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HomeMy WebLinkAbout900720After Recording Return To: COUNTRYWIDE HOME LOiMNS INC. MS SV-79 DOCUMENT PROCESSING P.O.BOX 10423 van Nu s, CA 914io-o423 9 0 0 7 2 0 Prei:,fi?e~l, By: DONNA MCKENZIE RE CE IVED L!I',!OOLf',I COI~NTY OL. ERK BOOK ISpace Above This Line For Recording Data] POWELL [Escrow/Closing ~] 0006620092106004 [Doc ID fl] MORTGAGE MIN 1000157-0003886205-4 DEFINITIONS Words used in nmltiple sections of this d,)cunrent are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Ce~Xain roles regat-diug the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is daled with all Riders to this document. (B) "Borrower" is CttRISTY G POWELL, A SINGLE WOMAN JUNE 30, 2004 , together Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage ElecF'onic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nonnnee for Lender and Lender's successors and assigns. MERS is the morlgagee under this Secnrity Instrument. MERS is organized and existing nnder the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS (D) "Lender" is AMERICA' S WHOLESALE LE:SIDER Lender is a CORPORATION organized and existing under the laws of NEW YORK Lender's adch'ess is P.O. Box 660694, Dallas, TX 75266-0694 (E) "Note" means the pronfisscry note .~igned by Borrower and dated JUNE 30, 2004 . The Note states that Borrower owes 1 ender ONE HUNDRED SIXTY SEVEN THOUS/LND TWO HUNDRED and 00/100 Dollars (U.S. $ 167,200. oo ) plus interest. Bon'ower bas promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than JULY 01, 2 034 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Prope~y." WYOMING-Single Family-Fannie Ma~lFreddi6 Mac UNIFORM INSTRUMENT WlTtt MERS Page 1 of 11 (~}®-6A(WY) (0005) CHL (08/00)(d) VMP MORTGAGE FORMS- (800)521-7291 CONVNA lnitials:p ~Form3051 1101 ' 2 3 9 9 1 · 0662 0092 1 000002 006A' L0:-625 DOC ID ~: 0006620092106004 (G) "Loan" means the debt e~ idencedby the Note, plus interest, any prepayment charges and late charges due under the Note, and all sum~ due under this Security lnstr-ument, phis interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [~ Adjustable Rate Rider [--7 Condominiun~ Rider ~ Second Home Rider [--] Balloon Rider [~ Planned Unit Development Rider [~ 1-4 Family ~ider [~ VA Rider ~ Biweekly Payment Rider ~ Other(s)[specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative "ules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opimons. (J) "Coxnmunity Association Dues, Fees, 2nd Assessments" means all dues, fees, assessments and other charges that are imposed on Bo':rower or the Property by a condominmm association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a n-ansaction originated by check, draft, or similar paper instmin~nt, which is initiated tlu'ough ail electrolfiC terminal, telephonic insmmrent, compnter, or magnetic tape so.as to order, instruct, or authorize a fiuaucial iustitution to debit or credit an account. Such term includes, but is not' lmfited to, point-or:sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those aems that are described in Section 3. (M) "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 iu Section 5) for:. (i) damage to, or destruction of, the Property; (ii) rzondenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrcpresemations or; or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means inst,rance protecting Lender againsI tile nonpayment of, or default oil, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts undzr Sectiou 3 of this Security lnstrun~ent. (P) "I~JESPA" means the Real Estate Settlement Procedures Act (12 U.S.C Section 2601 et seq.) and its implementing regulation, Regulation X (2,1 C.F.R Part 3500), as they might be amended from time ro time, or any additional or successor legislation or regulation that governs the same subject matter. As used m this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed m regard to a "federally related mortgage loan" even if the Loan does not qnalify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken Iitle to the Property, whether or not tbat party has assumed Bon-owe r's oblig:~tions under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN TIlE PROPERTY This Security Instrument secures to Lender: (i) the repayment of tile Loan, and all renewals, extensmns and modifications of the Note; att:l (ii) the perfmmance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, tile following described property located m the COUNTY of LINCOLN : [Type of Recording Jm?diction] [Name of Recording Jt,-isdiction] LOT 185 IN NORDIC RANCHES DIVISION NO. 13, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. Parcel ID Number: Wyoming 8 3118 [Zip Code) 3] GALLUP CIRCLE, [St,'cet/City] ("Property Address"): (~I®-6A(WY) (0005) CHL (08~00) Page 2 of 11 ETNA which cun'eutly has tile address of - P6rm 3051 1/01 DOC ID t{: 0006620092106004 TOGETIIER WITIt all th,': nnprovements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of tile property. All replacements and additions shall also be covered by this Security htstmment. All of the foregoing Is referred to in this Security lnstnnnent as the "Property." Borrower understarJds and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender anti Lender's successors and assigns) has the right: to exercise any or all of those interests, including, bul not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, reh'.'asing and canceliug this Security Instru,nent. BORROWER COVENANI'S that Borrower is lawftdly seised of tile estate hereby conveyed and has the right to mortgage, grant and convey tile Property and that the Property is nnencumbercd, except for encumbrances of record. Borrower warrants and will defend generally tile title to the Property against all claims and demands, subject to ~.ny encumbrances of lecord. THIS SECURITY iNSTRUMENT combines uniform covenants k)r national use and non-mfifonn covenants with limited variations by jm-isdiction to constirule a unitbnn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayn'~ent