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HomeMy WebLinkAbout90084930732 (01) 9008k 9 RECEIVED tll',]C!:')! f.!' (X) U[',!TY C3LERI< ArierRecording Renlrn To: FIRST BANK OF IDAHO, D/B/A FIRST BANK OF P.O BOX 12860 JACKSON, WY 83002 FSB Tf[E TETONS BOOK 5Uln [Space Above This Line For Recording Datal ALLEN MIN: 100174102000010340 PIN #: 35183120206800 DEFINITIONS Words used in multiple sectim:s of this document are defined below and other words are defined in Sections 3, I 1, 13, 18, 20 and 21. Certain rules regarding the usage of words'used in tiffs document are also provided m Section 16. (A) "Security Instrument" m~ans this docmnent, Milch is dated together with all Riders to this 'locmnent. (B) "Borrower"is VIRGZNIA B. ALLEN, ~ ~RRIED ALLEN, ~ ~RRIED ~'.~ JUNE 28, 2004 WOMAN ~ MICHAEL Borrower is the mortgagor nnd:;r this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systenm, Inc. MERS is a separate coq)oration that is acting solely as a nonfinee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Secnrity Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" ~s FIRST BA/q-K OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS Lender is a CORPORATION o~ganized and existing under the laws of ID/LI-IO . Lender's address is P.O.BOX 12 8 60 / 170 E BROADWAY JACKSON, WY 83002 (E) "Note" means the promissory note signed by Bon-ower and dated d-Ulq'E 2 8, 2 0 04 The Note states that 'Borrower owes Lender ONE HUlhrDRED TWO THOUSAND AND 00/100 Dollars (U.S. $ 102,000.00 ) phis interest. Borrower has promised to pay ibis debt ia regular Periodic Paymenls and to pay the debt in fidl not later than AUGUST 1, 2034 (F) "Property" means the proPerty that is described below under the heading "Transfer of Pdghts in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayn~ent charges and late charges title under the Note, and all stuns dfc under this Security Instrument, phis iotcrest. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTIiUM ENT F,rm 3051 1/01 DOCLIKWYI (Page I of13 pageO DOCUKWYI .VTX 10/17/2002 0. 0084 !97 494013089 (H) "Riders" means all Riders ~to this Secn'rity Instrument that are exectlted by Burrower The following Ride,'s are to be executed by Borrower [ch6ck box as applicable]: [] Adjustable Rate Rider [] Balloon Rider [] 1-4 Fanfily Rider [] Condominium Rider [] Planned Unit Develc pme,n Rider [] Other(s) [specify] [] Second Home Rider [] Biweekly Payment Rider (I) "Applicable Law" means all cont~'olling applicable federal, sla~e 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 oplmons. (a) "Cornmunity Association Dues, Fees, and Assessments" means all dues, fees, assessments aud other charges that are imposed on Borrowe[ or the Property by a condommimn association, homeowners association or sinnlar orgalfization. (K) "Electronic Funds Transf:~r" means any transfer of lhnds, other than a transaction originated by check, draft, or sinfilar paper insnmnent, which is initiated flrrough an electronic temmml, lelephonic insmnnent, cmnputer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not linfited to point-of-sale transfers, automated teller machine transactions, tm'nsfers initiated by telephone, wire txansfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" nreans any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurm:ce proceeds paid under the coverages described in Section 5) for: 0) damage to, or desm~ction of, the Property; (ii) condemnation or other taking of all o~ any part of the Property; (iii) conveyance in lieu of conden-mation; or (iv) nfisrepresentations or; or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insm-ance" means insorance protecting Lender against lbe nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amotmt due tbr (i) principal and interest under the Note, plus (ii) any amounts under Se=ztion 3 of this Security Instrument. (P) "RESPA" means file Re,'.l Estate Settlement Procedures Act {12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended fi'mn time to time, or any additional or successor legislation or regmation that governs the same subjecl nmtter. As used in lhis Security Instnunent, "RESPA" refers to all requirements and resn'ict'ions that are m~posed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest o5' Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/m this Security Instrument. T1L~NSFER OF RIGHTS IN '['HE PROPERTY This Security Instrument secmies to Lender: (i) tile repayment of tile Loan, and all renewals, extensions and modifications of the Note; amt,.(ii) the perfommnce of Borrower's covenants and agreemems under this Secnrity Instnmlent and the Note. Fol' tlfis purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as notninee for Lender and Lender:s successors and assigns) and to the successors and assigns of MERS, and Lender's successors and assigns, with Power of sale, the following described property located in the COUNTY [ of' LINCOLN (Type of Recording Ju,-isdiction) (Name of Recording Jurisdiction) : LOT 67, STAR VALLEY RANCH, PLAT 10, ACCORDING TO THAT PLAT FILED IN THE OFFICE OF COUNTY CLERK, LINCOLN COUNTY, WYOMING. which currently has the address of 17 5 SUGARLOAF DRVIE THAXrN'E ,Wyonfing 8 3 1 2 7 [City] [Zip Code] WYOMING - Single Family - Fannie Mae/Frethlie Mac UNIFORM INSTRUMENT nocurw¥2 (Page 2 of 13 tmgeO x)oc~x~.wx xo/x~/~ooa [Street] ("Property Address"). Form 3051 1/01 494013089 TOGETHER WITIt all lhe imp,'o,<ements now or hereafter erected on lhe property, and all. easements, appurtenances, and fixtures now or herealler a part of the property. All replacements anti additions shall also be covered by this Security hmtrument All of the foregoing is referred to ii] this Security hmtq-unrent as lhe "Property." Borrower understands and agrees :hat MERS holds ouly legal title ~o the interests granted by Borrower m this Security Instrulnent, but, ifnecesshry to comply with law or custom, MERS (as nominee fi)r Lender and Lender's successors and assigns) has the'ri!