Loading...
HomeMy WebLinkAbout900856After Recordiag Return To: ;' NAPIJS FEDERAL CREDIT UNION9 0 0 8 5 6 PO BOX 148 ALEXANDRIA, VA 22313-0148 .oOK 5 6L 22 't r,:E.¢E IVED Lllq(;Ol r! CC, tlf'..!TY CLERK (Space Above This I,ine For Recording Data) MORTGAGE (OPEN END CREDIT-THIS MORTGAGE SECURES FUTURE ADVANCES) DEFINITIONS Words used in multiple sections of this document are defined beloTM and other words are defined in Sections 6, 8, 13, and 15. Certain rules regarding ~:}le usage of words used in this doct, ment are also provided iu Section 11. (A) "Security Instrument" me~ns this document, which is dated MAY 28, 2004 , together with all Riders to this document. (B) "Borrower" is NORMA T. WINDER AND DAN R. WINDER, IIUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is NAP'US FEDERAL CREDIT UNION . Lender is a CORPORATION organized and existing trader the laws of THE UNITED STATES GOVERNMENT . Lender's address is 12 HERBERT STREET, ALEXANDRIA, VA 22305 Lender is the mortgagee under this Security Instrument. (D) "Agreement" means the Credit Line Account Variable Interest Rate Home Equity Secured Open-End Credit Agreement and Truth-In-Lending D~sclosure signed by Borrower and dated MAY 28, 2004 The Agreement states that Borrower may, fi'om time to time, obtain advances not to exceed at any time, an amount eqoal to the Maximum Credit Limit'(a~ defined therein) of FIFTY THOUSAND DOLLAI:S AND 00/100 Dollars (U.S. $ 50,000.00 ) plus interest. Bon'ower has promised to pay tbis debt in regular Periodic Payments and to pay the debt in full not later than JUNE 20, 2019 (E) "Property" means the prope:ty that is described below under the heading "Transfer of Rights in tile Property". (F) "Loan" means the debt evklenced by tile Ag,'eement, plus interest, any late charges or other fees and charges due under the Agreement, and al! sums due under this Security Instrument, plus interest. ' (G) "Applicable Law" means a;l controlling applicable federal, sla~e and local statutes, regulations, ordinances and adtninistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1t) "Commnnity Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the P,'operty by a condominium association, homeowners association or similar organization. (l) "Electronic Funds Traosfer" nleans any transfer of fi:mds, other than a transaction originated by check, draft, or similar paper instmmeot, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and autmnated clearinghouse transfers. (page 1 of 8 pages) (J) "Miscellaneous Proceeds" ,neans any compensation, settletnent, award of damages, or proceeds paid by any third party (other than insurance proceeds paid tinder the coverages described i'n Section 3) tbr: (i) damage to, or destruction of, the Property; (ii) zon~emnation or other takiog of all or any part of lhe Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as lo, the value and/or condition of the Property. (K) "Mortgage lnsurauee" met'.ns insurance protecting L~nder against the nonpayment or; or defanlt on, the Loan. (L) "Periodic Payment" means the regularly scheduled amount due for principal and interest nnder the Agreement. (M) "Successor in Interest of Borrower" means any party tha! has taken title to the Property, whether or not that party has assumed Borrower's obligationsunder the Agreement anti/or this Secm'ity lnst~'mnent. TILANSFER OF RIGHTS IN T[:E PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Agreement; and (ii) the performance of Bor,'owc,"s covenants and agreements under Security Instrument and the Agreement. For tiffs purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in the COUNTY of [Type of Recording lurisdiction] LINCOLN : [Name of Recording Jurisdiction] BEGINNING AT THE SOUTI;[WEST CORNER OF LOT 2, BLOCK 18, AFTON TOWNSITE, LINCOLN COUNTY, WYOMING; RUNNING THENCE NORTH 5 RODS; THENCE EAST 10 RODS; THENCE SOUTH 5 RODS; THENCE WEST 10 RODS TO THE POINT OF BEGINNING. which currently has the address ( f 2,45 LINCOLN [Street] AFTON , Wyoming 83110 [City] [Zip Code] ("Property Address"): TOGETHER WfI'H all the improvements now or hereafter erected oil the property, and all easements, appurtenances, and fixtures now or hereafter a part of the prope,-ty. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property". BOfGiOWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed anti bas the right t° mortgage, grant and convey the Property and that the Property is unencnmbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the iProperty against all clahns and demands, subject to any encumbrances of record. (page 2 of 8 pages) 226 Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Late Charges or other Fees and Charges. Bo)rower shall pay when due the principal of, and interest on, the debt owed under the Agreement aud late charges or other fees and charges due tinder the Agreement. Payments due under the Agreement and this Security Instrnment shall be made in U.S. currency However, if any check or other instrument received by Lender as payment under the Agreement or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Agreement and this Scc'arity Instrument be made itl one or more o£ the following forms, as selected by Lender: (a) cash; (b) ~noney ord,/r; (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 t'ederal agency, instrumentality, or entity; or (d) Electronic Funds Transfer.' Payments are deemed received .Oy Lender when received at the location designated in the Agree~nent or at such other location as may be designate:l by Lender in accordance with tide notice provisions in Section 10. