Loading...
HomeMy WebLinkAbout900679 BOOK Prepared by and When Recorded l~.emrn To: ROXIE JENKINS FIRST NATIONAL BANK - WEST 314 S WASHINGTON/PO BOX 1620 AFTON, WY 83110 560%v^ · 558 RECEIVED LINCOL!'.! ()OUI'.T" OLERK ........................... ['~pace Above This Liue For Recording Data] ............................. T.OAN NO. 12726051745 MORTGAGE DEFINITION S Words used in multiple sections o~' this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used iii this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower" is MICHAEL K WHITMORE AND sHANoN G BAGGETT JULY 1, 2004 Borrower is the mortgagor under this Security Instrument. (C) "Leuder" is FIRST NATIONAL BANK - WEST (AFTON BRANCH) Lender is a NATIONAL BANKING ASSOCIATION under the laws of THE UNITED STATES OF AMERICA Lender' s address is 314 SO. WASHINGTON/ P.O. BOX 1620 AFTON, WY 83110 Lender is the mortgagee under this Security Instrument. organized and existing (D) "Note" means the promissory no~e signed by Borrower and dated JULY 1, 2 0 0 4 The Note states that Borrower owes Lender EIGHTY-FIVE THOUSAND A.~ID 00/100 Dollars IU.S. $ 85,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debf in full not later than AUGUST 1, 2034 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan". means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due und~:r this Security Instrument, plus interest. (G) "Riders" means all riders to thi~ Security Instrument that are executed by Borrower. The following riders are to be executed by Borrower [Cl~eck.box as applicable]: [~] Adjustable Rate Rider 1-4 Family Rider [---~ Ball0on Rider WYOMING - Single Family. Fannie MaC/l~Yeddie Mac UNIFORM INSTRUMENT Page I of 12 Condolninium Rider Second Home Rider Other(s) [specify] [~ Planned Unit Development Rider ~ Biweekly Payment Rider TAX EXEMPT Form 3051 (01/01) INITIAl. 5 5 9 (H) "Applicable Law" means a].l 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. (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 organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but' is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" mean those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpaymem of, or default on, the Loan. (N) "Periodic Payment" means ;he regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Secticn 3 of this Security Instrument. (O) '~RESPA" means the Real E Itat.: Settlement Procedures Act (12 U.S.C. {}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 any additional or successor legislation or regula[ion that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Bo!'rower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligaqons under the Note and/or this Security htstrument. 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 and the Note. For ti, is purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender' s successors and assigns, with' power of sale, the following described property located in the TOWN OF KEMMERER [Type of Recording Jurisdiction] of LINCOLN COUNTY [Name of Recording Jurisdiction] Lot 9 of Block 2 of the Sunset F, ub:livision to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. WYOMING - Single Family - Fannie Mae/F~eddie Mac UNIFORM 1NSTRUMiENT Page 2 of.12 Form 3051 (01/01) ..5¢0 which currently has the address of Wyoming 83101 [Zip Code] 309 LOWER SUNSET DRIVE, KEMMERER lira:Il (" Property Address" ): [till TOGETHER WITH all the 'improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or ~ereafter 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 tile "Property.'~ BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey th~ Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances ofreco~d. TttIS SECURITY INSTRUMENT combines uniform covenants lbr national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument cover,ng real property. 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 tile principal ~f, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be ,nade in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Secnrity Instrument is returned to Lender unpaid, Lender may reqmre 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) money order; (c) certified check, bank check, trea'~mer'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 received by Lender when received at the location designated in the Note or at such other location as may be designaled by Lender in accordance with the notice provisions'in Section 15. Lender may return any payment(s) or partial payment(s) if the payment(s) or partial payments are insufficient to bring the Loan current. Lender may accept any payment(s) or partial payment(s) insufficient to bring the Loan current, without waiver of any rights herefinder or prejudice to its rights to reft, se such payment(s) or partial payments in the future, but Lender is not obli;';ated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of. it:; scheduled due date, then Lender need not pay interest on unapplied fimds. Lender may hold such unapplied :'urds until Borrower makes payment(s) to bring the Loan current. If Borrower does not do so within a reasonable, period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such flmds will be applied to the outstanding principal balance under the Note inm~ediately prior to foreclosure. No offset or claim which Borrower might have now or in the fi, ture against Lender shall relieve Borrower f-om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. ' 2. Application of Payments o'r 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 remaining 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 paymen! from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late 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 payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. 'Fo the extent that WYOMING - Single Family - Fannie Ma e/F,-eddie Mac UNIFOR3,1 INSTRUMENT Page 3 of 12 Form 3051 (01/01) 561 any excess exists after the payment !s 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 Cue 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 paid in full, t sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which ;:an attain priority over this Security Instrument as a lien or encumbrance on the Property; Co) leasehold payments or ground rents on the Property, if any; (c) premmms for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of thc payment of Mortgage Insurance premiums m accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that 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 furnish to Lender all notices of amounts to be paid onder this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the ever.t of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender [eceipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated [o pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow I::em, Lender may exercise its rights under 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 the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon 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, ccllect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and Co) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the imount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in aa institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender i.s 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 Lender shall not charge BorroweF for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interesl on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law reqmres interest to be paid on the Funds, Lender shall not 9e