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HomeMy WebLinkAbout90006130654 (04) Remm To: FIRST INTERSTATE BAqK P.O. BOX 40, CASPER, WY 90006 i 82602-0040 Prepared By: JEFF COLLINS BOOK RECEIVED LINCOLN COUNTY CLERK JEANNE [Space Above Tiffs Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 ;md 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" me:ms this document, which is dated together with all Riders to tl~ is document. (B) "Borrower" is WESLEY-M. OGLESBY ann MARY M. OGLESBY, 3une 9, 2004 HUSBAND AND WIFE Borrower is the mortgagor u lder this Security Instrument. (C) "Lender" is FIRST I~TERSTATE BANK Lender is a A CORPORATI )N organized and existing under th~ laws of STATE OF MONTANA 470GLESBY. W04 ' WYOMING-Single Family-Fanni~ Mae/Freddie Mac UNIFORM INSTRUMENT (~®=6(WY) 10005} ~¢~:~[ Page 1 of 15 MW 05/00.01 Init,els:. VMP MORTGAGE FORMS - (800152' -72,91 Form 3051 1/01 OSO00 ;1. Lender's address is 842 W BROADWAY. JACKSON. WY 83001 Lender is the mortgagee undcJ, this Security Instrument. (D) "Note" means the promL, mry note signed by Borrower and dated JLlrle 9, 2004 The Note states that Borrowe: owes Lender Two Hundred Fi fry 5ix Thousand and no/100 Dollars (u.s. $ 256,000.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than June l. 2034 (E) "Property" means the p 'operty that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all s:]~ns due under this Security Instrument, plus interest. (G) "Riders" means all Rid¢ rs to this Security Instrument that are executed by Borrower. The following Riders are to be executed by 'Sorrower [check box as applicable]: [~r] Adjustable Rate Rider ~ Condominium Rider [---] Second Home Rider [~ Balloon Rider 1~ Planned Unit Development Rider ['~ l-4 Family Rider [-~ VA Rider ~'-~ Biweekly Payment Rider [--"] Other(s) [specify] 0t) "Applicable Law" me~r~s all controlling applicable federal, state and local statutes, regulations, ordinances and administrativ,~ rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are tmposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Trm~sfer" means any transfer of funds, other than a transaction originated by check, draft, or similar papec instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or mai~netic tape so as to order, instruct, or authorize a financial institution to debit or credit an account Such t~.cm includes, but is not limited [o, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means t!~,)se items that are described in Section 3. (L) "Miscellaneous Proceed,;" 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 o_;, the Property; (ii) condenmatiou 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 and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpaymem of, or default on, the Loan (N) "Periodic Payment" me:rs the regularly scheduled amoum due for (i) principal and ~nterest under the Note, plus (ii) any amounts u n :ler Section 3 of this Security Instrument. (O) "RESPA" means the ReA Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Re;']lation X (24 C.F.R. Part 3500), as they n-fight 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 mortg..~ge loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. 470GLESBY. W04 Initiala: (~-6(WY) 1ooo5) Page 2 oJ lS Form 3051 1101 456 (P) "Successor in Interest cf Borrower" means any party that has taken title to the Property, whether or not that party has assumed Bo~rower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN FHE PROPERTY This Security Instrument secures to. Lender: (i) the repaymem of the Loan, and all renewals, extensions and modifications of the Note; ~nd (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the ',/iote. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the C0O/?I-Y of TETON : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 23. OF SOUTHBROC~K RANCHES SUBDIVISION. LINCOLN COUNTY. WYOMING. ACCORDING TO THAT PLAT RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK ON SEPTEMBER S. 1990 AS PLAT NOS. 335-1 AND 335-2. This is a 1st Real .Estate Mortgage recording concurrently with a 2nd Real Estate Mortgage dated 6/9/2004 in favor of First Interstate Bank in the original amount of $48,000.00. ParcellD Number:34191010001900 134 LUPINE DRIVE. THAYNE ("Property Address"): which currently has the address of [Street] [Cityl , Wyonzing 83127 [Zip Codel TOGETHER 'WITH a:l the improvements now or hereafter erected on the property, and all easements, appurtenances, a'~c' fixtures now or hereafter a part of the property. All replacements and additions shall also be cove;ced by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "F:c, perty." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject :o any encumbrances of record. THIS SECURITY INSFRUMENT combines uniform covenants for national use and non-uniforln covenants with limited variai:icns by jurisdiction Io constitute a unitbrm security instrument covering real property. UNIFORM COVENAb TS. Borrower and Lender covenant and agree as follows: 1. Payment of Princi)~:l, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when dt/e the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payme~4s due under the Note and this Security Instrument shall be made in U.S. currency. However, if any cl:eck or other instrument received by Lender as payment under the Note or this 470GLESBY.W04 . (~I~-6(Wy) 100051 Page 3 of 15 "' Form 3051 1/01, O9OOO ;1. '- 4 5 7 Security Instrument is return~.d to Lender unpaid, Lender may reqmre that any or all subsequent payments due under the Note and thfs 'Security Instrument be made in one or more of the following tbrms, as selected by Lender: (a) casa:: (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided ar yt such check is drawn upon an institution whose deposits are insured by a federal agency, instrumental; :y, or entity; or (d) Electronic Funds Transfer. Payments are deemed t :ce;red by Lender when received at the location designated in the Note or at such other location as may b., designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current Lende!r may accept any payment or partial payment insufficient to bring the Loan current, without waiver of a~ty rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic l'a)ment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds ender 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 return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or ~n the fi: ~.ure against Lender shall relieve Borrower from making payments due under the Note and this Security In;trument or perforn-fing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applibt~ by Lender shall be applied in the tbllowing order of priority: (a) interest due under the Note; (b) prit~clPal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Per!odic Payment in the order in which it became due. Any remaining amounts shall be applied first to late ~:harges, second to any other amounts due under this Security Instrument, and then to reduce the principal I:'alance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any. late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, suc.h 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 payrnents, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the No e.is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments ~d other items which can attain priority over this Security Instrument as a lien or encumbrance on the )roperty; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all i:isurance required 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 a~y time during the term of the Loan, Lender may require that Community Association Dues, Fees, an~ Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escr(,w Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. l~;orrower shall pay Lender the Funds for Escrow hems unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of su,'.h waiver, Borrower shall pay directly, when and where payable, the amounts 470GLESBY. W04 Initials:/ ~./~ (~6(WY) (0005) Page,~ oi ~5 Form 3051 1/01 due for any Escrow Items f Jr'which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender rec~:igts evidencing such payment within such time period as Lender may require. Borrower's obligation to rrak;e such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreemeLt contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrpwer is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the a:ncmnt 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 to Lender any such amount. Lender may revo}e the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any ti~e~ collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time spec-,fit::d under RESPA, and (b) not to exceed the maximum antount a lender can require under RESPA. Let der shall estimate the amount of Funds due on the basis of current data and reasonable estimates of exl.,er,,ditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall 'be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Baak. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA.' Lander shall not charge Borrower tbr holding and applying the Funds, annually. analyzing the escrow accou ~t, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law,permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on~ th,e Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender 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 futtds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, f'ender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there,is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as requirer, by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds hel~' by Lender. 4. Charges; Liens. iLtorrower 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 Propert.)', if any, and Community Association Dues, Feesl and Assessments, if any. To the extent that these items a'e Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promF, ly 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 lon~ as Borrower is perfornting 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 Ins:'rument. If Lender detem-dnes that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the 470GLESBY i W04 (~'6(WYI (ooo5~ Inilials: , . Page 5 of 15 Form 3051 1/01 0 000 ;:1. 459 lien. Within 10 days of the cate on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth"above in this Section 4. Lender may require [ o?rower to pay a one4ime charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan 5. Property Insuranc('. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, bu! not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lencer requires pursuant to the preceding sentences can change during the term of the Loan. The insurance cmri~r providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrov eps choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, ia connection with this Loan, either: (a) a one-time charge for flood zone determination, certification .md tracking services; or (b) a one-time charge for flood zone determination and certification services ard subsequent charges each time remappings or similar changes occur which reasonably might affect such deternfination or certification. Borrower shall also be responsible for the payment of any fees imposleC~ by the Federal Emergency Management Agency in connection with the review of any flood zone detCrafination resulting from an objection by Borrower. If Borrower fails to n aintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purcbase any particular type or amount o!' coverage. Therefore, such coverage shall cover Lender, but might or.might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and migl:t provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of B.3rrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the d~te of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesti.~g payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such p(licies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additic, nal loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requi~esl Borrower 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 damage to, or destructien of, the Property, such policy shall include a standard mortgage clause and shall name Lender as m0rtg~gee and/or as an additional loss payee. In the event of loss, B )rrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if n)t made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance Was required by Lender, shall be applied to restoration or "epair of the Property, if the restoration or repair is econon-Lically feasible and Lender's security is not lesskned. During such repair and restoration period, Lender shall have the right to hold such insurance procee6s until Lender has had an opportunity to inspect such Property to ensure the work has been completed 'i!o Lender;s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disbt rse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the x, ork is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid ~ n such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjnsters, or other third parties, retained by Borrower shall not be paid 5ul of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to th? sums secured by this Security Instrument, whether or not then due, with 470GLESBY, W04 ~' Initials: ~-6{WY) (goos} Page ~ of ~5 "' Form 3051 1/01 O O00L;1 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons tl~e Property, Lender may file, negouate and settle any available insurance claim and related matters. ',f Borrower does 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 th,~, r, otice is given. In either event, or if Lender acquires the Property under Sectiou 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to ?xceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower.'s rights (other than the right to any refund of unearned premimns paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. L'~nder may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not.then due. 6. Occupancy. Borrcwer shall occupy, establish, and use the Property as Borrower's principal residence within 60 days aiter the execution of this Security Instrmnent and shall continue to occupy the Property as Borrower's prircipal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, ~vhich consent shall not be unreasonably withheld, or unless extenuating circumstances exist which a 'e beyond Borrower's control. 7. Preservation, Maiatcnance and Protection o1' the Property; Inspections. Borrower shall not destroy, damage or impai: the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is deternfined pursuant to Section 5 that repair or restoration is not economically 'feasible, Borrower shall promptly repair the Prop?ty if dmnaged 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 repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disbt'rst! proceeds for the repairs and restoration in a single payment or in a series of progress payments as the w~rk is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Pro2er~y, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may: make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any ~persous or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Le'~der with material intbrmation) in connection with the Loan. Material representations include, bui' m"e not limited to, representations concerning Borrower's occupancy of the Property as Borrower's prinzipal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfon'n the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that nfight significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien whi,;h may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrow;~r has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate .o protect Lender's interest in the Property and rights under this Security Instrument, including protectirig and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions~, can include, but are not limited to: (a) paying any sums secured by a lien which has priority over ti,is Security Instrument; (b) appearing in court; and (c) paying reasonable 470GLESBY.W04 (~-6(WY) 1o0o5) ' , Page 7 of 15 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including tis secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to ma;ce 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 obligatiott to., do so. It is agreed that Lender incurs uo liability for not taking any or all actions authorized under thL, Section 9. ' Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security ImtrUment. These amounts shall bear interest at the Note rate from the date of disbursement and shall be I:ayable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrm ~ent is on a leasehold, Borrower shall comply with all the provisions of the lease If Borrower acquires fee title to the Property, the leasehold and the tee title shall not merge unless Lender agrees to the merger 'in writing. 10. Mortgage Insuran'ee. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the prerr~iutns required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance cow:rage required by Lender ceases to be available from the mortgage insurer that previously provided such it~su~:ance and Borrower was required to make separately designated payments toward the premiums for iVlortgage 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 Eon'ower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall conti~;me to pay to Lender the amount of the separately designated payments that were due when the insuran~:e coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable, loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanling the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower ar.y interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage ~nsurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payme ars toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of m~ing the Loan and Borrower was required to make separately designated payments toward, the premi.~ms for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage h~suranze in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Irsurance 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 affects Borrower'~ obligation to pay interest at the rate provided in the Note. Mortgage Insurance re mburses Lender (or any eutity that purchases the Note) for certain losses it may recur if Borrower doeg not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers eval ~ate their total risk on all such insurance in force from time to time, and may enter into agreements with ocher parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions fha: are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agr.