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HomeMy WebLinkAbout900497BOOK_.-- RETURN TO: GMAC Mortgage Corp. 100 Witmer Road Horsham, PA 19044u0963 ATTN: Records Management [SpaceAboveTlfisLineForRecordingDala] LOAN NO: 569139207 State of Wyoming MORTGAGE FllACaseNumber 591-095538-1-703 MIN 1000375-0569139207-3 THIS MORTGAGE("Securitylnstmment")isgivenon June 22, 2004 Shawn Robertson and Allison Zobst · The Mortgagor is wh0seaddress is PO Box 12993, Jackson, WY 83002 ("Borrower"). This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as nominee for Lender, as hereinafter defined, and Lender's successors and assigns), as beneficiary. MERS is organized and existing under the laws of Delaware, and ires an address and telephone number of P. O Box 2026, Flint, MI q8501-2026, tel. (888)679-MERS. GMAC Mortgage Corporation , ("Lender") is organized and existing under the laws of Pennsylvania , and has an address of 100 Witmer Road, P.O. Box 963, Horsham, PA 19044 Borrower owes Lender the principal sum of One Hundred Twenty Four Thousand Two Hundred Forty Five and 00/100 Dollars (U.S. $ 124,245.00 ). This debt is evidenced by Borrower'S note. dated the same date as this Security Instrument:("Note"), which provides for monthly payments, with the full debt, if not paid e~rlier, due and payable on July 1, 2034 . This Security Instrument secures to Lender: (a) the rep ~yment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the [r.yment of all other stuns, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; ant! (c) the perfonnm~ce of Borrower's covenants and agreements nnder this Security Instrument and the Note. For this purpos:, Borrower does hereby mortgage, grant'and convey to MERS (solely as nominee for Lender and Lender's successors and assi3ns) and to the successors and assigns of MERS, with power of sale, the following described property located in Lincoln County, Wyoming: Lot 101 of Star Valley Ranch Plat 3 Lincoln County, Wyoming as described on the official plat ~hereo.f ' which has the address of . 50 Aspen Way Wyoming 83127 [Zip Code] FHA WYOMING MORTGAGE- 10/95 GMACM -FMS.O285.WY (0010) Page I of 7 254550899 ("Property Address "); 'nidals: '-~%. 8O8 Thayne [Street, Ciiy]. ,...89[5 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easemeuts, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrumela All of the tbregoing ts referred to in this Security Instrument as the "Property." Borrower understands and agree!! that MERS holds only legal title to tile interests granted by Borrower in this Security Instrument; but, if necessary to comply with law or custom, MERS, (as nominee for Lender vad Lender's successors and assigns), has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property;. and to take any action required of Leuder including, but not limited to, releasing or canceling this Security Instrumenti., BORROWER COVENANTS:' that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the l:'mperty and that the Property is nnencumbered, except for encumbrances of record. Borrower warrants and will defeml generally the title to the Property against all claims rind demands, subject to any encunlbrmlCeS of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use mid non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1, Payment of Principal Interest mid Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due uuder the Note. 2. Monthly Payment of Taxes, Insurance, and Other Charges. Borrower shall include in each mondfly payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for in,mrance required under Paragraph 4. In any year in which the Lender nmst pay a mortgage insurmlce prenfimn to tile Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premium would have 'i)een required if Lender still held the Security Instrmnent, each monthly payment shall also include either: (i) a sun' for the annual mortgage insurance premium to tie paid by Lender to the Secretary, or (ii) a monthly charge instead o;' a mortgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable mnount to be determined by the Secretary. Except for the monthly charge by tl~e Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, c(llect and hold mnounts for Escrow Items in an aggregate mnount not to exceed the maximum anlount that may be re."tuired for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. ~ 2601 ~ seq. and iinplementing regulations, 24 CFR Part 3500, as they may be amended from time to time CRESPA')~ except that the cushion or reserve peflnitted by RESPA for unanticipated disbursements or disbursements l~efore the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed tile mnounts permitted to be held by RESPA, Lender shall account to Borrower for the ~xcess funds as required by RESPA. If the amounts of funds held by Lender at any time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted'by RESPA. The Escrow Funds are plec~ged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender the fi~ll payment of all such sums, Borrower's account shall be credited with.the balance remaining for all installment iteml;;(a), (b), and (c) and any mortgage insurance prenfimn installment that Lender has not become obligated to pay to :the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance reinaini~lg for all installments for items (a), (b), and (c). 