required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an an~'ual 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 funds in accordance witP 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 twelve monthly payments. If there is a deficiency 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 deficiency in accordance with RESPA, but in no more than twelve monthly payments. Upon payment in full of all sums secured by this Security h~strument, Lender shall promptly refund 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 the WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 4 of 12 Form 3051 (01/01) .... ~, 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 promptly discharge any lien which has priomy over this Security Instrument unless Borrower: (a) agrees in writing to the payment, of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower ~s performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opimon operate to prevent the en~brcement of the lien while those proceedings are [ending, but only nntil such proceedings are concluded; or (c) secures from the holder of the lien an agreement ~satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of~he Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall sat~sP./the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection~ with this Loan. 5. Property Insurance. Borrbwer shall keep the improvements now existing or hereafter erected on the Property insured against loss by fi;e, hazards included within the term "extended coverage," and any other hazards including, bu! not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained ir, tke 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 carrier providing the irsu~ance 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 Co) a one-time charge for flood zone determination a,~d 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 co.nnection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's exoense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property. o; the contents of the Property, against any risk, hazard or liability aud might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained imight significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrumem. These amounts shall bear interest at the Note' rate from the date of disbursement and shall be payable,' with such interest, upon notice from Lender to Borrower requesting pay~nent. All insurance policies required ky Lender and renewals of such policies shall be subject to Lender' s right to disapprove such policies, shall inc.lude a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender s(all have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance co~'erage, 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 mortgagee and/or as an additional loss payee. ' In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prvm'ptly 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 Prope{ty~' if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair ~nd restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an 3pportunity to inspect such Property to ensure the work has been completed to Lender' s satisfaction, provided th~:t sach inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made iv writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be reqttired to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retai.)ed by Borrower shall not be paid out of the insurance proceeds and shall be WYOMING -Single Family ~ Fannie Ma e/Ft:'eddie Mac UNIFORM INSTRUMENT Page 5 of 12 Form 3051 (0 I/01) 56o the sole obligation of Borrower. I~ the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with thc excess, if any, paid to Borrower. 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 matters. If Borrower do:.'s rot respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, ther, Lender may negotiate and settle the claim. Tile 30-day period will begin when the notice is given. In either ew:nt, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Bor'ower' 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 premium!; paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the eow,~rage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower sha!l occupy, establish, and use the Property as Borrower's principal residence within sixty days after the exec'~tion of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence fcr a' least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower' s control. 7, Preservation, Maintenance 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 Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property ~om deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econotmcally feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or cm{demnation proceeds are paid in connection with damage to, or the taking of, tile Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in 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 r{:store the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may maize reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect tile interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specilS'ing such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default it', during the Loan application process, Borrower or rely persons or entities acting at the direction of Borrower or with Borrower' s knowledge or consent gave materially false, misleading:, o~' inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower' s occupancy of the Property as Borrower' s principal residence. 9. Protection of Lender's Interest in the Property and Rights IJnder this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significaptly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this.Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, theh Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and secu[ing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums sect'red by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable 'attorney's fees to protect its interest in the Property and/or rights under this Security Instrument, including it-; secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board tip doors and windows, drain water from pipes, elimina'.e building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender ,nay take action under this Section 9, Lender does not have to do so and is not WYOMING - Single Family - Fannie Mae/ivYeddie Mac UNIFORM INSTRUMENT ~ ~ Page 6 of 12 Form 3051 (01/01) under any duty or obligation to dc so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender nnder this Section 9 shall becoine additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest,' upon notice from Lender to Borrower requesting payment. If this Security Instrument 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 fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. 