~ements may require the mortgage insurer to make payments using any source of funds that the mortgage iasurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the lbregoing, may receive (directly or indirectly) amounts that derive from (or might be cl-ara'cterized as) a portion of Borrower's payments Ibr Mortgage Insurance, tn exchange ]:'or sharing or iht difying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate o; Lender takes a share of the insurer's risk in exchange tbr a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. 470GLESBY. W04 6{WY) 1o005} Page a of 15 - Form 3051 1/01 462 (h) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance nude? the Homeowners Protection Act of 1998 or any other law. These rights may include the right tO receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to htvd the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Iasurance premimns that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall he pabt to Lender: If the Property is darcaged, such Miscellaneous Proceeds shall he applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an o~portunity to inspec~ such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall he undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agree;.nent 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 ;he restoration or repair is not economically feasible or Lender's security would he lessened, the Miscellaneous Proceeds Shall be applied to the sums secured by this Security Instrument, whether or not then Sue, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provides for in Section 2. In the event of a total :;akin~, destruction, or loss in value of the Proper~y, the Miscellaneous Proceeds shall be applied to the sums secured Dy this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial t~king, destruction, or loss in value of the Property in which the fair market value of the Property iunn,~diately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument inm~ediately before the partial taking, destruction, or loss in value, unless Borrower and £ender otherwise agree in writing, the sums secured by this Security !nst:ument shall he reduced by the amount of the Miscellaneous Proceeds multiplied by the followin;; kaction: (a) the total amount of the sums secured immediately before the partial taking, destruction, o~' loss in value divided by (h) the fair market value of the Property immediately before the part;al ;aking, destruction, or loss in value. Any balance shall De 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 innn~diately before the partial taking, destruction, or loss in value is less than the amount of the sums secureJ i~nmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender other :dsc agree in writing, the Miscellaneous Proceeds shall he applied to the sums secured by this Security Ins~rmaent whether or not the sums are then due. If the Property is abmdoned by Borrower, or if, after notice by Lender to: Borrower that the Opposing Party (as defined, in the next sentence) offers to make mi award to settle a claim for damages, Borrower fails to respond tt, Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the M scellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Securi' y Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower MiscelJaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Prc':eeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could resclt in forfeiture of the Property or other material impairment of Lender's interest in the Property or tights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action 'or proceeding to be dismissed with a ruling tha', in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's inu rest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property 'are hereby assigned and shaT l be paid to Lender. All Miscellaneous Pre ceeds that are not applied to restoration or repair of the Property shall be applied in the order provide 1 for in Section 2. 470GLESBY, g/04 ~-6{wv) iooo~ Initials: ~_~0 Page 9 of 15 Form 3051 1/01 O O00 L 463 12. Borrower Not Ri.leased; Forbearance By Lender Not a Waiver. Extension of the time for paymen[ or modification of unortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Success:,r in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest (,f Borrower or to refuse to extend time for payment or otherwise modify mnortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors ih Interest of Borrower. Any forbearance by Lender in exerci sing any right or remedy including, without l:imitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Bo~:rawer or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's c ~ligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instr4ment but does not execute the Note (a "co-signer'): ia) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrt~ment; (b) is not personally obligated to pay the sums secured by this Security Instruxnent; and (c) agrees hat Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations vith regard to the terms of this Security Instru~nent or the Note without the co-signer's consent. Subject to the provis ons of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations und~ r this Security Instrument in writing, 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 iabili'ty under this Security Instrument unless Lender agrees to such release in Writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. k~nder may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, includi ~,g, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, "be absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be' construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohib~[ed by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other lo ,an~ charges collected or to be collected in connection with the Loan exceed the permitted limits, then: ia) ~ny such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted linfih and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Bc:rrower. Lender may choose to make this refund by reducing the principal owed under the Note or b;~ making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is prgvided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower ?ill constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notici~s given 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 BorroW,:r. when 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 exp::e:bsly 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 BorroWerL'-. change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one deikgnated notice address under this Security Instrument at any one time. Any notice to Lender shall be gv!en by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Securit/:Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any a0tice required by this Security Instrument is also required under Applicable Law, the Applicable Law ;dquirement will satisfy the corresponding requirement under this Security Instrument. 