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HomeMy WebLinkAbout900070Remrn TO:- WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO BANK, N.A. 900070 REOEIVED 'LINCOLN COUNTY OLERK 0[,, .![Itl !1 PH 3: 3i 1919 DOUGLAS,, 681010000 [Space Above Tiffs Lhie For Reco rtth~g 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 add 21. Certain rules regarding the usage of words used in this docmnent are also provided in Section 16. (A) "Security Instrument" ~;teans this document, which is dated JUNE 07, 2004 together with all Riders to th~ s idocument. (B) "Borrower" is CALEB gUTT AND LINDSAY R PUTT, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO BANK, N.A. Lender is a NATIONAL AS~CCIATION orga~fized and existing under tl-e laws of THE UNITED STATES 0042226704 WYOMING-Single Family-Fannie IV ae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY) Page 1 of 15 Initials: VMP MORTGAGE FORMS - (800] 521-729~ Form 3051 1/01 0 000'?0 Lender's address is P.O. 50X 10304, DES MOINES, IA 503060304 Lender is the mortgagee m~der .this Security Instrument. (D) "Note" means the promi;sory note signed by Borrower and datedJtmg 07, 2004 The Note states that Borrowt~:r owes Lender ONE HUNDRED TEN THOUSAND AND 00/100 Dollars (U.S. $ ** ** 110,000.00 : ) plus interest. Borrower has promised to pay fids debt in regular Periodic Payments and to pay the deb:t i~x full not later than JULY 01, 2034 (E) "Property" means the l:'roperty that is described below under the heading "Transfer of Rights in the Property." (Ia) "Loan" means the.debt'9'videnced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all ~m,as due under this Security hkstrument, plus interest. (G) "Riders" ~neans all Rid:m: to fids Security Instrument flint are executed by Borrower. The following Riders are to be executed by.Borrower [check box as applicable]: '['-~ ~ Second Home Rider ~ Adjustable Rate Rider Condominium Rider [--] Balloon Rider ~ Planned Unit Development Rider [--'] 1-4 Fanlily Rider ~'] VA Rider Biweekly Payment Rider [--] Other(s) [specify] (H) "Applicable Law" mean!~ all controlling applicable federal, state and local statutes, regulations, ordinances and administratNe rules and orders (that have the effect of law) as well as all applicable final, non-apPealable judicial opini ors. fl) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners' association or similar organizationl (J) "Electronic Funds Tra,~s:fer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, cmnputer, or nugnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such {erm includes, but is not limited to, point-of-sale transfers, autonmted teller nmchine transactions, tramfe::s initiated by telephone, wire transfers, and autmnated clearinghouse transfers. (K) "Escrow Ite~ns" means :hc.se items that are described in Section 3. (L) "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 cf, :the Property; (ii) condenumtion or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) nfisrepresentations of, or onfissions as to, the value and/or condition of thc Property. (M) "Mortgage Insurance" n~eans insurauce protecting Lender agaiust the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts m~der Section 3 of this Security Instrument. (O) "RESPA" means the Reial Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, RCgt,lation X (24 C.F.R. Part 3500), as they nfight be amended front time to time, or any additional or sttcc.~ssor legislation or regulation that governs the same subject matter. As used in Otis Security Instrument, 'RESPA" refers to all requirements aud restrictions that are imposed in regard to a "federally related mort1;age loan" even if the Loan does not quality as a "federally related mortgage loan" under RESPA. Initiala; 0.9000?0 513 (P) "Successor in Interest o1' Borrower" means any party that has taken title to the Property, whether or not that party has assumed Berr~Wer's obligations under the Note and/or this Security Instrmnent. TRANSFER OF RiGHTS IN THE PROPERTY This Security Instrument secvres to Lender: (i) die 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 I;Jotte. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's success:~m,; and assigns, with power of sale, the following described property located in the COUNTY '" ! of LINCOLN : [Type of Recor~'in£ Jurisdiction] [Name of Recordiog Jurisdiction] LOT 144 OF STAR VALLF.~;' RANCH PLAT 5, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. *SEE ADJUSTABLE RATE RIDER TAX STATEMENTS SHOULO BE SENT TO: 10304, DES MOINES, Ik 503060304 WELLS FARGO HOME MORTGAGE, P.O. BOX Parcel ID Number: 12-341 ~-01-2 -05-031. 29 SAGE WAY THAYNE - ("Property Address"): which currently has the address of [Streetl [City] , Wyonfing 8 312'7 [Zip Code] TOGETHER WITH ail the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be coverer~ by this Security Instrument. All of the foregoing is referred to in this Security instrument as the "P:operty." 'BORROWER COVEN~.~NTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant 'auld 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 de~nands, subject i:o iny encumbrances of record. THIS SECURITY INSTgUMENT combines uniform covenants for national use and non-uniform covenants with linfited Variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Leuder covenant and agree as follows: 1. Payment of Princi!mi:, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when du ~ the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late c/harges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Paymm(s due under die Note and this Security Instrmnent shall be nmde in U.S. currency. However, if any cbec;( or 'other instrument received by Lender as nayme/m under the Note or tiffs (~-6(WY) Iooos) i 0 9000 ?'0 514 Security Instrument is returnea to Lender unpaid, Lender nhay require that any or all subsequent payments due under the Note and this "Security Instrument be made in one or more of the following forms, as selected by Lender: (a) ca:ih: (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any' such check is drawn upon an restitution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed ;:eceived by Lender when received at the location desigmtted in the Note or at such other location as may t'e designated by Lender in accordauce 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 file Loan current. Let der may accept any payment or partial payment insufficient to bring dm Loan current, without waiver of ~ny. rights hereunder or prejudice to its rights to refuse such payment or partial payments in die future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Patment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes paymem to bring the Loan current. If Borrow:r does not do so witlfin a reasonable period of time, Lender shall either apply such funds or return diem tc Borrower. If not applied earlier, such funds will be applied to {lie outstanding principal balance under {lie Note ilmnediately prior to foreclosure. No offset or claim wltich Borrower might have now or m the f:aure against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfornfing the covemmts and agreements secured by this Security Instnunent. 