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HomeMy WebLinkAbout900217Relurll To: 3465 EAST FOOTHILL BLVD:/AI-FN: DOCUHENT MANAGEMENT PASADENA. CA 91107 9 0 D 2 [ Prepared By: INDYHAC BANK. F.S.B, 7565 IRVINE CENTER DRIVEL SUITE #100 IRVINE. CA 92618 Loan Number: 3873938- LOT [Slmce Above 'Fids Line For Recordblg Dntn] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and oflmr winds are defined in Sections 3, 11, 13 18, 20 and 21. Certain rules regarding tim usage of,wcrds used in this document are also provided in Section 16. (A) "Secmily lnstrunmn{" means this documc,~t, which is dated ,June 0[. togedmr wifl~ all [alders (o titis document. (B) "Borrower" is NIGEL G~HAM BUCK AND J~DITH ELAINE BUCK ~ 1~ ~ ~e ~004 Borrower is dm mortgagor (nder tiffs Security Instrument. (C) "Lender" is INDYMAC BANK, F.S.B. ' Lender isa a federally cllartered savings bank orgauized and existing undc~ rite laws of THE UNITED STATES OF AHERIC~] WYOMING-Single Family-Fanni'O Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 0900ZI? '035 Lender's address is 155 NORTHi LAKE AVENUE PASADENA, CA 91101 ~ Lender is the mortgagee under ,:his Security Instrument. (D) "Note" means the promi?,sdry note signed by Borrower and dated June 09. 2004 The Note states that Borrowe:r~owes Lender lorry lhousand & 00/100 Dollars (U.S. $ 40. 000.00 :. ) plus interesti Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the deb~I in full not later than July 01. 2009 (E) "Property" ~neans the property that is described below under the heading "Transfer of Rights in the Property." ~ ~ (F) "Loan" means the debt e. videnced by the Note, plus interest, auy prepayment charges and late charges due under the Note, and all sums due under this Security Instruo~ent, plus interest. (G) "Riders" means all Riders to fids Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~-] Adjustable Rate Rider :--~ Condomi~fium Rider [~ Second Home Rider ~ BalloonRider '_~ Plmmed Uuit Development Rider [] 1-4 Family Rider ~ VA Rider '--~ Biweekly Payment Rider [~ Other(s) [specify] ' Lot Ri der OI) "Applicable Law" means, all controlling applicable federal, state and local statutes, regulations, ordinances and admi~fistrativ,e roles aud orders (that have the effect of law) as well as all applicable dual, non-appealable judicial opini (I) "Commuuity Associatio,h Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed cn .Borrower or the Property by a condominiun~ association, homeowners association or similar orgaaization (J) "Electronic Funds Tra::~sfer" means any transfer of funds, other than a transaction originated by clieck, draft, or similar paper instrument, which is initiated through an electronic termimd, telephonic instalment, computer, or magni,~tic tape so as to order, instruct, or authorize a fi~mncial institution to debit or credit an account. Such t':e~.n includes, but is not limited to, poiut-of-sale transfers, autonmted teller machine transactions, trans;fers 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 daurages, or proceeds paid by any third party (other than insurance proceeds paid under file coverages described in Section 5) tbr: (i) danmge to, or destruction df, :the Property; (ii) condemmadon or other taking Of all or auy part of the Property; (iii) conveyance itt li;,u Of condemnation; or (iv) nfisrepresentations of, or oinissim~s as to, the value and/or condition of fl~e P~'oPerty (M) "Mortgage Insurance" means insurance protecting Lender against file nonpayment of, or default on, the Loan. (lq) "Periodic Payment" me'ms file regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) auy amouuts uud, er Section 3 of this Security Instntment. (O) "RESPA" means the Relal !Estate Settlement.Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulatiou, Regulatiou X (24 C,F.R. Part 3500), as they might be amended from time to time, or any additimml or su':cessor legislation or regulation fl~at goverus the same subject nmtter. As used in this Security Instrmnent, '!'RIiSPA" refers to all requirements and restrictions that are imposed in regard to a "federally related m0rtg'ag loan" even if the Loan does ]lot qnalify as a "federally related mortgage loan" under RESPA. i~)~6(WY) tooo~) DDSrWY4 P~oe 2 of 16 Form 3051 1/01 o0oo2;:t.";: --, 0 3 6 (P) "Successor in Interest oi: BOrrower" means any party that has taken title to fl:~e Property, whether or not that party has assumed BO'rrolwer's obligations 'under the Note and/or this Security Instrument. TRANSFER OF RIGHTS iN; .TtyE PROPERTY This Security Instmlnent secures;to Lender: (i) the repayment or' the Loan, and all renewals, extensions and modifications of file Note; a:ad (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the'l',lote. For this purPose, Borrower does hereby mortgage, grant and convey to Lender and Leuder's successors ~nd assigns, with power of sale, the following described property located in the Couht~ of 'LINCOLN : [Type of Recording ~[urisdiclion] [Name or' Recording Jurisdiction] LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF Parcel ID Numbe~: 37182030:30?400 APN:37182030007400: Meadow R:idge A1 pi ne : ("Property Address"): which curreutly has the address of [Streetl [City] , Wyoming 83128 [zip Codel TOGETHER WITH all die improvements now or hereafter erected on the property, and all easements, appurtmmnces, and qxtures now or hereafter a part of d~e property. All replacements and additions shall also be corroded by this Security Instrument. All of the tbregoing is referred to in this Security !ustmment as die "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and: convey fl~e Property and that die Property is unencumbered, except for encumbrances of record. Bor:cower warrants and will defend generally die title to the Property against all claims and demands, subject to aay encmnbrances of record. THIS SECURITY INSTRLIMENT combines uniform covemmts Ibr uational use and non-uniform cove]rants with liufited variat:on:; by jurisdiction to constitute a mfiform security instrument covering real property. UNIFORM COVENAN'TS. Borrower and Lender c°vemmt aud agree as fullows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay wheu due tile principal of, and interest ou, the debt evidenced by the Note and any prepayment charges and late ,';ha).ges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. PaymenL( due under the Note and fids Security Instrument shall be ~mlde in U.S. currency. However, if any chSck or other instrument received by Lender as payment under file Note or this (~)~-6(WY) Iooos) Page 3 of ~5 Form 3051 1/01 DDS~WY4 Security Instniment is retum6d I::o Lender unpaid, Lender ]may require that any or all subsequent paymeuts due under the Note and thig Security Instrument be made in one or more of the following forms, as selected by Lender: Ca) cask; Cb) money order; Cc) certified check, bank check, treasurer's check or Cashier's check, provided an', s~uch check is drawn upon an institution whose deposits are insured by a federal agency, instrumental;t?, br entity; or Cd) Electronic Funds Transfer. Payments are deemed received by Lender when received at file location designated in the Note or at such other locanon as may be de!stgnated by Lender m accordance Mill the notice provisions in Section 15. Lender may return any payme, nl: or partial payment if fl~e payment or partial payments are insufficient to bring the Loan current. Lend.;~r may accept any payment or partial payment insufficient to bring the Loan current, without waiver of an:g rights hereunder or prejudice to its rights to refuse such payment or partial payments in file future, but L:ender is not obligated to apply such payments at the time such payments are accepted. If each Periodic payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied hinds. I_.ender r~my hold such mmpplied funds uutil Borrower makes payment to bring the Loan current. If Borrowel does not do so within a reasom~ble period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to file outstanding principal balance under the No:~e immediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower t¥om making payments due Under file Note and this Security Instrument or perfornfing file covenants and agreements secured by fllis Security Instnnnent. 