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HomeMy WebLinkAbout900567Return To: FARM CREDIT SERVICES OF AMERICA, FLCA 5015 South llSth St~ree[ p O Box OMAHA, NE 68103-2409 800-538-8144 Pr~ared By: Terry Brokman 5015 South ll8th St.caer P O Box 2409 OMAHA, NE 68103-2409 800-538-8144 iSpace Above This Line For Reco;'diag l)ata] MORTGAGE DEFINITIONS Words used in multiple se':tions of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage or words used in this document are also provided in Section 16. (A) "Security InstrUment" meaus this document, which is dated June 22nd, 2004 together with all Riders to this document (B) "Borrower" is Glenn A Hackwell arid Dorothy A Hackwell, Husband and Wife and Glenn A. Hackwekl - Co TrusEee and Dorothy A Hack~ell - Co TrusCee Borrower is the mortgagor u'nder this Security Instrument. (C) "Lender" is FARM C.~EDIT SERVICES OF AMERICA, FLCA Lender is a A Federal Corporarxon organized and existing under the laws of The United Stares of gm]erlca WYOMING-SIngle Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT VMP MO~ fG~G[ FORMS - [~00)52 ~-7291 Fo~,n 3051 1101 169 Lender's address is 5015 South llSth Street P O Box 2409, OMAHA, NE 68103-2409 Lender is the mortgagee tinder this Security Instrument. (D) "Note" means the pronfissory note signed by Borrower and dated dune 22nd, 2004 The Note states that Borrower ow~s Lender One Hundred Three Thousand and no/100. Dollars (U.S. $ 103,000.0C , plus interest. Borrower has promised to pay this d~bt in regular Periodic Payments and to pay the debt in full not later than 3uly 1 st, 2 0 ] 4 (E) "Property means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus imeres~, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrumeut, phis iuterest. (G) "Riders" ineans all Riders tc this Security Instrument dmt are executed by Borrower. The following Riders are to be executed b,, Borrower [check box as applicable]: [~ Adjustable Rate Rider [~ Condominium Rider [~ Second Home Rider ~] Balloon Rider [~ Planned Unit Development Rider [] I-4 Family Rider [~1 VA Rider [~ Biweekly Pay~nent Rider [~] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations. ordinances and administrative rules and orders (that have the effect ot law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Associatitnt Dues, Fees, and Assessments" m~ans all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condonmnun~ association, homeowners association or similar orgatb'zation. (J) "Electronic Fttnds Tr~usfer" means auy transfer of fimds, mhcr than a transaction originated by check, draft, or similar pzper ipstrnment, which is initialed through an eleclromc lerminal, telephonic tnstrument, computer, or magnetic tape so as to order, instruct, or amhorize a financial institution to debil or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autontated teller machine transacttons, trarsfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" ~neans those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any colnpensauon, settlemeut, award of damages, or proceeds paid by any third party (other d-an insurance proceeds.paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance :n li¢u of condcnmation; or (iv) m~srcpresentauous or', or omissions as to, thc value and/or condition of the Property. (M) "Mortgage Insurauce ' nteans insurance protecting Lender against ll~e nonpayment of, or defaull on the Loan. (N) "Periodic Payment" n:~ans the regularly scheduled amount clue lbr (i) principal and interea under thc Note, plus (ii) any amounts trader Section 3 of this Security Instnm~ent. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its nnplementing regulation, l¢:egnlation X ~.24 C.F.R. Part 350(3), as they ntight be amended from time to time, or any additional or successor legislatimt or regulation that governs the same subject matter. As used m this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed m regard to a "federally related mortgage 3oan" even if the Loan does no~ qualify as a "federally related mortgage loan" under RESPA. hm~~. Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note aud/or this Security Instrument. TRANSFER OF RIGHTS I'q'THE PROPERTY This Security Instrument sec ures to Leuder: (i) the repayment of the Loan, and all reuewals, extensions and modificanons of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Iustrument and the Note. For this purpose, Borrower does hereby mortgage, grant and couvey to Lender and Lender's successors and assigns, with power of sale, the following described property located m the County of Lincoln of Stare of Wyoming : [Type of Reco:ding Jurisdiction] {Name of Recording lurisdictio~] See Attached Parcel ID Number: ("Property Address"): which currently has tile address of 221 Cougar Lane [Street] Bedford [City] , Wyomiug 83112 [Zip Code] TOGETHER WITH all the tmprovements now or hereafter erected on the property, anti all easements, appurtenances and fixtures now or hereafter a part of the property. All replacements aud additions shall also be covered by this Security Instrument All of the foregoing is referred to in this Security Instrument as the "Property.' BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, gran, and convey the Property and that the Property is unencumbered, except tbr encumbrances of record Borrower warrants aud will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record 'Fills SECU1LITY INSTRUMENT combines uniform covenants for national ose and non-uniform covenants with limited vari; tions by jurisdiction to constitute a uniform security instrument coveriug real