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HomeMy WebLinkAbout900921AflerRecordingRehlrnTo: MAJOR MORTGAGE 6101 YELLOWSTONE ROAD, STE CHEYENNE, WYOMING 82009 Loan Nun~er: 00016(13919 m77900q9 I RECEIVED t_II',tOOLN COUHTY CLERK [Space Above This Line For Recording Data] MORTGAGE MIN: 1000492-000000'2021-1 DEFINITIONS Words used iu multiple sections of this docnmeni are defined below and other words are defined in Sections 3, 11, 13, 18 20 and 21. Certain rules regarding lhe usage of words used in this documenl are also provided in Seclion 16. (A) "Security Instrument" meres this document, which is daled JU~E 2 8, 2 0 04 Iogelber wilh all Riders Io Ibis documenl. ' (B) ' ,, Bolrower is DAVID E JAGER AND AMY C RIFFLE-JAGET{, HUSBAND AND WIFE Borrower is Ibe morlgagor under Ibis Security Inslrumenl. (C) "MERS" is Mortgage Electronic Registralion Syslems, Inc. MERS is a separate corporation tilt is acting solely as a nominee for Lender aid Lender's successors and assigns. MERS is the ~nor/gagee under this Security Iuslrnmenl. MERS is organized and existing under tim laws of Delaware, and bas al~ addres~ and teleplmne number of P.O. Box 2026 Flint, MI 48501-2.026, lei. (888) 679-MERS. (D) "Lender" is MAJOR MORTGAGE Lenderisa A CORPORATION andexistingondectbelawso£ 94YOMING organized Lender'saddressis 6102 YELLOWSTONE ROAD STE LLT? CHEYENNE, WYOMING 82009 ' ' (E) "Note" means the promissory ]tote sigued by Borrower and daled JUNE 2 8, 2 0 04 The Nole sm~es tba~ Borrower owes Lender ONE HUNDRED TWENTY THOUSAND SIX HUNDRED FIFTY AND 00/100 Dollars (U.S. $ 120,650 . 00 ) plus interest. Borrowec has promised to pay this debt in regular Periodic Payments and to pay the debl in fi, Il uot later thau JULY 1, 2034 (F) "Proper/y" means Ihe prop ~'rly Ihat is described below under the beading "Transfer of Righls in lite Properly." (G) "Loan" means the debt evidenced by the Note, plus interesl, any prepaymeut charges and late charges due under die Note, and all sums due under Ihis Security Iuslrument, plus iolerest. WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DocMagtc ~ a~)o 649 ~ 36Z Form 3051 1/01 Page I of 13 www. docmagic, com (II) "Riders" means all Riders lc this Security Instrument Ihat are executed hy Borrower. The following Riders are to be executed by BOrrower [cbeci~ box as applicable]: [] Adjustable Rate Rider [] Condmninium Rider [] Second Home Rider [] Balloon Rider [] Planned U,it Development Rider [] Olher(s) [specifyl [] 1-4 Family Rider [] Biweeldy Paymenl Rider PREPAYMENT RIDER TO SECURITY INST (I) "Applicable Law" means all coutrolling applicable federal state and local statutes, regnlations, ordinances and administrative rules and orders (lhal have die effect of law) as well as all applicable final non appealahle judicial opinions. (J) "Commmdty Association Dues, Fees, and Assessments" means all dues, fees, assessmenls and other charges that are mlposed on Borrower or Ille Properly hy a condominium association, homeowners association or similar organization (I0 "Electronic Funds Transfer" means ally transfer of funds, other tha~ a transaction originated by Check, draft, or similar paper instrument, which is initiated through an electronic lerminal, telephonic instrument, computer, or magnetic tape so as lo order, instruct, or aotborize a financial institution to debit or credit an acconnt. Such term lnclndes, but is qot limited to point-of-sale transfers, antomated teller macblne transactions, transfers initiated by telephone, wire transfers, and automated clearinghonse transfers. (L) "Escrow Items" means.those items that are described in Section 3 (M) "Miscellaneous Proceeds" means any compensation, seltlement award of damages, or proceeds paid by any third party (other than insurance proceeds paid under lhe coverages described in Section 5) for: (i) damage lo, or destruction of, the Property; (ii) condemnation o,' other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepreseutafions, of, or omissions as Io, tl~e value and/or condition of die Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpaym mt of, or defaull oil, the Loan (O) "Periodic Payment" means Ihe regularly scheduled amount due for (i) principld and interesl nnder the Note, plos (ii) ally amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Setllemeul Procedt, res Ad (12 U.S.C. §2601 et seq.) and ils implelnenting regulation, Regulatioo X (:~4 C.F.R. Part 3500), as they might be amended from lime Io time, or any additional or successm' legislatiou m' regulalio~ lhat governs the same subject matter. As use~l in this Security Instrunleol, VRESPA" refers lo all requirements and restriclions Ihat are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) ' Successo~ in Interest of Borcower" means any party lhat has takeu title Io tile Property, whether or not that party bas assumed Bm'rower's obFgalions uuder tile Note and/or this Securily lnslrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures Io Lender: (i) tl~e repayment of tile Loan, and all renewals, extensions aud modifications of the Nole; and (i!) the performauce of Borrower's covenants and agreements under this Security lnstrt.nent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey lo MERS (solely as nominee'for Lender and Lender's successors and assigns) and Io die snccessors and assigns of MERS, with power of sale, tile following described property located in tile COUNTY of LINCOLN : [Type of Recordi.g Juri~ ~liclion] [Name' of Reconling Jurisdiction] SEE LEGAL DESCRIPTION Ai~FACHED HERETO AND MADE A PART HEREOF AS EXHIBIT "A". A.P.N. ~: 12-3518-19-3-02-037.00 WYOMING--Single Family--Fannie Ma :/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1101 Page 2 of 13 k./ www. docmagic, com which cnrrently has the address o£ 1 94 ALPEN GLOW ETNA , Wyomiog 83118 [Cily] [Zip Code] [Slreel} c t.',_, zin3 ("Property Address"): TOGETHER WITH all tht improvements now or hereafter erected on the property, and all easements, appnrlenances, anti fixtures now or hereafter a part of the properly. All replacemenls and additions shall also be covered by this Security Instrumef~L All of Ihe foregoing is referred to in this Secnrily Instrumenl as the "Property." Borrower underslaods and agrees fl~al MERS holds only legal lille to II~e interesls graoled by Borrower in this Secori/y Instrument, but, if oecessary Io cqmply wifl~ law or cuslmn, MERS (as nominee for Lender and Lender's successors and assigns) has lite right: Io exer,;ise any or all of Ihose interesls, incloding, but not limited Io, the right t° foreclose and sell the Properly; and to take any action required of Lender including, bul not lilnited ~o, releasiog and canceling tiffs Secnrity Instrnn~enl. BORROWER COVENANTS Ihal Borrower is lawfully seised of the estate hereby conveyed and has d~e right to morlgage, graot and convey tl~e Property and that the Property is onencumbered, excep~ for encmnbrances of record. Bon'ower warranls and will defend generally the rifle to the Property againsl all claims and demands, subject ' to any encmnbranccs of record. THIS SECURITY INSTRUMENT combines uni~brm covenants for national use and non-uniform covenants wilh limited variations by jurisdiction to constitute a tmiform security instroment covering real property. UNIFORM COVENANTS~ Borrower and Lender covenaul and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, anti Late Charges. Borrower shall pay when doe the priocipal of, and in~crest on, lhe debt evidenced by dm Note and any prepayment charges aod la~e charges dne ondcr the Note. Borrower shall also pay fimds for Escrow Items pursuant lo Section 3. Payments due under llle Note and lifts Security. lnslrmocnt shall be made io U.S. corrency. However, if aoy check or other instrument received by Lender as payment under d~e Note or tiffs Security Inslrmnent is returned to Lender unpaid, Lender may reqnire Ihat aoy or all- subsequen~ paymcnls due under Ihe Note and tiffs Secnrity Instrument be made in one or more of the following forms, as selected IU kender: (a) cash; (b) money order; ~c) certified check, bank check, treasnrer's check or cashier's check, provided any such check is drawn npon an insfilution whose dcposils are i,sured by a f~deral agency, instrnmenlal~ly, or entity; or (d) Electronic Funds Transfer. paYmenls are deemed received by Lender when received at die location designa led in the Note or at such olher location as may be designated by Lender in accordance with 'the notice provisions in Section 15. Lender may retoro any payment or partial paymeut if the paymenl or partial payments are instffficient lo briog the Loao currenl, Lender may accept any payment or partial paymeot iusnfficient lo bring the Loan current, witho.t waiver of any rights hereonder or prejudice Io its rights to refuse snch paymenl or partial payments in Ihe [olnre, bol Lender is not obligated to apply such payments at lhe time soch paymenls are accepted. If each Periodic Payment is applied as of its scheduled due date, titan Lender need nol pay ioteresl on unapplied fimds. Lender may hold snch unapplied funds until Borrower makes payment to bring the Loan cnrrent. If Borrower does not do so wilhio a reasonable period of time, Lender shall eiflmr apply such funds or returo lhem to Borrower. If nol applied earlier, soch funds will be applied to the oulslaoding principal balance nnder the Note immediately prior to foreclosure. NO offset or claim which Borrower might have now ~r in the fidure agaiust Lender shall relieve Borrower fi'om making payments doe under the Note and lhis Secnrily Inslrument or perlbrming the covenanls and agreements sec.red bylhis Securi~ Instrmnenl. 