470(~LESBY. W04 (~-6(WY) (0005) ., Page ~o Of ~5 Form 3051 1/01 16. Governing Law Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in tai.s Security Instrument are subject to any requirements and limitations of Applicable Law. Applicabl,.~ Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such s:lence shall not be construed as a prohibition against agreement by contract. In the event that any provisicmor clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall nc t ,affect other provisions of this Security Instrument or the Note which can be given effect without the cot Ilicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter word;'.or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this SeCurity Instrument. 18. Transfer of the ?roperty or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, bul not limited to, those beneficial interest; transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the inter t of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of th.e Property or any Interest in the Property is sold or transferred (or if Borrower ts not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender n'ay require immediate payment in full of all sums secured by this Security Instrument. However, this oPtion shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not les:; than 30 days from the date the notice is given in accordance with Section 15 within which Borrower mt. st pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the e> piration of this period, Lender may invoke any remedies permitted by this Security Instrument without farther notice or demand on Borrower. 19. Borrower's RighF to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the ri,>ht to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) iSve days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (')) 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 Borrouer: (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 exkeuses incurred in enforcing this Security Instrmnent, including, but not limited to, reasonable attorneys' f)es, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lend~r.'s interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security h~strument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check',: treasurer's check or cashier's cbeck, provided any such check is 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 secured hereby shall remain fulty effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case Of accelerati6n under Section 18. 20. Sale of Note; Ch~mge 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 notice to Borrower. A sale might rdst~lt in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due unde/: the Note and this Security Instrument and performs other mortgage loan servicing obligations under :tl~e Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there isa change of the Loan Servicer, Borrower will be gi'ven written notice of the change which will state the name and address of the new Loan Servicer, the ad:lr~ess to which payments should be made and any other information RESPA 470GLESBY. W04 Initials: (~-6(WY} 1ooo5} Page ~ gl ~5 Form 3051 1/01 o 0o0¢;1 4 6 5 470GLESBY,WO4 ~-6(WY) <ooo~ requires in connection with ~ notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servic~r:o;her than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain witi the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchase~ unless otherwise provided by the Note purchaser. Neither Borrower nor ~ender may connnence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance frith 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' tirne period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Sectic'n 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasol;ine, kerosene, other flairnnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" mq'ans federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or e ~vironmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or ~emoval action, 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 cau:ie or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to re ea;se any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do. a:i~ything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an E ~vironmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates, a condition that adversely affects the value of the Property. The preceding two sentences shall not ap[',ly to the presence, use, 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, hazardous substances in consumer products). Borrower shall promptiy give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any goveinmental or regulatory agency or private party involving the Property and any Hazardous Substance or I.,nvironmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, ~n:ludlng but not lim/ted to, any spilling, leaking, discharge, release or threat of release of any Hazardous S.]bstance, and (c) any condition caused by the presence, use or release of a HazardoUs Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or reg!datory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmenta!..,'Cl'eanup. Page 12 of 15 Initials: ~/'g~]~ Form 3051 1101 09000 1 -466 NON-UNIFORM COVENANTS. BorroWer and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to B0rxower, by which the default must be cured; and (d) that failure to cure the default on or before the d itc specified in the notice may result in acceleration of the sums secured by this Security Instrument :md sale of the Property. The notice shall further inform Borrower of the right to reinstate after accele;-ation and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in purmdng the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title eviflence. If Lender invokes tha power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in pos.,:ession of the Property, if different, in accordance with Applicable Law. Lender shall give notice oq the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its design ~e may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees (1~) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon pai.