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HomeMy WebLinkAbout900634Return To: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUIJ?E 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO BANK, N.A. '4_15 2517 E. 54TH STREET NOIITH,, SIOUX FALLS, SD 57]040000 BOOl(r- r.4:~ PR PAGE [Space Above 'Fids Lh&e For Recortlh~g Data] MORTGAGE DEFINITIONS Words used in ~nultiple sec tior_s of flfis documeut are defined below and other words tire defined in Sectio.ns 3, 11, 13, 18, 20 aud 21. Certain rules regarding fire usage of words used in this docmnent are also provided in Section 16. (A) "Security Iustrmneut" means this document, which is dated JUNE togefl~er wifl~ all Riders to fids document. 01) "Borrower" is TED h BAR~ER, A SINGLE PERSON 2004 Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FiZ..RGO BANK, N.A. Leuder is a NATIONAL AS3OCIATION organized and existing under..'the laws of THE UNITED STATES 0044433878 WYOMING-Single Family-Fannie. Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WYI 1ooo51 Pag~ 1 of 15 initials: ~_.~ VMP MORTGAOg FORMS - 18OO)521-72~ 1 Form 3051 1/01 Lender's address is P.O. Box 10304, DES MOIRES, IA 503060304 Lender is the lnortgagee under tiffs Security Instrument. (D) "Note" means the pronfissory note signed by Borrower attd dated ffUNE 25, 2 004 The Note states that Borrower owes Lender FIFTY EIGHT THOUSAND AND 00/100 Dollars (U.S. $ * * * * * 58,000.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments aud to pay the debt in fu:ll not later than JULY 01, 2024 0g) "Property" means the pr)perry that is described below under the heading "Transfer of Rights in the Property." 0~-) "Loan" means the debt evidenced by the Note. plus interest, any prepayment charges and late charges due under the Note, and all stuns due under tiffs Security Instrument, plus interest. (G) "Riders" means all' Riders to tiffs Security Instruinent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable Rate Rider ~--] Condominimn Rider ~-] Second Home Rider [~ Balloon Rider ~ Pla,meal Unit Development Rider [--~ 1-4 Family Rider ~] VA Rider [~ Biweekly Payment Rider [~] Other(s) lspecifyl (lq) "Applicable Law" ~neans all controlling applicable federal, state and local statutes, regulations, ordinances and athninistrative rules and orders (flint have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Community Association Dues, Fees, and Assessments" means all dues, fees. assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organiz~tion~ (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or sinfilar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or nmgnetic.' tape so as to order, instruct, or authorize a fi~mncial institution to debit or credit an account. Such term includes, but is not Ii,niter to, point-of-sale transfers, au,ohm,ed teller machine transactions: transfers i~fitiated by telephone, wire transfers, and an,ohm,ed clearinghouse transfers. (IQ "Escrow Items" means those items that are described in Sectiou 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or proceeds paid by any third party (other than inst,rance proceeds paid under the coverages described in Sectiou 5) for: (i) da~nage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of fl're Property; (iii) conveyance in lien :of condemnation; or (iv) misrepresentanons of, or onussions as to, tim value and/or condition of the Property. (M) "Mortgage Insurance" mean:~ insurance protecting Lender against the nonpayment of, or dehnlt on, the Loan. (N) "Periodic Payment" means tim regularly scheduled amouut due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrumeut. (O) "RESPA" ~neans the Real Estate Settlemem Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as fl~ey might be amended from time to time, or any additio~ml or suc :esso r legislation or regulation that governs the same subject nmtter. As used in fltis Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loau does not qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) (ooosl Pag, 2 o~ ~s Form 3051 1/01 (P) "Successor in Interest o~' Borrower" means any party that has takeu title to the Property, whefller or not that party has assmned Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instntment secures to Lender: ti) file repayment of the Loan, and all renewals, extensions and modifications of file Note; and ti'i) the performance of Borrower's covenants and agreements 'under this Security Instrument and file Note. For this purpose, Borrower does hereby mortgage, gnmt and convey to Lender and Lender's success )rs and assigns, with power of sale, thc following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] SEE SCHEDULE C TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, P.O. BOX 10304, DES MOINES, IA 503060304 ParcellD Nun~er: SEE LEGAL 212 KENNINGTON-BURTON LA~IE AFTON ("Property Address"): which currently has the address of [Street] [City] , Wyonting 8 3110 [Zip Code] TOGETHER WITH ail thc improvements now or hereafter erected on the property, and all easements, appurte~mnces, and fi ~tures now or hereafter a part of the property. All replacements and additions shall also be covered by fids Security Instrument. All of the foregoing is referred to in this