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HomeMy WebLinkAbout900728900728 RECF_ IV'ED After Recording Return 'Fo: GMAC Mortgage Cozp. 100 Witmer Road Horsham, PA 1904~-09£3 ATTN: Records Managemen~ [,qpace Above Tiffs Line For Recording Data] V.A NO: LAPP-0855068 Loan No. 569241508 MIN 1000375-0569241508-9 MORTGAGE NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE ._aPPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT. DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this docmnent are also provided in Section 16. (A) "Security Instr'ament" means this document, which is dated J'ul¥ 2004 , togetl~er wi:h all Riders m this document. (B) "Borrower" is Donald E. Lon9 and Bcnnie Eriekson Long, Husband and W±fe Borrower is the mortgagor under this Security Instrument. (C) "iV[ERS" is 1Vortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is.actinj solely as a nonfinee lbr Lender trod Lender's successors and assigns. MERS is the mortgagae under this Security h~strulnent. MERS is organized and existing under the laws of Delaware, and has an address m~d telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING -- Single Family -- Flu, ale MaetFfeddie b. lac.~odilicd for VA UNIFORM INSTRUMENT Form3OS: 1/01 : /~ ~ / (Page I of 18) 255804641" hfiGals: ~~ GMACM - VMS.0236.WY (0001) B05 (D) "Lender" ~s GMAC Mortgage Corporation Lender is a Corporat)lon laws of pennsylvanl, a 100 Witmer Road, P.O. Box 963, Horsham, PA organized and existing under the Lender's address is 19044 (E) "Note" means tae pronnssory note signed by Borrower and dated July 1, 2004 . The Note states that Borrower owes Lender Two Hundred Thirty Five Thousand Sixty and 00/100 Dollars (U.S. $ 235,050.0O ) plus interest. Borrower has promised to pay this debt in regular Periodic ?ayments and to pay the debt in full not later than August 1, 2034 (1i') "Property" me,ms the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the deer evidenced by the Note, plus interest, an), prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrmnent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~-] Condominium Rider [--] Second Home Rider [--] Balloon Rider ~ Biweekly Payment Rider ~-] 1-4 Family Rider ~] VA Rider ~ Planned Unit Development Rider [~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" me~s all dues, I%es, assessments and other cLarges ~l~at are imposed on Borrower or the Property by a condominium association, homeowners association or simil~ organization. (K) "Electronic Funds T?ansfer" means any transfer of funds, other th~ a tr~saction originated by check, draft, or si~lar paper iustrument, which is initiated through an electronic retinal, telephonic instsumen(, computer, or magnetic tape so as to order, instruct, or authorize a fin~ciM institution to debit or credit an account. Such terln includes, but is not linfited to, point-of-sale tr~sfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, m~d autonmted cle~inghouse transt%rs. (L) "Escrow Ite~" me~s those items that are described in Section 3. (NB "Miscellaneous lh'oceeds" me~s m~y compensation, settlement, awed of danmges, or proceeds paid by any ~hird party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) dan~age to, or destruction of, the Property; (ii) condenmation or oilier t~ing of all or anj part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, o~ omissions as to, the value ~d/or condition of the Property. - Single F~nily -- Famd¢ M~/Fr~ddie M~ UNIFORM INSTRUMENT - n~ilied lbr VA ,~l~l ~ONHNG GMACM - VMS.0236.WY (t.001) (P:,ge 2 ¢ 18) lnitialsfffl~ ~ BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except tbr encumbrances of record. Borrower warrants and will defeud generally the title to the Property against all claims and demauds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uuiform covenants for national use and non-uniform covenants with linfited variations by jurisdiction to constitute a uniform security instrument covering.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 the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow l!ems pursuant to Section 3. Payments due under the Note and this Security Instrument shal! be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may reqmre thgt any or 'all subsequent payments due under the Note and this Security Instrument be made in 3ne 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 checl~ is drawn upon an institution whose deposits are insured by a l'ederal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deelned received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15 Lender may return any payment or partial payment if the payment or partial payments are insufficient~ to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to :cruse such payment or partial payments in Ihe future, but Lender is not obligated to apply such payments at the ti~ne such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay iuterest on unapplied funds. Lender may hold such unapplied funds uutil Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or retu 'n thereto Borrower. If not applied earlier, such funds will be applied to the outsttmding principal bala,~ce under the Note immediately prior to foreclosure. No offset or claim which Borrowei migl{t have now or in the future against Lender shall relieve Borrower t¥0m making payments due under the Note and this Security Instrument or performing the covenants and agreements secure:d by this Security Instrument. 