Loading...
HomeMy WebLinkAbout900741Return To: NEW CENTURY HORTGA(iE C~RPORATION 8,00 yON KA,.A,. ' UITE 4000 RV NE, CA 92, 2 Prepared By: NEW CENTURY MORTGAGE CORPORATION Rt;'("~ I \/E D L.'INCOL1,J CC~!IN¥"," CL£RK --[Space Above This Li~e For Recording Data]- MORTGAGE DEFINITIONS Words used in multiple sections df this document are defin ed below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Ct:rtain roles regarding the usage of words used in this document are 'also provided in Section 16. (A) "Security Instrument" means this document, which is dated June 28, together with all Riders to this doc~ument. (B) "Borrower" is NICHAEL TRENT BOOKER 20O4 Borrower is Lhe mortgagor under ;his Security Instrument. (C) "Lender" i.s NEW CENIURY Id0RTGAGE CORPORAIION Lender is a CORPORATION organized and existing under the laws of CALIFORNIA WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY) (ooos) ~ Page 1 ol 15 Inl(rals: VMP MORTGAGE FORMS - (RO~>)521-T>_91 0001676457 Form 3o51 1/Ol Lender's address is 18400 VON KARHAN, SUITE 1000 IRVINE, CA 92612 Lender is the mortgagee under thi'~ SeCurity Instrument. (D) "Note" means the promissory note signed by Borrower and dated June 28, 2004 TheNote states thatBorrowe;ow~sLender One Hundred Fi fteen Thousand, Two Hundred and No/lO0 ' Dollars (U.S. $ 115,200.00 ~ ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in fhll not later than d u I y 1, 2034 (E) "Property" means the !~roperty that is described below under the heading "Transfer of Rights in the Property." : (F) "Loan" means the debt'evidenced 'by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this SeCurity Insurument, plus interest. (G) "Riders" means all Riders ~o this SeCurity Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [cheCk box as applicable]: ~ Adjustable Rate Rider r~ Condominium Rider ~ Second Home Rider [-~ Balloon Rider ~-~ Planned Unit Development Rider ~ 1-4 Family Rider VA Rider I I,,Biweekly Payment Rider ~] Other(s) [specify] Prepayment Rider Arm Rider Addendum (H) "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. (I) "Community AssociatiC,n Dues, Fees, and Assessments" means ',ill dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organi/ation. (J) "Electronic Funds Traesfer," means any transfer of funds, other than a transaction originated by cheCk, draft; or similar paper instrument, which is initiated through an eleCtronic terminal, telephonic instrument, computer, or magnetic tape 3o as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, 'but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiate.:l bYI telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means thos.~ items that are described in SeCtion 3. (L) "Miscellaneous Proceeds" nmans any compensation, setflement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) dmnage to, or destruction of,:the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, file value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan.. (N) "Periodic Payment" mgansi the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts trader Section 3 of this SeCurity Instrument. (O) "RESPA" means the P~eal Estate Settlement Procedures Act (12 U.S.C. SeCtion 2601 et seq.) and its implementing regulation, RegulaSon X (24 C.F.R. Part 3500), as riley might be amended from time to time, or any additional or successor legislation or regulation that governs the same subjeCt matter. As used in this Security Instrument, "RESPA" refers to-all requirements and restrictions that are imposed in regard to a "federally related mortgage loan' even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. ~-6(WY) Page 2 of 15 ~iZ) 0001676457 Initials: Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has taken tide to the Property, whether or not that party has assumed Borrcwer's obligations under the Note and/or Otis Security Instrument. TRANSFER OF RIGHTS IN THr3 PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all reneWals, extensions and modifications of the Note; ?~md (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY i of LINCOLN : [Type of Reco'ding Jurisdiction] [Name of Recordh~g lurisdiction] SEE LEGAL DESCRIPTION ATTACHED HERETO AND ~tADE I PART HEREOF. Parcel ID Number: 12-3518-~31-2-06-02800 449 VISTA DRIVE , THAYNE ("Property Address"): which currently has the a&kess of IStreetl [Cityl , Wyoming 83127 [Zip Coael TOGETHER WITH all thelhnprovements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now :or hereafter a part of the property. All replacements and additions shall also be covered by tiffs Security instrument. All of the foregoing is referred to in this Security Instrument as file "ProPerty." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has file right to mortgage, graft and convey the Property and that the Property is unencumbered, except for encumbrances of record. B~rrower warrants and will defeml generally the title to the Property against all claims and demands, subject to any encumbrances of record. THiS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. 'UNIFORM COVENANTS,' Borrower and' Lender covenant and agree as follows: i. 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 laie ch~trges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Paymen£3 due under the Note and this Security Instrument shall be made in currency. However, if any ~:heck: or other instrument received by Lender as payment under the Note or this ~T~ 0001676457 Initlal~: I~-6(WY) (goos) Page 3 of ~5 Form 3051 1/01 : Security Instrument is returned to' Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this S.ecmity Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money o?der; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is dra.wn upon an institution whose deposits are insured by a federal agency, instrumenlality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may bd' designated by Lender in accordance with the notice provisions· in Section 15. Lender may return any payment o? partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender mayl accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights h~retinder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not o'oligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as o:f its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until 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 return. them to Borrower. If not applied ~lier, such funds will be applied to the outstanding principal balance under the Note immediately prior.to fcreelosure. No offset or claim which Borrower might have now or in the future against Lender shall rE liev'e Borrower from making payments due under the Note and this Security Instrument or performing the :ovenants and agreements secured by this Security Instrument. 