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HomeMy WebLinkAbout900379~LOAN # 6228732662 FL9-700-01-01 JACKSONVILLE POST CLOSING BANK OF AMERICA ~ 9000 SOUTHSIDE BLVD. BLDG 700, FILE RECEIPT DEPF JACKSONVILLE, FL 32256 Prepared By: DUNCAN EVANS BANK OF AMERICA, N.A 2727 SOUTH 48TH STREET TEMPE, AZ 85282 9 0 0 3 7 ? BOOk 5 5 fl ¢'" [Space 2 bore This Linc For Recording Data] MORTGAGE I.. I ['l C"', '~ .... ~,.~T',' " .... ()LERI( LOAN # 6228732662 Requested by and Return to: Recording Department First Am,rican Lenders Advantage 1801 Lakepointe Drive, Suite 111 Lewisville, TX 75057 (469) 322-2500 DEFINITIONS Words used in multiple sections d:' this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" meafls.this document, which is dated JUNE 07. together with all Riders to this document. (B) "Borrower" is DAVID C. MCCONKIE AND LYNNETTE MCCONKIE AS HUSBAND AND WIFE, THE ENT I RET I ES 2004 TENANTS BY Borrower is the mortgagor uuder i"Fs Security Instrument. (C)"Lender"is BANK OF AMEqlCA, N.A Lender is a NAT I ONAL BANK I N,G. ,ASSOCI AT I ON organized and existing under the la'..v.s of THE UN I TED STATES OF AMER I CA WYOMING- Single Family - FANNII~,MAE/FREDDIE MAC UNIFORM INSTRUMENT Form 3051 1/01 I~ §(WY)(ooo5) Page 1 of 15 Initials: VMP MORTGAGE FORMS - {800)521-7297 CVWY 06/[;~/04 12:q6 PM 6228732662 Lender's address is 2727 SO'JTH 48TH STREET, TEIVlPE, AZ 85282 Lender is the mortgagee unde? this Security Instrument. (D) "Note" means the promisdory note signed by Borrower and dated JUNE 07, 2004 The Note states that Borrower (,wes Lender SEVENTY F I VE THOUSAND AND 00/100 Dollars (U.S. $ 75,000.00 ) plus interest. Borrower has promised to pay this debt in regnlar Periodic Payments and to pay tie debt in h~ll not later than JULY 01, 2019 (E) "Property" means the p~operty 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, any prepayment charges and late charges due under the Note, a:'t6 all sums due under this Security Instrument, plus interest. (G) "Riders" means all Rider; to this Security Instrument that are executed by Borrower. The following Riders are to be exert,ted by Borrower [check box as applicable]: ~-~ Adjustable Rate Rider [--] Balloon Rider [--] VA Rider Condominium Rider Planned Unit Development Rider Biweekly Payment Rider [---] Second Home Rider ~] 1-4 Family Rider [--] Other(s) [specify] (II) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and a~ ministrative rules and orders (that have the effect of law) as well as all applicable final, non-appeai~able judicial opinions. {I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charge~ that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. {J) "Electronic Funds Transfer" means any transfer of l~unds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to deb;t or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automac, ted 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 [:arty (other than insurance proceeds paid under the coverages described in Section 5) for: (~) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any pa~t ~f the Property; (iii) conveyance in lieu ot' condemnation; or (iv) misrepresentations of, or 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, plus (.iii any amounts under Section 3 ol~ this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulat:on, Regulation X (24 C.F.R. Part 3500), as they might be amended. from time to time, orany additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, 'RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. I~®-6(WY) ~ooos~ CVWY 06/03/04 ]2:46 ~M16228732662 Paga 2 of 15 Form' 3051 1/01 (P) "Successor in Interest .~f Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. ' TRANSFER OF RIGHTS IN T.{-IE PROPERTY This Security Instrument ~ecures to Lender: (i) the repayment of the Loan and all renewals, extensions and modifications of the Note; and {ii) the performance of Borrowers covenants and agreements under this Security Instrumem and the Note For this purpose, Borrower does l ensby mortgage, grant and convey to Lender and Lender's successors and assigns, witl~ power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Ju:'isdiclion] [Nam~ of Recordiag Jurisdiction] "LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF." 'EXHIBIT "A" ParcellD Number:12.2116.23.2.08.1,11.00 1329 6TH WEST AVENUE KEMMERER ("Property Address"): which currently has the address of [Street} [City] , Wyoming 83101 [Zip Cod~] TOGETHER WITH all th.,~ improvements now or hereafter erected on the property, and all easements, appurtenances, an~t qxtures now or hereafter a part of the property. All replacements and additions shall also be cdvered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as tl-_e "Property." BORROWER COVEN)NTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mort.gage, grant and convey the Property and that the Property is unencumbered, except for enzumbrances of record. Borrower warrants and will defend generally the title to the Property again-~t 'all claims and demands, subject to any encumbrances of record. TI-lIS SECURITY INS'['ILUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower ~and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay (~-6(WY}(ooo5~ P,.. 