2. Application of Payments or Proceeds. Except as otherwise described in fids Section 2, all payments accepted and applied by Lender shall be applied in file following'order of priority: (a) interest due under the Note; (b) pri.nclpal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Pe~io]ic Payment in the order in which it became due Any remaining amounts shall be applied first to late charges, second to any oilier a~nounts due under fltis Security Instrmnent, and then to reduce file principal ':balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Pay]nent which includes a sufficient amount to pay am, late charge due, the payment ]nay be applied to the delinquent payment and the late charge. If more that 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 file payment is applied to the full payxnent of one or more Periodic Payments, su:h.excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prep[?rr.ent charges and {lien as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to priucipal due under the Note shall not extend or postpone the due date, or change file aumunt, of rite 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 paid in full, a sum (the "Funds") to provide for payment of amorous due Ibr: (a) ta~es and assessmm~ts and other items which can attain priority over this Security Instrument as a lien or encumbrance on rte Property; (b) leasehold payntents or ground rents on the Property, if any; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any'su:ns payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accgrtance with the provisions of Section 10. These items are called "Escrow Items." At orignmtion or a any ume during the term of the Loan, Lender may require that Coumm~fity Association Dues, Fees, ard Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Esc'ow Item. Borrower shall promptly funfish to Lender all notices of amounts to be paid under this Section. Bdrrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for auy or alt Escrow Items. Lender nmy waive Borrower's obligation to pay to Lender 'Funds for any or all Escrow Iteuzs at any time. Any such waiver nmy only be in writing. In the event of s'lcl~ waiver, Borrower shall pay directly, when and wh/gr~ payable, file amounts itiali~-~ ~ o ooo ?o 515 due for any Escrow Items for.which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender recei',~ts evidencing such payment within such time period as Lender may require. Borrower's obligation to ma:r~ such paymems and to provide receipts shall for-all purposes be deemed to be a covenant and agreement contained in this Security Instrmnent, as the phrase "covenant and agreement" is used in Section 9. If Borr)wer is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the art c, unt due for an Escrow Item, Lender inay exercise its rights under Section 9 and pay such amount and B,.~;a-ower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke: 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 r~ tuired under tiffs Section 3. Lender may, at any tilne Collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time speciLed under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. LemSer shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of furore 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 BanLc~ Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lea_der shall not charge Borrower for holding and applying the Funds, a~mually analyzing the escrow accoun':, or verifying the Escrow Items, mfless Lender pays Borrower interest on file Funds and Applicable Law. p~rmits Lender to make such a charge. Unless an agreement is nuide in writing or Applicable Law requires i hterest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. I'.~ender shall give to Borrower, wiflmut charge, an ammal accounting of the Funds as required by RESPA:. If there is a surplus o~ Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held iu escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amounl necessar3 :~o make up the shortage in accordance with RESPA, but in no more than 12 tnonthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required ~y RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordav~ce with RESPA, but iu no more titan 12 monfl~ly payments. Upon payment in full cf all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held )~? Lender. 4. Charges; Liens. Dorrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property; if any, and Commmfity Association Dues, Fees, and Assessments, if any. To the extent that these items art'.Escrow Items, Borrower shall pay them in the nmnner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrmnent mdess Borrower: (a) agrees in writiag to the payment of the obligation secured by the lien in a nmnner acceptable to Lender, but only so long ~:; Borrower is perfornfing such agreement; (b) contests the lien in good lhith by, or defends against enforce:ment of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of th.~ lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures' l¥om~ the holder of the lien an agreement satisfactory to Lender subordinating file lien to this Security Instm. ment. If Lender detemfines that any part of the Property is subject to a lien which can attain priority ove'r~,this Security Instrument, Lender may give Borrower a ~mtice identifying the 516 lien. Within 10 days of the date: on wlfich that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth ab'oTe in this Section 4. Lender may require Borrcwer to pay a one-time charge tbr a real estate tax verification and/or reporting service used by Lend :r- in cmmection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against less by fire, hazards included within the term "extended coverage," and any other hazards inch;ding, but m')C. linfited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintiii~ed in the amounts (including deductible levels) and for the periods that Lender requires. What Lender'reqmres pursuant to the preceding sentences can change during the term of the Loan. The insurance carrk'r tproviding the insurauce shall be chosen by Borrower subject to Lender's right to disapprove Borrower s' choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in ~'c,]mection with this Loan, either: (a) a one-time charge ibr 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 rentappmgs or similar changes occur which reasonably ~night affect such le'.temfination or certification. Borrower shall also be responsible tbr the payment of any fees imposed by the Federal Emergency Management Agency in com~ection with the review of any flood zone detenmnation resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. ~herefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might t'm~vide greater or lesser coverage than was previously in effect. Bm'rower acknowledges that the cost of the insurance coverage so obtained nfight significantly exceed the cost of insurance that Borrower could h~tve obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date ~l" disbursement and shall be payable, with such interest, upon notice t¥om Lender to Borrower reqnesting-payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such polic~ies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additio:nal loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires; Borrower shall promptly give to Lender all receipts of paid premiums and renewal nonces. If Borrower cbt.runs any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, fl~e Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender nmy make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any ixksurance proceeds, whether or ~mt the underlying insurance was required by Lender, shall be applied to restoration or rel:'ai'r 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 insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender tnay disburse proceeds for the repairs and restoration in a stngle payment or in a series of progress payments as the work is completed. Unless an agreement ~s made in writing or Applicable Law requires interest to be paid on ~ffch i~ksurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such proceeds. Fees tbr public adjusters, or other third parties, retained by Borrower shall not be paid om Of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not .~c v~mmically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the ~ums secured by tiffs Security Instrument, whether or not then due, with ~nitials (~)~-6(WY) {O00S) Page 6 ,,f ~5 3051 1/01 the excess, it' any, paid to Borr,~er. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons th~ ?roperty, Lender may file, negotiate and settle any available insurance claim and related matters. If B~rrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to~.s.~ttle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the n~!4tce is given. In either event, or if Lender acquires tile Property under Section 22 or otherwise, Bor~o~wer hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to e.x?eed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's r:~ghts (other than the right to any refund of unearned'premiums paid by Borrower) under all insurauce '~61icies coveriug the Property, insofar as such rights are applicable to the coverage of the Property. Lend!:r~ may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under th.~ Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower ~hall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution 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, unless Lender otherwise agrees in writing, wE'ich consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are b.~)0nd Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair th'~. ~Property, alloTM the Property to deteriorate or conmfit waste on tile Property. Whether or not Bon?wer is residing in the Property, Borrower shall maintain the Property in order to prevent the Property ;~c,m deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Sectior~. 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property i~ damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are pail in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairi:lg or restoring file Property only if Lender has released proceeds for such purposes. Lender may disburse:p~'oceeds for die repairs and restoration in a single payment or in a series of progress pay.merits as the work i~: completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Property, : Borrower is not relieved of Borrower's obligation tbr the completion of such repair or restoration. Lender or its agent may :n~ake reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvemeuts on the Property. Lender shall give Borrower notice at the time of Cr prior to such an interior inspection specifying such reasonable cause. '8. Borrower's Loan Application. Borrower shall be in delhult if, during the Loan application process, Borrower or any per.~ons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or failed to provide Lende;! .with material information) in com~ection with the Loan. Material representations include, but are, 'aot limited to, representations concer~fing Borrower's occupancy of the Property as Borrower's princip~,l '~esidence. 