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HomeMy WebLinkAbout900085t~30603 (02) RETURN TO: ATTN: GMAC Mortgage Co!rp. 100 Witmer Road Horsham, PA 19044-(]963 Records Managemeat LOAN NO: 567935705 StateofWyoming 90008'5 RECEIVED 'LINCOLN COUNTY CLERK Oq ,.!tin Iq .~H lO: 13 583 [Space Above Tiffs Line For Recordiug Data] MORTGAGE FHA CaseNumber 591-095374-2-729 MIN 1000375-0567935705-6 THIS MORTGAGE("Securitylnstmment")isgivenon June 10, 2004 Joy L. Bartlett and George L. Bartlett, Wife and Husband · The Mortgagor is whose address is PO Box 3613, Alpine, WY 83128 ("Borrower"). This Security Instmmen~ is:~given to Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as nominee tbr Lender, as hereinafter defined: and Lender's successors and assigns), as beneficiary. MERS is organized and existing under the laws of Delaware, anL~ has an address and telephone number of P. O. Box 2026, Flint, MI 48501-2026, tel. (888)679-MERS. GMAC Mortgage Corporation CLender") is organized and existing under the laws of Pennsylvania address0f 100 Witmer Road, P.01 Box 963, Horsham, PA 19044 , and has an Borrower owes Lender the principal sum of One Hundred Fifty Five Thousmnd Three Hundred Six and 00/100 Dollars (U.S. $ 155,306.00 ). This debt is evidenced by Borrower's nolle d~ted the same date as this Security Instrument ("Note"), which provides for monthly Payments, with the full debt, if not paid earlier, due and payable on July 1, 2034 . This Security Instrmnent secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions m~d modifications of the Note; (b) the )ayment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) 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 nonfinee for Lender and Lender's successors and ass!gns) and to the successors and assigns of MERS, with power of sale, the following described property located in Lincoln , County, Wyoming: Lot F-2 of RSverview TownhomeS !West Addition to the town of Alpine, Lmn.coln Count_y, W_yoming~ ~ccordin~ ~o that mlat £mled Novemoer 27~ 2001 · n the O~fmce of the Lincoln Co~unty Clerk as Plat no. 188-B. which has the address of Wyoming 83128 [Zip Code] FHA WYOMING MORTGAGE- 10/95 GMACM -FMS.O285.WY 10010) Page 1 ol 7 2'i~ 504 Snake Riv~_r Drive Unit FAJ. pine [Street, City], i ("prOperty Address"); 0:900 8a ....- 58 4 TOGETHER WITH all thc improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrumm~t. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agree~,, thzt MERS holds only legal title to the interests granted by Borrower in this Security Instrument; but, if necessary to comply with law or custom, MERS. (as nominee for Lender and Lender's successors and assigns), has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing or canceling this Security Instrument. BORROWER COVENANT:i that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the P'roperty and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property agaiust all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdic:ion to constitute a uniform secur, ty instrument covering real property. UNIFORM COVENANTS. 'Borrower and Lender covenant and agree as follows: 1. Payment or' Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment of Taxes, Insurance, and Other Charges. Borrower shall include in each monthly payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (e) premiums for insurance required under Paragraph 4. In any year in which the Lender lnust pay a mortgage insurance premium to tae. Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a surf;, for the annual mortgage insurance preminm to be paid by Lender to the Secretary, or (ii) a monthly charge instead o:" a mortgage insurance premium if this Security Instrument is held by the Secretary, tn a reasonable an~ount to be det.:.~rmined by the Secretary. Except for the monthly charge by the Secretary, these ~tems are called "Escrow Items" m~d the sums paid to Lender are called "Escrow Funds." Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. ~ 2601 ~t seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA lbr unanticipated disbursements or disbursements I-efore, the Borrower's payments are available in the account may not be based on amounts due for the mortgage ins\~.rance premium. If the mnounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender' shall account to Borrower for the '=.xcess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to pay the .Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the sliortage as permitted by RESPA. The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment itexm (a);, (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosu:'e sale of the Propert'y or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments/'or items (a), (b), and (c). 3. Application o1' Payments. All payments under Paragrapbs 1 and 2 shall be applied by Lender as follows: First, to the mortgage iff mrance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead cf the monthly mortgage insurance premium; Second, to any taxes, sp,~cial assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiu~s, as required; Third, to interest due urn:er the Note; Fourth, to amortization o1: the principal of the Note; and Fifth, to late charges due.under the Note. Page 2 of 7 GMACM-FMS.0285.WY (0010) -. '- · 58-5, \ L, OAlq lqO: 56'7935'705 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insura~co. This insurance shall be maintained in the amounts and tbr the periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss:by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lenter. