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HomeMy WebLinkAbout900131<fir A~er Recording Remm To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P,O.Box 10423 Van Nuys, CA 91410-04~3 Prepared By: MICHELLE SALAS 900131 RECEIVED 'LINCOLN COUNTY CLERK .1' 04,1hlll~ F'tl h:0] BOO 5 5' O O [Space Above This Line For Recording Data] FAl1538M [Escrow/Closing J] MORTGAGE MIN 1000157-0003535786-8 0005511241906004 [Doc ID II $/ DEFINITIONS Words used in multiple sections c;l~ 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 w~th all Riders to this document. 01) "Borrower" is N~e~O~.AS ERICKSON AND CARISSA ERICKSON, HUSBAND AND WIFE Borrower is the mortgagor under ~'his Security Instrument. (C) "MERS" is Mortgage Electroni c Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MEltS is the mortgagee under this Si~curity Instrmnent. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS (D) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized and existing under the laws of NEW YORK Lender's address is 4500 Park Granada, Cal~'basas, CA 91302-1613 (E) "Note" means the promissory note signed by Borrower and dated JUNE 09, 2004 . The Note states that Borrower owes Lender NINETY NINE THOUSAND EI'GHT HUNDRED and 00/100 , together Dollars(U.S. $ 99,800.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the .debt in full not later than JULY 0 1, 2 019 (F) "Property" means the property 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 (08/00)(d) VMP MORTGAGE FORMS - (8oo)521-7291 CONV/VA '23~01 ' ' 06611241000000200§A' OSOOi I DOC ID #: 0005511241906004 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums Jue under this Security Instrument, plus interest. (It) "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 Balloon Rider ~ P;anned Unit Development Rider ~-] 1 ~4 Family Rider [--'] VA Rider t--]'Biweekly Payment Rider ~] Other(s) [specify] (Ir) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative niles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions.- (J) "Conununity Association E,ues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borr,3wer or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer-" means any transfer of funds, other than a transaction ohginated by check, draft, or similar paper instrumer't, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a fiuanciai institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and auto,hated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "iVliscellaneous Proceeds" means any comper[sation, settlement, award of damages, or proceeds paid by any third party (other than insurmme proceeds paid under the coverages described in Section 5) for: (i) damage to, or des[ruction of, the Property,; (ii)condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnhtion; 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 Pa)anent" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real !~state Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, RegulaliOn X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legi:;lafion 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 loan." even if the Loao does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower'~, obligations under the Note and/or this Security Instrument. TRANSFER OF RiGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and~ (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (soleiy as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the'following described property located in the COUNT3( of SUBLETTE [Type of Recording Jurist iction] [Name of Recording Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. Parcel ID Number: Wyoming 8 3110 lZip Codel 281 WESTViEW DRIVE, AFTON [Street/City] ("Prop xty Address"): (~®-6A(WY) (0005) CHL (08/00J Page 2 of 11 which currently has the address of Inltl~5 1/0~-1 DOC ID #: 00055112Zllg0600Zl TOGETHER WITH all the :~r~provemcnts now or hereafter erected on the property, and all easements, appurtenances, and fixtures now ,)r hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that 1VIERS holds only legal title to the interests granted by Borrower in this Security Instmncient, but, if necessary to comply with law or custom, MERS (as no~ninee 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, relers[ng and canceling this Security Instrument. BORROWER COVENANTS'that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and c>nvey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to ar.y encumbrances of record. THIS SECURITY INSTRI'/MENT combines uniform covenants for national use and non-uniform covenants with limited variation:; by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment oi' Principal, Ir,.terest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the pdncipa'i of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due' under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3 Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other m~tmment received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instmrmmt be made in one or more of the following forms, as selected by Lender: (a) cash: Co) money order; (c) ecl'tiffed check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed recei,ec~ by Lender when recmved at the location designated in the Note or at such other location as may be designated by Lender in accordance with Ibc notice provisions in Section 15. Lender may return any payment or parti~ payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights here,~mder or prejudice to its rights to refuse such payment or partial payments m the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied ms of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or 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 Bom,wet from making payments due under the Note and this Security Instrument or performing the covenants and ~greements secured by this Security Instrument. 2. Application of Payments; or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the-Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the oroer in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amotmts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a paymer_t from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Per! odic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any exc~:ss exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of paymems, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a. sum (the "Funds") to provide for payment of an~ounts due for: (a) taxes and assessments and other' items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the L.