2. Application o1' Payment,,; .or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Len¢ier shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the. order in which it became due. Any remaining amounts shall be applied first to late charges, second to any o[her ~unounts due under this Security Instrument, and then to reduce the principal balance of the Note. . If Lender receives a p.iyment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments fi, and to the extent that, each payment can be paid in full. To file extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess'may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due dale, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of mnounts due for: (a) taxes and assessments and other' items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and 'all insurance require~l by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisious of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fmnisk' to Lender 'all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds fOr ESCROW Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay direcfly, when an~ where payable, file amounts due for any Escrow Items for which payment of 0001676457 Form 3051 (~6(WY) (goos) Page 4 O| ~§ 1/01 Funds has been waived by L~nder and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for' all purposes be deemed to be a covenant and agreement.contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. if Borrower is obligated to pay Escrow Items directly, pursu[mt t(~ a waiver, and Borrower fails to pay the amount due for an Escrow item, Lender may exercise its fights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice .given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and ~iil suCh amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum anmunt a lender can require under RESPA. Lender shall estimate the amount of Funds due on the 'basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accor 'dance with Applicable Law. The Funds sh',dl be held in ai~ 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 any Federal Home Loan Bank. Lender shall aptly me Funds to pay the Escrow Items no later 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 Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless tm agreement is made in writing or Applicable Law requires interest to be [:aid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Bom wer and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordante with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the mnount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there's a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as requked'by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all. sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held b)Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, ff any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrawer is performing such agreement; (b) contests Ihe hen in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's op~mon 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 satisfactory to Lender subordinating the hen to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security ~nstrUment, Lender may give Borrower a notice identifying the lien. Within 10 (~I~-6(WY) (ooo5) Page 5 o! 15 0001676457 Form 3051 1/01 days of the date on which that notice is given, Borrower shall satisfy the lien or rake one or moro of the actions set forth above in this Section 4. Lender may require BorrOwer to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connectiop with this Loan. S. Property Insurance. Borrower sh',dl keep the improvements now existing or hereafter erected on the Property insured against loss By fir6, hazards included within the term "extended coverage," and any other ha?.ards including, but not lm~ited ;.o, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and tbr the periods that Lender requires. What Lender require~ purshant to the preceding sentences can change during the term of the Loan. The insurance carrier providi-~g thc insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, wi:ich right shall not be exercised unreasonably. Lender may require Borrower to pay, in connecticn witn this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent chargesl each time remappings or similar changes occur which reasonably might affect such determination or cerlification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency; Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower falls to maintain' any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equit? in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost Of the .insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have. obtained. Any mounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbu~:sement and shall be payable, with such interest, upon notice from Lender to Borrower requesting paym(nt.- All insurance policies re:quired by Lender and renewals of such policies shall be subject to Lender's right to disapprove such poticies, '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, such policy shall include a standard mortgage clause and shall name Lender as mortgagee an.d/or aa an additional loss payee. In the event of loss, Bet. rower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made p.,omptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proc, ex ds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repztr of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds .until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lendzr's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such in. surance proceeds, Lender shall not be rexluired to pay Borrower any interest or earnings on such proceeds. F,~s for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds md shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied LO (~-6(WY) Cocos) Page 6 ol 15 Form 305'1 '1/0'1 the sums secured by this Secu['ity Ingtrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeAs 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 t¥om Lender that the insurance carder has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is give~. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns td Lender (a) Borrower's tights to any insurance proceeds in an mnount not to exceed file amounts unpai:l under the Note or this Security Instrument, and CO) any other of Borrower's fights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies coveting the Property, nsoftu' 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, whetaer or not then due. 6. Occupancy. Borrower Shall occupy, establish, and use the Property as Borrower's principal residence within 60 days 'after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's prialcip'al residence' for a~, least one year after the date of occupancy, unless Lender otherwise agrees in wriung, which consent sht, ll not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrowgr's ccntrol. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Prope:ty, '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 or alex':teasing in value due to its condition. Unless it is determined pUrsuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioratton or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the laking of, the Property, Borrower shall be responsible for rep'firing or restoring the Property only ff Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance o~- condemnation proceeds are not sufficient to repair or restore file Property, Borrower is not relieved of Bcrrower"s obligation for 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 mas: inspect file interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during file Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representatons concerning Borrower's occupancy o1' the Property as Borrower's principal residence. 9. Protection of Lende'r's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, Co) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Secutity Instrument (such a~ a proceedh~g in ba~flcruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain ptiotity over this Security Instrument or to enforce laws or regulations), or (c) Borrower has .abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to pro~ect Lender's interest in the Property and rights under this SecUrity Instrument, including protec~g and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can ihclude, but are not limited to: (a) paying any sums secured by a lien which has priotity over this S~curity. Instrument; Co) appearing in court; and (c) Paying reasonable Page 7 el 15 initials: [e~'~ 01301676457 Form 3051 1/01 attorneys' fees to protect its interest:in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change lacks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities mined on or off. Although Lender may take action hnder this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. 'It is apreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any mounts disbursed? by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Inst'ument. These amounts shall bear interest at the Note rate from file date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee rifle to the Property, the leasehold and the fee title shall not merge unless Lender 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 reason, the Mortgage Insurance cove,:age required by Lender ceases to be available from file mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums lbr Mortgage' Insurance, BorrOwer shall pay the premiums required to obtain coverage substantially equivalent to thc. Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the 'Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially' equivaient Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Ix:nder will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insuranze. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, :md Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the'premiums for Mortgage Insurance. If Lender required 'Moi'tgage Insurance as a condition of malting the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's require, men. for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender pro¢iding 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 Note. Montage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on 'all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on 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 make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained frmn Mortgage Insurance premiums). As a result of these agreemer~ts, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characteriz, ed 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 st~are of the insurer's risk in exchange for a share of the premiums paid to the insure~, the arrangement is open termed "captive reinsurance." Further: (a) Any such agreements will not atIect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not h~crease the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~-6(WY) (0005) Page 8 ol 15 0001676457 Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under '~.he H~meowners Protection Act of 1998 or any other law. These rights may include the right to receive cert'ain disclosures, to request and obtain Cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Misceltimeous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid ¢o 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 ectnomically feasible and Lender's security is not lessened. During such repair and restoration .period~ Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbur:gemert or in a series of progress payments as the work is compleled. Unless an agreement is made in writing or A~plicable Law requires interest to be paid on such Miscellaneous Proceeds,' Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shah be applied to the sums secured by this Security Instrmnent, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total ~aking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums Secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partii~l lakiing, destruction, or loss in value of the Property in which the fair market value of the Property imme4,iately' before the partial taking, destruction, or loss in value is equal to or greater than the amount of file su~as sex:uteri by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall ke reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the to-al amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) ~e fair market value of the Property immediately before file partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial tak!ng, destruction, or loss in value of the Property in which the fair market value of the Property immtdiate!y before the partial taking, destruction, or loss in value is less than the amount of the sums secured im:nediately before the partial taking, destruction, or loss in value, unless BorroWer and Lender other"vise agree in 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 def'med in file nex! sen~nce) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 ~ays 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 file sums secured by this Security Instrument, whether or not then due. "Opposing Party" means file third party that owes Borrower Miscellaneous Proceeds or the pa~'ty against whom Borrower has a right of action in regard to Miscellaneous Proceeds. : Borrower shall be in ~lefault if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this 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 ar rights under this Security Instrument. The proceeds of any award or claim for 'damages that are auributable ito the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender.' All Miscellaneous Proceeds that are not applied to' restoration or repair of the Property shall be applied in the order provided for in 3ection 2. (~-6(WY) : ' Paoe 9of 15 1/01 ~.,i.~.:/~-~ 0001676457 Form 3051 I:Z. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amorSzatiqn of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in ~nterest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Boirowe~'. Lender shall not be required to commence proceedings against any Successor in Interest of Borrowe~i or to refuse to extend time for payment or omerwise modify amortization of the sums secured by mis Secu;;ity Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrov,er. Any forbearance by Lenaer in exercising any right or remedy including, without limitation, Lender'g acceptance of payments from mira persons, entities or Successors in Interest of Borrower or in amounts lc.its man me amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liahility;iCo-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liabiliTM shall be joint and several. However, any Borrower who co-signs mis Security Instrument but does not execute me Note (a "co-signer"): (a) is co-signing mis Security Instrument only to mortgage, grant and convey the co-signer's interest in me Property under the terms of mis Security lnsnnment; Co) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees mat Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or me Note wimont the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and 'benefit~ under mis 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. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for me purpose of protecting Lender's interest in the Property and rights under mis Security Instrument, including, but nm limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, me absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed a~ a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by mis 5'ecurity Instrument or by Applicable Law. If the Loan is subject to ;( law which sets maximum loan charges, and mat law is finally interpreted so that the interest or other loan ;barges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any sach loan charge shall be reduced by me amount necessary to reduce me charge . to the permitWxl limit; and CO) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make mis refund by reducing the principal owed under the Note or by making a diro;t payment to Borrower. If a refund reduces principal, me reduction will be treated as a partial prepayme1~t' witaout any prepayment charge (whether or not a prepayment charge is provided for under the Note).' t:,Orro;¥er's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any ?ight Of action Borrower might have arising out of such overcharge. 15. Notices. All notices given DY Borrower or Lender in connection with mis Security Instrument must be in writing. Any notice to Borrower in connection with mis Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice ad&ess if sent by other means. Notice to any one Borrower shall constitute notice to 'all Borrowers unless Applicable Law expressly requires otherwise. The notice ad&ess shall be the Property Ad&ess unless Borrower has d&signated a sdbsfitk~te notice ad&ess by notice to Lender. Borrower shall promptly notify Lender of Borrower's change;of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of ad&ess through mat specified procedure. There may be only one designated notice ad&ess ~;mder this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or l~'y mailing it by first class mail to Lender's ad&ess stated herein unless Lender has designated another ad&es~ by n;otice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. ' · , ,~,,,,a,~: ~'~'~ 0001676457 ~ Page 10 ol 15 Form 3051 1/01 r~ 16. Governing Law; S ~veratiility; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the:jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrum,ent are subject to any requirements and limitations of Applicable Law. Applicable Law might explk itly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be ccnstruqd as a prohibition against agreement by contract. In the event that any provision or clause of this S{x:urity Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions Of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words' of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; ahd (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shtdl be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of whic'h is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the. Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may requke immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Il~ Lender exercises th~s 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 in accor 'dance with Section 15 within which Borrower mus[ pay ~11 sums secured by this Security Instrument. If Borrower fails to pay these stuns prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without furlher notice ar demand on Borrower. 