2. Application of Payme.ts or Proceeds. Except as olherwise described in this Section 2, all payments accepted and applied by Lender slall be applied iu the following order of priority: (a) interest doe nnder the Note; (b) principal dne onder the Note; (c) amom. s dne uuder Section 3, Such payments shall be applied ~o eacl~ Periodic Payment in the order in which it Imcatne due. Any remaining amonnts shall be applied first to late charges, second ~o any other amounts due nnder tlqs Secnrity Instrument, and then to reduce the principal balaoce of the Note. If Lender receives a payment from Borrower for a delinqueot Periodic Payment which includes a sufficient amoont lo pay any late charge du'¢, the payment may be applied to the delinquent payment and the late charge. If more than ooe Periodic Payment is ontslanding, Lender may apply any payment re:eived from Borrower to the WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT- MERS '. ~{c~. '--: soo-649~ J6 Form 3051 1/01 Page 3 of 13 www. docmagic, corn repayment of the Periodic Payments if, and Io the extent that, each payment can be paid in full. To tide exlent that any excess exists after the payment is applied lo Ihe full payment of one or more Periodic Payments, snch excess may be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment charges and tbeu as described in the Note. Auy application of payments, insurance proceeds, or Miscellaneous Proceeds l~ principal due under the Note shall not extend or poslpone tim clue dale, or change the amount, of the'Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Perioriic Paymenls are due nmler the Note, until the Note is paid in fidl, a sum 0he "Fnnds") to provide for payment of amounts due [or: (a) taxes and assess~nents and other ilems which can attain priorily over Ibis Security Instrument as a lien or encmnbrance on tile Properly; (h) leasehold payments or gronnd rents on tide Properly, if any: (c) preminms for any and all insurauce reqnired by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or aoy sums payable by Borrower to Lender in lieu of tide payment c f Mortgage Insurance pretniums in accordance with tile provisions of Section 10. These ilems are called E. crow Items. Al originalion or at any time during tide term of the Loan, Lender may reqnire lhat Comnmnity Association Dries, Fees, and Assessmenls, if any, be escrowed by Borrower, and such dries, tees and assessmenls shall be an Escrow Ilem. Borrower shall promptly furnish to Lender al. noiices of amounts to be paid under tbis Section. Borrower shall pay Lender the Funds for Escrow llems nnh:ss Lender waives Borrower's obligation to pay the Funds for any o,' all Escrow Items. Lender may waive Borrower's ohligation to pay Io Lender Funds for aoy or all Escrow Ilems'at any fimel Any such waiver may only be in writing, hi tide event of such waiver, Borrower shall pay directly, wbe~, and where payable, the amounts dne for any Escrow Items for which payment of Funds has been waived by Lendm and, if Lender requires, shall furnish to Lender receipts evidencing such payment withiu such time period as Lender ,nay require. Borcower's obligalion to make sncb payments and to provide receipts shall for all purposes be deelned Io be a covenant and agreement contained in this Security Inslrunmnt, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount clue for an Escrow Ilem, Lender may exercise its righls under Section 9 and pay snch amount and Borrower shall then be obligated nnder Section 9 to repay to Lemler any such amount. Lender may revoke the waiver as .o any or all Escrow Items at any dine by a notice given in accordance witl~ Section 15 and,, upon such revocation, Borrower shall pay lo Lender all Fonds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and bold Fnnds in an amount {a) st, fficient to permit Lender to apply the Funds at tide time specified under RESPA, and (h) not to exceed the maximum amount a lender cao require under RESPA. Lender shall estimate d~e amonnt ~f Funds due on Ibe basis of current data and reasonable estimates of expenditures of fi~tt, re Escrow Items or otherwise in accm'dance wid~ Applicable Law. The Funds shall be held in ~'n institution whose deposits are insured by a federal agency, instrmnentality, or entity (including Lender, if Lender is an institution whose deposits are so insured)' or in any Federal Home Loan Bank. Lender shall apply tile Funds to pay the Escrow Items no later Ihan the lime sp?cified under RESPA. Lender shall not charge Borrower for holding ami applying tide Fnnds, animally analyzing the escrow account, or verifying the Escrow Items, nnless Lender pays Borrower interest on tide Funds and Applicable Law permits Lender to make snch a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Fnnds, Leuder shall,mt be reqnired to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual acconnting of Ihe Funds as reqnired by RESPA. ~ If dmre is a surplus of Funds hehl in escrow, as defined under RESPA, Lender shall accot,ni to Borrower for the excess funds in accordance with RESPA. If dDere is a shortage of Funds held in esci'ow, as defined under RESPA, Lender shall notify Bm'rower as required hy RESPA, and Borrower shall pay to Lender; the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as reqn~red by RESPA, and Borrower shall pay 1o Lender d~e amount necessary to make np the deficiency in accordance with RESPA, but in no more than 12 moulhly payments, r Upon payment in full of ail snms secnred hy this Security Instrumeni, Lender shall prompdy retired to Borrower any Fonds held by Lender. ' WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 4 o[ 13 Do~gic ~'~'m~o-6 4 9- www. docmagic, corn 4. Charges; Liens. Borrower shall pay all taxes, assessmenls, charges, floes, and impositions atlributable to the Property which can attain priority over this Security Instrument, leasehold paymenls or ground rents on the Property, if any, and Community Associalio~ Dues, Fees, and Assessmenls, if any. To the extent lhat these items are Escrow Items, Borrower shall pay them in the manner provided in Seclion 3. ' Borrower shall promptly diszharge any lien which has priority over this Secnril/Instrumen~ unless Borrower: (a) agrees m wriling lo the payment of lhe obligalion secured by the lien iu a manner )cceplable lo Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith.hy, or defends against enforcement of the lien in legal proceedings which in Lender's opinion operate Io prevent the enforcement of lhe lien while those proceedings are pending, hut only nntil such proceediogs are concluded; or (c) secures from the holder. of the lien an agreement satisfactory to Lender snbordinaling the lien to this Security Inslrumeot. If Lender delermines Ihal any parl of Ihe Property is snbjecl Io a lien which cao attain priorily aver Ibis Secnrity.lnslrument, Lender may give Borrower a notice identifying Ihe lien. Within 10 days of lhe date on which fl~al notice is given, Borrower shall satisfy Ibc lien m' take one or more of the aclions sel forlh above iu tfiis Seclion 4. Lender may require Borrower lo pay a one-time charge for a real eslale tax verification and/or reporling service used by Lender in conneclion wil ~ Ihis Loan. 5. Property Insurance. Borrower shall keep Ihe improvements now existing or hereafler erecled on {he Property insured agaiosl loss by ~re, hazards included within Ihe term "extended cox erage," and any other hazards including, bnt not limiled lo, earthqnakes and floods, for which Lender requires insn:'ance. This insurance shall be maintained in Ihe amonnls (ioclu]ing deduclihle levels) and for the periods that Leoder requires. What Lender requires pursuanl to the preceding senlences can change dnring the lerm of the Loan. The insurance carrier providing the insnrance shall be chosen hy Borrower snbjecl to Lender's righl Io disapprove Borrower's clmice, which righl shall nol be exercised unreasonably. Lender may require Bm'rower to pay, in conneclion w~/h Ibis Loan, either: (a) a one- Ii,ne charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone delerminalion and cerlifica~on set'vices