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HomeMy WebLinkAbout900044#30632[02) Return To: Prepared By: 9 0 0 0 h h. RECEIVED 'LINCOLN COUNTY CLERK Oh ,JUN I0 Pl'l 2:05 --- [Space Above 'Fids Line For Recordil,g Datal MORTGAGE MIN 1000492-0001599498-8 &1 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined m Sections 3, 11, 13, 18, 20 ard 21. Certain 'rules regarding the usage of words used in this document are also provided in Sectiou 16. (A) "Security Instrument" m~ans this document, which is dated together with all Riders to thi.," oocument. (B) "Borrower" is Matthew C Meyer and Cynthia L Meyer. June 3, 2004 Husband and Wife Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc N, IERS_ is a separate corporation that ~s acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel (888) 679-MERS MEYER, M AF 1599498 WYOMING-Single Family-Fannie Vise/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~®-GA(WY) Iooo5).o~ Page 1 gl 15 MW 05/00.01 InlUals:. vMP MORrGAG~ FOAMS-m0OlS21-'2~///~1 0 Form 3051 1/01 .- ..... 391 r (D) "Lender" is Major Fl6rtgage Lender is a A Wyoming Corporation organized and existing under the laws of Lender's address is 6101 Yellowstone Road LL17 Wyoming Cheyer/ne. WY 82009 (E) "Note" means the promisser~, note signed by Borrower and dated June 3. 2004 The Note states that Borrower owes Lender NJ Fiery Fi ve Thousand alqd iqo/100 Dollars (U.S. $ 95. 000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic' Payments and to pay the debt in full not later than July 1. 2024 (F) "Property" nle,'uls the property that is described below uuder tl'~e heading "Trausfer of Rights in the Property." (G) "Loan" means the debt ev;denced by the Note, plus interest any prepayment charges and late charges due under the Note, and all st,q~, due under this Security Instrument, plus interest (I'D "Riders" means all Riders o this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: r-] Adjustable Rate Rider [-] Condominium Rider F--] Second ltome Rider [~] Balloon Rider xg~_Plmmed Unit Development Rider [~ 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, m'dinances ~md administrative 'ules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Conununity Association 'Dues, Fees, and Assessments" means all dues, lees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper nstrumem, which is initiated through an electronic terminal, telephonic instrument, computer, or mag~5.etic 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, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" memos any compensation, settlement, award of damages, or proceeds paid by any third party (other than :.nsurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other raking of all or any part of the Property; (iii) conveyance in l~eu of condemnation; or (iv) misrepresentations of, or omissions as to, the Value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" ~neans the regularly scheduled mnount due for (i) principal m~d interest under the Note, plus (ii) any an~ounts under Section 3 of this Security Instrmnent. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), tls they might be amended from time to time, or any additional or succ.=ssor legislation or regulation that governs the same subject matter. As used in this Security Instnlment, '"RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgaLe loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. MEYER. M AF 1599498 0 6A{WY) 100o51.ol Page 2 of 15 Form 3051 1/01 0900044 -- 392 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN TFI2, PROPERTY This Security Instrument secure~ t3 Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; m~d :(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 non-anee t'er Lender and Lender's successors and assigns) and to the successors and assigns or' bIERS, with power of sale, the following, described property located in the Count5, of Lincoln : [Type of Recordinl~ Jurisdiction] [Name of Recording Jurisdictio,t] Lot 49. Plat 15. Star Valley Ranch. according to that plat recorded in the Office of the Cobn-Cy Clerk. Lincoln County. Wyoming, ParcellD Number:35181930[02500. 161A]penglow Thayne ("Property Address"): which currently has the address of [Streetl [City] , Wyoming 83127 [Zip Codel TOGETHER WITH all th: 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 Instrument. All of the foregoing is referred to in this Security Instrulnent as the "Prol)crty." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower 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 foreclose and sell the Property; aud to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANI'S that Borrower is lawfully seised of-the estate hereby conveyed and has the right to mortgage, grant ani 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 m~d demands, subject to ,mi, encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variatior, s by jurisdiction to constitute a uniform security instrument covering real property. MEYER. M AF (~(.¢-6A(WY) IooosLo~ Pa0a 3 oI 15 Form 3051 1/01 0 30004,..'t 393 UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: 1. Payment of Princip'al, Interest, Escrow Items, Prepayment Charges, anti Late Charges. Borrower shall pay when due tl'.e principal of, and interest on, the debt evidenced by the Note m~d tu~y prepayment charges and late cha,rges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if ,any che?k: or other instrument received by Lender as payment under the Note or this Security Instrument is returnet~ t3 Lender unpaid, Lender may require that any or all subsequent paylnents due under the Note and this Security Instrument be made in one or more of the following fornts, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any si~ch check is drawn upon an institution whose deposits are insured by a federal agency, instrumentalit3(, ~}r 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 be delignated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment: or partial payment if the paymeut 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 r-ghts hereunder or prejudice to its rights to refi~se such payment or partial paymeuts in the future, but IEender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payn~ent is applied as of its scheduled due date, then Lender need not'pay interest on unapplied fimds. Lender 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 shall either apply such fitnds or return them to B:orrower. 