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan cnrrent. If Borrower has breached any covenant or agreement itl this Security Instrument and Lender has accelerated the obligations of Borrower hereunder pursuant to Section 16 then Lender may accept .any payment or partial payment insufficient to bring the Loan cm:ent, without waiver of any rights he,'euuder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply snch payments at the time such payments are accepted. If each Feriodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied fimds. Levder may hold such unapplied fimds uotil Bon'ower makes payment to bring the Loan curt'eat. If Borrower does not do so within a reasonable period o1' time, Lender shall either apply such funds or return them to Borrower. If not z,~plied earlier, such funds will be applied to the outstanding principal balance under the Agreement immediately prit,r to foreclosure. No offset or clai,n which Borrower might have now or in the future against Lender shall relie:le Borrower from making payments due under the Agreement and this Security Instrument or performing the covenants and agreements secnred by this Security Instrument. 2. Charges; Liens. Borrower shall pay all taxes, assessmems, charges, fines, and impositions attributable to the Properly which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. Borrower shall promptly discli, arge 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 loilg as Borrower is performin'g~'such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are, pending, but only until such proceedings are concluded; or (c) secures fi'om the holder of the lien an agreement .;a:isfactory to Lender subordinating the lien to this Security lustrume,lt. If Lender determines that any part of the P~'ope~ty is subject to a lien which can attain priority over this Security Instrument, Lender ~nay give Borrower a no';;ice identifying the lien. Within 10 days of the date on which that notice is given, Bon'ower shall satisfy the lien or :ake one or more of the actions set forth above hi this Section 2. 3. Property Insurance. Borrc, wer shall keep tile improvements now existing or hereafter erected on tile Property insured against loss by fire, haza ~ds inch,ded~within the term "extended coverage," and any other hazards inclnding, bnt not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductibh: levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during tide term of the Loan. The insu,'auce carrier providing the insurance shall be chosen by Borrower subject to L. ender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Borrower shall 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 resultiug from an objection by Borrower. If Bo?rower' fails 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 coverege shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Properly, or the contents o1' the Property, against any risk, hazard or liability and might provide greater or .lesser coverage than was previo.~s,ly 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 amotmts disbursed by Lender under this Section 3 shall become additional debt of Borrower secnred by this Seem'try Instrument. These amounts shall bear interest at the rate chargeable for advances under the Agreement from the date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Bon'ower requestiug payment. (page 3 of 8 page~) All insurance policies required by Lender and renewals of st~cll policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clanse, and shall name Lender as mo,'tgagee 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 (~therwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standm'd mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In tile event of loss, Borrower .shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompily by Borrower. Unless Lender and Borrower othe,'wise agree in writing, any insurance proceeds, whether or ilOt the underlying insurance was reqnired by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and, Lender's security is not lessened. Durh~g such repair and restoration period, Lender shall have the rigl~t to hold such insurance proceeds until Lender has had an opportunity to inspect Such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for tile repairs and restoration in a single payment or in a series of progress payments as thc work is completed. Unless an ag,'eement is made in writing or Applicable Law requires interest to be paid oa such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds Fees [~r public adjusters, o,' other third parties, retained by Borrower shall not be paid om of the instn'ance p,'oceeds and shall be the sole obligation of Borrower. If the restoration or repair is no~ e~5onomically feasible or Lender's securtty would be lessened, tile insurance proceeds shall be applied to the sums seem'ed by this Secm-ity Instrumem. whether or not then tine, with the excess, if any, paid to BOrrower. If Borrower abandons the P:operty, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a nu~ice from Lender that tile insurance carrier has offered to settle a claim, then Lender may negotiate and serlio ~he claim. The 30-day period will begin when tile notice is given. In either event, or if Lender acquires the Prope,'ty nnder Section 16 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount nor to exceed the amounts uttpaid under the Agreement or this Ser'.urity Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Bon'ower) under all insurance policies covering the Property, iusofar as such rights are applicable to the covm-~ge of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay anto~mts unpaid under the Agreement o,' Ibis Security lnsmunent, whether or not then due. 4. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair tile Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property fi'om deteriorating or decreasing m v~lue due [o its condition. Unless it is determined pursuant to Section 3 thai repair or restoration is not economically feasible, Borrower shall promptly repair tile Property if damaged [o avoid further deterioration or damage. If insmance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shal' be responsible for repairing or restoring tile Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repai,'s and restoration in a single payment or in a series of. progress payments as tile work is cotnpleted. If the insurance or condemnation proceeds a,'e not sufficient to repair or restore the Property, BOrrower is not relieved of Borrower's obligation fo,' tile completion of such repair or restoration. Lender or its agent may make r~asonable entries upon and inspuctions Of the Property. If it has reasonable cause, Lender may inspect the interior or, the improve~nents on the Prope,'ty. Lender shall give Borrower notice at the time of or prior to such an interior inspection specil~ing snch reasonable canse. · 5. Protection of Lender's Interest itl the Property and Rights Under this Secnrity Instrnment. 11' (a) Borrower fails to perform tile covenants and agreements contained in this Security lnst,'tnnent, (b) there is a legal proceeding that might significan ly affect Lender's interest in the Property and/or rights under this Security Instrulnenl (such as a proceeding itl bankrnptcy, probate, for condemnation or forfeitnre, tbr enforcement of a lien which may attain priority over ti:is Security Instrument or to enlbrce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable o,' appropriate to protect Lender's interest in the Property and rights under this Security Instrument, i,~cluding protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can inclnde, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing time Property includes, (page 4 o1' 8 pages) but is not limited to, entering the Property to make repairs, chaage locks, replace or board up doors and windows, drain water fi-om pipes, elinih~ate bu!lding or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender ma'.' take action under this Section 5, Lender does not bare to do so and is no[ tinder any duty or obligation to do so. I~ is agreed that Lender recurs no liability for not taking any or all actions authorized under this Section 5. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by tiffs Security Instrument. These amonnts.,shall bear interest at the Note rate.l¥om tile date of disbm'sement and shall be payable, with such interest, upon'notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, BoiTower shall comply with all the provismns of the lease. If Borrower acquires fee title to the;Prqperty, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 6. Assignment of MiscellaneousCProceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the P~'operty is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the re~toration or repair is economically feasible and Lender's security is uot 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 tbr the repairs and restoration in a single disbursement or in a series of progress payments as tile work is completed Unless an agreement is made in writing or Applicable Law requires inheres! to be paid oil such Miscellaneous Proceeds, Lender shall nor be required to pay Bon'ower 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 shall be applied to tile sums secured by this Security Instrument, whether or not then due, with tile excess, if any, paid to Borrower. In the event of a total taking, destruction, or loss iii value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by ~liis Security Instrument, whether or not then due, with the excess, if any, paid to Bon'ower. In the event of a partial taking, destruction, or loss in value of tile Property in which ihe fifir market value of the Property immediately before the partial taking, destruction, or loss iii value is equal to or greater than the amount of the sums secured by this Security I,lstrument immediately before the partial faking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrnn~ent shall be reduced by tile amount of the Miscellaneous Proceeds multiplied by the following fi'action: (a) the total amount of the sums secured immediately before the partial taking, destructiou, or loss in value divided by (b) tile l:air market value of the Property immediate[y before the partial taking, destruction, or loss ill value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before th{ partial taking, destruction, or loss in value is less than the amount of the sores secured immediately before the )artial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are' then due. If the. Property is abandoned t~y Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim I'or damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is aulhorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security hlstrumenl, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneons Proceeds or the party against whom Borrower has a right cf action in regard to Miscellaneous Proceeds. Borrower shall be in dethult.if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeitt:re c.f the Property or other material impairment of Lender's interest in the Property or rights under this Security inst,'ument. Borrower can cure such a del'mdt and, if acceleration has occurred, reinstate as provided in Section 14, by ,;ausing the action or proceeding to be dismissed with a ruling that, iii Lender's judgment, precludes forfeiture oc the Property or other material impairnlent of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest i;~ tile Property are hereby assigned and shall be paid to Lender. 