15 Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums, rgquired to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage requi[ed 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 Mortgage Insurance, Borrower Shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previous'.y in effect, at a cost substantially equivalent to the cost io Borrower of the Mortgage Insurance previously in. e:~fect, fi.om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay .to Lender the amount of the separately designated payment; [hat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these paym:nts 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 ultimately paid in full, and Lender shall not be required to pay Borrower an)' 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 premiums fer Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower v/a~; required to make separately designated payments toward the premiums for Mortgfige Insurance, Borrower shal; pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. No~hing in this Section 10 affects Borrower' s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses 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 evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modil~ their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to :he mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mor';gage insurer 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 agreemen'ts, Lender, any purchaser of the Note, another insurer, any reinsurer~ ally other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive fi'om (or might be characterized as) a portion of Borrower' s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer' s'risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to tile insurer, the 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 the amount Borrower will owe for Mortgage Insurance, anil they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to tile Mortgage Insurance under the Ifomeowners 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 Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination` 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. WYOMING - single Family - Fannie Mae/l'redd e Mac UNIFORM INSTRUMENT Page 7 of 12 Form 3051 (01/01) [.5 If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender' s security is not lessened. During st,cb repair and restoration period, Leader 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 [o Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series o{'progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requ'.res interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any inter(st 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 Ir, strument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shaq be applied in the order provided for in Section 2. In the event of a total taking, c;estruction, 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 sums secured by this,Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of tl~e Miscellaneous Proceeds multiplied by the ibllowing fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property im'mediately before the partial taking, destruction, or loss in value. Any balance 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 inunediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately 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 Instrument whether or not the sur"~s are then due. If the Property is abandoned by Borrower, or if, after 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 damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the MiscellaneoUs Proceeds either tc restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then clue. "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 in default if any action or proceeding, whether civil or criminal, 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 rights under this Se:u:ity Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided i~ Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precl ~des forfeiture of the Property or olher material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment 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 Sectimi 2. ' ~ 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Bonower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shvll aot be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend tin'.e for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason o7 any 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 Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and WYOMING - Single Family - Fannie Mae/,'~reddte Mac UNIFORM INSTRUMENT Page 8 of 12 Form 3051 (01/01) agrees that Borrower's obligations 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 and convey the co-signer's interest in the Property under the terms of tiffs Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrum~.n: or the Note without the co-signer' s consent. Subject to the provisions of S:ction 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security In;;trument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Sec~atjty Instrument. Borrower shall not be released fi.om Borrower's obligations and liability under this Security h:tstrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instruraent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower' s default, for the purpose of protect.lng Lender' s interest in tile Property and rights under this Security Instrument, including, but 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 construed as a prohibition on the fh.arging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by ¢;pplicable Law. If the Loan is subject to a law which sets mammum 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 tile permitted limits, then: (a) any such loan charge shal? be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this 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 partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under tile 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 sach overcharge. 15. Notices. All notices givdn.by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrowe: in connection with this Security Instrument shall be dee~ned to have been given to Borrower when mailed b)~ first class mail or when actually delivered to Borrower' s notice address if sent by other means. Notice to any on,~ Borrower shall constitute notice to all Borrowers unless Applicable Law expressly 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 Borrower shall only report a change of address through ;hat 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 connect~o,1 with this Security Instrument shall not be deemed to bare been g~ven to Lender until actually received by L ~nder. 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. 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 Instrument are sub'ect to any requirements and limitations of Applicable Law. Applicable Lax,/ might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition agab. asf 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 affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the lbmiaine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 9 of 12 Form 3051 (01/01) 18. Transfer of the Proper,';y or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of titl'e 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 beneficial ieterest in Borrower Is sold or transferred) without Lender' s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However. this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this opticn, Lender shall give Borrower notice of acceleration The notice shall provide a period of not less than 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 remedies permitted 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 Instrument discontinued at any time prior to the earliest off (a) five days before sale of the ~roperty pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicaf(4eLaw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing th~s Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then 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 expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender' s interest in the Property and rights under this Security