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HomeMy WebLinkAbout900922AflerRecordingReturnTo: MAJOR MORTGAGE 6101 YELLOWSTONE ROAD, CHEYENNE, WYOMING 82009 Loan Number: 0001603918 ' ' 4 2 4 PR PT~GL Rc FlY ~_C _ ED 'LINC3LN COJNTY 0LERK STE LL7~ 0 0922 [:~',~ ,![.~I.. -.~. r'i'. [,: [~ [Space Above This Line For Recording Data] MORTGAGE MIN: 1000049-2000000183-7 DEFINITIONS Words used in m.ltiple sections of this document are defined below and other words are defined in Seclions 3, 1 13. 18 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated JUNE 28, 2004 , together with all Riders to this document (B) "Borrower" is DAVTD E JAGER kND WIFE Borrower is tile mortgagor nuder this Security lnstrnment (C) "MERS" is Mortgage Electronic Registration Systems. Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's snccessors and assigns. MERS is the mortgagee under this Security Instrmnent. MERS Is orgauized and existing nuder lhe laws of Delaware and has an address aud telephone number of P.O. Box 2026. Flint, MI 48501-2026 tel. (888) 679 MERS. (D) "Lender" is MAJOR MORTGAGE Lender is a A CORPOI:LATIOH organized and existing under the laws of W'~ OMING Lender's address is 6101 YELLOWSTONE ROAD, STE LL77, CHEYENNE, WYOMING 82009 (E) "Note" means tile promissory note signed by Borrower aud dated JUNE 2 8, 2 0 04 The Note states that Borrower owes Lender THIRTY THOUSD2qD ONE HUNDRED FIFTY /LND 00/100 Dollars (U.S. $ 30, 150.00 ) plus inlerest. Borrower has promised to pay this debt in regular Periodic Payments aud ko pay t;~e debt in fidl not later than JULY 1, 2024 (F) "Property" means tile property that is described below under tile heading "Trans!'er of Rights in tile Property." (G) "Loan" means Ihe debt evidenced by Ihe Note, plus interest, any prepayment charges and late charges due under tl~e Note, and all sums due under rids Sect, rity Insh'ument, ph, s interest. ~ ~tTL'~OgB 800-649-1362 , WYOMING-Single Family--Fannie Mae/F[eddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page 1 of 13 www. docmagic, corn (H) "Riders" means all Riders t,') this Securily Inslrument that are executed by Borrower. Tile following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Balloon Rider [] 1-4 Family Rider [] Condominitun Rider [] Plan,md Unil Development Rider [] Biweekly Payment Rider [~ SecondtlomeRider [] Other(s)[specie] PREPAYMENT RIDER TO SECURITY INST (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admi,fistrative rules and orders (&at have the effect of law) as well as all applicable fiual, non-appealable judicial opinions. (J) "Community Association Dries, Fees, and Assess~nents" means all dues, fees, assessments and other charges that are imposed on Borrower o~' the Property by a condo~ninimn association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other titan a transac ion originated by check, draft or similar paper instrnment, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, ins,.rucL or audmrize a financial insfik~tion to debit or credit an account. Such mrm includes, bnl is not limited to, point-of-sale transfers, automated teller machine k'ansactions, transfers initiated by telephone, wu'e transfers, and att_omated clearinghouse trausfers. (L) "Escrow Items" means tho.~;e items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid hy any third party (other than insnrance proceeds paid trader the coverages described in Section 5) for: (i) damage to or deslrnction of, the PrOperty; (ii) condemnatioo or other taking of all or any part of lb.~ Property; (iii) conveyance in lieu of condemnation; or (iv) misi'el)resenmtions of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insnrance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regnlarly scheduled amount due fnr (i) principal and iuterest under the Nole, plus (ii) any amounts under Sectign 3 of this Secu,'ity Instrument. (P) "RESPA" means the Real Eslate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its iml~lelnenfing regulation, Regnlafion X (24 C.F'.R. Part 3500), as dray might be amended from time Io time, or any additional or snccessor legislation or regulation that governs d~e same subject mailer. As nsed itt this Security Instrument, "RESPA" refers to all requiremen.ts and restrictions d~at are imposed itt regard to a "federally related mortgage loan" even if tile Loan does not qualify as a "federally related mortgage roan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whelher or not that party bas assnmed Borrower's obligations nnder the Note and/or this Security Iostrument. TRANSFER OF RIGHTS INTHE PROPERTY This Security Instrnment secures to Lender: (i) tile repayment of the Loan, and all renewals, exlensions anti modifications of the Note; and 0i) the performauce of Bor,'ower's covenants and agreements Under this Security hlstrument and the Note. For thi; purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction} SEE LS~JX.L DESCRX~I'ION ATTACHED HEREqO AND MADE A PART HEREOF AS EXHIBIT "A". A.P.N. ~: 12-3518-19-3-02-037-00 WYOMING-.Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page 2 o[13 . g -649-1362 WWW. docmagic, eom which currently has tile address of 194 ALPEN GLOW ETNA , Wyoming 8 3118 [City] [Zip Code] "'(' 42G [Street] ("Properly Address"): TOGETHER WITH all tile i~nprovemenls now or hereafter erected on the property, and all easemenls, appurtenances, and fixtures imw or hereafter a part of the property. All replacements and additions shall also be covered by this Security lnstrmnen:. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower nnderslands and agrees that MERS holds only legal title lo the interests granted by Borrower in this Security Instrument, but. if necessary lo comply with law or custo~n, MERS (as nominee for Lender and Lender's snccessors and assigns) has the right: to exercise any or all of those interests, including, but not Ii hired to, tile right lo foreclose and sell tile Properly; and to take a0y action reqnired of Lender including, bul oot limited t0, releasing and canceling this Security Instrument. BORROWER COVENANT,'; that Borrower is lawflfily seised of the estate hereby conveyed and has tile righl to mortgage, grant and com/ey ll:~; Properly and'thai the Property is unencumbered', except for encumbrances of record. Borrower warrants and wi~I defend generally Ihe title to the Property against a;l claims and demands, subject to any encninbrances of record. THIS SECUR1TY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdictioo to consfimle a mfifor~n security instrnmeo! covering real property. UNIFORM COVENANTS. Borrower and Lender covenanl and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due lhe principal of, and inlerest on, tim debt evidenced by the Nole and anj prepayment charges and late charges due under tim Note. Bon'ower shall also pay flmds for Escrow 1/ems pursnant ~o Section 3. Payments dne under the Note and fids Secnrity Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lemler as payment under the Note or ~his Security Inslrument is returned to Lender unpaid, Lender may require that any or all.subseqnen{ payments due under the Nole anti tiffs Security Inslrumenl be made io one or more of the following forms, as seleded by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn npon an instilution whose deposits are insured by a federal agency, instrnmenlali~y, or entity; or (d) Electronic Funds Transfer. Pay~nenls are deemed received by Lender wheo received at the localion designamd in tim Note or a~ such olher location as may be designated by Lender in accordance with the notice provisions in S~ction 15: Lender may return any payment or partial payment if (he paymenl or partial payments are iusnfficienl to bang the Loao current. Lemler may accept any paymenl or partial payment insnfficient to bring the Loan cnrrenl, wilhout waiver of any rights herennder or prejndice to ils rigb-ts ~o reflise snch paymenl or partial payments in lhe flflure, bnt Lender is not obligaled to apply snch payments at tim time snch paymenls are accepted. If each Periodic Paymenl is applied as of its scheduled due date, then Lender oeed not pay interest on onapplied funds. Lender may hold such unapplied flmds nntil Borrower makes payment ~o )ring lhe Loan cm'renL If Borrower does nol do so within a reasonable period of time, Lender shall either apply such fimds or relnrn them ~o Borrower. If not applied earlier, snch flmds will be applied lo the onlslanding principal balance under the Note immediately prior to foreclosnre. No offsel or claim which Borrower ~night have now or in tim fulnre againsl Lender shall relieve Borrower from making payments due under the Nole and this Secnrity inslrnment or performing the covenants and agreements secured by this Security IllS{ ru merit. 