~.'ht: to exercise any Ol- all of those m~erests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling tiffs Security Inst-mnent. BOiTROWER COVENANTS that Borrower is lawfislly seised of the estate hereby conveyed and has tire right to mortgage, gram and ccnv.,ey the Property and the! the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY Ii',ISTRUMENT combines uniform covenants for national use and non-u,rilbnn covenants with limited variations by jurisdiction to constitute a unilbrm security iustmmeut covering real property. UNIFORM COVENANTS. Borrower arid Lender covenant and agree as follows: l. Paymeut of Principal, Interest, Escrow Items, Prepaymeut 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 trader the Note. Borrower shall also pay fimds for Escrow Items pursua,rt to Section 3. Payments due under fire Note a:ld this Secm'ity Instrumeut shall be made in U.S. currency. However, if any check or other instrument received by I~ender as payment under the Note or tilts Security Instrument is returned to Lender unpaid, Lender may require flint auy or all subsequent payments due under lhe Note and this Security Instrument be made in one or more of the fohowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a l;edervl agency, instrmnentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received al the location designated in the Noie or a~ such other location as may be designated by Lender tn accordance with Ihe uotice provisions m Section 15 Lender may return any payment or partial payment it' the pay~nent or partial paymeuts are insufficient to bring the Loan cmrent. Lender may accept any payment or partial payment insufficient to bring the Loan curreut, without waiver of any rights hereunder or prejudice to its rights to refiise such pasqnent or partial payments ill the fimire, but Leuder obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on mmpplied t:tmds Lender may hold such unapplied fimds until Borrower nmkes payment to bring the Loan current If Borrower does riot do so within a reasonable period of time, Lender shall either apply such fimds or remm them lo Borrower. If not applied earlier, such limds will be applied to file outstanding principal balance under the Note mmlediately prior to. tbreclosnre. No offset o,' claim which Borrower might have now or m the fi~ture against Lender shall relieve Bmr'ower fi'om making payments due under fire Note and this Security Instrument or perfbrmiug the covenants and agreements secured by this Security Insmunent. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all pay~nents accepted and applied by Lender shall be applied in tire following order of priority: (a) interest due under the Note; (b) principal due tinder the Nme; (c) amounts due nnder Section 3. Such payments shall be applied to each Periodic Paynrent in the order iii which.it Lecame due. Any remaining amounts shall be applied firsl to late charges, second to any other amounts due undm this Security l,~strument, and then It) reduce the principal balance of the Note. If Lender receives a payment flora Borrower for a delinqttent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nmy be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply auy payxnent received fi'om Bon-ower to the repayment of the Periodic Payments il:; and to the exteut tlrat, each payment can be paid in fifll. To the extent flint any excess exists after the pay-.neht is applied t'o the fidl paymeut of oue or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges arid then as described in the Note. WYOMING - Single Family - Fannh: Mie/Freddie Mac UNIFORM INSTRUMENT Form 3051 1101 Docu~w¥3 (Page $ of 1 $ page.O DOCUKWY3 .VTX 10/17/2002 49~t013089 Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due trader ibe Note shall not ex tend or postpone the dne date, or change the amotmt, of the Periodic Payments. 3. Funds for Eseros~ Items. Bon-ower shall pay to Lender on the day Periodic Payments are due nnder the Note, ontil the Note is paid in fidl, a sum (the "Funds") Io provide i'or pa)qnenl of amotmts due for: (a) rexes and assessments and other items v.'hich can attain priority over this Secu! Sty Instrtmient as a lien or encumbrance on the Property; (b) leasehold payments, or ground rents on die Property, if any; (c) p, enfiun~s lbr any and all insurance required by Lender under Se¢ti~m 5; and (d) Mortgage Insurance premiums, if any, or any sttms payable by Bon'ower to Lender in lieu ot thQ pa)qnem of Mortgage Insurance premiums in accordance with lhe provisions of Section 10. These items are called "Escrow Items." At origination or at any time dmmg the term of Ihe Loan, Lender may require that C0mmmity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escroxv Item. Bo~ rower shall promptly fi~rnish to Lender all notices of amounts to be paid under this Section. Bon'ower shall pay Lender the Funds for Escrow Items unless Lender waive~ Bon'ower's obligatior tie pay the Funds roi- any or all Escrow Items. Lender may waive Boirower's obligation to pay to Lender Ftmds for any or all Escrow Items at any time. Ally such 'waiver may only be in writing. hr the event of such waiver, B.mT0wer shall pay directly, when and where payable, the amounts due lbr any Escrow Items for which payment of ~ur!ds h'as been waived by Lender and, if Lender requires, shall fin-nisb to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide :ecdipts shall for all proposes bc deemed to be a covenant and agreement contained in this Security Instrnment, as the Fhrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower l~lils lo pay the amount due for an Escrow Item, Lender nmy exercise its right~ under Section 9 and pay such amount and Borrower shall lhen be obligated tinder Section 9 to repay to Lender t, ny such amount. Lender may revoke the waiver as to any or all Escrow Bents at any time by a notice given in accc, r&mce with Section 15 and, npon such revocation, Borrower shall pay to Lender all Funds, and in soch amounts,'tl-:at are then required under this Section 3. Lender may, at any time, collect and lmld Funds in an amount (a) sufficient to permit Lender to al)ply the Funds at the tirne specified m der RESPA, and (b) not to exceed the maximum amount a lender can require nnder RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of filture Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by. a federal agency, instcumentalily, or entity (including Lender, it' Lender is an institution whose deposits are so insured) or in any Federal Home Loao Bank. Lender shall apply the Funds to pay the Escrow Items no later lhan tile time specified trader 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 Fnuds and Applicable Law pemfits Lender to make such a charge. Unless an agree~nent is made in writing or Applicable Law requires interest to be paid oo the Ftmds, Lender shall not be required to pay Borrower any interest or earnings on the Ftmds. Bon-ower and Lemle~ can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA. If there is a surplus cf Funds held in escrow, as defined trader RESPA, Lender shall accotmt to Borrower tbr the excess funds in accordance with ID~SPA. If there is a shortage of Funds hekl in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender tile amount necessary to make up the sbortage in accordance with RESPA, but iix no more than 12 moothly