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favbr of, and in a form acceptable to, Lender. In the event of loss, Borrowe:' shall give Lender inm]ediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Eacl' ihsurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, ~iristead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Lender,' at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to m~y delinquent amounts applied in tile order in Paragraph 3, and then to prepayment of principal, or (b) to the restorgtion or repair of the dmnaged Property. Any application of the proceeds to the principal shall not extend or postp)x~.e the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such payme~xts. Any excess insurm~ce proceeds over an amount required to pay all outstanding indebtedness under the Note and ti: is Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5. Occupancy, PreservatiOn, Maintenance and Protection of the Property; Borrower'S Loan Application; Leaseholds. Borrower shall occupy, establish, and use tile Property as Borrower's principal residence within sixty days after the executiowof this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to oczupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless the Lende; determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall ~.otify Lender of any extenuating circumstances. Borro~ ex' shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or i~:~accurate information or statements to Lender (or failed to provide Lender with any material information) in connec:icn with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shal', comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condenmation, are hereby assigned and shall be paid to Lender to the extent of the full an~ount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the montldy payments, which are referred to iu Paragraph 2, or change the amount of such payments. Any excess proceeds o,,'er an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid t<, me entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to', the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's reques~ Borrower shall promptly furnish to Lender receipts evidencing these payments. GMACM - FMS.0285.WY {0010) Page 3 o1:7 in~,~t------~ /_~[~--"~ 586 If Borrower fails to make the'~;e payments or the payments required by Paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property; (such as a proceeding in bankruptcy, for condenmation or to enforce laws or regulations), then Lender may do~ an~d pay whatever is necessary to protect the value of tbe Property m~d Lender's rights in the Property, inch]ding p;tyment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by I:.en~ler under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. ~ese amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Lender shall b) immediately due and payable. Borrower sball promptly discbarlge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment cf the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or def(':nd~ against enforcement of the lieu in, legal proceedings which in the Lender's opinion operate to prevent the enroll'cement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinati:hg the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien whic ] may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lender may collet't fees and charges authorized by the Secretary. GMACM - FMS.0285.WY (00101 Grounds for Acceleration ~of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults, require iimned .ate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults )y failing to pay in full any monthly payment required by this Security Instrument prior to or on the due idate o'f the next monthly payment, or (ii) Borrower defaultslby: failing, for a period of thirty days, to perform any other obligations contained in this Security Instrmaem. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including section 341(d) of the Garn-St Germair.. D'epository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secret.