Security Instrument as file "Property" BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except encumbrances of record. Borrower warrants and will defend generally file title to the Property against all claims and demands, subject to au- encumbrauces of record. THIS SECURITY INSTRUMENT combines uniform covmmnts lbr natio~ml use and nonmniform covenants with linfited variations ,~y jurisdiction to constitute a mfiform security instrument covering real property. UNIFORM COVENANTS. Borrower a~d Lender cove~mnt and agree as/bllows: 1. Payment of Princi)al, Interest, Escrow Ite~ns, Prepayment Charges, and Late Charges. Borrower shall pay when du'~ the pnncipal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fi~nds tbr Escrow Ileum pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in'U.S. currency. However, if any check or other instrument received by kcudcr as payment under the Note or this (~}~-6(WY) (ooosl Page 3 ot la Form 3051 1/01 Security Instrmnent is returneel to 7Lender unpaid, Le~aler nu~y require fl~at any or all subsequent pay~nents due under the Note and this Secflrity Insnxtment be nmde in one or more of the Ibllowing forms, as selected by Lender: (a). cash; (b)[ money order; (c) certified check, ba~ check, treasurer's check or cashier's check, provided any sucS'x check is drawn upon an institution whose deposits are i~mured by a federal agency, i~mtmmentality, or entity; or (d) Electro~fic Funds Transtbr. Payments are deemed receive~ by Lender when received at fl~e location desig~mted in ~e Note or at such off, er location as nmy be desigmted by Lender in accordance wifli fl~e notice provisions in Section 15. Lender my return any payment o:' partial payment if the payment or partial payments are insufficieut to bring the Loan current. Leuder ~m;y accept any payment or partial payment insufticient to bring fl~e Loan current, wifl~out waiver of any rights hereunder or prejudice to its rights to rehse such payment or partial payments in ~e ~ture, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payme~tt is applied as of its scheduled due date, fl~en Lender need not pay interest on umpplied ~nds. Lender nmy hold such mmpplied hnds until Borrower nmkes payment to bring the Loan current. If Bo~xower does not do so withiu a reasmmble period of time, Lender shall eifl~er apply such ~nds or return fl~em to Borrower. If not applied earlier, such fimds will be applied to fl~e outstanding principal balance under ~e Note ,hnmediately prior to foreclosure. No offset or claim which Borrower might have now or m the ~ture agai~mt Lender shall relieve Borrower l¥om nmking payments due under fl~e Note and fids Security lnstntfi~cnt or pertbrming ~e cove~mnts and agreements secured by this Security Instrument. 2. Application ol' Payments or Proceed. Except as otherwise described in fids Section 2, all payments accepted and applied by Lender shall be applied in rte following order of priority: (a) interest due under the Note; (b) principal due under ~e Note; (c) amounts due under Section 3. Such payments shall be applied to each Perio':lic Payment in the order in which it became due. Any re~tfing amotmts shall be applied first to late ckarges, second to any other a~nounts due under this Secnrity Instrmnent, and fl~en to reduce the principal ba.ance of ~e Note. If Lender receives a pa)merit t~om Borrower ,for a delinquent Periodic Payment which iucludes a sufficient amount to pay any late charge tine, fl~e payment may be applied to fl~e delinquent payment and fl~e late charge. If more fl~an o~e Periodic Payment is outstanding, Leuder nmy apply any payment received fi'om Borrower to the repayment o~' ~e Periodic Payments if, and to the extent fl~at, each payment can be paid in ~11. To the extent fl~at any excess exists after ~e payment is applied to fl~e ~11 payment of one or more Periodic Paymems, such excess n~ty be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayn~ent charges aud fl~en as described in fl~e Note Any application of paymgnts, insurance proceeds, or Miscellaneous Proceeds to principal due uuder fl~e Note shall not extend or pc. stpor_~e the due date, or change fl~e amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on rte day Periodic Payments are due nnder fl~e Note, until the Note is paid in ~11, a sum (fl~e "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over tlfis Security Instnnnent as a lien or encmnbrance on the P~.Oper~y; (b) leasellold payments or ground rents on the Property, if any; (c) prenfiums for any and all im.urance required by Lender under Section 5; aud (d) Mortgage hmurance prenfim~, if any, or any sums payable by Borrower to Lender in lieu of fl~e payment of Mortgage I~urance prenfiun~ in accordance wifl~ ~e provisions of Section 10. These itenu are called "Escrow iten~." At origimtion or at a~y time during the term of fl~e koan, Lender n~qy require flint Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly ~rnish to Lender all notices of amonnts to be paid under ~is Section· Borrox~er shall pay Lender fl~e Funds tbr Escrow l'tems unless Lender waives Borrower's obligation to pay' ~e Funds for any or all Escrow Items. Lender my waive Borrower's obligation to pay to Lender Ftmds.':for any or all