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HomeMy WebLinkAbout900383x-;!':}:..'. ?'.:':u::' '' :' ":' "' . .." Return To: WELLS FARGO BANK, N.A. FINAL DOCUMENTS X4701-022 3601 MINNESOTA DRIVE BLOOMINGTON, MN 55435..5284 Prepared By: NANCY J, HILLYER WELLS FARGO BANK, N.A. 6501 S FIDDLERS GREEN CIR GREENWOOD VILLAGE, CO 80111- 9 0 0 3 8 a hE ,E IVED 'I_INr'O~,_, .. u.,.r" ~',-.,,..,, ~.,T',, CLERK [Space Above This Line For Recording Data] MORTGAGE 0138377213 DEFINITIONS Words used in multiple sections of this document are defined be ow and other words are defined in Sections 3, 11 1S, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated JUNE 17, 2004 together with all Riders tothis document. (B) "Borrower" is SHANE B HALL AND MARY O HALL t{USBAND AND N];~'E ~ ..r~f~[ Borrower is the mortgagor under this Security Inslrument. (C) "Lender" is WELLS FAI~ 30 BANK, N.A. Lender is a National Association organized and existing under the laws of THE UNITED STATES OF AMERICA WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Pag~ 1 o, lS In,t, als:/~ FORM 3051 1/01 SWY01 Rev 08/13/0~ Lender's. address ~s P. O. BOX 5137, DES MOINES, IA 50306-5137 Lender is the mortgagee undo' this Security Instrument. (D) "Note "means tire promissory note signed by Borrower and dated JUNE 17, 2004 The Note states that Borrower owes Lender SIXTY-NINE THOUSAND SIX HUNDRED AND NO/lO0 Dollars (U.S. $ .....6..9.~.6.Q.0.,.0..0. ............... ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pa./the debt in full not later than JULY1, 2034 (E) "Property" means the prcp~rly that is described below under the heading "Transfer of Rights in lhe Property." (F) "Loan" means the debt .~.,4denced by the Note plus interest, any prepayment charges and late charges due under he Note, and all sums due under this Security Instrument, plus ,nterest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable Rate Rider E-~ Condominium Rider [~Second Home Rider r'--[ Balloon Rider '["'--] Planned Unit Development Rider ~ 1-4 Family Rider ~ VA Rider E-] Biweekly Payment Rider [-~ Other(s) [specify] (H) "Applicable Law" mear~s' all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, no~-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other cha-ges that are imposed on Borrower or the Property by a Condominium association, homeowners association or similar organization. (J) "Electronic Funds Tran.,¢f,.~r" means any transfer of funds, other than a transaction originated by check, draft,, or similar paper instrument, which is initiated through an electronic terminal, telephcnc instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of:sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" moan's lhose ilems 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: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of 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" me.~ns the regularly scheduled amount due for (i) principal and interest under the Note, plu.,, (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the R6al Estate Setllement Procedures Act (12 U.S.C. Section 2601et seq.) and its implementing ."6'gulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, o- any additional or successor legislation or regulation that SWY02 Rev 12/18/00 P'age 2 of 18 FORM 3051 1/01 613 governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictiom~ hat are 'mposed in regard to a "federally related mortgage loan" even if the Loan does ro~, qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Securily Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repaymenl of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's convenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, granl and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the County of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording durisdiction] LOT 10 OF LBLOCK 7 OF THE AMENDED PLAT OF THE TOWN OF OPAL, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel ID Number: 172 COYOTE STREET OPAL ("Property Address"): which currently has the address of [Street] [City], Wyoming 83124 [Zip Code] TOGETHER WITH all lhe improvements now or hereafter erected on the property, and all easements, appurtenances a;qd fixtures now or hereafter a part of the properly. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Inslrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortg~-ge, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will del'end generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY NSTRUMENT combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real prol: erty. ./ SWY03 Rev 11/06/00 ' Paga 3 of 18 Inilials 7~ "~" FORM 3051 1101 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 du;e. the principal of, and interesl on the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow It~:ns pursuant to Section 3. Payments due under the Note and this Security Instrumenl sha!l be made in U.S currency. However, if any check or other instrument received by Lenc:er as payment under the Note or this Security Instrument is returned to Lender unpaid, I_~.nder may require that any or all subsequent payments due under the Note and this Sec!lily 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, lreasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a fe.:ieral agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed r]ceived by Lender when received at the location designated in the Note or at such other Iocalion as may be designated by Lender in accordance with the notice provisions in Seclion 