2. Application of Pay~nents or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied bY Lender shall be applied iu rite followiug order of priority: Ca) interest due under the Note; Cb) principal due under the Note; Cc) amounts due under Section 3. Such payments shall be applied to each PeriOdic Payment in the order in which it became due. Any cema;]ting amounts shall be applied first to late cha]ges, second to any other amounts due under this Security Instrulnent, and' then to reduce the principal b~'lance of the Note. If Lender receives a pai?ntent from Borrower tbr a delinquent Periodic Payment which includes a sufficient amount to pay any lat~ charge due, the payment may be applied to the delinquent payment and the late charge. If more than cme Periodic Payment is outstanding, Lender nmy apply any payment received /Yom Borrower to the repayme, nl of the Periodic Payments if, and to file extent flint, each payment can be paid in full. To the extent tha~t any excess exists after the payment is applied to rile full payment of one or more Periodic Payments, sucl? excess may be applied to any late charges due. Vofuutary prepayments shall be applied first to any prepayment charges and then as described in rile Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under rile Note shall not extend or p.)st~one the due date; or change the amora]t, of fl~e Periodic Payments. 3. Funds for Escrow Iiems. Borrower shall pay to Lender on the day Periodic Payments are clue under the Note, until the Note is paid in full, a stun (the "Furlds") to provide tbr payment of amounts due Ibr: ca) taxes and assessments ai~d other items which can attain priority over this Security Instrument as a lien or encumbrance on the Proli~erty; Cb) leasehold payments or ground rents on rile Property, if any; Cc) prenfiums for any and all ii~surance required by Lender uoder Section 5; and Cd) Mortgage Insurance prenfiums, if any, or any suing.; payable by Borrower to Lender in lieu of rile payment of Mortgage Insurance premiums in accorda;i~ce with the provisious of Section 10. These items are called "Escrow Items." At origi~mtion or at tm3{! time during the term of file Loan, Lender ]nay require that Community Association Dues, Fees, and' A~sessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escro.w iiltem. Borrower shall prolnptly furnish to Lender all notices of anmunts to be paid under this Section. B.~nlower shall pay Lender fl~e Funds for Escrow Items unless Lender waives Borrower's obligation to pay ¢~e Funds for any or all Escrow Items. Lender nmy waive Borrower's obligation to pay to Lender FuMs 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 ' (~]~6(WY) looo51 [:)DS-WY4 Page4of15 Form 3051 1/01 due for any Escrow Items for v/hi~:h payment of Fnnds llas been waived by Lender and, if Lender requires, shall fur]fish to Lender receipt;; evidencing such payment within such nme period as Lender may require. Borrower's obligation to make such payments and [o provide receipts shall fol' all purposes be deemed to be a covenant and agreement contained inthis Security hlstrunlent, as tile phrase "covelmnt and agreement" is used in Section 9. If Borrowe:' is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the ammmt due tbr an Escrow Item, Leuder may exercise its rights under Section 9 and pay sttch amount and Bor:'ower shall then be obligated under Section 9 to repay to Lender auy such amount. Lender n~iy revoke ~e .,waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 arld, npon such revocation, Borrower shall pay to Lender all Funds, and in such anounts, titat are then required under this Section 3. Lender ~nay, at any time, col. lect and hold Funds in an anount (a) sufficient to permit Lender to apply the Funds at file time specified ulder RESPA, and (b) not to exceed file maxinmm amount a lender can require under RESPA. Lendex shall estinmte the ammmt of Funds due on file basis of current data and reasonable estimates of expenditu:res 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 (inchtdir!g Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay tlte Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying file Funds, annually analyzing file escrow account, ~r '¢erifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to nmke such a charge. Unless an agreement is tnade itt writing or Applicable Law requires interest to be paid on file Funds, Lender shall not be required to pay Borrower any interest or ear~fings on thd Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on rite Funds. Lender shall give to Borrower, without charge, an annual accounting of tile 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 fl~ere is a shortage of Funds held itl escrow, as defined uuder RESPA, Lender }hall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary t,") n:ake up the shortage in accordance wifll RESPA, but in no more than 12 monthly payments. If there is ~'. deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by I'~SPA, and Borrower shall pay to Lender file amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monflfly payments. Upon payment in full of ~dl sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Bmrower shall pay all taxes, assessments, charges, fines, and impositions attributable to flxe Property which can attain priority over this Security Instrument, leasehold payments or ground rents on file Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Esc]~ow Items, Borrower shall pay them itt the mamler provided in Section 3. Borrower shall promptly dis:harge any.lien which has priority over flits Security Instrument unless Borrower: (a) agrees in writing to;fire payment of the obligation secured by file lien in a manner acceptable to Lender, but only so lo~lg as Borrower is perfornfing such agreement; (b) contests the lien in good thith by, or defends against enforcenem of the lien in, legal proceedings which in Lender's opinion operate to prevent file enforcement of file li~n while those proceedings are pending, but only until such proceedings are concluded; or (c) secures fi'om the holder of file lien an agreement satisfactory to Lender subordinating the lien to this Security Instnnnert. If Lender determines that any part of the Property is subject to a lien which can attain priority over :ltisI Security