property. UNIFORM COVENANTS. Borrower and Lender coveuant aud agree as follows: 1. Payment of Principal, Iuterest, Escrmv Items, Prepaymeut Charges, and Late Charges. Borrower shall pay when d~e the principal of, aud interest ou, the debt evideuced by the Note and any prepayment charges and late, charges due under the Note. Borrower shall also pay fuuds for Escrow Items pursuant to Section 3. Payments clue under the Note and this Security Instrument shall be made in U.S. currency. However, if any c leek or other instrument received by Leudcr ils payment uuder the Note or this (~®-6[WY}(ooo~! ~,,~.:~ol~ Form 3051 1/01 Security Instrument is rem'ned to Lender unpaid, Lender may require tllat any or all subsequent payments due under the Note and this Security Instrument be made iu one or more of thc following forms, as selected by Lender: (a) c.!~sh; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided my such check is drawn upon an instmmon whose deposits are insured by a federal agency, instrument; lity, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at thc location designated m the Note or at such other location as may be designated by Lender in accordance with the uotice provisions in Section 15. Lender may return any payment, or partial payment if the payment or partial payments are insufficiem to bring the Loan current. Lender may accept any payment or partial payment iusufficient to bring tile l.oan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, bu' Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender ueed not pay interest on unapplied funds Lender may hold such unapplied funds tmtil Borrower makes payment to bring the Loan current. If Borrox/er does uot do so within a reasouablc period of time, Lender sball either apply such funds or return them to Borrower. If uot applied earlier, such funds will be applied to the outstanding principal balance under th,: Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in tile q~tt~re against Lender shall relieve Borrower from making payments due under the Note and this Security instrument or performing the covenants and agreemeuts secured by this Security Instrument. 2. Application of P:~yments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and apl:lied by Lender shall be applied in the l%llowiug order of priority: (a) interest due under the Note; (b) principal due nnder the Note; (c) amounts due under Section 3. Such payments shall be applied to each Pciiodic Payment in the order in which it became due. Any remaining amouuts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce tile principal'.balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay at~y late charge due, the payment may be applied to the deliuquent payment and the late charge. If more than oue Periodic Payment is outstanding, Lender may apply any paymem received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment cau be paid in full. To the extent that any excess exists alter the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepaymm:t charges and then as described m the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change tile amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are duc under the Note, until the Note is' paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a).taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encnmbrance on the' Property; (b) leasehold payments or ground re,its on the Property, if any; (c) premimns for any and all insurance required by Leuder under Section 5; aud (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender i,~ lieu of the payment of Mortgage Insurance premiums in accordance with the provisions or' Sectiou 10. These items are called "Escrow Items." At origination or at any time during the term of the l_oan, I~ender may rdquire that Community Association Dues, Fees, a?~d Assessments, if any, be escrowed by Borrower, and such tines, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid nnder this Section. Bort:ower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to I aY the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at auy time. Any such waiver ~nay only be in writing, in the event of such waiver, Borrower shall pay directly, when and where payable, tile amounts (~6(WY} 1ooo5} Paga 4 om'IS Fora) 3051 1/01 due for any Escrow Items for :which pay~nent of Funds has been waived by Lender and, if Leuder requires, shall Mrnish to Lender rectipts evidencing such paymeut withiu such time period as Lender may require. Borrower's obligation to m:~k-~ such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreeme~)t contained in this Security Instrument, as Ihe phrase "covenm~t and agreement" is used in Section 9 If Bcrrower ~s obligated to pay Escrow ltems directly, pursuant to a waiver, and Borrower fails to pay the ameunt due for an Escrow ltem, keuder may exercise its rights under Section 9 and pay such amount and }~o~'rower sball then be obligated under Section 9 to repay to Lender any such amount. Lender may revok:e the waiver as to any or all Escrow ltems at any time by a notice given in accordance with Section 15 and, npon such revocanon,'Borrower shall pay to Lender all Funds, arid in such amounts, that are then :equired under this Section 3. Lender may, at auy time, collect and hold Funds in an amoun~ (a) sufficient to permit I.ender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maxmmln amoun~ a lender can reqnire tinder RESPA. Lender shall estimate the amount of Funds due on the basis oI current data and reasonable estimates of expdnditures of fldure Escrow Items or otherwise m accordance