15. Lender may return any payment or p.arlial payment it lhe payment or partial paymenl., are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudic~ to its rights to refuse such payment or partial payments in the future, but Lender is not oN,gated to apply such paymenls at the time such payments are accepted. If each Periodic F.syment is applied as of its scheduled due date, then Lender need not pay interest on unappfied funds. Lender may hold such unapplied funds until Borrower makes payment tc bring lhe Loan current. II: Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior (o foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application ol Payme~r,s or Proceeds. Except as otherwise described in this Section 2, all payments accepted and ~pplied by Lender shall be applied in the following order of priorily: (a) interesl due unde- the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shal be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a pa!,ment from Borrower for a delinquent Periodic Payment which includes a sufficient amount o pay any late charge due, lhe payment may be applied to lhe delinquent payment and the late charge. If more than one Periodic Payment is oulstanding, Lender may apply any payrr.ent received from Borrower lo the repayment of the Periodic Payments if, and to the ex!er! that, each payment can be paid in full. To the extent that any excess exists aC!er the pay~',q:ent is applied to the full payment or one or more Periodic Payments, such excess ma~ be applied to any late charges due. Voluntary prepayments shall be applied first to any pr~]payment charges and then as described in the Note. SWY04 Rev 11106/00 Page 4 of 18 Initials: FORM 3051 1/01 Any application of payme:r, ts, insurance proceeds or Miscellaneous Proceeds Io principal due under the Note shall no 'extend or postpone the due date, or change lhe amount, of the Periodic Payments. 3. Funds for Escrow Itelr~s. Borrower shall pay lo Lender on the day Periodic Payments are due under the Note, until the Note is paid in fu I, a sum (the "Funds") to provide for payment of amounts due fcr' (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) easehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lend~:r under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in leu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during Ihe term of the Loan Lender may require that Community As.~ociation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, ¢ees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts lo be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligalion 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 wawer, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which paymenl or Funds has been waived by Lender and, if Lender reqLires, shall furnish to Lender receipts evidencing such payment within such time period ~ts Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenanl and agreement contained in thi'.'~ Security Instrumenl, as the phrase "covenant and agreement" is useo in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails -~o pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay lo Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time., oy a notice given in accordance with Section 15 and, upon such revocation, Borrower shall I:ay to Lender all Funds. and in such amounts, that are then required under this Section 3 Lender may, at any time collect and hold Funds 'n an amount(a) sufficient to permit Lender to apply the.Funds ~t 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 or :urrent data and reasonable estimates or expenditures of future Escrow Items or otherwise i.q accordance with Applicable Law. The Funds.shall be held i~ an institution whose deposils are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federa. Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later th¢'n the time specified under RESPA. Lender shall not charge Borrower for holding and.,~pplying the Funds, annually analyzing lhe escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable .Law permits Le~der to make such a charge. Unless an agreement is made in writing or Applicable Law re6. uires interest to be paid on the Funds, Lender shall not be SWY05 Rev 11/06/00 Page 5 of 18 Initia __ FORM 3051 1101 0.900. t t required to pay BorroWer an~/ interest or earnings on the Funds. Borrower 'and Lender can agree in writing, however, tl'~at interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an:'a, nnual accounting or the Funds as required by RESPA. If there is a surplus of I~iuqds held in escrow, as defined under RESPA, Lender shall account to Borrower for the e>:cess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower s'h~ll pay to Lender the amount necessary to make up the shortage in accordance with R:_SPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and E.0.~rower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of a:l sums secured by this Security Instrument, Lender shall promptly refund to Borrower ~ry Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property. which can attain Priority over this Security Ins. trument, leasehold paym~mts or ground rents on the Properly, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay therr., in the manner provided in Section 3. Borrower, shall promptly ~.lischarge any lien which has priority over this Security Instrument unless Borrower: . (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b)'contest,.; lhe lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lende~-'s opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part 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 notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require BorrOwer to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property InSurance. Eiorrower shall keep the improvements now existing or hereafter erected on the Property in.'