~an, Lender may require that Community Association Dues, Fees, and Assessments, if any, .be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lqnder waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any~ Escrow :' DOC ID #: 0005511241906004 Items at any time. Any such wai::zer; may only be in writing. In the eveut of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escr°w Items for which payment of Funds has been waived by Lender and, ff :Leader requires, shall famish to Lender receipts evidencing such payment within such time period as Lende~r may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes ]be'~ deemed to be a covenant and agreement contained in this Security Instrument, as the phrase ~covet,~an:; and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant :!olh waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights ua.d~.r Section 9 and pay such amouut and 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 stichl anmunk% that are then required under this Section 3. Lender may, at any time, co!le~;t and hold Fnnds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified unde:r Et!SPA, and Co) not to exceed the maximum amount a lender can require under RESPA. Lender shall esti~,nake the amount of ~mds due on the basis of current data and reasonable estimates of expenditures of fatu~e Escrow Items or Otherwise in accordance with Applicable Law. The Funds shall be held in gn institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lend&r is an institution whose deposits ,are so insured) or in any Federal Home Loan Bank. Lender shall apply th6 Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make st?ha charge. Unless an agreement is made in writing 'or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lenlde~ can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, w~th ~0ut charge, m! annual accounting of the Funds as required by RESPA. If there is a surplus of Fund; held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in acCordan'5e iwith RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall noti.fY Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up t)te shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower sha!l pay to Lender the amount necessary to make up the deficiency in accordance with RI~SPA, but in no more than 12 monthly payments. Upon payment in full of all. sams secured by this Security Instrument, Lender shall promptly refnnd to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Commm'Jity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borroweli shall pay them in the manner provided in Section 3. Borrower shall promptly diischarge any lien which, has priority over this Security Instrument unless BorrOwer: (a) agrees 'in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Bom)wet is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the ~'ien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while th6se proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder o~' tke lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender d,i:te;cmines that any part of the Property is subject to a lien which can attain priority over this Security Instrumgnt, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that. notice ix given, Borrower Shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrow':r !to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connec[[ioii with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fi(e, hazards included within the term "extended coverage," and any other hazards including, but not limit:d ', to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in. the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires purSuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing, the insurance shall be chosen by Borrower subject to Lender's right to disapprove BorroweFs choice, whic~ right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Lgan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a onedime charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Bc'rrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Managemenl Agency in connection with the review of any flood zone determination resulting from an objection by Bcrrower. If Borrower fails to maint'ain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Bo~'rower's expense. Lender is under no obligation to purchase any particular type or amount of coverage; Th;:refore, such coverage shall cover Lenderl but might or might not protect Borrower, Borrower's equity in!' the ~ Property, or the contents of the Property, against an~zard 'GILL (0fl/00)'i Page 4 Of 11' 1/01 i~)®-6A(WY) (ooos) . DOC ID #: 0005511241906004 or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. ~Mly amounts disbursed by Lender,under this Section 5 shall become additional debt of Borrower secured by this 'Security Instmment. These amounts shall bear interest at the Note rate from the date of disbursement and' :~hall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies reqt~,ired by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, sh:ifll include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss pay~.e.. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall; promptly give to Lender all recmpts of paid premiums and renewal notices. If Borrower obtains any form o¢ insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, su;:h policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional :loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceed:t, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repai;: of the Property, if the restoration or repair is economically feasible and Lender's security is not lessene& During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's sa¢~qfhction, provided that such inspection shall be undertaken prom ti Lender · ~::. . - PY. may disburse proceeds for the r;gpmrs and restoration in a single payment or in a series of progress payments as the work is completed. Unle:~s ian agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeC:s, Lender shall not be required Io pay Borrower any interest or earnings on such ,proceeds. Fees for public hdjusters or other third pames retained by Borrower shall not be paid out of the insurance proceeds and sltall be the sole obligation of Borrower. If the restoration or repair is economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negouate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claiin, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is give:;~. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covenng the Property, insofar vs such ri ghts are applicable to the coverage of the Property. Lender may use the insurance proceeds either to re3air or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or'not then due. 6. Occupancy, Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence fo.: at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consen' shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's cc ntml. 7, Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the ?roperty, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration 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 connectmn with damage to, or. tl~e taking of, the Property, Borrower shall be responsible for repmring or restoring the Property only if L,ender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in:a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Bonower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may ,inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Appiicr'~tion. Borrower shall be in default if, during the Loan application process, Borrower or any persons or eiltit~es acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, mmlead~ng, or inaccurate information or statements to Lender (or failed to provide Lender with material iv formation) in connection with the Loan. Material representations include, but are not limited to, representaticns concerning Borrower's occupancy of the Property as Borrower's principal residence. CHL (08/0~9 Page 5 of 11 (~-OA(WY) (0005) Form 3051 1101 DOC ID #: 0005511241906004 9. Protection of Lender's ]~nterest in the Property and Rights Under this Secnrity Instrument. If (a) BorroWer fails to perform the cCvehants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a: proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attmn priority over th~s Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to prom. ct. Lender's interest in the Property and rights under this Security Instrument, including protecting and/or asse,<sing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, bu! are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (1:') a~ppearing in court; and (c) paying reasouable attorneys' fees to protect its interest in the Property and/or frights under this Security Instrument, including i~s secured position in a bankruptcy proceeding. Securing die Property includes, but is not limited to, entering the Property to make repairs, change locks, replace o{ beard up doors and windows, drain water from pipes, eliminate building or other code violations or dangero.~s zonditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lent er ~loes not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liabi!ity for not taking any or all actions authorized under this Section 9, Any amounts disbursed by i,LeOder under this Section 9 shall become additional d~bt of Borrower secured by this Security Instrument. Theae {tmounts shall bear,interest at the Note rate from the date of disbursement and shall be payable, with such iUterest, upon notice from Lender to Borrower requesting payment. If this Security Instrument ~.s Cna leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title toI' th,~ Property, the leasehold and the fee title shall not merge ~mless Lender agrees to the merger in writing. : 10. Mortgage Insurance. '{f Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premium[, required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage ri~quired by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortg~ge Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent t° the cost to Borrower of the Mortgage I.asurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equiv!alent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of t!~e separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such 10ss ~reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Leander shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no lorger require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer sele,cted 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 designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to iuaintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirem,mt for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender Droviding for such termina tion or until termination is required by Applicable Law. Nothing in this Section 10 nff¢cts Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimbt~rses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay :the Loan as agreed. Borrower is not a party to the Mortgage ~nsuranc¢. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other partil~s that share or modify their risk, or reduce losses. These agreements are un terms and conditions that are s~ltis~actory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may irequire the mortgage insurer to make payments using any source of funds that the mortgage insurer may h'avc available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreer~:en,.s, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized ~m) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share o~' the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agree~nents ~,ill not affect the amounts flrat Borrower has agreed to pay for Mortgage Insurance, or any other terms of fhe Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~)~-6A(WY) (0005) CHL (08/00~: Page 6 of 11 DOC ID #: 0005511241906004 (b) Any such agreements 'will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Itomeowners Protection Act of 1998 or any other law. These rights may include the right to receive ce::'tain 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 premiums i,hat were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to ~nder. If the Property is damaged, ;)uph Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repff, r is economically feasible and Lender's security is not lessened. During such repair and restorauon period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender may pay for the repairs and restoration in a single disbursement or in a series of progress paymenLs as the work is completed. Unless an agreement is made in writing or Applicable La? requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasiblS or Lender's security would be lessened, the Miscellaneous Proceeds shall be'applied to the sums secured bx' this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellangous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums securect by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking,'destmction, or loss in value of the Property in which the fair market value of the Property immediately befo~¢'e the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured b', this Security Instrument immediately before the partial taking, destruction, or loss in value, unless BorrowerI and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums ~eCured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market valneiof the Property immediately before the partial taking, destruction, or loss in value Any balance shall be paid t;~ Borrower. In the event of a partial takin, g, destruction, or loss in value of the Property in which the fair market value of the Property immediately befo/'e the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandonec by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (tis defined in the next sente:'~ce) offers to make an award to settle a claim for damages, Borrower fails .to respond to Lender wi thin 30' days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds eithd~r to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or ilot then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the pa':ty against whom Borrower has a fight of action in regard to Miscellaneous Proceeds. Borrower shall be in defaul~ 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 this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as providei,l in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights uhder this Security Instrument The proceeds of any award or claim for damages that are attributable to the'impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that, are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 12. Borrower Not Releas{'~;d; 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 Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borro¢,er. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower~r .to refuse to extend time for payment or otherwise modify amortization of. the sums secured by this Security'Inktmment by reason of any demand made by the original Borrower or any Successors in Interest of Borrowe'r. Any forbearance by Lender in exercising any right or 'remedy including, without limitation, Lender's acce[!tance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than.~he amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liab',flity; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations ~and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument ~?m does not execute the Note (a "co-signer"): (a) is co-signing this Security (~di~A(WY) (0005) CHL (08/00) i ! Page 7 of 11 i' 0:9001 1 ......t DOC ID ~: 0005511241906004 Instrument only to mortgage, grmt and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not l{er;~onally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any~. other Borrower can agree to extend, modify, forbear or make any accommodations with regard tc the terms of this Security Instrument or the Note without the co-signer's consem. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrowers obhgations under this Security Inst['ument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Secu)ity Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security i~,nstmment unless Lender agrees to such release in writing. The covenants and agreements of this Secufi ty Instrament shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lend:er ,may charge Borrower fees for services performed in connection with Borrower's default, for the pur'po~e of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees. property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to BOrrower shall not be construed;as: 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 charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any st:'ch~ loan charge shall be reduced by the mount necessary to reduce the charge to the permitted limit; and (b) av,.y sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lend& may choose to make this refund by reducing the principal owed under the Note or by making a direct paymeqt to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any [prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acc~:ptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of t, ction Borrower might have arising out of such overcharge. 15. Notices. All notices .gi",,en by Borrower or Lender in connection with this Security Instrument must be in writing. Any not,ce to Bc'rrower in connection with this Security Instrument shall be deemed to have been given to Borrower when ,mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The nonce address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change ol address, If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only ~ceport a change of address through that specified procedure. There may be only one designated notice addr~:ss.under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by 'lotice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender un til actually received by Lender. If any notice required by this Security Instrument is also 'recuired under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of ,the, jurisdiction in which the Property is located. All rights and obligations contained in this Security InsUhment are subject to any requirements and limitations of Applicable Law Apphcable Law m~ght exphc~tly o: ~mphcitly allow the parties to agree by contract or it might be silent, but such silence shall not be consirurd as a prohibition against agreement by contract. In the event that any provision or clause of this Secufi ty Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of Ihis Security Instrument or the Note which can be given effect without the conflicting provision. , As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular, shall mean and include the plural and vice versa; and (c).the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. BorroWer shah be given one copy of the Note and of this Security Instrument. 18. Transfer of the Prope~.ty or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means avy legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which i,,. lhe transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) withoul Lender's prior written consent, Lender may require iiamediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date Ihe notice is given in accordance with Section 15 within which Borrower must pa~t all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration o;~ this period, Lender may invoke any remedies permitted by this Securi[y Instrument without further notic,;~ or demand on Borrower. ~~'"~}C Inl (~-6A(WY) (oo05) Page 8 of 11 ~orl~ 3051 1/01 CHL (08/0fl~) {', DOC ID #: 0005511241906004 19. Borrower's Right to Reinstate After Acceleration, If Borrower meets certain conditions, Borrower shall have the right to have enf&cement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before s~le of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period.