19. Borrower's Rigkt to Reinstate After Acceleration. I1' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five dlys before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such Other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender ~1 sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing th~s Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose, of protecting Lender's interest in the Property and rights under this Security Instrmnent; and (d) takes such. action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation [o pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and e~penses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any sucl~, check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligatiens secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change o~' Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secarity Iastrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Lom~ Servicer") that collects Periodic Payments due under'the Note and this Security Instrmnent and performs other m9rtgage loan servicing obligations under the Note, this Securily Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA rexluires in connection with a (~-6(WY) (0005) Page 11 c)115 tnilials :/~ '~ 0001676457 Form 3051 1/01 notice of transfer of servicing. If ,~he Note is sold and ther 'eafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a ~uccessor Loan Servicer and are not assumed by ate Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender m~y commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that 'alleges that th~: other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective acnon. If Apphcable Law provides a time period which must elapse before certain action, can be taken, that time period will be deemed to be reasonable for purposes of this paragraph, qhe netice 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 opportunir~ to take correcuve 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 substances, pollutants, or wastes by Environmental Law and the following substances: gasoline,,kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means fe~ieral laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal act on, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or m the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of sm'dl q aannfies of Hazardous Substances that are generally recognized to be appropriate to norm~fl residential uses and to maintenance of the Property (including, but not limil~ to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental 3r regulatory agency or private party involving the Property and any t ~tazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not li~nited to, any-spilling, leaking, discharge, release or flzreat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversel.y 'affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory anfl~ority, or any private party, that any removal or other remediafion of any Hazardous Substance affecting the ]!'roperty i.s necessary, Borrower shall promptly take all necessary remedial actions in accordance with E~viron;.nental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~II~§(WY) (0.o05) Page 12 of 1 Ii 0001676457 Form 3051 1f01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant 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 Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the d'~te specified in the notice may result in acceleration of the sums secured by this Security Instrument and sa~e of the Property. The notice shall further inform Borrower of the right to reinstate after acceleratit.~n 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 before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remei~ies permitted 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 casts of title evidence. If Lender invokes th~ power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if dilTerent, in accordance with Applicable Law. Lender shall give notice o¢ the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee ma), purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 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. Borrower releases and waives 'all rights under and by virtue of the homestead exemption laws of Wyoming. (~}~-6(WY) (ooos) page ~3 o! 15 0001676457 Form 3051 1/01 BY SIGNING BELOW, ,Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: bIICHAEL TRENT BOOKER -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower II~}~6(WY} (ooo5) Page 14 of 15 0001676457 Form3051 1/01 STATE OF WYOMING, L ±nc o in The foregoing instrument was acknowledged before me this 30 th by bl±chael Trent Booker day of -.,. 7:],3 County ss: June, 200/4 My Commission Expires: February 2, 2006 ~ ~ · NOTA,rff PUBLIC ] Notary Public Page 15 gl 15 inliial$:~T¢ ooo1§7§457 Form 3051 1/01 z. 734 LEGAL DESCRIPTION Lot 7 of Star Valley Ranch ~Pla~ l 0, Lincoln County, Wyoming as described on the official pla! thereof. Loan Numbe~0001676457 PREPAYMENT RIDER ADJUSTABLE RATE LOAN This Prepayment Rider is made this 28th day of June 2004 and is incorporated into and shall be deemed to amend and supplement the Promissory Note (the "Note") and Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigaed (the ".BOrrower") to secure repayment of Borrower's Note to NEW CENTURY MORTGAGE (;ORPO~ATION (the"Lender"). To the extent that the pr~visions of this Prepayment Rider are inconsistent with the provisions of the Note and/or Se~mrity Instrument, the provisions of this rider shall prevail over and shall supersede any such inconsistent provisions of the Note and/or Security Instrument. In addition to the covenants and agreements made in the Note and Security Instrument, the Borrower and Lender further covenant and agree as follows: 5. BORROWERS RIGHT: TO PREPAY I have the right to ,make prepayments of principal any time before they are due. A payment of principal only is known as a "prepayment". When I make a prepayment, I will tell the No.':e Holder in writing I am doing so. The Note Holder will use all of my prepayments to reduce the amount of principal that I owe under this Note. If I make a partial prepayment, there will be no changes in the due dates of my monthly payments unless: the Note Holder agrees in writing to those changes. My partial prepayment may reduce the amount of my monthly payments after the first Change Date following my partial prepayment. If within 2 year(s) from the date of execution of the Security Instrument, I make a full prepayment or, in certain cases a partial prepayment, and the total of such prepayment(s) in any 12-month period exceeds TWENTY PERCENT (20%) of the original principal amount of this loan, I will pay a prepayment charge in an amount equal to the payment of 6 months advance interest on the amount by which the total of my prepayment(s) within that 