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Home My WebLink About900073After Receding Remm To: COUNTRYWIDE HOME LOANS, INC. .MS' SV-79 DOCUMENT PROCESSING P.O.BOx 10423 Van Nuys, CA 91410-0423 Pr~ared By: HELENE JOHNSTON 900073 .RECEIVED LINOOLN COUNTY OLERK {IkJlW II ?H 3:3,5 BOOR ~PR P/iGL ,.. 535 [Space Above This Lhle For Recordhig Data] FA 11880 OM 0006337536806004 [Escrow/Closing #i lDoc ID #] MORTGAGE MIN 1000157-0001266917-8 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain ?rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated JUNE 09, 2004 with all Riders to this document. (B) "Borrower" is EUGENE F HOLAHAN, AND, PATRICIA A HOLAHAN, HUSBAND AND W~FE , together Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Elco. tronic Registration Systems, Inc. MERS is a separate corporation that rs acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and exisung under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized and existing under ¢,e laws of NEW YORK Lender's address is ~, 4500 Park Granada, Cailabasas, CA 91302-1613 0g) "Note" means the promisa£ry note signed by Borrower and dated JUNE 09, 2004 . The Note states that Borrower owes Lender ONE HUNDRED SEVENTY E'I._qHT THOUSAND FOUR HUNDRED and 00/100 Dollars (U.S. $ 178,400.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay t.-m debt in full not later than JULY 01, 2024 (F) "Property" means the pr3perty that is described below under the heading "Transfer of Rights in the Property." WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Page 1 of 11 (~I®-6A(WY) (0005) CHL (08/C0,(d) VMP MORTGAGE FORMS - (800)521-7291 CONV/V^ Initials:~ ~'orm 3051 1/01 ' 2 3 9 9 1 ' DOC ID #: 0006337536806004 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sm:us due under this Security Instrument, plus interest~ (I4) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~] Adjustable Rate Rider ['..~_..~ Condominium Rider [--] Second Home Rider [-'-q Balloon Rider [-!-~ Planned Unit Development Rider [--'] 1-4 Family Rider [--] VA Rider [_--] Biweekly Payment Rider [--] Other(s) [specify] (I) "Applicable Law" mca:as all controlling applicable federal, state and local statutes, regulations, ordinances and administrativo ri'ties and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opiniohs (J) "Community Association Dues, Fees, and Assessments" means 'all dues, fees, assessments and other charges that are imposed on B'~rrower or the Property by a condominium association, homeowners association or simil ar organization. (K) "Electronic Funds Traoxd'er" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrurl]ent, which is initiated through an electronic terminal, telephonic ~nstrument, computer, or magnetic tape s,i) as to order, instruct, or authorize a financial institution to debit or credit an account. Such term include:, but is not limited to, point-of-sale transfers, automated teller machine transacuons, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means tl~os~, items that are described in Section 3 (M) "Miscellaneous Proceed;W.means any compensation, settlement, award of damages, or proceeds paid by any third party (other than ~nsur~nce proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the ProFer~y; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condeqmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property, (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" mean~ the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts unJer Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage lc*an" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of-Burrower" means any party that has taken title to the Property, whether or not that party has assumed Borro~ er's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN ?HE PROPERTY This Security Instrument secure:; to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; mad (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, thc following described property located in the COUNTY of L I NCOLN : [Type of Recording Jt"risliction] [Name of Recording Jurisdiction] LOT 119 OF NORDIC RANCHES DIVISION NO. 9, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFF;~CIAL PLAT FILED OCTOBER 4, 2000 AS INSTRUMENT NO. 868754 OF THE RECORDS DF THE LINCOLN COUNTY CLERK. Parcel ID Number: 12-361 [ -26-2-00-205.00 289 BRIDAL TRAIL DRIVE, [StreeffCity] Wyoming 8 3118 ("Property Address"): [Zip Code] (~)®-6A(WY) (ooo5) CHL (08,,'00) Page 2 of 11 which currently has the address of ETNA Initials:~~ Form 3051 1/01 537 .:)9ooo'7a DOC TD #: 0006337536806004 TOGETHER WITH all tke improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures noi~, or hereafter a part of the property. All replacements and additious shall also be covered by this Security In!;'trument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower underst~hds and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instr~.ment, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successor5 and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right t~?' foreclose and sell the Property; and to take any action required of Lender including, but not limited to, reteasing and canceling this Security Instrnment. BORROWER COVENAi'4TS 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. Borr!}wer warrants and will defend generally the title to the Property against all claims and demands, subject to: any encumbrances of record. THIS SECURITY iNST~RUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrnment covering real property. UNIFORM COVENANT?;. Borrower and Lender covenant and agree as follows: 1. Payment of Principal,;iInterest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due '~tnder the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due undi:r the Note and this Security Instrument shall be made in U.S. currency. However, if any check or othe~ instrument received by Lender as payment under the Note or this Security Instrument is returned to Lend'e~r unpaid, Lender may require that any or all subsequent payments due under the Note and this Security InsCument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) ~ertified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an ~stitution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds '~¥ansfer. Payments are deemed reo~ived by Lender when received at the location designated in the Note or at such other location as may be desigr~ated by Lender in accordance with the notice provisions m Section 15. Lender may return any payment or p~'i'tial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment iusufficient to bring the Loan current, wi thout waiver of any rights he:eunder 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 Payment is applied a~' of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such ,~mapplied funds until Borrower m~es payment to bring the Loan current. If Borrower does not do so with2~ a reasonable period of time, Leuder 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 in the future against Lender shall relieve Bo/rower from making payments due under the Note and this Security Instrument or performing the covenants an:~ agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Len&:: shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Not~; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in .the Order in Which it became due. Auy remaining amounts shall be applied first to late charges, second to any oth;~r amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any l~'.'~e charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Feri0dic 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 m full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such exce,g~ may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment :harges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall no! extend or postpoae the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and otl~,.r items which Can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance requind 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.' )f Section 10. These items are called "Escrow Items." At origination or at any time during the term of the 'Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnis 5 to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for EscrOw Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender (~II®-6A(WY) (0005) CHL waive Borrower's obligation to pay lo Lender Funds for any o~r all Escrow Page 3 of 11 Form 3051 1/01 538 DOC ID #: 0006337536806004 Items at any time. Any such wmver may only be in writing. In the event of such wmver, Borrower shall pay directly, when and where paya.~le, the mounts due for any Escrow Items for which payment of Funds has been waived by Lender and, iflLender requires, shall furnish to Lender receipts evidencing such payment within such time period as Len!l:r may require. Borrower's obligation to make such payments and to provide receipts shall for all purpose~ be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "cow, haut and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuan< to a waiver, and Borrower fails to pay the. amount due for an Escrow Item, Lender may exercise its rights tinder Section 9 and pay such amount aud Borrower 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 ]'ach amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in mi amount (a) sufficient to permit Lender to apply the Funds at the time specified unc'!cr RESPA, and Ct)) not to exceed the maximum amount a lender can require under RESPA. Lender shall es:imate the amount of Funds due on the basis of current data ,'md reasonable estimates of expenditures of futuJ"e Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in m 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 Eederal Hozne Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than tile time specified under RESPA. Lender shall not charg9 :Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on tile Funds and Applicable Law permits Lender to make :tach a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on tk¢ Funds, Lender shall not be required to pay Borrower any interest or eannngs on the Funds. Borrower and LcLder can agree in writing, however, that interest sh',dl be paid on the Fmlds. Lender shall give to Borrower, w*ithout charge, an annual accounting of the Funds a~s required by RESPA. If there Is a surplus of Fun'frs held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall nofffy Borrower as required by RESPA, mid Borrower shall pay to Lender the amount necessary to make up tap shortage in accordance with RESPA, but m no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESEA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with R~ESPA, but in no more than 12 monthly payments. Upon payment in full of ~11 sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Leader. 4. Charges; Liens. Borro~;,er shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attair ')riority over this Security Instrument, leasehold payments or ground rents on the Property, if any, mid Commmlity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrowe~ shall pay them in the manner provided in Section 3. Borrower shall promptly d.ischarge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in wri Ling to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while timse proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder })f the lien' an agreement satisfactory to Lender subordinating the lien to this Security Instrumeut. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instn~ment, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borro a, er to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Bo'rower 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, but not lilnitgd to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained m' the amounm (including deductible levels) and for the periods that Lender requires. What Lender requires:Fursuant to the preceding sentences can change duriug the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wl,!ich right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this L)an, either: (a) a one-time charge for flood zone detemlination, certification and tracking services; or (b) a cue-time charge for flood zone determination and certification services and subsequent charges each time ;r'~mappings or similar changes occur which reasonably might ,affect such determination or certification. Ecrrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Managemen. Agency in connection with the review of any flood zone determination resulting from an objection by E.crrower. If Borrower fails to mai~'aain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and ']orrower's expense. Lender is under no obligation to purchase any particular' type or amount of coverage. 