Charges, and Late Charges, Borrower shall pay when due the principal of, anl interest on, the debt evidenced by the Note and any prepayment charges and late charges due under tile Note. Borrower shall also pay Brads fi~r Escrow Items pursuant to Section 3. Payments due under tile Nc, lc and this Security h~strument shall be made in U.S currency. However, if any check or other insn-ument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under tile 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) cmlified caeck, bank check, treasurer's check or cashier's check, provided an)/ such check is drawn upon an institution Whose deposits are insnred by a federal agency, instrun-~entality, or entity; or (d) Electronic Funds Transfer. Paylnents are deemed received by k'%'nder when received at tile location designated in tile Note or at such other location as may be designated by Lender itl accordance with the nonce prowsions in Section 15. Lendm may return any payment or partial payment if the payment or pamal payments are insufficient to bring tile Loan current. Lender may accept any payment or partial payment insutlicient to bring the Loan current, without waiver of any rights he~ *under or prejudice to its rights to relhse such paymem or partial payments in the furore, but Lender is not obl gated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scaeduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied Brads until gmzower makes payment to bring the Loan current. If Borrower does not do so v;,ithin a reasm~able period of time, Lender shall either apply such Brads or renn-n them to Borrower. If not applieo earlier, such Brads will be applied to the outstanding principal balance under the Note immediately prior to fcreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower fi'om making payments due under the Nole and this Security lasmnnent or perforating the covenants and agreenrents secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under rite Note; (b) principal due under the Note; (¢) amounts due under Sectioo 3. Such paynrents 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 pay nent from Borrower for a delinquent Periodic Payment which includes a sufficient anrount to pay any lale charge ~lue, the payment may be applied to tile delinquent payment and lite late charge. If more than one Periodic Paymem is outstanding, Lender may apply any payment received from Borrower to the repayment of t.m Pdriodic Payments if, and to tile extent that, each payment can he paid in full. To the extent that any excess exists after tile payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Vohmtary prepayments shall be applied tirst to any prepayment charges and then as described in tile Note. Any application of payments, msnrauce proceeds, or Miscellaneous Proceeds to principal due nnder the Note shall not extend or postpone the due date, or change tile anrount, of the Periodic Payments. 3. Funds for Escrow ltents. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in fitll, a sum (the "Funds") to provide lbr payment of amounts due for: (a) taxes and assessments and other items which can attain priomy over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paytnents or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d)JMot tgage Insurance prcnfiums, if any, or any snms payable by Bon'ower lo Lender in lieu of the payment of Mortgage Insurance p~emiums in 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, Let der may require that Commumty 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 Brutish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Bon-ower's obligation to pay the Funds tbr any or all Escrow Items. Lender may waive 13orrower's obligation to pay to Lender Funds for any or all Escrow Inilials~ (~®-6A(WY) (0005) CHL (0§/0c) Page 3 of 11 u;"~l~r'o-rm 3051 1/01 DOC ID ~;: 0006620092106004 Items at any time. Any such waiver may only be ill writing. In tile event of such waiver, Borrower shall pay directly, when and where paya.:~le, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, i'.' Lender requires, shall furnish to Lender receipts evidencing such paymeut within such time period as Leff:ter nray ~eqntre. Borrower's obligation to make such payments and to provide receipts shall for all propose.": be deemed to be a covenant and agreement coutained in this Security Instmtnent, 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 due lbr an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Ben-ewer 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 g yen in accordance witl~ 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, ~ ollect and hold Funds iu an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maxnnum amount a lender can reqmre under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of filtare Escrow Items or otherwise in accordance witl~ Applicable Law. The Funds shall be held in an institution whose deposits are insm-ed by a federal agency, instrumentality, or entity (including Lender, if Lender is ~n institution whose deposits are so insured) or in any Federal Honre Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not cha.rge Bon'ower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrcw Items, unless Lender pays Bon'ower interest ou the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Leuder can agree in writing, however, 'that interest shall be paid on the Funds. Lender shall give to Borrower, without cliarge, an annual accounting of tile Funds as required by 1H~-SPA. If there is a smplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess fimds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall nt::l'ify Borr3wer as required by RESPA, and Borrower shall pay to Leuder the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficie~tcy of Funds held in escrow, as defined under RESPA, Lender shall notil~ Bmxower as required by RESPA, and P_,on'ower shall pay to Lender the amount necessary to make up the deficiency in