with Applicable Law. The Funds shall be 'h~ld in an institution whose deposits are insured by a federal agency, instrunrentality, or entity (i~¢luding Lender, if Lender is an iusmution whose deposits are so insured) or in any Federal Home Loan Bai~k. Lender shall apply ihe Funds to pay tile Escrow Items no later than die time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow accotmt, or veril~jing the Escrow Items, unless l_ender pays Borrower interest oil tile Fundsand Applicable Law !)el-mits Lender to make such a charge. Unless an agreement is made m writing or Applicable Law requires in,:erest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on ~thb Funds. Borrower and Lender can agree ill writing, however, that interest shall be paid on tile Funds. Lender shall give to Borrower, without charge, an annual accounting of tile Funds as required by RESPA. If there is a surplus cf Funds held iu escrow, as defined under RESPA, Lender shall account to Borrower for the excess fun:Is, in accordance with RESPA. If there is a shortage of Ftmds held in escrow, as defined tinder ILESPA, LmJer shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessar', to make up the shortage in accordance with RESPA, but in no ~nore than 12 monthly paymeuts. If there is a deficiency of Funds held in escrow, as defiued under RESPA, Lender shall notil~ Borrower as required by RESPA, and Borrower shall pay to l.ender the amount necessary to make up the deficiency in accordance with RESPA, but in no more thao 12 monthly payments. Upon payment in lull ,)f all sums secured by this Security h~stx'ument, l.ender shall promptly retired to Borrower any Funds held by Lender. 4. Charges; Liens. Em'rower shall pay all taxes, assessments, charges, fines, and impositions attributable to tile Property -,vl'.ich can attain priority over this Security Iustrument, leasehold payments or ground rents on the ProperB, if ally, and Community Association Dues, Fees, and Assessments, if any. 'Fo the extent that tbese items are Escrow Items, Borrower shall pay them ill tile m~mner provided in Section 3. Borrower shall proxnp~ly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to die payment of the obligation secured by the lien in a maoner acceptable to Lender, but only so long'a5 Borrower is pedbrming such agreement; (b) coutcsts the lien in good t:aith .by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings.are peudmg, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactold, to Leuder snbordinating the lien to this Security Inst.mment. If Lender determines that any part of the Property is subject to a lieu which can attain priority over :his Security lnstrnment, Lender may give Borrower a notice identifying the Form 3051 1/01 'J_ ? 3 lien. Within 10 days of the ,late on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge tot a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insnranc~. ~3orrower shall keep the improvements now existing or hereafter erected on the Property insured againsi loss by fire, hazards included within Ibe term "extended coverage," and any otber hazards including, but not limited to, earthquakes and floods, f~3r which Lender requires insurance. This insnrance shall be maintained in the amouuts (including deductible levels) and for the periods that Lender requires. What Lender reqmres pursuant to tbe preceding seutences can change during the term of the Loan. The insurance carrier providing the insurahce shall be chosen by Borrower subject to Lender's right~ to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge lbr flood zone deternfination, certification ~ and tracing services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time rcmappings or similar changes occur which reasonably might af[~ct su¢h determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objeclion by Bon'ower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at. Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular ~pe or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrcwcr's equity in the Property, or thc contents of the Property, against any risk, hazard or liabiliw and might provide greater or lesser coverage than was previougly in effect. Borrower acknowledges that the cost,of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Bon'ower secured by this Security lnsmnnent. These alnounts shall bear interest at the Note rate from the dz.te of disbnrsement and shall be payable, witb soch interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such p,,:licies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an add tional loss payee. Lender shall bare the right to hold the policies and renewal certificates. If Lender requires., Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgr.gee and/or as an additional loss payee. In the event of loss, Burrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if rot made promptly by Borrower. Unless Leuder and Borrower otberwise agree in writing, any insurance proceeds, whether or not the underlying insurance was reqnircd by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's secnriw is not lessened. During such repair and restoration period, l.ender shall have the right to bold such insnrance proceets until Lender has had an opportnnity to inspect such ProperW to ensure thc work has been cmnpleted {o Lender's satisfaction, provided Ihal such inspection shall' be undertaken promptly. Leuder may disbtirsc proceeds for the repairs 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 on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and sball be the sole obligation of Borrower. If the restoration or repair is not ecortomically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to Ihe stuns secured by this Securily Instrument, whether or not titan due, witl~ Form 30S1 1101 t ! 