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HomeMy WebLinkAbout900410After Recording Retm'n To: COUNTRYWIDE HOME LOANS INC. MS SV-79 DOCUMENT PRO~'~SSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepm'ed By: LARTECIA R. DAVIS 55 [Space Above This Line l"or Recto'ding Data] MORTGAGE 00062414'93306004 [Doc ID [] DEFINITIONS Words used iu multiple sections ~f this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rt,16s regarding the usage of words used in this document m'c also provided in Section 16. (A) "Security Instrument" mca~s this document, which is dated JUNE 10, 2004 , together with all Riders to this docmnent (B) "Borrower" ~s MATTHEW DAVID FRERICKS, AND KERRI M KELLER-FRERICKS , husband and wife Borrower ~s the mortgagor under this Security Instrument. (C) "Lender" is FULL SPECTRUM LENDING, -2NC. Lenderis a CORPORATION organized and existing under the l~ws of CALIFORNIA Lender's address is 4500 Park Granada, Cal;abasas, CA 91302 Lender is the mortgagee under this' Security Instrument. (D) "Note" me,ms the promissory note signed by Borrower and dated Note states that Borrower owes Leader ONE HUNDRED NINETY SIX' THOUSAND and 00/100 JUNE 10, 2004 .The Dol]m's tU.S. $ 196,000.00 ) plus interest. Bon'ower has promised to pay this debt in regular Pehodic Payments and to pay thc debt m full not later than JULY 01, 2034 (E) "Property" means the property that is described below unde,' the heading "Transfer of Rigl~ts in the PrOperty" (F) '.'Loan" means the debt evidcrced by the Note, plus interest, any prepayment ch~ges and late charges due nnder the Note, and all SUlnS due under this Security l,~stmment, plus mteresl. WYOMING-Single Family-Fannie Ma_dFreddie Mac UNIFORM INSTRUMENT Page 1 of 11 (~®-§(WY) (0005) CHL (08/00)("ii VMP MORTGAGE FORMS- (800)521-7291 CONY/VA Initials: Jc/~~m 3~051 1/01 * 23991 ' * 0624 I 4930000002006 - * DOC ID ~: 0006241493006004 (G) "Riders" means all Riders 13 this Secnrity Instrument that are executed by Bon'ower. The following Riders are to be executed by Borrower [check box as applicable]: [---] Adjustable Rate Rider ~-} Condominium Rider ~] Second Home Rider [~ Balloon Rider ~-'] Planned Unit Development Rider [--] 1-4 Family Rider [--] VA Rider I-~ Biweekly Payment Rider ~ Other(s) [specify] (ID "Applicable Law" means 'all conu'olling applicable federal, state and local statutes, regulations, ordinances and administrative tales and orders (Ihat have the effect of law) as well as all applicable final, non- appealable judicial opmions~ (1) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that ate imposed on Borrower or the Property~ by a condominimn association, homeowi~ers association or similar organization. (J) "Electrmfic Funds Transfer" means any transfer of funds, othe,' than a transactiou originated by check, dr~t, 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 debit or credit an account. Such term includes, b,~t is not limited to, poiut-of-sale transfers, automated teller machine transactions, transfers initiated by !elephone, wire transfers, and automated clearinghouse trallsfers (K) "Escrow items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" mzans any compensation, settlemeut, award of damages, or proceeds paid by any third party (other than insure.nee proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Proper~y; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) nfisrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" mear~s insurance protecting Lender against the nonpaymem of, or default on, the Loan. (N) "Periodic Payment" mean ;~'he regularly scheduled amount due for (i) principal and interest under the NOte, plus (ii) any amounts under Section 3 of this Security Iustrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (.12 U.S.C. Section 2601 et seq.) and its ~mplementing regulation, Regul:tion X (24 C.F.R. P~t 3500), its they might be amended from time to time, or any additional or successor leg slation 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 "feder~ly related mortgage loaW' even if the Loan does not qualify as a "federally related mortgage lomb" under RESPA. (P) "Successor in Interest of B wrower" 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 TEE PROPERTY This Security Instrument secure; to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors arid assigns, with power of sale, the following described property located in the COUNT'_~ of LINCOLN : [Type of Recording Jurisdiclioa] [Name of Recording Jurisdiclioa] LOT 39, OF RIVER RANCHES FISHING AND EQUESTRIAN ESTATES AT FREEDOM, LINCOLN COUNTY, WYOMIN.~ AS DESCRIBED IN THE OFFICAL PLAT THEREOF. Parcel ID Nuinber: 3519271.002~1200 105281 HWY 89, [SlreeqCity] Wyoming 83118 "("Prol~e :ty Address"): [Zip Code] 1~®-6(Wy) (ooo5) CML (0g/00l Pa§e 2 of 11 ETNA which currently has the address of Initials: Form 3051 1/01 73° DOC ID #: 00062ZllZ193006004 TOGETHER WITH all th,~ improvements now or hereafter erected on the property, m~d all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Secuhty Instalment. All of the foregoing is referred to in this Security Instrument as the "Property." BO~O~R COVENANTf: that Borrower is law~lly seised of th e estate hereby conveyed ~md hms the right to mortgage, gram and 'convey the Property and that the Property is unencumbered, except for encmnbrances of record. BorroWer win'rants and will defend generally the title to the Property agMnst all claims and demands, subject to anv encumbrances of record THIS SEC~TY INSTRUMENT combines uniform covenants for natiomd use and non-unifo~ covenants with limited vmiatmns by jurisdiction to constitute a uniform security ins~ument covering real property. UNIFO~ COVEN~TS~ Eorrower and Lender covenant and agree as follows: 1. Payment of Principal, lmerest, Escrow Items, Prepaymeut Charge, and Laie Charges. Borrower shall pay when due the princiFal.of, and interest on, the debt evidenced by the Note and any prepayment ch~ges and late charges due unaer the Note. Bon'ower shall also pay funds for Escrow Items pursuant to Section 3. Payments due nndcr the Note and this Security h~strunmnt shall be made in U.S. c'urrency. However, if any check or othe,' iustmment received by Lender as paymem under the Note or this Secafity Instrument is returaed to Lender finpaid, Lender may require that any or all subsequent payments dne nnder the Note and this Security Insu',m-~enl be made in one or more of the fi~llowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an i~,slitution whose deposits are insured by a federal agency, ins~mentality, or entity; or (d) Eleca'onic Funds ~ransfer. Payments are deemed rece red by Lender when received at the location designated in the Note or at such other location as may be designated by Lender iii accordance with the notice provisions in Section 15. Lender may return any payment or parti:il payment if the payment or partial payments are insufficient to bhng the Loan currem. Lender may acc.