accordance with I; ESPA, but in no more than 12 monthly payments. Upon paytnent in thll of all sums secured by this Security Instrument, Lender shall promptly retired to Borrower any Fnnds held by Leuder. : 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can atlain priority 3ver this Security Instrument, leasehold paymeuts or ground rents on file Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To file extent that these items are Escrow Items, Borrov.,er shall pay them in the manner provided in Section 3. Borrower shall promptly~discharge any lien which has priority over this Security Instrument unless Bellower: (a) agrees in writing, to rite payment of the obligation secured by the lien ill a mariner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien iu good faith by, or defends against enforcement of' the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisl:actory to Lender subordinating the lien to this Security Instrument. If Lender:determines that any pm1 of the Property is subject to a lien which can attain priority over tiffs Security Instrument, Lender may give Borrower a notice ideutifyiug the lien. Withiu 10 days of the date on which that notic~ is given, Borrower shall satisfy the lien or take one or more of the actions set tbrth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verificatiou and/or reporting service used by Lender in conn :ction with this Loan. 5. Property Insurance. Bon'ower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained il! the anSonnts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant'to the preceding seutences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised um'easonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge tbr flood zone detemfination, certification and tracking services; or (b) a one-time,charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably nfight affect such determination or certification. Bon'ower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection witb the review of any flood zone deternfination resulting from an objection by Borrower. If Borrower fails to maintain an5 of the coverages described above, Lender may obtain insurance coverage, at Lender's option anti Borrower's expense. Lender is nuder no obligation to purchase any pmticular type or amount of coverage. Therefore,, such coverage shall cover Lender, but nfight or nfight not protect Borrower, Borrower's equity ]n the Prope~Xy, or the contents of the Property, against any risk, hazard Initials: ~ ~®-6A(WY) (0005) CHL (08/60) Page 4 o[ 11 Form 3051 1/01 DOC ID $$: 0006620092106004 or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance zoverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amcunts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Securi:'y Instrument. These amounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice limn 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 name Lender as mortgagee and/or as an additional loss payee. Lender shall 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 coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, su?:h 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, Borro,ver shall give prompt notice to the insurance carrmr and Lender. Lender may make proof of loss if not maoe promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceed,"., whefl~r or not the underlying insm'auce was required by Lender, shall be applied to restoration or repab of the,Property, if the restoration or repair ~s economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisf:action, provided that such inspection shall be undertaken promptly, kender may disburse proceeds for the repairs arid restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law reqnn'es interest to be paid on such insurance procee4s, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public ~djuster% or other third parties, retained by Borrower shall not be paid out of the ~nsurance proceeds and sl~_all be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lende:'s secur.,ty would be lessened, the insurance proceeds shall be applied to the sums seem'ed by this Security lnstmme~gt, whether or nol fl~en due, with the excess, if any, paid to Borrower. Such insurance proceeds shall b: applied in the order provided fox in Section 2. If Bon'ower abandons the Property, Lender may file, negonate and settle any available insurance claim and related matters. If Borrowe: does not respond within 30 days to a notice flora Lender that the insurance carrier has offered to settle a claim, the~ Lender may negoliate and settle die claim The 30-day period will begin when the notice is given. In eitaer event, or if Lender acquires the Property nnder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any msurauce proceeds in an amount no~ to exceed the amounts uripaid under the Note or this Security h~strmnent, and (b) any other of Borrower's rights (other than flxe right to any retired of unearned prenfiums paid by Borrower) tinder all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insm'ance proceeds either torepair or restore the Property or to pay amounts unpaid nnder the Note or this Security instrument, whether or not then due. 6. Occupancy. Bon'ower £hall occupy, establish, and use the Property as Borrower's principal residence within 60 days after fl~e execution of this Security Instrmnent and shall continue to occupy the Property as Borrower's principal residence for at h:ast one year after the date of occupancy, unless Lender otherwise agrees rn writing, which consent shall not be unreasonably withheld, or nnless extenuating circumstances exist which are beyond Borrower's ccntrol. 7. Preservation, Maintenance and Protection of the Property; luspections. 