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 futt re against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application o1' 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; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Perioclic Payment in the order in which it became due. Any remaining amounts shall be applied first to late cl:arges, second to any other mnounts due under this Security Instrument, and then to reduce the principal balance of tile Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, tl~e payment may be applied to the delinquent payment and the late charge. If more than o'~e Periodic Payment is outstanding, Leuder may apply any payment received fi-om Borrower to the repaymenl of the Periodic Payments it', aud to the extent that, each payment can be paid in full. To the extent that a~y excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due trader the Note shall not extend or pctstpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow lt'ems. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the N0tq is paid in tull, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments .and other items which can attain priority over this Security Instrument as a lien or encumbrance on the lhbperty; (b) leasehold payments or ground rents on the Property, it' any; (c) prenfinms for any and all ini~m'ance required by Lender under Section 5; aud (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premimns in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at aay time during the term of the Loan, Leuder may require that Comnmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, lees and assessments shall be an Escrow ~(tem. Borrower shall promptly.furnish to Lender all notices of mnounts to be paid under this Section. Berrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay. t!,)e Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Fnne]s for any or all Escrow Items at any time. Any su6h waiver may only be in writing. In the event of snch Waiver,~ Borrower shall pay direcdy, when and where payable, the amounts MEYER. M AF , 1599498 0 (~-6A(WY) 1oo05).0] i Page 4 ol ]5 Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Leuder may reqmre. Borrower's obligation to make auch payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement ,':o~!~tained in this Secm'ity Instrument, as the phrase "covenant and agreement" is used in Section 9. If Bonower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the mnount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such mnount and Bcrrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke th~: waiver as to any or all Escrow Items at any tilne by a notice given in accordance with Section 15 ~;nO, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then re.quired under this Section 3. Lender may, at any time, ~ollect m~d hold Funds in an amount (a) sufficient to pemfit Lender to apply the Funds at the time specifi.:d under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lend¢ir shall estimate the amount of Fuuds due on the basis of cnrrent data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institntion whose deposits are insured by a federal agency, instrmnentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan B~ml,.. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Len':lei' shall not charge Borrower for holding and applying tbe Funds, annually analyzing the escrow account, cr verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pcrnfits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on tbe Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Let~der shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lehder shall notify Borrower as required by RESPA, and Borrower shall pay to Lender tbe an~ount necessary:to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is' a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required hy 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 o" ail snms secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held t!y Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and. impositions attributable to the Property whi;~h can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, it~ any, and Comnmnity Associatiou Dues, Fees, and Assessments, if any. To the extent that these iteIns are E:;crow 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 ~s ~orrower 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 the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrurr'ent. If Lender determines that ~my part of the Property is subject to a lien which can attain priority over tills Security Instrument, Leuder may give Borrower a notice identifying the MEYER. M AF (~]~6A(WY) Iooo5).o~ 1599498 0 P~Oo Sol lS ~!"'"~/~ Form 3051 1t01 0900044 ' 395 lien. Within I0 days of the date o:l which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth abc ye in this Section 4. B ' Lender may require orrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lende:: in connection with this Loan. 5. Property Insurance. B')rrower shall keep the improvements now existing or hereafter erected on the Property insured against loss .by fire, hazards included within die term "extended coverage," mid any other hazards including, but nol' limited to, earthquakes and floods, tbr which Lender requires insurance. This insurance shall be maintai.