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HomeMy WebLinkAbout900059After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PRCCESSING P.O.Box 10423 Van Nuys, CA 91410-04.23' Prepared By: HIHI NOEL 900059 RECEIVED ,LINCOLN COUNTY CLERK JEANNE 558 , [Space Above This Lh~e For Recordh~g Data] A5577 [Escrow/Closing ~] MORTGAGE MIN 1000157-0003786918-3 00005662082906004 [Doc [D #] 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 ~n Section 16. (A) "Security Instrument" r~eans this document, which is dated JUNE 07, 2004 with all Riders to this documev, t. (B) "Borrower" is AMY MARIE EVERHART, AND RYAN EDMOND EVERHART, AS JOINT TENANTS , together Borrower is the mortgagor under this Security Instrument. (C) °'MERS" is Mortgage Ele,ctronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender t'nd Lender's successors and assigns. MERS is the mortgagee under this Security InstrUment. MERS :s 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. (D) "Lender" is AMERICA'S WHOLESALE I-,ENDER Lender is a CORPORATION organized and existing under the laws of NEW YORK Lender's address is P.O. Box 66069Zl, Dallas, TX 75266-0694 (E) "Note" means the promis~or/ note signed by Borrower and dated JUNE 07, 2004 . The Note states that Borrower owe,, Lender FORTY ONE THOUSAND SEVEN HUNDRED and 00/100 Dollars (U.S. $ 41,700.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not ]ater than JULY 01, 2019 (F) "Property" means the p~ope, rty that is described below under the heading "Transfer of Rights in the Property." WYOMING-SI ngle Family-Fannie I~lae/Freddle Mac U NIFO RM INSTRUMENT WITH MERS Page 1 of 11 (~®-6A(WY) (0o05) CHL (08/00)(d) VMP MORTGAGE FORMS- (800)521-7291 CONV/V^ Inltlal~"~" ~ Form 3051 1/01 ' 2399 1' t7~ O:9000at) ,", DOC ID #: 00005662082906004 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges ami late charges due under the Note, and all sums due under this Security Instrumen t, plus interest. (H) "Riders" means ali Riders: to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ['--] Adjustable Rate Rider [---] 'Condominium Rider [--] Second Home Rider [--] Balloon Rider ~] Planned Unit Development Rider [7-] 1-4 Family Rider [~ VA Rider Eli '~Biweeldy Payment Rider [--] Other(s) [specify] (l) "Applicable Law" means~ all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rtl!es and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions.. (J) "Conununity Association Di]es, Fees, and Assessments" means all dues, fees, assessments-and other charges that are imposed on Bor::ower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transf¢:r" mean s any transfer of funds, other than a transaction originated by Check, draft, or similar paper instmme% which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers ini flared b7 telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those 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 than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value ami/or condition of the Property. (N) "Mortgage Insurance" metu s insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" mean~g the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts unde" 3ection 3 of this Security Instrument. (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), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loar:" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (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 TIlE PROPERTY This Security Instrument secure:~ ~o Lender: (i) the repayment of the 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 g'.';r:der and Lender's successors and assigns) and to the successors and assigns of M_ERS, with power of sale, the: following described property located in the COUNTY of' LINCOLN : [Type of Recording Juris!li,~:tion] [Name of Recording Jurisdiction} LOT 8 OF BLOCK 2 OI5' TH'S' SUNSET SUBDIVISION TO THE TONN OF KEMMERER~ LINCOLN COUNTY, WYOMING! AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel ID Number: Wyoming 8 3101 [Zip Code] 302 B~E~CH AVENUE, KEMMERER [Street/City] CProl',erty Address"): ({~)®-6A(WY) (0005) CHL (08/0{J') Page 2 of 11 which currently has the address of Form 3051 1/01 o ooo$ 444 DOC rD #: 00005662082906004 TOGETHER WITH all thd improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures no~ or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower underst~n;ls and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instr unent, 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 t6 foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENAdT;?S that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and (:onvey 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 tc any encumbrances of record. THIS SECURITY INS~f:RUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. ~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interes~ on, the debt evidenced by the Note and any prepayment charges and late charges due a~der 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 check or othc:r~instrument received by Lender as payment under the Note or this Security Instrument is returned to Lende[I unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Ins£:ument be made m one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c)~ccrtified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an !m;titution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Tr'ansfer. Payments are deemed rec :i ?ed by Lender when received at the location designated in the Note or at such other location as may be desi~aled by Lender m accordance with the notice provisions in Section 15. Leuder may remru any payment or p, mal payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial paymenm in the future, but Lender is not ot ligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied ts of its scheduled due date, then Lender need not pay interest on unapplied funds. 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 funds or remm them to Borrower. If not applied, earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to Ioreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Bcrrower from making payments due under the Note and this Security Instrument or performing the covenants m~d :agreements secured by this Security Instrument. 2, Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under ,he Note; (c) amounts 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: amounm due under this Security instrument, and then to reduce the principal balance of the Note. If Lender receives a paTment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any I .te charge due, the payment may be applied to the delinquent payment and the late charge. If more than one }miodic 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 that any e::cess exists after the payment is applied to the full payment of one or more Periodic Payments, such exce'~s may be applied to any late charges due. Voluntary prepayments shall be applied flint to any prepaymem charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpc ne the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is pal I ~n full, a sum (the "Funds") to provide for payment of amounm due for: (a) taxes and assessments and other:: items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (1:() leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance requflied by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions. Of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the:Eoan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish .o Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Initials: ~ (~-6A(WY) (0005) CHL (08/00) Page 3 of ~ Form 3051 1/01 445 DOC ID #:-00005662082906004 CHL (08/00)!. i Page 4 of 11 Form 3051 1/01 (~®-§A(WY} (0005) Items at any time. Any such w~:i~Ver may only be in writing. In the event of such waiver, Borrower shall pay direcdy, when and where payabie the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, it: Lender requires, shall fumish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes~ !'be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "cowmant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant. :to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights :under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay 1o Lenr~er any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice gi ~:en in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in stch amounts, that are then required under this Section 3. · Lender may, at any time, C~'.llect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified und.:"r RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall est;imate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of futt"'t!e Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insnred by a federal agency, instrumentality, or entity (including Lender, if I_Snder is an institUtion whose deposits are so insured) or in any Federal Home Loan Bank, Lender shall apply ~.the Funds to pay the Escrow Items no later than tile lime specified under RESPA. Lender shall not charge; .~orr°wer for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escro~ Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make.,'.;Uch 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 L¢inder can agree in writing, however, that interest Shall be paid on the Funds. Lender shall give to Borrower, ,0!thout 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 accordaai~e with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall n0'::i~ 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 is a deficier'cy of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESP4:., and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of aili sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held bY Le"~der. 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 Properly, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrow:r 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 :d, the payment of the obligation secured by file lien in a manner acceptable to Lender, but only so long as Botrbwer is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of '~f.[e lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while fl)0se 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 Instrument. If Lender d~termines that any part of the Properly is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice jig given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4, ' ,'~ Lender may require Borro,¥i:r to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in conne:!:ion with this Loan. 5. Property Insurance. Bo/rower shall keep the improvements now existing or hereafter erected on the Property insured against loss bi,' .fire, hazards included within the term "extended coverage," and any other hazards including, but not lim:.t:~d 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 pprsuant 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, Wl'qc'h right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this 7:_xlan, 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 subsequent charges each time :remappings or similar changes occur which reasonably might affect such determination or certification. E:o:rrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Managemeai Agency in connection with the review of any flood zone determination resulting from an objection by E;orrower. If Borrower fails to mail;)tain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option an(i BOrrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. 'I'¥irefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity i"!'.: the Property, or the contents of the Property, against any risk, hazard , 446 ? 090005 ? DOC ID #: 00005662082906004 or liability and might provide greIater, or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurancei.~overage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. 'Ainy amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by thj~ 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 reqfii'red by Lender and renewals of such policies shall be subject tO Lender's right to disapprove such policies, sl~a:A include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss paye? Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shal promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form o:! ,~nsurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, sulc!~ policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additior,~a! loss payee. In the event of loss, Borr~,Wer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if nOt ma Id promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceecs,! whether or not the underlying insurance was required by Lender, shall be applied to restoration or repa~r..of the Property, if the restoration or repair is economically feasible and Lender's security is not lessene, l.!~During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's saris:faction, provided that such inspection shall be.undertaken promptly. Lender~ may disburse proceeds for the ~epairs and restoration in .a single payment or in a series of progress payments as the work is completed. Unlcst; an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceel!, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for publicladjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proCeeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lenderi~ security would be lessened, the insurance proceeds shall be applied to the . sums secured by this Security ~'n~trument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall ['e applied in the order provided for in Section 2. If Borrower abandons the Froperty, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrowtxdoes not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is giw n. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby asdgms to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to agy refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar ~.s~ such rights are appliCable to the coverage of the Property. Lender may use the insurance proceeds either to r~pair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or. r4ot then dne. 6. Occupancy. Borrower stroll occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execvti0n of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of Occupancy, nnless Lender otherwise agrees in writing, which conser,t shall~ not be unreasonably, withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7, Preservation, Mainlxn~nce and Protection of the Property; Inspections. Borrower shall not destroy, damage or imp~air the Pioperty, 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 Property from deteriorating o? decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restorat on is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further de:.efioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, o: !,he taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if I:e~iider has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoratiov !n a single payment or in a series of progress payments as the work is completed. If the insurance o~. {ondemnation 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 ma3 make. reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may i{Bpect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of 6r .odor to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if; during the Loan application process, Borrower or any persons or eatities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccnrate information or statements to Lender (or failed to provide Lender with material i',fformation) in connection with the Loan. Material representations include, but are not limited to, representati.Sn concerning Borrower's occupancy of the Property as Borrower's principal residence. ~ (~-6A(WY) (ooo5) 'CHL (08/~0):I , Page S of 11 Form 3051 1101 0 90005 i~ i DOC ID #: 00005662082906004 9. Protection of Lender'sili{terest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the c!avenants and agreements contained in this Security Instrument, (b) there is a legal Proceeding that might S~,,~.~ficantly affect Lender's interest' in the Property and/or rights under this Security Instrument (such as ia .:proceeding in bankruptcy, probate, for condemnation or tbrfeilure, for enforcement of a lien which ?may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower.ha~. abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to prd[ect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or asse:s~ing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, bt~t ~e not limited to: (a) paying any sums secured by a lien which has priority over this Security InStrument; (:b)i appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or:' rights under this Security Instmlnent, including its secured position in a bankruptcy proceeding. Securing ~the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerOuS conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender' does not have to do so and is'not under any duty or obligation to do so. It is agreed that Lender incurs no lliability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by: Lender under this Section 9 shall become additional debt of BOrrower secured by this Security Instrument. Thcs(i amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such .;nt!:rest, upon notice from Lender to Borrower requesting payment. If this .Security InstrumentJ is:'. on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title.t ) the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insuranee.~ If' Lender required Mortgage Insurance as a condition of making the Loan, BorrOwer shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insu?ance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage :Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially eqUi ~alent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of 'he 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-refundable loss reserve in lieu of Mortgage Insurance. Such ~oss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, mid kender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require 'loss reserve payments if Mortgage Insurance coverage (in the amount and for the period thaf Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required M6rtgage Insurance as a condition of making the Loan and Borrower was required to make separately &signated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums requirec to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requiremenl for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10. hffects Borrower's obligation 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 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 int° agreements with other pardes~'that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are /'~tiSfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agree.'nefits, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of ian~I of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized~as)ia portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mort. gage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a sha~:'e Of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is ofteri teimed "captive reinsurance." Further: (a) Any such agreements wiil not affect the amounts that Burrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and i they will not entitle BorroWer to any refundl (~I?~A(WY) (ooo5) CHL (00/0~ Page 6 of 11 Form 3051 1101 .448 DOC ID #': 00005662082906004 (b) Any such agreemer/~.s 'Mil not affect the rigbts Borrower has - if any - with respect to the Mortgage Insurance under tl~ e t!Iomeowners Protection Act of 1998 or any other law'. These rights may include the right to receive 'cmltain.disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgagi Insurance lerminated automatically, and/or to receive a refund of any Mortgage Insurance premiums t~at were nnearned at the time of such cancellation or termination. 11. Assignment of Mis'~ellaneous PrOceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to'Le!nder. If the Property is dmnage"J, ~uch Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or mpak is economically feasible and Lender's security is not lessened. During such repair and restoration period, L"¢nder shall have the fight to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect ;l:uch Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a ~eries of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or 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 secure~ b~,! this Security Instrument, whether or not then due, with tile excess, if any,. paid to Borrower. Such Miscell:andous Proceeds shall be applied in the order provided for in Section 2. In the event of a total talin~, destruction, or loss in value of tile Property, the Miscellaneous Proceeds shall be applied to the sums se':urSd by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. !' In the event of a partial tailhn,¢, destruction, or loss in value of the Property in which the fair market value .of the Property immediately b~',fom the Partial taking, destruction, or loss in value is equal to or greater than the amount of the sums securer: by this Security Instrument immediately before the partial taking, destructiOn, or loss in value, unless Borro(,"erland Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ~,heiamount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sur ~s secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market Valve ofth~ Property immediately before the partial taking, destruction, or loss in value. Any balance shall be l{aid to Borrower. In the event of a partial taring, destruction, or loss in value of the Property in which the fair market value of the Proper~y immediately bc. forle the partial taking, destruction, or loss in value is less than the amount of the sums secured immediatelyl before the partial taking, destruction, or loss in value, unless Borrower and · Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or~no~: the sums are then due. If the Property is abando'~ed by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an aWard to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice ,is given, Lender is authorized to collect and apply the Miscellaneous Proceeds e:~ther to restoration or repair of thc Property or to the sums secured by this Security Instrument, whether '0r riot then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the pmty against whom Borrower has a fight of action in regard to Miscellaneous Proceeds. : Borrower shall be in def~ul': if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could resul; in, forfeiture of the Property or other material impairment of Lender's interest in the Property or fights undei',thii! 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 that, in Lender's judgme!~t, Precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rightslunder this Security Instrument. The proceeds of any award or claim for damages that are attributable t) the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Procee~ls that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of am'art{zation of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bet:ewer. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security !Instrument by reason of any demand made by the original Borrower or any SUccessors in Interest of Borrrwer. 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 amounts less thru ~he amount then due, shall not be a waiver of or preclude' the exercise of any right or remedy. 13. Joint and Several Liabi!ity; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obliga.ior~s and liability shall be joint and several. However, any Borrower who co-signs this Security Instrumeat but does not execute the Note (a "co-signer"): (a) is co-signing this Security {~®-6A(WY) (0005) CHL (08Ki'O) i Page 7 of 11 Form 3051 1/01 DOC rD #: 00005662082906004 Instrument only to mortgage, gr'smt and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not [ersonally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and an~,i. other Borrower can agree to extend, modify, forbear or make any accommodations with regard tc t,he terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions c'f Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security I:)strument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Se'curity Instrument. Borrower shah not be released from Borrowers obligauons and liability tinder this Security ln.qtrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrlarhent 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 performed in connection with Borrower's default, for the pu)p0se of protecting Lender's interest in the Property and rights under this Security Instrument, including, out not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construediaS a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this :~eOurity Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan Ch~xges collected or to be collected m connection with the Loan exceed the permitted limits, then: (a) any s~:ch loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) arly 8urns already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lend~ r may choose to make this refund by reducing the principal owed under the Note or by making a direct payme/~t to Borrower. If a refund reduces principal, the reduction wild be treated as a partial prepayment without ai~y~prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acc~:ptance of any such refund made by direct payment to Borrower will constitute a waiver of any right ¢!,f action Borrower might have arising out of such overcharge. 15. Notices. All notices gi';zea by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mtfiled 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 expressly 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 ol address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall on y report a change of address through that specified procedure. There may be only one designated notice addr(:ss under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by n al,ins it by first class mail to Lender's address stated herein unless Lender has designated another address by 3mtice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have beea given to Lender until actually received by Lender. If any notice required by this Security Instrument is also .required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement u.~der this Security Instrument. 16. Governing Law; Seve~ability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of.':he jurisdiction in which the Property is located. All rights and Obligations contained in this Security InsU'm~ent are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitl3!, or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this SecuritY. Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of t:fi~ Security Instrument .or the Note which can be given effect without the conflicting provision. As used in this Security =. Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or v:or'ds of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and Lc).ithe word "may" gives sole discretion without any obligation to take any a~tion. 17. Borrower's Copy, BorroWer shall be given one copy of the Note and of this Security Instrument. 18, Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, Interest ~n the Property means, any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests, transferrell 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 future date to a pfirchaser. If all or any part of the Prol~erty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a benefici:4 interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require irmgediate payment in full of all sums secured by this Security Instrument. However, this option shall not b~': exercised by Lender if such exercise is prohibited by ApPlicable Law. If Lender exercises this °l?fian, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less th~n 30 days from the date the notice is given in accordance with Section 15 within which Borrower must palt a.!l sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration ol;*tl,'ds period, Lender may invoke any remedies permitted by this Security Instrument without further noticc'o ~ demand on Borrower. (~i)®-~A(W'O (ooos) CHL (08100! Page 8 of 11 Inltials~ I-orm 3051 1/01 DOC ID #: 00005662082906004 19. Borrower's Right to i'~t~instate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have e!'