2. Application 0f Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender sh'all be applied in [he following re'der of priority: (a) interest due under the Note: (b) principal due nnder the Note: (g) amounts dne under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became doe. Any remaining amounts shall be applied first to late charges, second to any other amonnts due under th~s Security lnstrnment, and then to reduce fl~e principal balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any lale charge du~, tim payment may be applied to lhe delinquent payment and the lale charge. If more than one Periodic Payment 15 outstanding, Lender may apply any payment re~-:eived from Borrower to the WYOMiNG--Single Family--Fannie M&dFreddie Mac UNIFORM INSTRUMENT - MERS ~Mag~ 800-649-1362 Form 3051 1/O1 Page 3 of 13 www. docmagic, corn repayment of tire Periodic Paymerts if, and to tile extenl that, each payment can be paid in fldl. To tire extent that any excess exists after Ihe paymeni is applied lo the full payment of one or more Periodic Payments, such excess may be applied to any late charges dne. i Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Ally application of payments, iusurance proceeds, or Miscellaneous Proceeds to, principal due under tile Note shall not extend or postpone the due date, or change'dm amonnt, of the Periodic Payments. 3. Funds for Escrow Items. Bor,'ower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amonnts due for: (a) taxes and assessments and other items which cao attain priority over this Security Instrument as a lien or encumbrance on tile Property; (b) leasehold payments '~r ground rents oo the Property, if any; (c) premit ms for any and all insnrance required by Lender under Secfiou 5; and (ti) Mortgage Insurance premiums, if any, or ally sums payable by Borrower lo Lender in lieu of the payment o;5 Mortgage Insurance premiums in accordaoce with the provisions of Section 10. These items are called "Escrow Items." Al origination or at any time during the lerm of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and socb dues, fees and assessmeuts shall be an Escrow Ilvm. Borrower shall promptly furnish to Lender all notices of amounts lo be paid nnder this Section. Borrower si;ali pay Lender the Funds for Escrow Items uule:~s Lender waives Borrower's obligation to pay the Funds for an3' or all Escrow Items. Lender may waive Borrower's obligation to pay lo Lender Fnnds for ally or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for auy Escro~v Items for which payment of Funds bas been waived by Lender aud, if Lender requires, shall furnish lo Lender receipts evidencing such payment within such time period as Lender may reqoire. Borrower's obligation lo make such pa~/ments and to provide receipts shall for all purposes be deemed lo be a covenant and agreement contained ill Ibis Sec:~rity Insmmmnt, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligaled ~o pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pa~, the amount due for all Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then he obligated nnder Section 9 to repay to Lender any such amount. Leuder may revoke the waiver as t,o any or all Escrow Items al any time by a notice given in accordance with Section 15 anti, upon such revocation, Bmrower shall pay to Lender all Funds, and io such amounts, that are titan required under tiffs Section 3. Lender may, al ally time, c61!ect and hold Funds in an amounl (a) snfi3cient lo permit Lender to apply tile Funds al the time specified under RESPA, and (b) not lo exceed the. maximum amount a leto. er can reqnire under RESPA. Lender shall estimate the amonnt d.f Ft, nds due on tile basis of current data arrtl reason ~ble estimates of expenditures of furore Escrow Ilems or otherwise in accordance with Applicable Law. The Funds shall be held in an iostimtion whose deposils are insured by a federal ageocy, instrumentality, tlr entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items uo later d~ao the time specified umler RESPA. Lender shall not charge Borrower for holdiog and applyiug iI~e Funds, annually analyzing the escrow account, or verifying the Escrow llems, unless Lender l?ys Borrower interest on the Funds and Applicable Law permits Lender Io make such a charge. Unless all agreemdnt is made in writing or Applicable Law requires interest lo be paid on the Funds, Lender shall not be required lo pa3 Borrower any inlerest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Fumls. Lender shall give to Borrower, withoul charge, an annual accounting of the Funds as'required by RESPA. If there is a sorplus of Funds held ill escrow, as defined under RESPA, Lender shall account to Borrower for the excess fnuds in accordance with RESPA. If Ihere is a shortage of Fuods held in escrow, as defined omler RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary lo make up the shortage in accordance with RESPA, hut ill no more thau 12 monthly paymenls. If there is a deficiency of Fnnds held in escrow, as defined nuder RESPA, Lender shall notify Borrowe,' as requi'red by RESPA, and Borrower shall pay to Lender the amount necessary Io make np tile deficiency in accordance with RESPA, bul in no more than 12 montlfly payments. Upon payment in [nil of all sums secured by Ibis Security Instrnnmnt, Lender shak promptly retired to Bm'rower any Funds behl by Lender. WYOMING--Single Family--Fannie Ma,;/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 4 of 13 www. docmagic, corn 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, ~nd impositions attribulable to the Property which can attain priorily over this Secorily Instrumenl, leasehold paymenls or ground renls on Properly, if any, and Community Associalion Dries, Fees and Assessments, if any. To llie extenl Ibal Ihese ilems are Escrow Ilems, Borrower shall pay them in the manner provided in Secdon 3. Borrower shall prompdy discharge any lien which has priority over this Security Instromenl unless Borrower: (a) agrees in writing to tl~e paymem of the obligation secnred by the lien in a manner acceplable ~o Lender bul only so long as Borrower is performing snch agreement (b) contests die lien in good faith by, or defends against enforcement of the lien in, legal pro,ceedings which in Lender's opinion operate to prevent the enforce~nent of llle lien while those proceedings are pending, bnl only until such proceediugs are concluded; 0r (c) secures fi'om the holder of lhe lien an agreemenl salisfaclory ~o Lender snbordinating lbe lien Io this Sect~rity Instrument. If Lender delermines that any part of II~e Proner/y is subject to a lien which can atlain priority cver this Securily Instrumenl, Lender may g~ve Borrower a notice identifying the lien. Widfin 10 days of the date on which fl~at notice is given, Borrower shall satisfy lbe lien or take one or more of d~e actions set forlh above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting se~wice nsed by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep Ihe improvemenls now exisli~.