~ry, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of tbs: Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is 'not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property, but his or her credit has not been approved in accordance with the 'eqmrements of the Secretary. (c) No Waiver. If circu:iistances occur that would permit Lender to require inwnediate payment in full, but Lender does not require su~:h payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary; In many circumstances regulations issued by the Secretary will limit Lender's rights, in the t.:ase of payment defaults, to require i~mnediate payment in full and foreclose if not paid. This Security Ir~str~ment does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary'. (e) Mortgage Not lngured. Borrower agrees that if this Security Instrument and the Note are not deternfined to be eligil:i, le for insurance under the National Housing Act within sixty (60) days from the date hereof, Lender n'w~, at its option require immediate payment in full of all sums secured by this Security Instrument. A "¢rkten statement of any authorized agent of the Secretary dated subsequent to sixty (60) days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretari~,. Page 4 of 7 Initials:~ ~ 587 LOAN NO: 567935705 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument, This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instn, ment, foreclosure costs and reasonable and customary attorney's tees and expenses properly associated with the forecl:)sure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures sh~':]l remain in effect as if Lender had not required-in'unediate payment in full. However, Lender is not requirexl to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure protleed,ings within two years inm~ediately preceding the commencement of a current foreclosure proceeding, (ii) reinsraterhent will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance BY Lender Not a Waiver. Extension of the ti.me of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate; to release the liability of the original Borrower or Borrower's successor in interest.' Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original BorroWerlor Borrower's successors in iuterest. Any forbearance by Lender in exercising any right or remedy shall not be a v,aiver of or.preclude the exercise of any right or remedy. 12. Successors and Assigns BoUnd; Joint and Several Liability; Co-Siguers. The covenants and agreements of this Security Instrument shall bihd ahd benefit the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 9(b). BorroWer's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument I/ut does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to exten.l, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without! that Borrower's consent. 13. Notices. Any notice to B:~rr0wer provided for in this Security Instrument shall be-given by delivering it or by mailing it by first class mail unl'~ss applicable law requires use of another method. The notice shall be directed to the Property Address or any other 'address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender:s address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Sec arity Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is :.located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicablh laW, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect wiihout the conflicting provision. To this end the provisions of this Security Instrument and the Note are declarell tO be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this Security Instrument. 16. Hazardous Substances. ,BorrOwer shall not cause or pernfit the presence, use, disposal, storage, Or release of any Hazardous Substances on or' in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violhtion: of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on ,the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal re~sidential uses and to maintenance of the Property. GMACM-FMS.0285.WY 10010) Page 5 of 7 Initia~ ~ ,5.8 8 Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agegcy or private party involving the Property mrd any Hazardous Substance or Environmental Law of which Borrcwer'has actual knowledge. If Borrower learns, or xs notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions m accordance with Environmental Law. As used in this Paragraph 15, "Hazardous Substances", are those substances defined as toxic or hazardous substances by Environmental Lan and the following substances: gasoline, kerosene, other flmnmable or toxic petroleum products, toxic pesticide~ and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As usec in the Paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is loeatod that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS. ]iorr,.)wer and Lender further covenant and agree as follows: 17. Assignment of Rents. Borro'wer unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrmnent, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assigrnaent and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security fustrument; (b) Lender shall be entitled to collect and receive all of the. rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lende~-'s agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its i:ights under this Paragraph 17. Lender shall not be required t9 enter upon, take control of or lnaintain the Property before or after giving notice of breach to Borrower. However, l~ender or a judicially.appointed receiver may do so at any time there is a breach. Any application of rents shall not iure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall ternfinate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure.' If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any c. ther remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the :~'emedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of ~ale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Propert/, il~ different,' in accordance with applicable law. Lender shall give notice of the sale to Borrower in the manner provided in paragraph 13, Lender shall publish the notice of sale, and the Property shall be sold in the manner prescri.