7 <il- the excess, if aty, paid to Barrower. Such insurance proceeds shall be applied in the order provided tbr in Section 2. If Borrower abandons the Property, Lender may file, negonate and settle any available insurance claim and related matters. I" Borrower does not respond within 30 clays [o a not, ce from Lender tbat tile insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either eve~a or if Lender acquires the Property under Section 22 ol otherwise, [-;orrow:er hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not t'o exceed the atnouuts unpaid under tile Note or this Security Instrument, and (b) any other of Borrower's; rights (other than the right to auy refund of unearned premimns [)aid by Borrower) under all ~nsurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property I..~ rider may use the insurance proceeds either to repatr or restore the Property or to pay amounts unpaid under' the Note or this Security Instrument, whed~er or nol then due. 6. Occupancy. Borro,.ver shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of tbis Security lnstruumnt and shall contiuue to occupy the Property as Borrower's prin::ipal residence for at least one year after the date of occupancy, unless Lender otherwise agrees itl writing, which consent shall not be unreasonably withhekl, or unless extenuating circumstances exist which ar~, beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or nnpair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing itl the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in wdue due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not ecouomically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. Il' insurance or condemnation proceeds are paid in connection with damage to, or the taking of',' the Property, Borrower shall be responsible for repairing or'restoring the Property only if Lender has released proceeds for such purposes. Lender may disbmse proceeds for tl~e repairs and restoration in a single paymeni or itl a series of progress payments as the work is completed. If the insurance or condenmation proceeds are not sufficieut to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the conrpletion of such repair or restoration. Lender or its agent m;~y make~ reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspec* the interior of the improvements on the Property. Lender shall give Bon'ower notice at tbe time of or prior to sucb an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be iu defimh if, during the Loan application process, Borrower or any ['ersons qr entities acting at the directiou of Borrower or with Borrower's lmowledge or consent gave ~ mterially false, misleading, or inaccurate inlbrmation or statements to Lender (or failed to provide. Len'_4er witl-, material information) in connection with the Loan. Material representations include, but 'are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lendt:i-'s lnter,~st in the Property and Rights Under this Securily Instrument. If (a) Borrower fails to perforce, the covenants and agreements contained itt this Security Instrument, (b) there is a legal proceeding Ihat m:~bt significantly affect Lender's interest in tbe Property and/or rigbts nnder this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or for'eitnre, for enforcement of a lien which may attain priority over this Secnrity lustmment or to enforce laws or regulations), or (c) Borrower bas abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate tr, protect Lender's interest in the Property aud rights under this Security Instrument, 'including protec"ing and/or assessing tbe value of ibc Property, and securing and/or repairing · the Property. Lender's actions can inc!ude, but are uot limited lo: (a) paying any sums secured hy a lien which has priority over th!s Securit)- lnstrmnmtt; (b) appearing in court; and (c) paying reasonable Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights nndcr this Security Instrument, including its secured position tn a bankrup,tcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, dram 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, Lender docs not bare to do so and is not under any duty or obligaticn to do so. It is agreed that Lender incurs no liability lbr not taking any or all actions authorized under this Section 9. Any amounts disburs{~d by Lender under this Section 9 shall become additional debt of Borrower secured by this Security h:stmment. These amounts shall bear interest at the Note rate fi-om the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provistons of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge uulcss Lender agrees to the merge~ in writmg. 