~ or hereafter erecled on ll~e Property insured against loss by fire, hazards inclnded wilbin the lerm "extended cowtrage," and aoy other hazards incloding, but nol limited lo, earth0uakes amt floods, tbr which Lender requires insuronce. This iusurance shall be maintained in lhe anmunts (includ:ng dednctihle levels) and for lhe periods tim{ Lender reqnires. Whal Lender requires pursuant 1o the preceding s.mtences can change dm'lng Ihe lerm of lhe Loan. T ~e insurance carrier providing ihe insnrance shall be chosen by Bm'rower subjecl Io Lender's right to disapprove Borrower's choice, which righl shall nol be exercised unreasonably. Lm~der may require Borrower Io pay, in conneclion wiih lhis Loan, eid~er: (a) a one- dine charge for flood zone delerminalion, certification and lracking services; or (b) a one-time charge for flood zone determination and certificalion services and snbseqnenl charges each lime remappings or similar changes occnr which reasonably mighl affecl such determinalion or cerlificalion. Borrower shall also be responsible for the paymeol of any fees imposed by the Federal E nergency Management Agency in connection with lhe review of any flood zone delermina~ion resulling from an obJection by Borrower. If Borrower fails Io mainlain any of Ihe coverages described above, Lender may obtain insurance coverage, at Lender's option and Bm'tower's e~pense. Lender is under no obligation to purchase any parlicular type or amounl of coverage. Therefore, such cov':rage shall cover Lender, bul migbl or mighl not prolecl Borrower, Borrower's eqnily in the Proper% or ll~e contm~ts of lhe Properly, against any risk, hazard or liability and might provide grealer or lesser coverage d~an was previously in effecl. Borrower acknoWledges dml tl~e cosl of lhe insurance coverage so oblained migl, significandy exceed fl~e cost of insurance that Borrower could have obtained." Any amounts disbursed by Lender under lids Section 5 shah become additional debt of Borrower secured by this Security Instrmneot. These amonnls shall bear interesl at the Note rate fi'om lbe date of disbursement and shall be payable, with such inleres/, npou notice fi'om Lender Io BorroWer requesting paymenl. All insurance policies required by Lender and renewals of such policies shall b~ subjecl ~o Lender's righl disapprove snch policies, shall include a slandard morlgage clause, and shall name Len~ler as mortgagee and/or as an additional'loss payee. Lender shall have lhe rigl, ~o bold lt~e policies and renewal cerlificates. If Lender requires, Borrower shall prompdy give lo Lender all receipls of paid premiums and renewal no(ces. If Borrower obtains any form of insurance coverage, nul olherwise reqnired by Lender, for damage to, or deslmc/ion of, Ibe Property, snch lmlicy shall inclnde a slandard morlgage clanse and shall name Lender as morlgagee and/or as an addilional loss payee. In lhe event of loss, Borrower. shall give prompl notice lo the insnrance carrier and Lender. Lender may make proof of loss if nol ~nade prompdy by Borrower. Unless Lender and Borrower olberwise agree in writing, any insnrance proceeds, whelber or nol'lbe nnderlyiog insurauce was required by Lemler, ihall be applied to reslora/iou or repair of lite Property, if the res{oralion or repair is economically feasible and Lender's securily is not lessened. Dnring such repair and restoration oeriod, Lender shall have lhe right lo bold such iusurance proceeds nndl Lender has bad an opporhmily to inspecl such Property Io eusnre the work has been compleled Io Lender's salisfacdon, provided dmt sm:h inspection shall, be undertaken promlJtly. Lender may disburse proceeds for lhe repairs and restoration in a single paymenl or i~ a series of In'ogress payments as lhe work is completed. Uuless an agreement WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS ~agic~oo. 6~9 1362 Form 3051 1/O1 Page 5 of 1 3 www. docmagic, com O OOL ;g is made in writing or Applicable Law requires interest lo be paid on such insurance proceeds, Lender shall not be reqoired lo pay Borrower any tale,rest or earnings oo such proceeds. Fees for public; djoslers, or otber Ibird parties, relained by Borrower shall not be paid oul of the insurance proceeds and sball be the sole obligalion of Borrower. If Ibe restoration or repair is not ecmmmicnlly feasible or Leqder's security would be l~ssened, lbe insurance proceeds shall be applied Io tbe stuns secured by tbis Securily lnslrmnent, wbelber or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds sball be applied io lhe order provided for in Section 2. If Borrower abandons {be ~i'operty, Lender may file, negotiate and seltle any available insurance claim ami related matters. If Borrower doe:: not respood wilbin 30 days to a notice from Lender thai the insurance carrier bas offered to setlle a claim, d~en Lender may negoliate and sellle {l~e claim. The 30-(~ay period will begin when the nolice is given. In eid~er event, or if Lender acqnires Ihe Properly nnder Section 22 or olber~vise, Borrower hereby assigns 1o Lender (a) Borrower's. rigbls Io auy insurance proceeds in an amount no{ to exceed the amounts unpaid m~der Ihe Note or Ibis Security h~::trumenl, and (b) any od~er of Borrower's rigbls (ol ~er d~an d~e right 1o any refl~nd of onearned premiums paid by Bt~rrower) under all insm'ance policies covering tbe ~roperty, insofar as such rigbls are applicable to the coverage of ~l~e Properly. Leuder may use tt~e insurance proceeds either lo repair or restore {he Property or to pay amomds oopaid umler the Note or Ibis Security Inslrument, whether or not/ben due. 6. Occopancy. Borrowe( shall occopy, establish, and ose lbe Property as Borrower's priocipal residence wiIbio 60 days after the execndon of Ibis Secnrity Inslrument aud sball continue lo occ.~py Ibe Property as Borrower's principal residence for al least one year afler dte date of occupancy, unless Lender olherwise agrees iu wriliug, which cousent shall nol be uoreasouably widd~eld, or nnless extenuating circumstances exis: which are beyond Bm'tower's control. 7. PreservatiOn, Mainte~ance and Protection of the Property; Inspections. Borrower shall not deslroy, damage or impair the Property, allow Ibe Properly Io deteriorate or commil waste m {be Property. Wbed~er or nol Borrower is residing in lt~e Prop~::rty, Borrower shall maintain the Property in order to prevenl the Properly from delerioraling or decreasiug in wd~.~e dne lo its condition. Uoless il is delermined pursoanl Io Section 5 {l~at repair or resloraliou is no{ ecouoinically f?asible, Borrower shall promplly repair the Property if damaged to avoid fiolher delerioradon or damage. If insur~oce or condemnation proceeds are paid in couneclioo with damage {o, or the taking of, the Properly, Borrower shall be responsible for repairiog or.restoring Ibe Property only if Lender bas released proceeds for socb purposes. Len,ler may disbnrse ln'oceeds for the repairs and resloralion in a single paymenl m' in a series of progress paymenls as lhe work is compleled. If the insurance or condemnelion proceeds are not sufficient to repair or reslore lhe Property, Borrower is not relieved of Borrower's obligalioo fro' the complelion of such repair or resloralion. ' Lender or ils agent may make reasonable eulries opon and insl~ecfions of II~e Properly. Ifil bas reasonable cause, Lender may inspect the inlerior of lbe improvements on the Property. Lender sball give Borrower notice al the time of or prior to such ao interior inspection specifying Such reasonable cause. 