~ed in the amounts (including deductible levels) and for the periods that Lender requires. What Lender rx~uires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier~providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's Choice, which right shall not be exercised unreasonably Lender may require Borrower to pay, in cr,nhection 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 st'b~equent charges each time remappmgs or sinfilar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible Ibr the payment of any fees imposed by the Federal Emergency Managemeut Agency in counection with the review of any flood zone determination resulting from an objectiou by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option ar,d Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coYerage. Therefore, such coverage shall cover Lender, but nfight or nfight not protect Borrower, Borrower'; equity in the Property, or the contents of tl~e Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of tt;e insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies requi:ed by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, 'shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additiona~ loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Bmrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for dmnage to, or destn~ction of,': the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee a:~d/or as an additional loss payee. Iu the event of loss, Borrowe~ shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not m~de promptly by Borrower. Unless Lender and Borrower otherwise agree in writiug, any insurance proceed.;, 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 economtcally feasible and Lender's security is not lessened. D,.~ring such repair and restoration period, Lender shall have the right to hold such insurance proceeds nntl Lender has had an opportuoity to iuspect such Property to ensure the work has heen completed to Le~der's satisfaction, provided that such inspection shall be undertaken promptly Lender ~nay disburse p"oceeds tut the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Uuless an agreement is made in writing or Applicable Law requires interest to be paid on guch insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such prgceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of'tl~e insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not eco.¢omically feasible or Lender's security would be lessened, the insm-ance proceeds shall be applied to the sun-,s secured by this Security Instrun~ent, whether or not then due, with MEYER. M AF 15994.98 0 6A(WY) Iooo51.o~ Page 6 al ~§ Form 3051 1/01 O O004q. the excess, if any, paid to Bo :rcwer. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons t:~e Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Bc)rrower 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, Borrpwer hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to'ei':ceed the amounts unpaid nnder the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insuranc,5 policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Ler;d~r may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under .h~ Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after lhe execution of this Security Instrument ,and shall continue to occupy the Property as Borrower's princ!pal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are b~yond Borrower's control. 7. Preservation, Mnintennnce and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Propei-ty, 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 Propert), fi-om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Secti;m 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property :if &nnaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repai~'i~!g or restoring the Property only if Lender has released proceeds for such purposes. Lender may disbur~"e ?roceeds for the repairs mid restoration in a single payment or in a series of progress payments as the wo?k is completed. If the iusurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. '~ Lender or its agent may make reasonable entries npon ,'md inspections of the Property. If it has reasonable cause, Lender may i'~spect the interior of the improvements on tl~e Property. Lender shall give Borrower notice at the time o:: or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during tl~e Lom~ application process, Borrower or any p=_.rsons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave n:atcrially 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, but ~re not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Secnrity Instrument. If (a) Borrower fails to perform'the covenants and agreements coutained in this Security Instrmnent, (b) there is a legal proceeding that migh', significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which [nay attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay /bt whatever is reasonable or appropriate tc l_rotect Lender's interest in the Property and rights under this Se?curtly Instrument, including protect:ng m~d/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actiors ,:zan include, but are not limited to: (a) paying any sums secured by a lien which has priority over thi; Security Instrument; (b) appearing in court; and (c) paying reasonable HEYER. M AF 1599498 ~^ 0 Initmls: /.t'l ~-6A(WYI (ooos}.o~ ~'~g~ 7 o~ ~ ' t ' Form 3051 1/01 0:90004,'t !'" 39'7 attorneys' fees to protect its ir!t~rest in the Property and/or rights under this Security Instmmem, including tis secured position in a bank~:uptcy proceeding. Seem'lng the Property includes, but is not limited m, eniering tl~e Property to make' repairs, change locks, replace or board up doors and windows, drain water tYom pipes, elinfinate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender re. al/take action under this Section 9, Lender does not have to do so and is not under any duty or obligation lc/do so. It is agreed that Lender incurs no liability for not taking may or all actions authorized under this 5'ection 9. Any mnounts disbursed [by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instr:.