3. Application of Payme~h~s. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: First, to the mortgage ini'~rance prenfimn to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead cl; the monthly mortgage insurance premium; Second, to any taxes, sp¢cial assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premium.L as required; Third, to interest dueun&r the Note; Fourth, to mnortization o~':the principal of the Note; and Fifth, to late charges due under the Note. GMACM- FMS.O285.WY (0010) Page 2ot7 o9 0,: t '7 , 8 9 6 LOAN NO: 569139207 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on tl~e Property, whether now in existence or sub;equently erected, against troy hazards, casualties, and contingencms, including fire, for which Lender requires insmance This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shal also insure all improvimlents on the Property, whether now in existence or subsequently erected, agmnst loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Let;der. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in faw)r of, and in a form acceptable to Lender. In the event of loss, Borrower shall give Lender inm~ediate not~ce by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby autborized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Len;lcr, at its option, either (a) to tile reduction of the indebtedness under the Note and this Security Instruruent, first to aay delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restort~tion or repair of the damaged Property. Any application of the proceeds to the princ;pal shall not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such paymeus. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note m:d this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure o,' this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title md interest of Borrower in and to insurance policies in force shall pass to l}~e purchaser. 5. Occupancy, PreservaHon, Maintenance and Protedion of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days atier the execmion of this Security Instrument tot within sixty days of a later sale or transfer of the Properly) and shall continue to occupy the Property as Borrower's principal residence.for at least one year after the date of occupancy, unless the LeaJer determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrdv,er shall not connnit waste or destroy, damage or substantially change the Property or allow the Property to deteri&ate, reasonable wear mid tear excepted. Lender may inspect tbe Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or s]atements to Lender (or failed to provide Lender with any material information) in conmction with the loan evidenced by the Note, including, but not limited to. representations concerning Borrcwer's occupancy of the Property as a principal residence It' this Security Instrument ~s on a leasehold, Borrower shall comply with the provisions of tile lease. If Borrower acqmres fee title to the Property, the leasehold and fee titl~ shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The l'~roceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other t~king of any part of the Property, or for conveyance in place of condemnatiou, are hereby assigned and shall be pai,1 to Lender to the extent of the fidl amount of the indebtedness that remains unpaid under the Note and this Securit} ~nstrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note mid this Security Instrument, first to any delinquent ,'unounts applied in the order provided in Paragraph 3, and then to prepayr tent of principal. Any application of the proceeds to the principal sball not extend or postpone the due date of the mohtt. Hy payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrumem shall be paid to the entity legally entitled thereto, 7. Charges to Borrowe and Protection of Lender's Rights in the Property. Borrower shall pay all governmental or municipal chaq es, fines mid impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time direct(, to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Propmty, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. ¢¢}.,~ .,,/\ GMACM - FIVIS.0285.WY 10010) Page 3 of 7 Initials: If Borrower fails to make the~e payments or the payments required by Paragraph 2, or fails to perform any other covenants and agreements containeid in this Security Instnm~ent, or there is a legal proceeding that may siglfificantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condelnnation or to enforce laws or regulations), then I.ender may do:!3nd pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including p?yment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any an~ounts disbursed by l:i. ender under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instrumen:'z These amounts shall beat- interest from the date of disbursement at the Note rate, and at the option of Lender shall b,:,immediately due and payable. Borrower shall promptly discl;!.