2. Application ot' Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepter; and applied by Lender shrill be applied in thc following order of priority: (a) interest due under the Note; (b) principal due under the Note;'(c) amounts tine under Section 3. Such paymeuts shall be applied to each Periodic Payment in the order in which it became due. Any remuining 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. ' WYOMING - Single Faintly - Fam~ie Mae/Freddie Mac UNIFORM INSTRUMENT Form 21051 1/01 GMACM - VMS.0236.W¥ (0001) (Page 4 of 18) hdtials~ (N) "Mortgage Insurance~' means insurance protecting Lender against the nonpayment of, or default on, tbe Loan. (O) "Periodic Payment" ineans the regularly scheduled mnount due for (i) principal and interest under the Note, plus (ii) any mnounts under Section 3 of this Security l,~strument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) m~d its implementing r'egulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to tnne, or'any additional or successor legislation or regulation that governs the same subject mat~er. 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 il' the Loan does not qualiiy as a "federally related mortgage loan" under RESPA. (Q) "Successor in'Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assmned Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS 1N THE PROPERTY This Security Instrumem secures to Lender; (i) the repayment of the Loan, and all renewals, extensions and modificztions 'o? the Note; and (ii) the performance of Borrower's covenants and agreements under tbis Securitll Instrmnent and the Note. For this purpose, Borrower does hereby mortgage, gram and convey to MERS (solely as nonfinee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, wilh power of sbic, the following described property located in the County [Type of Recording Jurisdiction] : of Lincoln [Name of Recordh~g Jurisdiction] SEE SCHEDUL[~ "A" ATTACHED HERETO AND MADE A PART HEREOF. which currently has the address of '1136 Dry Creek~Road CR [Street] Afton , Wyoining 83110 ("Property Address"): [city] lZip Code/ TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances,! and fixtures now or herealler a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to iu this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests graced by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors ard assigns) has the right: to exercise any or all of those interests, including, but not linfited to, the right to foreclose and sell the Property; .and to take any action required of Lender iffcluding,, but not limited to, releasing and canceling this Security Instrument. YVYOMING -- Single Fmnily -- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Gh, L4.CM - VMS.0236.WY (0001) (Page 3 of 18) l,fitials:~~...~ 674 If Lender receb,es a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the pay~nent may be applied to the delinquent payment and the lore charge. If more than one Periodic Payment is omstanding, Lender may apply any paymtnt received from Borrower to the repayment or' the Periodic Payments if, mid to the extent that, each payment can be paid iix full. To the extent that any excess exists after the ptiyinent is applied to the full payment of one or more Periodic Payments, such excess may be apFlied 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 1,lore shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the No're, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain prmrtty over this Security Instrument as a lien or encumbrance on the Property; (b) 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 prelniums, if any, or any stuns payable by Borrower to' Lender in lieu of the payment of Mortgage Insurance prennums in accordance with the provisions of Section 10. These items are called "Escrow ltetns." At origination or at any time during the term of the Loan, Lender may require that Coinmun~ty 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 under this Sectionl 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 hems at any time. Any such wai~er may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due tbr any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such paym~.nt 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 anti agreement" is used in Section 9. If Borrower is obligated to pay Escrow ltems directly,' pursuant to a waiver, and Borrower fails to pay the mnount due for an Escrow Item, Lender inay 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 ~dl Escrow Items at m~y time by a notice given in accordance with Section 15 mid, upon such revocation, Borrower shall pay to Lender all Funds, and in such ,'unounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds itl ail amount (a) sufficient to pernfit Lender to apply the Finds at the time specified under RESPA, and (b) not to exceed the maximmn an~ount a lender c,'n, require under RESPA. Lender shall estimate the mnonnt of Fuuds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in act. ordanc: with Applicable Law. LOAN NO: 569241508 V~r¥OMING -- single Family -- Fan fie Mae/Ftc ldi¢ Ma~ UNIFORM INSTRUMENT Form 3051 1/01 GMACM - VMS.0236.WY ((:001) (Page .5 of 18) Initials: ,, 675 The Funds shaq be held in an institution whose deposits are insured by a federal agency, instrumentality,' or entity (including Lender, if Lender is an institution whose deposits are so insured) or in an;, Fede"-al Home Loan Bank. Lender sball apply the Funds to pay the Escrow Items no l'ater than the'time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Ltnder pqys Borrower interest on 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 ..he Fro,ds. Borrower and Lender can agree in writiug, however, that' interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there qs a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a sbortage of Funds held in escrow, t.s defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly 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 .':hall pay to Lender