~ured against loss by fire, hazards included within the term "extended coverage," and a~,y other hazards including, but not limited to, earthquakes and floods, for which Lender re"quires insurance. This insurance shall be maintained in the amounts (including deductibl,~ ievels) and [or the periods that Lender requires. What Lender requires pursuant ~o the pre~:eding sentences can change during the term or the Loan. The insurance carrier providing th~'. insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may re. qure Borrow ~r~ to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar c:~nges occur which reasonably might affect such determination swY06 Rev ~0/25/00 Page 6 o1' 18 FORM 3051 1101 : %:? or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Mana;iement Agency in connection with the review of any flood zone determination resulting fr:3m an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lerider's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shal cover Lender, but mi'Iht or might not protect Borrower, Borrower's equity in the Property, or the contents o~ tie Property, against any risk, hazard or liability and might provide greater or lesser cc,,w.~rage than was previously in effect. Borrower acknowledges that the cost of the insuram:e coverage so obtained might significantly exceed tile cost of insurance that Borrower couhJ have obtained. Any amounts disbursed by Lender under this Section 5 shall become ~d::litional debt of Borrower secured by this Security Instrument. These amounts shall bear trite'est at the Note rate from the date of disbursement and shall be payable, with such intere.';t, 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 modgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies ard renewal certificates. If Lender requires Borrower shall promptly give to Lender al'~, receipts of paid premiums and renewal notices. If Borrower obtains any form of insuram:e coverage, not otherwise required by Lender, for damage 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, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof or loss if not made promptly by Borrower. Unless Lender and Borrower otherwise a~ree 'n writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, il: the restoration or repair is economically feasible and Lender's security is not lessened. During such repa;r and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to .inspect such Properly to ensure the work has bee~ o~)rnpleted to Lender's satisfaction, provided that such inspection shall be undertaken prorrpt)y. Lender may disburse proceeds for the repairs and restoration in a single paym,ent 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 p~:oceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall r or; be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If th~ restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance p~oceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the .nsurance carrier has offered to settle a claim, 1hen Lender may negotiate and settle the claim.iThe 30-day period will begin when the notice is given. In SWY07 Rev 10/25/00 Page 7 of 18 Inili FORM 3051 1/01 either event, or ill Lender a~:quires the Property under Seclion 22 or otherwise, Borrower hereby assigns Io Lender (a~ Borrower's righls to any insurance proceeds in an amounl not to exceed the amounts unpsid under the Note or this Securily Instrumenl, and (b) any other of Borrower's rights (other ithan the right to any refund of unearned premiums paid by Borrower) under all insurar ce .policies covering the Property, insofar as such rights are applicable to the coverage df'the Property. Lender may use lhe insurance proceeds either to repair or restore the Property or to pay amounls unpaid under the Note or this Securily Instrument, whether or not th!eh due. 6. Occupancy. Borrowe~ shall occupy, establish, and use the Property as Borrower's principal residence within §r' days after the execution of this Security Instrument and shall continue to occupy the Prop~.rty as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, 3r unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or im.:air the Property, allow the Property to deteriorate or commit waste on the Property. Whe;~er or not Borrower is residing in the Property, Borrower shall maintain the Property in orCer 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 economi.:ally 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 ~:estormg the Property only if Lender has released proceeds for such purposes. Lender may'disburse proceeds for the repairs and restoration in a single payment or in a series of pl'Ugress payments as the work is completed. If the insurance or condemnation proceeds are 'not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may,make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Appl'nation. Borrower shall be in default ii', during the Loan application process, Borrow-;r or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to. Lender (or failed to provide Lender with material information) in connection 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 '.nterest in the Property and