10. Mortgage Insura:tce. If Lender required Mortgage Insurance as a condition of making the Loan, BorrOwer shall pay the prerfiums required to maintain the Mortgage Insurance m effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such i'~surance and Borrower was required to make separately designated payments toward the premiums for Mortgage htsurance, Borrower shall pay the prem]mns required to obtain coverage substantially equiwdent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously m effect, fi-om an alternate mortgage insurer selected by Lender. If substantially equivalent Ivlortgage Insurance coverage is not available, Borrower shall cmttinue to pay to Lender the amount of the separately designated payments that were due when the ]nsurar-ce coverage ceased to be In effect. Lender will accept, use and retain these payments as a non-reflmd~ble loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refitndable, notwithsta~_~ding the fact that the Loan is ultilnately paid in fidl anti Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and l'or the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated paymt}nts toward the premiums for Mortgage Insurance If Lender required Mortgage Insurance as a condition of makiag the Loan and Borrower was required to make separately designated payments toward the prenrtums lor Mortgage [usurance, Borrower shall pay thc prelniums required to ]naintain Mortgage hrsurance in' effect, or to provide a non-relimdable loss reserve, nntil Lender's requirement for Mortgage Ihsurance ends tn accordance with any wruten agreement between Borrower and Lender providing for such termination or until [ermiuation is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance r{qmbnrses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower don'ts not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers eva~uate titeir total risk on all such insurance in force l'rom time to time, and may enter into agreements with t~ther parties that share or modil~y their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreemet.ts may require the mortgage insurer' to make payments using any source of fi]nds that the mortgage insurer may have available (which may include funds obtained flora Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any remsurer, any other entity, or any aff!liate c,f any of the foregotng, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's paymems for Mortgage Insurance, m exchange for sharing or n, odifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk m exchange for a share of the premiums paid to the insure ;, the arrangement is often termed "captive reinsurance." Further: (a) Any snch agreements will not al'feet the amouuts thai Borrower has agreed to pay for Mortgage htsnrance, or any other terms of' the Loan. Snch agreemeuts will not increase the alnotlill Borrower will owe for Mm-tgage.lnsnrance, anti they will m~t entille Borrower to any refund. Form 3051 1/01 (~-6(WY) ~ooosJ ,%., 8 ol ~ &~,...... (b) Any such agreenrents will not affect tine rights Borrower has - if any - with respect to tine Mortgage Insurance under tine Homeowners Protection Act of 1998 or any other law. These riglnts may include the right to receive certain disclosm-es, to request and obtain cancellation of tine Mortgage Insurance, to h,~ve tile Mortgage Insurance terminated automatically, and/or to receive a relrund of any Mortgage Iusurance premiums tlmt were relearned al the time of such cancellation or termination. 11. Assignment of 5'qscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible aud Lender's security is not lessened. During such repair and restc~ration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an op.!~ormnity to inspect such Property to eusure the work has been completed to Lender's satisfaction, proviced ~hat such inspection shall be undertaken promptly. Leuder may pay for the repairs and restoration in ~ si:agle disbursement or in a series of progress paymems as tile work is completed. Unless an agreed'sent is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, L~ader shall not be required to pay Borrower any interest or earumgs on such Miscellaneous Proceeds. If t lie restoration or repair is not economically feasible or kender's security would be lessened, the Miscellanedus Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due', wkh tl~e excess, if any, paid to Borrower. Such Miscellaneous Proceeds slnall be applied in the order provided for ill Section 2. Ill the event of a total taring, destruction, or loss itl value of tile Property, tile Miscellaneous Proceeds shall be applied tc the sums secured by this Security lnsmunent, whether or not then due, with the excess, if any, paid to Borrower. In the event of a part!~;. taking, destruction, or loss in value of tine Property in which tile fair market value of tile Property innn¢~iately before tile partial taking, destruction, or loss io value is equal to or greater than tile amount of.tl~e sums secured by this Security lnsm,ment i~mnediately before tile partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree itl writing, the sums secured by this Security Instrument shall be reduced by tile amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amouut of the sums secured immediately before tile partial taking, destruction, or loss in value divided by (b) tile fair market value of the Property immediately before the partial taking, destruction, or loss in value. Auy balance shall be'paid to Borrower. In the event of a partia, taking, destruction, or loss in value of tile Property in which the fair market value of tile Property immediately before the partial taking, destructiou, or loss in value is less dian the amount of the sums securer immediately before tile partial taking, destruction, or loss m value, unless Borrower and Lender otberwise agree in writing, the Miscellaneous Proceeds shall be applied m the sums secured by this Security lnstr,ument whether or not thd sums are then due. It' the Property is ab;ndoned by Borrower, or if', after notice by kender to Borrower that the Opposing Party (as defiued m tilt. next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days alien' thc date die notice is given, Lender is authorized to collect and apply the Mkcellaneons Proceeds either to restoration or repair of the'Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower lvfiscell.meous proceeds or the party against whom Borrower Inas a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default i.f any action or proceeding, whelher civil or criminal, is begun that, in Lender's judgment, could result ih forfeiture of the Property or mher material impairmeut of Lender's interest in the Property or rights under this Security Instrumenl. Borrower can cure such a defitult and, if acceleration has occurred, reinstatc as provided in Sectiou 19, by causiug thc action or proceeding to be dismissed with a ruling that. in Leuder's judgment, precludes tbrfciture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instru~nem. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in tile Property are hereby assigned and shal: be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied m the order provide0 ~or ill Section 2. (~®-6(W Y) tooos} Page 9 ol 15 Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of tile ii,ne for payment or modification of amortization of tile sums secured by tins Security Instrument granted by Lender to Borrower or any Succes::or in Interest of Borrower shall not operate Lo release the liability of Borrower or any Successors in Interest o:!' Borrower. Lender shall not be required to commence proceedings agamsL ,'my Successor in Interest o[ Borrower or to refuse to extend time tbr payment or otherwise modi~ amorfizatio,l of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors m Interest of Borrower. Any forbearauce by Lender m exe,-cising any right or remedy including, without limitation, Lender's acceptance of payments ii'om third persons, em,ties or Successors Ill Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude tile exercise of at)5' rig!.tt or remedy. 13. Joint and Severvl Liability; Co-signers; Snecessors nnd Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Inst ument but does not execute tile Note (a "co-signer"): (a) is co-signing this Security Instnnnent only tc mc,rtgage, grant and convey tile co-s~gner's interest in the Property under the terms of this Security Instr':me.qt; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees tha~ Lender and any other Borrower ca,l agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or tile Note without the co-signer's consent. Subject to the provi?;ions of Section 18, airy Snccessor m Interest of Borrower who assumes Borrower's obligations under tiffs Security lustrument in writing, and is approved by Lender, shall ol)tain all of Borrower's rights an0 benefits under this Security lnsmm~ent. Bmrower shall not be released from Borrower's obligations and.liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of 'this Security Instrument shall bind (except as provided in Section 20) and benefit the auccessors and assigns of Lender. 14. Loan Cbarges. I.ender may charge Borrower tees for services performed in connection with Borrower's default, for thc purpose of protecting Lender's iuterest in the Property aud rights uuder this Security Instrument, inclnd3ng, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, tile absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not b~ construed as a prohibition on the charging of such fee. Lender may n°t charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject lo a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected iu connection with the Loan exceed the permitted limits, then: (a) ~ny such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower, Lender may choose to make this reMnd by redticing the principal owed under the Note or t:y making a direct payment to Borrower. If a relhnd reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is providet~ for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower, will constitute a waiver of any right of acfion Borrower aright have arising out of such overcharge. . 15. Notices. All notices :given by Borrower or Lender in connection with this Security I,~strument must be in writing. Any no'ice to Borrower in cmmection with this Security Instrument shall be deemed to have been given to Borrowe,' when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers nnless Applicable Law exlsressly requires otherwise. The notice address shall be lhe Property Address unless Borrower has designate:l a substitute notice add,-ess by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only 'report a change of address through that specified procednre. There may be only one de~ignated notice address under this Security l,lstrument at ally one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender tlas designated another address by notice to Borrower. Any notice in connection with this Securky Instrumem shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also reqnired under Applicable Law, the Applicable Law requiremeut will Satisfy the corresponding requiremeut under this Security Instrument. 16. Governing Law; Severability; Rnles of Constrnction. This Security Instmn~ent shall be governed by federal law. ard the law of the jurisdiction in which the Property is located. Ail rights and obligations comalncd in rids Security Instrument are subject to ally requirements and limitations of Applicable Law. Applicable Law might explicitly or implicidy allow the parties to agree by contrac~ or it might be silent, but such si'~en~ce shall not be construed as a prohibition against agreement by contract. Iu the event that any provisio ~ or clause o1' this Security Instrument or the Note conflicts with Applicable Law, such conflict shall no~ al!fect other provisions of this Security [ustrnment or thc Note winch can be given effect without the con:lit:ting provision. As used in this Security Instrument: (a) words of the masculiue gender shall mcan and include corresponding neuter word~, o,: words of the feminine gender; (b) words m the singnlar shall mean and include the plural and vice veisa; and (c) thc word "may" gives sole discrenon without any obligation [o take any action. 