the amount necessary to makeup the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in tull. of all sums secured by this Security Instrmnent, 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 r~ents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provide:l in Section 3. Borrower shall pro~nl:'tly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien h~ a manner acceptable to Lender, but only so long as Borrower is perlbrming such agreement; (b) contests /he lien in good faith by, or defends against enforcement of the lien in, legal proceedings which )n Lender's opinion operate to prevent the enlbrcement of the lien while · those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the 'ien an agreement satisfactory to Lender snbordinating the lien to this Security Instrument. if'Lender determines that any part of the Property is subject to a lien which can attain priority 0ver'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 satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used bs, Lender in connection with this Loan. 5..Property Iasuran:e. Borrower 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, lbr which Lende!' requi~es insurance. This insurance shall be maintained in the amounts I~V'~OMING -- Single Family -- Fan'fie Mae/Freddie Mac UNIFORM INSTRUblENT Form 3051 Il01 /,~/ GMACM - VMS.0236.WY (e001) (Pade 6 of18) Initials:// )/.t' . (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences cm~ change during t. he 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 uureasonably. Lender may reqmre Borrower to pay, in co:mection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge Ibr flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonabl5 might affect such determination or certification. Borrower shall also be responsible tbr the pay[lent of any fees imposed by the Federal Emergency Managemeut Agency in connection with tl~e review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the' coverages described above, l~ender may obtain insurance coverage, at Lcnder't option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therelbre, such coverage shall cover Lender, but tnight or might not protect Borrower, Borrower's equity ill thc Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previ~msly in effect. Borrower acknowledges that the cost of the insurance coverage so obtained miglit significantly exceed the cost of insurance that Borrower could have obtained. Any amounts ;lisbursed by Lender under lhis Section 5 shall become additional debt of Borrower secured by 'his Security Instrument. These amounts shall bear interes~ at the Note rate frmn the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Borrower requ?ting payment. All insurance pclicies 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 mortga~:ee an0/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall prmnptly give to Lender all receipts of pfid premimns and renewal notices. If Borrower obtains any forxn of insurance coverage, not otherwise required by Lender, for dmnagc to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an aOditional loss payee. In the event of'.loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may ma/ce pro6f of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurmlce proceeds, whether or not tile underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is eo'onomically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provieed that such inspection shall be undertaken promptly. Leuder may disburse proceeds ~or the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires'interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any iaterest or earnings on such proceeds. Fees lbr public adjusters, OMING- s~n~e Family--Fa~lrie Mae/Fre::ldie Mac UNIFORM INSTRUMENT Form 3051 GMACM - ~S.0236.~ (0'101) (Page 7 of 18) hfitial~~ '( 7 7 or other third parties, relained by Borrower shall not be paid out of the insurance proceeds ,'md shall be the sole obligation of B)rrower. If 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 the 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 does not respond within 30 days to a notice from Lender that the insurance.carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-da~, period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's ri~ghts to any insurance proceeds in mi mnount 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 t,f unearued prermums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage 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 shall occupy, establish, and use the Property as Borrower's principal residence with'.n 60 days after the execution of this Security Instrumerft and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, c:r unless extenuating circmnstances exist which are beyond Borrower's control. 7. Preservation, M~fintenance and Protectiou of the Property; Inspections. Borrower shall not destr(;y, dan~age or impair the Property, allow the Property to deteriorate or commit waste on the Property. · Whether or not Borrower is residing in tbe Property, Borrower shall maintain the Prope~'ty in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursumlt to Section 5 that repair or restoration is not econon~.ically l~asible, Borrower shall promptly repair the Property if dmnaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with dunnage to, or:the.taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work :s completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for tile completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of thc Property. If it has reasonable cause, Lender may inspect the interior of the improvements on tile Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or m~y persons or entities acting at the