and subsequent charges each time remappings 0r shnilar changes occor which reasouably might affect such delemfinalion or certificalion. Borrower shall also be.responsible for the paymenl of any fees imposed hy lhe Federal ~mergency Management Agency in conneclion wilb lhe review of any flood zone determinalion resulting fi'om ao o3~eclion by Borrower. If Borrower fails lo maintaio any oF Ihe coverages described above, Lender may oblain insurance coverage, al Lender's option and Borrower's ezpense. Lender is nnder no obligalion Io purchase any pariicolar type or amount of coverage. Therefore, snch co,,erage shall cover Lender, bul mighl or might nol pro/ecl Borrower, Borrower's eqniiy in the Property, or the cootmlls of Ihe Properly, against any risk, hazard or liab3ity and mighl provide grealer or lesser coverage thao was previm~sly in effect. Borrower acknowledges lhal the cost of ll~e insurance coverage so ohtained mighl significanlly excee~ lhe cost of insurance lbat Borrower could have ohlained. Any amounts disbursed by Lender nnder/his Seclion 5 sh~.ll become additional debl of Borrower secnred by lhis Securily InslrumenL These anmunls shall bear inleresl at lhe Nole tale fi'om lhe date of disbursement and shall be payable, with such interest, opon notice from Lender Io Borrower requestiog payment. All insnrance policies reqnired by Lender and renewals of snch policies shall be suhjecl Io Lender's righl Io disapprove snch policies, shall thc!nde a slandard morlgage clanse, and shall nalne Lender as morlgagee and/or as an additional loss payee. Lender shall have Ihe righl lo hold the policies and renewal cerlificales. If Lender reqnires, Borrower shall promplly give lo lender all receipts of paid premimns and renewal notices. If Borrower ohlains any form of insnrance coverage, nol o.lherwise required hy Lender, for damage Io. or des ruction of, Ihe Property, snch policy shall include a slandard morlgage clanse and shall name Lender as morlgagee and/or as an additional loss payee. In lhe evenl of loss, Borrower shall give prompl notice to Ihe insnrance carrier and Lender. Lender may make proof of loss if not made promp0y by Borrower. Unless Lender and Borrower otrerwise agree in wriling, any insurance proceeds, whelher or not lhe underlying insurance was required hy Lender,. shall be applied lo restoralion or repair o~ lhe Properly, if the res/oralion or repair is economically feasible and Lender's securily is nol lessened. During snch repair and resloration period, Lender shall have the right 1o hold such insurance proceeds nnlil Lender has had an opportunity Io inspect such Property Io ensure lhe work has been comp~eled 1o Lender's salisfaclion, provided Ihal such inspeclion shall he onderlaken prompdy. Lender may disbnrse proceeds for Ihe repairs and resloralion in a single payment or~in a series of progress paymenls as Ihe work is completed. Unless an agreemenl · WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 5 of 13 is made in writing or Applicable Law requires interest to be paid on st, cb insurance.proceeds, Lender shall not be reqnired to pay Borrower any imm'esl or earnings on such proceeds. Fees for pnblic adjnsters, or other third parties, retained hy Borrower shall nol be paid out of tile insnrance proceeds and shall be the sole obligation of Borrower. If tile restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the snms secured by lids Securily Instrnment, whed~er or not then due, with the excess, if any, paid to Borrower. Such insurance pro,;~eeds shall be applied iu the order provided for in Section 2. If Borrower abandons tile P"operty, Lender may file, negotiate and seltle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier bas offered to settle a claim, then Le~lder may negotiate and setlle tim claim. The 30-day period will begin when tire notice is given. Ill either event, or if Lender acqni,'es the Property t, nder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights 1o any insurance proceeds in an amount not Io exceed Ihe amounls unpaid under the Note or Ibis Security Instrument, and (b) any other of Borrower's rights (other than Ihe right to any reftmd of unearned premiums paid by Borrower) t, uder all insurance policies covering the l}roperty, insohr as st, ch rights are applicable to the coverage of tile Property. Lender may use tile insnrance proceer!s either lo repair or restore lite Property or to pay amonnts unpaid under tbe Nole or Ibis Security Instrnment, whether or not theu due. 6. Occupancy. Borrower;shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after lhe execution of this SecUrity Instrument and shall continne to occupy Ihe Property as Borrower's principal residence for at least one year after tim {late of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, m' unless extenuating circumstances exisl which are beyoml Borrower's control. . 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall riot destroy, damage or impair the Property, allow tile Property to deteriorate or connnit waste on the Property. Whether or not Borrower is residing in lhe Property, Borrower shall ~nain!ain the Property in order to prevent the Property fi'om deteriorating or decreasing in value due lo its condition. Unless il is determined pursuant to Section 5 that repair or restoration is not ecmmmically feasihle, Borrower shall prmuptly repair the. Property if damaged to avoid further delerim'ation or damage. If insurance o? comlemnaiion proceeds are paid in connection with datnage Io, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds fi~r such purposes. Lender may disburse proceeds l'or the repairs and restoration in a single payment or in a series of progress payments as tl~e work is compleled. If the insnrance or condemnation proceeds are not sufficienl to repair or restore the Property, ~orrower is not relieved o£Borrower's obligation loc the completion ofsncb repair or restoration. Leuder or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspecl the interior oflhe improvemenls on the Property. Lender shall give Borrower notice at Ihe time of or prior to snch an interior inspection specifying such reasonable canse. 8. Borrower's Loan Application. Borrower shall be in defaul! if, during be Loan application process, Borrower or any persons or entities acting at tile direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or ir accurate informalion or statemenls to Lender (or failed to provide Lender with malerial information) in connection with Ihe Loan. Material represenladons include, but are not limited la, representations concerning Borro,,,mr's occnpancy of the ProPerty as Borrower's prir'cipal residence. 9. Protection of Lender's' Interest ill the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the co,,enants and agreements contained in Ibis Securily lnslrument, (b) there is a legal proceeding that might significantlyla ffect Lender's inlerest in tl~e Property and/or rights under Ibis Secnrily Inslrmnenl (such as a proceeding in hankrupti:y, probate, for c{m¢lemnation or forfeitnre, for enforcement of a lien which may attain priority over Ibis Security Instrument or Io enforce laws or regulations), or (cl Borrower bas abandoned the Property, then Lender may do anq pay roi' whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Sec~rity Instrunmnt. inclnding prolecting and/or assessing lhe value of tile Property, and secnring and/or repairing tile [ roperly. Lender's actions cau include, but are not limited to: (a) paying any snms secnred by a lien which has priori,:y over this Security Inslrument; (b) appearing in court; and (c) paying reasonable attorneys' fees Io protect its interest in lbe Properly and/or rights under this Security In:;trnment, iucluding its secured position in a bankruptcy proceedirg. Securing the Property includes, but is not limited ~o, entering make repairs, change locks, replace or board np doors and windows, drain water fro:n pipes, eliminate building or WYOMING-Single Family--Fannie Maa/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 6 of 13 , www.~ocm~gic.-com other code violations or dangeron?.