~rge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment olt the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lieu in, legal proceedings which in the Lender's opinion operate to prevent the e~-,..:'orcement of the lien; or (c) secures from the holder of the lieu an agreement Satisfactory to Lender subordinatir~g the lien to this Security lnstnnnent. If Lender determines that any part of the Property is subject to a lien which: tnay attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving Of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Accelerati,~n of Debt. , (a) Default. Lender ma(, except as linfited by regulations issued by the Secretary in the case of payment defaults, re.quire innnedi~:te payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults 1J.~ tailing to pay itl full any monthly payment required by this Security Instrumei~t prior to or on the due ~:late of the next monthly payment, or (ii) Borrower defaults t,y failing, for a period of thirty days., to perform any other obligations coutained in this Security Instrm,~ent. (b) Sale Without Credf:: Approval. Lender shall, if permitted by applicable law (including section 341(d) of the Garn-St Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secreta,'?y, require immediate payment in full of all sums secured by this Security Instrument if: ., (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise tra.~sferred (other than by devise or descent), and (ii) The Property is -~ot occupied by the purchaser or grantee ashis or her principal residence, or the purchaser or grantee, does so occupy the Property, but his or her credit has not been approved in accordance with the i.'L:quirements of the Secretary. (C) No Waiver. If circm,.;,stances occur that would permit Lender to require immediate payme,~t in full, but Lender does not require such payments, Lender does not waive its rights with ~espect to subsequent events. (d) Regulations of I-IUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Ini;!:rument does not authorize acceleration or foreclosure if not permitted by regulations of the Secret~::y. (e) Mortgage Not Inspired. Borrower agrees that if this Security Instrument and the Note are not determined to be eligib'~e for insurance under the National Housing Act within sixty (60) days from the date hereof, Lender ma~,~, at its option require irmnediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to sixty (60) days from the date ~ereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such iineligibility. Notwithstanding the foregoing, this option may noi be exercised by Lender when the unava~[~:bility of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary'/ GMACM-FMS.0285.WY (0010) ' Page4of 7 Initials: 838 LOAN NO: 569139207 10. Reinstatement. Borrower has a right to be reinstated it' Lender has required imlnediate payment in full because of Borrower's failure tc )ay an mnount due under thc Note or this Security Instrument This right applies even after foreclosure proceedin:gs are instituted..To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument. foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the for,×qosure proceeding. Upon reinstatement by Borrower. this Security Instrument ,and the obligations that it secures :~hall remain in effect as if Lender had uot required immediate payment in full. However, Lender is not requi':cd to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure p.'oceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reiastatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect, the priority of the lien created by this Security Instrument 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Securily Instrument granted by Lender to any successor in interest of Borrower shall not cperate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be reqmred to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify mnortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. Tile covenants and agreements of this Security Instrument shall, bind and benefit the successors and assigns of Lender and Borrower, subject to tile provisions of Paragraph 9(b). [crrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrulnent but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pa"y the sums secured by this Security Instrument; and (c) agrees that Lender and any miler Borrower may agree to ex,.m~d, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's coosent. i3. Notices. Any notice to Borrower provided for in this Seem'try Instrmnent shall be given by delivering it or by mailing it by first class mail 'mless applicable law requires use of another method. The notice shall be directed to the Property Address or any otl-ier address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lende'r's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragrart~. GMACNI - FMS.0285.WY (0010) 14. Governing Law; Sev,.'rability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which tile Pro')erty is located. Iii tile event that any provision or clause of this Security Instrument or the Note conflicts with applichMe law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given e~fi:ct without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declh~ed to be severable. 