~p' any payment or partial payment iimufficient to bring the Loan cn~ent, without waiver of any righ'ts hmmmder or prejudice to its rights to refuse such payment or partial paymenLs in the fimn'e, but Lender is not obi .gated to apply such payments tit the tune such payments ~e accepted. If each Periodic Payment is apl)lied as of its scheduled dae date, thet~ Lender need not pay interesl on unapplied ~nds. Lender may hold s,ch fm:pplied funds nntil Borrower makes payment to bhng the Loan current. If Borrower does not do so within ;.,. reasonable period of time, Lender sludl either apply such funds or relum them [o Borrower. If not applied em'lief, such rinds will be applied to the outstanding principal balance under the Note itninediately prior to foreclosure. No offset or claim which Borrower might have now or in lt~e fl~ture agMnst Lender shall relieve Bor:'ower from ma~ng payments duc nmler the Note m~d this Security iustrument or performing the covenants ant agreements secored by this Secut'Jty lnsn~ment. 2, Application of Paymen ts'or Proceeds. Except as otherwise described in this Section 2, all payments accel)ted and applied by Lendm shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under tl'e Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the oJ'der in which it bertram due. Any remaining amounts shall be applied first late charges, second to m~y other ~unounts due under this Security Instrnment, m~tl then to reduce the principal balance of the Note. If Lender receives a pay~nent from Borrower for a delinqaent Periodic Paymeut which includes a sufficient amount to pay any late :harge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of t~e Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any exce~s exists after the payment is applied to the fi~l] payment of one or more Periodic Payments, sach excess may be applied to any late charges due. V01unt~y prepayments shall be applied first to any prepayment ~chm'ges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds m principal due.umler the Note shall not extend or postpone he due date, or chauge the amount, of the Periodic Payments. 3, Funds for Escrow Items. Borrower shall pay to Lm~dcr on the day Periodic Payments ~e doe under the Note, until the Note ~s paid ,. fisll, a sum (the "Funds") to provide for payment of amouuts due for: (a) t~es m~d assessments and other ,items which can attain priority over this Security Instrument as a lien or encumbrauce on the Property; (b) leasehold payments or gronnd rents on die Property, if any; (c) premimns for any and all insurance required '~y Lender under Section 5; and (d) Mortgage Insur~ce premiums, if auy, or any sums payable by Borrow~r 'to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at rely time daring the term of the ~0m~, Lender may reqaire that Ct~mmunity Association Dues, Fees, aud Assessments, if any, be escrowed by BmTower, and such dues, fees and assessmenm shall be an Escrow Item. Borrower shall promptly fiirnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Ftmds for Escro N Items uhless Lender wMves Borrower's obligation to pay the Funds for or ~dl Escrow Items. Lender may :waive Borrower's obligation to pay to Lender Funds for any or ~1 Escrow Items at any time. Any such waivzr may only be in writing, tn the event of such waiver, Borrower shall pay directly, when ~d where payable, the amounts due fBr any Escrow Items for which payment of Funds has been wMved by Lender ard if Lender requires, shall fiu-nish to Lender receipts evidencing ~-6(WY) (0005) CHL (0aJ0[;) Page 3 of 11 For~ 3051 1/01 734 DOC ID q: 0006241493006004 such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for aq puqmses be deemed to be a covenant and agreement contained in this Security Instrument, as the pla'as3 'Covenant and agreement" is used itl Section 9. If Borrower is obligated to pay Escrow Items directly, pursuan, to a waiver, and Bon'ower fails to pay the amount due for an Escrow Item, Lender may exercise its rights unt~er Section 9 and pay such amonnt and Borrower shall then be obligated trader Section 9 to repay to'Lent/er any such amount. Lender may revoke the waiver as to inly or all Escrow Items at any time by a notice giv,~n in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in st'~ch amounts, that are then required nnder this Section 3. Lender may, at any time, collect and hold Funds in an a~nount (a) sufficient to pernfit Lender to apply tile Funds at tile time specified uuder ~ESPA, and (b) not to exceed tile maximum amount a lender can require under RESPA. Lender shall esti:.m~te tile amount of Funds due ou tile basis of current data and reasonable estimates of expenditures of futme '~scrow Items or otherwise m accordance with Applicable Law. The Funds shall be held in'i:n institution whose deposits m'e iusm'ed by a federal agency, instrument ality, or entity (including Lender, if Leuder is an institution whose deposns are st) insured) or in any Federal Home Loan Bank. Lender shall apply ,th~ Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, ammally amdyzing tile escrow account, or verifying the Escrow Iiems, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make s¢ch a charge. Unless an agreement is made in writing or Applicable Law reqmres interest to be paid on the. Funds, Lender shall nol be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wrmug, however, that interest shall be paid on the Funds. Lender shall give to Borrower, w ti/out charge, au annual accounting of tile Funds as required by RESPA. If there is a sm-plus of Fttnd,g tield in escrow, as defined under RESPA, Lender shall account to Borrower for the excess fimds in accordant?ei with RESPA. If there is a shortage of Funds held itt escrow, as defined under RESPA, Lender shall noti'fyi. Bon'ower as requi,'ed by RESPA, and Borrower shall pay to Lender the amount necessm3, to make up the! shortage in accordance with RESPA, but in no more than 12 momhly payments. If there is a deficiency.