Escrow Items at any time. Any such waiver nmy tuffy be in writing. In ~e event of such waiver, Borrower shall pay directly, wheu and where payable, ~e amounts ~6(WY) (0005) P~ 4 of ~ 5 Form 3051 1/01 -] due for any Escrow Itetns for which payment of Funds has been waived by Lender a~, if Lender requires, shall furnish to Lender recei[ ts evidencing such payment within such ume period as Lender xnay require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a cove~mnt and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9 If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount ]ue for an Escrow Item, Lender nmy exercise its rights uuder Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke file waiver as to any or all Escrow Items at ally time by a notice given in accordance with Section 15 and, ~;~pon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required nnder fids Section 3. Lender nmy, at any time, collect and hold Funds ill an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximnm amount a lender can require under RESPA. Lender sh:dl estinmte file amount of Funds due on file basis of current data and reasonable estimates of expenditu?:es of futm'e Escrow Items or otherwise in accordauce with Applicable Law. The Funds shall be held hi an iustitution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is all institution whose deposits are so insured) or ill any Federal Home Loan Ba~. Lender shall apply file Funds to pay file Escrow Items no later than the time specified under RESPA. Lender sl~all not charge Borrower for holding and applying the Funds, aunually a~mlyzing file escrow account.; or 'veril~ing the Escrow Items, mfless Lender pays Borrower interest on the Funds and Applicable Law pi:milt:; Lender to make such a charge. Utdess 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 rile Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on file Funds. Lender shall give to Borrower, without charge, an ammal 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 file excess funds in accordance with RESPA. If there is a shortage of Fumls held in escrow, as defined under RESPA, Le:.~der shall notify Borrower as required by RESPA, and Borrower shall pay to Lender file amount necessary to lnake up file shortage in accordance with RESPA, but in no more thau 12 monthly payments. If there i~ ti deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required bY RESPA, a~d Borrower shall pay to Lender the amount necessary to make up fl~e deficiency in accordance with RESPA, but in no more than 1'2 monthly paymenis. Upon payment itl full o:~' all sinus secured by this Security Instrument, Lender shall promptly retired to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on file Property, ff ax y, and Colmnunity Association Dues, Fees, and Assessments, if any. To the extent that these itenls am Escrow Items, Borrower shall pay them in file maimer provided ill Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instnnnent mfless Borrower: (a) agrees in writing to the payment of file obligation secured by the lien in a rammer acceptable to Lender, but only so long } s Bqrrower is performing s[ich agreement; (b) contests the lieu in good thith by, or defends against enforcemer, t of the lien in, legal proceedings which in Lender's opi~fion operate to prevent file enforcement of fl~e lieu while those proceedings are pending, but o~fly until such proceedings are concluded; or (c) secures 'from, the holder of file lien an agreement satisfactory to Lender subordinating the lien to this Security Instrnment. If Lender determines that auy part of the Property is subject to a lien which can attain priority ove~ this Security Iustrument, Lender nuty give Borrower a notice identifying the 6(WY) {ooo~) ' Page 5 of lib Form 3051 1/01 Initials: lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth al:ore in fids Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lend:r in co~mectiou with this Loan. 5. prOperty htsurauce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against 10ss Ly fire, hazards included within die term "extended coverage," and any other hazards inclUding, but not linfited to, earthquakes and floods, lbr which Lender requires insurance. Tiffs insurance shall be maint;:ined in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrit:r providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's cgoice, which right shall not be exercised unreasonably. Lender nmy require Borrower to pay, in com~ection with tlds Loan, either: (a) a one-time charge tbr flood zone determination, certification and m,cking services; or (b) a one-time charge lbr flood zone determination and certification services and subsequent charges each time remappings or similar changes occur 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 tim review of any flood zone deter:ulna, lion resulting from an objection by Borrower. If Borrower tails to maintai[, 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 type or amount of covet, age. Theretbre, such coverage shall cover Lender. but nfight or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk; hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of:the insurance coverage so obtained nfight