15. Borrower's Copy. Ber~:ower shall be given one conformed copy of the Note and this Security Instnnnent. 16. Hazardous Substance;'." Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in ~ii,~lati0n of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage .m the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to n~ot'mal residential uses and to mainlenance of the Property. ; Page fi of 7 I~,ilial$'~,,/~ 899 Borrower shall promptly give Lender written notice of any investigatton, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving thc Property and any Hazardous Substance or Enviromnental Law of which Bm rower has actual l~mwledge. If Borrower learns, or is notified by any govermnental or regulatory authority, that any :removal or other remediation of any Hazardous Substances affecting the Property Is necessary, Borrower shall promplly take all necessary remedial acnons in accordance with Enviromnental Law. As used in this Paragraphi:16, "Hazardous Substances", arc those substances defined as toxic or hazardous substances by Enviromnental Li:i~v and the following substances: gasoline, kerosene, other flanm]able or toxic petroleum products, toxic pesticid'es and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in the Paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is 2ocated that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS., Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents.' Borrower unconditionally assigns and transfers to Lender all the rents and revemtes of the Property.. Borrower authmizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to ~y the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach cf any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of'me Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an ass~gnmem tbr additional security only. If Lender gives notice of bxcach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender mil),, to be applied to the sums secured by the Security Instrument: (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed ar.y prior assigim-~ent of the rents and has not and will not perform any act that would prevent Lender from exercising itu rights under this Paragraph 17. Lender shall not be required~ .:o enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However. Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall no~ cm'e or waive any default or invalidate any other right or remedy of Lender. This asstgmnent of rents of the Propert~y shall terminate when the debt secured by the Security Iustrum~nt is paid in full. 18. Foreclosure Procedure'. If Lender requires inunediate payment in full under paragraph 9, Lender may invoke the power of sale and any uther remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing thii remedies provided in this paragraph 18, including, but not linfited to, reasonable attorneys' fees and costs of title e ,idence. If Lender invokes the pow. er of sale, Lender shall give not~ce of intent to foreclose to Borrower m~d to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Borrower in the manner provided in paragraph 13, Lemler shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may pnrchase the Property at any sale. The proceeds of the sale sb~,ll be applied in the following order: (a) to all expenses of the sale, including, but not linfited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entifl ~.d to it. If the Lender's interest iu th"s Security htstrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 0, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure .hct of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure conmfissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding seutence sh',dl deprive the Secretary of m~y rights otherwise available to a Lender under this Paragraph 18 or applicable law. GMACM - FMS.O285.WY (OOLO! Page 6 of 7 Initial?~ LOkN NO: S69139207 19. Release. Upon payment of all s,.lms secured by this Security Instrument, Lender shall release this Security Insmunent without charge to Borrower. Borrower st',all pay any recordation costs 20. Waivers. Borrower waives al: rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower in the Property. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall an~end and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] ~-]Condomininm Rider [---]Adjustable Rate Rider [---]Growing Equity Rider ~-]Planned Unit Development RidC, r ~']Graduated Payment Rider ['~Other(s) [specify] Manufactured Home Rider BY SIGNING BELOW, Borrower'accepts and agrees to the terms contained in this Security Instrument arid in any rider(s) executed by Borrower and recorded with it. ~~--~.~.