Instrument, Lender ruay give Borrower a notice identifying the 11~6(WY) tooo61 Pag~ ~ of is DOS-WY4 Form 3051 1101 lien. Within 10 days of the da[:z 'on which that notice is given, Borrower shall satisfy rite lien or take one or more of the actious 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 Lende; in connection with fltis Loan. 5. Property Iusurance. Bgrrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included wiflfin file term "extended coverage," and any other hazards including, but nor linfited to, earthquakes and floods, tbr which Lender requires insurance. This insurance shall be maint,daed in the amonnts (including deductible levels) and for the periods that Lender requires. What Lender' requires pursuant to the preceding sentences can change during the term of d~e Loan. The insurance carri;er providing rite insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasozmbly. Lender umy require Borrower to pay, in connection with this Loan, eiflmr: (a) a one-time charge for flood zone determilmtion, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time renmppings or similar chauges occur which reasonably might affect such d;*,termination or certification. Borrower shall also be responsible for file payment of any fees imposed ~3y the Federal Emergency Mam,gement Agency in co~mection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to nmi[train any of the coverages described above, Lender nmy obtaiu insurance coverage, at Lender's option and Borrower's expense. Lender is nnder no obligation to purchase any particular type or amount of coverage. Theretbre, such coverage shall cover Lender, but might or might not protect Borrower, Borrower,s equity in rite Property, or the contents of the Property, agai~kst any risk, hazard or liability and might 'iprovide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of tile insurauce coverage so obtained might significantly exceed file cost of insurance that Borrower could bare obtained. Any amotmts disbursed by Lender nnder this Section 5 shall become additiolml debt of Bor::o:wer secured by this Security Instrument. These amounts shall bear iuterest at the Note rate front the date,o? 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, shall include a standard mortgage clause, and shall ~mme Lender as mortgagee and/or as an additional loss payee. Lender shall have file right to hold file policies and renewal certificates. If Lender reqlfires, Borrower 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 Lender, for danmge to, or destruction 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, Bor:ower shall give prompt notice to file insurance carrier and Lender. Lender may make proof of loss if not nade promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proc,.'e':ls, whether or not file underlying insurance was required by Lender, shall be applied to restoration or repa:r of the Property, if the restoration or repair is economically feasible and Lender's security is not lessen,:d. During such repair and restoration period, Lender shall liave the right to hold such insurance proceeds 'ur'.til Lender has had an opportunity to inspect such Property to ensure the work has been completed to' Iender'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 agreemeut is nmde in writing or Applicable Law requires interest to be paid onsuch insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such. p:oceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be file sole obligation of Borrower. If. the restoration or repair is not;e~onomically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to ~?'sums secured by fids Security Instrument, whether or not then due, with ~-6(WY) Iooo~) ; Pao~ 6 of 16 - I Form 3051 1/01 DDS-WY4 ..,040 (~-6{WY) (ooos) DD$-WY4 the excess, if any, paid to Bo~ro~ver. 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 nmtters. If 3orrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered t3 Settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the nolice is given, tn either event, or it' Lender acquires the Property under Section 22 or otherwise, Bo. crower 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 Secm-ity Instrument, and (b) any other of Borrower's ~'rights (other than the right to any retired of unearned premiums paid by Borrower) under all insurance p':)licies covering the Property, insofar as such rights are applicable to the coverage of the Property. Leu:let nray use the insurance proceeds either to repair or restore the Property or to pay a~nounts unpaid under the Note or this Security Instrmnent, whether or not then due. 6. Occupancy. Borrower ishall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security lustrument and shall contilme to occupy file Property as Borrower's princi;?al residence for at least one year after the date of occupancy, mfless Lender otherwise agrees in writing, :which consent shall not be um'easonably wifltheld, or mfless extenuating circulnstances exist which are be./ond Borrower's control. 7. Preservation, Mainten:mce and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair lhe' Property, allow the Property to deteriorate or conunit 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 clue to its condition. Unless it is determined pursuant to Section .5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property, if damaged to avoid thrther deterioration or damage. If insurance or condenmation proceeds are p~,idi in connection with dan~age to, or file taking of, the Property, Borrower shall be responsible fbr repairing or restoring the Property only if Lender has released proceeds tbr such purposes. Lender may disburs,~ F?oceeds tbr file repairs and restoration in a single payment or in a series of progress payments as fl'le worx is completed. If the insurance or condemuation proceeds are not sufficient to repair or restore the Propertyl Borrower is not relieved of Borrower's obligation tbr the completion of such repair or restoration. Lender or its agent may make reaso~mble 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 o~. Or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be iu defimlt if, during file Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave mate'rially false, misleading, or iru~ccurate information or statements to Lender (or failed to provide Lend=r. with material intbrmatiou) in com~ection with the Loan. Material representations 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 Untler this Security Instrument. If (a) Borrower fails to perform ~hc' cove]rants and agreements contained in fids Security Instrument, (b) there is a legal proceeding that mi~.ht:sig~fificantly affect Lender's interest in file Property and/or rights under this Security Instrument (such as:a proceeding in baukruptcy, probate, for condemnatiou or forfeiture, for enforcement of a lien which n!..ay attain priority over this Security hlstmment or to entbrce laws or regulations), or (c) Borrower h~.s abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to p~'otect Lender's interest in fl~e Property and rights under this Security Instrument, including protectiag and/or assessing the value of file 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 lieu . which has priority over this, Security Instrument; (b) appearing