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Home My WebLink About875269 LII~CO! ;",1 .... ,,.,u:,'~ / ~ CLERK 8 7 5 2 6 9el I:'!; .... ,:. ,; r::~-,, After Recording Return "Fo: WYOMING EMPLOYEES FEDERAL CREDIT UNION 2223 WARREN AVE r~DOK~%~__PR PAGE 6 5 ('{ [Space Above This Line Fer Recording Data] .......................................... Loan No: 45853 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in q Section 16. (A) "Security Instrument" means this document, which is dated August 3, 2001 , together with all Riders to this document. (B) "Borrower" is HAROLD DONAHUE, A SINGLE PERSON Borrower is the mortgagor under this Security Instrument. (C) "Lender"is WYOMING EMPLOYEES FEDERAL CREDIT UNION Lender isa A FEDERAL CREDIT UNION organized and existing under the laws of THE UNITED STATES OF AMERICA Lender's address is 2223 WARREN AVE ,. CHEYENNE, WY 82001 Lender is the mortgagee under this Security Instrument. (D) "Note"means the promissory note signed by Borrower and dated August 3, 2001 The Note states that Borrower owes Lender One Hundred Twenty Thousand Four Hundred Thirty Eight DOLLARS and Twenty Six CENTS Dollars (U.S. $ 120,438.26 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than August 1,2031 (E) "Property" means the property tl~at is descrfbed below under the heading "Transfer of Rights m the Property." (iF) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ~ Laser Forms lnc, (SOO) 446-3555 LFI#FNMA3051 1/01 (A) Page I of 13 Initials: (G) "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 Ride,' ['~ Balloon Rider ~ Planned Unit Development Rider ~ 1-4 Family Rider ~ Biweekly Payment Rider [] V.A. Rider ~ Other(s) [specify] (H) "Applicable Law" means all .controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dnes, Fees, and Assessments" means all dnes, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar mganizatign. (J) "Electronic Funds Transfer" means any transfer of funds, other than a'transaction originated by check, draft, or similar paper instrument, which is initiated througi~ an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial 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 automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (otl~er than insurance proceeds paid under the coverage~ described in SecticJn 5) ~br: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or apy part Of'the Property; (iii) conveyance in lieu of 'condemnation; or (if) misrepresentations of, "61' omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, phis (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Sgcurity Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor In Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Bo~Tower's obligations under the Note and/or this Security Instrument. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ~ Laser Forms h~c. (800) 446-3555 LFJ#FNMA3051 11Ol Page 2 of 13 Initials: ' 658 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 Lender and Lender's successors and assigns, xvith power of sale, the following described ·property located in the 'COUNTY of LINCOLN : [Type of Recording Jurisdiction) [Name of Recording Jurisdiction] Lot 1, Palls Park Subdivision, according to the official plat thereof, being part of the Nl/2 SEl/4 and the SWI/4NEll4 of Section 29, T37N, R118W, 6th P.M., Wyoming. -which currently has the address of · 110 WEST MILL CIRCLE ' [Sireetl ALPINE , Wyoming 83128 ("Property Address"): [City] [Zip Code) TOGETHER WITH all the improvmnents 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 Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for · encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering' real property. WYOMING · Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1101 Laser Forms Inc. (800) 446-3555 LFi#FNMA3051 1/01 Page 3 of 13 Initials: UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: '1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Bon'ower shall pay when due .the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the 'Note and this Security Instrument shall be made in U.S. cu,Tency. However, if any check or other instrument received by Lender as payment uoder the Note or this Security Instrument is returned to Leoder unpaid, Lender may require that any or all subsequeni payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c)' certified check, bank check, treasurer's check or cashier's 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 received by Lender when received at the locatibn designated in the Note or at such other location as may be designated by Lender in accordance with tbe notice provisions in Section l 5. Lender may return any payment or partial 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 m~y rights h'ereunder 6r prejudice to its rights to refuse such payment or partial paymeuts in the future, but Lender is not obligated to apply such payments at tile time sucli payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unappiied funds until Borrower makes payment to bring tile Loan current. Borrowei' 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 Borrower from making payments dne under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument., 2. Application of Payments Or proceeds Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be. applied in the fbllowing order of priority: (a) intei~est due under tile Note; (b) principal due under the Note; (c) amounts due under Section' ~. Such payments Shall be applied tO each Periodic Payment in the Order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Bon'ower for a delinquent Periodic Payment which includes a sufficient amount to pay'any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid m full. To the extent that any excess exists after tile 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 payments, 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 trader the Note, until the Note is paid itl fifl[, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encmnbrance 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,, ~' 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 dm'lng the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Bm'rower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pa, y Lender the Funds for Escrow Items unless Lender waives Bon'ower's obligation to pay the Funds fol' ahy or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender andl if Lender requires, shall furnish to Lender receipts evidencing such payment within such ~ime period as Lender may require. Borrower's obligation to make such payments and to WYOMING -Single Family -Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~. Form 3051 1/01 Laser Forms Inc, (800) 446-3555 LFI#FNMA3051 1/01 Page 4 of 13 initials: ,.