8. Borrower's Loan Application. Borro~ver shall be in default if, during :tl~e Loan applicalion process, Borrower or any persons or enlilies acting al {l~e direclion of Borrower or wilb B°rrower's knowledge or consent gave malerially false, misleading, or i'naccurale informaliou or slalements to Lender (or. failed Io provide Lender wilb malerial ioformalion) in com~ection wilb Ibc Loan. Material representations include, bo{ are nol limiled representations coucerning Borrower's occupancy of {l~e Property as Borrower's pri:~cipal residence. 9. Protection of Lender's Interesl iu Ihe Property and Rights Under riffs Security Inslrument. If (a) Borrower fails to perform lbe covenants and agreements conlaioed in II~is Security .[nslrumeut, (b) there is a legal proceeding that might significanlly affect Lender's inleresl in lbe Properly and/or rigbl~ under Ibis Securily Inslrument (such as a proceeding in bankruplcy, probate; for condemoalion or forfeJhn'e, for enforcemenl of a lien which may allain priority over this Security instrumenl m' lo enforce laws or regulalions), or (c) Borrower bas abaudoned II~e Properly, Ibeo Lender may do and pay for wbalever is reasonable or appropriate lo ,protect Lender's inlerest iu the Properly and rigbls under this Security Iuslrument, iucloding prolecliug and/or assessing the valne of Ibe Properly, and secm'iug and/or repairing Ibe ;' roperiy. Lender's actions can ioclude, bu{ are not limited to: (a) paying any sums secored by a lieu which bas priorily over this Security Inst~menl; (b) appearing in c6urt; aud (c) paying reasouable allorneys' fees lo prolecl ils intere ;t in ibe Properly and/or righls uoder fids Security h;slrument, including its secured position in a bankruptcy proceedi)g. Securing II~e Properly includes, bn{ is not limited to, en/eriog II~e Property inake repairs, change locks, replace or board up doors and wiodows, draiu waler FrOwn pipes, eli~ninate buildiug or WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page 6 of 13 olher code violations or dangerous conditions, and have ntililies turned on or off. Ald~ongh Lender may take action nnder this SeCtion 9, Lender does n~i~t have to do so and is not under any duty or obliga',ion to do so. It is agreed Ihat Lender incors no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall beconle additional debt of Borrower secured by this Secnrity Instruinent. These amourts shall bear interest al tbe Note tale front the dale of disborsement and shall be payable, with such interesl, upon notice from Lender to Borrower requesting paymem. If this Secnrity Instrmnenl is !on a leasehold, Borrower shall comply with all the p,'ovisions of the lease. If Borrower acquires fee title to the P[operty, die leasehold aud the fee lille shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender reqnired Mortgage Insurance as a condition of making the Loan, Borrower shall pay tile preminms reqnired to maintain the Mortgage Insnrance in effect. If, "or any reason, the Mortgage Insurance coverage reqnired by Lender ceases to be available from the mortgage insurer that previously provided such insnrance and Bo,:rower was reqoired to make separately designated payments toward the premimns for Mortgage Insurance, Borrower shall pay the preminms required to obtain coverage snbstanlially equivalent to the Mortgage Insnrance previously in effect, at a:cost substantially equivalent to the cost to Borrower of the Mortgage Insurance PreviouslY in effect, fi'om au alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designaled payments that were due when the insnrance coverage ceased to be iii effect. Lender will accept, nse arid retain these payments.as a non-re[undable loss ~eserve in lieu of Mortgage Insurance. Such loss reserve shall be non-reflmdable, notwitlistanding the fact that lhe Loan is ullimately paid iii full, and Lender shall nol be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve paylnents if Morlgage Insurance coverage (in the amount and for the period Ihat Lender reqnires)provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated paymenl, s toward Ille premiums for' Mortgage Insnrance. If Lender required Mortgage Insurance as a condilion of making the Loan and Borrower was required to make separately design'..ated payments toward the premiums for Mortgage Insurance, Borrower shall pay the preminms required to maintain'Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's reqnirement for Mortgag£' Insurance ends iii accordance with any wrilten agreement between Borrower nod Lender providing for snch terminalion or nnlil termioatiou is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to. pay interest at tl~e rate provided io lhe Note. Mortgage Insorance reimburses Lender (or any entity that purchases tl~e Note) for certain losses it may incur if Borrower does not repay the Lo;:.n as agreed. Borrower is not a party to the Mortg:~ge Insurance. Mortgage insurers evaluate their total risk on all such in'surance iii force from time to time, ami may enter into agreements with other parties that !;hare or modify their riskl or reduce losses. Tbest: agreements are on lerms and conditions that are satisfactory to the mortgage insurer arid the other party (or parties} to these agreements. These agreements ~nay reqnire the mortgage insurer to make payments using any source of flinds that the mortgage insurer may have available (which may ioclude flmds obtained h'mn Mortgage Insurance premiums). As a result of these agreements, Lender, any pnrchaser of die Note, another ins:lrer, any reinsurer, any other entity, or any affiliate of any of tile ':'oregoing, may receive (directly or indirecdy) amounts llrat derive from (or might be characterized as) a portion of BoYrower's paymenls for Mortgage Insnrance, in exchange for sharing o,' modifying the mortgage insnrer's risk, or redncing losses. If snch agreement provides II~al an affiliate of Lender lakes a share of the insurer's risk in exchange tot a share of tile premiums paid lo lhe insurer, th~ arrangemenl is often teemed "caplive reinsurance." Furlher: a (a) Any such agreements x:;ill not affect the amounts that Borrower has i/greed to pay for Mortgage Insm'ance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to'any refund. (b) Any such agreements w I1 not affect Ille rights Borrower has - if any - With respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. Theserights inay include the right to receive certain disclosures, tO' request and obtain cancellation of the Mortgage htsurance, to have the Mortgage Insurance terminated automatically, and/or to receive a retired of any Martgage Insm'ance premiums that were nnearned at the time of such cancellation or termination. WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENI - MERS Form 3051 1/O1 Page 7 of 13 www. docmagic, corn ll, Assigmnent of Miscell~'neuus Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned and shall he paid to Lemler. If the Property is damaged, st~ch Miscellaoeous Proceeds shall be applied to resto,'atiou or repair of the Property, if the restoration or repair is ecoromically feasible and Leoder's security is not lessened. During such repair and restoration period, Lender shall have tile right ~o hold such Miscellaneous Proceeds until Lender has had au opportnnily to inspecl such Propeqy lo ensure the work has been completed to Lender's satisfaction provided that such inspection shall be undertaken promptly. Lender may pay for