~0f Funds held itl escrow, ils defined under RESPA, Lender shall notify Bon'ower as required by RESP,a', md Bon'ower shall pay to Leuder tile amount necessary to make up tile deficiency in accordance with RI3SPA, but in no more than 12 mo,uhly payments. Upon payment in fidl of all shins secured by this Security Insu'ument, Lender shall prompdy refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower :~hall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security hmtmment, leasehold payments or ground rents on the Property, if any, and Communit~t Association Dues, Fees, and Assessments, if amy. To the extent that these items are Escrow Items, Borrowe~' suall pay them in tile manner p,'ovided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Bon'ower: (a) agrees in writing tc the payment of the obligation secured by tile lien in a manner acceptable to Lender, but only so long as Bon-ower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of die lieu m, legal proceedings wlfich m Lender's opinion operate to prevent the en~brcement of the lien while thos~ proceedings m'e pending, but only uutil such proceedings are concluded; or (c) secures fi'om the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Leuder determines that any part of tile Properiy is subject .to a lien which can attain priority over this Security Instmmefit, Lender may give Borrower a nolice .identifying the lien. Within 10 days of the date on which that notice ig given, Borrower shall satisfy tile lien or take one or more of the actions set forth above in this Section 4. ~ Lender may require Borrow::r.to pay a one-time charge lbr a real estate tax verification and/or reporting service used by Lender in connect, ion with this Loan. 5. Property Insurance, Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss~by fi'e, hazards included within tile term "extended coverage," and any other hazards including, but not limit'.d to, earthquakes and floods, roi' which Lender requires insnrmlce. This insurance shall be maintained in the mounts (including deductible levels) and for the periods that Lender requires. What Lender requires plm~uant to the preceding sentences can change during the term of the Loan. The insurance carrier providing t[~e insurance shall be chosen by Bon'ower subject to Lender's right to disapprove Borrower's choice, wh'ich right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this L4ah, either: (a) a one-titne charge for flood zone detenmnation, certification and trackiug services; or (b) a cue'-time charge for flood zone determination and certification services and subsequent charges each time rm~appings or similar changes occur which reasouably might 'affect such determination or certification. Bc'rrower shall also be responsible for tl~e payment of any fees imposed by the Federal Emergency Managemen( ~gency in conuection with the review of any flood zone detemlination resulting from an objection by Bcrrgwer. If Borrower fails to maintait, l any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and B~rrower's expense. Lender is under no obligation to purchase any ptu'licuhu: type or amount of coverage. Thenl:fore, such coverage shall cover Leuder, but might or might not protect Bon'ower, Borrower's equity in ~th6 Property, or the contents of the. Property, against any risk, hazard or II~®-§(WY} (0005) CHL (08/00) i Page 4 ot 1t Initials:~~ ~C../I~ Form 3051 1/01 0 004.1:.0 DOC ID # 0006241493006004 liability and inight provide greatest or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insul:ance ico, verage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lin,der uuder this Section 5 shall become additional debt of Borrower secured by this Security Instmnlent. These amotmts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon ,lotice from Lender to Borrower requestiug payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall: include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss pay'eel. Lender shall have the right to l,old the policies and renewal certificates. If Lender requires, Borrower shah pr, omptly give to Lender all receipts of paid premiums and reneWal notices. If Borrower obtains any form o1:' insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, suFh!policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or aS an additior..al loss payee. Itl the event of loss, Borr(swer shall give prompt notice to tile insu,'ance carrier and Lender. Lender may make proof of loss if not made lpromptly by Bon'ower. Unless Lender and Borrower otherwise agree in writing, any iusurauce proceed:C, iwhether or not the underlying insurance was reqmred by Lender, shall be . applied to restoration or repair 6f the Property} if the restoration or repair is economically feasible and Lender's security is not lessenecl. During such repair and restorafioq period, Lender shall have the right to hold such insurance proceeds until [.er:der has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's saris(action, provided that such iuspection shall be uridertaken promptly. Lender may disburse proceeds for the rel~airs and restoration in a single payment or in a series of progress payments as the work is completed. Unless:an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds,: Lender shall not be required to pay Borrower any interest or earnings oil such proceeds. Fees for public ad usters, or other third parties, retained by Borrower shall not be paid out of the iusurance proceeds and st all 'be the sole obligation of Borrower. if the restoration or repair is not economically feasible or Lendea:'s security would be lessened, Ihe iusm'ance proceeds shall be applied to the sums secured by this Security I:~s mment, whether or not then due, with the excess, if any, paid to BorroWer. Such insurance proceeds shall be applied in the order provided for iu Section 2. If Bon'ower abandons the P:'operty, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has ofl'ered to settle a c!aim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is give,ti In eitl~er event, or if Lender acqui,'es the Property under Section 22 or otherwise, Borrower hereby assigns to Leuder (al Bon'ower's rights to auy insur,'mce proceeds in an amount not to exceed the amounts unpaid; under the Note or this Security Instrument, and (b) ally other of Borrower's rights (other thau the right to a,ily i'efur~d of unearned premiums paid by Borrower) under :ill insurance policies covering the Property, insofar as such fights are applicable to the coverage of the Property. Lender may use the insurance proceeds either te r~pair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occopy, establish, and use the Property as Borrowm s principal residence within 60 days after the execu:.