in court; and (c) paying reasomtble : Page 7 o~ ~s Form 3051 1/01 attorneys' fees to protect its h~terest in the Property and/or rights under this Security Instrument, including its secured position in a bat~kmptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to nmk'e repairs, change locks, replace or board up doors and windows, drain water fi'om p;pes elinfimte buildi!;~g or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender ~imy take action under this Section 9, Lender does not have to do so and is not under any duty or obligationl tr do so. It is agreed that Lender incurs no liability for not takiug any or all actions authorized under this :Section 9. Any amounts disbursed bY Lender under ~is Section 9 shall become additional debt of Borrower secured by ~is Security h~lrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, npon notice fi'om Lender to Borrower requesting payment If this Security Instnm:~m't is on a leasehold, Borrower shall comply with all the provisions of the lease. If Bo~ower acquires lee: title to the Property, the leasehold and the fee title shall not merge tufless Lender agrees to the merger in .~ritiug. 10. Mortgage Insurant:e; If Lender required Mortgage Insurance as a condition of making the Loan, Bo~ower shall pay the prmniums required to maintain the Mortgage Insurance in eft~ct. If, for any reason, the Mortgage Insurance coveral:ge required by Lender ceases to be available l?om the nmrtgage insurer that previously provided such insurance and Borrower was required to make separately desig~mted payments toward the premiu~ for .Mdrtgage Insurance, Borrower shall pay the pre,Mums required to obtain coverage substantially equivale:nt to the Mortgage Insurance previously in eflbct, at a cost substantially equivalent to ~e cost to Borrower of the Mortgage hmurance previously in eft~ct, from au altenmte mortgage i~murer selected b'y Lender. If substantially equivalent Mortgage I~urance coverage is not available, Borrower shall coL~ti~me to pay to Lender the amount of the separately desigmted payments that were due when the insurance :overage ceased to be in eft~ct. Leuder will accept, use and retain these payments as a non-refimda~le loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-reMndable,.notwithstan6]n'g the fact that the Loan is uldnuttely paid in MIl, and Lender shall not be required to pay Borrower an? fnterest or ear~fings on such loss reserve. Lender can no longer require loss reserve payments if Mortgag'~ h~surance coverage (in ~e amount and tbr the period that Lender requires) provided by an i~urer seleCted by Lender again becomes available, is obtained, and Lender requires separately desig~mted paymer, ts toward the premiunu for Mortgage Insurance. If Lender required Mortgage Insurance. as a condition of ~;king the Loan and Borrower was required to nmke separately desigmted payments toward ~e premifm¢ for Mortgage Insurance, Borrower shall pay the prenfiums required to nmintain Mortgage I~urame in effect, or to provide a non-rcMndable loss reserve,· until Lender's requirement for Mortgage Inlm~ance ends in accordance with any written agreement between Borrower and Lender providing for such te:nfimtion or until ternfi'tmtion is required by Applicable Law. Nothing iu this Section 10 affects Borrower'~ obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity fl~at purchases ~e Note) /hr certain losses it ~my incur if Borrower does ;_or repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaleate ~eir total risk on all such ixmurance in force from time to time, and may enter ·into agreements wifl~ other' pardes that share or ~nodi¢ fl~eir risk, or reduce losses. These agreements are on terms and conditions ~ha, t are satisthctory to the nmrtgage insurer and the other party (or parties) to these agreements. These agreements. ~my requir~ the mortgage insurer to nmke payments using any source of Mnds that the mortgage irmurer ~my have available (which may include fi~nds obtained I?om Mortgage h~urance prenfiums). ~. As a resnlt of ~ese agreements, Lender, any purchaser of the Note, another insurer, auy reinsurer, any other entity, or any affil',at;: of any of ~e tbregoing, may receive (directly or indirectly) amounts that derive Rom (or nfight be ch~tracterized as) a pm'tion of Borrower's payments for Mortgage Insurance, in exchange for sharing or mo~dil~ing the mortgage i~uurcr's risk, or reducing losses If such agreement provides that an affiliate of;, L.Snder takes a share of the insurer's risk in exchange IBr a share of the prenfiums paid to the i~murer: fl: e arrangement is otlen termed "captive reinsurance," Fur~er: (a) Any such agreenmnSs will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or an? c.::ther terms of the Loan. Such agreements will not increase the amonnt Borrower will owe for Morlgage Insurance, and they will not entitle Borrower to any refund. :. ~ ~ ~ . ~6{WY} 1ooo51 ~ p~ s o{ ~ 5 ' Form 3051 1/01 DOS-WY4 ; ~ ~ (b) Any such agreements will not affect the rights Borro~ver has - if any - with respect to the Mortgage Insurance under: e~ Homeowners Protection Act of 1998 or any other ia~v. These rigbis may include tbe right to :,ec'eive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have t;:~e Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage lnsur~i~ce premimns that were uuear~ed at the time of such cancellation or 'termination. 11. Assignmeut of Mi~':cellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid t~) Lender. If the Property is da~g~d,~ such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if fl~e restoration ~;~r repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have file right to hold such Miscellaneous Proceeds until Lender has had an opportu~fity to inspect such Property to ensure fl~e work has been completed to Lender's satisfaction, provided fl;at such i~pection shall be nndertaken promptly. Leuder nnty pay/bt repairs and restoration in a single disbursement or in a series of progress payments as O~e work is completed. U~ess an agreement :~s ~mtde in writing or Applicable Law requires interest to be Paid on such Miscellaneous Proceeds, Lender shall not be reqtfired to pay Borrower any interest or eanfings on such Miscellaneous Proceeds. if file restoration or repair is not economically feasible or Lender's security would be lessened, ~e Miscellaneon~~ P~?oceeds sball be applied to fl~e sums secured by tiffs Security hutmment, whether or not fllen due, wifl~ fl~e. excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided f~r in Section 2. In ~e event of a total taking, destruction, or loss in value of fl~e Property, O~e Miscellaneous Proceeds shall be applied to fl~e ~'unm secured by tiffs Security h~stmment, whefl~er or not fl~en due, wiOi · e excess, if any, paid to Borrower. In fl~e event of a partial t~kiug, destruction, or loss in value of fl~e Property iu which the fair market value of fl~e Property iunnedi,ttely betbre the partial taking, destn~ction, or loss in value is equal to or greater than rite amount of th~ s~lms secured by ~fis Security Instrtmleut immediately before fl~e partial taking, destruction, or loss in~value, unless Borrower and Leuder ofl~erwise agree in writing, the stuns secured by ~is Security h~tmment shall be reduced by fl~e amount