17. Borrower's Copy~ Borrower shall be given one copy of the Note and of this Security Instn,ment. 18. Transfer of tile Property or a Beneficial Interest ill Borrower. As used ill this Section 18, "Interest in the Property" n-cans any legal or beneficial interest m the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement the inten, of which is the transfer of title by Borrower at a future date to a purcbaser. If all or any part of the Property or any Interest m thc Property is sold or transferred (or if Borrower is not a natural person and ~t beneficial interest m Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate paylnent ill fidl of all sums secured by this Sccnrity Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law If Lender exercises this option, Lender shall give Borrower notice of acceleration. Tbe notice shall Provide a period of not less than 30 days from the date the notice is given ill accordance with Section 15 within which Borrower mus't pay all sums secured by this Security Instrument. It' Borrower fails to pay these sums prior to the exoiration of this period, Lender may invoke any remedies pertained by this Security Instrument withont further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleratiou. If Borrower meets certain conditions, Borrower shall have the ri£bt to have enforcement of this Security Instrmncnt discontinued at auy time prior to the earliest of: (a) f. ve days hefore sale of the Property pursuant to ally power of sale contained m this Security Instrument; (1~) such other period as Applicable Law nfight specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Insmnnent. Those conditions are that Borrow,~r: (a) pays l.ender all sums which theu would be due under this Security Instrument and the Note as tf no acceleration had occurred; (b) cures any defimlt of any other covenants or agreements; (c) pays all exp}ms,zs incurred iii enforcing this Security lnstnnnent, including, but not lituited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under dfis Security Instrument; and (d) takes such action as Lende{ may reasonably require to assnre that Lender's interest in the Property and rights under this Security h:stmment, and Borrower's obligation to pay the sums. secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement snms and expenses in one or more ol, tile following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits a-'e insnred by a federal agency, instrun~entality'or entity; or (d) Electronic Funds Transfer. Upon reins~ate:nent by Borrower, this Security Instrument and obligations secnrcd hereby shall remain fully effective,,as if no acceleration had occurred. How.ever, this right to reinstate shall not apply in the case of acceleral.ior under Section 18. 20. Sale of Note; Chaagc of Loan Servicer; Notice oI' Grievance2 The Note or a partial interest in the Note (together with this Security Iustrument) can be sold one or more times without prior notice to Borrower. A sale might re::uli in a change iii the entity (known as the "Loan Servicer") that collects Periodic Payments due und:r 'he Note and this Security Instrument and performs other mortgage loan servicing obligations under qle~Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the '~o;-n Servicer unrelated to a sale of thc Note. If there is a change of thc l.oan Servicer, Borrower will be give,n written notice of the change wbich will state the name and address of the new Loan Servicer, thc address to which payments should be made and any other information RESPA Initials:, requires m connection witl.: a ~otice of transfer of servicing. If tile Note is sold and tbereafter the Loan is serviced by a Loan Service/ other than the purchaser of the Note, the mortgage loan servming obligations to Borrower will remain with =_he Loan Servicer or be trausferred to a successor Loan Servicer and are not assumed by the Note purch:lset~ unless otherwise provided by the Note purchaser. Neither Borrower not Lender may commence, join, or be joined to any judicial action (as either all individual litigant or the :meniber of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party bas breached auy provision of, or ally duty owed by reason of, this Security Imtnnnent. until such Borrower or Lender has notified the other party (with snch notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take' corrective action. If Applicable Law provides a tiute period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for pnrposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the uotice and opportunity to take corrccuve action provisions of this Section 20. 