7. Borrower Not Released; Forbearance By L,~nder Not a Waiver. Extension Of the time for payment or modification of amortization of the sums secure':l by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not ot:erat~ to release the liability of Borrower or any Successors in Interest of Bon'ower. Lender shall not be required to c_lmmence proceedings against any Successor in Interest of (page 5 of 8 pages) Borrower or to refuse to exten~ time for payment or otherwise modify amortization of the sums secured by this Secm'ity Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, wi,bout limitation, Lender's acceptance of payments ,'rom third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 8. Joint and Several Liabili':y; Co-signers; Successors and Assigns Bonnd. Tile covenants and agreements of this Security Instrument shall b~nd and benefit the successors and assigns of Leuder and Borrower, subject to tile provisions of paragraph 13. Bolrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs tiffs Security lnstrtm~ent but is not personally liable tinder the Agreement (a "co-signer"): (a).'is co-signing this Security Instrtnnent only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or mak*~ any accommodations with regard to thc terms of this Security Instrument or the Agreement without the co-signe:'s consent. 9. Loan Charges. Lender r~)ay ~:harge Borrower fees fox' services perlbrmed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights, under this Security lnsmxment, including, but not limited to, attorneys' fees, property inspection and wxluation fees. In regard to any other fees, the absence of express authority in .!lis Security Instrument to charge a specific lee to Bo,'rower shall not be conslrued as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applkiable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any stuns already collected frown Bon'ower which exceeded pertained limits will be refimded to Borrower. Lender may choose to make this reft. md by reducing the principal owed under the Agreement or by making a direct payment to Borrower. Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 10. Notices. All notices giw'n by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Bor,'owers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Leuder of Borrower's change of address. If Lender specifies a procedure fo:- repmting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated hereir unless Lender has designated aaother address by notice to Borrower. Any notice in connection with this Secnrity In~:trument shall not be deemed to have been giveo to Lender until actually received by Lender. If any notice required 'oy ,Ms Secnrity Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the. corr:esponding requirement under this Security lnst,'mnent. 11. Governing Law; Severabil!ty; Rules of Construction. This Security lnstrlunent 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 subiect to any requirelnents and limitalions of Applicable Law. Applicable Law might explicitly or implicitly allow tl'e parties to agree by contract 'or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Agreement c(,nfliCts with Applicable Law, such conflict shall not affect other provisions of this Secnrity Instrument or tile Agreement which can be given effect without the conflicting provision. As used in this Security lnsirument: (a) words of the xnasculine gender shall mean and include corresponding neuter words or words et' the fe'ninine gender; (b) words in the singulur shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 12. Borrower's Copy. Borrower shall be given one copy of this Security Instrument. 13. Transfer of the Property or a Benefieial Interest in Borrower. As used in this section 13, "Interest in the Property" means any legal or oeneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for dead, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title b.y Berrower at a fixture date to a purchaser. (page 6 af 8 pages) 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 hiterest in Borrower is sold or transferred) without Lender's prior written cousent, Lender may require immediate oa:yment in full of all sums secured by this Security lnstrmnent, llowever, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exerctses this optioh, Lender shall give Borrower aotice of acceleration. The notice shall provide a period of not less than 30 days f!'om the date the notice is given in accordance with Section 10 within which Borrower must pay all sums secilr:d by this Security Instrmnent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permilted by this Security Instrument without further notice or dmnand on Borrower. 