of the Miscellaneous Proceeds multiplied by the following fi'action: (a) fl~e total amount of the sums secured inn~ediately before partial tahng, destn~ction, o:} 10ss in value divided by (b) the t~lir ~rket value of the Property inm~ediately be/bre ~e partial l:aking, destruction, or loss in value. Any balauce shall be paid to Bon-ower. In ~e event of a partial t?ki~g, destruction, or loss in value of fl~c Property in which file thir market value of the Property inm~edia~ely betbre flxe partial takiug, destmctiou, 0r loss in value is less fl~an the amount of fl~e sums secured inmediately before fl~e partial taking, destruction, or loss in value, tnaess Borrower and Lender ofllerwise agree in writiug, fl~e Miscellaneous Proceeds shall be applied to fl~e sui~ secured by ~is Security I~trun'len; whefl~er or not fl~e sums are then due. If O~e Property is aband)ned by Borrower, or if, after notice by kender to Borrower ~at Opposing Party (as defined in fl~e~ next sentence) of I~rs to ~n~ke au award to settle a claim for do,rages, Borrower fails to respond to L~:nd~':r within 30 days oiler O~e date fl~e notice is given, Lender is aufl~orized to collect aud apply fl~e Misce.Ha~eous Proceeds eifl~er to restoration or repair of fl~e Property or to thc sums secured by ~is Security htstmment, whefl~er or not ~en due. "Opposing Party" xneans fl~e flfird party fl~at owes Borrower Miscellaneous Proceeds or fl~e party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default Yf any action or proceeding, whe~lcr civil or crinfinal, is begun ~at, in Lender's judgment, could resu'~t il~ forfeiture of fl~e Property or off, er ~m~terial impairment of Lender's iuterest in file Property or righls u;nder fids Sec~rity Instrument. Borrower can cure such a default and, if acceleration bas occurred, reinstat¢} provided in Section 19, by causiug fl~e action or proceeding to be as disnfissed wi~ a ruling fl~at, in L~nder's jndg~nent, precludes forfeiture of fl~e Property or off, er material impairment of Lender's interest in fl~e Property or rights under tiffs Security hmtnm~ent. The proceeds of auy award or claim tbr dan~ge~ flint are attributable to the impairme~t of Lender"s interest in the Property are hereby assigned and shall be. pa ~d to Lender. All Miscellaneous Proceeds ::hat are not applied to restoration or repair of the Property shall be applied in ~e order provided tbr in Section 2. ~-6(WY) iooos~ DD$-W¥4 Page 9 of '16 O O0 L5 12. Borrower Not Re. er?ed; Forbearance By Leuder Not a Waiver. Exteusion of tile time-tbr payment or modification of amm'tization of the stuns secured by this Security fustrument granted by Lender to Borrower or any Successt>' hi Interest of Borrower sball not operate to release the liability of Borrower or any Successors in Interest. o~' Borrower. Lender shall not be required to commence proceedings against any Succ&ssor in Interest o' Dm'rower or to refuse to exteud time /bt payment or otherwise modify amortization of file sums sectored by this Security Instrument by reason of any demand nhade by file original Borrower or any Successors in.Interest of Borrower. Any fi~rbearance by Lender in exercising any right or remedy including, without 14nfitation Lender's acceptance of payments from third persons, entities or Successms m Interest of Bot' ~,ver or m amo'unts less than file amount then due, shall not be a waiver of or preclude the exercise of any fig!hr or 'remedy. 13. Joint aud Several Liability; Co-siguers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower s o.fl~gat~ons and habfl~ty shall be joint aud several. However, any Borrower who co-signs this Security insm, mmt but does not execute the Note (a "co-signer"): (a) is co-siguiug this Security Instrument only to 'nc, rtgage, grant and convey file co-signer's interest in die Property under the terms of this Security hlStrume, nt; (b) is not persomdly obligated to pay the sums secured by this Security Instrumeut; and (c) agrees tha;': Lender and any other Borrower can agree to extend, modify, forbear or make any accolmnodations , 'ith regard to the terms of this Security Instrument or the Note without the ~o-signer's consent. Subject tO file provisi ~irs of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations uncle; this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and b(nefits under this Security Instrt, n~ent. Borrower shall not be released froln Borrower's obligations and Icl, lilly under this Security Instrument unless Lender agrees to such release itl writing. The covetmnts and agreements of this Security lnstrunmlt sball bind (except as provided iii Section 20) and benefit the s~ ccessors and assigns of Lender. 14. Loan Charges. Lt;nder nmy charge Borrower tees for services performed in connection with Borrower's default, Ibr the ;,re'pose of protecting Lender's interest itl the Property and rights uuder this Security Instrument, incl'udit,g,~ but not linfited to, attorneys' tees, property inspection and valuation tees. In regard to any other fees, taeiabsence of express authority in tiffs Security Instrun~ent to charge a specific fee to Borrower shall not be ':onstmed as a prohibition on the cbargiug of such fee. Leu&/may not charge fees that are expressly prohil;it(d by this Security Instrument or by Applicable Law. If the Loan is subject to a .law which sets maximmn loan charges, and that law is finally interpreted so that the interest or other Ida:5 c'harges collected or to be collected in cmmection with the Loau exceed the pernfitted linfits, then: (a) a ,y such loan charge shall be reduced by file amonnt necessary to reduce the charge to die pernfitted limit: and (b) any sums already collected from BorroWer which exceeded permitted linfits will be refunded to P'~)rmwer. Lender may choose to make this refund by reducing rile principal owed under file Note or b3 niaking a direct payment to Borrower. If a refund reduces principal, rite reduction will be treated a~. a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of arty such refund made by direct paylnent to Borrower './ill constitute a waiver of any right or' action Borrower lnight have arising out of sucll overcharge.. 15. Notices. All noticc~ given by Borrower or Lender in connection with this Security h~stmment must be in writing. Any noti 'e to Borrower in com~cction wifll this Security hlstmment shall be deemed to have been given to Borrower when mailed by first class nmil or when actually delivered to Borrower's notice address if sent by oth¢.r means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expr :ssJy requires otherwise. The notice address shall be the Property Address unless Borrower has desigua~ec a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower'sI cl:ange of address. If Lender spccilics a procedure for reporting Borrower's cbange of address, then Borrower Sltall tuffy report a cbauge of address through that specified procedure. There may be only one des:gtiated notice address under this Security Instrument at arty one time. Ally notice to Lender shall be gi ~e~i by delivering it or by nmiling it by first class mail to Lender's address stated herein unless Lend~ tlas designated another address by notice to Borrower. Any notice in connection with this Securit, liisn'ument shall not be deemed to