~)ed 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 order: (a) to all expenses of the sale, including, but not limited to, reasonable attorney~,' fees; (b) ~o all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled toit. If the Lender's interest in this Security Instrument is held by the Secretary and the Secre[ary requires immediate payment in full under Paragraph 9', the Secretary may invoke the nonjudicial power of sal~ provided in the Single Fanfily Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et sect.) by requesting a foreclosure co~xunissioner designated under th~ Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence .,.hall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. ~ GMACM - FMS.0285.WY {0o10i Page 6 of 7 09000S- , 559 LOAN NO: S6793S70S 19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shaE pay any recordation costs. 20. Waivers. Borrower waives a;'l rights of homestead exemption in the Property and relinquishes 'all rights of curtesy and dower in the Property. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of erich such rider shall be incorporated into and shall amend and supplement the covenants m~d agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] [--]Condotninium Rider [~ Adjustable Rate Rider ~ Growing Equity Rider ~-~Plmmed Unit Development Rid~.r [~Graduated Payment Rider [--]Other(s) [specifyl BY SIGNING BELOW, Borrowermccepts and agrees to the terms contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with]t. Witnesses: -Borrower ~tlett .... r -- (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower STATE OF WYOMING, Teton County ss: by The foregoing instrument was acknowledged before me this .june 10, 2004 ,Joy h. Bartlett and Geor~ce L. Bartlett, Wife and Husband (date) (person acknowledging) My Comnfission Expires: 9-15-07 Notary Public GMACM - FM,~2fl.~i_INy (OOLO) ?iii;' ;~::-i 9:',' '~:' ::: II-IA Case Number 591-095374-2 -729 ADJUSTABLE RATE RIDER THIS ADJUSTABLE R,4TE:RIDER is made this 10th day of June , 2004 , and is incorporat.~d into and shall be deemed to amend and supplement the Mortgage, Deed of or Security Deed ("Security InstrUment") of the same date given by the undersigned ("Borrower") to secure Borrower's Note (the "Note") :o OMAC Mortgage Corporation (the "Lender") of the same da':e and covering the property described in the Security Instrument and located at: 504 Snake River Drive, Unit F-2 Alpine, WY 83128 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE liND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BO,~ROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenauts and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: 1. INTEREST RATE AND MONTHI, Y PAYMENT CHANGES (A) Change Date The interest rate may cha~ge on the first day of October, 2005 , and on that day of each succeeding year. "Change Date" means each date on which tbe interest rate could change. (B) The Index Beginning with the first Change Date, the interest rate will be based on an Index. "Index" means the weekly average yield on Unit~.d States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. "Current Index" means the most recent Index figure available 30 days before tbe Change Dale. If the Index (as defined above) is no longer available, Lender will use as a new Index any index prescribed by the Secretary (as defined in Paragraph 7(B) of the Note). Lender will give Borrower notice of the In,lex. -Index and rounding the sum ~o the nearest one-eighth of one percentage point (0.125%). LOAN NO: 567935705 FHA MULTISTATE ADJUSTABLE RATE RIDER - 10195 GMACM - FRM.0356 ~9704l 252735163 Page 1 of 3 (C) Calculation of Interest Rate Changes Before each Change Date Lender will calcnlate a new interest rate by adding a margin of Two and 75/100 percentage points ( 2. 750 %) to the Current Subject to the limits stated in Paragraph 5(D) offthe Note, this rounded amount will be the new interest rate until the next Change Date. (D) Limits on Interest Rate Changes The existing interest rate will never increase or decrease by inore than one perceutage point (1.0%) on any single Change Date. The interest rate will never be more than five percentage points (5.0%) higher or lower than the initial interest rate stated in Paragraph 2 of the Note. (E) Calculation of Payment Change If the interest rate changes, on a Change Date, Lender will calculate the amount of monthly payment of principal and interest which wo'J16, be necessary to repay the unpaid principal balance in full at the maturity date at the new interest rate thro.tgh substantially equal payments. In making such calculation, Lender will use the unpaid principal balance which would be owed on the Change Date if there had been no default in payment on the Note, reduced by the amount of any prepayments to principal. The result of this calculation will be the