paymenls. I f there is a deficiency of Ftmds lield in escrow, as defined nnder RESPA, Lender shall notify Borrower as reqoired by RESPA, and Borrower shall pay,. to Lender the amooot necessary to make up the deficiency in accordance with ) IO2SPA, but in ilo more than 1 ~ monthly payments. Upon payment in fu!l Of all sores secured by this Seem'sty Inslrt,ment, Lender shall promptly retired to Borrower any Funds held by Lsnt er. 4. Charges; Liens. Egon~owcr sball pay all taxes, assessments, charges, fines, and impositions attr'ibntable ' to the Properly which can attain 9riority over this Security hlstrument, leasehokl payments or ground rents on tire Property, if any, and Conununity Association Dues, Fees, and Assessments, if any. 3'0 tbe extent that these items are Escrow Items, Borrower shall pay them m the rammer provided in Section 3. Borrower shall promptly discharge any lien wlfich has priority over this Security Instrun~erit unless Bon'ower: (a) agrees in writing ~o the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as .3orrower is performing such agreement; (b) contests the lien in good l:aitb by, or WYOMING - Single Family - Fanme Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOClJK%VY4 (Page 4 of 13 pages) DOCUKWY4 .VTX 10/17/2000 494013089 defends against enforcement (:f the lien in, legal proceedings which in Lender's opinion operate lo prevent ,be enforcement of the lien while ~hose proceedings are pending, but only until such proceedings are concluded; or (c) secnres fi'om the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deterlnir.~s ithat any part of the Property is subject to a lien which can at,am priority over tlfis Security Instrument, Lender may give Borrower a notice.identifying tile lien~ Within 10 days of the date on wlfich that notice is given, Bon'ower i;hall satisfy the lien or tike one or more of the actions set forth above ill this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting stow'ce used by Lender in compaction with this Loan. 5. Property Insurance., Bm'rower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards mch, ded within tile term "extended coverage,, and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires msnrance. This insnrance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the prec?l!ng sentences can change during the term of the Loan. The insurance career providing fire insnrance shall be chosen by Bon'ower subject to Lender's right to disapprove Borrower's choice, which right shall not be exerci~ediunreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge ibr~ flood zone determination, certification and tracking services; or (b) a one-time charge lbr flood zone detemfination and certification services and subsequent charges each time remappings or sinfilar changes occur which reaionably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Managmneut Agency ill comrection with the review of any flood zone deternfination resulting flora all objection by Bo,-rower. If Borrower fails to maintain any of the coverages described above, Lender nmy obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any partict, lar type or amount of coverage. Therefore, such ,,:overage shall cover Lender, but might or nfight not pt'otect Bon-ower, Borrower's equity in the Property, or the cr~ntents of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previ0nsly in effect. Borrower acMlowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amonnts disbursed by Lender under ti, is Section 5 shall become additional debt of Bmxower secured by this Secm-ity lnstrmrrent. Tliese amounts shall bear interest at the Note rate fi'om the date of disbnrsement and shall be payable, with such interest, upon notice £rom Lender to Borrower requestii~g payment. All insurance policies' required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shi:ll include a standard mortgage clause, and shall name Lender as mol~tgagee and/or as an additional loss payee. Lende:r shall have fl~e right to hold the policies and renewal certificates. If Lender reqnires, Bolxower shall pro~nptly give ~o Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not ofl~erwise reqnired by Lender, for damage to, or destruction oi; the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insnrance cartier and Lender. Lender nmy make Proof of loss if not made promptly by Borrower. Unless Lender and Bm-cower otherwise agree ill writing, any insurance proceeds, whefl~er 07 not the Underlying insurance was rcqnired by Lender, shall be applied to restoration or repair of tim Property, if the:~restoration or repair is economically feasible and Lender's security is not lessened. Durh~g such repair and restoration period, Lender shall have fl~e right to hold such insurance proceeds until Lender has had an opportunity to insI act such Property to ensure tbe work has been completed to Lender's satisfaction, provided that such inspection.shall be undertakeu promptly. Lender may disburse proceeds'for tim repairs and restoration in a single paynrent or in a series of progress paymenls as the work is completed Unless an agreement is made in writing or Applicable Law reqnires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other flnrd parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, tile insurance proceeds shall be applied to the sums secured by this Security lustnunent, whether or not then due, with tim ex.tess, if any, paid to Bon-ower. Such insurance ~)roceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insnrance claim and related matters. If Botxower does.not respond within 30 days to a notice fi'om Lender that the insurance carrie,' has WYOMING = Single Family - Fannie M ae/Freddie Mac UNIFORM INSTRUMENT From 3051 I101 DOCUKWYS (Page 5 of 13 pages) ~octm~s.~z 49~013089 offered [o settle a claim, tllen Lender may negotiate and settle ~he claim. The 30-day period will begin when the notice is given. In either even, or if Lender acquires the Property under Section 22 Ol otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds m all amount not t'o exceed the amounts nnpaid nnder the Note or this Secnrity. Ini',trmnent, and (b) any other of Borrower's rights (other than the right to any retired of unearned premiums paid b5 Borrower) under all insurance policies covering the Property, msolhr as such rights are applicable to the coverage of lhe Property. Lendex may use the lnSm'ance proceeds eithel to repair or restore the Property or to pay amounts nupaid under the Note or this Securil y Instrument, whether or not the~, due. 6. Occupancy. Bon'ower slmll occupy, establish, and nsc the Property as Borrower's principal residence witlfin 60 days after the execution of this Secm'ity lnstrunlent and shall continue to occupy the Property as Borrower's principal residence for at least one year ariel- the date of occupancy, unless Lender otherwise agrees iu writing, which consent shall not: be unreasouably withheld, or t,nless exlenuatmg circumstances exist which are beyond Borrower's control. 