3 o, ~5 Form 3051 1/01 CVWY 06/03/04 12:46 PM 6228732662 59 '4 funds for Escrow Items pursu~nt to Section 3. Payments due under the Note and this Security Instrument shall be made in U S, currency. However, if any check or other instrument received by Lender as payment under the. Note or this Security Instrument is returned to Lender unpaid, Lender may require that auy ~r all subsequent 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 ~'~ institution whose deposits are insured by a federal agency, instrumentality, or entity; or (c,) Electronic Funds Transfer. Payments are deemed re(eived by Lender when received at the location designated in the Note or at such other locatio~' as may be designated by Lender in accordance with the notice provisions in Section 15. Lenct~r may return any payment or partial payment if the payment or partial payments are ~nsufflc~eat to bring the Loan current. Lender may accept any payment or partial paYment insufficient to' bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or par'tial payments in the future, but Lender is not obligated to apply such payments at the time such paymenm 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 'mapplied funds until Borrower makes payment to bring the Loan curreut. If Borrower does not ,-!o so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. if not applied earlier, such l~unds 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 due under t~',~e 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 apF]ied by Lender shall be applied in the following order of priority: (a) interest due under the Note. (b) principal due under the Note: (c) amounts due under Secnon 3. Such payments shall be appl'ied to each Periodic Paymem 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 Instrumen. t, and then to reduce the principal balauce of the Note. If Lender receives a payment [rom Borrower for a delinquent Periodic Payment which includes a sufficient amount ':o pay any late charge due, the payment may be applied to the delinquent payment and the lat~ charge. If more than 'one Periodic Payment is outstanding, Lender may apply any payment receixed from Borrower to the repayment of the Periodic Payments if, and to the extent that, each pa-ment can be paid in full. To the extent that any excess exists after the payment is applied to the f' dl payment of one or more Periodic Payments, such excess may be applied to any late charges duii. Voluntary prepayments shall be applied first to any prepayment charges and then as described ia the Note. Any application of payme:,ts, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not exten~ or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes r nd assessments and other items which can attain, priority over this Security Instrument as a lien cr encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any: '(c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Iasurance 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 art called "Escrow Items., At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furni?h to Lender all notices of amounts to be paid under this Section. Borrower shall, pay Lender ':he Funds for Escrow Items unless Leuder waives Borrower's obligation to pay the Funds fo~. ,any or all Escrow Items. Lender may waive Borrower's obligation (~)®-§(WY)(ooos) P~, ,~ o~ ~5 Form 3051 1/01 CVWY 06/03/04 12:~16 P[~'!6228732662 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 Jffems for which payment of Funds has been waived by Lender and, if Lender requires, shall furn ~h to Lender receipts evidencing such payment within such time period as Lender may require~ Borrower's obligation to make such payments and to provide receipts shall for all purposes be dee~ned to be a covenant and agreement contained in this gecurity Instrument, as the pi rase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Iterqs directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow I'-em, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall t~ien be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Sect:6n 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any timel, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can! require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates ol' expenditures ot~ 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 (im:luding Lender if Lender is an institution whose deposits are so insured) or in any Federal H3me Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the tim6 specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items; unless Lender pays Borrbwer interest on the Funds and Applicable Law 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, Lencer shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Len:tcr can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus ol' F~inds held in escrow, as defined under RESPA, Lender shall account ~to Borrower for the excess fuuds in accordance with RESPA. It' there is a shortage of Funds held 1) in escrow, as defined under ,,~/PA, Lender shall noti[y Borrower as required by RESPA, and Borrower shall pay to Lender '~he amount necessary to make up the 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 R}~;SPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the del'iciency 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. Borro{ver shall pay all taxes, assessments, 'charges, fines, and impositions attributable to the Property !,v:hich 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 the e~'tent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section" 3. Borrower shall promptly (4ischarge any lien which has priority over this Security Instrument unless Borrower: (a) agrees ia writing to the payment of the obligation secured by the lien in CVWY 06/03/04 12:46 ['Mi 6228732662 Page 5 of 15 Initinls:~~-. Form 30~ 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 st$:h proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactor(to Lender subordinating the lien to this Security Instrument. If Lender determines that any pi:rt of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that net"ce is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in ":his Section 4. Lender may require Boo'rower to pay a one-time charge for a real estate tax verification and/or reporting service used b2!, Lender in connection with this Loan. 5. Property Insurance. Borrower 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 haza, rds including, but not limited to, earthqnakes and floods, for which Lender requires insurance. 