Righls Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in lhis Security Instrument, (b) the¢8 is a legal proceeding that might significantly affect Lender's interest in the Property and~'0r rights under this Security Instrument (such as a proceeding in bankruptcy, probate,, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Secur ty Instrument or to enforce laws or regulations), or SWY08 Rev 10/25/00 ; Page B of 18 Initial FORM 3051 l/fl1 (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate o protect Lender's interesl in the Properly and rights under this Security Instrument includi(~g protecting and/or assessing the value of tile Property, and securing and/or repairing l'l.e Properly. Lender's aclions can include, but are not limited to: (a) paying any sums secure;d by a lien which has priority over this Security Instrument; (b) appearing in court; and (c).paying reasonable attorneys' fees to protect its interest in tile Properly and/or rights und~r this Security Instrument, including its secured position in a bankruptcy proceeding. Sel;~ring 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, eliminat(,'building'or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do.so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liabil'ty for not taking any or all aclions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt or Borrower secured by this. Security Instrument. These amounts shall bear interest at the Note rate from 'the date cf disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrumelt is on a leasehold, Borrower shall comply with all the provisions of the lease. If E;orrower acquires fee title to the Property, the leasehold and the fee title shall not merge un',ess Lender agrees to the merger in writing. · 10. Mortgage Insurance ,lf Lender required Mortgage Insurance as a condition of making the Loan, Borrows;- shall pay the premiums required 1o maintain the Mortgage Insurance in effect. If, for ahy reason, the Mortgage Insurance coverage required by Lender ceases to be available fro~r, the mortgage insurer that previously provided such insurance and Borrower was required.,to make separately designated payments toward the premiums for Mortgage Insurance, E, orrower shall pay the premiums required to obtain coverage substantially equivalent t3 the Mortgage Insurance previously in effect, al a cost substantially equivalent to ".he cost to Borrower of lhe Mortgage Insurance previously in effect, from an alternate r~ortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance cover~.qe is not available, Borrower shall conlinue to pay lo Lender the amount of the separately d~signated payments that were due when the insurance coverage ceased' to be in effect. ;Lender will accept,~ use and retain these payments as a non-refundable loss reserve in lieu or Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no onger requ re loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, i"~ obtained, and Lender requires separately designated payments toward the premiums for M,ortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Lo,an and Borrower was required lo make separately designated payments toward the prerdiJms for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgiage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's reouirement for Mortgage Insurance ends in accordance with any written agreement betweeh Borrower and Lender providing for such termination or until termination is required by: .Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at ithe rate provided in the Note. SWY09 Rev 11/13/00 Pagegof18 Inilials~ ~ _~~/~ ' ' FORM 3051 1101 e20 Mortgage Insurance reirdburses Lender (or any entity that purchases the Nole) for certain losses it may incur if.3orrower does not repay the Loan as agreed. Borrower s nol a party lo the Mortgage Insur ~nce. Mortgage insurers evalu;'~{e their total risk on all such insurance in force from time to time, and may enter into agreements wilh other parties thal share or modify their risk, or reduce losses. These agreen;6nts are on terms and conditions that are satisfactory lo the mortgage insurer and the oft:er party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have a'.vailable (which may include funds obtained from Mortgage Insurance premiums). As a result of these agree;-nents, Lender, any purchaser of the Note, another insurer, any reinsurer, any other enlit/, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts lhat derive from (or might be characterized as) a porlion of Borrower's payments for Mcrlgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or r(.~ducing losses. If such agreement provides that an a[filiate of Lender takes a share of 1he insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement s often termed "captive reinsurance." Further: (a) Any such agreement~:will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or a!'