~,nent These amounts shall bear interest at the Note rate from the date of disbursement mid shall be pa;,ilble, with such interest, upon notice from Lender to Borrower requesting paynrent. ~ If this Security Instrumem is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fe;eititle to the Property, the leasehold mid the fee title shall not haerge unless Lender agrees to the merger ir writing. 10. Mortgage Insuranc('.. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiunts required to maintain the Mortgage Insurance in effect. It', for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from tile mortgage insurer that previously provided such insfirance and Borrower was required to make separately designated payments toward the prenfiums for M3'-tgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivaltent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Bo:rower of the Mortgage Insurance previonsly in effect, from an alternate mortgage insurer selected b3, Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the mnount of the separately designated payments that were due when the insurance' coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-ref~ndabl~ 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, m~d Lender shall not be required to pay Borrower any'i3terest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer select, ed by Lender again becomes available, is obtained, and Lender requires separately designated payments 'toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premimm; for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a nomrefundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such ter:n'.nation or until terntination is required by Applicable Law. Nothing in this Section 10 affects Borrower's :3bligation to pay interest at the rate provided in the Note. Mortgage Insurance reiml~.urses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does.nst repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. :. Mortgage insurers evaluate their total risk on all such iusurance in force from time to time, and may enter into agreements with otlCer parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions ti.a:, are satisfactory to tl~e mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of fronds that the mortgage im'urer may have available (which may include funds obtained t'rom Mortgage Insurance premiums). As a result of these agre:ernents, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) mnounts that derive from (or might be cha:acterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of L(,:nder takes a share of the insurer's risk in exchange tbr a share of the premiums paid to the insurer, ~he arrangement is often termed "captive reinsurance." Further: (a) Any such agreement:s will not at'feet the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agree~nents will not increase the mnount Borrower will owe for Mortgage Insm'ance, and they will not entitle Borrower to any refund. HEYER, M AF . 1599498 0 ~-6A(WY) Iooq5).o~ ( Page 8 of ~s /,~ Form 3051 1/01 0:900044 (b) Any such agreements will not affect the rights Borrower has ~ if any - with respect to dm Mortgage Insurance under'tl~e ltomeowners Protection Act of 1998 or nny other law. These rights may include the right to receive certain disclosures, to request and obtain cm~celladon of the Mortgage Insurance, to have the Mortgage insm'ance terminated automatically, and/or to receive a rel'und of nuy Mortgage ln~su;-anee premiums flint were unearned nt the ti,ne of such cancellation or termination. 11. Assignment of Misqellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid zo Lender. If the Property is damage'J, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the res,ora,lot;, or repair is economically feasible and Lender's security is not lessened. During such repatr and res,re.at.on period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken prompdy. Lender may pay IBr the repairs and restoration in a~ single disbursement or in a series of progress payments as the work is completed. Unless an agreemznt is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Le,~der shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair ~s 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 he excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided tbr in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to :h~ 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 immeciately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sun-~s secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree tn writing, the sums secured by this Security Ingtrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following 'fraction: (a) the total amount of the sums secured inm~ediately before the partial taking, destruction, m loss in value divided by (b) the fair market value of the Property ilnmediately before the partia~ taking, destruction, or loss in value. Any bahmce shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property innned+ia.ely 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 otherw'isc agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security lnstrament whether or not the sums are then due. If the Property is abahdoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as deftned in !he next sentence) offers to lnake an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miszellaneous Proceeds either to restoration or repair of the Property or to the sums secnred by this Security Instrun~ent, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaaeous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in de?hull if any action or proceeding, whether civil or crinfinal, is begun that, in Lender's judgment, could re'suit in forfeiture of the Property or other material impairment of Lender's interest in the Property or righ~.s under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reimitate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, hi Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's inter~.s;: in the Property or rights under this Security Instrument. The proceeds of any award or claim for dama~e~ that are attributable to the impairment of Lender's interest in the Property are hereby assigned m~d shall N':; paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided.t~r in Section 2. HEYER. M AF ? 