~q~l of this Secm'ity Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consen;t shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond BorrOwer's control. 7. Preservation, Maintenance and Protectiun of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste oil the Property. Whether or not 'Borrower is residing in the Property, Borrower shall maintain the Property iii order to prevent the Property fi'om detedorating'?~ decreasing in value due to its condition. Unless it is determined pursutmt to Section 5 that repair or restoration is not ecOnomically feasible, Bon'ower shall promptly repair the Property if damaged to avoid fi~rther deterioration or d,'mmge. If insurance or condemnation proceeds are paid in counection witl~ damage to, o:' t)e taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such pu,-poses. Lender may disburse proceeds for tile repairs and restoratio~ m a single payment or in a series of progress paylnents as the work is Completed. If the insurance or cmdelnnation proceeds are not snfficient to repair or restore the Property, Borrower is not relieved of Bor:o,;ver's obligation for the comPletion of such repair or restoration. Lender or its agent may inake reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender inay 'iz)i'spect the interior of the improvements oil die Property. Lender shall give Borrower notice at the time of cr prior to such tm interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default il', daring the Loan applicatiou process, Borrower or any persons or emities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate info,'lnation or statements to Lender (or fiiiled to provide Lender with material i~d'ormation) ill connection with the Loan. lVlaterial representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. i~)®-6(WY) (ooo5) CHL (08/0.]): Page 5 of ~ Form 3051 1/01 DOC ID #: O0062Z]lZ]93006004 9. Protection of Lender's Interest in the Property and Righls Under this Security Instrmnent. If (a) Borrower fails to perform the c~veuants and agreements contained m this Security Instrument, (b) there is a legal proceeding that might siFn!ficantly affect Lender's iuterest iu the Property and/or rights under this Security Instrument (such as a proceeding iu ban~uptcy, probate, for condemnation or forfeiture, for enforcement of a lien which imay attain priority over this Security h~stmment or to enforce laws or regulations), or (c) Borrower h~as abandoned the Property, theu Lender may do and pay for whatever is reasonable or appropriate to proiect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assc.ssing the value of the Property, and securing and/or repairing the Property. Lender's fictions can include, bm are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrmnent; (b) appearing, in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or'rights under this Security htstrunlent, includiug its secured position in a banlm~ptcy proceeding. Securing the Property includes, but is uot limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, draiu water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lenile:,' does not have to do so and is not rmder any duty or obligation to do so. It is agreed that Lender incurs no l:,.a;~ility for riot takiug auy or all actions authorized nnder this Section 9. Any amounts disbursed bylL~uder nnder this Section 9 shall becmne additioual debt of Bm'rower secured by this Security Instrument: Th¢i's& amorous shall bear interest at the Note rate front the date of disbursement and shall be payable, with st~clt interest, upon notice h'om Leuder to Borrower requesting payment. If this Security histrunient is~ on a leasehold, Borrower shall co,nply with all the provisions of the lease. If Bon'ower acquires fee title tc /he Property, the leasehold anti tl~e fee title shall not merge unless Lender agrees to the merger in writing. : i 10. Mm-tgage Insurance. ii1[ Lender required Mortgage Insurauce tis a condition of retaking the Loan, Borrower shall pay the premium; ;:equired to maintain the Mortgage Iusurance iu effect. If, for any reason, the Mortgage htsurance coverage required by Lender ceases to be available fi'om the mortgage insurer that previously provided such insurar~ce and Borrower was required to make separately designated payments toward the premiums for Mortg,lg~P Insurance, Borrower shall pay the premimns required to obtain coverage substantially equivalent to the Mo?tgage Insurance previously in effect, at a cost substantially equivalent to lhe cost to Borrower of the Mortgage: Insurance previously in effect, fi'om an alternate mortgage insurer selected by Lender. If substautially equi,,a!ent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender file amouut of t ~c separately designated payments that were due when the insurance coverage ceased to be iu effect. Lender wil.l accel)t, use aud retain these payments as a non-refundable loss reserve in lieu of Mortgage htsurauce. Such )oss reserve shall be non-refuudable, notwithstanding the fact that the Loan is ultimately paid in fitll, arid L,mder shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longler require loss reserve payments if' Mortgage Insurance coverage (in the atnount and for the pefi0d that"Lender requires) provided by an iusurer selected by Lender agailt becomes available, is obtained, and Lend&' 'requires separately designated payments toward the premiums for Mortgage Iusurance. If Lender required Mortgage Insurance as a conditiou of making the Loan and Borrower was required to make separately de:;ignated payments toward the premiums for Mortgage insurance, Borrower shall pay the prelniums required'io maintain Mortgage Insurance ill effect, or to provide a non-reftmdable loss reserve until the Lender's requir:eraent for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Sectiou 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage htsm'ance reimbqrses Lender (or any entity that purchases the Note) for certain losses it may recur if Borrower does not repay the Loau as agreed. Borrower is not a party to the Mortgage Insurance. . Mortgage insurers evaluate; their total risk on tall such insurance in force from time to time, mid 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 S:~t.