'Dfis insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can chan~ during the term of the Loan. The insurance carrier providing the insurance shall be chosen by ;~orrower subject to Lender's right to disapprove Borrower's choice, which right shall not be e~'ercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, eit ~er: (a) a nne-time charge for flood zone determination, certification and tracking services; or (b). a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determinaiion 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 ~'etermination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender"s option and Borrower's expense. Lender is under no obligation to purchase any particular type er 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 the Property, against any risk,, hazard or liability and might provide greater or lesser coverage than was previously in effect: Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender' under this Section 5 shall become additional debt of Borrower secured by this Security Instr'a~'ment. These amounts shall bear interest at the Note rate from 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.disapprovel,such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee a~d/or as an additional loss payee. Lender shall have the right to hold the policies and renewal cert!l%ates. If Lender requires, Borrower shall promptly give. tO Lender all receipts o1' paid premium.s~and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise requi:"ed by Lender, for damage to, or destruction of, the Property, such policy shall include a standard imortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Bor x;wer shali 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, ary insurance proceeds, whether or not the underlying insurance was required by Lender, shall be ~pplied to restoration or repair of the Property, if the restoration or repair is economically feasikl~!, and Lender's security is not lessened. During such repair and Initials: (~®-6(WY)(ooo5) ' ~ ~ o~ ~5 Form 3051 1/01 CVWY 06~03~04 12:46 I"~~ 6228732662 restoration period, Lender shall, have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and re~*oration 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 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 the sole obligation of Borrower. If the restoration o:' ~epair is not economically feasible or Lender's security would be lessened, the insurance proceeds~shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related raatters. 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-d]3~ period will begin when the notice is given. In either event, or if Lender acquires the Property ,3nder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any i:murance proceeds in an amount not to exceed the amounts unpaid under the Note or this Securit{, .instrument, and (b) any other of Borrower's rights (other than the right to any refund of unea'ned 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 or this Security Instrument, whether or not then due. 6. Occupancy. Borrow~:r shall occupy, establish, and use the Property as Borrower's principal residence within 613 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless I~snder otherwise agrees in writing, which consent shall not be unreasonably withheld, or un:ess extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maint~:nance and Protection of the Property: Inspections. Borrower shall not destroy, damage or .impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in orde: to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further .deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender [;as released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the irisurance 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 nc ti~e at the time of or prior to such an interior inspection specifying such reasonable cause. ., Borrower s Loan ½~pplication. Borrower shall be in default if; during the Loan apPlication process, Borrower.ci, r any persons or entities acting at the direction of Borrower or Initials: ~-'x~/3~.- t~)~-6(WY)(ooos) ~,~, 7 o~ ~s Form 3051 1/01 CVWY 06/03/0t 12:46 F",,t 6228732662 with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to L'ender (or failed to provide Lender with material information) in connection with the Loan. Mate?ial representations include, but are not limited to, representations concerning Borrower's occupav'cy of the Property as Borrower's principal residence. 