~d V Witnesses: ' ~'"~ ~ (Seal){ Shawn Robertson -Borrower 4~O~row~r (Seal) (Seal) -Borrower -Borrower STATE OF WYOMING, The lbregoing instrument was ac~¢.wledged before me this Shawn Robertson and Allison Iobst by June 22, County ss: 2004 (dat~) (person acknowledging) My Comnfission Expires: I County of ~ :; State Notary Public GMACM- FMS.0285.WY 100101 Page 7 oi 7 FHA Case Number 591-095538-t-703 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 22nd day of June ,2004 , and is incorporated into and shall be deemed to mnend and supplement the Mortgage,' Deed of Trust 'or Security Deed ("Security Instrument") of the same date given by the undersigned ("Borrower") to sec,~re Borrower's Note ("Note") to : GMAC Mortgage Corporation ("Lender") of the same date and.' Covering the Property described in tile Secur!ty lustmment' and located at: 50 Aspen Way Thayne, WY 83127 [Property Address] The Property Address is a part of a planned unit development ("PUD") known as: pud Borrower Star Valley Ranch [Name of Planned Unit D~velopment} COVENANTS.. In t'ddition to the covenants and agreements made in the Security Instrument, and Lender further covenant and agree as follows: So long as the owners Association (or equivalent entity holding title to common areas and facilities), acting as t'nstee for the homeowners, maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the property located in the PUD, including all improvements now e>:iisting or hereafter erected on the mortgaged premises, and such policy is satisfactory to Lender ~md provides insurance coverage in the amounts, for the periods, and against the hazards Lender re'tulles, including fire and other hazards included within the term "extended coverage", and loss by flood, to the extent required by the Secretary, then: (i) Lender waives the provision in Paragra[;E 2 of this Security Instrument for the monthly payment to Lender of one-twelfth of the yearly premium inst~hnents for hazard insurance on the Property, and (ii) Borrower's obligation rmder Paragraph 4 of this Security Instrument to maintain hazard insurance coverage on the Proper.:y is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance covm~ge and of any loss occurring from a hazard. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the LOAN NO: 569139207 FHA MULTlSTATE PLANNED UNIT :.3EVELOPMENT RIDER - 10/95 GMACM- FRM.O123.PUD,97041 ' 25~55089z.~--r~ Page 1 of 2 Initials: Property or to the commcn areas m~d facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for applicaliou to the sores secured by this Security Instrmnent, with any excess paid to the entity legally entitled thereto. Borrower promises to pay all dues and assessments imposed pursuant to the legal instrun]ents creating and governing the PUD. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lencer under this paragraph C shall become additional debt of Borrower secured by the Security lnstrum, mt. Unless Borrower 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 frorr Lender to Borrower requestiug payment BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. Shawn Robertson A 1~i~ oh-' ~obs t (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 569139207 FHA MULTISTATE PLANNED UNIT '3EVELOPMENT RIDER - 10/g5 GMACM- FRM.0123.PUD(97041 Page 2 of 2 90° MANUFACTURED HOME RIDER This MANUFACTURE[, HOME RIDER is made this 22nd day of June , 2004 , and L,' incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trus~, or Security Deed (the "Security [nstruinent") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to GlVlAC Mortstage Corporation (the "Note Holder") of the same date (the "Note") and covering the property described in the Security Instrument and 12cared at: SO Aspen Way Thayne, WY fl3127 (Properly Address) MODIFICATIONS. Ir' addition to the covenants and agreements made in the Security Instrument, Borrower and Note Holder further covenam and agree as follows: A. PROPERTY. Property, as the term is defined herein, shall also encompass tile Manufactured Home (Serial Number ORE439784 & ORE439785 ) affixed to tile real property legally described herein. B. ADDITIONAL CO~,TENANTS OF BORROWER. (1) Borrower covena'us and agrees that Borrower will comply with all state and local laws and regulations regarding the affixation of the Manufactured Home to the real property described herein including, but not limited to, surrendering the Certificate of Title (if required) and obtaining the requisi't~, governmental approval and accompanying documentation necessary to.classify the Manufactw'ed Home as real property under state and local l'aw. (2) That the Mamfactured Home described above shall be. at all times, and for all purposes, permanently af f;xed to and part of the real property legally described herein. (3) Borrower coven/nfs that affixing the Manufactured ltome to the real property legally described herein does no~ violate any zoning laws or other local requirements applicable to manufactured homes and further covenant's that the Manufactured Home has been delivered and installed to Borrower's satisfaction and is flee from all defects. LOAN# : 569139207 " MULTISTATE MANUFACTURED HOME RIDER _ Page I of 2 254550892 Initials: GMACM- ARM.0250.MAN';CT (01Ol} i BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Manufactured Hmne Rider. ~'"'-~'~"~ ~( Seal ) Sh~wn Rober tson A12~.~ son Iobst -Borrower (Seal) -[Iorfowcr (Seal) -Borrower (Seal) -Bortowe[ LOAN~ : 569139207 MULTISTATE MANUFACTUreD HOME RIDER GMACM - ARNh0250.MANFCT Page 2 of 2