~sfactory to the mortgage insurer and the other party (or parties) to these agremnents. These agreements n.my require the mortgage insurer to make payments using any source of fnnds that the mortgage insurer may haYe available (which may include funds obtained fi'om Mortgage Insurance premiums). As a result of these agreepaents, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of ;~ny of the foregoing, may receive (directly or indirectly) amounts that derive fi'om (or might be characterized .as)a portion of Borrower's payments for Mortgage lnsurauce, in exchange for sharing or modifying the mortgqge 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 premimns paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements w:;ll not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms or the Loan. Such agree~nents will not increase the amount Borrower will owe for Mortgage Insurance, qn.:t they will not entitle Borrower to any reared. ~®-6(WY) (0005) CHL (O§/OO 'i Page 6 of 11 Form 3051 1/01 DOC ID #: 0006241493006004 (b) Any such agreement~ will uot affect the rights Burrower has - il' any - with respect 1o the Mortgage Insurance uuder the Hmneowners Protection Acl uf 1998 or any other law. These rights may include the right to receive c.~rmin disclosures, to request and ohtain cancellation of the Mortgage insurance, lo have the Mortgage Insurance terminated automatically, and/or to receive a rerund of any Mortgage Insurance premiums: il:at were unearned at the time of such cancellation or termination. 11. Assigmnem of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and sh,'dl be paid to Lender. If the Property is damaged, such Miscelhmeous Proceeds shall be applied ~o res/oration or repmr of the Property, if the restoration or repair is economie',flly feasible and Lender's security is not lessened. During such repair and restoration period, Le~.dcr shall bare the right to bold such Miscelhmeous Proceeds until Lender has had an opportunity to inspec~ such Property to ensure the wo,'k has heen completed to Lender's satisfaction, provided that such inspection shall he undertaken prompdy. Lender may pay for the repairs and restoration m a single disbursement or itt a se4es of progress payments as d~e work is completed. Unless an agreement is made in writing or Applicable Law; requires interest to be paid on such Miscelhmeous Proceeds, Lender shall uot be required to pay Borrower .any interesl or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's secunty would be lessened, the Miscellaneous Proceeds sbatl be applied to the sums secu,'ed by ~this Security Instrument, wheflmr or not then due, with the excess, if any, paid to Borrower. Such Miscellm.~eous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking,, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied ~o Ihe s~ms seeure'd by dfis Security Instnmtent, whether or not then due, with tl~e excess, if any, paid to Bon'ower. In the event of a partial takiag, destruction, or loss in value of the Property m which tt~e fair marke£ value of the Property immediately before the partial raking, destruction, or loss in value is equal to or greater than the amount of the sums secured by ~this Security Instmn~ent immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in wridng, the sums secured by this Secnrity Instrument shall be reduced by tl:e amount of the Miscellaneous Proceeds multiplied by dte following fraction: (a) the total amount of the sams secured immediately before the pm'rial taking, destruction, or loss io value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be pa:d to Borrower. In the event of a partial takiqg destruction, or loss in value of the Property in which the fair market wfiue of the Property immediately bed,re the partial talcing, destruction, or loss in value is less than the amount of the sums secured immediately I;efi~re the pardal taking, desm~clion, or loss in wdue, unless Borrower and Lender otherwise agree in wrim g,~ the Miscellaneous Proceeds shall be applied to the stuns secured by this Security instrument whether or n,)t !he sums are then due. If the Property is abandoner 3y Borrower, or if, after uotice by Leuder to Borrower that the Opposing party (as defined in the next se.at,race) offers to make au award to settle a claim lbr d~mmges, Borrower finis to respond to Lender within 30 '~lay~ ~,fter the date the notice is given, Leuder is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Inslru~nent, whether or'ut, t then due. "Opposing Party" means the third party that owes Borrower Miscellm~eous Proceeds or the party against whom Bon'ower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be iu defmflt 'if any action or proceeding, whether civil or criminal, is begun that, in Lender's jttdgment, could result i,a ibrfeitnre of the Property or other material ilnpairmeut of Lender's interest in the Property or rights under this,Security Instrulnent. Borrower can cure such a default and, if acceleration bas occurred, reinstate as providdd in Section 19, by ctmsing the action or proceeding to be dismissed with a ruling that, in Leuder's judgment,.precludes forfeitm'e of the Property or other material impairment of Lender's interest in the Property or right,~ trader this Secm-ity Iustmment. The proceeds of any award or chfim for damages that are atu'ibutable to 5be impairment of Lender's interest'in the Property m'e hereby assigned aud shall be paid to Lender. ' All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order prOvided for iu Section ~. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modificadoi~ of amor ization of the sums secured by this Security Iusmiment granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shMl not be required to co,mnence proceedings against any Successor in Interest of Bon'ower o': to refuse to extend time for payment or otherwise modify amorlization of the sums seem'ed by this Security Insm,ment by reason of any demand made by the original Borrower or any Successors in Interest of Borrower~.: Any forbearauce by Lende,' in exercising any right or remedy including, without limitation, Lender's accegtance of payments from third persons, emities or Successors in Interest of Borrower or in mnounts less than die amount lhen due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligatiofis and liability shall be joint and several. However, any Borrower who co-signs this Seem'try Insmunent'b(~t does not execute the Note (a "co,signer"): (a) is co-signing this Security (~®-6(WY) (0005) CHL (08/00); Page 