7. Preservation, Mainteuance and Prolection of the Property; Inspections. Borrowex shall not destroy, damage or impair the Property, allow the Property to deteriorate 04' commit waste on the Property. Whether 04- not Borrower is residing m the P4op~rty, Bon'ower shall maintain the Property in order to prevenl the Property flora deteriorating or decreasing iix wdue due to its condition. Unless it is determined pursuant to Section 5 that repair 04' restoration is not economically feasible, Borrower shall promptly repair the Property il' danmged to avoid filrlher deterioration or damage. If msuiance or condenmation proceeds are paid in connection with damage to, or file taking of, the Property, Borrower sball be responsible for repan-mg or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds lb,- the repan-s and restoration in a single payment or in a sm'ms of progress payments as the work is completed. If the insurance or condenmanon proceeds are not sufficient to repair or restore lhe Property, Borrower Is not relieved of Borrower's obligation for the completion of such repair or rcstc, rati6n. Lender or its agent nv. ay make reasonable entries upon and inspections of the Propex~y. If it has reasonable cause, Lender nmy inspect th~ interior of the improvements on the Property. Lender shall give Borrowe~ notice at the time of or prior to such an ,ntcrior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Bon'ower shal. l be m delhult if, during the Loan application process, Borrower or any persons or e:xtities acting at the direction of Borrower or with Borrower's Mmwledge or consent gave materially false, misleading, or inaccurate infom~ation or statements to Lender (or failed to provide Lender with material infommtion) in.coanection with the Loan. Material representations include, but are not limited to, representations concerning Borrob/er's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest ill the Property and Rights Under this Security lnstrnment. If (a) Borrower fails to perlbrm the.covenants and agreements contained m this Security lnstrnmeut, (b) the4'e is a legal proceeding that might significantly affect l_.ender's interest in tile Property and/m-rights uuder this Security Instnm~ent (such as a proceeding in bankruptcy, probate, lbr condemnation or forfeiture, for enforcement of a lien which may attain priority ov:.':r this Security Instrument or to enforce laws or regulations), or (c) Bon'ower bas abandoned the Property, then (~ender may do and pay for whatex;er is reasonable or appropriate to protect l.ende4-'s interest ill the Property and rights under this Security Instrument, including 'protecting and/or assessing tile value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) apl)earing m cmn-t; and (c) paying reasonable attorueys' f;es to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in'a banlcruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to makt~ repairs, cl'mnge locks, replace o,' board up doors and windows, dram water fi'om pipes, eliminate building or other code violations or daugerous couditions, anti have utilities turned on or off: Although Lender may take ac:ion under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized trader this Section 9. Any amounts disbursed by Lender under this Sectiou 9 shall become additional debt of Borrower secured by this Security h~strument. These amotmts shall bear interest al tile Note rate fi-om tile date of disbursenrent and shall be paYable, with such int4:rest, upon notice from Lender to Borrower requesting payment. If this Secm'ity Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not sun'ender tt~e leasehold estate aud interests herein conveyed or ternfinate or cancel the grmmd lease. Borrower shall not, without the express written consent of Lender, alter or amend the g,mmd lease. If Bon'ower acquires fee title to.th'c. Property, the leasehold and the fee title shall not merge tmless Lender agrees to the merger in writing. WYOMING - Single Family - Fannie MaeJFreddie Mac UNIFORM INSTIl, tIM ENT Form 3051 1101 DOCUKWY~ (Page 6 of 13 pages) DOOUKW¥$ .VT/ 10/17/2002 494013089 10. Mortgage lnsuranc;e. If Lender required Mortgage lusurance as a condition of making the Loan, Bon'ower shall pay the pre~m'tms required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage :equired by Lender ceases to be available fi'om the mortgage insurer lhat previously provided such insurance and [~onower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrt wei- shall pay the prenfimns required to obtain coverage substantially equivalent to tile Mortgage Insurance previously 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 Insurance coverage is not available, Borrower shall continne to pay to Lender Hie amount of the separately designated payments that were due when tile insurance coverage ceased to be m effect. Lender will accept, use and retain these F~.yments as a non-refimdable loss reserve itl lieu of Mortgage Iost,rance. Such loss reserve shall be non-refimdable, notwithstanding the tact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or eanfings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Jnsorance coverage (in the amount and fi)r the period that Lender requires) piovided by an insurer selected by Len3er,again becomes available, is obtained, and /euder reqtfires sepal'ately designated payments toward the prenfiums for Mortgage Insurance. If Lender ,-equired Mortgage Insurance as a condition of making the Loan and BorrowSr was required to make separately designated paymeuts toward the premmms for Mortgage Insurance, Bon'ower shall pay the premiums requi~ed to maintain Mortgage Insurance iu effect, or provide a non-refimdable loss'-eserve, until Lender's reqoirement for Mortgage lusnrance ends in accordance wifll any wri,en agreement betwee~ Borrower and Lender providing tbr st,ch ternfination or nntil termination is required by Applicable Law. Nothing in tliis Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity iha! ptlrchases the Note) for certain losses it may incur ifBo~xower does not repey the Loan as agreed. Box-rower is not a party to the Mortgage [usurance. Mortgage insurers evalmte flleir total risk on all such msu,'ance iu force flora time to time, and may enter into agreements with other parties that share or modify