tile repairs and resWration in a siugle disbnrsemenl or in a series of progress paymenls as tile work is cum pleted. Unless an agreement is made i. writing or Applicable Law requires interest io be paid ou such Miscellaneous Proceeds Lender shall not b~ required to pay Borrower any. interest or earnings on such Miscellaneous Proceeds. If tile restoratiou or repair i,; not economically feasible or Lemler's security would he lessened, the Miscellaneons Proceeds shall be applied to the sums secured by tiffs Security Instrument. whether or not then due with the excess, if' aoy, paid to Borrower. Such Miscellaneous Proceeds shall be applied iu the order provided for in Section 2. In the event of a total taking~ destructioo, or loss in value of file Property, tile Miscellaneous Proceeds shall be applied to tile svms secured by ~his Security lnslrument, whether or uot then due with tile excess, if any, paid to Borrower. In the event of a partial taking, destruclion, or loss in value of the Property in which the fidr market vah,e of the Property immediately before the partial taking, deslruction, or loss in value is eqnal to or greater thau the ammmt of tile sums secured by this Securffy Instrument immediately before the partial taking, destruction, or loss in valne, unless Borrower and Lender olberwise agree in writing, the sums secored by this Security Instrument shall be reduced hy the amoont of the Miscellaneot, s Proceeds mnlfiplied by tile followiug fi'action: (a) the total amoun! of the sums secured immediately before tile parlial taking, destructiou, or loss in value divided by (b) tile fair market value of the Property immediately before the partial taking, destroction, or loss ill value, Any balance shall be paid Io Borrower. In tile evenl of a partial taking, destrnclion or loss in value of Ihe Property in which the fair markel value of the.Property intmedialely before file partial taking, destruction, or loss in value is less than tile amouu! of the sums secured immediately before the p;~rtial taking, desm~ction, or loss in value unless Borrower and Lemler olherwise agree in writiug, the Miscellaneou,~ Proceeds shall be applied to the snms secured by this Security Instrumenl whether or not the sums are then due. If the Property is abandoued by Borrower, or if, afler notice by Lender to Borrower that the Opposing Parly (as deBned in the nero sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the dvte the notice is given Lender is authorized to collect and apply the Miscellaneons Proceeds eilher to restoration or repair of the Proper~y or to lite sums secured by thL' Security lnstrumenl, whether or nol then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or tim party agains¢ whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any adiou or proceeding, whether civil or criminal, is begun that. in Lender's judgmeut, could result in forfeit3.'e of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinslate as provided in Section 19, by c.ausing the action m' proceeding to be dismissed with a ruling that, in Lender's judgment; preclodes forfeilure of ll~e Property or other material intpairment of Lender's interest iu the Property or rights nnder Ihis Security lnstmmeut. The proceeds of any award or claim for danr~,ges that are attributable to the imIlairment of Lender's interest i.,,~ lhe Property are hereby assigned aud shall be pat6 to Lender. All Miscellaneons Proceeds that are nol applied to restoration or repair of the Proper~y shall be applied in Ihe order provided for in Section 2. 1Z. Borrower Not Released; Forbearance By Lender Not a Waiver. Exteusiou of the time for payment or modification of amortization of th ~ snms secured hy this Security Instrument granted ~,y Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrowe'r or any Successors in Interest of Borrower. Lender shall not be required m commeuce proceedings against any Successor in Interest of Borrower or to refuse to extend time for pay~nent or otherwise modify amortization of Ihe sums secured by this Secnrity Iostrmnent by reason of any demand made by the original Borrower or any Successor.~: in Inlerest of Borrower. forbearance by Lender in exercising any right or remedy including, withont limilation. Lender's acceptance of WYOMING--Single Family--Fannie M7e/Freddie Mac UNIFORM INSTRUMENT - MERS DocM~l~/c~~fo:~9.7362 Form 3051 1/O1 Page 8 of 13 www. docmagic, com payments from tbird persons, entities or Successors in Inleres! of Borrower or in amot;nts less iban the amounl then (h,e, shall oot be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several LiabiDty; Co-signers; Snccessors and Assigns Bound. B.~rrower covenants and agrees that Borrower's obligations and liability sball be joint and several. However, any Borrower who co-signs this Securily Insh-ument but does nol execute Ihe Note (a "co-signer"): (a) is co-signing ibis Security Instrument only to mortgage, grant and convey Ibc co-signer's interest in II~e Property under the lerms of this Securily Instrument; (b) is not personally obligated to pay/lie snms secured by this Security Instrumenl; and (c) agrees lhat Lender and any olher Borrower can agree to extend, modify, forbear m' make any accommodations with regard to the lerms of this Security histrumenl or the Note without (lie co-signer's consent. Subject to the provisions 0f,Seclion 18, any Successor in Interest of Borrower who assumes Borrower's ohligadons nnder lhis Security Instr,mlent in wriling, and is approved by Lender, shall obtain all of Borrower's rigbls ami benefits under Ibis Secnrity Instmmenl. Borrower shall not be released from BorroWer's obligations and liability under this Security Instrument unless Lender agrees lo such release in writing. The covenants and agreemenls of this Security Instrument shall bind (except as provided in Section 20) aud benefit the successors and assigns of Lender. 14. Loan Charges. Lender inay charge Borrower fees for services performed in conneclion with Borrower's defanlt, for the purpose of protecting Leoder's inlerest in the Property and rights under this Security Instrumenl, inclnding, but not limited to, attorn~ys' fees, property inspection and valnation fees. In regard to any oilier fees, tim absence of express authority in this Security Instrument to charge a specific fee lo Borrower shall not be construed as a prohibition on the charging ofs:mh fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and lba! law is finally interpreted so that tile interest or oilier loan charges colle';ted or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan cbarge sbal! be reduced by tile amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected titan Borrower which exceeded permitted lin]its v, ill be reflmded to Borrower. Lender may choose to make this refund by redocing tl,e principal owed under tile Note Or by making a direcl payment to Borrower. If a refund reduces priocipal, the reduction will be h'eated as a parlial prepaymenl withont any prepayment charge (whether or nol: a prepayment charge is provided for nnder the Not~}). Borrower's acceptance of any such refuud made by direct payment to Borrower will constitute a waiver of any right of actioo Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection willl this Secnrity Instrnment musl be iii writing. Any nolice to Borrower i~ connection with this Security Instrnment shall be deemed to have been given to Borrower when mailed by first class mail or wheu actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall coostitule notice to all Borrowers unless Applicable Law expressly requires .otherwise: The notice address sh~ll be the Property Address unless Borrower bas designated a snbstitute notice address by notice 1o Lender. ~ Borr:lwer shall prmnplly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, theu Borrower Shall ohly report a cbange of address lbrough that specified procedure. There may be only one designated nolice address uiader this Security l,lstrumenl at any one ii,ne. Any notice to Len'der shall be give,! by delivering it or by mailing it by first class mail to Lender's address slated herein unless Lende~ has designated aunther address hy notice to Borrower. Any notice in connection with this Security Instroment shall, not be deemed to have been given to Lender until fictually received by Leuder. If any notice required by this Se~.