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 from deteriorating 3r decreasing in value due to its coudition. Unless it is determined pursuant to Section 5 that repair or restoration is not:economically feasible, Bon'ower shall promptly repair tl~e Property if damaged to avoid further det:*rioration or damage. If insurance or condenmation proceeds are paid in cmmection with damage .to, oi; the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender ha& released proceeds tbr such purposes. Lender may disburse proceeds for the repairs and restorationl in a single payment or in a series of progress payments as the work is completed. If the insurance or~condenmation proceeds are not sufficiem to repair or.restore the Property, Borrower is not relieved of Bonower's obligation lbr 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 on the Property. Lender shall give Borrower notice at the time of o': prior to such an interior inspection specil~ying such reasonable Cause. 8. Borrower's Loan Application. Borrower shall be in default il; during the Loan application process, Borrower or any persons or ehtities acting at the direction of Bon'ower or with Borrower's knowledge or consent gave materially false, 'misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material i{ formation) iii connection with the Loan. Material representations include, but are not limited to, representatidus concerning Borrower's occupancy of the Property as Borrower's principal residence. (~®,6A(WY) (0o05) CHL (08100) Page 5 of 11 Inilials:~l/01 DOC ID ~I: 0006620092106004 9. Protection of Lender's Interest in the Property anti Rights Under this Security Instrnment. If (a) Borrower thils to perform the covenants land agreements contained in tbis Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights nnder this Security Instrument (such as a procee,]ing in bankruptcy, probate, for condenmatioii 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 abanc~oned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security lnsmunent, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not'limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (C) paying reasonable attorney~' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position iii a ban'kmptcy proceeding. Securing t!le Property includes, but is not lnnited to, entering the Property to make repairs, change locks, replace o[ board up doors and windows, dram water fi-om pipes, eli~ninate building or other code violations or dangerous conditions, and have utilities mined on or off. Although Lender may take action tinder this Section 9, Lender does not have to do so and is not under any duty or obligation to do so It is agreed that Lender incurs no liability for not taking any or all actions atttborized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. Thelse amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such ihterest, 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 t6 the Pro~erty, the leasehold and the tee title shall not merge tmless Lender agrees to the merger in writing. 10. Mortgage Insurance. if Lender required Mortgage Insurance as a coudition of making the Loan, Bonower shall pay the premiums required to maintain the Mortgage Insurance in effect, lf, tbr any reason, the Mortgage Insurance coverage ,~eqnired ~y Lender ceases to bc available flora the mortgage insurer that previously Provided such insurance ant Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Bm'rower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously iu'elTcct, at a cost substantially eqnivalent to the cost to Borrower of the Mortgage Insurahce previously iii effect, 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 t,:le separately designated payments that were duc wbcn tim insurance coverage ceased to be in effect. Lender g'ill accept, rise and retain these payments as a nonqefi~ndable loss reserve in lieu of Mortgage Insurance. Such loss re.,:erve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and L, rnder shell not be required to pay Bon'ower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (iii the amount and for the period that Lender lequires) provided by an insurer selected by Lender agaiu becomes available, is obtained, and Lender requires separately designated payineuts toward the premiums for Mortgage Insurance. If Lender required Mortgage hisorance as a condition of making the Loan and Bon-ower was required to make separately designated "payments toward the premiums tbr Mortgage Insurance, Bon-owcr shall pay the premiums required, to maint~dn Mortgage Insurance in effect, or to provide a non-relhndable loss reserve, until Lender's requirement for Mortgage lnsm'ance ends in accordance with any written agreement between Borrower and Lender providing for such temfination or nntil termination is required by Applicable Law. Nothing in this Section 10 affects Bon'ower's obligation to pay interest at the rate provided in thc Note. Mortgage Insurance reimburses Lender (or any eutity Ibat 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 lbrce fi-om time.to time, and may eoter into agreements with other parties that share or modify, their risk, or rcchme losses. These agrcenrents are on terms and conditions that are satisfactory to the mortgage iusurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that fl~e mortgage insurer may have available (which may include funds obtained fi'om Nlortgage Insurance premiums). As a result of these agreer~ents, Leander, any purchaser of thc Note, anodmr insurer, any reinsurer, any other entity, or any affiliate of anyof 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 shar~ of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reiusnrance." Further: (a) Any such agreements 'will not affect the amonnts 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, and they will not entitle Borrower to any refund. (~-6A(WY) (0005) CHL (08/00') Page 6 of 11 h~ilia~ ~Corm 3051 1/01 DOC ID #: 0006620092106004 Cb) Any such agreement.~ svill not affect the rights Borrower bas - if any - with respect to the Mortgage Insurance under th~' Homeowners 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, aud/oi- to receive a refund of any Mortgage Insurance premium~ that were unearued at the time of such cancellation or termination. 