significantly exceed the cost of insurance that Borrower could haw; obtained. Any amounts disbursed by Lender under dfis Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear iuterest at die Note rate from the date of disbursement and shall be payable, with such 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 policies, shall include a standard mortgage clause, and shall nmne Lender as mortgagee and/or as an additional loss payee. Lender shall have die right to hold the policies aid renewal certificates. If Lender requires] Borrower shall promptly g~ve to Lender all receipts of paid premiums and renewal notices. [f Borrower t;btains 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 nmrtgagee and/or as an additional loss payee. in the event of loss, Borrower shall give prompt notice to the insurance carrier aud Lender. Lender tnay make proof of loss if not,made promptly by Bon'ower. 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 rei~jair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessem'4. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds ~.mtil 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 disburs5 proceeds for the repairs and restoration in a single payment or in a series · of progress payments as the w&k i'; completed. Unless an agreeutcnt is made in writing or Applicable Law requires interest to be paid on ~ucl', 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, retaiued by Borrower shall not be paid ou~ of the iusurance proceeds and shall be the sole obligatiou of Borrower. If the restoration or repair is not ecovomically feasible or Lender's security would be lessened, the insurance - proceeds shall be applied to the sums secured by this Security h]smuneut, whether or not then due, with Initials: ~/~ 41~)~6(WY) (000~! vag. 6 ot ~s Form 3051 1/01 the excess, if any, paid to Bo:rower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related nuttters. If Borrower does not respond within 30 days to a notice /'rom Lender that the insura~ce carrier has offered id settle a claim, then I_ender uray negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Leuder acquires thc Property under Sectiou 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amouut not te exceed the amounts uupaid under the Note or this Security Instrmnent, and (b) auy other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insm'ance policies covering the Property, insofitr tis such rights are applicable to the coverage of the Property. Lerder may use the insurance proceeds either to repair or restore file Property or to pay anmunts, unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrow'er shall occupy, esta'blish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue m occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, whizh consent shall not be mn'easomtbly witlflxeld, or mfless extenuating circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall uot destroy, damage or impair ~he ?i~operty, allow the Property to deteriorate or conmfit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maiutain the Property in order to prevent the Propert) fro:n deteriorating or decreasing m value due to its condition. Unless it is deternfined pursuaut to Sectiou 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurauce or condenmation proceeds are paid it! comlection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing.or restoring the Property o~fly if Lender has released proceeds for such purposes. Lender may disburse' proceeds for the repairs and restoration iu a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Prope!'ty? ,Borrower is not relieved of Borrower's obligation Ibr the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements ou the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasooable cause. 8. Borrower's Loan Application. Borrower shall be itl dethult if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or tailed to provide Lencer 'vith material information0 in com~ection wiflx the Loau. Material representations ix~clude, but itre not limited to, representations cpucenfing Borrower's occupa~cy of the Property as Borrower's princi?al residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenauts and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under tlfis Security Instrument (sucl-_ as a proceeding in bankruptcy, probate, tbr condenmation or forfeiture, enforcement of a lien whick may attain priority over Otis Security Instrument or to enforce laws or regulations), or (c) Borrower has,abandoned thc Property, then Lender may do and pay for whatever is reasonable or appropriate to protect I_ender's interest in the Property aud rights under tiffs Security Instrument, including protecting and/or assessiug the value of thc Property, and securing and/or repairing the Property. Lender's actions cart include, but are not linfited to: (a) payiug auy sums secured by a lien which has priority over thi~ Security Instrument; (b) appearing in court; and (c) paying reasonable InJtial$:~_ (~}~-6(WY) (ooo~ ' P~. 