[ conditions, and have utilities turned oo or off. Although Lender Inay take action under Ibis Section 9 Lender does :~Ot have to do soand is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not !akiug any oi; all actions authorized unde,' dds Section 9. Any amounts disborsed by Lender under lhis Section 9 s. hall become additional deOt of Borrower secured by this Security Instruinent. These amotmts shall bear interest at the Note rate fro,n tim date of disbursement and shall be payable, with such interest, npon notice from Lender lo Borrower requesting paymetA. If this Secnrity Instrument iu on a leasehohl, Borrower shall comply with all the provisions of the lease. If Borrower acqnires fee title to tire l'roperty, fl~e leasehold and tile fee title shall not mm'ge unless Lender agrees to the merger in writing: 10. Mortgage Insurance. I [Lender reqnired Mortgage lusurance as a conditimi of making tile Loan, Borrower shall pay the premiums reqnired lo maintain lite Mortgage Insurance irt effect. If, ..for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insore? tlJat previously provided such insurance and Borrower was required to make separately designated payments toward the prendums for Mortgage Insurance Borrower shall pay thc premiums required to obtain coverage snbstandaliy equivalent Io tl~e Mortgage Insuraoce previously in effect, at a cost substantially eqoivalent to the cost 1o Borrower of the Morlgage lusurance previously in effect, from an alternate mortgage i,~st, rer selected by Lender. If substantially equivalent Mortgage Insurance coverage.is riot available, Borrower shall contint, e to pay to Lender tile amount of tile separately designaled paymeuts that were due when tile iosurance coverage ceased to be io effect. Lender will accepl, nse and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding tire fact thai tire Loan is ultimately paid in filll, and Lender shall not be required to pay Borrower any inlerest or earnings on such loss reserve. Lender can no longer require loss reserve p~.yments if Mortgage Iusurance coverage (in tile amount and for the period thai Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, 9nd Lender requires separately designated payments toward the prenfimns for Morlgage lnst,rance. I[ Lender required Mortgage Insurance as a condition of making tim Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay lite premiums required to mainlain Mortgage lnst, rance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mnrtgage Insurance ends itl accordance with any written agreement between Borrower aud Lender providing for such terminadoo or until termination is reqnired by Applicable Law. Nothing in tilts Section 10 affects Borrower's obligation lo pay interest at the rate provided in the Nole. Mortgage Insurauce reimbm:ses Lender (or any entity thai purchases tile Note) for certain losses it may incur if Bm'rower does not repay the Lcau as agreed. Bnrrower is not a party to the Mortgage Insurance. Mortgage insnrers evaluate (mir total risk nn all such insurance in force from time to time, and may enler inlo agreements with other parties that share or modil]y their risk, or reduce losses. These agreements are on terms and conditious that are satisfactory to the mortgage insurer and the other parly (or partie,.,) to these agreements. These agreements may require the mortgage insurer to inake payments t, sing any source of fimds that tile mortgage insurer may have available (which may iJ~.clude fimds obtained fi'mn Mortgage Insurance premiums). As a resoll of Ibese agreeme:~ts, Lender, any purchaser of tile Note, anod~er insurer, any reinsurer, any oilier entitY, or any affiliate of any of tl~e foregoing, may receive (directly or indirecdy) amot, nls that derive from (or might be characterized as) a portion nf Borrower's payments for Mortgage Insurance, in excl ange for sharing or modifying tim morlgage iusurer's risk, m' ret:.ucing losses. I[ such agreetnenl provides that an Mfiliate of Lender lakes a share of Ihe insurer's risk in exchange:for a share of tile premiums paid to the insurer, the.arrangement is o[len termed "captive reilsmance. Further: (a) Any such agreements -,viii not affect the amounts that Borrower has ,5greed to pay for Mortgage Insurance, or any other tea:ms nj~ the Loan. Such agreements will not increase th.'~ amount Borrower will owe loc Mortgage Insurance, and th.ey ;viii not entitle Borrower to ally refund. (b) Any such agreements will not affect the rights Borrower has - if any - With respect to the Mortgage Ins,rance under the Homeowne?~ Protection Act of 1~98 or any other law. These rights may include thc right to ceceive certain disclosures, t~ request and obtain cancellation of the Mortgage Insucance, to have the Mortgage Insurance terminated auton~atically, and/or to receive a refund of any M~rtgage Insurance premiums that were unearned at the time of such cancellation or termination. WYOMiNG--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 7 of 13 O JO0 ; l 11. Assignment Of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. Iftbe Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of file Property, if tbe restoration or repair is economically feasible and Lemler's security is not lessened. Dnring such repair aud restoralioo period, Lender shall !lave the right lu hold such Miscellaneous Proceeds nntii Lender has had all opportunity to inspect sucb Property to ensure file work bas been completed to Lendl~r's salisfaction; provided that such inspectiou shall be undertaker' promptly. Leuder may pay for tile repairs and restoration in a single disbursement or in a series of progress payments as lbe work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid o0 such Miscellaneous Proceeds, Lender shall nol be. required to pay Borrower any interest or earnings on such Miscellaneous Proceedsl If the restoration or repair is not economically feasible or Lender's security wonld be lessened, the Miscellaneous Proceeds '~hall be applied to the sums secured by ibis Security Instrmneot, whelber or not tbeu ch~e, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in lhe order provided for in Section 2. In tbe event of a total taking, destruction, or 10ss in value of the Property, tbe Miscellaneoos Proceeds sball be applied to the sums secured by this Security Instrnment, whether or not then due, with the excess, if any, paid Io Borrower. In the event of a parlial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before tile partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrnnmnt immediately before the partial takiug, destruction, or loss in value, uoless Borrower and Leuder otherwise agree iu wriling, the stuns secured by this Security Instrnment shall be reduced by the amouut of tile Miscellaneous Proceeds multiplied by the following fraction: (a) the total amounl of tile sums secured immediately before the pa -rial taking, destruction, m' loss iii valne divided by (b) the fair market value of the Property imlnediately before Ibe partial taking, destrnclion, or loss in valne. Any balance sliall be paid to Borrower. In lhe event of a partial taki~lg, destruction, or loss in value of the Property in which tl~e fair market vah, e of lhe Property immediately before t.m partial taking, destruction, or loss iii value is less than the amount of the sums secured immediately before the p~ rlial taking, desU'nction; or loss iii value, unless Borrower and Lender otherwise agree in writing, the Miscellaneom Proceeds shall be applied to lbe sums secured by this Security Instrument wbelher or not the stuns are tbeu due. ., If the P,'operty is abamloned oy Borrower, or if, after notice by Lemler to Borrou~er that the Opposing Party (as defined ill the nexl sentence) offers to make all award to seltle a claim for damages; Borrower fails to respond to Lender within 30 days after the dale the notice is given, Lender is authorized to collect and apply the Miscellaneons Proceeds eilher to restoration or repair of tbe Property or to' tbe sums secured by this' Security Instrument, whether or not theu due. "Opposiug Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower bas a right of acfiou ill regard to Miscellaneous Proceeds. Borrower shall be iii default if any action or proceeding, whetber civil or criminal, is begnn tbat, in Lender's judgnient, could result in forfeitnre of the Property or other material impairment of Leuder's interest in die Property or rigbts under fids Security Instrument. Borrower cao cure sncb a default and, if acceleration has occurred, reinstate as provided iii Section 19, by causing the action or proceediug to be dismissed wdb a ruling that, iu Leuder's judgment, preclndes for£eiture of ibe Property or other material impairnmnt of Lendc.r's interest in the Property or rights uuder this Securily Instmm,mt. The proceeds of auy award or claim for damages that are attributable to the impairment of Leuder's imerest in tile Property' are hereby assigned and shall be paid to Lender. Ail Miscellaueous Proceeds that are not applied to restoration or repair of the Pi'operty shall be applied iii the order provided for iii Section 2. 