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 surcas which~'then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cd[es any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Secu?ity Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuatior"fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under t'i[is Security Instrument; and (d) takes snch action as Lender may reasonably require to assure that Lender's rinterest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the roms secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; ("7) money order; (c) certified check, bank check, treasurer's cheek or cashier's check, provided any such check i~, drawn upon an restitution 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 secm:ed hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate st:fall not apply in the case of accel eration under Section 18. 20. Sale of Note; Change 01~~ Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Securitylfnstrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Secu.~ty Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrumen :i and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change whic) will state the name and address of the new Loan Servicer, the address to wh;ch payments should be mad~ and any other mfommtmn RESPA reqmres m connectmn w~th a notice of transfer of servicing. If the Note :il; sold and thereafler the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing 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 unless otherwise provided by the Note purchaser. ~ Neither Borrower nor Lend~.r may commence, join, or be joined to any judicial action (as either an individual litigant or the member Of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportmfity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity~, to take corrective action provisions of this Section 20. 21. Hazardous Substances.~ As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous s¢bstances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, qther flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials cbntaining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means fed~tal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmen.:~l protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause)contribute tn, or otherwise trigger an Environmental Cleanup. Borrower shall not cause cir permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to tel ease any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anythin~ 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 tl:'.a~ adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, ~ae, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residen rial uses and to maintenance of the Property (including, but not limited to, ha%ardous substances ~n consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by auy governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, Co) any Environmental Condition, including but not lin:)ted 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 valui~ of the Property. If Borrower learns, or ~s notified by any governmental or regulatory authority, or any privat? party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary~ Borrower shall promptly take all necessary remedial actions in accordance with Environmen tat Law. Nothing hereiu shall create any obligation on Lender for an Environmental Cleanup. (~I®-6A(WY) (0005) CHL (08/00)~' Page 9 of 11 ,~' ~.~l~orm 3051 1/01 ,., .... 732 DOC ID #: 000551124190600~ NON-UNIFORM COVEI~LadNTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remeqties, Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section lI~ unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from file date the notice is given to Borrower, l'y which the default must be cured; and (d) that failure to cure the default on or before the date specified in file notice may result in acceleration of the sums secured by this Security Instrument and sal~ of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration a'ntl the right to bring a court action to assert file non-existence of a default or any other defense of Borrower to.acceleration and sale. If the default is not cured on or before the date specified in the notice, Uender at its option may require immediate payment in full of all sums secured by this Security lnst[ tunent without further demand and may invoke the power of sale and any other remedies permitted by ~.pplicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence.. II' Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession i~f the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to' Borrower in the manner provided in Section 15. Lender shall publish -the notice of sale, and the Properl.:y shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the .Property at any sale. The proceeds of the sale shall be applied in the following 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 and the charging of the fee is permitted Under Applicable Law. 24. Waivers. Borrower }eleases and waives all nghts under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any. Rider executed by Borrower and recorded with it. Witnesses: NICHOLAS ~ (Seal) (Seal) C~SSA ERICKSO~ -Borrower (Seal) -Borrower (Seal) II~-6A(WY) (ooo§) CH L (08/1~ D) .Page 10 of 11 Form 3051 1/01 7o3 STATE OF WYOMING, The foregoing instrument was acknowledged before me this by Nicholas Erickson and Carissa Erickson DOC ID #: 0005511241906004 Linc o In County ss: 9th day of June, 2004 My Commission Expires: February 2, 2006 Notaxy Public (~)®-6A(WY) (ooos) CHL (08/0,3) Page 11 of 11 Prepared by: MICHELLE S.ALAS ,.,,.-734 COUNTRYWIDE HOME LOANS, INC. DATE: 06/09/2004 CASE #: DOC ID #: 00055112:41906004 BORROWER: NIC~{OLAS ERICKSON Branch #: 0000567 3806 DELL RANGE BLVD. UNIT B-9 CHEYENNE, WY 82009 Phone: (307)632=0194 Br Fax No.: (307)632-1874 PROPERTYADDRESS: 281 WESTVIEW DRIVE ASTON, WY 83110 LEGAL DESCRIPTION EXHIBIT A Part of Secticn 6, T31N Rll8W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: BEGINNING at a point which is N 89o35, E, 1910.56 feet from the Southwest Corner of said Section 6 and running thence N 0o25' W, 330.0 feet; thence N 89o35' E, 132.0 feet; thence S 0025` E, 330.0 feet; thence S 89035' W, 132.0 feet to the Point of Beginning. FHNVNCONV Legal Description Exhibit A 2C404-XX (04/03)(d) * 23991 * '0551 1241 9000002006A.