9. Protection of Lender'., Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfomr fie covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that mig~i.t siglfificantly affect Lender's interest in tile Property and/or rights under tlxis Security Instrument (such ~s a proceeding in bankruptcy, probate, tbr condemnation or forfeiture, for enforcement of a lien which 'nay attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower t.a~,~ abandoned the Property, then Lender may do and pay tbr whatever is reasonable or appropriate to prbtect Lender's interest in die Property and rights under this Security Instrument, including protecting ..u~d/or assessing the value of d~e Property, and securing and/or repairing the Property. Lender's actions ca~ include, but are not limited to: (a) paying any stuns secured by a lien which has priority over this Sdcurity Instrument; (b) appearing in court; and (c) paying reasonable .; Pag. 7 of 1~ orm 3051 1/01 O )OOO'7'0 attorneys' fees to protect its ~n~.er~st in the Property and/or rights under fids Security Instrmnent, including its secured position in a bankruvtcy proceeding. Securing the Property includes, but is not linfited to, entering fine Property to nmke re,.Sa~rs, change locks, replace or board up doors and wiiidows, drain water I¥om pipes, elinfinate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender n~ty .:Lake action under fids Section 9, Lender does not have to do so and is not under any duty or obligation to C'o so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under fids S'iction 9. Any amounts disbursed ' 9yjLender under this Section 9 shall become additional debt of Borrower secured by this Security Instrum',mt. Th~se amounts shall bear interest at the Note rate from the date of disbursement and shall be payab!~e, with such interest, upon notice from Lender to Borrower requesting payment..~ If this Security Instrume{lt is on a leasehold, Borrower shall comply with all the provisions of d~e lease. If Borrower acquires fe6 title to the Property, the leasehold aud die fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance Il' Lender required Mortgage Insurance as a Condition of nhaking the Loan, Borrower shall pay the premiuins required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurmme coverage required by Lender ceases to be available from the mortgage insurer previously provided such insurance and Borrower was required to nmke separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivahmt to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously iu effect, from an alternate mortgage insurer selected by Lender. If su'bstantially equivalent Mortgage Insurance coverage is not available, Borrower shall continu~ to pay to Lender the amount of die separately designated payments that were due when the insurance .cO, verage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable, hms reserve in lieu of Mortgage Insurauce. Such loss reserve shall be non-refundable, notwithstandh~g ;lie fact that the Loan is ultimately paid in full, and Leuder 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 Imurance coverage (in the amouut and for the period that Lender requires) provided by. an insurer select id ' by Lender again becomes available, is obtained, and Lender requires separately designated payments' toward the prenfiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiun)s :for Mortgage Insurance, Borrower shall pay the prenfiums required to maintain Mortgage Insurancel in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any writteu agreement between Borrower and Lender providing for such terndn~tion or until ternfination is required by Applicable Law. Nothing in this Section 10 affects Borrower's c bligation to pay interest at the rate provided in the Note. Mortgage Insurance reimmrses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does noL repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. : Mortgage insurers evaluale their total risk on all such insurance in force from. time to time, and may enter into agreements with other ~arties that share or modify their risk, or reduce losses. These agreements are on terms and conditions thr. t tie satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agl'eexaents may require the mortgage insurer to nmke payments using any source of funds that the mortgage ins;ire": may have available (wlfich nmy include funds obtained fi'om Mortgage Insurance prenfiums). ' As a result of these agreeme',nts, Lender, any purchaser of the Note, another lnsurer, any reinsurer, any other entity, or any affiliat: c,f any of the foregoing, may receive (directly or indirectly) anmunts that derive from (or nfight be chart ct~rized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modit~,ii3g the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of I_ender takes a share of the insurer's risk in exchange Ibr a share of the premimns paid to the insurer, the ~trrangement is often termed "captive reinsurance." Further: (a) Any such agreemenl:s .~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 Mortg~ ge Insurance, and they will not entitle Borro~wer~o any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under tt'~e Homeowners Protection Act of 1998 or any other law. These rights may include the right to r~ia:eive certain disclosures, to request and obtain cancellation of the Mortgage h~surance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage lnsu't,ance premiums 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 be paid to~ Lender. If the Property is damage;~, such Miscellaneous Proceeds shall be applied to restoration or repair of file Property, if the restorador: or repair is economically feasible and Lender's security is not lessened. During such repair and restorat,~on period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an oppor!tunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided ~at such inspection shall be undertaken prompdy. Lender may pay for the repairs and restoration in a s~ngle disbursement or in a series of progress payments as the work is completed. Unless an agreemer'.: is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lend~r shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the :~'estoration or' repair is not economically feasible or Lender's security would be lessened, the Miscellaneous ?roceeds shall be applied to rite sums secured by this Security Instrument, whether or not then due, with ~ae excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in file order provided fc:: in Section 2. In the event of a total t~'.king, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to th~. sums secured by this Security hrstrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial toIcing, destruction, or loss in value of the Property in Milch the fair market value of the Property inunediately betbre rite partial taking, destruction, or loss in value is equal to or greater titan the amount of thc sums secured by this Security Instnunent innnediately before the partial taking, destruction, or loss in '/alue, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Insamnent shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fr~ction: (a) the total amount of the sums secured inunediately before the partial taking, destruction, Or lc',;s in vatue divided by (b) the fair nmrket value of the Property inmtediately before the partial taking, destru.:tion, or loss in value. Any balance shall be paid to Borrower. In the event of a partial tn'king, destruction, or loss in value of the Property in which the fair market value of the Property immediat~.:ly before the partial taking, destruction, or loss in value is less than file amount of die sums secured ii:imediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwis~ :agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrun"ent whether or not the sinus are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in ~.