11. Assignment of Miscellanec, us Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During sucb repair and restoration period, Leader stroll have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure tbe work has been completed to Lender's satisfaction, provided that such inspection sl~all be Undertaken promptly. Lender may pay for the repairs and restoration iii a single disbursement or in a series of~progress payments as the work is completed. Unless On agreement is made in writing or Applicable iiaw requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneons Proceeds. If the restoration or repair is not economically feasii~le or Lender's security would be lessened, thc Miscellaneous Proceeds shall be applied to the sums secured by this.Security Insmm~ent, whetl~er or not then due, with the excess, if any, paid to BmTower. 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, the Miscellaneous Proceeds shall be applied to the sums seClured by this Security Instnnnent, whether or not then due, with the excess, if any, paid to Bon-ower. 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 thc, partial taking, destruction, or loss m value is equal to or greater than the ammmt of the sums secured by this Security h~strument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree ia writing, the sums secured by this Security Instrument shall be reduced by tire amount of the Miscellaneous Proceeds multiplied by the following fi'action: Ca) the total amount of the sums secured inm~ediately before the partial taking, destruction, or loss in value divided by Cb) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be p',lid to ]~orrower. in the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inm~ediately be:bre the partial taking, destruction, or loss in value is less than die amount of the sums secured immediately before the partial taking, destruction, or loss in value, nnless Borrower and Lender otherwise agree iu writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined hi the next semence)'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 to restoration or repair of the Property or to the sutns secured by this Security Instrument, whether o.! not fl~.en due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Bon'ower has a right of action in regard to Miscellaneous Proceeds. BorrOwer shall be in defimlt if a~ny action or proceeding~ whelher civil or crinfinal, is begun that, in Lender's judgment, could resultlh~ forfiSture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instmn~ent. Borrower can cure such a det:ault and, if acceleration has occm-red, reinstate as provi~ied in Section 19, by causing the action or proceeding to be dismissed with a ruling flint, in Lender's judgmetlt, preciS, des forfeiture of the Property or other material impairment of Lender's interest in file Property or rigl:ts under this Security h~strument. 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 Proceed.s that a3e not applied to restoration or repair of the Property shall be applied in the order provided for in Sectim. 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amcrtizati0n of the sums secured by this Security Instrument granted by Lender tO Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors iix Interest of Borrower. I,ender shall not be required to conunence proceedings against any Successor in Interest of Borrow ;~r or to :refi~se to extend time for payment or otherwise modify a~nortization of the sums secured by this Securi.ly Instrument by reason of any demand made by the original Bon'ower or any Successors in Interest of Borrower. Any forbearance by Leoder in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in luterest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclode the exercise of any right or remedy. 13. Joint and Several Li~bilit)'; Co-signers; Successors and Assigns Bound. Borrower covenants aud agrees that Borrower's obligatmns an'~-I liability shall be joint and several, ltowever, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): Ca) is co-signing this Security (~}®-6A(WY) (0o05) CHL (08/0n) Page 7 of 11 Initials~01 DOC ID h~: 0006620092106004 Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not persona.~.ly obligated to pay the stuns secured by this Security Instalment; and (c) agrees that Lender and ~ny other Borrower can agree to exlend, modify, forbea~ or make any accommodations with regard t-~ tile terms of this Secnrity Insmnneni or the Note without the co-signer's consent. Subject to the provisions ,.~f Sectivn 18, any Successor m Interest of Borrower who assumes Borrower's obligations tinder this Security h~strument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security }nstrument. Borrower shall not be released fi'on] Borrower's obligallons and liability under this Security Instrument unless Lender agrees to soch release ill writing. The covenants and agreements of this Security Insn'ument ~shall bind (except as provided m Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Len%ier ma- charge Borrower fees for services performed in com~ection with Borrower's default, tbr the purpose cf protecting Leuder's interest in the Property aud rights under this Security Instrument, including, but no: limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of. express authority h~ this Sect, rity Instrument to charge a specific fee to Borrower shall not be construeti as a prohibifion on the charging of such fcc. Lender may not charge lees that are expressly prohibited by this Securi(/Instrumem 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 other loan charges collected or to be collected in compaction with tl~e Loan exceed the permitted limits, then: (a) any S,lCh loan charge shall be redtlced by the amonnt necessary to reduce the charge to tt~e pem~itted limit; and (b) any sum~4 already collected from Borrower which exceeded permitted limits will be refiinded to Borrower. Lender may.choose to make this refund by reducing the