~"//15r 0875; 69 " 660 provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise' its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender an), 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, Bm'rower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply tile Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate tile amount of Funds due on the basis of current data and reasonable estimates of expenditm'es of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Ftmds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annoally analyzing the escrow account, or verifying the Escrow Items, Unless Lender pays Borrower interest on tile Funds and Applicable I.aw permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on tile Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage'of Funds held in escrow, as defined under RESPA, Lender shall notify eon'ewer as required by RESPA, and BorroWer shall, pay to Lender tile amount necessary to make up tile 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 shall pay to Lender 'the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender, 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to tl~e Property which can attain priority over'this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To tile extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Securit7 Instrument unless eon'ewer: (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 Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal 'proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security instrument. If Le~ider determines that any part of the Property is subject to a lien which call attain · priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Bm-rower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance sball 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 Borrower's choice, which right shall not be exercised unreasonably. Lender may require eon'ewer to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or. (b) a one-time charge for flood zone determination and certification services and WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ~ Laser Forms lnc, (800) 446-3555 LFI#FNMA3051 1/01 Page 5 of 13 Initials: 0"8"7 52 69 661 subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment Of'any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. I£ Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Leuder is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liabi ity 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. Any amounts disbursed by Lender under this Section 5 shall become additional debt of . Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such ,'policies, ~hall inchide a standard mortgage clause, and shall name'Lender as mortgagee . and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Bon'ower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any' form of insurance coverage, not otherwise required by Lend'er, fbr damage to, or destruct/on of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance 'proceeds, ~vhether or not the underlying insurance was required bY Lender, shall be applied to restoration or repair' of the Property, if the restoration or repair '.is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shali have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work ]las been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. 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. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's Security would be lessened, the insurance proceeds shall be applied to the sums secured by this Secm'ity Instrument, whether or not then due, with the excess, if any, paid to Bm'rower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate 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 claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. 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 covering the Property, insofar' as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note m' this Secm'ity 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 execotion of this Security Instrument and shall continue to occupy the Property as Borro~wer's principal residence for at least one year' after tile date of occupancy, unless Lender otherwise agrees jn writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspec, tions Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on tile Property. Whether or not Borrower is residing in tile Property, Borrower shall maintain tile Property in order to prevent the Property fi'om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to WYOMING ~ Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms inc. (800)446-3555 LFI#FNMA3051 1/01 Page 6 of 13 Initials: 662. 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 connection with damage to, or the taking of, the Property, 'Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as tile work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application, Borrower shall be in default if, during tile Loan application process, Borrower or ally persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with. material informa!ion) in connection with the Loan. Material rep,'esentations include, but are not limited to, representations concerning Borrower's occupancy of the. property as Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Rights Under this Security Instrument. 'If (a) Borrower fails to.perform the covenants 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 for'feiture, fbr enforcement of a lien which may attain priority over this. Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay fbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under tbis Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument; inclnding its secured position in a bankruptcy proceeding. Securing the Property includes, but is not li~nited to, entering the Property to make repairs, change locks, replace or board tip doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, :Lender do~s not have to do so and is not tinder any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized tinder this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement an.d shall be payable, with such interest, upon notice from Lender to Borrower requesting paxment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender reqt~ired Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insnrance, BorroweF shall pay the premiums required to obtain c~verage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to' the cost to Borrower of the Mortgage Inst/rance previously in effect, fi'om all alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the 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 ef Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall WYOMING - Single Family. Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ,~ Laser Forms Inc. (800) 446-3555 L. Fi#FNMA3051 1/01 Page 7 of 13 Initials; pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force fi'om time to time, and ,nay enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insnrer may have available (which may include funds obtained fi'om Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifyifi~g the mortgage ins'urer's risk, or redttcing losses, if'such agreement provides that an affiliate of .Lender takes a share of 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 agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan, Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Auy such agreements will not affect the rights Borrower has - If an), - with respect to the Mortgage Insurance under the Ilomeowners Protectiou Act of 1.998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage. Insurance terminated automatically,. and/or to receive a rebind of any Mortgage Insurance premiums that were unearned at the time of such cancellation or terinination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds a3e hereby assigned to and shall be paid to Lender. If the Property is damagedl such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Ldnder 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 fbr the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened,' the Miscellaneous Proceeds shall be applied to the st, ms secured by this Security Instrument, whether or not then due, with the excess, if' any, paid to Borrower. Sucl~ Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total t/iking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured hy this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which tile fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of tile sums secured immediately before the partial taking, destruction, or loss in value divided, by (b) the fair market value of the Property. immediately before the partial taking, destruction,' or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the snms secured immediately before the partial taking, destruction, or loss in value, unless Borrower mid Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this WYOMING -Single Family- Fannie Mae/Freddle Mac UNIFORM INSTRUMENT Form 3051 1i01 ~'/7} Laser Forms Inc. {800) 440-3555 LFI#FNMA3051 1/01 Page 8 of 13 Initials: Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to i'estoration or repair of the Property or to the sums secured by this Secm'ity Instrument, whether or not then due. "Opposing Party" means the third party that owes Ben:ewer Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's 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 provided in Section 19, by causing tile action or procee~ling 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 under this Security Instrument. The proceeds of any award or claim for' damages that are attributable to the impairment of Lender's interest in the. Property are hereby assigned and 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 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Securiiy 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 Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or tO 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 Bor,-ower or any Successors in Interest'of Borrower. Any forbearance by Lender in exerciging any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a wgiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants arrd agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is :co-signing tbis Security Instrument only to mortgage, grant and convey the co-signer's interest in the Prope,-ty 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 can agree to extend, modify, fbrbear or make any accommodations with regard to the temls of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any SuCcessor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Bon'ower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and.liability under this Security Instrument un[ess Lender agrees to such release ill writing. The covenants and agreements of this Security Instrument st}all bind (except as provided in- Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for' services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrnment, 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 constrned as a prohibition on the charging of snch fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If'tim 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 pemlitted Ii,nits, then: (a) any such loan charge shall be reduced by tile amonnt necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refilnded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a retired reduces principal, the reduction will be h'eated as a partial prepayment without any prepaymen.t charge (whether or uot a prepayment charge is provided for under WYOMING -Single Family- Fannie Mae/Freddle Mac UNIFORM INSTRUMENT Form 305~ 1/01 ~ Laser Forms Inc. (800) 446-3555 LFI#FNMA3051 1/Ol Page 9 of '~3 Initials: tire Note). Bormwei's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Bon'ower or Lender in connection with this Security Instrument must be ill writing. Any notice to Borrower 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 Bon'ower's notice address if sent by. other means. Notice to an), one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Bon'ower Shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change address, then Borrower s,hall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrnment 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 uuless Lender has designa~ied another address by notice to Bon-ower. Any notice in connection with this Security. Instrument shall not be deemed to have been given: to Lender until actually received by Lender. If any notice required by this Security Instrument is a}so required under Applicable Law, the Applicable Law requirement will satisfy the con~esponding requirement'under this' Security Instrument. 