~e next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Ldnder within 30 days after the date the notice is given, Lender is authorized to collect and apply the Misceiii'aneous Proceeds either to restoration or repair of file Property or to the sums secured by t. lris Security h(:;trument, whether or not then due "Opposing Party" means the third party that owes Borrower Miscellanegus Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgtnent, could resu:'~i in tbrfeiture of the Property or other material impairment of Lender's interest in the Property or right~ under aris Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reins, tare as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes Ibrfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for danmge~,' (that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall b~ !~aid to Lender. All Miscellaneous Proceed~ that are not applied to restoration or repair of the Property shall be applied in the order provided fo':lin Section 2. (~-6(WY) (ooosl Form 3051 1/01 12. Borrower Not Relei:~sed; Forbearance By Lender Not a Waiver. Extension of the tilne for payment or modification of amortization 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 cf Borrower. Lender shall not be required to conm~ence proceedings against any Successor in [nteres[ of Borrower or to refuse to extend time for paymem or otherwise modify amortization of the sums secur,~'d by this Security Instrument by reason of any demand made by the origi~ml Borrower or any Successors in' Interest of Borrower. Any tbrbearance 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 amoums less than the amouot then due, shall not be a waiver of or preclude the exercise of any ri~;ht or remedy. 13. Joint and Several'l_ii~bility; Co-signers; Successors and Assigns Bound. Borrower covemmts and agrees that Borrower's obligations and liability shall be joiut and several. However, any Borrower who co-signs this Security Instrun.tmt but does not execute the Note (a "co-signer"): (a) is co-signing tiffs Security Instrument only to mmgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrume;~t; (b) is not personally obligated to pay the sums secured by this Security Instrmnent; and (c) agrees thC't:. Lender and any other Borrower can agree to extend, modify, forbear or make auy accommodations wi~ regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisio~ts of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under ~his Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and beuefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and li~/bility 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 suczzssors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower tees for services performed in connection with Borrower's defanlt, tbr the pt~pose of protecting Lender's iuterest in the Property aud rights Under this Security lustrument, including, but not linfited to, attorneys' tees, 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 ctmstrued as a prolfibition on the charging of such fee. Lender may not charge fees that are expressly prohibi(~l by fids Security Instrument or by Applicable Law. If the Loan is subject to ~/!.aw which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan zharges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) an51 ,such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; a~ld (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Bonower. Lender may choose to make fids refund by reducing the principal owed under the Note or by nmking 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 provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower wil?. constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices '~iiven by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice '~o Borrower in connection with fids Security Instrument shall be deemed to have been given to Borrower iWhen 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 expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designate.~ a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borro ~'er shall only report a change of address through that specified procedure. There may be only one designated notice address under fids Security Instrmnent at any one time. Any notice to Lender shall be give.r. by delivering it or by nmiling it by first class mail to Lender's address stated herein unless Lender ~l~'as designated another address by notice to Borrower. Any notice in connection with this Security )~strument shall not be deemed to have been given to Lender until actually received by Lender. If any not[ce required by this Security Instrument is also required under Applicable Law, the Applicable Law req~!firement will satisfy the corresponding requirement under this Security Instrnment. :~ Initials' ~ ~ Form 3051 1/01 (~-6(WY) 1ooo~) ~ Pao~ ~o o~ ~ ~ 16. Governing Law; Se'?erability; Rules of Construction. This Security Instrument shall be governed by federal law and'th'e law of the jurisdiction in which the Property is-located. All rights and obligations contained in this-Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable L'tw might explicitly 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 file event that any provision c'r clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not a?l'~ct other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Securiti instrument: (a) words of the masculine gender shall mean and include corresponding neuter words o',r 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 file Note and of fids Security Instalment. 