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HomeMy WebLinkAbout900578Return To: Major Mortgage 6101 Yellowstone Rd LL17 Cheyenne, WY 82009 888-589-9500 Prepared By: 6101 Yellowstone Rd LL17 Cheyenne, WY 82009 888-589-9500 BOOK a Space Above Ti, is Liqe For Recording Data] MORTGAGE MIN 0001604217 100049200000020559 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined iii Sections 3, 11, 13, 18, 20 ard 21. Certain rules regarding the usage of words used in this doct,ment are also provided in Section 16. (A) "Security lnstrmnent" means this document, which is dated June 22nd, 200q together with all Riders to this docament. (B) "Borrower" is Andrew P. Sessions and Misty Brook Sessions, Husband arid Wife, Joint Tenants i~itk Right of Survivorship Borrower is tile mortgagor unJer this Security Instrument. (C) "MERS" is Mortgage Eiectronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security lnstrummt. MERS is organized and existing under tile laws of Delaware, and has an address and telephone numbe~ of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie ~laelFreddie Mac UNIFORM INSTRUMENT WITH MERS Page 1 gl 15 l.ilials!m.__~__ VMP MORTGAGE FORMS - (800)521-1291 Form 3051 1101 (D) "Lender" is Major Mo~rtqage Lender is a Wyoming Corp, oracion organized and existing under the laws of The Stare of Wyom~_ng Lender's address is 6101 Yellowstone Rd LL17, Cheyenne, wY 82009 (E) "Note" means the promissory note signed by Borrower and dated June 22nd, 2004 The Note states that Borrower owes Lender One Hundred E±ghteen Thousand arid no / 100. Dollars (U.S. $ 118,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than gu ls, lsr, 2019 (F) "Property" means the prcpen'y that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (ID "Riders" means all R.ider; to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~:~ Condominium Rider ~-~ Second Home Rider [--] Balloon Rider ~ Planned Unit Development Rider ~ 1-4 Fmnily Rider [--] VA Rider ~-~ Biweekly Payment Rider 5-1 Other(s) [specify] (I) "Applicable Law" means al~ controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association. Dues, Fees, and Assessments" means all dues, fees, assessments m~d other charges that are imposed on; Borrower or the Property by a condominium association, homeowners association or similar organiza:.:ion. (K) "Electronic Funds Transfer" means any transfer of fimds, other than a transaction originated by check, draft, or similar pape;' 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 mi account. Such te/m includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transkrs initiated by telephone, wire transl'ers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" m~ans any compensation, settlement, award of dmnages, or proceeds paid by ar~y third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) dmnage to, or destruction of, the Property; (ii) condenmation or other taking of alt or any part of the Property; (iii) conveyance in ',ieu of condmnnation; or (iv) misrepresentations of] or omissions as to, the value and/or condition of the l-'roperty. (N) "Mortgage Insurance" weans insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" me'is the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) '~RESPA" means the Rea! Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or m~y additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, '"I:.ESPA" refers to all requirements and restrictions that are imposed iu regard to a "federally related mortgage lomf' even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~}~-6A(WY) (ooo5).o~ Page 2 o~ ~s Form 3051 110t (Q) "Successor in Interest of Borrower" meems 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 THE PROPERTY This Security Instrument secures 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 mid the Npte. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee fei' Lender and Lender's successors and.assigns) trod to the successors and assigns of MERS, with power of sale, the tbllowing described property located in the of : [Type of Recording Jurisdiction] [Name 0£ Recording Jurisdiction] Lot 9 of Block 35 of Glen Kennington Et A1 Addition to the Town of Alton, Lincoln County, Wyoming as described on the official plat thereof. Parcel ID Number: ("Property Address"): Afton 255 E. 7th Avenue which currently has the address of [Street] [City] , WyOming 8 3110 lZip CodeI TOGETHER WITH al' the i~nprovements now or hereafter erected on the property, and all easements, appurtenances, ard fiztures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "P:opely." Borrower understands and agrees that MERS holds only legal title to tbe interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee f~r Lender and 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 Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed arid has the right to mortgage, grant ~md ccmvey the Property and that the Property is unencumbered, except tbr encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject t0 any encumbrances of record. THIS SECURITY INSTRUMENT combines unitbrm covenants for national use and non-uniform covenants with linfited variations by jurisdiction to constitute a unitbrm security instrument covering real property. ~-6A(WY) (ooos).o~ ® Page 3 o! 1 5 Form 3 0 5 1 1101 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced-by the Note and any prepayment charges and late cllarges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Paymerts due under the Note and this Security Instrument shall be made in U.S. currency. However, if any chei,k or other instrument received by Lender as payment under the Note or this Security Instrument is returned to l:,ender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security. Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b)i 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 are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Payments are deemed rec'fived by Lender when received at the location designated in the Note or at such other location as may be t esignated by Lender in accordance with the notice provisions in Section 15. Lender ~nay return any payment pt partial pay~nent if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, bnt Leader 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 need not pay interest on unapplied f~nds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower Ioes not do so within a reasonable period of time, Lender shall either apply such fi.~nds or return them to Borroqver. If not applied earlier, such fuuds will be applied to the outstandi,~g principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security lnstrmnent or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; .