amount of the new monthly payn~ent of principal and interest (F) Notice of Changes Lender will give notice to Borrower of any change in the interest rate and monthly payment amount. The notice must be given at least 25 days before the new monthly payment amount is due, and must set forth (i) the date of the notice, (ii) the Change Date, (iii) the old interest rate, (iv) the new interest rate, (v) the new monthly payment amount, (vi) the Current Index and the date it was published, (vii) the method of calculating the change in monthly payment amount, and (viii) any other information which may be required by law from time to time. (G) Effective Date of Changes A new interest rate calculated in accordance with Paragraphs 5(C) and 5(D) of the Note will become effective on the Change Date. Borrower shall make a payment in the new monthly amount beginning on the first payment date which occms at least 25 days after Lender has given Borrower the notice of changes required by Paragraph 5(F) of tl?e Note. Borrower shall have no obligation to pay any increase in the monthly payment, amount calculated in ac,.'cordance With Paragraph 5(E) o~' the Note for any payment date occurring less than 25 days after Lender has given the required notice. If the monthly payment amount calculated in accordance with paragraph 5(E) of the Note decreased, but Lender failed to give timely notice of the decrease and Borrower made any monthly payment amount exceeding the payment amounts which should have been stated in a timely notice, then ~3orrower has the option to either (i) demand the return to BorroWer of any excess payment, with interest thereon at the Note rate (a rate equal to the interest rate which should have been stated in a timely notice), or (ii) request that any excess payment, with interest thereon at the Note rate, be applied as payment of principal.? Lender's obligation to return any excess payment with interest on demand is not assignable even if the Note i:g otherwise assigned before the demand for return is made. LOAN NO: 567935705 GMACM - FRNI.0356 (9705} Page 2 of 3 0 0008,5 ._592 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. (Seal) -Borrower (Seal) -Borrower LOAN NO: 567935705 GMACM - FRM.0356 19704) Page 3 of 3 IFHA Case Number 591-095374-2-729 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DIiVELOPMENT RIDER is made this 10th day of June ,2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed ("Security Instrument") of the same date given by the undersigned ("Borrower") to sect;re Borrower's Note ("Note") to GMAC Mortgage Corporation ("Lender") of the stone date and :overing the Property described in thc Security Instrument and located at: 504 Snake River Drive , -'Unit F-2 Alpine, WY 83128 [Property Address] Tbe Property Address is a part of a planned unit development ("PUD") known as: Riverview Townhomes West PUD Borrower [Name of PlaJmed Unit Developmem] COVENANTS. In addition to the covenants and agreements made in the Security Instrument, and Lender further covemmt and agree as follows: A. So long as the Owners Association (or equivalent entity holding title to conmaon areas and facilities), acting as tr.~sree for the homeowners, maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the property located in the PUD, including all improvements now existing or hereafter erected on the mortgaged premises, and such policy is satisfactory to Lender t,nd provides insurance coverage in the amounts, for the periods, and against the hazards Lender reauires, including fire and other hazards included within the term "extended coverage", and loss by flood, to the extent required by the Secretary, then: (i) Lender waives the provision in Paragraph 2 of this Security Instrument for the monthly payment to Lender of one4welfth of the yearly premium installments for hazard insurance on the Property, and (ii) Borrower's obligation ~nder Paragraph 4 of this Security Instrument to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is. provided by the Owners Associatioh policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverr~ge and of any loss occurring from a hazard. In the event of a distribution of hazard insurance preceeds in lieu of restoration or repair following a loss to the LOAN NO: 567935705 FHA MULTISTATE PLANNED UNIT DEVELOPMENT RIDER - 10195 GMACM - FRIVI.0123.PUD (97041 252735164 _ Page 1 of 2 Initials:( ~. L ,[zt ,... .... 594 Property or to the conm~on areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and sha:l be paid to Lender for application to the sums secured by this Security Instrnment, with any excess paid to the entity legally entitled thereto. Borrower promises to pay all dues and assessments imposed pursuant to the legal instruments creating and governing the PUD. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any an]ounts disbursed by Lender under this paragraph C shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice fron: Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. George ~TBartlett '~ (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 567935705 FHA MULTISTATE PLANNED UNIT DEVELOPMENT RIDER - 10195 GMACM - FRM.0123.PUD (9704) Page 2 o[ 2