their risk, or redt,ce losses. These agreements are on terms and conditions that are satisfastory to the mortgage insurer and the other party (or parties) to these agreemenls. These agreements may require the mortgage insurer to make payments using any source of fimds that the mortgage insurer may have available (wlfich re:ay include funds obtained from Mortgage Insurance premiums). As a result of these agreements, 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 ti,at derive fi-om (or might be characterized as) ~ pcirtion of Borrower's payments for Mortgage Insurance, itl exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that au affiliate of Lender takes a share of lhe insurer's lisk' in exchange for a share of/he prcmitnns paid to the insurer, tile arrangement is often termed "captive reinsurance." Further: (a) Any such agreentents will not affect the amounts ihat Borrower has agreed to pay for Mortgage Insnrance, or any other ternts of the Loan. Such agreements will not increase lhe amoultt Borrower will nsve for Mortgage Insurance, and.they will uot entitle Borrower to att)' refund. (b) Any such agreements will not affect the rights Borrower has -il' any - w/th respect to the Mortgage Insurance under ¢!~eIHomeowners Protection Act of 1998 or any other law. These rights may include the right to receive c[:rtMn disclosures, to request attd obtain cancellation of the Mortgage lnsura,ce, to have the Mortgage lnsur'ance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that wet e nnearued at the time of such cancellation or termination. I1. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigued to and shall be paid to Lender. - It' the Property is damaged, Such Miscellaneous Proceeds shall be applied to restora/iou or repair of the Prope~Xy, if the restoration or repair is economically feasible and Lender's security is not lessened During such repair and restoration period, ['~nder shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to iuspect such'property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be 'andertaken protnptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreemeot' is made in writiug or Applicable Law requires intere.~t 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 m- repair is not ecouomically feasible or Lender's security wmdd be lessened, the Miscellaneous Proceeds shall be applied to the stuns secured by WYOMING - Single Family - Fannie Mhe/Freddie Mac UNIFORM INSTRUMENT Farm 3051 1/01 DOCUKW¥? (Page 7 of 13 pages) DOCm<~V .,V*X 0 90084h 0o o 494013089 this Security Instrument, Whe!her or not then due, with the excess, il' any, paid to Borrower. Such Miscellaneous Proceeds shall be applied iu thc o?der provided for in Sectioo 2. lu tile event of a total' taking, destruction, or loss in value of tile Droperty, the Miscellaneous Ploceeds shall be applied to the sums sect,re~, b5, this Security Instrun~ent, whether or no~ then duc, with the excess, if any, pakl to Borrower. In the 'event of a partial taking, desn'uction, or loss in value of the Property in which the fair market value of the Property immediately betbre the partial taMng, destr'uction, or loss in wdue ,s equal to or greatm than the amonnt of the suum secured by flus Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Le'~der otherwise agree in ~w'iting, the sums seem-ed by this Security Instrument shall be reduced by the amonnt of the Miscellaneous Proceeds multiplied by the followiug fiaction: (a) the total amounl of the sums secured innnediately before the partial raking, destruction, or loss in value divided by (b) the fair market value of the Property iam~ediately before the partial taking, destruction, or loss in value. Ally balance shall be paid to Bon'ower. In the event of a parhal taking, destruction, or loss in value of thc Property in which the fair market wdue of the Property immediately before the partial taking, destructioo, or loss in value is less lhan the amount of the sums secured innnediately b<!fore the partial taking, destruction, or loss m value, unless Ben-ewer and Lender otherwise agree iu writing, the Miscellaneous Proceeds shall be applied m the stuns secured by this Security Insn-ument whether or not the s'ums are then due. If the Property is abandoned by Bo~xower, or if, after not,ce by Lender ~o Borrower that the Opposing Party (as defined in the next sentence) offers to make all award to settle a claim tbr danmges, Ben-ewer fails to respond to Lender xvithin 30 days after the date the notice is given, Lcmler is authorized to collect and apply the Miscellaneous Proceeds eifl~e': to restoration or repair of the Property or to the stuns secured by dfis Security Instrument, whether or not Ihen due. "Opposing Party" meaus the tlm-d party that owes Borrower lVliscellaneous Proceeds or the party against whom Borrower has a right of action itl regard to Miscellaneous Proceeds. Bon'ower shall be ip default if any action or proceeding, whether.civil m- Crinfinal, is begun that, in Lender's judgment, could resnlt in forfeiture of the Property or other material impairment of Lender's inlerest in the Property or rights lmder this Security Instrument. Ben-ewer can cure such a dethnlt and, it' acceleration has occurred, reinstate as provided iii 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 lhis' Security Instrmnent. The proceeds of any award or claim for damages that are att,'ibutable to the impairment of Lender's interest, in the Property arc hereby assigned and shall be paid to Lender. All Miscellaneous Proce. eds that are not applied to restoration or repair of the Property shall be applied in fl, e order provided tbr in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the stuns secured by this Security lnsn'mnent granted by Leader to Borrower or any Successor in Interest of Bor~rower shall not operate to release the liability of Bon'ower or any Successors in Interest of Borrower. Lender ~ha!l not be required to commence proceedings against any Successor iii Interest of Bon'ower or to refilse to extend ;time for payment or otherwise modify amorlization of the stuns secured by this Security Insn-ument by reason o,f any demand marie by the original Borrower or any Successors in Interest' of Borrower. Any forbearance b7 Lender itl exercising any right or remedy including, without lmfitation, Lender's acceptance of payments from third persons, entities or Successors in Interest'of Borrower or in amounts less than the amount then due, shall not 0e 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 Borrower who co-signs this Security h~strument but does pot execute the Note (a ,co-signer"): (a) is co-signing this Security [nstrmnent