(b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any re~naining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance .of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which incfudes a sufficient anmunt to pay ,'my Ihte charge 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 pay~nent received fi'om Borrower to the repayment o1' the Periodic Payments it; and to the extent that, each payment can be paid in full. To the extent t'hat'any excess exists after 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 prepayment charges and then as described in 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 the amount, of the Periodic Payments. . 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is p~id in fidl, a sum (the "Funds") to provide for payment of amounts due tbr: (a) taxes mid assessments 'and Other items which can attain priority over this Security Instrument as a lien or encumbrance on the Proper~y; (b) leasehold payments or ground rents on the Property, il' any; (c) premiums for any and all insurance required by Lender under Section 5; mid (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at a~y time during the term of the Loan, Lender may require that Community Association Dues, Fees, and .!&.ssessments, if any, be escrowed by Borrower, and such dues, lees and assessments shall be an Escrow Item. Borrower shall promptly fi~rnish to Lender all notices Of mnounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay'tbe Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Fr'nds ibr any or all Esc{ow Items al any time. Any such waiver may only be in writing. In the event of suc[ waiver, Borrower shall pay directly, when and where payable, the amounts (~)~-6A(WY)(ooo5).o~ ~.~oll~ Form 3051 1101 due for any Escrow Items for whicl: payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receip!Ls evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall tbr all purposes be deemed to be a covenant and agreement contained in lhis Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower :is obligated to pay Escrow ltems directly, pursuant to a waiver, and Borrower fails to pay the mnount &,e for an Escrow ltem, Lender may exercise its rights under Section 9 and pay such amount and Bo~rowe: shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any tnne by a notice given in accordance with Section 15 and, u3on such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time,-collect and hold Funds in an anmunt (a) sufficient to permit Lender to apply the'Funds at the time specified under RESPA, and (b) not to exceed the maximum mnottnt a lender can require under RESPA. Lende? shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of fi~ture Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held 'in an institution whose deposits are insured by a federal agency, instrumentality, or entity (inclading Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lenc~er Shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law pe:'mits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in xvriting, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess f~nds in accordance with RESPA: If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary tO make up the shortage in accordance with RESPA, but in no more than 12 monthly pay~nents. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by' RI~SPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security h~strument, Lender slmll promptly refund to Borrower any Funds held b7 Lehder. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptl~ discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to ,he payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long a:; Bor~rower is performing such agreement; (b) contests the lien in good faith by, or defends against enforc~men: of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of tl~e lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures ~¥om the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security lnstru~nent. If Lender detertnines that any part of the Property is subject to a lien which can attain priority over this '3ecurity Instrument, Lender may give Borrower a notice identifying the {~)m>-6 A (W Y)(ooo5).o~ Page5 o1'15 Form 3051 1101 :::'::::.::';:.., ,;;',:::,. - , . ..:.... lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy tile lien or take one or more of the actions set lbrth above in ttfis Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Boxrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not.limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender reqt, ires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time ch~ge for flood zone determination and certification services and /abs;~quent charges each time remappings or similar changes occnr which reasonably might affect such 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 objection by Borrower If Borrower Pails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option r.nd Borrower's expense. Lender is under no obligation to purchase any particular type or mnount of ccver~tge. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, BorroweF s equity in the Property, or the contents of tile Property, against any risk, hazard or liability and might p-ovide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of '.he insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any mnounts disbursed by Lender under this Section 5 shall become additional debt of Borr(:wer secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursemem and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies req'.iired 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 lbss payee. Lender shall have the right to hold the policies and renewal certificates. [f 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 c.f, tile Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrowe:' shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not mad~ promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds tbr the repairs and restoration in a single payment or in a series of progress payments as the wot k 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 shall be the sole obligation of Borrower. If the restoration or repair is not ¢con'omically feasible or Lender's security would be lessened, the insurance proceeds shall be applied.to th(: stuns secured by this Security Instrument, whether or not then due, with (~-6 A(WY) (ooos).o ~ PageOofl5 Form 3051 1101 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the' order provided for in Section 2. If Borrower abandons t}~e P~.ioperty, Lender may file, negotiate and settle any available insurance claim and related matters. If BorrOwer does not respond within 30 days to a aotice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the rtotic~ is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance poll. cies covering the Property, insofar ~ such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore tile Property or to pay amounts unpaid under t'~e Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and nsc the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date ot' occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreaso,rably withheld, or unless extenuating circumstances exist which are oeyond Borrower' s control. 