~rity Insh'nment is also reqnired under Applicable Law, the Applicable Law requirement will satisfy the corres['onding requirement under Ibis Security Instrument. 16. Governiug Law; Severability; Rules of Construction. This Security Instr~ument shall be governed by federal law and die law of the jurisdiclion in which the Property is located. All rights and obligations contained in this Security Inslrnment are subject to any reqnirements and limitations of Applicable Law. Applicable Law might explicitly or implicidy allow the parties to agree by contract or il migbl be silent, bat sucb silence shall not be consh'ued as a prohibition against ogreelnenl by contract. In the event that auy provision or clause of Ibis Security Inslrnment or the Nole conflicts widl Applicable [.aw, such conflict si]all nol affect other provisions of this Security Inslrumenl or the Note which can be give,! effect without the confiicting provision. WYOMING--single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 '! Page 9 of 13 I~ww. docmagic, corn As used in this Security In.qrument: (a) words of the masculine gender shall mean and ioclude corresponding neuler words or words of the feminine gender; (b) words in the singular shall mean :and include the plural and vice versa; and (c) the word "may" g~ves sole discrelion withoul any obligation Io lake any action. 17. Borrower's Copy. B¢,rrower shall be given ooe copy of the Note and of this Secnrity Inslrumenl. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in lhis Section 18, "Interest in the Properly" means any legal o? beneficial interest in the Property, iocluding, but nol limited Io, those beneficial interests lransferred in a bond for deed, cootract for deed, inslallment sales contract br escrow agreement, the iotenl of which is the traosfer of title by Borrower al a fi~lnre date ~o a purchaser. If all or any pad of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest io Borrower is sold or Iransferred) widlout Lender's prior written coosent, Lender may require immediate paymenl io full of all sums secnred by rids Secm'ily InStrnment. tlowever, rids oplion shall not be exercised by Lender if such exercise is prohibited by Applicable Law. · If Lender exercises rids option, Lender shall give Borrower nolice of acceleratioo. The nolice shall provide a period of not less than 30 days from the dale the notice is given in accordance wid~ Section 15 widfin which Borrower lnusI pay all sums secured by tiff:' Security Instruoteut. If Borrower fails to pay these sums prior Io the expiralion of riffs period, Lender may invoke ahy remedies permitted by this Securily Ioslrument wi.thoul fltrther notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have ll~e right Io have enforcem¢~t of this Securily Instrumenl discontinued at any lime prior to the earliest of: (a) five days before sale o~ the Property pursuanl to any power of sale contained in this Security Instrument; (b) such otber period as Applicable 'Law :night specify for the lermination of Borrower's right to reinstate; or (c) entry of a judgment enforcing riffs Secm'ity Inslrumeot. Those conditions are that Borrower: (a) pays Lender all sums which then would be dne under this Secqrity Instrument and d~e Note as if no acceleration had occurred; (b) cures any default of any od~er covenants or agreenYents; (c) pays all expeuses incurred in enforcing Ihis Securily Inslmment, including, bot nol limited Io, reasonable attorneys' fees, property inspeclion and valualion l~es, and other fees incurred for die purpose of protecting Leoder's interest in lt~e Properly and rights under Ihis Security Inslmment; aod (d) takes such action as Leoder may reasonably reqnire to assure Ihal Lender's inlerest in die Property and rights nnder lhis Security lnstrnmenl, and Borrower's obligation to pay the sums secured by riffs Secnrity lnslrm ~ent, shall condoue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in ooe 9r more of the following forms, as selecled by Lender: (a) cash; (b) money re'der; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check i~ drawn, upon an inslitulion whose deposits are insured by a 'federal agency, inslrumentality or entity; or (d) Electrooic Funds ?ransfer. Upon reinslalem'ent by BmTower, Ihis Sec~]rity lnslrument and ohligalions secured hereby shall remain full), effective as if no acceleralion had occnrred. However, this right lo reinstate shall nol apply in the case of acceleral:ion under Section 18. 20. Sale of Note; Change 0f Loan 'Servicer; Notice of Grievance. The Note::or a partial interesl in the Note (togelher wilh this Security Inslrtrmen0 cao be sold one or more times without prior nctice to Borrower. A sale might result in a change in tl~e entity (known as II~e "Loan Servicer") that collecls Periodi~ Payments due nnder Ihe Nole and this Security Instrumeut andperfnrms olher murtgage loan servicing obligadon~ under the Note, rids Security Instrmneol, and Applicable Law. There also mighl be one or more chaoges of the Loan Servicer um'elaled Io a sale of die Note. If there is a change ,)f d~e Loan Servicer, Borrower will be given writlen~n,otice of die change which will state the name and address of die uew Loan Se~wicer, the address to which payments shonhl be made and any other informalioa RESPA reqnires in conneclion wilh a notice oflransfer of servicing. If'the Nole is sold and Ihereafter the Loan is serviced by a Loan Servicer olher lhan Ihe purchaser of Ihe Nole, Ihe mortgage Ioao servicing obligations Io Borrower will remain with lite Loan Servicer or be transferred Io a successor Lot n Servicer and are nol assumed by the Nole purchaser unless olberwise provided by Ibe Nole purchaser. Neither Borrower nor Lender may commeoce, join, or be joined to any judicial action (as either an individual liliganl or Ihe n~ember ora class) thai arises fi'om d~e od~er party's actions pursuant Io riffs Securily Inslrument or that alleges Ihat the olher party has b;'eached any provision of, or any duty owed by reason of, lids Securily lnslrnmenL until such Borrower or Leuder ha; notified die olher party (wilh such nolice given in compliance wilh die requirements of Section 15) of such alleged breach and afforded the other parly hereto a reasonable period after the giving of such notice Io take correclive action. If Applicable Law provides a time period which must elapse before certain actiou WYOMING--Single Family--Fannie N~ae/Freddie Mac UNIFORM INSTRUMENT - MERS ~Magic~ 800-649-t3~2 Form 3051 1/01 Page 10 of 13 www. docmagic, corn can be taken, that time period will lie deemed to be reasonable for purposes of th'is paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuanl to Section 22 and the notice of acceleration given to Borrower pursuant Io Secliou 18 shall be deemed to satisfy the notice and opportuuity to lake corrective action provisions of this Section 20. 