9. Protection of Lende;'-s Interest in the Property and Rights Under this Security Instrument. If (a) Borrower :'f, ails to perform the covenants and agreements contained in this Security Instrument, (b) there i's a legal proceeding that might significantly affect Lender's interest in the Property and/or rights un. der this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or torfeiture, for 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 d~ and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of tt:e 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 Irish ument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, elim}rate building or other code violations or dangerous conditions, and have utilities turned on or off..3.1though Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed '.)y Lender under this Section 9 shall become additional debt of Borrower secured by this Secu':~ty Instrument. These amounts shall bear interest at the Note rate from the date of diSbursemen[ and shall be payable, with such interest, upon notice from Lender to Borrower requesting paymerd~. If this Security Instrumentiis on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acqui~:¢s fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to ~he merger in writing. 10. Mortgage Insurance. ' If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay t~ 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 snch insurance and Borrower was required to make separately designated payments, toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to ol;tain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance. previously in effeqf, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortg~t;e 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 eff.gct. Lender will accept, use and retain these payments as a non-refundable loss reserve ;in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borroyer 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) prcvided by an insurer selected by Lender again becomes available, is obtained, and Lender requires .:~epa.rately 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 ~®-6(W¥1 ~ooo~ CVW¥ 06103104 12:46 P1~',6228732662 Initials: P.~o a of m Form- 3051 1/01 Mortgage Insurance, Bo)rower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-:-efundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance M'th any written agreement between Borrower and Lender providing for such termination or until ~ermination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation;to pay interest at the rate provided in the Note. Martgage Insurance reim'ourses 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 evaluat~ their total risk on all such insurance in force from time to time, and may 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) t,) these agreements. These agreements may require the mortgage insurer to make payments usiqg any source of funds that the mortgage insurer may have available (which may include l'unds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounm that deri'~e from {or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a-share of the premiums paid to the insurer, the arrangement is often termed "captive reinsura'~ce." Further: (a) Any such agreemerts 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 Borro¥,er will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect lhe rights Borrower has - if any ~ with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may' include the right to receive certain disclosures, to request and obtain cancellation of 'the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums t~hat were unearned at the time of such cancellation or termination. 11. Assigument of Mis,~:~llaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be l:~aid to Lender. If the Property is damaglxl, such Miscellaneous Proceeds shall be applied to restoration or repair' of the Property, it' the rt',storation or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until "~ender has had an opportunity to inspect such Property 'to ensure the work has been completeq! to Lender's satisfaction, provided that such inspection shall be tndertaken promptly Lender (r,ay pay for the repairs and restoration in a single disbursement or m 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 no~, .ecouomically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall lre applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided f'or in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to t'he sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid' to Borrower. In the event of a partial t;~king, destruction, or loss in value of the Property in which the fair market value of the Property i ~nmediately before the partial taking, destruction, or loss in value is equal to or greater than the antount 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 seem-ed by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property :in3mediately before the partial taking, destructi0n, or loss in value. Any balance shall be paid to B!.~i:rower. (~®-6(WY) (ooo~) : Paso o ot ~5 Form 3051 1/01 CVWY 06~03~04 12:46'Piv~ 6228732662 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 st,ns secured immediately before the partial taking, . destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums se(:,nred by this Security Instrument whether or not the sums are then due. If the Property is abandon:d 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 collecl" and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to t}e sums secured by this Security Instrument, whether or not then due. "Opposing Party" means '~he third party that owes Borrower Miscellaueous 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 the action or pr6ceeding 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 Proceed'~ that are not ap. plied to restoration or repair of the Property shall be applied in the order provide, t for in Section 2. 