~,.! other terms of the Loan. Such agreements will not increase the amount Borrower will Owe for Morfgage Insurance, and they will not entitle Borrower to any refund. ., ~ (b) Any such agreemenL~ will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance u[tder the Homeowners Protection Act of 1998 or any other law. These rights may include the. right to receive certain disclosures, fo request and obtain cancellation of the Morfga.c~': Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such ,bancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damag(o, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. Dur,ng such repair and restoralion period, Lender shall have the right to hold such Miscellan6.ous Proceeds until Lender has had an 0ppodunity to inspect such Property to ensure the,work has been completed to Lender's satisfaction, provided that such inspection shall be,undertaken promptly. Lender may pay for the repairs and restoration in a single disbu"sement or in a series of progress payments as the work is completed. Un ess an agreement is made in writing or Applicable Law requires interest .to be paid on such MiscellaneoLs Proceeds, Lender shall nol be required to pay Borrower any interest or earnings on sucl~ Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, lhe Miscellaneous Proceeds shall be applied to the sums(secured by this Security Instrument, whether or not then due, with lhe excess, if any, paid ~o Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Sect on 2. SWY10 Rev 10/25/00 Page 10 of 18 FORM 3051 1101 .-...6211_ In the event of a total takilag, destruction, or loss in value of the Property, the Miscellaneous Proceeds sha'l be applied to the sums secured by this Security Instrument, whether or not then due witf the excess, if any, paid to Borrower. In the event of a partial laking, 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 equal to or greal;er than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othe,"wise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss n' value divided by (b) the fair market value of the Property immediately before the partiai taking, destruction, or loss in value. Any balance shall be paid to Borrower. In tile event of a partial 'taking, destruction, or loss in value of the Property in which the fair market value of the ProFerty immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the parlial taking, destruction, or loss in valuel unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are lhen due. If the Property is abando'ned by Borrower, or if, after nolice by Lender to Borrower that the Opposing Party (as defire'd 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 au~hi~rized to collecl and apply the Miscellaneous Proceeds either to restoration or repair of the ;Property or to the sums secured by this Security Inslrumenl, whelher or not then due. '(Opposing Party" means the lhird party lhal owes Borrower Miscellaneous Proceeds or tlie~ party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in defaull if any aclion or proceeding, whether civil or criminal, is begun lhat, in Lender's judgment, could result in forfeiture of lhe Property or olher material impairment of Lender's interest in the Property or rights under this Security Inslrument. Borrower can cure such a d['.f[eull and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes: forfeilure of the Property or other material impairment of Lender's interest in the Property or rights under this Security Inslrument. The proceeds of any award or claim for dam£ges that are attributable to the impairment of Lender's interesl in lhe Property are hereby a.';s!gned and shall be paid Io Lender. All Miscellaneous Procee;d.~ that are not applied to restoration or repair of the Property shall be applied in the order-p~ovided for in Section 2. 12. Borrower Not Released:; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification ,of amortization of the sums secured by this Securily Inslrument granted by Lender to Borrower or any Successor in Interesl of Borrower shall not operate to release the liability of Borro~'v¢ir or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by SWY11 Rev 11/06/00 Page 11 of 18 initia FORM 3051 1/01 :. :.: "- } -. this Security Instrument by ,-eason of any demand made by the original Borrower or any Successors 'n Interest of Bcrrower. Any forbearance by Lender in exercising any righl or remedy including, wilhout Ii :dtation. Lender's acceptance of payments from third persons. entities or Successors in Interest of Borrower or in amounts ess than the amounl then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Li~bility; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that 3orrower'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-sigr:ng this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms o[ ihis Security Instrument; (b) is not personaly obligated to pay the sums secured by this Security Instrument; and (c) agrees thai Lender and any olher Borrower can agree to extend, modify, forbear or make any accommodations with regarc to the terms or this Security Instrument or the Note without tile co-signer's consent. Subject to the provision of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligat:ons under this Security Instrument in writing, and is approved by Lender, shall obtain all ¢( Borrower's rights and benefits under this Security Instrumenl. Borrower shall not be relea~;ed from Borrower's ob igations and liability under this Security Instrument unless Lender a{.rees to such release In writing. The covenants and agreemenls or this Security Instrument :~hall bind (except as provided in Section 20) and benefit the successors and assigns of L~nder. 14, Loan Charges. Lender may charge Borrower Fees forservmes performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under ti-is Security Instrument, including, but not imited to attorneys' tees,' property inspection and valuation tees. In regard to any other fees, the absence of express authority in this Sec, urity 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 t~iis Security Instrument or by Applicable Law. If the Loan is subject to '.,a law which sets