16, Governing Law; Severability; Rules o1' 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 Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that ray provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this 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 shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower, As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the t~:ansfer of title by Borrower at a t'uture 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 m~d a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this ~ecurity 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 the notice is given in accordance with Section 15 within which Borrower rnust pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration, If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale 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 judgment enforcing this Security Instrument. Those condftions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incm-rext in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of pro.tecting Lender's interest in the Property and rights under this Security Ins'trument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, WYOMING -Single Family. FannleMae/Freddle Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms lnc. (800) 446-3555 LFI#FNMA3051 1/01 Page 10 ot= 13 Initials: 666 as selected by Lender: (a) cash; (b) money order; (c) certified 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. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fidly effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together witl~ this Security Instrument) 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 Security Instrument and performs other mor~:gage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. if there is a change of the Loan Servicer, Borrower wil) be given wt'itten notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other: information RESPA requires in connection with a notice of' transfer of servicing. If the Note is s0td and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing 0'bligations 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 Lender may commence, join, or be joined to any jqdicial action (as either an individual litigant or the member of a class) that arises fi'om the other party's actions pnrsuant to this Security Instrument or that alleges that the at'her party bas 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 re, quirernents of Section 15) of such alleged breach and af~brded 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 ~nust elapse before certain action can be taken, that time period will be deemed to. be reasonable for purposes of this paragraph. The notice of'acceleration and opportunity to cure given to Borrower pnrsuant 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 substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental 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 to, or otherwise trigger an Environmeh)tal Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or releas~ of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, not' allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a }tazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small qnantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Eni'ironmental Condition,. including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which, adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law: Nothing herein shall create any obligation on Lender for an Environmental Cleanup. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms Inc. (S00) 446-3555 LFIW:FNMA3051 1/01 Page 11 of 13 Initials: NON-UNIFORM COVENANTS. Bm~ower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleratiou following Borrower's breach of any covenant or agreement iu this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice sball specify: (a) the default; (b) the action required to cm'e the default; (c) a date, not less than 30 days from tbe date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before tile date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of tile Property. Tbe notice shall further inform Borrower of tile right to reiustatc after acceleration and the right to bring a court action to assert the non-existence of a default or a~y other defense of Borrower to accelei-ation and sale. It' the default is not cured on or before the date specilled in the notice, Lender at its optiou may require immediate payment iu full of all sums secured by this Security Instrument without t'urther demand and ma), invoke the power of sale and auy other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursnlng the remedies provided in tl~is Section 22, includlug, but not limited to, reasonable attorueys' fees and costs of title evidence. If Lender invokes the power of ~ale, Lender shall give notice of lntent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in tbe manner provided in Section 15. Leuder shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of. the sale shall be applied in the following order: (a) to all expenses of the sale, includiug, but not limited to, reasonable attorneys' fees; (b) to all sums secured by tbis Security Instrument; and (c)any e~cess to the person' or persons legally entitled to it. ' 23. Release. Upon payment of all sums secured by this S.ecurity'~[nstrument, 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 releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING -Single Family. Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ~ Laser Forms Inc, (800) 446-3555 ,,. LFI#FNMA3051 1/Ol Page 12 of 13 Initials: BY SIGNING BELOW, Bon'ower accepts and agrees to the terms and covenants contained m this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: HAROLD DONAHUE -Borrower (Seal) -Borrower .................... :~ ............................................................... (Seal) -Borrower (Seal) -Borrower' [Spacs I]elow This Line For Acknowledgment] '"'-~/ ,_ STATE OF WYOMING, ~ County ss: The foregoing instrument was acknowledged before me this (date) '~'"//~i /t~ [ 0/*7 byHAROLD DONAHUE, A SINGLE PERSON · ~' .o..'~\~$. !~~"~r~y hand and official ~ea] ' -'.2,~' .'~"~ '" ' '~4"/'P',.~ :- ' / / ' . .... .:: ";:.",x %,'~. {~a, ",,..' . · ':: ,? >--'"7'?' ,t~ ..: WYOMING, - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Laser Forms Inc. (800) 446-3555 LFI#FNMA3051 1/01 Page '13 of 13