direction of Borrower or with Borrower's knowledge t,)r consent gave materially false, nfisleading, or inaccurate intbrmation or statements to Leander (or tailed to provide ]Lender with material information) in V~ltzO~]~N~r -- Single Fancily - Fan~:e Mae/Fee:Idle Mac UNIFORM INSTRU~'.IENT Form 3051 I,'01 GMACM - VMS.0236.WY (0~)01) (Pct,Ie 8 oflS) lnilials:~ connection with the Loan. Material representations include, hut are not linfited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence 9. Protection of Le~der's Interest in the Property and Rights Under this Secnrity Instrument. If (a) Bor'ower'fails to perform the covenants and agreements contained in this Security Instrnment, (b~ there is a legal proceeding thai might significantly affect' Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for conderm~ation or forfeiture, for enforcelnent of a lien which may attain priority over this Secur.ty Instrument or to enforce laws or regnlations), or (c) Borrower has abandoned 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 Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions car include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' feds to protect its interest in the Property and/or rights under this Security Instrnment, including its secu~-ed 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 up doors and windows, drain water from pipes, elinfinate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this S'.~ction: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 tbr not taking any or all actions authorized under this SeCtion 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These mnounts 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 Securiti Instrament 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 Ler~der agrees to the merger in writing. 10. Mortgage~Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any re/~son, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the l)relniums for Mortgage Insurance, BorroWer shall pay the..premiums required to obtain coverage substantially equivalent co the Mortgage Insurance pn;viously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage insurance previously in effect, fi'om an alternate mortgage insurer selected by Lender. If.substantially equivalent Mortgage lnsnrance coverage is not available, Borrower shall contitme,to pay to Lender the anmunt of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a n(.n-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refi'ndabl6, notwithstanding the fact that thc Loan is uhimately paid in full, and Lender shall not be ~requir,':d to pay Borrower any interest or earnings on such loss reserve. Lender can no longer ~equire loss reserve payments if Mortgage Insurance coverage (in the LOAN NO: 5692415£8 WYOMING - Singl~ Fanlily -- Farade Mzc:/Eteddie Mac UNIFORM [NSTRLIMEN]' Form 3051 1/01 GMACM - VMS.0236.~,'VY (6001) (Page 9 of 18) initial __ .. amount and for the pericd that. Lender requires) provided by an insurer selected by Leuder again becomes available, is ol:tained, and Leader reqmres separately designated payments toward the premiums Ibr Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrowe? was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay thc premiums required to maintain Mortgage Insurance in fffect, or to provide a non-refundable loss reserve, until the Lender's requirement for Mortgage Insurance ends tn accordance with auy written agreement belween Borrower and Lender 9roviding for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Not~. Mortgage lnsut'ance i'eimburses Lender (or any entity that purchases the Note) for certain losses it may inl:ur 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 agreenents with other parties that share or modify their risk, or reduce losses. These agreements are ou terms and conditions that are satisfactory to the mortgage insurer 'and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to mal:e payments using any source of funds that the mortgage insurer may have available (which may incl~lde funds obtained from Mortgage Insurance premiums). As a result of these ~greements, Lender, any purchaser of the Note, another insorer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that deriv;: from (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 the insurer, the arrangement is often refined "captive reinsurance." Fnrther: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of tbe Loan. Such agreements will not increase the amount Borrower will owe for Mortgage lusurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - it' any - with respect to the Mortgagt~ Insurance uuder the ltomeowners Protection Actor 1998 or any other law. These right,s may'include the right to receive certain disclosures, to request and obtain caucelhstion of the Mortgage Insurance, to have the Mortgage Insurance ternfinated automatically, and/or ~o receive a refund of any Mortgage Insurance premimns that were unearned at the time o~ such Cancellation or termination. 11. Assignmer't of i'vhscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to m:d shall be paid to Lender. ~YY'OMING - Single F~nily - ~,ie Mae/F,edUie U~ UNIFORM INSTRUMENT Form ~51 1/01 ~ ] GMACM - VMS.0236.WY ((00I) (P,~g,e lO of IS) l~dlials~ BorroWer shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeitm'e of the Property or'other material impmrrnent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other 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 impmrment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneom Proceeds that are not applied to restoration or repair of the Property shall be applied in the orddr pro¢ided for in Section 2. 