7 of 11 01 O O04 LO 73 S DOC ID #: 0006241493006004 Instrument only to mortgage, grmrt anti convey the co-signer's iuterest in the Property under the terms of this Security Instrument; (b) is riot pe~,sonally obligated to pay the sums secured by this Sectlrity Instrument; and (c) agrees that Lender and aS)' other Borrower can agree to extend, modify, forbear or make auy accommodations with regard to I;he terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security hlslmment in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Seem-try Instrument. Bon'ower shall not be released from Borrower's obligations and liability trader this Secnrity ini;trument unless Leuder agrees to such release in writing. The covenants and agreements of this Security Instrament shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender; 14. Loan Charges. Lend~C may charge Borrower fees for services performed iu connection with Borrower's defauh, for the pm0ose of protecting Lender's interest m the Property arid rights under this Security Instrument, including: out not limited to, attorneys' fees property inspection and valuation fees. In regard to any other fees, die absence of express anthority in this Security instrument to charge a specific fee to Borrower shall not be coustrued a:,; a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this ~;ecurity Instrument or by Applicable Law If the Loan is subject to a iaw which sets maximum loan charges, arid that law is finally interpreted so that the interest or other loan' charges collected or to be collecled m connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) an y sums already collected fi'om Borrower which exceeded pemfitted limits will be refunded to Borrower. Lendtr may choose to make this refund by reducing the principal owed nnder the Note or by making a direct paymeiu to Bon'ower. If a refuud reduces principal, the reduction will be treated as a partial, prepayment without ary prepayment charge {.whether or not a prepayment charge is provided for under the Note). Borrower's a,~:c~ptance of troy such refund made by direct payment to Borrower will constitute a waiver of any right cf action Borrower might have arising out of such overcharge. 15. Notices. All notices gi'~en by Borrower or Lender in connectiou with this Security Instrument must be in writing. Any notice to Borr'~wer in connection with this Security Instrument shall be deemed to have beeu given to Borrower when mailed by first class mail or when actually delivered to Borrower's nouce address if sent by other means Notice to any one Borrower shall consnmte notice to all Borrowers unless Applicable Law expressly reqm~es otherwise. The notice address shall be the Property Address unless Borrower has designated a substiltute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change o[ address. If Lender specifies a procedare for reporting Borrower's change of address, then Borrower shall on: y 'report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrumenl at any one time. Any notice to Lender shall be given by deliveriug 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 connection with this Security Instrument shall not be deemed to have bee.~ ,given to Lender until actually received by Lender. If any notice required by this Security Instrument is also i:equired under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement unc er this Security Instrument. 16. Governing Law; Sev~ability; Rules of Construction. This Security Instrmnent shall be governed by federM law and the law.of ~1~ jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrament are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly er implicitly allow the parties to agree by contract or it might be silent, but such silence slmll not be const.rugd as a prohibition against agreement by contract. In the event that any provision or clause of this Secm ity Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of tiff;; Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument (a) words of the masculine gender shall mean and include con'esponding neuter words or wo',:ds of the feminine gender; (b) wo,'ds in the singular shall mean and include the plural and vice versa; and lc) the'word "may" gives sole discretion without any obligation to take tu~y action. ~, 17. Borrower's Copy. Bor:'ower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Prope~'ty or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means aay legal or beneficial interest iu the Property, including, but not limited to, those beneficial interests transfe'red in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which i.,~ the transfer of title by Borrower tit a future date to a purchaser. If all or any part of the Prope.'ty or any Interest in the Properly is sold or transferred (or if Borrower is not a natural person aud a beneficial interest in Bon'ower is sold or mmsferred) without Lender's prior written consent, Lender may reqnire imr'aediate payment in full of all sums secured by this Security Instrmnent. However, this option slmll not b~; ¢-xercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Leuder shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi-om the date the notice is given m accordance with Section 15 within which Bo'rrower must pL~y all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of lhis period, Lender may invoke any remedies permitted by this Security ~-6(WY) (000S) CHL (08/00) . Page s of t~ Form 3051 1/01 osoo4 .o DOC ID #: 0006~4149300600~ 19. Borrower's Right to.',teinstate After Acceleration. If Borrower meets ce~ain conditions, Borrower shall have the right to have e~)fcrcement of this Securily ]ns~umenl discontinued at auy time prior to the e~liest of: (a) five days before she of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specil? for the termination of Bo~ower's right to reinstate; or (c) entry of a judgment enforcing this Security histrument. Those conditious are that Borrower: (a) pays Lender ~1 sums which }'~hen would be due under this Security Instrmnent and the Note as if no acceleration had occurred; (b) ~;u~'~es any default of any other covenants m: agreements; (c) pays all expenses incun'ed in enforcing tliis Security Ins~ment, including, but not limited to, reasonable attorneys' fees, property inspection and val'uation] fees, and other fees incurred for the purpose of protecting Lemler's interest in the Property aud rights unde: tiffs Security histrument; and (d) takes such action as Lender may reasonably require to assure that Lehder's iinterest in the Property and fights under this Security lns~ument, and Borrower's obligation to pay th3 s~ums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower payS.such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; Cc) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any st~ch chect} is drawn upon mi insfitntion whose deposits ~e insured by a federal agency, instrumentality or entity; or (d) 151ectronic Funds Trmisfer. Upon reinstatement by Borrower, this Security Iustmment ~d obligations secur:d hereby shall remain fully effective as if no acceleration had occurred. floweret, this right to reinstate sliall not apply in the case of acceleration umler Section 18. 