7 of 11~ Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this Security Instnnnent, including its secm'ed position in a ba~fic':uptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to nmke repairs, change locks, replace or board up doors and windows, drain water t¥om pipes, eliminate building or o:her 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 tC do so. It is agreed that Lender incurs no liability for ]lot taking any or all actions authorized under this Sectio~: 9 Any amounts disbursed l:.y Leuder under this Section 9 shall become additional debt of Borrower secured by this Security Instrmnem'. These amounts shall bear interest at rite Note rate front the date of disbursement and shall be payable, with such interest, upon notice ti'om Lender to Borrower requesting paylnent. If this Security htstmment is on a leasehold, Borrower shall comply with all the provisions of file lease. If Borrower acquires tee title to file Property, the leasehold and the tee title shall not merge mfless Lender agrees to the merger iu writing. 10. Mortgage Insurance. If Lmder required Mortgage Iusurance as a condition of making tim Loan, Borrower shall pay the prenfiur'~s required to nmintain the Mortgage Insurance in effect. If, tbr any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mt~rtgage Insurance, Borrower shall pay die pre~niums required to obtain coverage substantially equivalent tc the Mortgage Insurance previously in effect, tit a cost substantially equivalent to fl~e cost to Borrowm of the Mortgage Insurauce previously in effect, front an alternate mortgage insurer selected by .Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall conti~me t,) pay to Lender the amount of fl~e separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ulti~mttely paid in full, and Lender shall not be required to pay Borrower any interest or ear]tings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage (nsur:mce coverage (in the amount and for the period that Letder requires) provided by an insurer selected by Leuder again becomes available, is obtained, and Lender requires separately designated payments toward the prenfiums for Mortgage Insurauce. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately desig~mted payments toward the prenfiums for Mortgage Insurance, Borrower shall pay thc premiums required to maintain Mortgage Insurance .iu effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insu~'anceends in accordance with any written agreement between Borrower and Lender providing for such tenrinati,~n 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 file Note. Mortgage Insurance reimburse~ 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 hlsurance. Mortgage insm'ers evaluate their total risk on all such insurance in tbrce /'rom time to time, and nmy enter into agreements with other parses that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisthctory to the mortgage insurer and the oilier party (or parties) to these agreements. These agreements may require the mortgage insurer to nrake ~ayments using any source of funds that file mortgage insr!rer may have available (which nmy include funds obtained from Mortgage Insurance premimns). As a result of these agreements, Lender, any purchaser of the Note, anofller insurer, any reinsurer, any oilier entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts fllat derive from (or might be characterized as) a portion of Borrower's payments for Ivlortgage Insurance, in exchange for sharing or modifying rite mortgage insurer's risk, or reducing losses.' If such agreement provides that an affiliate of Lexder takes a share of file insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reiltsurance." Further: (a) Any such agreements will not affect the mnounts that Borrower has agreed to pay for Mortgage Insurance, or any other' terms of the Loan. Such agreements will not increase the amouut Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. : InJtiais:~ (~I~6(WY) [ooos) Pago 8 oi' 15 Form 30,51 1/01 .,.1 g::; : -,.; ',,,i:¥ '::: 0900 ;;:34: - ' 42 o (b) Any such agreemems w:ll not affect the rights Borrower has - if any - ;vith respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to recei¢e certain disclosures, to request and obtain cancellation ol' the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were nnearned at the time of such caucellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Letider. If the Property is damaged, such Miscellaneous Proceeds shall be applied ~o restoration or repatr of the Property, if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair aid restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportmfity to inspect such Property to ensure Otc work has been completed to Lender's satisfaction, provided tha. such inspection shall be undertaken prmnptly. Lender amy pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is cmnpleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Prdceeds shall be applied to the sums secured by fids Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, rite Miscellaneous Proceeds shall be applied to the stems secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bo::rower. In the event of a partial taking, destruction, or loss in value of file Property in which the fair market value of the Property im~nediatel5 before tile partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by Otis Security Instrument