21. Hazardons Sub~,'tances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardons substances, pollutants, or wastes by Environmental Law and tbe following substances: gasoline kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, v6latile solvenls, materials COlttaimng asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" r,~eans federal laws and laws of the jurisdiction where Ibe Property is located that relate to health, safety or environmental protection; (c) "Enviroumental Cleanup" includes any response action, remedial action, or removal acnon, as defined ill Enviromnental Law; and (d) an "Environmental Condition" means a cond,~tiolt that cazt cause, comribute to or otherwise trigger an Enviromnental Cleanup. Borr6wer shall not cause or permit the presence, use, disposal storage, or release of ally llazardous Substances, or threaten to release any Hazardous Substances, on or in tile Property. Borrawer shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an 12nviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, crea~es a condition that adversely affects the value of the Property. The preceding two sentences shall not aFply to the presence, use, or storage on the Property of small quauudes of Hazardous Substances that are generally recognized to be appropriate to normal residential uses aud to maintenance of the Propert3; (including, but not linfited to, hazardou's substauces in consunter products). Borrower shall promp'qy give Lender written notice of (a) any investigation, claim, demand, lawsuil or otber action by any gov,.rnniental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmeutal Law of which Borrower has actual knowledge, (b) any Environmental Condition, i'ucluding but uot Limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous :~ubstance, and (c) any condition caused by the presence, use or release of a Hazardous Substance whicl adversely affects the value of the Property. If Borrower learns, or is notified by any govermnental or ref~ula_ory authority, or any private party, that any removal or other remediation of any Hazardous Substancc afl~cting the Property is necessary, Borrower shall promptly take all necessat3~ remedial actions in accord;~nce with Enviromttental Law. Nothing herein shall create any obligation on Lender for an Environment~ 1 Cleanup. ~-6(WY} iooosi ® 3051 1/01 NON--UNIFORM CO.VEglANTS. Borrower and Lender fin d~er covenant and agree as follows: 22. Acceleration; Ref, ledies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreemeut itl this Security Instrument (but not prior to acceleration under Section 18~ unless Applicable Law provides otherwise). The notice shall specify: (a) the defanlt; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the defanlt on or before the d:~.te ,specified in the notice nmy result iu acceleration of the sums secured by this Security Instrument ,~ud sale of the Property. The notice sball further inform Borrower o1' the right to reinstate after acc~le~:'ation anti the right to briug a conrt action to assert the non-existence of a default or auy other defens.~ of Borrower to acceleration and sale. If the default is not cured on or before the date specil~ed ir,. th'e notice, Lender at its option may reqnire immediate payment in full of all sums secured by this SecUrity Instrument without further demaud and nmy invoke the power of s:fle and any other reined:les?permitted by Applicable Law. Lender shall be entitled to collect all expenses iucurred in lmrst lng the remedies provided in this Section 22, iuclnding, bnt not lirnited to, reasonable attorneys' fees ~md costs of title evidence. If Lender invokes tilt! pc,i:wer of sale, Lender shall give notice of i,~tent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice oi:' the Sale to Borrower in tile manner provided in Section 15. Leuder shall publish the notice of sale,~' and the Property shall be sohl in the m.'mner prescribed by Applicable Law. Lender or its desigme n'my purchase the Property at auy sale. The proceeds of the sale shall be applied in the following ~'oriler: (a) to all expenses of the sale, iucluding, but not limited to, reasonable attorneys' ifees} (b) to all snms secured by this Security lnstrmnent; aud (c) any excess to the person or persons legally entitled to it. 23. Release. UpOn paymeat of all sums secured by this Security Instrument, Lender shall release this Security Instrument. BorroWer shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrhment, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrox~:er releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6(Wy)tooos) p.~.~:~ott5 Form 3051 1101 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: Glenn h Hackwell -Borrower Do[oth¥~ Ha'c~we 11 (Seal) -Borrower Glenn A. Hackwell - Co Trust-Borrower Dorothy A\Hackwell - Co Trus-Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~)~61W Y)(ooo~1 Form 3051_ 1/01 !.82 STATE OF WYOMING, Lincoln C011nty ss: The ~regoingmstrumentwasacknowledged be~re methis June 22nd, 2004 by Glenn A Hackwell end Dorothy A Hackwell arid Glenn A. Hackwell - Co Trustee and Dorothy A Hackwell Co Trustee My Commission Expires: Nolary Public (~-6(WY) (0005) Form 3051 i/01 3.5 FARM CRED SERU AMER ~ 402 348 352~ .iL ,3 P. 85 DESCRIPTION All of tho NW 'A $;31/4 6f Section 3.2, ] 34N, K111~W; 6th p.M., located South of Bedford, Lincoln County, Wyoming: TOOETHER WITH a 60.00 foot wide Em~ment for Ingress ~ Egress and Utilities, tho South ~nd the East lines of said Ea.~eanent being descril:~l ~s follow~: BEOINNING at a point in the E~t line of the SW1/4 SEll4, Section 32, T34N, R118W, 6m P.M., Lincoln County, Wyoming .,mid point being 664,98 feet NO°05'57"E from the Southc~t comer of~fid $W1/4 SE1/4; thence NO°05':~7"E along said E~t line and the Ea.,-t line of the NWl/4 SE1/4 1995.00 f~t 1o the No~ Comer of~Id NWl/4 SEI/4; thence 589~57'09',,E ~long the North line of the NE1/4 of.~fid SEll4 991,75 feet; thence North 660.00 feet; thenc,~ 5~9"57'09"E 330.00 feet to a point in the Eut line of s-id Section 32, said point being North 660.00 feet fi'om the 'Fa~t qua.,"mr Comer of vafid Section 32,