only to mortgage, grant and convey fie co-signer's interest in the Property under the terms of this Security Instalment; (b) is not personally obligated to pay the sums secured by this Security Insmnnent; aod (c) agrees that Lender and any other Borrower can agree lo e ~tend, modify, lbl-bear or make any accommodations with regard to the terms of this Secm'ity Instrument or the Note without the co-signer's consent. Subject to tim provisions of Section 18, any Successor in Interest of Borrower who assmnes Borrower's obligations under this Security instrument in writing, aud is approved by Lender, shall obtain all of Bm-tower's rights and benefits under this Security hmtrument. Borrower shall not be released fi'om Borrower's obligations and liability under this Security lnstrmnent unless Lender agrees to such release iii writing. The covenants and WYOMING - Single Family - Fannie Mae/Freddie Mac I/NIFORM INSTRUMI,;NT Fo,-m 3051 1/01 I)OCUKWY8 (Page 8 of 13 pt~geO 494013089 agreements of this Secnrity Instrument shall bind (except as provided in Section 20) and benel'it tile snccessors and assigns of Lender. 14. Loan Charges. Leflder may charge BmTower fees for smwices perfmmed ill connection with Borrower's default, for the purpose of protecting Lender's interest in tile Property and rights under fl~is Security Instrument, including, bnt not limited to, attorneys' fees, property inspection and valuation lees. In regard to any other fees, the absence of express aufl~ority in tiffs Secm-ity Instrument to charge a sPecific fee to Bon'dwer shall not be construed as a prohibition on tl~e charging of such fee. Lender may not charge tees that are expressly prohibited by this Security Instrnment or by Applicable Law. If the Loan is subject to a:,law which sets maximum loan cbai'ges, aud ~l~at law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed tile perm}tied limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted linfit; and (b) any stuns alrea:dy ~ollected fi-om Bon'ower which exceeded pernfitted liofits will be refimded to Borrower. Lender may choose to make 'this refund by reducing the principal owed under the Note or by making a direct paynrent to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge': (whether or not a prepasqnent charge is provided tbr under tire Note). Borrower's acceptance of any such reft,nd made by direct paymeut to Bon'ower will constitute ~a waiver of any right of action Bon'ower might have arising out of such overcharge. 15. Notices. All notic.', s given by Borrower or Lender in connection with this Secm-ity Inamment must be in writing. Any notice to Bon'c,.¥er in connection with this Security h,strument shall be deemed to have been given to Borrower when mailed by fu'~t class mail or when actually delivered to Borrowe,"s notice address if se,t} by other means. Notice to any one Borr6'~ver shall Constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be fl~e 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. Lender specifies a procedure fc,r reporting Bon'ower's change of address, theu Borrower shall only report a change of address flu'ough that specified procedure. There may be only one designated notice address under this Security h~stnnnent at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class ma~l to Lender's address stated hereto unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security'Instrnment s!mll not be deenred to have been given to Leuder until actually received by Lender. If any notice requk~d b,y this. Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy thc con'esponding requirement onder this Security hrstmnrent. 16. Governing Law; Severability; Rules of Cons}mc}inn. This Secm-ity Ins}mmV:n} shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are su'0ject to any require~nents and linc}tat}ohS of Applicable Law. Applicable l,aw nright explicitly or implicitly allow lite parties to agree by contract or it might be silent, but snch silence shall no[ be construed as a prohibition agai'lst iagreement by contract. In the event that any provision o,' clause of this Secnrity Insmnnent or the Note conflicts with Applicable Law, such conllict shall ,lot affect other provisions of this Security Instrument or the Note which can be given effect withont the conflicti,,g provision. As used in this Seclt, rity Instrument: (a) words or' Ihe masculine gender shall nrean and inclode CO~Tesponding neuter Words or words of the fmnhfine gender; (b) words in the singular shall mean and include the plnral and .vice versa; and (c) the Word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Bon'ower shall be given one copy o1' lhe Note and of this Secnrity Instnmrent. 18. Transfer af the Property or a Beneficial Interest in Borrower. As nsed in this Section 18, "Interest in the Property" means any legal o;: beneficial interest in the Prop~rty, including, but not lin-fited to, those beneficial h~terests transfen'ed in a bond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title [y Borrower at a furore date to a purchaser. If all or any part of tlie, 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 transt'erred) without Lender's prior written consent, Lender may reqnire immediate payment in full of all stints secnred by tiffs Security Instrmnent. ttowever, this option shall not be exercised by Lender if snch exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Bon'ower notice of acceleration. The notice shall provide a period of not less than 30 days ti-om fl~e date the notice is given in accordance with Section 15 wilhh~ which Borrower must pay all snms secnred by this Security Instrument. If Borrower ~ils to pay these stuns prior to the WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTI~,UMENT Form 3051 l/IH r~ocut~wv~ (Page 9 of 13 pages) ~ocu~ .v.rx xo/xT/~ooa 494013089 expiration of this period, Lender may invoke any remedies permitted by this Security [nstrumeot without liirtber notice or demand on Borrower. 19. Borrower's Right t(,~ Reinstate Alter Acceleration. 