principal owed under the Note or by makh~g a direct pa~nent to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without arty prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct paylnent to Borrower will constitute a waiver of any right of action Bon'ower might have al'islr~g out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security histrument must be in writing. Any notice to I~orrowe[ in connection wifl~ this Secnrity h~stl'mnent shall be deemed to have been given to Borrower when mailed by first class mail or when actoally delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitu~e notice to all Bon-owers unless Applicable Law expressly reonires otherwise. The notice address shall be lhe Property Address nnless Borrower has designated a su'~stitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure 1bt repolxing Bon-ower's change of address, then Borrower shall only repcrt a change of address through that specified procedure. There may be only one designated notice add :ess unaer this Security Instrument at auy one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Leuder's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connecuon with this Security Instrument shall not be deemed to have been given to Lender nntil actually received by Lender. If any notice required by this Security Instrument is also required tinder Applicable Law, the Applicable L3w requirement will satisfy the corresponding requirement ruder tlqs Security Instrmnent. 16. Governing Law; Severability; Rules of Constrnction. This Secnrity Insmnnent shall be governed by federal law and the law ot the jmisdiction iu which the Property is located. All rights and obligatious contained in this Security Ins4rument are subject to any requlrelnents aud limitations of Applicable Law. Applicable Law might explicit~.y or i~.nplicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agree,riehl by contract, h~ the event that any provision or clause of this Secl~rity In~' trmnent or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of, this Se~:nrity Instrument or the Note which can be given effect without the conflicting provision. As used in this Securit7 Instn:ment: (a) words of the masculine gender shall mean and include corresponding neuter words or words cf fl~e feminine gender; (b) words in the singolar shall mean and include the plural and vice versa; and (c) thelword "may" gives sole discretion without any obligatiou to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instalment. 18. Transfer of the Property or a Beneficial Interest ill Borrower. As used in this Section 18, "lnierest in the Property" means any legal or beneficial h~terest in the Property, including, but not limited to, those beneficial interests transferred ina bond for deed, contTact for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a fimlre date to a purchaser. If all or any part of the Property 0r auy Interest in the Property is sold or transferred (or if Borrower is not a natnral person and a beneficial interest in Bon'ower is sold or transl'crred) without Lemler's prior written consent, Lender may require inm~ediate payment m fidl of all sums secnred by tiffs Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this optionl Lender shall give Borrower uotice of acceleration. The notice shall provide a period of not less than 30. days from the date the notice is given in accordauce with Section 15 within which Bon'ower must pay all sums secured by tbis Security Instrument. If Borrower fails to pay these sunrs prior to the expiration of this period, Lender may invoke ally remedies perlnitted by this Security Instrument without fimher notice or demand on Bon'ower. ~orm 3051 1/01 (~)®-6A(WY) (0005) CHL (08100) Page 8 of 11 DOC ID ~: 0006620092106004 19. Borrower's P, Jght to Re|nstate After Acce~er~(~on. ~f Borrower nr~e[s certain conditions, Bon-o~r shM[ have ~he ri~h[~[o have enforcemm~ of this Security h]smnnen~ discontinued a[ any ~hnc prior [o ~he ea~]ies~ of~ (a) ~ve days before sale of fl~e Prope~y pursuau~ ~o any power of sale contained in fl]is Security Ins~lnnent; (b) such other period as Applicable Law might specify for the termination of Bo~ower's right to reinstate; or (c) ent~ of a judgment enforcing this SecuriW Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then:would be due under this Security Instmn~ent and the Note as if no acceleration had occurred; (b) cures arly default of any other covenants or agreements; (c) pays all expenses mcu~ed in enforcing this SecufiW I~strument, including, but not linfited to, reasonable attorneys' fees, property inspection and valuation fees,~ and oflmr fees incurred for the purpose 0f protec!ing Lender's interest h~ the Prope~Y and rights under; this S~curity Instmmbnt; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Bo~zower's obligation to pay the sums kecured by this Security Instrument, shall continue unchanged. Lender may require that Bo~xower pay tach reinstatement sums and expenses iu one or more of the following forms, as selected by Lender: (a) cash; ~(b) mohey order; (c) certified check, bank check, treasurer's check or cashier's check, Provided any such check is dra¥;m upon an institution whose deposits are insured by a federal agency, ins~-umentaliW or entity; or (d)'Elechpnic Funds Transfer. Upon reinstatement by Bon'ower, this Securi~ Instrument and obligatious secured hereby shall remain fidly efikctive as if no acceleration had occun-ed. However, this right to reinstate shall no~ apply in the case of acceleration under Section 18. 20. Sale of Note; Change2 of Loan Servicer; Notice of Grievauce. The Note or a partial interest in the Note (together with this Secnrit:/Instrt~ment) can be sold one or more times without prior notice to Bon'ower. A sale might result in a change'in the entiW (known as the "Loan Se~wicer") that collects Periodic Payments due under the Note and this Security In;~ument and perlBm~s Other mortgage loan servicing obligations nnder the Note, this Security Ins~-ume.