7. Preservation, Maintena,ce and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Bmrower is res~iding in 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 pursnant to Sectica 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or dmnage. If insurance or condemnation proceeds are p~id in connection with dtunage 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 disbursi: proceeds for the repairs and restoratiou in a single payment or in a series of progress payments as the wor~c., is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation fbr tile co~npletion of such repair or restoration. ~ Lender or its agent ma3 make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persoas or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, tmsleadmg, or inaccurate mformatmu or statements to Lender (or failed to provide Lend'~r with material int:bnnation) in connection with the Lo,'m. Material representations include, but are n~t limited to, representatio,~s concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's hderest i,~ the Property and Rights Under this Security lostrument. If (a) Borrower fails to perform :he covenants and agreements contained in this Security Instrmnent, (b) there is a legal proceeding that m ght s,gnificantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeitnre, for enforcement of a lien which rna':/ attain priority over this Security Instrnment or to enforce laws or regulations), or (c) Borrower has 'abandoned the Property, then Lender may do and pay ~br whatever is reasonable or appropriate to'protect Lender's interest in the Property and rights under this Security Instrument, including protecti.~g and/or assessing the value of the Property, and securing and/or repairing the Property. 'Lender's actions car, include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~-6A(WY) (ooos).o~ Page ? o~ ~5 Form 3051 1101 auorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bank"uptcy proceeding. Securing the Property includes, but is not linfited to, entering the Property to make -'epairs, change locks, replace or board up doors and windows, drain 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 does not have to do so and is not under any duty or obligation tr, do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Se ction 9. Any mnounts disbursed [,y ~ender under this Section 9 shall become additional debt of Borrower secured by this Security Instrtlmeat. These mnounts shall bear interest at the Note rate I¥o~n the date of disbursement and shall be phyla, big, with such interest, upon notice from Lender to Borrower requesting payment. : If this Security Instrumet~t is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the tee title shall not merge unless Lender agrees to the merger in ~riting. 10. Mortgage Insurance. If)Lender required Mortgage Insurance as a condition of making the Lo,m, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If; for any reason, the Mortgage Insurance coverage 3equired by Lender ceases to be available from the mortgage insurer that previously provided such insuran.ce and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivafent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to BorroWer of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivaleut Mortgage Insurance coverage is not available, Borrower shall contihue! to pay to Lender the amount of the separately designated payments that were due when the insurance .co~'erage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding t}~e fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments'toward the premimns for Mortgage lusurance. If Lender required lVlortgage Insurance as a condition of m.~king the Loan and Borrower was required to make separately desiguated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance,in effect, or to provide a non-refundable loss reserve, until Lender's 'requirement for Mortgage Insu::ance 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 Section 10 affects Borrower's obligation to pay interest at the rate provided iu the Note. Mortgage Insurance reimm~rses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does. not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evalume tlieir total risk on all such insurance in force from time to time, and may enter into agreements with .other parties that share or modify their risk, or reduce losses. These agreements are on terms ~md conditions thd are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agree~}aents may require the mortgage iusurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). ' As a result of these agreeme,its, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affilia!e of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or nfight be char;'tcterized as) a portion of Borrower's payments for Mortgage lnsurmme, in exchange for sharing or modi!Sying the mortgage iusurer's risk, or reducing losses. If such agreement provides that an affiliate of I_ender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, t ~e arrangement is often termed "captive reinsurance." Further: (a) Any such' agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase lite amount Borrower will owe for Mortg:~ge Insurance, and they will not entitle Borrower to any refund. ,Initial P.~of~ Form 3051 1101 (~-6 A(W Y)(ooos).Ol : (b) Any such agreemenls will not affect the rights Borrower has - if auy - with respect to the Mortgage Insurance under tile ltomeowners Protection Act of 1998 or any other law. These rights may include, the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage lusurance terminated automatically, and/or to receive a refund of any Mortgage Insura~ce premiums that were unearned at the time of such cancell'ation or termination. 1l. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneons Proceeds are hereby assigned to and shall be paid tc L~mder. If the Property is damaged, snch Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had ,an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay tbr the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement i~ made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lent'er d~all not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrt,ment, whether or not then dne, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for i.n Section 2. In the event of a total .taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately, before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sams secured by this Security Instrument immediately before the partial taking, destruction, or loss iff value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Ins:run~ent shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following t?action: (a) the total amount of the sums secured immediately before the partial taking, destruction, c'r loss in value divided by (b) the fidr market 'value of the Property irmnediately before the partial.taking, destrnction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destrnction, or loss in value of the 'Property in which the fair market value of the Property immedi.~tely before the partial taking, destruction, or loss in value is less than the mnount of the sums secured !mmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instru nent whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined i,- the next sentence) offers to make an award to settle a claim for dalnages, Borrower tails to respond to I'ender within 30 days after the date the notice is given, Lender 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/nstmment, whether or not then due. "Opposing Party means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. · Borrower shall be iu del!mit.if any action or proceeding, whether civil or cri~ninal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rig'.'~ts under this Security Instrument. Borrower can cure such a detOur, It and, if acceleration has occurred, reinsta';e as provided in Section 19, by cansing the action or proceeding to be dismissed with a ruling that,, i'n Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's intere-:t in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attribntable to the impairment of Lender's interest in the Property are hereby assigned and shall I e paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided i~r in Section 2.. (~-6A(WY) 0005).01 Paga 9 ol 15 [nitlals/~' ~,0o Form 3051 1101 12. Borrower Not Rele:~sed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortimtion of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability et' Borrower or any Successors in Interest cf Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of :Borrower or to refuse to extend time for payment or otherwise ~nodify amortization of the sums secured by this Security Instrnment by reason of ally demand made by the original Borrower or any. Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borro,ver or in mnounts less than the a,nount then due, shall not be a waiver of or preclude the exercise of any rit)~t er remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obbgations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument :but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant mid convey the co-signer's interest in the Property under the terms of this Security Instrument; ~b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lclnder and any other Borrower can agree to extend, modify, tbrbear or make any accommodations wi'h regard to the terms of this Security Instrument or the Note without the co-signer' s consent. Subject to theprovl''s~or~s" of Section 18, any Successor ill Interest of Borrower who assumes Borrower's obligations under *,his ~Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benef, ts under this Security Instrument. Borrower shall not be released from Borrower's obligations and liaoilit7 under this Security Instrument nnless Lender agrees to such release in writing. The covenants and zgre~-ments of this Security Instrument shall bind (except as provided in Section 20) and benefit the suc::ess0rs and assigns of Lender. 14. Loan Charges. Len:ler may ch~ge Borrower fees for services performed in com~ection with Borrower's default, fbr the pi rpose of protecting Lender's interest in the Property and rights under this Security Instrument, including bu~ not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be ccnstrued as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a la~. which sets maximum loan charges, and that law is finally interpreted so that the interest or Other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; ~*.nd (b) any sums already collected from Borrower which exceeded per~nitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a p~'tial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower' s acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. .' 15. Notices. All noticeslgiven by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by othe.r means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expres.sly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower' s change of address. If Lender specifies a procedure for reporting Borrower' s change of address, then Borro.ver shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any 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 has designated another address by notice to Borrower. Any notice in connection with this Security ~'nstrdment sball not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. ~ Initial Page t 0 el 1 5 Form 3 0 51 t101 (~-6 A(WY)(ooo5).ol 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instr;ument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such sile~tce shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not ~,ffect other provisions of this Security Instrument or the Note which can be given effect without the conflicting, provision. As used in this Securit'~ lnstrmnent: (a) words of the ~nasculine gender shall mean and include corresponding neuter words or wcrds of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word 'hnay" gives sole discretion withm,t any obligation to take any action. 17. Borrower's Copy. Eorrower shall be given one copy of the Note and of this Security Instrument 18. Transfer of the Proper/y or a Beneficial Interest in Borrower. As used in this Section 18, "hrterest in the Property" me~'.ns ar,y legal or beneficial interest in the Property, including, but not linfited to, those beneficial interests nansferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a 3eneticial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment ~n full of all sums secured by this Security Instrument. However, this o'~tion 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. The notice shall provide a period of not hess man 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any relnedies permitted by this Security Instrument without fi~rther notice or demand on Borrower. 