12. Borrower N'~t Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modiflcation o'f amortization 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 liab!lity of Borrower or any Successors in Interest of Borrower. Lender shall not be required to co:nmence proceedings against any Successor in Interest o1' Borrower or to refuse to extend time fcr payment or otherwise modify amortization of the sums secured by this Security Instrument by re~son of 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 I~;terest of Borrower or in amounts less than tbe 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 agrees that Borrower's obligations and liability shall be joint and several. However, any Bc, rrowe~ who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-;tgning this Security 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 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 inake any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations ander this Security Instrument in wrtting, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. WYOMING - single Family -- Fiamie dae/Frcddm/',lac UNIFORivl INSTRUMENT Form 30,51 GMACM - VMS.0236.WY (0001) (Pag~ 12 of 18) 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 m~d Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had m~ opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repatrs and restoration in a single disbursement or in a series of progress payments as thc work is completed. Unless an agreement is made ~n writing or Applicable Law reqmres interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any ~nterest or earumgs on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would oe lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security [nstrunmnt, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaaeous ~roceeds 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 secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of ~ partial taking, destruction, or loss in value of the Property in which the fair market value of t'he Property immediately before the partial taking, destruction, or loss m value is equal to or greater than the an~ount of the sums secured by this Security Instrument inm~ediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree ~n writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellane3us Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediatel,, before the partial taking, destruction, or loss in value divided by (b) the fair market value of t?e Property immediately before the partial taking, destruction, or loss in value. Any balant e shall be paid to Borrower. In the event of ~ partial taking, destruction, or loss in value of the Property in which the fair market value of t. he Pro 3erty inmqediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured inunediately betbre the partial taking, destruction, or loss in valtie, anless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrmnent whether or not the sums are then flue. If the Property is aban~loned by Borrower, or il', 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 /vliscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. LOAN NO: 569241508 ~'~'~ WYOMING -- Single Family - Famiie Mae/Fred lie Mac UNIFORM INSTRUMENT Form 3051 GMACM - VMS.0236.WY (0f 01) (Page 11 of 18) lnitials~'"-~__ 1.4. 'Loan Charges. Lender may charge Borrower fees for services performed iu connection with Borrower's default, for the purpose of protecting Lender's interest in the 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 caarging of such fee. Lender may not charge tees that are expressly prohibited by this Security Instrument 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 c~r other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the an~ount necessary to rednc;e the charge to the permitted limit; and (b) any sums already collected from'Borrower which exceeded, permitted linfits will be reftmded 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 p:epayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waive: of any right of action Borrower might have arising out of such overcharge. 15. Notices. All Notices given by Borrower or Lender in connectibn with this Security Instrument must be in writing. 'Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class ]nail or when actually delivered to' Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute~, notice to all Borrowers unless Applicable Law expressly requires otherwise. ' The notice a~ dress ~'hall 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 add'ess. If l_ender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to l_:ender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Iustrument shall not be deemed to have been given to Le:~der ufitil actually received by Lender. If any notice required by this Security Instrument is also, requi~ed under Applicable Law, the Applicable Law requirement will satisfy the corresponding ~equirement under this Security Instrument. 16. Governing Lc'w; Se.:3erability; Rules of Construction. This Security Instrument shall be governed by rede:al law and the law of the jurisdiction in which the Property is located. All rights and obligations contai;led in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or i: might be silent, but such silence shall not be construed as a ~,VYOb, flNG - Single Family -- Fa~mie Mae/Fredcie lvlac UNIFORIvl INSTRUKIENT Furm 3051 1/ GMACM: VMS.0236.WY (0001) (Page 13 oflS) lnitials~..~ - prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which cab be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding net,ter words or words of the fenfinine gender; (b) words in the siugular shall mean and include the plural and vice versa; and (c) the word "~nay" gives sole discretion without any obligation to :ake any action. 