inm~ediately before the partial taking, destruction, or loss in valae, mfless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrummt shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following 'fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, of loss J.n value divided by (b) the fair ntarket wdue of file Property immediately before the partial taking, destruction, or loss in value. Any balauce shall be 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 itt value is less than the amomrt of the stuns secured' i~mncdiately before fire 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 Instr~men( whether or not the sums are then due. If the Property is abandoned by Borrower, or if, alter notice by Lender to Borrower that the Opposing Party (as defined in the:next sentence) offers to make an award to settle a claim for dmmiges, Borrower fails to respond to Lender within 30 days after the date file notice is given, Lmder is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of rite Property or to the stuns secured by this Security It~strament, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against wltom Borrower has a right of action iu regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crimilml, is begun that, in Lender's judgment, could result iii forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower eau cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by caosing the action or proceeding to be disnfissed with a ruling that, in Le~der's judgment, precludes lbrt'eiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security hlstrument. The proceeds of any award or claim for damages that are attributable to file ilnpairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. (~)~-6{WY) (ooo6) Pag~ o ,:,f ~s Form 3051 1/01 12. Borrower Not Rel6ased; Forbearance By Leuder Not a Waiver. Extension of the time for payment or modification of a~:iortization of the sums secured by this Security Iustrument granted by Lender to Borrower or any Successm;' in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest :)f Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time fur payment or otherwise modify amortization of the stuns secu"ed by this Security histrument by reason of any denmnd nmde by the origirml Borrower or any Successors in In~erest of Borrower. Any tbrbearance by Lender in exercising any fight or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrowe: or in amoums less thau the amount then duc, shall uot be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Lial:ility; Co-signers; Successors aud Assigus Bound. Borrower covenants and agrees that Borrower's obiigadons 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-sigmng this SeCurity Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instnm ent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any oilier Borrower eau agree to extend, modify, tbrbear or make any accoxnmodations wlth regard to the terms of this Security Instrument or the Note without the co-signer's conseut. Subject to the provisions of Section 18, any Successor m Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrmnent. Borrower shall not be released from Borrower's obligations and liability under this Security Instrumel~t uldess Lender agrees to such release in writing. The covenants and agrcemems of this Security Instrument shall biud (except as provided in Section 20) and benefit the succesgors and assigns of Lender. 14. Loan Charges. Lender nmy charge Borrower fees tbr services performed in com~ection wifl'l Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under tiffs Security Instrument, including, but not limited to, attorneys' tees, property inspection and valuation tees In regard to any oilier fees, the al:sence of express authority in this Security Iusmunent to charge a specific fee to Borrower shall not be construed as a prohibition on the chargiug of such tee. Lender nmy not charge tees that are expressly prohibited by this Security [nstrumeut or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or oilier loan charges collected or to be collected in connection with the Loan exceed the pmmitted limits, dieu: (a) any such loan charge shall be reduced by the amouut necessary to reduce fl~e charge to the pernfitted limit; and. (b) any sums already collected from Borrower which exceeded pernfitted limits will be refunded to BorroWer. Lender may choose to make this refuud 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 partial prepayment without any prepayment charge (whether or not a prepayment charge is provid(d for under die Note). Borrower's acceptance of any such refund nmde by direct payment to Borrower u, ill constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in cmmection with fids Security Instrument must be in writing. Any notic, e to Bon'ower in connection with fids 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 other meaus. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designat.'d a substitute notice address by notice to Lender. Borrower shall prmnptly notify Lender of Borrower's ;hange of address. If Lender specifies a procedure fur reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one desi:!;~mted notice address under this Security Instrument at auy one time. Any notice to Lender shall be given bY delivering it or by nmiling it by first class mail to Lender's address stated herein unless Lender' has designated another address by uofice to Borrower. Any notice in cmmection with fllis Security Instrument shall not be deemed to have been given to Lender m~til actually received by Leuder. If any n:)ticr5 required by this Security Instrument is also required under Applicable Law, the Applicable Law niqui~ement will satisfy die corresponding requirement uuder this Security Instrmnent. ~,' (~-fi(WV) Iooosl Page 10 of ~s Form 3051 1/01 16. Governing Law; Se'verability; 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 tlfis Security Instrument are subject to auy requirements and linfitations of Applicable Law. Applicable l~aw nfight explicitly or implicidy allow the parties to agree by contract or it might be silent, but such sile ~e shall not be construed as a prohibition against agreement by contract. In the event that any provision or Clause of this Security Instntment or the Note conflicts with Applicable Law, such cmffiict shall not affect other provisions of this Security Instrmnent or the Note which can be given effect without the confl!cfing provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the fenfinine gender; (b) words in the singular shall mean and include the plural aud vice versa' and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. t~orrower shall be given one copy of file Note and of this Security Instrmnent. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial imercst in thc Property, including, but not liiuited to, those beneficial interests transferred in a bond for deed, contract for deed, instalhnent 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 ?roperty or any Interest ii1 fl~e Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require inunediate payment in full of all sums secured by this Security Instrmnent. However, fids option shall not be exercised by Lender if such exercise is prolfibited by Applicable Law. If Lender exercises tlfis option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date file notice is given in accordance with Section 15 within wlfich Borrower must pay, all sums secured by this Security htstrument, if Borrower fails to pay these sums prior to fl~e exp?ration of fids period, Lender may invoke any remedies pernfitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security lnstrmnem discontinued at any time prior to the earliest of: (a) five da'ys before sale of rile Property pursuant to any power of sale contained m this Security Instrument; (b) such other period as Applicable Law ufight specify for rile tenmnation of Borrower's right to reinstate; o; (c) entry of a judgment euforcing fids Security lnstrmnent. Those conditions are that Borrower: (a~ pays Le~der all sums which then would be due mtder this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenauts or agreements; (c) pays all expenses incurred in enfbrcing this Security lnstrmnent, including, but not linfited to, reasonable attorneys' feeg, p;operty inspection and valuation tees, and other fees mcurred for the purpose of protecting Lender,s interest iu the Property and rights under this Security Instrument; and (d) takes such action as Lender :may reasolmbly require to assi, re that Lender's interest in the Property and rights under this Security Ins:rument, and Borrower's obligation to pay the stuns secured by this Security Instrument, shall continue u~chm,ged. Lender may require fllat Borrower pay such reiustatemeut sums and expenses in one or more of .the tbllowing forms, as selected by Lender: (a) cas!~; (b) money order; (c) certified check, bmflr check, ~reas)rer's check or cashier's check, provided any such check is drawn upon an institution whose deposits, are insured by a federal agency, instrmnentality or entity; or (d) Electromc Funds Trausfer. Upon reinstatement by Borrower, this Security lostrument and obligations secured hereby shall remain fully effective a~. if ho acceleration had occurred. However, this right to reinstate shall not apply in rile case of accelerati;m under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrumen0 can be sold one or more times without prior notice to Borrower. A sale nfight result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due unde:' file' Note and fids Security Instrument and pertbrms other mortgage loan servicing obligations under file Note, this Security lnstrumeut, aud Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be giyen written notice of the change which will state the name and address of the new Loan Servicer, rile address to which payments should be made and any other information RESPA (~-6(WY) (ooo~} pag~ ~ o~ ~5 Form 3051 1/01 4mO requires in connection, with a'not-ice of trausfer of servicing. If die Note is sold and thereafter file Loan is serviced by a Loan Servicer ~)ther than the purchaser of the Note, tim mortgage loan servicing obligations to Borrower will renmin with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by file 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 litigam or the me~nber of a class) that arises from the oilier party's