~ment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borro~ver shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instr.~ment, but only if the fee is paid to a third party for services rendered and the charging of the fee is permit, ted under Applicable Law. 24. Waivers. Borrower' releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. 470GLESBY. W04 (~-6(WY) Iooo5) Page~3of~5 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in a:ty Rider executed by Borrower and recorded with it. Witnesses: ~ ~'~z4~ (Seal) WESLEY/iq. OG L/E S'B,)( -Borrower ! (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) ~Borrower (Seal) -Borrower (Seal) -Borrower 470GLESBY. W04 II~6(WY) 100051 Page 14 of 15 Form 3051 1/01 O )o00fil STATE OF WYOMING, The foregoi.ng instrument was acknowledged before me this byWESLEY M. OGLESBY ana MARY M. OGLESBY June 9. County ss: 2004 My Commission Expires: County o! ~ State cf ~ Lincoln ~ W¥omirg ~ Notary Public 470GLESBY. W04 Page 15 of 15 Form 30.51 1/Ol ADJUSTABLE RATE RIDER (1 Year Treasury Index - Rate Caps) THIS ADJUSTABLE RA.TE RIDER is made this 9th day of June. 2004 and ~s incorporated into and shall be deemed to amend and supplement the Mortgagel Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to FIRST INTERSTATE BANK. A CORPORATION (the "Lender") of the same ti~,.te and covering the property described in the Security Instrument and located at: 134 LUPINE DRIVE.THAYNE.WY 83127 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE ~ND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE M/~XIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND I~'IONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of /1. 7500 changes in the interest rate and t~e monthly payments as follows: %. The Note provides for 4. INTEREST RATE AND I~.'~ONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on.the first day of dune 2007 and on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." MULTISTATE ADJUSTABLE RATIL RIDER - ARM 5-2 -Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fannie Mae 4-215-21B-2 ARM (~)822R (0008) Form 3Tll 1/01 470 01) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal R,eserve Board. The most recent Index figure available as of the date 45 days before each Change Date is cailed the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Chan. ges Before each Chmtge Date, the Note Holder will calculate my new interest rate by adding Two and Five / Eight~',s percentage points ( 2. 6250 % } to the Current Index. The Note Holder will then round the result of this addition to the nearest one-cig ~th of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will thf.n determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that 1 am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 6. 7500 % C~r less than 2. 7500 %. Thereafter, my interest rate will never be increased or decreas,~d on any single Change Date by more than two percentage points (2.0%) from the rate of interest I have been paying for the preceding 12 months My interest rate will never be greater than ].0.75D ) %. (E) Effective Date of Ch anges My new interest rate wil become effective on each Change Date. I will pay the amount of my new monthly payment beginning on,he first monthly payment date after the Change Date until the amount of my monthly payment changes again. (~822R (0008) Page 2 of 4 Initials: ~v~,~ O · ' Form 3111 1/01 0 000{;1. 471 (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment befo 'e the effective date of any change. The notice will include information required by law to be given to ,ne and also the title and telephone number of a person who will answer any question I may have regarding (he notice. B. TRANSFER OF THE .PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Ihstr~ment is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those 0eneficial interests transferred 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 ':o a purchaser. If all or any part of :"he Property or any Interest in the Property is sold or transferred (or if Borrower is not a natura, person and a 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 Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to bc submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that 'Lender's security will not be impaired by the loan assumption and that the risk of a breach of' any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent perm*tted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's con ~ent to the loan assumption. Lender may also require the transferee to sign an assumption agreenent that is acceptable to Lender and that obligates the transferee to keep all the promises mid agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises !he option to require immediate payment in full, Lender shall give Borrower notice of accele-:ation. The notice shall provide a period of not less than 30 days from the date the notice is givea in accordance with Section 15 within which Borrower must pay all sums secured by this Ser urity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Eeader may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. (~}~822R (00081 Initials: Page 3 of 4 Form 3111 1/01 osooot)z 4 7 2 t BY SIGNING BELOW Adjustable Rate Rider. · OGLE~SBY/ Borrower accepts and agrees to the terms and covenants contained in this (Seal) (Seal) -Borrower MAR~Y M~/~dL~S~'~J' {,J -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower :Borrower (Seal) (Seal) -Borrower -Borrower (~822R (0008) Page 4 of 4 Form 3111 1/01