12. Borrower Not Released; Forbearauce By Lender Not a Waiver. Extension of the time for paymenl or modification of amortization of the sums secured by this Security Instrunmnt granted i,y Leuder to Borrower or any Successor in Interest of Borrower';ball not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required Io commence proceedings agaiust any Successor in Interest of Borrower or to refllse to extend time for p~ymenl or otherwise modify amortization of the stuns secnred by ibis Securily Instrument by reason of any demm d made by the original Borrower or any Successors in Inlerest of Borrower. Any forbearance by Lender in exercis?g ally right or remedy includiug, ~vilbout limitation, Lender's acceptance of WYOMiNG--Single Family--Fannie Ma,;/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 ' Page8 oi~13 www. docmagic, corn payments from third persons, entities or S~iccessors in Interest of Borrower or in amcunts less thao ltle amount then due, shall ~ot be a waiver of or preclude dm exercise of any righl or remedy. 13. Joint and Several Liability; Co-signers; Successors a~d Assigns Bound. Borrower covenanls and agrees tirol Borrower's obligations and liability shall bejoint aud several. However, any Borrower who co-signs this Secnrily Instrnment bnl does nol execule file Nole (a 'co-signe~ ") (a) is co-signing lhis Security Instmmenl only to modgage, granl and convey dm co-signer's inlerest in dm Property onder lhe lerms of ll~is S.ecurity Iostrume~l; (b) is nol personally obligated lo pay the sums secured by tiffs Security Inslrument; a~d (c) agrees that Lender and any other Borrower can agree to extend, mo:lily, forbear or make aoy accommodalions wffh regard ~o tim lerms of fids Security Inslmment or Ihe Note wilhoul Ih}~ co-signer's consenl. , Subject Io lhe provisions of Seclion 18, any Successor in Inleresl of Borrower who assumes Borrower's obligalions umler tiffs Securily Ins~ rumenl in writing, aod is approved by Lender, shall oblaiu all of Borrower's righls and benefils under Ihis Securily In.;lrumenl. Borrower shall nol be released from Borrower's obligations and liability nnder lhis Securily Inslrumenl unlass I.ender agrees to such release in writing. The covenants and agreemenls of Ihis Secm-ily Inslrumenl shall bind (excepl as provided in Section 20) and benefil/lie successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in conneclion wilh Borrower's defaull, for Ihe purpose of prolecling Lender's i~teresl in lhe Properly and rights under lids Securily Inslrumeul, including, bol not limited to, allomeys' fees, properly inspeclion aud valualion fees. In regard Io any olher t~es, Ihe absence of express aulhori/y in th'is Secnrity Insh'nmenl to charge a specific fee Io Borrower shall not be conslrued as a prohibition oo Ihe charging of such fee. Lender may nol charge fees Ibal are expre:~sly prohibiled by Ibis Secm'ity Inslrnmenl or by Applicable Law If Ibe Loan is snbjecl lo a law which sets nmximum loan charges, and lhal law is finally inlerpreled so Ihal Ihe inleresl or olher loan charges collecled or lo be collecled in connection with Ihe Loan exceed lbe permilled limils, lheo: (a) any such loan charge sh:dl be rednced by lhe amounl necessal3, 1o reduce the charge Io Ihe permilled limil; aod (b) any snms already collecled fi'mn Borrower which exceeded permitled limils will be refunded lo Borrower. Lender may choose Io make lhis r(fllod by reducing lhe principal owed under lhe Nole or by making a direcl paymenl Io Borrower. If a refund redoces principal, Ihe redoclion will be Irealed as a parlial prepaymenl wilhonl any prepaymenl charge (whelher or n(~l a prel]aymenl charge is provided for nnder Ihe Ncle). Borrower's acceplance of any such retired made by direct pl,ylnenl lo Borrower will conslilule a waiver of any (ighl of actiou Borrower inighl have arising 0ul of soch overcharge. 15. Notices. All notices given by Borrower or Lender in conneclion wilh this Securily lnslrumeni musl be in wriling. Any notice 1o Borrower jn conueclion wilh Ibis Security Inslrnmenl shall be ~deemed lo have been given Io Borrower when mailed by first class mail or ~vhen aclually delivered lo Borrower's notice address if senl by olher means. Notice lo any one.Borrower shall couslihde nolice Io all Borrowers unless Applicable Law expressly requires otherwise. The nolice address stiall be lhe Properly Address unless Borrower has.designaled a substilule notice address by notice Io Lender. Bm'rower shall ln'Omplly notify Lender of Bm'rower's change of address. If Lender specifies a procedure fnr reporting Borrower's change of address, Ihen Borrower shall 0nly reporl a change of address lhrongh thal specified procedure. There may he ouly one desigualed nolice address under lhis Securily lnslrumeul al any one lime. Aoy notice Io Lender shall be given by delivering il or by mailing il i)y firsl class mail Io Lender's address slaled herein unless Lender has designated anolher address by nolice Io Borrower. Any uolice in connection wilh Ihis Security Instrument shall not be deemed lo have been given to Lender unli[ actually received by Lender.' If any notice reqnired by Ibis Securily Inslrumeut is also required under Applicable Law, tim Applicable Law requiremeol will salisfy lhe corresponding requirement under this Secorily Iostrun~ent. 16. Governing Law; Severabilily; Rules of Construction. This Security Insirument shall be governed by federal law and Ibe law of the jurisdiction in which the Properly is localed. All rights aod obligalions conlaioed in Ihis Securily Instrument are subject lo any requiremenls and limitations of Applicable Law. Applicable Law might explicilly or implicitly allow the parties 1o agree by contracl or it mighl be silenl, .~ul such silence shall nol be construed as a prohibition againsl agreemenl by contract. In tim evenl Ihat aoy provision or claose of Ihis Security Instromenl or the Note Conflicls ~ ith Applicable Law, such conflicl shall not affecl other provisions of Ihis Security lnslrumeul or the Nole which can be giveo effect wilhoul the conflicling provision. WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page 9 of 13 As used iii this Security lnstr,Jmenl: ia) words of lite masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in tl~e singular shall inean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to lake any action. 17. Borrower's Copy. Bort"ower shall be given one ~:opy of the Nole and of lhis Security Instnunent. 18. Transfer of the Propery or a Beneficial Interesl in Borrower. As used in this Section 18, "Interest iu the Properly" means auy legal or beneficial interest iii the Property, including, but not limited to, those heneficial iuterests transferred in a bond for deed, contracl for deed, inslallment sales contract or escrow agreement, the intent of which is the transfer of lille by (~orrower at a fidure dale to a purchaser. If all or any parl of die Property or any Interest in tbe Property is sold or trans.~erred (or if BorroWer is not a natural person and a beneficial inl~'rest in Borrower is sold or Iransferred) wilhont Lender's prior wrilten consent, Lender may require inunediale payment in fidl of all sums secured by this Security Instrument. However, Ihis option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this bptidn, Lender shall give Borrower notice of acceleration. The notice shall provide a period of nol less dian 30 days from tile dale the nolice is given iii accordance wilh Section 15 within which Borrower must pay all sums secured by this Security Iuslrument. If Borrower fails to pay Ihese sums prior to lhe expiration of this period, Leuder may invoke any remedies permitted by this Security Instrument wkhout fi~rtber uotice or demand on Borrower. 19. Borrower's Right to Reh~state After Acceleration. If Borrower meets certain conditions, Borrower shall have die right lo have enforcement of lhis Security Instrument discontinued 'at any tiine prior lo the earliest of: ia) l~ve days before sale of the Property pursuant lo any power of sale contained in this Security Iustniment; (b) such otlier period as ApPlicable Law might specify for the termination of Borrower's righ to reinstate; or (c) enlry of a judgmenl enforcing Ibis Security I~lstrument. Those conditions are that Borrower: ia) pays Lender all sums which Iben would be due under this Security hlsti'umenl and tl~e Note as if no acceleralion had occurred; (b) cures any default of any oilier covenants or agreeme~ts; (c) pays all expenses incurred iii enforcing this Security Instrnmeut, including, but nol limiled to, reasonable allorr~eys' fees, property inspection and valoation fees, and other fees incnrred for Ihe purpose of protecting Lender's interest iii tile Properly and rights nnder this Security luslrument; aud id) lakes such aclion as Lender may reasouably r~uire lo assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's ohligal[on to pay the sums secured by Ibis Security Instrument, shall continue unchanged. Lender may require Ihat BorrowerPay such reinslatelnent sums and expenses in one o~: more of the following forms, as selecled by Lender: ia) cash; (b)-money order; (c) certified check, bank check, treasl~rer's check or cashier's check, provided any such check is drawn r:pon an inslilnlion whose deposils are insured by a federal agency, instrumentalily or entity; ol id) Electromc t'unds T~ ansfer. Upon reinstatement