18. Transfer of the Pr(q)erty or a Beneficial Interest in Borrower. As used in tiffs Section 18, "Interest in the Property" tneans any legal or beneficial interest in file Property, including, but not limited to, rinse beneficial interests tr;msferred in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent o.i! which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Pr(,perty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a l:'e:teficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may r~quire immediate payment in full of all sums secured by this Security Instrmnent. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this 0[tion, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less fl'~a:t 30 days from file date the notice is given in accordance with Section 15 within which Borrower must ~:.y all stuns secured by this Security Instrument. If Borrower fails to pay these sums prior to the expi[arion of this period, Lender nmy invoke any remedies permitted by this Security Instrument without fuft~.er notice or demand on Borrower. 19. Borrower's Right .:o Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have tim right~ tr) have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of file Property pursuant to any power of sale contained m tiffs Security Instrument; (b) mcr other period as Applicable Law nfight specify for the termination of Borrower's right to ~'einstate, or (c) entry of a judgment en~brcing this Security Instrumenc Those conditions are that Borrower:~: (a) pays Lender all sums which then would be due under this Security Instrument and file Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in entbrcing this Security Instrument, including, but not linfited to, reasonable attorneys' fees. property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender'S ,nterest in file Property and rights under this Security Instrument; and (d) takes such action as Lender nmy reasonably require to assure that Lender's interest in rite Property and rights under this Security Insti~ment, and Bm'rower's obligation to pay the sums secured by fids Security Instrument, shall continue unt hmged. Lender tnay require that Borrower pay such reinstatement SUlns and expenses in one or more of Om following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, neasurer's check or castfier's check, provided any such check is drawn upon an institution whose deposits ar: insured by a federal agency, instrumentality or entity; or (d) Electro[tic Funds Transfer. Upon reinstat%t:tent by Borrower, this Security Instrmnem and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in file case of acceleratio.h nnder Section 18. 20. Sale of Note; Chan~e of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with fids feturity Instrumen0 can be sold one or more times without prior notice to Borrower. A sale nfight resuit,lin a change in file entity (known as rite "Loan Servicer") that collects Periodic Payments due under the Note aid this Security Instrument and performs other mortgage loan servicing obligations under thc Note, this Security Instrument, and Applicable Law. There also [night be one or more changes of the Loan Servicer unrelated to a sale of file Note. If there is a change of the Loan Servicer, Borrower will be giv:,en written notice of the change which will state the name and address of the new Loan Servicer, the addre'ss (~i~-6(WY) Iooos} to which payments should be made and any other information RESPA Initials: requires in com~ection with ~ ~:otice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan serviciug obligations to Borrower will renmin witfi the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser;mfless otherwise provided by the Note purchaser. Neither Borrower nor Lender may conunence, 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 Instmmem or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Iustrument, until such Borrower or Leuder has notified the other party (with such notice given in compliance wifli the requirements of Section 15) of such alleged breach and aflbrded the other party hereto a reasonable period after fl~e giving of such notice to take corrective action If Applicable Law provides a 4me period which must elapse before certain action can be taken, that time period will be deemed to b,: reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given t,) Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportmfity to take corrective action provisions of this Section 20. 21. Hazardous Substan:es. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic t r '.~azardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoliue, kerosene, other fla~mnable or toxic petroleum products, toxic pesticides and herbicidek, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" meat~s federal laws and laws of the jurisdiction where the Property is located, that relate to health, safety or env3ronmental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or r.m2oval action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cauge or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to ret'ease any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to dol anything affecting the Property (a) that is in violation of any Enviromnental Law, (b) which creates an E~wiromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, create.~ a condition that adversely affects the value of the Property. The preceding two sentences shall not apl/ly' to the presence, use, or storage on the Property of snhall quantities of Hazardous Substances that t.re generally recognized to be appropriate to normal residential uses and to nmintenance of the Property ~i~:Cluding, but not linfited to, hazardous substances in consumer products). Borrower shall promptly f~ive Lender written notice of (a) any iuvestigation, clairol dmnand, lawsuit or other action by any gove~m~'~ental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, in:lt~ding but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Sub~:tance, and (c) m~y 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 regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance ~flecting 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 Environmental Oeanup. Initial.: ~ 0? q~i~-6(WY) ,ooo5) . Page 12 of 15 ~---~'~ ....