~t, and Applicable Law. There also might be one or more changes of the Loan Se~icer urn'elated 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 state tbe name and address of the new Loan Servicer, the address to which payments should be mac;e and any other inl~rmation i~SPA requires in connection with a notice of ~ansfer of servicing. If the No¢ is sold and thereafter the Loan is se~,iced by a Loan Smwicer other than the purchaser of the Note, the mort~ age loan smwicing obligations to Bo~xower will remah~ with the Loau Servicer or be txansfen'ed to a successo~ Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser.' Neither Bo~ower nor Lender may commence, join, or be joiued t0 any judicial action (as either an ~dividual litigant or fl~e member of a class) that arises flora the other party's actions pnrsuant to this Security Ins~ment or that alleges that the other party has breached any provision of, or..any duW owed by reason of, this Security h~stmment, until such Borrower or Lender has notified the other party (with such notice given in cotnpliance wifl~ the requimmel~ts of S~ction 15) of such alleged breach aud afibrded the other pafly hereto a reasonable period after the giving of such notice to take conective action. If Applicable Law provides a time period which nmst elapse before certain action can be taken, that time period will be deemed to be reasonable for pu~oses 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 opportuniiy 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 substmlces, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other fla~nmable.or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials ,containing asbestos or fomaaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate Io health, safeW or enviromnental prc. tection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or removal ac¢on, as defined in Enviromnental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise ~igger an Environmental Cleanup. Borrower shall not cause or permit the p'resence, use, disposal, storage, or release of any Hazardous Substances, or tl~eaten to release any Hazardous Substances, on or iu the Property. Botxower shall uot do, nor allow anyone else to do, anythil~g affec:ing the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmenta' Condi'.ion, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence,.nse, or storage on the ProperW of small quantities of Hazardous Substances that are generally recognized to be app~-opriate to normal residential uses and to maiutenance of the Property (including, but not lilnited .to, h~iardou~ substances in consumer products). Bmxower shall promptly iive Lmder written notice of (a) any investigation, claim, demand, lawsuit or other action by any govemme'atal or ~regulatory agency or private party involving the Propeay and any Hazardous Substance or Envkonmental Law of which Bo~ower has actual knowledge,. (b) any Envirmm~ental Condition, including but not li;nited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and .(c) a:~y condition caused by the presence, usc or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatoly authority, or any prb(ate par,~, that any removal or other remediation of any Hazardous Substauce aflkcting the Prope~y is necess(~, Bor:'ower shall prolnptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Enviromnental Cleanup. (~)®-6a(wY) (0005) CHL (oa/0o) Page 9 o1' 11 Init~ts~ Form 3051 1101 DOC ID ~: 0006620092106004 NON-UNIFOILM COVENANTS. Borro~ver and Lender filrther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to accelerafion followiug Borrower's breach of any covenal~t or agreement in this Security lnstrumeut (bnt nnt prior to acceleration under Section 18 unlessl Applicable Law provides otherwise). The notice shall specify: (a) the defanlt; (b) the action reqaired to cure the defanlt; (c) a date, not less than 30 days from the date the notice is given to Borrower, by whicl~ tbe defanlt must be cured; and (d) tbat failure to cnre tbe default on or before the date specified in the notice may result in acceleration of the snms secured by this Security Instrument and sale of the i?roperty. The notice shall forther inl'orm Borrower of the right to reinstate alter acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Born~wer to' acceleratiou aud sale. If the default is not cured on or before the date specified in the notice, Lender at its option may reqnire immediate paymeut iu full of all sums secured by this Security Instrament without further demaud aud may invoke the power of sale and any other remedies pernfitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence,. If Lender invokes the power of :;ale, Lender shall give notice of iutent to foreclose to Borrower and to the person in possession of the P.?opertyi if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the maturer provided in Sectiou 15. Lender shall pnblish die notice of sale, and the Proper':;y sball be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the '~'roperty at any sale. The proceeds of the sale shall be applied in the following order: (a) lo all ex[ crises o'f the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release tiffs Security insmunent. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Secmity Inslmment, but only if the tee is paid to a third party for serwces rendered and the charging of the fee is permitted' under Applicable Law. 24. Waivers. Botxower r:leases and waives all rights under and by vimm of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the temps and covenants contained in tiffs Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: x(x~.