'Ihcrefore, such coverage shall cover Lender, but might Or might not protect Borrower, Borrower's equity ia the Property, or the contents of the Property, agaln~<~4[~/[~isk' hazard (~®-6A(WY) (0005), CHL (08/0(!)i' Page 4 ofll Form 3051' 1/01 ,; , 539 Form 3051 1/01 (~}~-6A(WY) (00°5) Page 5 of 11 DOC ID #: 0006337536806004 or liability and might provide g.:~ater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurancei6overage so obtained might significantly exceed the cost of insurance that Borrower could have obtained, ?my amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by thi:; Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and "s. hall be payable, with such interest, upon notice from Lender to Borrower requesting payment.., All insurance policies req¢~{red by Lender and renewals of such Policies shall be subject to Lender's right to disapprove such policies, sh;a)l include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss pa)?e. 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 notices. If Borrower obtains any form oJ!'~.insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, sa,~ih policy shall inch]de a standard mortgage clause and shall name Lender as mortgagee and/or as an additior}',I loss payee. In the event of loss, Borr{4~Ver shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not ma)13 promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceedg, whether or not the underlying insurance was required by Lender, shall be applied to restoration or ~:ep~r of the Property, if the restoration or repair is economically feasible and Lender's security is not lessene0: During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until l,.ender 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 may disburse proceeds for the/{[pairs and restoration in a single payment or in a seres of progress payments as the work ]s completed· Unless an agreement is made In writing or Applicable Law requires interest to be paid on such insurance proceed% Lender shall not be required to pay Borrower any interest or earnings on such proceeds· Fees for public }e!djnsters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower· If the restoration or repair is not economically feasible or Lende?s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security ln'strument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall t~e.i applied in the order provided for in Section 2. if Borrower abandons thei'!?roperty, Lender may file, negotiate and settle any available insurance claim and rela~ed matters. If BorroWe? does not respond within 30 days to a notice from Lender that the insurance carrier ~has offered to settle a ct~im, then Lender may negotiate and settle the claim· The 30-day period will begin when the notice is giver'.. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby as:~;igns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exc.e, ed the amounts unp~{~id under the Note or this Security Instrument, and (b) any other of Borrower's rights. (other than the right to ar? refund of unearned premiums paid by Borrower) under all insurance policies covering'the Property, insofar :.l:; such.rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either tc' repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or. not then due. 6. Occupancy. Borrower isii~all occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execui[ion of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence: for at least one ye~ after the date of occupancy, unless Lender otherwise agrees in writing, which consem shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's ci)iltrol. 7. Preservation, Maintenance. and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the 'Froperty, alloTM 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 determined pursuant to Section 5 that repair or-restorafi!~n is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, oL' the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if I.!ender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoratiorl An a single payment or in a series of progress payments as the work is completed. If the insurance orI ~ondemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Bo[:~)wer'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:.ilnspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of ~!,( prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Appli!~cation. Borrower shall be in default if, during the Loan application process, Borrower or anY persons or ehiities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, imisleading, or inaccurate information or statements to Lender (or failed to provide Lender with material inl'ormation) in connection with the Loan. Material representations include, but are not limited to, representati~ms~ concerning Borrower's occupancy of the Property as Borrower's principal residence. : . 0.90 0 ?a · .. 540 DOC ID #: 0004337536806004 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the eoeenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest itt the Property and/or rights under this Security Instrument (such as ./al proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien whichIr~may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower trots abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to prdtect Lender's interest in the Property and rights under this Security Instrument, including protecting ' ~' ' and/or ass~,:S.~lng the value of the Property, and securing and/or repairing the Property. Lender's actions can include, bl!(are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (:bi~ appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/o~:~ ~;ights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securir~gi the Property inclndes, but is not limited to, entering the Property to make repairs, change locks, replace o~r ~board up doors and windows, drain water from pipes, eliminate building or other code violations or dangermi~s conditions, and have utilities turned on or off. Although Lender may take action tinder this Section 9, Lend~r does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no l.i~!bility for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Eender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument'. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such !~nterest, upon notice from Lender to Borrower requesting payment. If this Security Instru.ment~ il; 0n a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acqtfires fee tiile tO lhe Property, the leasehold and the fee title shall not merge unless Lender agrees to the lnerger in writing. ~ ~ 10. Mortgage Insurance.i'.'If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiun;s required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insu::aace and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mcrtgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage, Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equi.v,qlent Mortgage Insurance coverage ~s not available, Borrower shall continue to pay to Lender the amount of [.h?_. separately designated payments that were due when the insurance coverage ceased to be in effect. Lender ~i'tl accept, use and retain these payments as a non-refundable l'oss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earuings on such loss reserve. Lender can no lqager require loss reserve payments if Mortgage Insurance 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 payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately de, stagnated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums requirec to maintain Mortgage Insurance m effect, or to provide a non-refundable loss reserve, until Lender's requireme~at for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender '¢rbviding for such termination or until termination is required by Applicable Law. Nothing in this Section 10,a 'feces Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repas' the Loan as agreed Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate: their total risk on all such insurance in force from time to time, and may enter into agreemenm with other parfleq that share or modify their risk, or reduce losses· These agreements are on terms and conditions that are ,'.atisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements £aay require the mortgage insurer to make payments using any source of funds that the mortgage insurer may :rove 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 ~my of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized~as) a portion of Borrower's payments for Mortgage Insurance, m exchange for sharing or modifyiug the mortg~,ge insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a shine of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often ti:treed "captive reinsurance." Further: (a) Any such agreements wiill not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms~ot' the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, find they will not entire Borrower to any refund. i Initials: ~®-6A(WY) (0005) CHL (0fl/0(i,) Page 6 of ~ 1 Form 3051 1/01 o. oooTa 5 41 DOC ID #: 0006337536806004 (b) Any such agreement~;' will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the~Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive ~:.t.rtam disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premium~t that were unearned at the time of such cancellation or termination. 11. Assignment of Miscdlaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to l(%ender. If the Property is damaged:, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or re~:tir is economically feasible and Lender's security is not lessened. During such repair and restoration period, Le!ader shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect m'~h Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection s~.;~dl be undertaken prompdy. Lender may pay for the repairs and restoration in a single disbursement or in a s~ries of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Ii. aw reqmres interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrowe~ ~any interest or earnings on such Miscellaneous Proceeds. If the restora Iion or repair is not economically feasi:~le or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured :~,y this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscell~.fteous Proceeds shall be applied in the order provided for in Section 2. In the'event of a total tak~rig, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums settired by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. ' In the event of a partial takihg, destruction, or loss in value of the Property m which the fair market value of the Property immediately beft~re the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss m value, unless Borrowgf and Lender otherwise agree m writing, the sums-secured by this Security Instrument shall be reduced by t!~e amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before tile partial taking, destruction, or loss in value divided by Co) the fair market Value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be p~id to Borrower. In the event of a partial takiag, destruction, or loss in value of the Property in which the fair market value of the Property immediately be:[ore the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately ~efore the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writkg, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether orn3t the sums are then due. If the Property is abandon:ed by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sen;t,mce) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds eiff~er to restoration or repmr of tile Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means tile third party that owes Borrower Miscellaneous Proceeds or the [)~rty against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in def'~:tlt if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result' in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under fi. is Security Instrument. Borrower can cure such a default and, if acceleranon has occurred, reinstate as provi~:d in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgmer.t, precludes forfeiture of the Property or other material ~mpairment of Lender's interest in the Property or rigl'~ts under this Security Instrument. The proceeds of any award or claim for damages that are attributable tc the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceets that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section ~2. 