12. Borrower Not Relm"sed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability cf 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 paym'ent or otherwise modify amortization of the sums secured by this Security Instrument by reason o~ any demand made by the original Borrower or any Successors in Interest of Borrower. Any for'bearance by Lender in exercising any right or remedy including, · wit'hout limitation, Lender's ac:zeptance of payments from 1/hird persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any righ; or remedy. 13. Joint and Several Liability; Co-signers; Successors ai~d Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security= Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secu:'cd by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instr~ment 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 Instroment in writing, and is approved by Lender, shall obtain all of Borrower's rights .and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writi£g. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lende,.r, may charge Borrower fees for services performed in connection with Borrower's default, for th,~ purpose of protecting Lender's interest in the Property and rights under this Security Instrument, .including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard t;o: any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable L;~;,v. . (~®-6(WY)~ooo~ 'r ~ P'~ ' ~o o~ ~5 Form 3051 1/01 CVWY 06/03/04 12:46 Pk'.62:~8732662 60 . If the Loan is subject tr, 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 per~nlitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower wtfich excee, l~:d permitted limits will be refunded to Borrower. Lender may choose to make this refund b'/.~reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prep L~?ment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of'~;:ny right of action Borrower might have arising out of such overcharge. 15. Notices. All notices" given by Borrower or I.ender in connection with this Security Instrument must be in wri~ting. Any notice to Borrower in connection with this Security Instrument shall be deemed ~,o have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice addres;~ shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one desigm~ted notice address under this Security Instrument at any one time. Any notice to Lender shall b~ given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower.. Any notice in con'nection 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 also required u~.der Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement ur der this Security Instrument. 16. Governing Law; Se'werability; Rules of Construction. This Security Instrument shall be governed by federal law a'a,~l 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 Lay". 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 any provision or clause of this Security Instrument or the Note co~flicts 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 SecUritT"Instrument: (a) words of the masculine gender shall mean and include corresponding neuterl, words or words of the feminine gender; (b) words in the singular shall mean and inclnde the pl/~ral and .vice versa: and (c) the word "may" gives sole discretion without any obligation to take gny action. 17. Borrower's Copy..Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the P~operty or a Beneficial Interest in Borrower. As used in this Section '18, "Interest in the P~roperty" means any legal or beneficial interest in the Property, including, but not limited to ti~ose beneficial interests transferred in a bond for deed, contract for deed, installment sales contract Or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a~ pu~rchaser. If all or any part o1' the 'D[operty or any Interest in the Property is sold or transferred {or if Borrower is not a natural per,on and a beneficial interest in Borrower is sold or transferred) without Lender's prior writt,m consent, Lender may reqnire immediate payment in full of all sums secured by this Securit TM lnstrument. However, this option shall not be exercised by Lender if such exercise is prohibited i)y Applicable Law. If Lender exercises this r',ption, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not i, ess than 30 days ~rom the date the notice is given in accordance with Section 15 within which BoiTOwer must pay all sums secured by this Security Instrument. It' Borrower fails to pay these sums prior ~to the expiration of this period, Lender may invoke any remedies permitted by this Se.c~rity Instrument without further notice or demand on Borrower. (~-6(WY) (ooo5) ~ ~ o~ ~5 Form 3051 1/01 £VWY 06/03/04 12:46 iPld 6228732662 19. Borrower's Right itc Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall l(~ve the right to haw enforcement of this Security Instrument discontino¢d at any tim~ prio~ ~to the earliest of: (a) five days before sal~ of the Property pursuant to any power of sal~ contained in this Security Instrument; (b) such other period as Applicable Law might specify for the ter~e~ination of Borrower's right to reinstate; or (c) entry of a judgment ~nforeing this Security Instrurn~ent. Those conditions are that Borrower: (a) pays Lender all sums .which then would be due under this S~urity Instrument and the Note as if no acceleration had occurred; (b) cures any defa'~Jlt of any other covenants or agreements; (e) pays all expenses incurred 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 protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in th~ Property and rights under this Security instrumer:t, and Borrower's obligation to pay the sums secored by this S~ct~rity Instrument, shall c~;r~tinue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c ) certified check, bank check, treasurer's check or cashier's check, provided any such check is er~awn 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 fully effective as if no acceleration had occurr~'~d. 