21. Itazardous Substances. As nsed iii this Section 21: (a) "ltazardons Snbstances" are those subslances defined as toxic or hazardous subst~mces, pollntants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petrolenm prodncts, toxic pesticides and herbicides, volatile solvents, materials containing asbeslos or fo,-mahlehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of thejorisdiction where the Property is located lhal relate to health, safety or environmenlal protection; (c) "Enviromnental Cleanup" includes any response action, remedial action, or rmnoval action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition lhal eau cause, contribute to, or otherwise trigger an Enviromnenta~ Cleanup. Borrower shall not cause or permit lhe presence, use, disposal, storage, or release of any Hazardous Subslances, or threaten to release any Hazardous Snbstances, on or in the Properly. Borrower shall not do, nor allow anyone else lo do, auything affecting lhe Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creales a coudition that adversely affects th~. value of the Property. The preceding two sen~.enees shall not apply to the presence, use, or' storage on the Pr?~perty of small quantities of Hazardous Subslancesilhat are generally recognized to be appropriate to normal resith:ntial rises anti to inaintenance of the Property (including, but nol limited ~o, hazardous snbstances in consu[ner prodncts). Borrower shall promptly give Lender written notice of (a) any investigation, clahn, demand, lawsuil or other action by any governmental or regulatory agency or private party involving the Property.and any Itazardous Substance or Environmental [;aw of which Borrower has actnal knowledge, (b) any Enviromnental Condition, including bt, t not limited to, any spilling, leaking, d,lscharge, release or threat of release of any Haza:"dous Substance, ami (c) any condition cansed by the presence, 0se or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmenlal or regulatory anthodly, or any privale party, lhat any removal or other remediation [~f any Hazardons Snbstance affecting the Properlyl is necessary, Borrower shall prompdy lake all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower anti Lender fnrther covenanl and agree as follows: 22. Acceleration; Remedies. Leuder shall give notice to Borrower prior to acceleration following Borrower's breacb of any covenm~ t or agreement iii this Secm'ity Instrument (but not prim' to acceleration tinder Section 18 unless Applicable Lawprovides otherwise). The notice shall specify: (;0 the default; (b) the action required to cure tbe default; (c) a~ date, not less tbau 30 days fi'om the date the noiice is given to Borrower, by. which the default must be cured; and (ti) that failure to cure the default on or before the date specified in the notice may result iu accderafion of tbe snms secored by this Security Instrmnent and sale of tbe Property. Tim notice shall furlber inform Borrower of the rigbl lo reinstate after acceleration and the right to bring a court aclion to assert the non-existence of a default or any other defense Of Borrower to acceleration and sale. If the default is not cured on or before :the date specified in the notice, Lender at its option may require immediale payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any otber remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses iucurred in pursuing the remedies provided in this Section ~2, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if differenl, io accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the maaner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the ~nanner prescribed by Applicable Law. Lender or its designee may purcbase the Property at auy sale. The proceeds of tim sale shall be applied in tbe following order: (a) lo all expeuses of the sale, including, but uot limited to, reasonable attorueys' fees; (b) to all sulns secured by Ibis Security Instrument; and (c) any excess to the person or persons legally entided to it. "-ffvww. docmagic, corn WYOMING--Single Family--Fannie Maei/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/O1 Page 11 o1:13 g3. Release. Upon payment of all stuns secured by this Security Instrmnenl, Lender sball release Ibis Security InstrumenL Borrower shall pay eny recordation costs: Lender may charge Borrower a fee for releasing lifts Secnrity Inslmment, but only if lhe fee is paid to a third parly fol' services rendered and Ibe charging of tim fee is permitted under Applicable Law. Z4. Waivers. Borrower releases ami waives all rigb'ts under and by virlue of the homeslead exeinption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to tile terms and covenants contained ill this Secnrity Instrument and in any Rider executed by Borrower and recorded wilb it. DAVID E JAGER (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower Witness: Witness: WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Doc. A, laflicel~a~zt~,~j~.~ aoo-e49.I~s2 Form 3051 1/01 Page 1 2 of 1 3 www, docmagic, com Slate of Wyoming ) ) SS. County of LINCOLN ) The foregoing instrument wa'~, acknowledged before me by RI FFLE - JAGER this c:~ ~/ day of ~~ Wilness my band and official seal. (Seal) DAVID E JAGER, AMY C / - ~ Notary Public'" c~,~,,~, / Print or Type Name My commission expires. WYOMING--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT - MERS Form 3051 1/01 Page 13 of 13 www. docmagic, corn Loan Number: 0001603918 Date: JUNE 28, 2004 Proper[yAddress: 194 ALPEN GLOW, ETNA, WYOMING 83118 EXHIBIT "A" LEGAL DESCRIPTION A.P.N. ~: 12-3518-19-3-02-037-00 Lot 59 of Star Valley Ranch Plat 15, Lincoln County, Wyoming as described on the official plat thereof. A.P.N. ~ : 12-3518-19-3-02-037-00 DocMaglc ~m3~ 800-649-;362 www. oocmagic, corn 43'8 Loan Number: 0001603918 O~O0¢~. PLANNED UNII DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 28th day of JUNE, 2004 , and is incorporated i.to and shall be deemed to amend and supplement the Mortgage, Deed of Trust, 0,' Security Deed (tim "Security Instrument") of the same date, given by the nndersigned (tb,f "Borrower") to secure Borrower's Note ~o MAJOR MORTGAGE, · A CORPORATION (die "Lender") of the s,'uue dae and covering tile Properly described ill dm Security Instrmnent and located at: 194 /LLPEN GLOW, ETNA, WYOMING 831].8 [Properly Address] The Property inclndes, but is not limited to, a parcel of land improved with a dwelling, Iogether with oilier such parcels and certain common areas and facilities, as described ill COVEN/kNTS, CONDITIONS AND RESTRICTIONS OF RECORD (tim "Declaration"), Tile Pr6perly is a par! of a Planned unit development known as STAR VALLRY RANCH [Name of Plam~ed Unil Developmeni] (tile "PUD"). Tile Properly also includes Borrower's interest iu tile homeo~vners association or equivalent entity owning or managing fl;e commou areas aud facilities of tile PUD (tile "Owners Associatiou") and the rises. benefits ant[ proceeds of Borrower's inlerest. PUD COVENANTS. Ia addition to the covenants and agreements made in Ihe Security Instrument, Borrower anti Lender fi~rther covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obi;gations tinder the PUD's Constitnent Doc.merits. The "Constituent Documents" are the ti) Declaration; (ii) articles of incorporation, lrusl instrument or any equivalent document which creates tile Owners Association; and (iii) any by-laws or. other rules or regnlatious of t!le Owners Association. Borrower sliall promplly pay, when dr, e, all dues and assessments imposed pursuant to tile Constituent Documents. · B. Property Insuraoce. S° long as the Owners ASsociation maintains with a generally accepted iust, rance carrier, a "master" or "blauket" policy insuring the Property which is satisfactory to Lender and which provides insnrance coverage in lhe amounts (including deductible levels), for