and radioactive materials; (b) "Euvironmental Law" means federal laws 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 removal action, as defined in Environmental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, mything 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 a,ppl?/ to the presence, use, or storage on the Property of small quantities of Hazardons Snbstances that ars generally recognized to be appropriate to normal residential uses and to mainten,°mce of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any goveremental or regulatory agency or private party involving the Property and any Hazardous Substance or Erlvimnmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, incuding but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous' Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which a:lversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regul'atory authority, or any private party, that any removal or other remediation of any Hazardous Substance a/fecting the Property is necessary, Borrower shall prompdy take all necessary remedial actions in accordam,e ~with Environmental Law. Nothing herein shall create any obligation on Lender for an Enviromnental Clemup. 000685376293 {i ~(e-6AIWYI Io0o5~.o~ " Inidal ?'~~', Page 12 of 15 y/ ,~ Form 3051 1/01 370 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security lnstrmnent (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the del'ault; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrdwcr, by which the default must be cured; and (d) that failure to cure tbe def:mlt on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument a ~dSale of the Property. The notice shall further int'orm 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 defense of Borrower to acceleration and sale. If the default is not cra'ed on m' before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security lnstrmnent 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 pursuS, ng the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees ttncl costs of title evidence. If Lender invokes the pcwer of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possessi:on of the Property, il' different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the nm,mcr 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 sale. The proceeds of the sale slmll be applied in the following order: (a)~ to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) an), excess to the person or persons legalily entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Iostmment. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasiug this Security Insm.mcnt, but only if the fee is paid to a third party for services rendered and the charging of the fee is permit:ed under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. 000685376293 (~-6A(WY) (ooost.o~ Page ~ 3 ot ] 5 1/01 0 30003E --.371 BY SIGNING BELOW, Borrower accepts and agrees to the terlns and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~ ' " " (Seal) Dennis R. Fretag CSan'~lra [ / Fr~ag / ~ norro,,'er (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower 000685376293 (~6A(WY} (00o5).01 Page ]4 or 15 Form 3051 1/01 , ... 3'72 STATE OF WYOMING, County ss: by Husband and Wife Nol;iry Public 000685376293 I~}~-6A(WY } Iooosl.o~ Paf~e 15 of 15 ¢4om~ 3051 1101 0:90003 373 Exhibit "A" SITUATED 1N THE COUNTY CF LINCOLN AND STATE OF WYOMING: A PORTION OF TIlE PROPERTY REFERRED TO IN FHE WARRANTY DEED RECORDED JANUARY 4, 1994 IN BOOK 343PR ON PAGE 485 OF THE RECORDS OF THE CLERK OF LINCOLN COUNTY WITHIN THE NORTHWEST 1/4 SOUTItEAS~[ 1/4 OF SECTION 25, TOWN 32 NORTH, RANGE 119 WEST OF THE 6TH P.M., LINCOLN COUNTY,' WYOMING, MOILE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE BLM TYI'E MONUMENT MARKING THE PAUL N. SCIfERBEL ILLS 164, 1982 SOUTHEAST CORNER OF SAID NORTHWEST 1/4 SOUTHEAST 1/4; THENCE NORTH 89 DEGREES 51 MINUTES 30 SECONDS WEST, ALONG THE SOUTH LINE OF SAID NORTHWEST QUARTER SOUTHEAST QUARTER, 804.1.5 ?EET; THENCE NORTH 551.68 FEET TO A POINT 1N THE NORTH LINE OF SAID PROPERTY; THENCE SOUTH 89 DEGREES 51 MINUTES 30 SECONDS EAST, ALONG SAID NORTH LINE, 409.44 FEFT; THENCE SOUTH 0 DEGREES 19 MINUTES 17 SECONDS WEST 510.30 FEET; THENCE SOUTH 89 DEGREES 51 MINUTES 30 SECONDS EAST 397.81 FEET; THENCE SOUTH 0 DEGREES 19 MINUTES 17 SECONDS WEST 41.37 FEET TO THE POINT OF BEGINNING. APN# 32192540002700