-"l:orrn 3051 1/01 .,.,' ... 523 NON-UNIFORM cOvENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Reme, lies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any iccvenant or agreement in this Security Instrument (but not prior to acceleration under Section 111 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action reqttired to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrov,e~, by which the default must be cured; and (d) that failure to cure the default on or before the date. specified in the notice may result in acceleration of the sums secured by this Security Instrument aml tmle of the Property. The notice shall further inform Borrower of the right to reinstate after accelt'ration and the right to bring a court action to assert the no,l-existence of a default or any other defen4el of Borrower to acceleratio,~ and sale. If the default is not cured on or before the date specified in t;i~eI notice, Lender at its option nmy require immediate payment in full of all sunts secured by this Sec4rity Instrument without further demand and may invoke the power of sale and a y other remedle4 permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuin~ ~the remedies provided in this Sectiou 22, including, but not limited to, reasonable attorneys' fees and :costs of title evidence. If Lender invokes the l~oWer of sale, Lender shall give uotice of intent to foreclose to Borrower and to the person in posses:sion of the Property, if different, in accordance with Applicable Law. Lender sliall give notice of thc sale to Borrower in the manner provided iu Section 15. Lender shall publish the notice of sale, ,qn4 the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following oi~:der: (a) to all expenses of the sale, inCluding, but not limited to, reasonable attorneys' fees; (b)to all sums secured by this Security Instrument; and (c) any excess to the person or Persons legally: entitled to it. 23. Release. Upon paymerl of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower !shall pay any recordation costs. Lender nmy charge Borrower a fee for releasing this Security Instrune~itt, but only if the fee is paid to a third phrty for services rendered and the charging of the fee is permitte4 under Applicable Law. 24. Waivers. Borrowe~ releases and waives all rights uuder and by virtue of the hmnestead exemption laws of Wymning. ~ ' ' ~¥6(WY) Iooosl 1/Ol osooo"?o '. 524 BY SIGNING BELOW Porrower accepts and agrees to fl~e terms and covenants contained in tiffs Security Instrument and in anj kider executed by Borrower and recorded with it. Witnesses: CALEB PUTT (Seal) -Borrower 4 (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6{WY) 1ooo6~ eag. ~4 ot rs Form 3051 1/01 STATE OF WYOMING, LI;~COr. N The foregoing instrumert was acknowledged before me this by CJkLIgB PUTT 3.N'D LI]{I)S3,Y R PUTT 525 County ss: 9oo* My Commission Expires: JILL H. LARSON - NOTARY PUBLIC { COUNTYOF ~ STATEOF I IJNCO~N ~ WYOMING MY COMMISSlON,,,.,,.~=~..~,~XPIItES JUN..__ 1:.20, Not.~ublic (~-6G(WY) 10005} Initi Is:~.~ Page 15 of 15 Form 3051 1/01 ADJUSTABLE RATE RIDER ( 1 Year Treasury Index - Rate Caps) THIS ADJUSTABLE Po~TE RIDER is made this 7TH day of JUNE, 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security De:d (the "Security Instrument") of rite same date given by the undersigned (rite "Borrower") to secure Borrower's Adjustable Rate Note (rite "Note") to WELLS FARGO BANK, N.A. (the "Lender") of the same date and covering located at: 29 SAGE WAY, THAYNE, WY 83127 the property described in the Security Instrument and [Property Address] THE NOTE CON'[AINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BOR~:IOWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition tO the cove~mnts and agremnents made in the Security Instrument, Borrower and Lerder further covenant and agree as tbllows: A. INTEREST RATE AND iHONTHLY PAY'blENT CHANGES The Note provides for a~t i~fitial interest rate of 4.125 %. The Note provides for changes in the interest rate and tae monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A). Change Dates The interest rate I will p~[y nmy change on the first day of JULY, 2007 and on that day every 12 MON'i'HS thereafter. Each date on which my interest rate could change is' called a "Change Date." 0042226704 MULTISTATE ADJUSTABLE RA'I'E J'IlDER - ARM 5-2 -Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fanr;:ie Mae 4-2/5-2/6-2 ARM (~}~822R (0008) Form 3111 1/01 NMFL #3111 VMP MORTGAGE FORMS - (800~521-7291 (B) The Index Begimdng with the first' Cl:ange 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 1 year(s), as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days befbre each Change Date is ca;lezl 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 l'~lcte Holder will give me notice of fids choice. (C) Calculation of Char ges Before ~each Change Dat::, the NOte Holder will calculate iny new interest rate by adding TWO AND THREE-QUARTEI~'.S percentage points ( 2. 750 %) ~o the Current Index. The Note Holder will then round the result of this addition to the nearest one-eight:t of one percentage point (0.125 %). Subject to the liufits stated iu Section 4(D) below, this rounded amoant will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monfldy payment that would be sufficient to repay the unpaid principal tha~~ I am expected to owe at the Change Date iu full on the maturity date at my ' new interest rate in substantia;ly equal payments. The result of fids calculation will be file new amount of my monthly payment. (D) Li~nits on Interest Rate Changes The interest rate I am required to pay at the first Change Date Will not be greater than 6.1.25 % .:)r.less than 2.750 %. Thereafter, my interest rate will never be increased or decreased On any single Change Date by more thanT~O percentage points ( 2.000 %) from the rate of interest I have been paying tbr the preceding 12 months. My interest rate w::ll :never be greater thanl 0.125 %. (E) Effective Date of Cl, anges My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning o'a :he first monthly payment date after the Change Date until the amount of my monthly payment changes agfin. (~822R (0008) Initials Form 3111 1/01 (F) Notice of Changes The Note Holder will delive.: or mail to inea