maximum loan charges, and that law is finally interpreted so that the inttlrest or other loan charges collected or to be collected in connection with the Loan ex':eed the permitted limits, then: (a) any such loan charge shall be reduced by the amount ~lecessary to reduce the charge to 'the permitted limit; and (b) any sums already collected fora Borrower which exceeded permitted limits will be refunded to Borrower. Lender may chbose to make this refund by reducing the principal owed under the ~lote or by making a d.rect payment to Borrower. If a refund reduces principal, the reduction will be treated as ? partial prepayment without any prepayment charge (whether or not a prepaymenl charge 'is provided for under the Note). Borrower's acceptance of any such refund made by direct,.paymenl to Borrower will constitute a waiver of any right of action Borrower might have ',}rising out of such overcharge. 15. Notices. All notices'given by Borrower or Lender in connection with this Security Instrument must be in writil~g. 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 wheq actually delivered ti!~ Borrower's notice address if sent by olher means. Notice Io any one Borrower shall cons[itute notice to all Borrowers unless Applicable Law expressly SWY12 Rev ti/06/00 ':, Page 12 of 18 Inilia FORM 3051 1101 requires otherwise. The notic~ address shall be the Property Address unless Borrower has designated a substitute noti('.b, address by nolice to Lender Borrower shall promptly notify Lender of Borrower's chang'a of address, f Lender specifies a procedure for reporting Borrower's change or addres'.~, then Borrower shall only report a change of address through that specified procedure. There may be only one designaled notice address under this Security Instrument al any o~e time. Any notice to Lender shall be given by delivering il or by mailing it by first class 'mail Io Lender's address stated herein unless Lender has designated another address by notice lo Borrower. Any notice in connection with lhis Security Instrument shall no[ be deemed to have been given to Lender unlil actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, th'e Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Seve;,ability; Rules of Construction. This Security Instrument shall be governed by federa law ;and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject Io any requirements and limitations 'of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shal not be construed as a prohibition a.~'ainst agreement by contract. In the event that any provision or clause of this Security InstrL'ment or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Nole which can be given effect without the conflicting provision. As used in this Security In?~rument: (a) words or'the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and inc.ude the plural and vice versa; and (c) the word "may" gives sole discretion without any ob'igation to take any action. 17, Borrower's Copy, Borrower shall be given one copy or the Note andofthis Security Instrument. . . 18. Transfer of the Proper'.~ or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Proper~y" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installmen,' sales contract or escrow agreement, the intent of which is the transfer of title by Borrower ~t a future date to a purchaser. If all or any part of the Prcl:erty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's p/'ior written, consent, Lender may require immediate payment in full of all sums secured by this Securty Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Ir Lender exercises this oFiion, Lender shall give Borrower notice of acceleration. The notice shall provide a period !0f not less than 30 days from the date the notice is given in accordance with Section 15 ~within which Borrower must pay all sums secured, by this Security Instrument. If Borro,;ver fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on B'orrower. SWYt3 Rev 11/06/00 Page 13 of 18 Initial~r~q~ FORM 3051 1101 19, Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall h?ve the right to have enforcemenl of lhis Security Instrumenl discontinued at any time pridr to the earliest of: (a) five days before sale of the Property pursuant to any power of sal~:'contained in this Security Instrument; (b) such other period as Applicable Law might sp.eciry. ;or the termination of Borrower's right to reinstate; or (c) enlry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which :hen would be due under this Security Instrument and the Note as if no acceleration had ,':,ccurred- (b) cures any default of any other covenants or agreements; (c) pays al expl~nses incurred in enforcing this Securitylnslrument including, but not limited to, reasonab'ls altorneys' fees, property inspeclion and valuation fees and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrumer,:; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of tt~e following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, ba.qk check, treasurer's check or cashier's check, provided any such check is drawn upon a}~ institution whose deposits are insured by a federal agency, instrumentality or entity; or (,;) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and pbligations secured hereby shall remain fully effective as if no acceleration had occurred. I-!Owever, this right to reinstate shall not apply in the case of acceleration under Section 18 20. Sale of Note; Change of Loan Servicer; Notice.of Grievance. The Note or a partial interest in the Note (together~'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 collec';S Periodic Payments due under lhe Note and 'this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and ApFl'icable Law. There also might be one or more changes of the Loan Servicer unrelated to ~.