tile periods, and against loss by fire. hazards inclnded within tile term "exlended coverages" and ally other hazards, includiug, bnt not limited lo, earthquakes and floods, for which Leuder requires insurance, then: ti) Lender waives Ihe provision iii Sectiml 3 for tile Periodic Payment to Lender of tile yearly premium installments for p,'operty insurance on (lle Property; a'ld (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is :leemed satisfied ~o the extent that tile required coverage is provided by the Owners Association policy. MULTISTAT£ PUD RIDER--Sin[ile Family Fannie Mae/Freddie Mac UNIFO;:~M INSTRUMENT Form 31 50 '1/01 Page 1 of 3 DocMagic ~3~o~-~ 800-649-136;2 www. docmagic, corn What Lender requires asa condition of this waiver ca,, change during d,e term of the loan. ~-)0,~,~ Borrower shall give Lender prompt nolice of any lapse in required property ,nsurance coverage provided by the master or blanket pol(cy. In the event of a distribuQon of property insnrance proceeds ill lieu of resloralion or repair following a loss to tbe Properly, or lo commoo areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Leoder Lender shall apply tile proceeds lo the sums secured by lhe Security Instrnment. wbethe: or no! then dc, e, widl tile excess, if aoy, paid lo Borrower. C. Public Liability Iqsurance. Borro~ver shall lake such actions as may be reasonable to insore thai tile Owoers Association rna,eta,ns a public liability insurance policy acceptable in £orm. amount aod extenI of coverage lo Lender". D. Condemnation. Tim proceeds of any award or claim for damages, direct or consequential, payable to Borrower in comlection with any condemnation or olher taking of all or any part of tile Property ~or Ibe common areas and fac,lilies of the PUD. or for auy conveyance in lieu of coodemnation, are hereby assigned and shall be paid lo Lender. Such proceeds shall be applied by Lender to tile sums secured by the Secnrity lnstrumenl as prey, led in Section 11. E. Lender's Prior Consent. Borrower shall nol. excepl afler notice Io Lender and will, Lender's prior wrillen consem, either partition or subdivide the Properly or consent to: (i) tile abandonmenl or term,ual,on of lbe PUD. except for abandonmenl or lermination required by law in tile case of substantial deslrndion by fire or other casually or in the case of a taking by cmldemnation or eminenl domain: (ii) any amendment lo aoy provision of tile "Consdtuenl Documents" if the provision ir ['or the express beuefit of Lender; (iii) termination of professional managemeot and assmnplion of self-managemenl of Ihe Owners Association; or (iv) any action which wonld have tile effec! of rendering Ihe public liabilily insurance coverage maintained by tbe Owners Association uoacceplable to Lender. F. Remedies. If Borrower does oo~ pay PUD clues and assessmenls whe~ due Ihen Lender may pay them. Any amounts disbursed by Lender uncier this paragraph F shall become ;dditional debt of Borrower secured by tile Secm'ity Instrnnmnt Unless Borrower and Leuder agree to odmr terms of paymeul, Ihese amounts shall bear interest from Ihe (late of dishursemenl al tl,e Note rate and shall be payable, witll interest, upon notice from Lender lo Borrower reqt, esliug paymenL MULTISTATE PUD RIDER-Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 31 50 1/01 Page 2 of 3 DocMagic ~'~'~'~5 8oo. 649-1 www. docmagic, corn BY SIGNING BELOW Rider~. Borrower accepts and agrees to the terms and provisions contained in this PUD 440 DAVID E JAGE~/ ~ (Seal) :Borrower (Seal) (Seal) -Borrower -Borrower (Seal) -Borrower (Seal) -Borrower MULTISTATE PUD RIDER--Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 Page 3 of 3 DocMagic ~. 000-649-136Z ~W. docmagic, corn PREPAYIVIENT RIDER Loan Number: 0001603918 Dale: ,_TUNE 28, 2004' Borrower(s): DAVID E JAGER, AMY C RIFFLE-JAGER TillS PREPAYMENT RIDER (tile "Rider") is made this 28th day of JUNE , 2004 , , and is inco,'poraled ioto and sball be deemed to amend aod supplemeot Ibe Mortgage, Deed of Trust or Security Deed (lbe "Securily Instrmnent') of the same date given by the undersigned ("Borrower") to secure repayment of Borrower's promissory uole 0be "Note") in favor of MAJOR MORTGAGE ("Lender"). Tbe Security Instrument encuml~ers tile Property more specifically described ill the Securily Instrument and localed at 194 ALPEN GLOW, ETNA, WYOMING 83118 [Property Address} ADDITIONAL COVENANTS. Iu addition to tile covenants and agreements made io the Security lnslromeul, Borrower and Lcnder furtbe,' covenanl and agree as follows: PREPAYMENT CHARGE The Note provides for the paymeot of a prepayment charge as follows: BORROWER'S RIGHT TO PREPAY; PREPAYMENT CHARGE I bare tile r, ight to make payments of'Principal at any time before lhey are due. A payment of Principal only is known as a "Prepayment." When ! make a Prepayment, I will tell tile Note t-folder Jn writing that I am doiog so. I may not designate a payment as a Prepayment if [' have not made all thc monlhly payments due under the Note. The Note Holder will ose my Prepayments to reduce the amount of Principal Ihat I owe onder tile Note. However, the Note Holder may apply my Prepaymeol to tile accrued aud unpaid interest on the Prepayme,d amount, before applying my Prepaymenl io reduce tl~e Principal ammmt of lhe Note. If I make a partial Prepayment, there will be no changes in tile due dales of my monthly paymeo¢ unless lhe Note Holder agrees in wrifiog to those changes. If the Note Contains provisious for a variable interest rate, my partial Prepayment may reduce the amovnt of my moutbly paymenls after the first Change Date following my partial Prepayment. However, any rednction due to my partial Prepayment may be offset by an interest rate increase. If this Note provides for a variable inleresl rate or finance charge, and lhe interest rate or finance charge at any time exceeds Ille legal limit under which a Prepayment penalty is allowed, then Ibc Note ttolder's right to assess a Prepayment penalty .will be dele,mined under applicable law. MULTISTATE PREPAYMENT RIDER - SPP 6/03 Page 1 of 2 Do~Ms~IJc ~-f~ 800 649- ~ 352 www. docmagic, corn Rider. I[within TWENTY FOUR ( 24 months from tbe date die Security Instrumenl is executed I make a fl, Il Prepayment or one or more partial Prepayments, and the total of all such Prepayments in any 12-month period exceeds twentv percenl (20%) of the original Principal amount of the Joan. I will pay a Prepayment charge in an amount equal to $ ~rX ( 6 ) nionlbs' advance inleres! on tile amounl by which tbe total of my Prepayments within any 12-monlb period exceeds twenty percent (20%) of the original P,'iucipal amount of tim loau. Notwithstanding the foregoing prows,ohs, I may make a full PreFaymen! without payiog a Prepayment d, arge in connection with a bona fide and arms-lengdi sale of all or any part of, m' any leg, al or benefidal interest in, tl~e Property within the firsl 2 4 months of tile term of tbe Note. The phrase "bona title and arms-length sale" means a sale in which all of the parties iuvolved in the transaction, inch,ding without linfitation, the buyer, seller, lemler, real estate agent or broker, are independent of one another and unrelated by familial cr financial interests I agree to provide tl~e Note Holder with any anti all evidence reasonably requesled by tbe Nole Holder Io substantiate that the sale of the Property is bona fide and arms-length. -442 0 900, ;2;d BY SIGNING BELOW, Borrower accepts and agrees to tbe terms and provisions contained in this DAVID E JAGE~ (Seal) -Borrower (Seal) (Seal) -Bo,'rower -Borrower (Seal) (Seal) -Borrower -Borrower MULTISI'ATE PREPAYMENT RIDE~ - SPP 6/03 Page 2 of 2 www. docmagic, corn