11' Borrower meets certain conditions, Bonower Shall have the right to have enforcement of this Security lush-tm]rut discontinued at any time prior to the earliest of(a) five days beIbre sale of tim i')roperty pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Lmv nfight specify for'the termination of Bon'o~ver's i'ight to reinstate; or (c) entry of a judgment euforcing this Sechrity h~strument. Those conditions are that Borrower: (a) pays Lender all Sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in en~brcing this Security Instrument, including, but not linfited to, reasonable attorneys' lees, property inspection and valuation lkes, and oilier fees incurred for the propose of protecting Lender's interest in the Property and rights trader this Security Instru~nent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under thi.; Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender nmy require that Borrower pay such reinstatement sums and expenses in one or more of t;~e ibllowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasm'er's check or cashier's check, provided any such check is drawn upou an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstaten~ent by Borrower, tiff ~. Security Instrument and obligations secured hereby shall remaiu fully efl~ective as if no acceleration had occm-red However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Ch. ange of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secmity lnstrmnent) can be sold one o,- more times without prior notice to lton'owcr. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due nnder the Note and this Security Ins~rmnent and perlbrnu other mortgage loan servicing obligations under the Note, this Security Instrument, and Appl:cable Law. There also might be one m- more changes of the Loan Servicer mn'elated to a sale of the Note. If there is a change of fl~e Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, ihe address to which payments should be made and any other information RESPA reguires in connection with a notice of h'ansfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will rgmain with the Loan Servicer or be transfeued to a successor Loan Servicer and are not assumed by the Note purchase!- unless otherwise provided by the Note purchaser. Neither Borrower nar Lender may connnence, join, or be joined to any jt,dicial action (as either an individual litigant or the men,bet of a class) that arises from ll~c other party's actions pursuant to this Security Instnnnent or that alleges tha~l the other party has breached any provision ot; or any duty owed by reason o~} this Secm'ity Instrument, until suzh Bonowei' or Leuder has notified the other' party (with such notice given in compliance with the requirement~ of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after fl~e giving of such notice to take co~xective act:ion. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for pruposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Sectioo 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective ~,ction provisions of this Section 20. 21. Hazardous Substan::es. 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 peu-olenm products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or f.amraldehyde, and radioactive materials; (b) "Eovironmental Law" means federal laws and laws of the jurisdiction where the Property is located ~hat relate to health, safety or enviromnental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviroomental Condition" means a condition that can cause, contribote to, or otherwise trigger an Environlnental Cleanup. Borrower shall not cause or pemfit the'presence, use, disposal, storage, or release of any Itazardous Substances, or threaten to release any Hazardous Substances, on or m the Property. Borrower shall not do, nor allow anyone else to do, anything ~ffecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Cm?dition, or (c) which, due to the presence, use, or release of a Hazardous Substance, WYOMING - Single Family - Famfie M'ae/Freddie Mac UNIFORM INSTIIUMENT Form 3051 1/01 nocm<.w¥~0 (Page I0 of13 pttges) DOCUKWYA. YTX 10/17/2002 ' 206 494013089 creates a condition flint adversely affects tile 'valne of the Property. The preceding two sentences shall not apply to the presence, rise, or storage on the Property of small quanttties of llazardous Substances that are generally recognized to be appropriate I:) nm-mai residential uses and to mainlenalme of the Property (including, but not limited to, hazardous substances in consumer products}. Borrower shall prmnplly give Lender written notice of (a) any investigation, claim, demand, lawsuil or other action by any govermnemal or regulatory agency' or private parly revolving the Property and any Hazardous Substance or Environmental [.aw of which Borrower has actual kaowledge, (b) any Environmemal Condition, mclnding but not li~mted to, m~y spilling, leaking, discharge, release or lhreat of release o£ any Hazardous Subsiance, and (c) any condition caused by the presence, use or release of a ltazardous Substance which adversely affects file valne of the Propert',/. If Borrower learns, or is notified by any goveam~ental or regulatory aulhority, or any private party, that any rei~oval or oflmr remediation of any llazardmm Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create ally obligation oo Lender for an Environmenla] Cleanup. NON-UNIFORM COVENANTS. Borrower and Lende,' fi,'ther covenant and agree as follows: · 22. Acceleration; Remedies. Lender shall give notice 1o Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Secority Instrument (but not prior to 'acceleration · nnder Section 18 unless Apl)licable Law provides otherwise). The notice shall specify: (ar the default; lb) the action required 1o cnre the default; (er a date, not less than 30 days from the (late the notice is given (o Borrower, by which the default, runs( be cnred; and ((!) tha! failm'e to cure the default on or before the date specified in the notice may resnlt in acceleration of (lie sums secured by this Security hlstrnment and sale of the Property. The notice shall furtl!er inform Borrower of the right to reinstate after acceleration and lhe right to bring a court action to assert tile non-existence of a default or all)' other defense of Borrower to acceleration and sale. Il' the default is not cured onor befm'e Ihe date specitied in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred iii pnrsuing lhe remedies provided in lhis Section 22, inclnding, but not limited to, t!ea. s0nable attorneys' fees aitd ct~sts of title evidence. If 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, if different, in accordance with Applicable Law. Leoder shall give notice of the sale to Borrower itl! the manner provided in Seclion 15. Lender shall pnblish the notice of sale, and the Property shall be snhl. in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any s~Jle. 'rite proceeds of the sale shall be applied in the following order: (ar to all expenses of the sale, includin~, but not limited to, reasonable ;tttorneys' fees; lb) to all sums secured by this Security Instrnment; and lc) ;my excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secnred by this Security hlstmment, Lender shall release this Security Instrument. Bon-ower shall pay any recordation costs· ketlder may charge Borrower a tee for releasing this Secm'ity Instrument, but only iC the tee is paid to a tlm-d party for services rendered and tl~e charging of the t~e is pemfitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights Under and by virtne of the homestead exemption laws of Wyoming. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DocuI¢WY! I (Page. 11 of I $ pages) DOCUK~I~. VTX 10/17/2002 Form 3051 1/01 49401.3089 ]BY $IGNINO BELOW, gon'ower accepts and agrees to thc tel-lug and covenanm contained in this Security [nsm.nent and in any Rider execu,;ed by Borrower and ~eco~ed with it. BOrrOWER iWE~.~ B. ALLEN - DATE - WYOMING - Single Family - Fanaie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWYIZ (Page 12 of 13 pages) DOCUIC~/¥C. VTX 10/17/2002 For,n 3051 1/01 494013089 [Space Below This Line For Acknowledgment] ~F The foregoing insmm~em was adknowledged before me by Viginia B. Allen tiffs ,~ ~--~-- day of ~- O~ J .200/7/ Witness my hand ~d official sepal. / My Commission Expires:_ State of Wyoming County of Teton The foregoing instrument was acknow/edged.:before me by Michael Allen This /5/day of July, 2004 ~' -5~'~ ; /~ /~53// WYOMING - Single Family - Fa,nit 'Ma~Freddie Mac UNIFORM INSTRUMENT DOCUKWYt~ (Page 13 of13 page~) DOCUKWq/D. VTX Form 3051 !/01 ,- ,:. 09 PLANNED [INIT DEVELOPMENT RIDER ALLEN LOA~; ~: 494013089 100174102000010340 TI-tIS PLANNED UNIq DEVELOPMENT RIDER is made this 28TH day of JUtI'E 2004 and is incorporated h~to and shall be deemed to amend and supplemeut the Mortgage, Deed of Trust, or Secnrity Deed (the "Security Instrument") of the same date, given by the undersigned (lhe "Borrower") to secure Borrower'sNoteto FIRST ~B/d'I-K OF IDkHO, FSB, DBA FIRST BANK OF THE TETONS (the "Lender") of the same date and covering the Property described in the Security Instalment and located at: 175 SUGARLOAF DRVIE, 'THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in THE COVENANTS, CONDITIONS AND RESTRICTIONS FILED OF RECORD THAT AFFECT THE PROPERTY. (the "Declaration"). The Property is a pan ora plaimed unit development known as STAR VALLEY RANCH : [Name of Planned Unit Development] (the "PUD"). The Property als0 includes Borrower's interest in the homeowners association or eqnivatent entity owning or ~nanaging the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds ofBorro ver .s interest. PUD COVENANTS~ h~ addition to the covenants and agreements made in the Security Insmnnent, Borrower ,nd Lender fimher covenant aud agree as follows: A. PUD Obli~alions. Borrower shall pertbrm all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Doct,,nenls" are the (i) Declaration} (ii) articles o£ inco~porati{m, nnst instrmnent or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or ~egulatious of the Owners Association. Bmxower shall promptly pay, when due, all dues and assessments imposed tmrsuant to the Constituent DoCuments. MIJI..TISTATE PUD lll'DER-SingleqTamily-~Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 DOCUg~A~ (page I of 3 pagesJ 494013089 B. Property Ipsurance. So long as the Owners Associalion n]aintams, xvith a generally accepted insurance c~rrier, a "master" or "blanket" policy insuring lhe Property which is satislhctory to Lende: and which provides insnrance coverage in lhe amounts (including deductible levels), fin: the periods, and against loss by fire, hazards included within lhe term "extended coverage,"' and any other hazards, including, but no~ linuted to, earthqnakes and floods, for which Lender requires insurance, then: (ii Lender waives the prowsion in Section 3 tbr the Periodic Payment to Lender of the yearly pre~nmm mslallments for property insurance on the Property; and (ii)~ Borrower's obligation under Section 5 m maintain property insurance coverage on the Property ~s deemed satisfied ~o lhe extent 01at the reqtm'cd coverage is provided by the Owners Association policy. What Lender reqnn'es as a condition of this waiver can change dm-lng the term of the loan Borrower shall give Lender prompt ootice of ally lapse m tequi{~ed property insurance coverage provided by lhe master or blal~ket policy. In the event of a 'distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common mens and facilities of the PUD, any proceeds payable to Eorr,awer are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Secnrity lustr umeut, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insnrance. Ben-ewer shall take such acnons as may be reasooable to insure that the Owner.~ Association maintains a pnblic liabilib, insurance policy acceptable in form, anroun't, and extent of coverage lo Lender. D. Condenma,.'ion. The proceeds of any award or claim fei' damages, direct or consequential, payable to Borrower in comlection with any condelmmtion or other taking of all or any part of the Prop~-:rtyor the common areas and lhcililies of the PUD, or for any conveyance in lieu of condemnatio,'~, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to ll'~e sums secured by the Security Instrument as provided itl Section 11. E. Lender's P~ ior Consent. Bon'ower shall not, except after nonce to Lender and wilh Lender's prior written consent~ either partition or subdivide the Properly or consent to: (ii tim abandonment or termhmticn of the PUD, except for abandonment or terminatmn required by law in the case of substartial destruction by fire or other casually or m lhe case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Docmnents" if the pro~qsion is for the express benefit of kender; (iii) temfination of professional management and assmnption of self-management of the Owners Association; or (iv) any action which would have theeffect of rendering the public liability insurance coverage nraintained by the Owners Association unacceptable to Lender. F. Remedies. if Borrower does not pay PUD dues and assessments when due, lhen Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secnred by the Security Inslrument. Unless Borrower nod Lender agree to other tm-ms c~l~ paY~nent, these anrounts shall beat-imcrest flora the date of disbursement at the Note rate and 'ghall-be payable, with interest, upon notice flora Lender to Bolxower requesting payment. ~- MULTISTATE PUll RIDEIl--§ingle r~amily--Famde Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 m~c~a~ (page 2 of~ pages) ~o~2.v.z zo/x~/2oo~ 494013089 BY SIGNING BELOW, Bon'owe~ accepts and agrees to the terms and provisions contained in this PUD Rider. -" P~OWER - /V.LR~±NY:A B. ALLEN '- DATW, ~- / / MULTISTATE PUD RIDER--Single Family--Fa..ie Mae/F 'edd e Mac UNII,'ORM INSTRUMENT Form 3150 1/01 ~CU~a3 (page J (~3 pageO DO--PAl .VTX 10/13/2003