~Te~ G. Pfi~WELL -BOLT r (Seal) -Borrower (Seal) -Borrower (Seal) -BO~TOWer (~®-6A(WY) (0005) CHL (08K 0) Page 10o[11 Form 3051 1101 634 STATE OF WYOMING, / The foregoing instalment was acknowledged b ne this / by / / / / / / / / / / / My Commission Expires: /' / / / / Notary PubLic DOC 0006620092106004 County ss: (~®-6A(WY) (0005) CHL (08/00) Page 11 ol Inilials:_~ 3051 1101 STATE OF IDAHO S S. COUNTY OF C~ya~ ) - On June 30, 2004, before mc, thc undersigned, personally appeared Christy G. Powell, known or identified to me to be the person whose name is subscribed to thc within instrument, and ackno~'lcdged to nm tl}~t she executed/the same. N6TA]¢Y FOR Tn~/~TAZ~g OF tDAUO Commission Expires: [Space Above This Line For Recordiog Datal ADJUSTABLE RATE RIDER (LIBOR Index - Rate Caps) After Recording Remm To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O. Box 10423 Van Nuys, CA 91410-0423 Prepared By: DONNA MCKENZIE POWELL [Escrow/Closing 0006620092106004 [Doc ID ~] TItlS ADJUSTABLE RATE RIDER is made this THIRTIETH day of JUNE, 2004 , m!d is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or D~.ed to Secure Debt (the "Security InstmmenF) of the same date given by the undersigned (the "Bmxower") tc~ secure Borrower's Note to AMERICA' S WHOLESALE LENDER 31 GALLUP CIRCLE ETNA, WY 83118 [ProperwAddress] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. MULTISTATE ADJUSTABLE RATE RIDER - LIBOR INDEX - Single Family CONV · BC- ARM Rider 2U193-XX'(01/01)(d) Page 1 of 3 "2 3 9 9 1 ' Initials:~ 06620092 1 000002U 1'93 DOC ID ~f: 0006620092106004 ADDITIONAL COVENANTS. In addition to the covenants and agreements made in tim Secnrity Instnnnent, Borrower and Lendor further covenant and agree as follows: A. INTEREST RATE AND M Oi'/THLY PAYMENT CHANGES The Note provides for an initial interest rate of 5. 200 the interest rate and the monthly payments, as follows: %. The Note provides for changes m 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (Al Change Dates The interest rate I will pay may change on the f 'irst day of JULY, 2 0 0 7 , and on that day evm7 sixth mouth thereal'ter. Each date on which my interes! rate could change is called a "Change Date." (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered 'rates tbr s~x-month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in The Wall Street dourmd. The most recent ludex figm'e available as of the date 45 days before each Change Date is called the "Cun'ent Index." If the Index is no longer availahle, lhe Note Holder will choose a new index that is based upon conrparable infommtion. The Note Holder will give me notice of this choice. (C) Calculation of Chant'es Before each Chauge Date, the Note Holder will calculate my new iuterest rate by adding FOUR & 20/100 percentage point(s)( 4.200 %) to the CulTent Index. The Note Holder will then round the result of this addition to the nearesi one-eighth of one percentage point (0.125%). Subject to the limits stated m Section 4(D) below, this rounded amonnt will be my new interest rate until the next Change Date. The Note Holde~ will then detemfir-e the amount of the mouthly paymem that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in fidl on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Linrits on Interest R~te Changes The interest rate I am required to pay at the first Change Date will not be greater than 6. or less than 5 . 2 0 0 %. Thereafter, my interest rate will never be increased or decreased on any Change Date by more than single ONE & ONE-HALF percentage point(s) ( 1.5 0 0 %) from the :'ate of interest. I have been paying roi the preceding six months. My interest rate will never be greater than (El Effective Date of CIu nges My new interest rate will become effective on each Chauge Date. I will pay the amonnt of my new monthly payment beginuing on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (Fl Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amonnt of my monthly paymem before the effective date of any change. The notice will include information required by law to be given me and also file title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PRQPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 oftae Security Instrument is amended to read as follows: Transfer of the Preperty or a Beneficial Interest iu Borrower. As used in riffs Section 18, "Interest in the Property" means any legal or beneficial interest m the Property, including, but not limited to, those beneficia! interests transferred in a bond for deed, contract tbr'deed, instalhuent sales contract or escrow agreement, the iutent cf which is the n:ansfer of title by Borrowm at a fi~ture date to a purchaser. CONV · BC - ARM Rider 2U193-XX (01/01) Page 2 of 3 638 DOC ID ~: 0006620092106004 If all or any part of the Property or any Interest in the Property is sold or transfen-ed (m' if a Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written cons:nt, Lender may require immediate payment m fidl of all sums secnred by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Daw. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender inforraation required by Lender to evaluate the intended transferee as if a new loan were being made to fl~'e transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by .the loan assmnption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To ttie extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the n'ansferee to keep alt the promises and agreements made in the Note and in this Security Instrument Bm-rower will continue to be obligated under the Not~.~ and this Security Instrument unless Lender releases Borrower in wrmng. If Lender exercises fl~e option to reqmre immediate paymenl in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days frmn the date the notice is given in accordarce with Section 15 within which Borrower must pay all sums secured by this Security Instrument. Ii' Borrower fails to pay th~se sums prim' to the expiration of this period, Lender may invoke any remedie., permitted by lhis Secnrity insmm~ent without fimher notice or demand on Borrower. BY SIGNING BELOW, Adjust,'ible Rate Rider. ~i~'_Z G ./PI~WELL B,orrower accepts and agrees to the tm'ms and covenants contained in this (Seal) - Borrower (Seal) - Borrower (Seal) - Bon'owcr (Seal) - Bmlower CONV · BC- ARM Rider 2U193-XX (01/01) Page 3 of 3