1599498 0 ': Initials: (~-6AiWY) (ooosLm , Pages ot ~5 ~ ~ Form 3051 1/01 12. Borrower Not Relea'sefl; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of ,'un(.,l'tization of the stuns secured by dfis Security Instrument grauted by Lender to Borrower or any Successor its ~nterest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest o;' Borrower. Lender shall not be required to cormnence proceedings against auy Successor in Iuterest of Borrower or to refuse to extend time for payment or otberwise modify amortization of the stuns secure'] bY tiffs Security Instrunrent by reason of any demand made by the original Borrower oi- any Successors in Interest of Borrower. Any forbearance by 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 mnounts less than the mnount then due, shall not be a waiver of or preclude the exercise of any right or remedy L 13. Joint and Several i:tbility; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obliiiaiiOns 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 mo'itg, age, grant and COlwey the co-siguer's interest in the Property under the terlns of this Security Instrument;. (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with ~i:egard to the terms of this Security lnstrumeut 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 this.Security Instrument in writiug, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liab'litY under this Security Instrument unless Lender agrees to such release in writing. Tbe 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. Lender may charge Borrower tees for services performed its connection with Borrower's default, for the pur~oo.~e of protecting Lender's interest its the Property and rights under this Security Instrument, iucluding, 'but not limited to, attorneys' fees, property inspection and valuation lees. In regard to any other tees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be con~t[ued as a prohibitiou on the charging of such tee. Lender may not charge fees that are expressly prohibite~ b), this Security Instrumeut or by Applicable Law. If the Loan is subject to a 14w which sets maximum loan charges, and that law is finhlly interpreted so that the interest or other loan ct[afges collected or to be collected iu connection with the Loan exceed the permitted llufits, then: (a) any :;uch loan charge shall be reduced by die amount necessary to reduce the charge to the permitted linfit; anal (b) any sums already collected from Borrower wbich exceeded permitted litnits will be refunded to Borrgwer. Lender may choose to make this refund by reducing the principal owed under the Note or by m~king a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a'p~.'rtial prepayment without any prepayment charge (whether or not a prepayment charge is provided 'for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower willlconstitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices g>veh by Borrower or Lender in connection with this Security Instrument must be iu writing. Any notice t ~'Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower whe'a 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 expressl.f ?equires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly uotify Lender of Borrower's ch;'nge of address. If Lender specifies a procedure lbr reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designate(, notice address under this Security Instrument at any one time. Auy notice to Lender shall be giveu by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender h~s designated another address by notice to Borrower. Any notice itt connection with this Security In: tmment shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requ're:nent will satisfy the corresponding requirement under, this Security hlstrument. MEYER. M AF 1599498 ,,,,,,,,,:. /~. ~/~ 0 Page 10 of 15 eJ'V~ Form 3051 1/01 0 00044 16. Governing Law; :Severability; Rules of Construction. This Security Instrument shall be governed by federal law anti ,he law of the jurisdiction in which the Property is located. All rights and obligations contained in th s' Security Instrument are subject to any requirements aa~d limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or ~t might be silent, but such sil,?Ce shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not a*ffect other provisions of this Security lnstrumeut or the Note which can be given efi'ect without the conf',icting prowsion. As used in this Secur ty Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words~or words of the fenfinine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Bi3rrower shall be given one copy of the Note and of this Security lnstrmnent. 18. Transfer of the Prc. perty or a Beneficial Interest in Borrower. As used in tiffs Section 18; "Interest in the Property" means any legal or beneficial interest in the Property, iucluding, but not limited to, those beneficial interests tr'msfcrred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a fi~ture date to a purchaser. If all or any part of the Froperty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and ~ beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Secm'ity Instrument. However, this vption 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,tkan 30 days from the date the notice is giveu in accordance with Section 15 within which Borrower must :3ay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the exl',iration of this period, Lender may invoke any rcnredies permitted by this Security Instrument without' '~urther notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Inslrument discontinued at any time prior to the earliest of: (a)five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrowt':r:: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expcn:;es incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fe~.s, property inspection ,'md valuation fees, and other fees incurred for the purpose of protecting Lender% 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 In;trumeut, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue u:nchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following lbrms, 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,i :.,~re insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstat~.ment by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective .~s, if no acceleration had occurred, ltowever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Chahge of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior uotice to Borrower. A sale might rer'u;t in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under.the Note and this Security Instrmncnt and performs other mortgage loan servicing obligations under ;he: Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the ;r¢oan 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 name and address of the new Loan Servicer, the adc!mss to which payments should be made and any other inforr~ation RESPA NEYER. i'4 AF .1599498 Initials: ::8!:!%:! ~!',!,? :,:/. ,, .7! ':_< ::4.1, ::. ,;::-::,:., .-: , ~,[i~,';11~:¢:;. · 0.900044 401 requires in connection with a r;)tice of transfer of servicing. If the Note is sold and thereafter tile Loan ts .serviced by a Loan Servicer et ~er than the purchaser of the Note, the mortgage lo,'m servicing obliganons to Borrower will remain with t.ie Loan Servicer or be transferred to a successo: Lom~ Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser Neither Borrower nor Lender may commence, join, or be joiued to any. udicial action (as either an individual litigant or the menT}er of a class) that arises from Ihe other part)'s actions pursuant to this Security lnstrulnent or thai alle,~es that the olher party has breached any provisim of, or auy duty owed by reason of, this Security Instrument, until such Borrowel or Lender has notifiec the other party (with such notice given in compliance wid~ the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonal;le period after the giving of such nouce to take corrective action. If Applicable Law provides a time period which must elapse befc, re certain action cml be taken, that time period will be deemed to be easonable for proposes of this paragraph. The notice of acceleration and opportuuity to cure given to /orrower pursnant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 8 shall be deemed to satisfy die notice and op:mrmnity to take corrective action provisions of this Section 20. 21. Hazardous St,bstan:es. As nsed in this Section 21: Ca) "Hazardous Snbstauces" are those substances defined as toxic or ]azardous substances, pollntm~ts, or wastes by Environmental Law and the following substances: gasoline kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvent& materials containiug asbestos or formaldehydt:, and radioactive materials; Cb) "Environmental Law" mere s federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or env'ronmental protecuon; Cc) "Environmental Cletmup" includes any response action, remedial action, or removal action, as defined in Envirornnental Law; m~cl Cd) ,'m "Enviroumental Condition" me,'ms a condition that can canse, contribute to, or otherwise trigger ,'m Environmental Cleanup. Borrower shall not cause 3r permit the presence, use, disposal, storage, or release of any llazardous Substances, or threaten to release any llazardous Substances, on or in the Prop,:rty. Borrower shall not do, nor allow anyone else to do, a tything affecting the Property Ca) thai is in violation of any Enviromnental Law, Cb) which creates an Env ronmental Condition, or Cc) which, clue to the presence, use, or release of a ltazardous Substance, creates ~ condition that adversely affects the value of the Property. The preceding two semences shall nol appb to the preseuce, use. or storage on the Property of slnall quantiues of Hazardous Snbstances that are generally recognized to be appropriate to normal residential nses and to maintenance of the Property (ii clnding, but not limited to, hazardons substances in consumer prodncts). Borrower shall promptly give Lender written notice of Ca) any investigahon, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party iuwdving the Property and any IIazardous Substance or En, irol~mental Law of which Borrower has actual knowledge, Cb) any Enviromnental Coudition, incl' cling but not limited to, any si)illing, leaking, d:~scharge, release or threat of release of any Ilazardous Sub:;tance, and Cc) any condition cansed by the presence, rise or release of a Ilazardous Substance which ad~/ersely affects the valne of the Property. If Bm'rower learns, or is notified by any govenunenlal or regulatory aulhority, or any private party, that any rtmoval or other remediation of any Itazardous Substance af'ecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein sin.Il create any obligation on Lender for an Environmental £!leauup ' MEYER. AF (~-6A(WY) 10oo5).0~ 1599498 0 Page 12 el 15 Form 3051 1/01 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 iii this Security Instrument (but not prior to acceleration under Section :' It unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the actimi r2iiuired to cure the default; (c) a date, not less than 30 days from tbe date the notice is given to Born wer, by wbich tbe default must be cured; and (d) that failure to cure tbe default on or before the da~t: specified in the notice may result ill acceleration of the sums secured by this Secnrity Instrument a:~d sale of the Property. Tbe notice shall further inform Borrower of the rigbt to reinstate after acceleration and tbe right to hring a court action to assert the non-existence of a default or any other dele ~se of Borrower to acceleration and sale. If the default is uot cured on or before tbe date specified in'the notice, Lender