17. Borrower's Copy. Borrower shall be given one copy of tl~e Note and of this Security Instrument. 18. Transl'er of the Property 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 sale.; contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any parr of the Property, or any Interest in tile Property is sold or transferred (or if Borrower is not a natu{al person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require in~nediate payment in full of ali 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 option, 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 iu accordance with Section ~5 withtn 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 Alter Acceleration. If Borrower meets certain conditions, Borrower sh:ll have the right to have enforcement of this 'Security Instrmnent discontinued at any time prior ~o the earliest of: (a) five days before sale of the Property pursuant to any power ol sale contained in this Security Instrument; (b) snch other period as Applicable Law might specify roi the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which th,m wou'd be due under this Security Instrument and the Note as if uo 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, propex,ty inspection and valuation lees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights uuder this Security Instrument; and (d) takes such action ~;s Lender may reasonably require to assnre that Lender's interest in tile Property and rights unde{ this Security Instrument, and Borrower's obligation to pay the sums secured by this Security lnstrulq~ent, shall continue unchanged. Lender may require that Borrower pay such reinst~Iement stuns and expenses in one or more of the following forms, as selected by Lender: (a) c~sh; (b)money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Trm~sfer. WYOMING - Single Family - Fam~it Mae/Ftcdaie Mac UNIFORM INSTRUMENT Fonu 3051 1/01/~ GMACM r VMS.0236.WY (0001) (Page 14 of 18) Upon reinstatement by B~)rrow,:~r, this Security Instrument and obligations secured-hereby shall remain fully effective as if no .icceleration had occurred. However, this right to reinstate shall not apply in the case of a,'.celer~tion under Section 18. 20. Sale of Note; Ctmnge of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrmnent) c~ be sold one or more times without prior notic ~ to Borrower. A sale nfight result in a change in the entity (known as lhe "Lo~ Servicer") th4t collects Periodic Payments due under the Note ahd this Security Instrument ~d performs other mortgage Io~ servicing obligations under the Note, this Security Instrument, ~d Applicable Law. There also might be one or more ch~ges of the Lo~ Servicer unrelated to a sale of thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the chm~ge which will state the name and address of the new Lo~ Servicer, the address to which payments should be nmde and any other information RESPA requires in connection w th a notice of trm~stbr of servicing. If thc Note is sold ~d thereafter the Lo~ is serviced by a Lo~ Servicer other th~ the purchaser of the Note, the mortgage 1o~ servicing obligations to ,Borrower will remain with the Loan Servicer or be tr~sferred to a successor Lo~ Servicer and are not assumed by the Note purchaser unless otherwise provided' by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to m~y judicial action (as either m~ individual litigm~t or the member of a class) that arises from the other party's actions pursuit to this ~ecurity Instrument or that alleges that the other party has breached any provision of, or ~y dut,.; owed by reason of, this Security Instrument, until such Borrower or Lender has notified the ocher party (with such notice given in complim~ce with the requirements of Section 15) of such alleged breach ~d aflBrded 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 c~ be taken, that time period will be deemed to be reasonable for proposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuit to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shail be deemed to satis~ the notice and opportunity 1o t~e corrective action provisions of this ~ection 20. 21. Hazardous. Snbstances. As used in this Section 21: (a) "H~ardous Substances" are those substances defined.as toxic or hazardous substm~ces, pollutants, or wastes by Environmental Law ~d &e tbllowing subst~ces: gasoline, kerosene, other flammable or toxic petro'leum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde,~ ~d radioactive materials; (b) "Environmeutal Law" means /~deral laws m~d laws of the jurisdicti~an' where the Property is located that relate to health, sat~ty or environmental protection} (c) 'Enviromental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) m~ "Enviromnental Condition" me~s a conditicn that c~ cause, contribute to, or otherwise trigger ~ Enviromental ClemmP. Borrower shall not;:cause or penmt the presence, use, disposal, storage, or release of any H~ardous Subst~ces, o{ threaten to release any H~ardous Substances, on or in the Property. Borrower shall not do, n~r allow anyone else to do, ~ything af/kctiug the Property (a) that is in violation of ~y Enviromnental Law, (b) which creates an Environmental Conditiou, or (c) which, due to the presem:e, use, or release of a H~ardous Substance, creates a condition that LOAN NO: 569241508 GMACM - VMS.0236.~ (01}01) (Page 15 of 18) hfitial~ [ .... 