have been given to Lender until actually received by Lender. If any 3~ot!ice required by this Security htstrument is also required under Applicable Law, the Applicable Law ~:qairement will satisfy the con'espotMing requirement onder this Security Instrunlent. {~)e-.6lWY } Iooosl DDS-WY4 Initials: I~ Page 10 ot 16 Form 3051 1/01 04 4 16. Governing Law; gtverability; Rules of Consm~ction. This Security Instrument shall be governed by federal law and d',e law of die jurisdiction in which the Property is localed. All rights and obligations contained in d.is ~ecufity h'~strument are subject to any reqnirements and linfitations of Applicable Law. Applicable Law might explicitly or implicitly ;tllow the parties to agree by contract or it might be silent, but such sLence shall not be construed as a prnhibition against agreen~ent by contract. In the event flint any provision m clause of fi'ds Security lnstnm~ent or thc Note cortflicts with Applicable Law, such conflict shall nn~. affect oflmr provisions of riffs Security Instrument or the Note which can be given effect without fl~e con.:]icting provision. As used in tiffs Secutity-h~strument: (a) words of the masculine geuder shall mean and inclr~de corresponding neuter words or'. words of fl~c t~minine gender; (b) words in the singnlar shall mean and include file plural and vice uer::'a; and (c) the word "may" gives sole discretion wifliout any obligauon to take any action. 17. Borrower's Copy. toi'rower shall be given one copy of the Note and of d'fis Secui-ity h~strument 18.'Transfer of the Pi'operty or a Beneficial Interest in Borrower. As nsed in this Section lg "Interest in die Property" mean~ any legal or beneficial interest in the Property, including, but not limited to, fltose beneficial interests ~.ra~sferred in a bond ~br deed, contract for deed, instalhncot sales conm~ct or escrow agreement, file inten; of which is the transtbr of title hy Borrower at a fimtre date to a purchaser. If all or auy part of tbs: Properly or any Interest in the Property is sold or transferred (or if Bon-ower is not a natural person and 'i,btneficial interest in Borrower is sold or transferred) wiflmut Lender's prior wriuen consent, Lender re:iv require mnnediate payment in full of all sums sec'ured by this Security .lnstrmnent. However, tiffs option shall not ~e exercised by Lender if snch exercise is prohibited by Applicable Law. ' , If Lender exercises fl~i~ option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less hah 30 days from a~e date the notice is given ia accordance wiO~ Section 15 within which Borrower mu,;t p.;ty all stuns secured by tiffs Security Instrument. If Borrower Fails to pay these sums prior to the exRira]tion of this period, Lender may invoke any relnedies permitted by this Security Instrument wifl~ont furtfier notice or denmnd on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Bm'rower shall bare fl~e right ~'o have enforcement of ~fis Security Instrument discontirmed at aoy tiine prior to the earliest of: (a) f?e days before sale of fl~e Property pursuant to any power of sale cootained in · is Security. Instrument; ([) sfich o~er period as Applicable Law nfight specify Iht.the termimttion of Borrower's right to reinst;;t~; .or (c) entry of a judgment cntbrciog tiffs Security h~strumcnt. Those conditions are that Borrow%: (a) pays Lender all sums which then would be due under this .Security Instrument and fl~e Note as ~f no acceleration bad occorrcd; (b) cures any defimlt of any other covenants or agreements; (c) pays all exp2}:as~;s incurred in enforcing dfis Security h~strument, iocludiag, but not limited to, reasonable attorneys' f~.es, property inspection and valuation l~es, and off,er tees incurred purpose of protecting Lende['s interest in file Property and rights under tiffs Security Instrument; and (d) takes'such action as Lende:,' nu~y reasonably require to assure that Lender's interest in the Property and rights under tiffs Security Ir:stnhnent, and Borrower's obligation to pay the sums seem-ed by this Security Instrument shall continue 't(ncl:~anged. Lender may require d'~at Borrower pay such reinstatement stuns and expenses in one or more o:' tho following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, ;re;asurer's check or cashier's check, provided any such check is drawn upon an institotion whose dcposbs'a~e insured by a federal agency, instrumentality or entity; or (d) Electrmdc F'unds Transfer. Upon reins~z,tement by Borrower, tiffs Security lnstnnnent and obligations secured hereby shall renmin fidly effective as if no acceleration had occurred. }lowever, this right to reinstate shall not apply in/be case of accelera .i'on under Section 18. 20. Sale or Note; Ch~ge of Loan Servicer; Notice of Grievance. The Note or a partial interest in fl~e Note (togefl~er with tiff:: .SeScnrity Insm'unent) can be sold one or more times wiflmut prior notice to Borrower A sale might re~;'dt} in a change in fl~e entity (known as the "Loan Servicer") flint collects Periodic Payments due nnder [he Note and this Secnrity Instrument and performs other mortgage loan servicing obligations under ¢~e.Note, tiffs Security Instrument, and Applicable Law. There also might be one or more changes of tim Loau. Servicer um'elaled to a sale of the Note. If flmre is a change of the Loan Servicer, Borrower will be given written notice of the change which will state fl~e name and address of new Loan Servicer, the addreS~ to wlfich payments should be nmde and any other information RESPA .. ~IWY). ~ooo~} - , P~, ~] ~t i6 ' Form 30~1 1/0~ DDS-WY4 045 requires in com~ection with a ncltice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer o(her than the purchaser of die 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 purchaseF,unless otherwise provided by die Note purchaser. Neither Borrower nor Le(1,11er may com~nence, join, 'or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from die other party's actions pursuant to this Security Instrument or that alleges that the other party has breached auy provision of, or any duty owed by reason of, this Security Instru]-a~.;nt, until such Borrower or Lender has notified the other party (with such notice given in co~npliance wi:h die requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonal')f~ 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 demned to be 're:aso~mble for purposes of fids iparagraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 aud file 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 Sectio'4 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or h~zardous substances, pollutants, or wastes by Enviromnental Law and the following substances: gasoline, 'kerosene, oilier flamnmble or toxic petrolemn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or tbrmaldehyde, and radioactive materials; (b) "Enviromnental Law" memos federal laws and laws of the jurisdiction where the Property is'located fliat relate to health, safety or env!roxm~eutal protection; (c) "Enviromnental Cleanup" includes any response action, .remedial action, or renlcval action, as defined in Environmental Law; and (d) au "Euviromnental Condition" means a conditionlthat can cause, contribute to, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause o: permit file presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, ou or in the Property. Borrower shall not do, nor allow anyone else to do, aaTthing affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Env.ronmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a :ondition that adversely affects die value of file Property. The preceding two sentences shall not apply 'fo the presence, use, or storage on the Property of small quantities of Hazardous Substances riot are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (i~.cmding, but not limited to, hazardous substances in consumer products). Borrower shall promptly gi;ve Lender written notice of (a) any investigation, claim, dmmmd, lawsuit or other action by any govermae, ntal or regulatory agency or private party involving file Property and any Hazardous Substance or Envi:-oxm~ental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not liufited to, any spilling, leaking, discharge, release or threat of release of any Hazardous SubCtance, and (c) any condition caused by file 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 reguh'tcry authority, or any private party, that any reinoval or other remediadon of any Hazardous Substance af:ecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordanc~ with Enviromnental Law. Nothing herein shall create any obligation on Lender tbr an Enviromnental Cleanup. (~-6{WY) Iooo5~ DD$-WY4 Page 12 o[ 15 Form 3051 1/01 04 6 NON-UNIFORM COVEb, ANTS. Borrower and Lender furd~er covemmt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach or any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action req~fired to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borro'~v~.r, by which the default must be cured; and (d) that failure to cure the default on or before the date .,';pecified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court actiou to assert the non-existence of a default or any other defensei: of Borrower to acceleration and sale. If the default is not cured on or before the date specified in :the notice, Lender at its option may requi're immediate payment in full of all sums secured by this Se~:udty Instrument without further demand and may invoke the power of sale and any other remedi~s permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursvitag the remedies provided iu this Section 22, including, but not limited to, reasonable attorneys' fees a:ad costs of title evidence. If Lender invokes the 'oower of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in posse:;sion of the Property, if different, in accordance with Applicable Law. Lender shall give notice of ;th:~ sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed b'y Applicable Law. Lender or its designee amy 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; (bl to all sums secured by this Security Instrument; and (c) auy excess to the person or persons legally entitled to it. 23. Release. Upon payr;te:.tt of all sums secured by this Security Instrument, Lender shall release dfis Security Instrument. Borrower shall pay any recordation costs. Lender nmy charge Borrower a fee for releasing this Security Instrument, but 0nly if the tee is paid to a third party for services rendered and fl~e charging of the fee is permitt~.'.d under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of fl~e homestead exemption laws of Wyoming. (~e-6lw¥! iooosl ODS-WY4 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to file terms and covenants contained in tiffs Security Instrument and in ary i~ide]' executed by Borrower and recorded with it. Witnesses: I -Borrower JU ITH ELAINE BUCK (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY) Iooos) DOS-WY4 P.g. 14ol~ Form 3051 1/01 048 STATE OF ~ Colorado The foregoing instrument was acknowledged before me by Judith Elaine Buck, individually fact Nigel Graham Buck My Conm6ssion Expires: ~ / ~ -C~) 7 ~0th day of June~ 2004 for (~i~-6(WY) DDS-WY4 Page 1 § of 15 Initial~. Form 3051 1/01 :,,..': :.',:-:: :'-:.': Zi;?!: ...... Legal Description: Lot 18 Meadow Ridge Estates, Lincoln County, Wyoming, according to that plat filed April 28, 2004 in ~h~ Office of the Lincoln County Clerk as Plat No. 237-A. 10T RIDER (To be attached to Deed of Trust) Loan #: 3873938- LOT THIS RIDER is made t~is' 9th day of Sune ,2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to Secure [)bbt (the "Security Instrument"), of the same date given by the undersigned (the "Borrow6r") to secure Borrower's Note to ]NDYNAC BANK, F.S.B., a federally chartered savings bank (the "Lender") of the s~'~me date and covering the property described in the Security Instrument and located at: APN: 37182030007400: Headow Ridge Alpine, ~/Y 83128 [Property Address] ADDITONAL COVENANT: In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Uniform Covenant 6 of the Security Instrument is deleted and is replaced by the following: 6. Occupancy and rJse; Preservation, Maintenance and Protection of the Property. Borrower and Lender acknowledge that as of the date of this Security Instrument, the Property consists of mimproved land. If Borrower makes, or causes to be made, any impr, ovements to the Property, after the date hereof, Borrower shall occupy, establish, and use the Property ~s Borrower's principal residence within sixty days of completion of such improvements, unless Lender otherwise agrees in writing. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times. Borrower shall not destroy, dama.qe or impair the Property, allow the Property to deteriorate, or commit waste on the 'Property. Borrower shall not use, allow or suffer any part of the Property to be used a;J a facility for handling, treatment, storage or disposal of hazardous waste. Borrower shall satisfy in all material respects the requirements of and maintain the Property in compiance with all federal, state and local environmental protection or similar laws, ordinance.,;, restrictions, licenses and regulat.ions~ Borrower shall not request or in any way assist another person or entity in a request to change the zoning of the Property from the Property's zoning as of the date of this Security Instrument. Borrower shall be in. default if any forfeiture action or proceeding, whether civil or criminal is begun tha': in' Lender's good faith judgment could result in forfeiture of the Property or otherwise; materially impair the lien created by this Security Instrument or Lender's security inte,'esl. Borrower may cure such default and reinstate, as provided in Paragraph 18, causing the action or preceding to be dismissed with a ruling that, in Lender's good faith dete,mination, precludes forfeiture of the Borrower's interest in the Property or' other material impairment of the lien created by this Security Instrument of Lender's security inte'-esr. Borrower shall also be in default if Borrower, during the loan IndyMac Bank Construction Lot Loan Program - Lot Rider Multistate Page 1 of 2 VMP Mortgage Solutions (800)521-7291 8480141 (0402) DDS-BLS HCL 989 02104 application process, ~;ave materially false or inaccurate information or statements to Lender (or failed to i:,rovide Lender with any materia information) in connection with the loan evidenced by tt~e Note, including, but not imited to, representations concerning Borrower's occupancy, and use of the Property as an unimproved lot. If this Security Instrument is on a I~'asehold, 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. IN WITNESS WHEREOF, conditions thereof. Borrower has executed this Lot Rider and fully understands the 84801'41 (0402) DDS-BLS Page 2 of 2 HCL 989 02/04 05° ADJUSTABLE RATE RIDER (LIBOR - Rate Caps) (ARM Balloon Lot Loan) Loan //: 3873938- LOT THIS ADJUSTABLE RATE RIDER is made this 9th day of June. 2004 and is incorpQrated into and shall be deemed to amend and supplement the Mortgage, Deed ' of Trust, or Security Degd (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to INDYMAC BANK, F.S.B., a federally chartered saving~ bank (the "Lender") of the s~me date and covering the property described in the Security Instrument and located at: APN: 37182030007400: Meadow Ridge Alpine, WY 83128 [Property Addressl THIS NOTE CONTAINS ,PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE BORROWER'S INTEREST RATE INCREASES ARE LIMITED. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, BorroWe~ and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for changes in the interest rate and the monthly payments, as followsi 2. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest ~:t a yearly rate of 7.125 %. The interest rate I will pay may change in accordance with Section 4 of this Note. The interest rate re0uired by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any default described in Section 7(B) of this Note. IndyMac Bank MULTISTATE ADJUSTABLE RATE RI3ER (LIBOR ARM) - Balloon Lot Loan Page 1 of 4 HCL 919 8480462 (0301) VMP MORTGAGE FORMS - (8OO)52!-7291 O1/03 DDS-AOO ....... OS3 3. PAYMENTS (A) Time and Pla(e of Payments I will pay principal aid ~nterest by making payments every month. I will make my monthly payments on the first day of each month beginning on August; 01. 2004 I will make my monthly payments every month until I have paid .all of the pnncipal and interest and any other charges described below that Imay owe under this Note. My monthl/ payments will be applied to interest before principal. If on, July 01, 2009 " , I still owe amounts under this Note, I will pay those amounts in full on that date tvhich is called the "Maturity Date." I will make my monthly payments at 155 NORTH LAKE AVENUE, PASAJENA. CA 91101 or at a different place if requirgd by the NOte Holder. (B) Amount of Monthly Payments My initial monthly ~ayment will be in the amount of U.S. $ 269.49 This amount may change. , (C) Monthly Paymedt.Changes Changes in my mc'nl:hly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with Section 4 of this Note. 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates ' The interest rate I will pay may change on the first day of January. 2005 and on that day every 6 i month(s) thereafter. Each date on which my interest rate could changeis called a "Change Date." (B) The Index ' Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average 3f':lnterbank offered rates for six-month U.S. dollar-denominated deposits in the London marF!et ("LIBOR"), as published in The Wall Street' Journal. The most recent Index figure availabl9 as of the date 15 days before each Change Date is called "Current Index." 8480462 (0301) DDS~AO0 HCL 919 Page 2 of 4 01103 If the Index is no k~nger available, the Note Holder will choose a new index that is based upon comparable infor'~ation. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Chang,~ Date, the Note Holder will calculate my new interest rate by adding FIVE percentage point(s) ( 5.000 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stat~,~d in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder ~vil then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the 30 years from the date of the Note (the "Amortization Period") at my new interest rate in substantially equal 'payments. The result of this calculation will be the new amount of my monthly payment. I acknawledge that this amount will not be sufficient to repay my loan in full on the Maturity Data and that I may owe a significant amount to Lender on the Maturity Date. (D) Limits on Interest Rate Changes The interest rate'l am required to pay at the first Change Date will not be greater than 8.1_2!i% or less than 6. 125 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than ONE percentage point(s) ( 1.000~' ) from the rate of interest I have been paying for the preceding 6 month(s). My interest rate will never be greater than 13. 125 %, which is called the "Maximum Rate." (E) Effective Date. of Changes My new interest r~te will become effective on each Change. Date. I will pay the amount of my new monthly 'payment beginning on the first monthly payment date after the Change Date until the amo.~n( of my monthly payment changes again. (F) Notice of Changes The Note Holder ,?viii deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be g~ven me and also the title and telephone number of a person who will answer any question I may have regarding the notice. 8480462 (O3Ol) .. Page 3 of 4 DDS-AOO · HCL 919 01/03 0900 1:,'7 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rid~;r. -Borrower ,]U~ITH ELAZNE BUCK (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower 8480462(0301 DDS-AO0 Page 4of 4 HCL 919 01/03 O56 BALLOON RIDER (To be attached to Deed of Trust) Loan #: 3873938- LOT THIS RIDER is made this, 9th day of June. 2004 and is incorporated into and shall be deemed ?:o amend and supplement the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument"), of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to INDYHAC BANK, F.S.B. a federally chartered savings bank ' (the "Lender") of the sam,~ date and covering the property described in the Security Instrument and located at: APN:37182030007400: Meadow Ridge Alpine. WY 83128 [Property Address] ADDITIQNAL COVENANT: In addition to the covenants and agreements made in the Security Instrument, Borro~ver and Lender further covenant and agree as follows: A. Balloon Rider:' B.orrower is aware that this loan is due and payable in full on the 1st day of Ju"ly,: 2009 with a Balloon Payment of $37.823.46 based upon scheduled payments. Borrower acknowledges and agrees that Lender has no't made any representations lo iBorrower, either oral or written, that Lender will subordinate its lien created by this Security Instrument to any other lien which the 'Property may hereafter become subject to, includirg, without limitation, any lien arising from Borrower's subsequent construction of improvemen":s on the Proper. ty. Borrower acknowledges and agrees that Lender is under no obligaticn to subordinate its lien created by this Security Instrument to any lien created hereafter and'L~nder does not intend to subordinate its lien. to any other lien which the Property may he[eafter become subject to. IndyMac Bank Construction Lot Loan Prog~ar,~ - Balloon Rider Multistate 8480347 (0402) HCL 988 DDS-BRS 02/04 Page 1 of 2 VMP Mortgage Solutions (800)521-7291 O OO2 L? 057 IN WITNESS WHEREOF, Bo"rower has executed this Balloon Rider and fully understands the conditions thereof. Date: (Seal) NIGEL GRAHAM BUCK -Borrower , /~' ']: -Bor. ro, r (Seal) -Borrower (seal) ~Borrower (Seal) -Borrower ,JUDITH ELAINE BUCK -Borrower (Seal) -BorroWer (Seal) -Borrower 8480347 (0402 DDS-BRS Page 2 of 2 HCL 988 02/04