12-month period exceeds TWENTY PERCENT (20%) of the original principal amount of the loan. BY SIGNING BELOW, Borrower containe,d in this Prepayment Rider. HICHAEL TRENT BOOKER accepts and agrees to the terms and covenants NCMC Generic Prepayment Rider RE 103 Revised (020800) RE-103JId JP 0~17t)2 ADJUSTABLE RATE RIDER (LIBOR Six-Month index (As Published In The Wall Street Journal) - Rate CaPs) Z YEAR RATE LOCK THIS ADJUSTABLE RATE RIDER is made lhis 28th day of June 2004 , and is incorporaw..d into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security i'!nstr~ment") of the same date given by the undersigned ("Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to NEW CENTURY HORTGAGE CORPORATION ("Lender") of the same d~te and covering the property described in the Security Instrument and located at: 449 VISTA DR;~.VE, THAYNE, WY 83127 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT BORROWER'S INTEREST RATE CAN CHANGE AT ANYONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addidon to the covenants and agreements made in the Security Instrument, Borrower and Leander further covenant and agree as follOws: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for ~ initial interest rate of 6.8250 %. The Note provides for changes in the interest rate and the. monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of J u I y '200 fi - and on that day every 6th month thereafter. Each date on which my interest rate could chang~ is called a "Change Date)' MULTISTATE ADJUSTABLE RATE RIDER-LIBOR SIX-MONTH INDEX STREET JOURNAL) -Single Family-Fannie Mae Uniform Instrument (~838R (0006) Form 31~3.~01 Page 1 of 4 ' Initials; VMP MORTGAGE FORMS-(~00)521-7291 0001676457 (AS PUBLISHED IN THE WALL (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 for six month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs is called the "Current Index." If the Index is no loni,~er available, the Note Holder will choose a new index that is based upon comparable information. The Note.Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date: the Note Holder will calculate my new interest rate by adding F i ve and F i fty-F i ve Hundredths percentage points ( 5.5 5 0 0 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-e:.ghthlof one percel~tage point (0.125%). Subject to the limits slated in Section 4(D) below, this rounded amount V¢ill be my new interest rate until the next Change Date. The Note Holder will lhen ~:etermine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantizlly 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 8.3250 % orlcssthan 6.8250 %. Thereafter, my interest rate will never be increased or decreased o, any single Change Date by more than One and One-Ha I f percentage points ( 1.5 0 0 %) tram the rate of interest I have been paying for the preceding 5 months. My interest rate will never be greater than 13. 8250 %. (E) Ettective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rote and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and aiso the tide and telephone nmnber of a person who will answer any quesdon I may have regarding the notice. ~838R (0006) Page 2 of 4 Initials:}~'~T~ O001676457 Form 3138 1101 '737 B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of the S~mity Instrument is amended to read as follows: Transfer of the Prqperty 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 benefici~l interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or ff Borrower is not a namrH person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent~ Lender may require immediate payment in full of all sums secured by this Security I;ustrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be sul~mit~ecl to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and Co) Lender reasonably determines that Lender's security will not be hnpaired bY the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condi'tion to Lender's cohsent to the loan assumption. Lender 'also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreemgnts made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Secuhty Instrmnent unless Lender releases Borrower in writing. If Lender exercises thle option to require immediate payment in full, 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 giwen 'in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of.this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or (,emand on Borrower. ~oa8" (ooo6) 0001676457 Page 3 of 4 Form 3138 1/01 738 BY SIGNING BELOW, Borrower accepts and agrees to fl~e terms and covenants contained in this Adjustable Rate Rider. (s~) (Sea~) NICHAEL TRENT BOOKEII -B0rrowe~ -Borrowe~ (Se-d) (S~) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (s~) (sea~) -Borrower -Borrower (~838R (0006) Page 4 of 4 0001676457 Form 3138 1/01 Loan Number 0001676457 ADJUSTABLE RATE RIDER ADDENDUM "(Libor Index - Rate Caps) This Adjustable Rate Rider is made this 28th day of June 2004 and is incorporated into and shall be deemed to amend and supplement the Promissory Note (the "Note") and Mortgage, Deed of Trust or Security Deed (the "Security Instrument") and Adjustable 'Rate Rider (the "Rider") of the same date given by the undersigned (the "Borrower") to secure repayment of Borrower's Note to NEW CENTURY HORTGAGE CORpOF. ATION · (the "Lender"). Property securing repayment of ~.he Note is described in the Security Instrument and located at: 449 VISTA DRIVE , THAYNE, WYONING 83127 (Property Address) To the extent that the provisions of this Adjustable Rate Rider Addendum are inconsistent with the provisions of the Note and/or Security Instrument and/or Rider, the provisions of. this Addendum shall prevaii over and supersede any such inconsistent provisions of the Note and/or Security Instrument and/or Rider. In addition to the covenants and agreements made in the Note, Security Instrument, and Rider, Borrower and Lender further covenant and agree as follows: 4. (D) LIMITS ON INTEREST RATE CHANGES The interest rate ! am required to pay at the first change date will not be greater than a. 3250 % or less than 6. 8250 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than Dna and 0ne-Hal f percentage point(s) ( 1. 500 %) from the rate of interest I have been paying for the preceding 6 months. My interest rate will never be greater than 13.8250 ~% or less than 6.8250 %. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider Addendum. NICHAEL TRENT BOOKER New Century Mortgage RE 102 (082296 ridmin.lfd JP 0§17132