by Borrower, this Securily Instrtuoent and obligations seCured hereby shall remaiu fully c."ffective as if no acceleration had occurred. However; this righl to reinstate shall not apply in Ihe case of acceleratic~n under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Nole 0r a partial interesl in tile Note (together with this Security Instrun,en0 can be sold one or more times wilhout prior not~ce lo Borrower. A sale might result iii a change iii the entity (k~l~wn as the "Loan Servicer") thai collecls PeriodiC.Payments due onder the Nole and this Security Instrument and 13~rforms olher mortgage loan servicing obligations ?uder the Nole, this Security Instrument, and Applicable Law. There also might he one or more changes of the Loi~ln Servicer unrelated to a sale of fl~e Nole. If lbere is a change of'the Loan Servicer, Borrower will be given writlen fiotice of the change which will stale Ihe name and address of the new Loaq Servicer, the address to which payments should be made and any other information RESPA requires in connection wilh a notice of transfer of servicing'. If the Note is sold and thereafler lhe Loan is serviced by a Loan Ser',,'icer other than tile purchaser of the Nole, the mortgage loan servicing obligatio~,s to Borrower will remain with the )~oan Servicer or be Iransferred to a successor Loan Servicer and are not assmned by the Nole purchaser unless othelwise provided by the Note purchaser. Neither Borrower nor Lender. may commence, join, or be joined to any judicial 'action (as eitber au individual li¢igant or Ihe member of a class) thai arises fi'om Ihe otber party's actions pursuant to this Secorily Inslrument or that alleges that the olber party has breached any provision of, or any duly owed by reason)of, this Security Instrument, unlil such Borrower or Lender has i;olified tile other party (with such nolice given in colnpliance wilh Ille requiremenls of Section 15) of such alleged breach and afforded the other party herelo a reasonable period after the giving of such nolice to take correclive action. If Applicable Law provides a time period which must elapse before cerlain aclion Oo~Magic~~ · www. do,magic, co~'n WYOMING--Single Family--Fannie Mar/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 10 of 13 O-DOOD,.4L can be taken, that time period v',ill be deemed to lie reasonable for purposes of t'fis paragrapb. The notice of acceleration and opportunity to cure given to Borrower porsuant to Section 22 and the notice of acceleration given to Borrower porsoanl to Sectioo 'L8 shall be deemed lo Satisfy Ibe notice sod opporlunily to take corrective action provisions of Ibis Seclion 20. 21. Hazardous Substances. As used iii Ibis Sectio~ 21: (a) "Hazardous St/bstances" are Ibose substances defined as toxic or bazardous sub:.tances, polhdants, or wasles by Environmental Law and lbe following substances: gasoline, kerosene, olber flamma)le or toxic petroleum producls, Ioxic pesticides and herbicides, volatile solvents, materials cootaining asbestos or lormaldebyde, and radioactive rosier}als; (b) "Environmental Law" means federal laws and laws of dmjurisdiclion where the Property is located that relate Io health, safe;y or environmental protectiou; (c) "Environmental Cleanup" inclndes any response action, remedial action, or 7emoval action, as defined in Enviroomental Law; and (d) all "Environmenlal Condition" meaos a condition that can cause, conlribule to, or otherwise trigger ao Environmemal Cleannp. Borrower shall nol canse or permit tl~e presence, nse, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to dol anything affectiog the Property (n) tbs{ is in violaliou of any Environmental Law, (b) which creates an Environmenlal Condition, or (c) which, due to the presence, use, or release of a Hazardous Snbstance, creates a condition tbal adversely affects Ibe value of tbe Properly. Tbe preceding two sentencds shall not apply to lbe preseoce, use, or storage oo tide Froperty of small quant}lies of Hazardous Substances that are geoerally recognized lo be appropriale to normal residential uses and to maintenance of the Property (including, but oot limited to, hazardous sobstaoces iu consumer prodt, cts). Borrower shall prompdy gi,,e Lender wrilien notice of (a) soy investigation, claim, demand, lawsuit or other action by any governmental or regulatory age,cy or private party involving tide Propert? and any Hazardous Si,bsiance or Environmental Law of which Borrower bas aclual knowledge, (b) a,y Environmemal Condilion, including hot not limited to, any spilling, leaking, discharge, release or threat of release of any tlazardot, s Substance, and (c) any coodition cansed by die presence; use or release of a Hazardous Substance which adversely affects tile value of the Property. If Borrower learns, or is nolified by any governmental or regulatory aulbority, or any private party, that soy removal or otber remediatio~ of soy Hazardous Substance affectiog tl~e Property is necessary, Borrower shall prompdy take all necessary remedial actions.iii accordance witb Environmental Law. Notbing hereto shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVEigANTS. Borrower and Lender filrtber covenant find agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior lo acceleration following Borrower's breach of any covenant or agreement iu tliis Security Instrument (but rot prior to acceleration under Section 18 unless Applicable Law provides otherwise). Tile notice shall specify: (a) tile default; (b) the action required to care the default; (c) a date, not less than 30 days from tile dale the notice is given to BorroWer, by which the default must be cured; and (d) that failure to cure the default on or before tide date specified in the notice may result in acceleratior of tide sums secured by this Security Instrument and sale of the Property. The n-otice shall further inform Borrower of lhe right to reinstate after acceleration ~ nd the right to bring a court action to assert the non-existence of a default or any other defense of Borrower lc: acceleration and sale. If tile default is not cured on or befor~ the date spec}lied in the notice, Lender at its o;'ltion may require immediate payment iu full of all sums secnred by this Security Instrument without furtherTdemand and may invoke Ihe power of sale and any other reined}es permitted by Applicable Law. Lender shall be entitled to collect ali expenses incurred in pursuing tl~e remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes tide power of sale, Lender shall give notice of intent to foreclose to Borrower and to tile person in possession of tile Properly, if different, iii accordance with Applicable Law. Lender shall give notice of tile sale to Borrower iu the manner provided in Section 15. Lender shall publish the notice of sale, and tile Property shall be sohl in tile mariner prescrihed by Applicable Law. Lender or its designee may purchase the Properly at any sale. The proceeds of tile sale shall be applied iii tile following order: (a) to all expenses of the sale, including, but no! limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess Jo the person or persons legally entitled to it. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS DocM~t~.~ 800-649-7362 Form 3051 1/01 Page 1 1 of 13 www. docmagic, com 7.3. Release. Upon payment, of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower e Fee ['or releasing this Security Instrument, but only if the fee is paid lo a third party for services reudered and lhe charging o£ the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue ot' the ho~nestead exemption laws of Wyoming. BY SIGNING BELOW, Bo'Tower accepls and agrees to tile terms and covenants contained io this Security Instrumenl and in any Rider executed by Bon'ower and recorded with it. DAVID E JAGE~ ' (Seal) -Borrower ~Y 'C ~IFFLE-Jt{YER (-- OBorrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Bo rrower -Borrower Witness: Witness: WYOMING--Single Family-Fannie Mae',/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 , Page 12 of t3 DocMagic ~rn~l'~'~Tb~F~- i j62 www. docmagic, corn State of Wyoming ) ) ss County of LINCOLN ) The foregoing instrmnent ,,vas acknowledged before me by RIFFLE- JAGER Witness my hand and official seal. (Seal) 4i3 DAVID E JAG'ER, AMY C Notary Public Print or Type Name (~ ~'a7 My commission expires: WYOMING--Single Family--Fannie Ma'J/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 13 of 13 Loan Number: 0,0016039191 Dale: GUNE 28, 2004 PropeHyAddress: 194 ALPE~ GLOW, ETNA, WYOMING 83118 EXHIBIT "A" LEGAL DESCRIPTION A.P.N. fi: 12-3518-19-3-02-037.00 Lot 59 of Star Val?