notice of any changes in my interest rate and the a~noum of my monthly payment befo:e the effective date of any change. The nonce will include intbrmation required by law to be given to me and also the title and telephone nmnber of a person who will answer any question I may have regarding 'he notice. B. TRANSFER OF TIlE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Section 18 of the Security Instrnnent is amended to read as follows: Transfer of the Prcperty or a Beueficial Interest in Borrower. As used in this Section 18, "Interest in the Property"' ~neans any legal or beneficial interest in thc Property, including, but not limited ~o, those beneficial 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 1he Property. or any Interest in the Property is sold or transferred (or if Borrower is not a natural p,~.rson and a beneficial interest in Borrower is sold or transferred) without Lender's prior wrinen consent, Lender nmy require Immediate paymem in full of all stuns secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibitec, by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be srbmitted to Lender informatim~ 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 pemfi'~.ted by Applicable Law, Lender ~nay charge a reasonable fee as a condition to Lender's com:ent to the loan assumption. Lender may also require the trausferee to sign an assumption agreement that is acceptable to Lender and that obligates, the transferee to keep all the promises a~d agreements ~nade in the Note aud in this Security Instrument. Borrower will continue t~ t,e obligated under the Note and this Security Instrmnent unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give BorroWer notice of acceleration.. The notice shall provide a period of not less than 30 days from the date the notice is give~) in accordance with Section 15 within which Borrower must pay all sums secured by tlfis Secari.}y Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Len.:ler may invoke any remedies permitted by this Security Instrument without further notice or di~mand on Borrower. (~(~822R (0008) Page 3 of 4 1 11 1/01 BY SIGNING BELOW, 'B3rrower accepts and agrees to fl~e terms and covenants contained in riffs Adjustable Rate Rider. (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) . (Seal) -Borrower -Borrower {~;822R (0008) Page 4 of 4 Form 3111 1/01 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 7TH day of dUNE, 2004 , and is incorporated into and shall be deemed to amend and suppl,nnent die Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to WELLS FARGO BANK, N.A. (die "Lender") of the same date ant covering the Property described in the Security Instrument and located at: 29 SAGE WAY, THAYNE, WY 83127 [Property Address] The Property includes, but is not, limited to, a parcel of land improved with a dwelling, together with other such parcels and certain cotmnon areas and facilities, as described inCOV~NANTS, CONDITIONS AND RESTRICTIONS (the "Declaration"). The Propmty is a part of a planned unit development known as [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the connnon areas and thcilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of 13o 'tower's interest. PUD COVENANTS. In ;ddition to the covenants and agreements nmde in the Security Instrument, Borrower and Lender further co ummnt and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under rite PUD's Constituent Documents. The "Constituent Docmnents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document wlfich creates die Owners Association; and (iii) any bydaws or other roles or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments in.p~sed pursuant to the Constituent Documents. 0042226704 MULTISTATE PUD RIDER - Single Farnil,/ - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (1~;7 a Iooo8} Page 1 of 3 ',IMP MORTGAGE FORMS - (8OO)521-7291 CF .~3150 1/01 Initials:_ 0 9000'; 0 B. Property Insurance. $o long as the Owners Association nmintains, with a generally accepted insurance career, a "master" or 'blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance covexage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision i-'t Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insur~:~ce on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance co verage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lent'~er prompt notice of any lapse in required property insurance coverage provided by the master or blanke..: policy. In the event of a distributi,')n of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to cona-aon areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be pzi,] to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whethe3 or [tot then due, with the excess, if any, paid to Borrower. C. Public Liability Insur;mce. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintti.]s a public liability insurance policy acceptable in form, amount, and extem of coverage to Lender. D. Condemnation. The moceeds of any award or claim for damages, direct or consequential, payable to Borrower in com~ect~¢ ~x with any conderm~afion or other taking of all or any part of the Property or the cmmnon areas and fhciliti es of the PUD, or for any conveyance in lieu of condelmmtion, are hereby assigned and shall be paid to Lea~ler. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided i~ Section 11. E. Lender's Prior Conse:~t. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either pzrfition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except t~r abandomnent or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminem dmnain; (ii) any amendment to any provisior of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of pfc fessional management and assuinpdon of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender inay pay them. Any amounts disbursed by Lender under flris paragraph F shall become additional debt of Borrower secured by the Security lnstrur~mt. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest fro~a the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lendec to Borrower requesting payment. (~7R (0008) Initials: ' Page 2 of 3 Form 3150 1/01 0:90O0;;0 BY SIGNING BELOW, Borrc ~ er accepts and agrees to the terms and provisimks contained in this PUD (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~7R (0008) Page 3 of 3 Form 31{50 1/01