12. Borrower Not Rele~¢.Sed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in h'derest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrbwer. Lender shall not be required to commence proceedings against any Successor in Interest of Borrow~.~ or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this SecuriiU~ Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borro'5¢er Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acqcptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less thOn the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. ' 13. Joint and Several Li~ I~,ility; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obliga[c, ns and liability shall be joint attd several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-sigiler"): (a) is co-signing this Security (~>-6A(WY) (000S) CHL (01t/0llJ)i Pa0e 7 of 11 Form 3051 1/01 0900073 5 DOC ID #: 0006337536806004 Instrument only to mortgage, gr{nt and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not i~b..rsonallyobligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and af)y other Borrower can agree to extend, modify, forbear or make any accommodations with regard "o~ the terms of this Security Instrument or the Note Without the co-s~gner's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this g':cSurity Instrument. Bon-ower shall not be released from Borrower's obligations and liability under this Securit}i Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Ins.mment shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lend6r 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, including 6ut not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the abi~ence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construe] ~ts a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited 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 loan ci~arges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) ~n7 sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Leto:let may choose to make this refund by reducing the principal owed under the Note or by making a direct pay'tfient to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without ¢~y prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's iacceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right. Of action Borrower might have arising out of such overcharge. 15. Notices. All notices l~iil, en by Borrower or Lender in connection with this Security Instmmem must be ~n writing. Any notice to Forrower in connection with this Security Instrument shall be deemed to have been given to Borrower whef~: mailed by first class mail or when actually delivered to Borrower's notice address if sent by other mean;. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly reqg:ires otherwise. The notice address shall be the Property Address unless Borrower has designated a sub~;titute nonce address by notice to Lender. Borrower shall pro~nptly notify Lender of Borrower's change of. address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall Only report a change of address through that specified procedure. There may be only one designated notice addx ss under this Security Instrument at any one time. Any notice to Lender shall be given 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 Security Instrument shall n c~t be deemed to have be eu given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required trader Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Seve~'ability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of [he jurisdiction in which the Property is located All rights .and obligations contained in this Security Instr'ament are subject to any requirements and limitations of Applicable Law. Applicable Law might explicilly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be con%'ued as a prohibition against agreement by contract. In the event that any provision or clause of this Secadty Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions offthis Security Instrument or the Note which can be given effect without the conflicting provision, As used in this Securit'y~Instmment: (a) words of tile masculine gender shall mean and include corresponding neuter words or'v~0rds of the feminine gender; (b) words in the singular shall mean and include the plural mid vice versa; mid 62) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Bor~'ower shall be given one copy of the Note and of this Security Instrument. 18. Transl'er of the Pr,)t,erty or a Benelicial Interest in Borrower. As used in this Section 18, "Interest in the Property" means'any legal or beneficial interest in tile Property, including, but not limited to, those beneficial interests transl,?red in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the PrOl~erty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a benefi~'~ial 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 b( exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this i:option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less th~n 30 days from the date the notice is given in accordance with Section 15 within which Borrower must Fay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration ol this pehod, Lender may invoke any remedies permitted by this Security Instrument without further notil:t; or demand on Borrower. Inltials:~ (~)®-6A(WY) (ooo5) CHL (081[!(]- Page Ii of 11 Form 3051 1/01 543 DOC ID ~: 0006337536806004 19. Borrower's Right to R[finstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcemem of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before ~;,~le of the Property pursuant to ,'my power of sale contained in this Security Instrument; (b) such other peno6, as Applicable Law might specify for the termination Of Borrower's right to reinstate; or (c) entry of a judgm.