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 (togethe': with 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 mortgage loan servicing obligations under ~he Note, this Security Instrument, and Applicable Law. There als32 might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a Change of the Loan Servicer, Borrower will be given written notice of the change Which will state th5 name and address of the new Loan Servicer, the address to which payments should be made and any other informatio0 RESPA requires in connection with a notice of transfer of servicing. If the,Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of t~ Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Service~ 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. Lt:nder may commence, join, or be joined to any judicial action (as either an individual litigant o" the member of a class) that aEises from the other party's actions pursuant t0 this Security Ini':rument or that alleges that the other party has breached any provision of, or any duty ow'~d by reason of, this Security Instrument, ' until such Borrower or Lender has notified the other:party (with such notice given in compliance with the requirements of Section 15) of such alleged ~ breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before cettain, 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 pursuant'~:O 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 Substat~des. As used in this Section 21' (a) "Hazardous Substances" are those substances defined as ~o?c or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum ~-6(WY)(ooos~ . ~ ~,~ ~2 o~ ~ Form 3051 1/01 CVWY 06/03/04 12:46 f'M~6228732662 6,33 products, toxic pesticides andi. herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactiv( Imaterials; (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) "Environment~.l Cleanup" includes any response action, remedial action, or removal action, as defined in 15nvironmental Law; and (d) an "Environmental Condition" means a condition that can cause, conti'ibute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause :or permit the preseuce, use, disposal, storage, or release of any Hazardous Substances, or thrSgten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor alio, w anyone else to do, anything affecting the Property (a) that is in violation of any Environmer,tal Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous 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 '~l-:e Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not Ii mited 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 Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, aud {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, Borrow'sr shall promptly take all necessary remedial actions in accordance with Environmental Law, Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Rerqedies. Lender shall give notice to Borrower prior to acceleration following BorroWer's breach of any covenant or agreement in this Security Instrument {but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The no,ice shall specify: (a) the default: (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the detault must be cured: and (d) that failure to cure the default on or before the date specifier' ;,n 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 action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is n~'; cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further:demand and may invoke the power oi~ sale and any other remedies permitted by AppAcable Law. Lender shall be entitled to collect all expenses incurred in pursuing the re.r'edies provided in this Section 22, including, but not limited to, reasonable attorneys' fe.;s and costs of title evidence. If Lender invokes the p~wer of sale, Lender shall give notice of intent to foreclose to Borrower and to the pm'son in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Le~cer shall publish the notice of sale, and the Property shall be sold in the manner prescri')ed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (~I~®-6(WY) [ooo~) ; ~VWY 06/03/0~ 12:~6 PM 6228732662 Page 13 of Initials: Form 3051 1/01 (a) to all expenses' of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this' Security Instrument; and (c) any excess to the person or persons legally entitled to it ~ 23. Release. Upon paym.~nt of all sums secured by this Security Instrument, Lender shall release 'this Security Instrument. Bo?rower shall pay any recordation costs. Lender may charge Borrower a fee for releasing thi,'; 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 r:~leases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Secority Instrument and. ih any Rider executed by Borrower and recorded with it. Witnesses: DAVID g MCCONKIE -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrowur I~®-6(WY] CVWY 06/03/0q 12:46 Pkl 62287:12662 PaDe 14 of 15 Form 3051 1/01 STATE OF WYOMING, The foregoing instrumem~ was acknowledged before me this County ss: Husband and Wife My Commission Expires: (~®- 6(WY) moo 5) CVWY 06/03/04 12:46 PM 6228'~32662 Form 3051 1/01 EXHIBIT A 6,36 THE LOT NUMBERED THKEE (3) OF THE BLOCK NUMBERED SEVEN (7) OF THE LINCOLN HEIGItTS THIRD SUBDIVISION TO THE TOWN OF KEMMERER, COUNTY OF LINCOLN, STATE OF WYOMING.