20. Sale of Note; Chang~ nf Loan Servicer; Notice of Grievance. The Note or a ptmial interest in the Note (together wilh this Security instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a chm~ge i~i the entity (known as the "Lmm Servicer") that collects Periodic Payments due under the Note and this Sec rusty InstrUment and performs other mortgage loan servicing obligations uuder the Note, this Security Ins~'nmc.ut, and Applicable Law. There also might be one or more changes of the Loan SmMcer mu'elated to a sale of th~ Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the ch;rage which will state the name and address of the new Loan Servicer, the address to which payments should be ma::le ~and any other infmmatiou RESPA requires in connectiou with a notice of transfer of servicing. If the Not{s i's sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be trausfmTed to a successor ~oan Servicer m~d m'e not assumed hy the Note purchaser unless otherwise provided by the Note purchaser2 , Nmther Borrower nor Lender may commence, join, or be joined to any jmticial action (as either an individual litigaut or the memb ~r of a class) that m'ises from the other party's actions pursuant to this Security Instmmeut or that tdleges that the other pm'ty has breached any provision of, or any duty owed by reason of, this SecUrity Instrument, until st~ch Borrower or Lender has notified the other p~ty (with snch notice given in compliance with the requirements' of Section !5) of such alleged breach and afforded the other p~ty hereto a reasonable period after the givi.ng of such uotice to take corrective action. If Applicahle Law provides a time period which must elapse befor~ c?rtain action can be taken, that time period will be deemed to be reasonable for proposes of this pm'agraph: ~l!e notice of acceleration and opportunity to cure given to Borrower pursum~t to Section 22 and the notice cf acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportuni;y ~o take corrective action provisions of this Section 20. 21. Hazardo'us Substances. As used in this Section 21: (a) "Hazm'dous S ubst~ces" t~e those substmtces defined as toxic or h~m'dons2substauces, pollutants, or wastes by Environmental Law and the following substances: gasoliue, keroseue; ot}~er flammable or toxic petroleum prodncts, toxic pesticides and herbicides, volatile solvents, materials 'ctmtaining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means feder~ laws and laws of the jurisdiction where the Proper~ is located that relate to health, safety or environment~d protectiou; (c) "Environmental Cleanup" includes any response actiou, remedial action, or remov~ am ion, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can causg, ~:ontribnte to, or otherwise trigger an Environmental Cleanup. Borrower slmll not cause m: permit the presence, use, disposal, storage, or release of any H~dous Substances, or threaten to relea:;e any Haz~ffous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anythi~tg,!~fecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Itaz~dous Substance, creates a condition tinct adversely affects the value of the Property. ' The preceding two sentences shall not apply to the presence, u:se, or storage on the Property of small quantities of Haz~dons Substances that are generally recognized to be appropriate to normal residential uses and 10 m~ntenance of the Property (including, but not limited to, haz;~rdous substances in consumer products). Borrower studl promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit.or other action by any government;d or regnlatoty agency or privme party involving the Property and ~y Hazm'do'us Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, inclUdiug but not limked to, any spilling, leaking, discharge, release or threat of release of mty Hazardous Substance, and (c) rnX condition caused by the presence, use or release of a Hazardous Substance which adversely affects the va~ue of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any priya[e party, that any removal or other remediation of any Hazardous Substance affecting the Property is necess u~, Borrower shall promptly take all necess~y remedial actions in accordance with Environmental Law. NothYng~ herein shall create any obligatkm on Lender for an Environn~ntal Cleanup. ~6(WY) (0005) CHL (0a/00)[ Page 9 of 11 - Form 3051 1/01 DOC ID #: 0006241493006004 NON-UNIFORM COVENANTS. Borrower mid Lender fl}rther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's bre~,ch of any covennnt or agreement in this Security Inslrmnent (but not prior to aecelerntion under Section 18 t:nless Applicable Law provides olberu, ise). The notice shall specify: (a) tile default; (b) the action reqt',ired to enre the defimlt; (c) a dale, not less than 30 days l¥om the dale the notice is given to Borrower, by which the dettault must be cured; nad (d) that failure to care tile default on or before the date specified' in the notice ~nay result in nccele,'afion of the sums secured by this Security Instrument and sale ~1' the Property. The notice shall further i~ffonn Borrower of the right to reinstate after acceleration nnd'the right to bring a court action itt asserl the non-existence of a default or any oilier de£ense of Borreuer to acceleration nnd sale. 11' the dettault is not cured on or before the date specified in file notice, l,ender at its option may require immediate payment in l~ll of all sums secured by this Security lnstrrnn eat without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall I)e entitled to collect all expens~ incurred in pursuing fl~e rmnedies provided in this Section 22, inch, ding, hot not li~nited to, reasonnble atlorneys' fees and costs of tide evidence. If Lender invokes the power