68[] adversely affects the value of tl[e Property. The preceding two sentences shall not apply to the presence, use, or storage on tb~ Property of small quantities of Hazardous Substances that are generally recognized to be apli~ropriate to normal residential uses and to maintenance of the Property (including, but hot limited to, hazardous substances m consmner products). Borrower shall ~romp:ly give Lender written nonce of (a) any investigation, claim, denmnd, lawsuit or other action by any governmental or regulatory agency or private party involving the Property mtd any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (a) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused 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 removal or other remediation of any Hazardous Substance affecting the Property ts necessary, Borrower shall promptly take all necessary remedial actim ~ in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Envtronmental Cleanup. NON-UNIFORM COVENANTS. Borrower m~d Lender further covenan! and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Lax,,' provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not :ess than 30 days from the date the notice is given to Borrower, by which the default must be cu,:ed; and (d) that failnre to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or bef:}re the date specified in the notice, Lender at its option may require immediate payment ir full of all sams secured by this Security Instrument without further demand and may invgke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in tkis Section 22, including, bat not limited to, reasonable attorneys' fees and costs of title evidence~ 115' Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, il' different, in accordance with Applicable Law. Len&.r 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 sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, inclmling, but not limited to, reasmmble attorneys' fees; (b) to all sums secured by this S;ecurity Instrnment; and (c) any excess to the person or persons legally entitled to it. WYOMING - Single Family -* Fann;e Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 D0 GMACM - VMS.0236.WY (0001) (Page 16 of 18) 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. l~orrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. BY SIGNING BELOW,, Borrower accepts and agrees to the temps and covenants contained in this Security instrument and in any Rider executed by Borrower and recorded with it. Donald E, Lon~] (Seal) -Borrower -Borrower -Borrower (seal) LOAN NO: 569241508 Witnesses: WYOMING - Single Family - Fannie Ma~/Frcddie ~tac UNIFORM INSTRUMENT FonJa ~051 Ii01 GMACM - VMS.0236.WY (0001) (Page ,'7 oflS) INDIVIDUAL ACKNOWLEDGMENT STATE OF WYOMING, ) ) SS COUNTY OF Lincoln ) The foregoing instrument was acknowledged before me this July 1, 2004 (date) by Donald E. Long and Bonnie Erickson Long, Husband (person acknowledgiqg) Notarf/Pu;lil and Wife WYOMING - Single. Family -- Fa, mile ~lae/Freddie ivllm UNIFORM INSTRUMENT Form 3051 I/0L/~___~/ GMACM - VMS.0236.WY (0001) (Page ]18 of 18) hfitials.q~- ~ '-------. Schedule A Wyoming Mortgage Given By: Donald E. Long and Bonnie Erickson Long Page 1 See Attached Exhibit ~"A" Part of Section ~14, T31N RllgW of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: Commencing at the Northeast corner of said Section 14 and running thence N 90°00' W, (basis of bearing) along the North line of said Section 14, a distance of 1455.67 feet to the point of beginning; thence S 00°00' E; a distance of 1320.00 feet; thence S 90o00, E, a distance of 330 feet; thence N 00°05'17': W, a distance of 1032.69 feet; thence N 38°53'25'' E, a distance of 326.03 feet; thence N 00°00' E, a distance of 33.55 feet; thence N 90o00, W, a distance of 533.10 feet to the point of beginning. EXCEPTING the County Road therefrom. 689 AD3USTABLE RATE RIDER (1 Year Treasury Index -- Rate Caps) NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR IqfS AUTHORIZED AGENT. THIS ADJUSTABLE RATE RIDER is made this 1at day of July , 2004 , and is incorporated into and shall be deemed to aanend ,'md supplement the Mortgage, Deed of Trust, or Security Deed (the "Security h]strument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to GMAC Mortgage Corporation (the "Lender") of the same date' and covering the property described in the Security Instrument and located at: 1136 Dry Creek Road CR 146 AfEon, WY 83110 [Property Address] TIlE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTIILY PAYMENT, TI:i[E NOTE LIMITS TIlE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER IVIUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made the Security Instrument, Borrower and Lender further covenant and agree as lbllows A. INTEREST RATE AND MONTHLY PAYMENT CHANGES Tile No~e provides for an initial interest rate of 5. 000 %. The Note provides tbr changes in the interest rate and the monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYNlENT CIIANGES (A) Change Bates Tile interest tale I will pay may change on the first day of October , 2007 , and on that day every 12th month thereal'ter. Each date on which my interest rate could chmrge is called a "Change Date." (B) The [ntle~ Beginning with the first Change Date, nay interest rate will be based ou an Index. The "Index" is the weekly average yield on United States Treasm'y LOAN NO: 569241503 VA MULTISTATE ADJUSTABLE R~kTE RIDER 'Page 1 of 3 255804634 GMACM- VRM.1594 (0401) htitiais .... 