~nt enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) ceres any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Secu!fity Instrument, including, but not limited to, reasonable attorneys' fees, · ~ property inspection and valuatmt~, fees, and other fees incurred for the purpose of protecting Lender's interest ,n the Property and rights under I!l~is Security Instrument; and (d) takes such actmn as Lender may reasonably require to assure that Lender's'iinterest in the Property and rights under this Security Instrument, and Borrower's obliganon to pay the[(.,ums secured by this Security Instrumem, shall continue unchanged Lender may require that Borrower pay s'.i~ch reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (~:) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check ,~.i~ drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secu/:d hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate sh~dl not apply in the case of accelera Iion under Section 18. 20, Sale of Note; Chauge 0~ Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with thisSecunty¥~.nstmment)' '~ can be sold one or more times without prior notice to Borrower. A sale might result in a change i,~ the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Secm-!ity Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instnunen~' and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of tiaa Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made. and any other information RESPA reqmres in connection with a notice of transfer of servicing. If the Note iii~ sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortg~*ge .loan serwcing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser un less otherwise provided by the Note purchaser· ' Neither Borrower nor Lend,St may commence, join, or be joined to any judicial action (as either an individual litigant or the membm ]fa class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that tha 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 with the requirementa of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action cau be taken, that t~me period will be deemed to be reasonable for purposes of this paragraph. T%e notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of [~cceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunit~ o take corrective action provisions of this Section 20. 21. Hazardous Substances As used in this Section 21: (a) "H~ardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, o'tlaer flan~mable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials C~ntaining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means fed~,ral laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmen;~il protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal actic~fi, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause,' ~ontribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause c:~ permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release (~ny Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything 'affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental !Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition th!at adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, .u~;e, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazhrdous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any government~d or regulatory agency or private party involving the Property and any Hazardous Substance or EnvironWental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limi.ed' to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) an?~ condition caused by the presence, use or release of a Hazardous Substance which adversely affects the valu~ of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any priw;[:.'party that any removal or other remediation of any Hazardous Substance affecting the Property is necessarTi Borrower shall prompdy take all necessary remedial actions in accordance with Environmental Law. Nothin~:,,~herein;; shall create any obligation on Lender for an Environmental Cleanup. iI~)®-tiA(Wy) (ooo5) CHL (08~00)'? i' Paoe 9 of 11 Form 3051 1/01 o oooya 5 4 4 DOC ID if: 0006337536B0fi004 NON-UNIFORM COVEN'hNTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remed;.'es. Lender shah give notice to Borrower prior to acceleration following Borrower's breach of any ct)venant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) fl~e default; (b) the action requilyed to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specifie~: in the notice may result in acceleration of the sums secured by this Security Instrument and sale )1' the Property. Tile notice shall further inform Borrower of the right to reinstate after acceleration an'.] 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. Il' 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 Instrtaaent without further demand and may invoke the power of sale and any other remedies permitted by AFplicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provid,~d in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the po~v~r of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession ol ~'.he Property, if different, in accordance with Applicable Law. Lender shall give uotice of the sale t6 3orrower in the manner provided in Section 15. Lender shall publish the notice, of sale, and the Property ishall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the F'roperty at any sale. The proceeds of file sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower. shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered mid the charging of tile fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, !3orrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any P3der executed by Borrower and recorded with it. Witnesses: PATRICIA A. HOLAHAN (Seal) -Borrower (Seal) (Seal) -Borrower (Seal) -Borrower (~®-6A(WY) (ooo5) CHL (08/0£') Page 10 of 11 Form 3051 1/01 545 STATE OF WYOMING, Lincoln DOC ID #: 0006337536806004 County ss: by The foregoing instrument was acknowledged before me this 9th day of June, 2004 Eugene A. Holahan by his attorney in fact Patrici& A. Holahan, and Patricia A. Holahan My Commissionm%~n, ~Expires:tlort~tFeh ruary~,, 2 , 2006 . ~ILIC Notary Public (0005) CHL (08/0ri; Pagell ofll Initials: Form 3051 1101