_ey Ranch Plat 15, Lincoln County, Wyoming described on the official 01at thereof, A.P.N. ~ : 12-3518-19-3-02-037.00 DocMarjic eb~.._~t~ 800.649-1362 www. docrnagic, corn MIN: 1000492-0000002021-1 Loan Number: 0001603919 ADJUSIABL£ RAI£ R[D£R (LIBOR Six-Month Index (As Published In The WallStreet Joi/rnal} - Rate Caps) (Interest Only ARM) TIIIS ADJUSTABLE RATE RIDER is made (Ids 28th day of JUNE 2004 and is incorporated into and shall be deemed to amend anti supplement the Mor!gage, Deed of Tn, si, or Security Deed (the "Security Iastrumenl") of lite same date giveo by Ihe undersigo¢:d ("Borrower") to secure Borrower's Adjustable Rate Note (tim "Note") to MAJOR MORTGAGE, A CORPORATION CLender") of lite same date and coveri,g die property described in lite Secnrity lnstrumenl and located at: 194 ALPEN 'GLOW, ETNA, WYOMING 83118 [Properly Address] THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND TIlE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVI~NANTS. Iii addilion to tbe covenaots and agreemenls made io the Security Instrument Borrower and Levder fl~rther covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for ;in initial inle,'est ,'ate of 6.750 %. The Note also provides For changes in lite ioterest rate and the montldy paymenls, as follows: 3. PAYMENTS (A) Time and Place of Payme,ts I will pay imeresl by making paymenls every month for the First 24 payments (lite "Interest- Only Period") in tim amouot'sufficie,t to pay interest as il accroes. Ever), monlb thereafter I will pay principal and interest by maki,g payments in an amount sufficient to fully amortize the outstandi.g principal balance of the Note at the end ~,f d.e Inl erest-Only Period over the remaining term of tide Note. Tile principal and interesl payment I pay ina:/change as the i,,eresl rale I pay changes pursuaot to Section 4 of this Note. I will make my ~nonthh, paymeots oo tim 1 s t day of each ,nootb beginning on AUGUST 1, 2004 I will make these paymenls every month until I have paid all of the principal and interest and any other cha,'ges described below Ibat I ~nay owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to mteres! before Priocipal. It', on JULY 1, 2034 , I still owe amounts under Ihis Note; I will pay those amounts in hall on that date, which is called the "Mahtrily Date." MULTISTATE ADJUSTABLE RATE RIDER--LIBOR SIX-MONTH INDEX (AS PUBLISHED IN FHE WALL StREET JOURNAL) DLJMCIO RIDER 05101/04 Page 1 or4 DocMagic ~ 800 649- 7362 www. docmagic, corn I will make my monthly payments at 6101 YELLOWSTONE ROAD, STE LL77, CHEYENNE, WYOMING 82009 or at a different place if requ!red by the Note Holder. lB) Amount of My Initial Monthly Payments Each of my initial mOnflfiy l)ayments will be in tire amount of U.S. $678.66- This amount may change. 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates Tbeinlerestratelwjllpaymaychangeontbe 1st dayof JULY 1, 2006 arrdon that {lay every6 th 'nonth Ihe,'eafler. Each date on which my interest rate could change is calle~l a "Change Date." lB) Ti~e Index Beginning with the first Change Date, my interest rate will be based on an Index. The "ludex" is tire average of interbank offered rates for six momh U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in T.l~s Waft Sir'eel JournaL Tbe most recen! Index figure available as of the first business day of the month imn:ediately preceding dm month in which lbe Change Date occ.rs is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new irrdex that is based upon comparable information. Tim,Note Holder will give me notice of this choice. lC) Calculation of Changes Before each Cbange Date, the Note Holder ;rill calculam my new interest rate by adding THREE AND 3 7 5/'1 0 0 0 percentage points ( 3. B 7 $ %) to the Cu,'renl Index. Tile Note Holder will then round tire result of this addition to the nearest one-eighlb of one perceutage point (0.125%). Subject to the limits stated in Section 4 (D) below, tiffs rounded amount will be my new interest rale until the next Change Date. Except as provided in Section 3lA) above, the Note Holder will then determine the ammml of Ihe monthly payment Ihat would be sufficient to repay the unpaid principal Ibat Iarn expected to owe at the Change Date in full orr tire Maturity Date at my new interest rate iu substantially equal payments. The resnlt of ttfis calculatim~ will be the new amotlnt of my monthly payment. (D) Limits on Intere,Jt Rate Changes Tile interest rale I am.. required Io pay at tim first Change Date will not be greater than 9.7 5 0 % or less than 3 . 7 5 0 %. Thereafter, my interest rate will never be increased or decreased on any single Cbange Date by more limn ONE AND 0 0 0/'1 0 00 percentage poiots ( 1.0 0 0 %) fi'om the rate of interest I have 'beeu payiog for tlre preceding6 months. My interest rate will never be greater than 1 1.7 5 ( %. (E) Effective Date of Changes My new interest rate will become effective on eacb Change Date. I will pay the amonnt of my new monthly payment beginning on ;Ire lirst monthly payment date after tire Change Dale uotil lire amount of my montbly payment changes again. MULTISTATE ADJUSTABLE RATE RIDER--LIBOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET JOURNAL) DLJMCIO RIDER O5/01/04 Page 2 of 4 DocA4agic 4~ 8oo-64 9- ~ 362 WWW. docmagic, corn 4i'7 (F) Notice of Chm~ges Befi)re the effective dale of any change in my interest rate and/or monthly payment, tile Note Holder will deliver or mail lo me a notice of sncb change. TILL' notice will inclode information reqnired by law to be given to me and also the ti:le and telephone number of a person who will answar any question I may have regarding the notice. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenanl 18 of tile Security Iustrumenl is amended Io read as follows: Transfer of the Property or a Beneficial Interest in Borrower. A:; used in lhis Section 18. "Interesl in the Preperty" means ally legal or beneficial interest ill the Property, iucludiug, bot not }trailed Io, tbo:;e beneficial inleresls lransferred in a bond for deec, contracl for deed. i,lslalhneol sales conic.ac! or escrow agreement, the intent of which is Ihe transfer of title by Bm'rower al a future cate Io a purcMser. If all or any part of tile Properly m' any Inleresl in tile Property is sold or transferred (or if Borrower is not a nahu'al person and a beneficial interest in Bo,'rower is sold or transferred) wilhont Lender's prior written consent, Lender may require immediate payment ill fidl of all stuns secured by this Security Instrtunent However, this option shall uot be exercised by Lender if sucb exercise is prohibited hy Applicable Law. Lender also shall nol exercise Ibis option if: (a) Borrower causes Io be submitted Io Lender informalion required by Lender ~o evaluate tile intended ,q'ansferee as if a new loan were being made to tile transferee; and (b) Lender reasonably determines II,at Lender's secnrity will nol be im,~aired by Ibe loan assmnplion and Iliat die risk of a breach of any covenant or agreement in INs Security Inslrmnent is acceptable to Lender. To Ihe extent permitted by Applicable Law, Lender may charge a reasonable fee as a coodilion lo Lender's consent to the loan assumption. Lender also may require the Iransferee Io sign an assumplion agreement lbat is acceplable ~o Lender and that obligates tile transferee .~o keep all tile promises and agreemenis made in lbe Nole and in this Security Iostrnment. Borrower will contim~e to be obligated under the Note and this Securily Instrument unless Lender releases Borrower in writing. If Lender exercises the optim~ Io reqnire immediate paymeol io full, Lender shall give Borrower nolice of ac'celeratioo. Tile nolice shall provide a period of no{ less than 30 days fi'om Ihe date tile notice is given in accordance with Section 15 within which Borrower must pay all st, ms secnred by this Secorily lnsmmmnt. If Borrower fails to pay Ihese snms prior to the expiration of lids period, Lender may invoke any remedies permitted by INs Secnrity Iustrumenl without fm tber notice or demand on Borrower. MULTISTATE ADJUSTABLE RATE RIDER--LIBOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET JOURIVAL) DLJMC IO RIDER 05101/04 Page 3 of 4 Doc. Magic ~ 800 649- ~ 362 www. docmagic, corn 0:900 7 1 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in Adjustable Rate Rider. DAVID E JAGER -Borrower I FFLE-~ER6~' -' -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower MULTISTATE ADJUSTABLE RATE RIDER--L BOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET JOURNAL) DLJMC IO RIDER 05/01/O4 Page 4 of 4 Doc Magic ~:7~,~.