14. Borrower's Right to Reia~tate Alter Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcementI of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Prop:~rty pursuant to any power of sale coutained in this Security Instrument; (b) such other period as Applicable Law m~ght specify for the tenninatiou of Borrower's right to reinstate; or (c) entry of a judgment enforcing this .Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under'this Se :urity Instrument and the Agreement as if no acceleration had occurred; (b) cures any default of any other covehants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not I5-nited to, reasonable attorneys' tees, property inspection and valuatiou fees, and other fees incurred for lhe purpose of protecting Lender's interest ill the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this ~';ecurity lnstrnment, and Borrower's obligation to pay the sums secured by this Security lnstrninent, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Leuder: (a) cash; (b) money order; (c) cerlified check, bank check, treasurer's ch.:ck or cashier's' check, provided any such check is drawn upon m~ institution whose deposits are insured by a fede~ai agency, instrumentality or eutity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this ~ecurity Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred l-~'owever, this right to reinstate shall not apply in the case of acceleration under Section 13. 15. Hazardous Substances. As used in this Section 15: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substancgs, polhttants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flamm~ ble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmemal Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger ail Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any ttazardons Substances, or threaten to release any Hazardous Substances, on or in tile Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Eaviromnental Law, (b) which creates an Enviromnental 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 Proper-ry. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal res-'dential uses aud to maintenance of the Property (including, but not limited to, hazardous substances in consumer )roducts). Borrower shall promptly givt; I~ender written notice of (a) any iuvestigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Eavironmerual Condition, including but not limited to, an)' spilling, leaking, discharge, release or threat of release of any Hazardous Substmlce, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. 1t' Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting tile Property is necessary, Borrower shall prom,~tiy take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any c-~ltgation on Lender for an Environmeutal Cleanup. (page 7 of 8 pages) 16. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower~. breach of any covenant or agreement in the Agreement under which acceleration is permitted (but not prior to acceleration under Section 13 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 Borro~ver, by which the default mast be cured; and (d) that failure to cnre the default ou or before tile date Specified in the notice may result ia acceleration of the sums secured by this Security l,lstrument and sale of. the Property. The notice shall further inform Borrower of tile right to reinstate after acceleratiou and t~e right to bring a conrt 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 optiou may require immediate payment in full of all sums sec,,red by this Secnrity Instrument witllout further demand and ma)' invoke the power of sale and any other remedies permitted by Applicable Law, Lender shall be entitled to collect all expenses incnrred in pursning the remedies provided in this Section 16, inchlding, bnt not limited to, reasooable attorneys' fees and costs of title evidence. If Lender invokes the power oi' sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 10. Lender shall publish the notice of sale, and the Property shall be sold n the manner prescribed by Applica[ble Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to till expenses of the sale, iucluding, but not limited to, reasonable attorneys' I'ees; (b) to all sums secared b) this Security Instrument; aotl (c) any excess to the person or persons legalls, entitled to it. 17. Release. Upon payment of all sums secured by this Security lnstrumeot and termination of Borrower's ability to obtain fnrther advances under the Agreement, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee tbr releasing this Security Instrument, but only if tile fee is paid to a third party for services rendered and the charging of the lee is permitted under Applicable Law. 18. Waivers. Borrower releaY;es and waives all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Bot~rower accepts and agrees to the t~.rn~and~s..~ontained in this Instrument and in any Rider exec, utc, d by Borrower and recordejl-~th~i.~//~ ..~ ) Security // .~ .~ -Borrower D ANZR~V ! ND ER (S cai) -Borrower Space Below This Line For Ack,,owledgment (.)TBS 093 WY (5/01) Copyright Oak Tree Business Sys,ems. h~c.. 2001 All Righls Reserved (page 8 of 8 pages) County of //-~ _ff.~ I, ~_.o-~,~'/4~ '~/#_~d__& ,aNotaryPublicofthefi~oun,y o17 '~~ St~{e-~'i~~t/jfi~/~~, cio hereby certify that ,~/ ~{. ¢' A/~A~/~'~. [fffft~ ~ ~---/A personally appeared be[ore me this day and acknowledged thc due execution of the foregoing instrument. WITNESS my hand and official seal this My Commission CXl;~yes?