actions pursuant to this Security Instrument or that al!ege~ flint file other party has breached any provision of, or any duty owed by reason of, fids 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 reasonable period after rile giving of such notice to take corrective action. If Applicable Law provides a t!me period which nmst 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 opportunity to cure given to Borrower pursuant to Section 22 and the uotice of acceleration given to Borrower pursuant to Sectiov 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in tiffs Section 21: (a) "Hazardous Subs'tances" are those substances defined as toxic o-' hazardous substances, pollutants, or wastes by Euviromnental Law and the following substances: gasolii e, kerosene, other flanunable or toxic petroleum products, toxic pesticides and herbicides, volatile solve:its, materials containing asbestos or formaldehyde, and radioactive nmterials; (b) "Enviromnental Law" me/ms federal laws and laws of the jurisdiction where the Property is located fliat relate to health, safety or en'~iromnental protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an EnviroLmmntal Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to reh:ase any Hazardous Substances, on or itt file Property. Borrower shall not do, nor allow anyone else to do, any':hing affecting file Property (a) that is in violation of any Enviromnental Law, (b) which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the wdue of the Property. The preceding two sentences shall not apply to file presence, use, or storage on the Property of snudl quantities of Hazardous Substances that are generally recognized to be appropriate to nomml residential uses and to nmintenance of rile Property (,i. nctuding, but not limited to, hazardous substa~mes iii consumer products). Borrower shall promptl5} ~i~e Lender written notice of (a) any investigation, claim, demaid, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Ehvir,)mnental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, inCluding but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substahce, and (c) any condition caused by the presence, use or release of a Hazardous Substance which advei,:sely affects the value of file Property. If Borrower 1.earns, or is notified by any go~,ermnental or regulatory authority, or any private party, that any rmnoval or other remediation of any Hazardous Substance affec :ing the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Enviromnental Cle;:nup. ~®-5(WY) Iooo~l Page 12 of 1~ Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender flirflter covemmt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (bnt not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action r~'.quired 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 default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Iustrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration aud sale. If the defanlt is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Leuder shall be entitled to collect all expenses incurred in pnrsuing the ferneries provided in this Section 22, including, but not limited to, reasonable attOrneys' fees aad costs of title evidence. If Lender invokes the power of sale, Lender shall give ootice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee ma~' purchase the Property at any sale. The proceeds of the sale shall be applied in the following t~rder:, (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; ~,b) tO all sums secured by this Security lnstrmnent; and (c) auy excess to the person or persons legally entitled to it. 23. Release. Upon Payment,of all sums secured by this Security Instrument, Lender shall release this Security Instrmnent. Borrower shall pay any recordation costs. Leoder may charge Borrower a tee for releasing this Security Instm:nent, but only if the fee is paid to a third party for services rendered and dte charging of rite fee is perafitted under Applicable Law. 24. Waivers. Borrowc. r releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming (~-6(WY) (ooo5) Initials:~ e~,,~3of~ Form 3051 1/01 :7. BY SIGNING BELOW. Borrower accepts and agrees to file terms and covenants contained in this Security Instrument and in an,/Rider executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower ~6(WY) (0oo61 Form 3051 1/01 STATE OF WYOMING, The foregoing instrUment was acknowledged betbre me fliis by TIgD L B&RBER County ss: My Conunission Expires: ~-6G(WY) tooo~) I page 1 ~ of 1 fi Initia~a: Form 3051 1/01 :. Z.M,,;;, '.;: ... ;.;;:4'~ '::::i!.;'1'2 SCHEDULE C A portion of the NW~/~NE~ of Section 24, T32N Rll9W of the 6th P.M., Lincoln county, Wyoming being more particularly described as follows: BEGINNING at an iron pipe set in the South line of a County Road 1639.28 feet S 89o51, W, and 33.00 feet S 0009, E, from the Northeast corner of said Section 24; thence S 0'o09, E, 367.50 feet; thence S 89°51' W, 113.96 feet; thence N 01°34'30'' W, 367.61 feet, along the west line of the land contained in Warranty Deed no Bruce M. Davis and Betty B. Davis recorded in Book 145PR on page 438 of the records of the Lincoln County Clerk; thence N 89°51~ E, 123.10 feet to the POINT OF BEGINNING.