~forcement of this Security. Instrument discontinued at any time prior to the earliest of:. (a) five days before~s~.le of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other peritd !as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums whi~.h !then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Sexiur.ity Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuati'm',fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and' rights Under? ttiis Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender':s iinterest in the Pi'operty and rights under this Security Instrument, and Borrower's obligation to pay th~ sams secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay suleh reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash;~ (h') money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check i,.* drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d.)' Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations securi:d hereby Shall remain fully effective as if no acceleration had occurred. However, this right to reinstate ~hall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change o:,! Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Securi!y ~nstmment) can be sold one or more times without prior notice to Borrower. A sale might result in a change iq the entity (lmown as the "Loan Servicer") that collects Periodic Payments due under the Note and this Sec!u~ty Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrume~ntl 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 tile Loan Servicer, Borrower will be given written notice of the change wilich will state the name and address of the new Loan Servicer, the address to which payments should be made iand any other information RESPA requires in connection with a notice of transfer of servicing. If the Not3 ii~ sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mort~age loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a suecesso:/Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser:' . Neither Borrower nor Leader may commence, join, or be joined to any judicial action (as either an individual litigant or the memb):r of'a class) that arises from tile other party's actions pursuant to this Security Instrument or that alleges that t.he other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until sach Borrower or Lender has notified the other party (with such notice given in compliance with the requirements'of Section 15) Of such alleged breach and afforded the other party hereto a reasonable period after the giving'of such notice to take corrective action. If Applicable Law provides a time period which must elapse befor: certain actiOn can be taken, that time period will be deemed to be reasonable for purposes of this paragraph..lPhe notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice cf acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportuni-y io take corrective action provisions of this Section 20. 21. Hazardous Substanc~ s. iAs used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous', substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable Or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means fe~:leral laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmentid protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal acfibil, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause., contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause,or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to relea:~e ;'iny Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anythi~lg affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental £:~ondition' or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition ~ha~t adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, u,;;e, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to' be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, haz~rdous substances in consumer products). Borrower shall promptly l~ive Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmc:ntal or regulatory agency or private party involving the Property and any Hazardous Substance or Enviroamental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limP. ed to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) ~hy:condition caused by the presence, use or release of a Hazardous Substance which adversely affects the val~e:of the Property. If'Borrower learns, or is notified by any governmental or regulatory authority, or any priYa[: party, that any removal or other remediation of any Hazardous Substance affecting the. Property is necess:'iry, BOrrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothi:ng'.'herein shall create any obligation on Lender for an Environmental Cleanup. (0005) CHL (08/or' ~) Page 9 of 11 inllials:'~f~,-~. Form 3051 · 0:90005L ,'-15'i. DOC ID #: 00005662082906004 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedie~t. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action requeSt:ed to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by ,vhich the default must be cured; and (d) that failure to cure the default on or before the date specifi~':d in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration ap:! the right to bring a court action to assert the non-existence of a default or any other defense of Borrc wet to acceleration and sale. Il' the default is not cured on or before the date specified in the notice, Leader at its option may require immediate payment in full of all sums secured by this Security Instr'~,ment without further demand and may invoke the power of sale and any other remedies permitted by/.pplicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provid~.c~ in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence.- .If Lender invokes the power of sale, Lender shall give notice of intent to forecl ase to Borrower and to the person in possession ol the Property, if different, in accordance with Applicable Law. Lender shah give notice of the sale to rlorrower in the manner provided in Section 15. Lender shah publish the notice of sale, and the Propert, shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the ! roperty at any sale. The proceeds of the sale shall be applied in the following order: (a) to all exp:.~nses of the sale, including, but not limiled to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. ~ 23. Release. Upon paym¢m of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower' shall pay any recordation costs. Lender may charge Borrower a fee for releaMng this Security Instrum~.nt, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted ruder Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any }Lider executed by Borrower and recorded wi th it. Witnesses: -Borrower -- ~ (Seal) ~ EDMOND EVERHb..RT -Borrower (Seal) -Borrower (Seal) -Borrower ~®-§A(WY) (ooos) CHL I08/0[) Page 10 of 11 Form 3051 1/01 STATE OF WYOMING, by DOC ID #: LINCOLN The foregoing instrument ~,as acknowledged before me this 8th day of June, Amy Marie Everhhrt and Ryan Edmond Everhart. COUNTY OF ~ : S~rATE OF [ 00005662082906004 County ss: 2004 My Commission Expires: March 25, Notary Public (~®-§A(WY) (ooo5) CHI (Oa/O0)r Page 11 ol 11 Initlals:~ Form 3051 1/01