690 securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 30 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will use as a new index any Index prescribed by the Department of Veterans Affairs. The Note Holder will give me notice of the new Index. (C) Calculation of Changes' Before each Ch~mge Date, the Note Holder will calculate my new interest rate by adding Two and 00/100 percentage points ( 2 000 %) to the Current Index. The Note Holder will then round the result of this addition to tbe nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded mnount ~ ill be xny new interest rate until the next Change Date. The Note Holder will theu determine tbe anmunt of the mouthly payment that would be sufScient to repay the unpaid principal that I mn expected to owe at the Change Date in full 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) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 6.0 o c % or less than 4. o o o % Thereafter, my interest rate will never be increased or decreased on any single Change Date by raore than one percentage point (1.0%) from the rate of interest I have been paying for iht: preceding twelve months. My interest rate will never be more than five percentage points (5%) higher or lower than the initial rate. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount ~f my new monthly payment beginning on the first monthly payment date aftt:r the Change Date until the an~ount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes m my interest rate and tl-,e an~ount of my monthly payment before the effective date of any chm~ge. The notice will include information required by law to be given to me and also the title and t)lephone number of a person who will answer any question I may have regarding the notice. I,O~N NO: 569241508 VA MULT1STATE ADJUSTABLE RATE RIDER GMACM - CRM. 1594 (0401) (Fage 2 hfitials'~d____ BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Riders. (Seal) -Borrower (SeaO -Borrower (Seal) -~orrower fSeaO -Borrower LOAN NO: 569241508 VA MULTISTATE ADJUSTABLE RATE RIDER GMACM - CRM. 1594 (0401) (Page 3 of 3) -692 VA LOAN RIDER NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS OR ITS AUTHORIZED AGENT. THIS VA LOAN RIDER is made this 1st day of July 2004 , and is incoq,orated into and slmll be deemed to anlelld and .~upplement the Mortgage, Deed of Trust or' Security Deed (the '"Security lnstmn~ent") of the same date given by the undersigned (the "Bo:rower") to secure Borrower's Note to GMAC Mortgage Corporation (the "Lender")and covering the Property described in tile Security Instrument and lOcated at: 1136 Dry Creek Road CR 146 Afton, WY 83110 [Property Address] VA GUARANTEED LOAN COVENANT: In addition to tile covenants and agreements made tn the Security Instrmnent, Bcrrower and Lender ftirther covenant m~d agree as follows: If the indebtedness secured hereby is guaranteed or insured under Title 38, United States Code, such Title mid Regulat.ons issued thereunder and in effect on tile date hereof shall govern tile rights, duties and liabil!ties of Borrower and Lender. Any provisions of the Security Instrument or other instrumeuts executed in connection with said indebtedness which are inconsistent with said Title )r Regulations, including, but not limited to, the provision for payment of any sum in co~mecticn with prepayment of the secured indebtedness and tile provision that tile Lender ri:ay accelerate payment of the secured iudebtedness pursuant to Section 18 of the Security lnstrumer t, are hereby mnended or negated to the extent necessary to conform such instruments to said Title or Regulations. LOAN NO: 569241508 ' /~ .~. MULTISTATE VA LOAN RIDER //-.)' ~/ Parle1 of 3' ' ,nitials'/f_~______~.~ 255804635 GMACM - VRM.0241 {0310) 7' ,.' 693 TRANSFER OF THE PROPERTY: If all or any part of the Property or any interest in it is sold or transferred, this loan may be declared immediately due and payable upon transfer ("assmnption") of the property securing such loan to any transferee ("assumer"), nnless the acceptability of the assumption and transfer of this loan is established by the U. S. Department of Veterans Affairs or its authorized agent pursuant to 38 U.S.C. 3714. An authorized transfer.("assumption") of the property shall also be subject to additional covenants and agreements as set forth below: (a) ASSUMPTION FUNDING FEE: A fee equal to one-half of 1 percent (.50%) of the unpaid principal balance of this loan as of the date of transfer of the Property shall be payable at tim time of transfer to the .Loan Holder or its authorized agent, as trustee tbr the U. S. Department of Veterans Affairs. If the assumer fails to pay this fee at the time of transfer, the fee sball constitute an additional debt to that already secured by this instrument, shall bear interest at the rate herein provided, and, at the option of the payee of the indebtedness hereby secured or any transferee thereef, shall be immediately due m~d payable. This lee is automatically waived if the agsumer is exempt under the provisions of 38 U.S.C. 3729 (c). (b) ASSUMFI'ION PROCESSING CHARGE: Upon application for approval to allow assumption mid transfer of els loan, a processing fee may be charged by the Loan Holder or its authorized agent for deternfiaing the creditworthiness of the assumer and 'subsequently revising the Holder's ownership records wi~en an approved transfer is completed. The amount of this charge shall not exceed the maximgm established by the U. S. Department of Veterans Affairs for a loan to which 38 U.S.C. 3714~ applies. (c) ASSUMPTION INDEMNITy LIABILITY: If this obligation is assumed, then the assumer hereby agrees to assume hll of the obligations of the veteran under the terms of the instruments creating and securing the loan, including the obligation oI' the veteran to indemnii~, the U. S. Department of Ve:erans Affairs to the extent of any claim payment arising from the guaranty or insurance of the ndebtedness created by this instrument. TIIIS SPACE INTENTIONALLY LEFT BLANK LOAN NO: 569241508 MULTISTATE VA LOAN RIDER GMACM-VRM,0241 10310! Page 2 of 3 Initials~~ 694 IN WITNESS WHEREOF, Borrower has executed this VA Loan Rider. Donald E. Long Bonnie Erickson Long (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 569241508 MULTISTATE VA LOAN RIDER GMACM - VRM.0241 (0310t Page 3 of 3