Instrument; and (d) takes such ~ction 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 reqmre that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement b5 Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no accelerati[~n had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. ilof Loan Servicer; Notice of Grievance. The Note or a partial interest in the 20. Sale of Note; Change Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in.thz entity (known as the "Loan Servicer") that collects Periodic Payments due tinder the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, 'and 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 given written notice of the change which will slate the name and address of the new Loan Servicer, the address to which payments should be made and any .other information RESPA requires in connection with a notice of transfer of servicing: . If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan SerVicer(s) and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lende:' 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 reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can oe 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 notice of acceleration given to 'Borrower pursuant to Section 18 shall be deemed to satisfy the notice and WYOMING - Single Family- Fannie Mae/.Freddie Mac UNIFORM INSTRUMENT Page 10 of 12 Form 3051 (01/01) ..,..568 opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. ,.As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous !;ubstances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials contaln ng asbestos or formaldehyde, and radioactive materials; (b) " Environmental Law" means federal laws and laws df the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Envi;onmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release, any Hazardous Substances, on or n the Property. Borrower shall not do, nor allow anyone else to do, anythin~g affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition'tha~ adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, cr storage on the Property of small quantities of Hazardous Substances that are generally recognized to be approlmate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, anl)¥ .spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition ~:ansed by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any remo,,al or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptl, ly take all necessary remedial actions in accoroance with Environmental Law. Nothing herein shall create any ol:.ligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedie'~;. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any cove~.ant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applica'~le 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 the notice is given to Borrower, by which the default w.'iust be cured; and (d) that failure to'cure the default on or before the date specified in the notice may result m acceleration of the sums secnred by this Security Instrument and sale of the Property. The notice shall lurther inform Borrower of the right to reinstate after acceleration and the right to bring a court action to ~ssert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the defaUlt is not cured on or before the date specified in the notice, Lender at its option may require immediatel, payment in full of all sums secured by this Security Instrument without further demand ami may invoi~e ~the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect id! expenses incurred in pursuing the remedies provided in this Section 22, including, bnt not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the powe~r ~f sale, Lender shall give notice 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 may purchase the Property at any sa.le~ The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secnred by this Security Instrument; and (c) an2 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 Instrument. Borrower shall 'pay a.ny recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is WYOI~flNG - Single Family - Fannie M~.e/Freddie Mac UN1FORM INSTRUMENT Pagell of 12 Form 3051 (01/01) 569 permitted under Applicable Law. 24. Waivers. Borrower releases'and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and Instrument and in any rider(s) executed by Borrower Witnesses: agrees to the terms and covenants contained in this Security and recorded with it. (Seal) MICHAEL K WHITMORE Social Security Number .(Seal) Social Security Number Social Security Number (Seal) (Seal) - Borrower Social Security Number .......................... -{Spqce Below This Line For Acknowledgmenq .......................... STATE OF WYOMING ) ) SS: COUNTY OF LIb/COT.Iq ) The foregoing instrument was acknowledged before me, a Notary Public, on 3U[¥ .1, 2.004 Date by: MICHAEL K WHITMORg Ab/D SHANOIq G BAGGETT Person(s) Acknowledging In WITNESS WHEREOF, I have hereunto set my hand and official seal. My Comnfission expires: ~U~1°~8~:LLEY AAU0ACL ~ ~' NOTARY PU6UC I WYOMING - Single Family - Fannie Ma,e/Freddie/Vine UNIFORM INSTRUMENT Page 12 of 12 Form 3051 (01/01) ; MORTGAGE ADDENDUM The following is an Addendum to the Mortgage. The addendum shall be incorporated inD, and recorded with, the Mortgage. TAX EXEMPT FINANCING RIDER This Tax-Exempt ?inancing Rider is incorporated into and shall be deemed to amend the term,,; cf the Mortgage to which it is attached. In addition to the covenants and agreements made in the Security instrument, Borrower and Lender further covenant and agree as follows: Lender, or such oz! its successors or assigns as may, by separate instrument, assume responsibility for assuring compliance by the Borrower with the provisions of this Tax Exempt Financing Rider, may require immediate payment in full of all sums secured by this Security Instrument if: a) All cf part of the Property sold or otherwise transferred (other than by devise, descent or operation of law} by Borrower to a'purchaser or other transferee: Who cannot reasonably be expected to occupy the property as a principal resident within a reasonable time after the sale or transfer, all as provided in Section 143(c} and (i} (2) of the Internal Revenue Code; or ii) iii) Who has hoc[ a present ownership interest in a principal residence during any part of the three year period ending on the date of the sale or transfer, all as provided in Section 143(d) and {i) {2) of the Internal Revenue Code; or At an acquisition cost which is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as provided in Section 143(e) and (i) (2} of the Internal Revenue Code; or lVhose family income exceeds applicable income limits as provided in Section 143(f} and (i) (2) of the Internal Revenue Code. b) Borrower fails to occupy the property described in the Security Instrument without prior written consent of the lender or its successors or assigns described at the beginning of this Tax Exerapt Financing Rider, or c} Borrower omits or misrepresents a fact that is material with resp.:ct to the provisions of Section 143 of the Internal Revenue Code i.n an application for the loan secured by this Security Instrument. References are to the Internal Revenue Code as amended, in effect on the date of execution of the Security Instrument and are deemed to include the .implementing ret,rotations. BY SIGNING· BELOW, Borrower accepts and agrees to the terms and provisions in this Tax-Exempi~ Financing Rider. Borro~e~-l'tlCltAEL K I~ttlTI~IORE '~orfoweT',qna~q0~~gk~rT · MPP 210-B (Revised 12/95} 570