~ 800-649-1562 www. docmagic, corn 4!9 Loan Number: 0001603919 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIq' DEVELOPMENT RIDER is made tllis 28th day of JUNE, 2004 . arrd is irrcorporated iuto aud shall be deemed to amend arrd supplement tile Mortgage, Deed of Trust. or Security Deed (tire "Security Inslrument") of lhe same date, given by tim undersigned (tile "Borrower") to secure Borrower's Note Io MAJOR MORTGAGE, A CORPORATION (the "Lender" of the stone date and covering tire Property described in file Security Instrument and located al: 194 ALPEN GLOW, ETNA, WYOMING 83118 [l'roper~y AddressJ Tire Properly irrcludes bul is rol limited 1o. a parcel of land improved with a dwelling, logether wifll olber such parcels and certain comrlon areas arrd facilities, as described in COVENANTS, CONDITIONS AND RESTRICTIONS OF RECORD (tile "Declaration"). Tire Property is a part of a planned nni~ developmenl known as STAR VALLEY RANCH [Name of Plaaned Unil Developmenl] (the "PUD"). Tile Property a,so irrcludes Borrower's interesl in tire homeowners association or equivalenl entity owning or mauaging Ih( common areas and facilities of tile PUD (tile "Owners Association") and lire uses, benefits and proceeds oLBorrower's interest. PUD COVENANTS. In"addilioo to tile covenanls and agreements made in Ibe Secnrity Instrument. Borrower'and Lender filrther covenant and agree as follows: A. PUD Obligations, Borrower shall perform all of Borrower's obligations under tile PUD's Constiluenl Docmnents. Tire ' Constituent Docoments" are Ihe ti) Declaration; (ii) articles of incorporalion, trusl instr, menl or any equiva'ent documem which creales tire Owners Association; aud (iii) any by4aws or other rules or regulafioos of tile Owners Association. Borrower' shall promplly pay, when due all dues and assessmenls imposed porsuanl to tile Constituent Docnments. B. Property Insurance. So long as tile Owners Association mainlains, with a generally accepled insurance carrier, a "master" or "blanket" policy irrsuring tile Property which is satisfactory ~o Lender and which provides insurance coverage in the amounts (including deductible levels), fo:' the periods, and against loss by fire, hazards incloded within tile term "extended coverage," aud any olher hazards, includiug, bul nol limited to, earthquakes and floods, fin' which Lender reqmres insurance, then: ti) Lender waives tl~e provision in Secfioo 3 for tile Periodic Payment to Lender of tile yearly premium nslallmenls for property insurance ou lhe Property; and (ii) Borrower's obligation under Section 5 to mai;.ain properly insurance coverage oo tile Property is deemed satisfied Io tire exle.t tim! tile required coverage is provided by tile Owners Association policy. MULTISTATE PUD RIDER--Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 www. doctnagic, corn Page 1 of 3 0 00. 1 What Lender requires as a condilion of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by tbe master or blanket polic3,. In tile event of a distribulion of property iosurance proceeds in lieu of restoration or repair following a loss to the Property, or to cm:mmn areas alid facilities of tIJe PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender sball apply the proceeds to tbe sums secured by the Security Instrument, Whether er not limn due, witb the excess, if any, paid to Borrower. C. Public Liability Ins urance. Borrower shall take such actions as may be reasonable to insure that the Owners Associalion maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages: direct or consequenlial, payable to Borrower in conoection with aoy c0odenmation or other taking of all or any part of the Property or lite common areas and facilities of the PUD, or for any conveyance in lien of condmnnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provkled itt Section 11. E. Lender's Prior Consent. BorroWer shall not, except after notice 1o Lender a.d with Lender's prior written consent, eitber partition or subdivide the Property or coosent Io: ti) the abandomnenl or lermination of the PUD, except for abandonment or termination reqoired by law in the case of substantial destruction by fire or other cas,.mlty or in tile case ora taking by condemnation or eminent domain; (ii) any amendmenl to any provision of the "Constihmnt Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of Ihe Owners Association; or (iv) any action whicb would have the effect of rendering lite public liability insurance coverage maintained by tbe Ov/ners Association unacceptable 1o Lender. F. Remedies. if Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under tbis paragraph F shall become additional debt of Borrower Secured by the Security Instrument. Unless Borrower and Lender agree to othe! terms of payment, these amoonts shall bear interest from tile date of disbursement at tile Note rate and shall be payable, with interest, upon notice fi'om Lender to Borrower requesting payment. MULTISTATE PUD RIDER--Single Family Fannie Mae/Freddie Mac UNIFOR~,i INS'rRUMENT OocMagic eL~o;~cff~ 800-649.1562 Form 3150 1/01 Page 2 of 3 www. docmagic, corn BY SIGNING BELOW, Borrower accep[s and agrees Io lhe lerms and provis,ons conlained in lifts PUD Rider (Seal) -Borrower -AMY"'JC ~I FFLE - J~z~R £ -B6'r~ower (Seal) (Seal) -norroweF -Borrower (Seal) (Seal) -Borrower -Borrower MULTISTATE PUD RIDER--Sin§Ie Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 Page 3 of 3 J~::~cMagic ~-F~7~, 800-649. ;362 www. docmag/c, com PREPAYIVIENT RIDER Loan Nnmber: 0001603919 Dale: JUNE 28, 2004 Borrower(s): DAVID E JAGER, AMY C RIFFLE-JAGER THIS PREPAYMENT RIDER (lite "Rider") is made Ibis 28th day of JUNE 2 0 0 4 and is incorporated into and shall be deemed to amend and si, pplemeut the Morlgage, Deed of Trust or Security Deed (the "Security Instrument") of tile same date given by the undersigned ("Borrower") to secore repayment of Borrower's pron. ssory uot~' (tbe "Note") in favor of MAJOR MORTGAGE ("Lender"). The Secority Instrument encnml~e,'s the Properly more specifically described in the Security Instrument and located at 194 ALPEN GLOW, ETNA, WYOMING 83118 [Property Address] ADDITIONAL COVENANTS. In addition to tile covenants and agreements made in Ibe Security Instnmmnt. Borrower and Leqder fm'ther covenant and agree as follows: PREPAYMENT CHARGE Tile Note provides for life paymenl of a prepayment charge as follows: BORROWER'S RIGHT TO PREPAY; PREPAYMEHT CHARGE ] have tile rigbt to make payments of.Principal at any time before they are due. A payment of PHncipal only is known as a "Prepayment." When I ,nm{e a Prepayment, I will tell the Note Holder in writing that I ant doing so. I may not desIgnate a payment as a Prepayment if I have not made all the mombly payments due under the Note. The Note Holder will use my Prepaymeots to reduce lite amount of Principal that I owe under the N01e. However, the Note Holder may apply my P:epayment to the acer.ed and nnpaid ioterest on the Prepaymeut amonnl, before applying my Prepayment to reduce the Principal amount of tbe Note. If I make a partial Prepayment, there will be no changes in'the due dates of my monthly payment unless the Note Holder agrees in writing to those'changes. If the Note contains provisious for a variable interest rate. my partial Prepayment may reduce the amount of my tno.tbly payments after Ihe first Change Date following my partial Prepayment. ifowever, ally reduction due lo my partial Prepay~nent may be offset by an interest rate increase. If this Note provides for a variable interest rate or finance charge, and Ihe inte[est rate m' finauce charge at any time exceeds the legal limit under wbicb a Prepayme~:t penalty is allowed, tben tbe Note Holder's r.gbt to assess a Prepayment penalty will be determined under applicable law. MULTISTATE PREPAYMENT RIDER - SPP 6/03 Page I of 2 DocMagic ~ 8oo-t~49~ ;362 www. docmagic, eom If wilhin TWENTY FOUR ( 24 monlhs from the date tim Security lnstroment is executed I make a full Prepayment or one or more partial ?repayments, and the Intal o[ all sncb Prepayments in any ]?-month period exceeds twenty percent (20%) of the original Principal amount of the loan, ] ,,viii pay a Prepayment charge in an amonnt equal to S IX . ( 6 ) months' advance interest on tide amount by which tide total of my Prepzyments wilbin any 12-month period exceeds twenty percent {20%) of the original Principal amonnt of the loan. Notwithstanding the foregning provisions, I may make a hill Pr{/paymenl wiibout paying a Prepaymem charge in co,nection with a bona fide and arms-length, sale of all or any part of, or any legal or beneficial interest in, the Properly within the first 2 4 nmnths of the term of the Note. Tbe phrase "bona fide and arms-lengtl! sale" means a sale in which all of the Ferries involved in lhe transaction, including ,,vitbout limitation, the buyer, seller, lende", real estale agent or broker, are independent of one another and unrelated by familia or financial inlerests. I agree to provide the Note Itolder with any and all evidence rea;onably requested by the Note Holder to snbstandale thai the sale of the Property is bona fide and arms-length. BY SIGNING BELOW, Borrower accepts and agrees lo the terms and Frovisions contained in this Rider. DAVID E jAGER ~ (f (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Bo,'rower -Borrower MULTISTATE PREPAYMENT RIDER - SPP 6/0 3 Page 2 of 2 DocMagic ~TC~ 8oo-6#91~62 www. docmagic, corn