of sale, Lender shall give notice ott intent to foreclose to Borrower and to the person in possession o? tile Property, itt different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in lite mnnner provided in Section 15. Lender shall publish the notice of sale, and tile Propert ~ shall be sold in the mnnner prescribed by Applicable Law. Lender or its designee may purchase the Praperty at any sale. The proceeds of lite sale shall be applied in the l'ollowing order: (n) to nil expanses of the sale, including, but ,m! limited to, reasonable attorneys lees; (b) to all snms secured by thi.,, Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release, Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrumen! Borrower shall pay any recordation costs. Leude,' may charge Borrower a fee tBr releasing this Security Instrument, but only if the fee is paid to a third pm'ty for services reudered trod the charging of the fee is permitted ruder Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by vimte of the homeslead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants conlained in this Security Instt-umeot and in any Rider executed by Borrower and recorded with it. Witnesses: MATTHEW DAVID FREtIiCKS -Borrower / · ~.~I-'RiCKS ~I~RI M. KELLER-~ (Seal) -Bogowe£ (Seal) (~®-6(WY) (ooos) CHL (08/0~) Page lOof 11 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument ~ as acknowledged before ~e this by t~ft,'~y.,~~ ~.O~o'.'d" ~;~ ~ DOC ID #: 000624149300600~,~ County lOth .d~y of Jun~-2004 Notar/Publi} '~ (~®-§(WY) (ooo5) CML (08/0o~ Page11 of 11 Initials: Form 3051 1/01 O9OO41O [Space Above This Lh~e For Recording PLANNED UNIT DEVELOPMENT RIDER Af~rRecordingRetum To: COUNTRYWIDE HOME LO~NS, INC. MS SV-?9 DOCUMENT PiROCESSING P.O.Box 10423 Van Nuys, CA 91410--9423 PreparedBy: LARTECIA R. DAVIS 00062414 93006004 [Doc ID ~1 THiS PLANNED UNIT' DEVELOPMENT RIDER is made this TENTH day of JUNE, 2004 , an'J is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or !~ccufity Deed (.the "Security Insu-mnent") of the same date, given by the undersigned (the "Bo,'rower") to secure Bon'ower's Note to FULL SPECTRUM LEND_TNG, INC. (the "Lender") of the same date ~ nfl covering the Property described in the Security Instrument and located at: 105281 HWY 89 ETNA, WY 83118 [Property Address} MULTISTATE PUD RIDER - Single Famlly - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~)~7R (0008).01 CONV/VA *23991* CHL (09/01)(a) Page 1 of 3 VMP MORTGAGE FORMS - (800)521-7291 initials J'~~ ~ Form 3150 1/01 * 062414930000002007R* 0 004, 0 .. 7,13 DOC ID #: 0006241493006004 TlmPrcpertyinclndes, butisnct)imitedto, ap~celoflandimprovedwithadwelling, togeth~ withothersuch pamelsandcertaincommonaretsandfacilities, asdeschbedin THE COVENANTS, COND;ITIONS, AND RESTRICTIONS FILED OF RECORD THAT AFFECT THE Pg'O~PERTY (the"Declaration").TbeProper~y,isap~tofaplannednnitdevelopmentknownas RIVER RANCH [Name of Planned Unit De',,clolnJmnl] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the connnon areas and facilities of the PUD 0he "Owners Association") and the uses, benefits and proceeds of Borrov,ei"s interest. PUD COVENANTS, In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under lite PUD's Consument Documents. The "Constituent Documents" are the (i) Dechtration; (ii) articles of incorporation, trust instrument or any equivalenl document v~h!ch creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Asso:iation. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So long as tile Ownei:s Association maintains, with a gener~flly accepted insurance carrier, a "master" or "blanket" policy insunng the Property which ts satisfactory to Lender and which provides insurance coverage in the am(mnts 0nclndmg deductible levels), for the periods, and against loss by fire, hazards included within tile te:m "extended coverage," and any other bazm'ds, including, but not limited to, em'thquakes and floods, for whicll Lender requires insurance, then: (i) Lc,der waives the provision in Section 3 for the Periodic Payment to Le:iu.:er of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent ti a,. the required coverage is provided by tbe Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In tl,e event of a distribution of property insurance proceeds itl lieu of restoration or repair following a loss to the Property, or to common a:'eas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned m~d,shall'be paid to L~mder. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then d..~e, with the excess, if any, paid Io Borrower. C. Public Liability Insm amc. Borrower shall take such actions as inay be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in ibrm, amount, and extent of coverage to Lender. D. Conde~nnation. The proceeds of any awm-d or chfim for damages, direct or consequential, payable to Borrower in comtection with m.y condemnation or other taking of all or any part of the Property or tile common areas and facilities of the PUD,.o)' for any conveyance in lieu of condemnation, are hereby assigned mid shall be paid to Lender. Such proceeds s"mll be applied by Lender to the sums secured by the Security Insln~ment as provided in Section 11. ~ E. Lender's Prior Cons~:nt. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition} or subdivide tile Property or consent to: (i) the abandonment or termination of the PUD, except for abandomncnt or termination required by law in the case of substantial destruction by fire or other casualty or in the case ~)f a taking by condenmation or emiuent domain; (ii) any amend~nent to any provision of the "Constituent Documents" if the provision is for thc express benefit of. Lender; (iii). termination Initials: ' (~®-7fl (0008).01 GIlL (09/01~ Page 2 of 3 Form 3150 1/01 0:9004.1.0 74 4 DOC ID #: 0006241493006004 of professional management and assumi)tion of self-management of the Owners Associanon; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies, if Borrower does not pay PUD dues and assessments when due, dmn Lender may pay them. Any amounts disbursed by Lende: under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless B )rrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice fi'om Lender to Borrower requesting payment BY SIGNING BELOW, Bon'ower accepts and agrees to Lhe terms and prowsions con rained in this PUD Rider. (seal) MATTHEW DAVID FRERICKS -Bo~ow~ K~u~I H. KELLER FRERICKS (Seal) (Seal) - Borrower (Seal) - Borrower (~®-7R (0008).01 CHL (09/01) Page 3 of 3 Form 3150 1/01