19. Borrower's Right Io Iieinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) fiv: da)s before sale of the Property pursuant to any power of sale contained in this Security instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or' (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which thou would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all exper, scs incurred iu enfbrcing this Security Instrument, including, but not limited to, reasonable attorneys' fee~'i., property inspection and valuation lees, mid other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstate,nent sums and expenses in one or more of ~he following tbrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treast~rer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration un:let Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might resclt in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due undei the Note and this Security Instrument and performs other mortgage loan servicing obligations under tt'e Note, this Security lnstrnment, and Applicable Law. There also might be one or more changes of the L)an Servicer unrelated to a sale of the Note. If there 'is a change of the Loan Servicer, Borrower will be gi;?en written notice of the change which will state the name and address of the new Loan Servicer, the addr,'~ss to which payments should be made and any other infortnation RESPA ,,,,,,.,/-5 (~-6A(WY), (ooo~).o~ P~' TM ol ~ Form 3051 1101 reqmres in connection with a lotice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer o~.her than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with :he Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser, unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasona~ole period after the giving of such notice to take correcuve action. If Applicable Law provides a time period wbicb must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportmfity 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 notice and opportunity to take corrective action provisions of this Section 26. 21. Hazardous Substances., As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solven:s, materials containing asbestos or formaldehyde, and radioactive materials; (b) Enwronmental Law" means fe~deral laws and laws of the jurisdiction where the Property is located that relate to health, safety or env'ironmental protection.; (c) "Environmental Cleanup'; includes any response action, remedial action, or rer]ova, l action, as defined in Environmental Law; and (d) an Enwronmental Condition" means a conditioh tl~at can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or i~ermit the presence, use, disposal, storage, or release of any Ha?ardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do,~ nor allow anyone else to do, ~i.nything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an En,~ironmental Condition, or (c) which, due to the presence, use, or release of a tfazardous Substance, creates a condition that adversely affects tile value of tim Property. The preceding two sentences shall not applsi to.the presence, use, or storage on the Property of small quantities of Hazardous Substances that ar.': generally recognized to be appropriate to normal residential uses and to maintenance of the Property (i~cluding, but not limited to, hazardous substances in consmner products). Borrower shall promptly.giv~ Lender written notice of (a) any investigation, clai~n, demand, lawsuit or other action by any govern;nental or regulatory agency or private party involving the Property and any Hazardous Substance or En¢iro:nnental Law of which Borrower has actual knowledge, (b) any Environmental Condition, incl'.ldi~'~g but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Sul:~tani:e, and (c) any condition caused by tile presence, use or release of a Hazardous Substance which ac versely affects the value of the Property. If Borrower learns, or is notified by any govermnental or regulator~ authority, or any private party, that any removal or other remediation of any Hazardous Substance afCecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Enviromnental Clear, up. (~)e-6 A(W Y)(ooo5).o~ Page 12 o! 15 Form 3051 1101 NON-UNIFORM COVENANTS. Borrower and Lender fi~rther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any -'~ovenant or agreement ia this Security Instrument (but not prior to acceleration under Section III unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date tile notice is given to Borrm~'er, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument amt sale of the Property. The notice shall fi~rther inform Borrower of the right to reiustate after acceler:ition and the right to bring a conrt action to assert the non-existence of a default or any other defen:;e of Borrower to acceleration and sale. If the default is not cured on or before the date specified in tile notice, Lender at its option may require imtnediate payment in full of all sums secured by this Security. Instrument without further demand and may iuvoke the power of sale and any other remedies permitted by Applicable Law. Leoder shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the Fower of sale, Lender shall give .otice of intent to foreclose to Borrower and to tile person in posses:;ion of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the s~.le to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and tl~e Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may!purchase the Property at any sale. The proceeds of the sale shall be applied in tile following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entiHed to it. 23. Release. Upon payment ef all stuns secured by this Security Instrument, Lender Shall release this Security Instrument. Borrower shall pay troy recordation costs. Lender inay charge Borrower a fee for releasing this Security Instrun'ent, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted unc'~er Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~)~-6 A(WY)iooo5).o~ Page 1 3 ol 1 5 Form 3051 1101 BY SIGN1NG 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: Andrew P. Sessions -Borrowe~ (Seal) -Borrower (Seal) (.Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) {,Seal) -Borrower -Borrower (~)~6 A(WY)(ooo5).o~ Page 14 of 15 Form 3051 1101 STATE OF WYOMING, Lincoln County ss: The foregoing instrumem w~ts acknowledged before me this dune 22nd, 2004 by Andrew P. Sessions snd Misty Brook Sessions My Commission Expires: ' (~-6 A(WY)(ooo5).o~ Page 15 o! 15 Form 3051 11Ol