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 the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires n connection with a notice of transfer or servicing. If the Note is sold and thereafter the Lc'?~n is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage Ioar':servcng obligations to Borrower will remain~with the Loan Servicer or be transferred to. a successor Loan Servicer and are not assumed by lhe Note purchaser unless otherwise Frovided by the Note purchaser. Neither Borrower nor Len'~.er may commence, join, or be joined to any judicial action (as either an individual litiga'~t or the member of a class) that arises from the other party's actions pursuant to this S(curity Instrument or that alleges that the other party has breached any provision of,' Oil- any duty owed by reason of, this Security Instrument, until such Borrower or Lender ha'.; notified lhe other party (with such notice given in compliance with the requirements of sec. lion 15) of such alleged breach and afforded the other party hereto a reasonable period'i'after the giving of such notice to take corrective action. If Applicable Law provides a -~ime period which must elapse before certain action can be taken, that time period will b~;,'deemed to be reasonable for purposes of this paragraph. SWY14 Rev 12/27100 .i Page t4 o1' 18 Initials ' FORM 3051 1/01 The notice of acceleration aTd opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleratinr~ given to Borrower pursuanl to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous. Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and th~ following substances: gasoline, kerosene, other flammable or toxic petroleum products, loxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and law., o[ the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law: and (d) an "Environmental Co~;dition" means a condition that can cause, contribute to, or otherwise trigger an Environ menl Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten lo release any Hazardous Substances, on or n the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or lc) which, due to the presence, use, or release of a Hazardous Substance, creates a con]ilion that adversely affects the value of the Property. The preceding two sentences sEall not apply lo lhe presence, use, or storage on lhe Property of small quantities of Hazardous Substances that are generally recognized to be appropriate lo norma residential uses an4 to maintenance o[ the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property anc any Hazardous Substance or Environmental Law o[ which Borrower has actual knowledge, (b) any Environmenta Condition, including but not limited to, any spilling, leaking, discharge, release or threat or release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the ,~alue or the Property. I[ Borrower learns or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation or any Hazardo~ Substance affecting the Property is necessary, Borrower shall promptly take all necessa'ry 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 furlher covenant and agree as follows: 22. Acceleration; Remedies. 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 notice 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 ~s given to Borrower, by which the default must be cured; and (d) that f~ilure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notim., shah 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 Borro~.~er to acceleration and sale. It the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment SWY15 Rev 10/25/00 Page i5 ol 18 Imli FORM 3051 1101 In full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all exp~,;~ses incurred in pursuing the remedies provided in this Section 22, including, but not limited ~o, reasonable attorneys' fees and costs of title evidence. If Lender invokes the p3wer ot sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, it different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Appli~:able Law. Lender or its designee may purchase the Property at any sale. The proceeds of th~ sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; ;'md (c) any excess to the person or persons legally entitled to it. 23. Release. Upon pay'nent or all sums secured by this Security Instrument Lender shall release this Security '~strument. Borrower shall pay any recordation cosls Lender may charge Borrower a fee Ior releasing this Security Instrument, but only if the fee is paid lo a third party for servic~;s rendered and Ihe charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower.:,teleases and waives all rights under and by virtue of the homestead exemption laws Df Wyoming. SWYi6 Rev 10/25/00 Page ~6 of 18 Inili~'~'' FORM 3051 1101 BY SIGNING BELOW, Borrower accepls and agrees to the lerms and covenants contained in this Security Inslrumenl and in any Rider executed by Borrower and recorded wilh il. Witnesses: (Seal) Borrower ~ (~L~) j~ (Seal) MARY O HALL U " Borrower SWYI7 Rev 12/21/00 Page 17 o1' 18 nitial~/~~' FORM 3051 1/01 (;28 STATE OF WYOMING, Llt~COLN Counly ss: The fo'regoing instrument was acknowledged before me this JUNE 17, 2004 SHANE B HALL AND MARY O HALL by My Commission Expires: SWY18 Rev 10/25/00 Page 18 of 18 Initials: FORM 3051 1101