at its option may require immediate payment in full of all stuns secured by tbis Security Instrument witbout further denmnd and nmy invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pnrsui~lg the remedies provided in tbis Section 22, including, but not limited to, reasonable attorneys' fees $~d costs of title evidence. If Lender invokes the Fower of sale, Lender shall give notice of intent ~o foreclose to Borrower and to the person in poss~.ssiou of tbe Property, il' different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Sectiou 15. Lender shall publisb the notice of sale, ~nd the Property sball be sold iu ibc manner prescribed by Applicable Law. Lender or its designe?, may pnrcbase the Property al any sale. The proceeds of tbe sale sball be applied in the following .Irder: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (~) to all sums secured by this Security Iustrnment; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon pay rlent of all sums secured by this Security Instrument, Lender shall release this Secnrity Instrument. Borrov er shall pay ,'my recordation costs. Lender may charge Borrower a fee for releasing tbis Security lnstrun~ent, 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. Borrowar releases and waives all rights nnder and by virtue of the homestead exemption laws of Wyonfing. MEYER. M AF I~)~-6A(WY) Iooos~.o~ 1599498 0 Page 13 of 15 Form 3051 1/01 0: 00044 4O3 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: Matthew C Meyer ¢/ - (Seal) -Borrower Cyn~tNi~--f~Meyer / (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower MEYER. M AF ~6AIWY) Iooo§1.o~ 1599498 0 Page]4o~15 Form 3051 1/01 0.90004~t ..404 The foregoing instmme':~t was acknowledged before me this byMatthew C Meyer a~fl Cynthia L Meyer County ss: My Comnfission Expires: /ury Public / / MEYER. M AF {~-6AIWY} Iooosl,m 1599498 Page 15 ol 15 Form 3051 0 1/01 0:90O044 405 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made tiffs 3rd day of Jt.llle 2004 , and is incorporated into and shall be deemed to mnend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to Major Mortgage. A Wyoming Corporation (the "Lender") of the same date ard covering the Property described in tile Security Instrument and located at: 16l Alpenglow. Thayne.WY 83127 [Property Address] The Property includes, but is lot limited to, a parcel of land improved with a dwelling, together with other such parcels and certain comn' on areas m~d facilities, as described in The Covenants. Conditions & Restrictions of Record (the "Declaration"). The Property is a part of a planned unit development 'known as [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing th,". com~non areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. I~ addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations nnder the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorPoration, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments, imposed pursuant to the Constituent Documents. MEYER. M AF 1599498 0 MULTISTATE PUD RIDER - Singl,:.~ Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 Page 1 of 3 Initials: ~'~//~ i~)~7R 10008, MW 08/00.01.~VMP MORTGAGE FORMS - (800,521-7291 [i?~{~ r 0 000 4 B. Property Insurance. So long as the Owners Association maintains, with a generally accepled insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance co~'erage in tile anrounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of tile yearly premium installments for property insura:~ce on the Property; and (ii) Borrower's obligation under Section 5 to maintain .property insurance coverage on tile Property is deemed satisfied to the extent that the required coverage Is provided by the Own,~rs Association policy. What Lender requires as ;t condition of this waiver can change during the term of tile loan. Borrower shall give Lc[der prompt notice of mly lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to coalmon areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be t,a!d to Lender. Lender shall apply tl~e proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, il' any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintai, ns a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condenmation. The' proceeds of any award or claim for dimmges, direct or consequential, payable to Borrower in connec!i0n with any condemnation or other taking of all or any part of the Property or the common areas and facil!ties of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned alld shall be paid to I.ender. Such proceeds shall be applied by Lender to the sums secured by the .Security Instrmnent as providel in Section 11. E. Leuder's Prior Com,'ent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either ]~actition or subdivide the Property or consent to: (i) the abando~wnent or termination of the PUD, excei~t for abandonment or termination required by law in the case of substantial destruction by fire or other c~'s[,alty or in tile case of a taking by condenmation or eminent domain; (ii) any ,'unendment to any provision of the "Constituent Documents" if the provision is for tile express benefit of Lender; (iii) termination of professional management and assumption of self-management of tile Owners Association; or (iv) any action .which would have the effect of rendering the public liability insurance coverage maintained by the Ov,n~.rs Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender tinder this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these mnounts shall bear interest fro~7:l the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Len~ler to Borrower requesting payment. MEYER. M ~TR 10008) AF 1599498 0 Initials: Page 2 of 3 Form 3150 1/01 o9ot~o44 --', 4 O 7 BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. l~at~he~v C Meye~ d -' (Seal) -Borrower Cyn'~i'a L Meye-~- ' -Borrower (Seal) (Seal) -Borrower -Bon'owel (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower MEYER. H AF 1599498 0 ~<~TR (0008) Page 3 of 3 Form 3150 1/01