Loading...
HomeMy WebLinkAbout9009235 Loan No: 99039 Borrower: MARVIN LEE SCHWAB 900q© Return to: Processing Center 400 Woodland Prime, #100 Menomonee Falls, WI 53051 [Space Above This Line For Recording Dalai MORTGAGE RECEIVED LINC"' ~' '" Dai;i ID. 8~r - ~-, ~a ' ' "; '/;' ,., 4 i s ?''! ? 0 ' . :-i~__~','~ MIN: 100105504009903967 DEFINITIONS Words used in multiple secti6ns of this document are defined below and other words are defined in Sections 3, Il, 1.3, 18, 20 ant~ 21. Certain rules regarding the usage of werds used in this document are also provided in Section .r,'6. (A) "Security Instrnment" means this document, which is dated June 4, 2004, together with all Riders to this document. (B) "Borrower" is MARVIN LEE SCHWAB AND TERR1 LYN SCttWAB, HUSBAND AND WIFE AS TENANTS BY THE ENFIRETIES. Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nmmnee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrumeat. MERS is organized and existing under thc laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, M1 48501-2026 tel. (888) 679-MERS. (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK, INC.. Lender is A CORPORATION organized and existing under 'he laws of the State of DELAWARE. Lender's address is 2711 NORTH HASKELL AVENUE, SUITE 1000, DALLAS, TEXAS 75204. (E) "Note" means the promissory note signed by Borrower and dated June ,l, 2004. The Note states thal Borrower owes Lender q_WO HUNDRED THOUSAND NINE HUNDRED and NO/100 ..... Dollars (U.S. $ 200,900.00) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full nbt later than July 1, 21}19. (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Properly." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (It) "Riders" means all Riders to this Security lnstrmnent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicablel: [] Adjustable Rate Rider [] Condominium Rider [] Balloon Rider [] Planned Unit Development Rider [] 1-4 Family Rider [] Biweekly Payment Rider [] Other(s) [specify] [] Second Home Rider WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 0000099039 1 01 (Page 1 of 11 Pages) Loan No: 99039 Data ID: 897 (I) "Applicable Law" mean2 all cOntrolling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of taw) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Fnnds Transfer" meaus any transfer of funds, oilier than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authcrize a financial institution to debit or credit an account. 5:uch term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means thOse items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or conditibn of the Property. ? (N) "Mortgage Insurance" ~neans insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" me,.ns the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the R'eal Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, R~gulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrun:ent, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGIITS IN TIlE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument ant; the Note. For this purpose, Borrower doe~, 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: The land referred to in this Cmnmitment is described as follows:The foflowing described real estate, situate in Lincoln County and State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws. of the state to-wit: Lot 5 of the Twin Cliff Subdivision, Lincoln County, Wyoming as described on the official plat thereof. Parcel/Pax I.D. #: 12-3218-18-3-00-151.00 Commonly known as: 87 M6untain Dell Circle, Afton WY 83110 W~OMING - Single Family - :annie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (Page 2 of 11 Pages) Loan No: 99039 Data ID: 897 which currently has the address of 87 MOUNTAIN DELL CIRCLE, [Street] AFFON, WYOMING 831101 ("Property Address"): [City] [Zip Code] TOGETHER WITH all tile improvements now or hereafter erected On tile property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covei-ed by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the '~property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender iucluding, but n'ot limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawful'ly sei~ed of tl~e estate hereby conveyed and has the right to mortgage, g] ant and convey the Property and that the Property is unencumbered, except for encumbrances of recorC Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited vari.ations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges, BorrOwer shall pay when dne the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, il' any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashie:'s check, provided any such check is drawn upOn an institution whose deposits are insured by a federal agency, iustrumentality~ or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location'designated in the Note or at such other location as.may be designated by Lender in accordance with the notice provisions in Section 15. 'Lender may re.turn any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, withont waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, snch htnds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds, Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) a,mounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be" applied first to late charges, second to any c, ther amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Peri'sdic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, .and to the extent that, each payment can be paid in full. To the extent that any excess exists after tl~e payment is applied to the full payment of one or mom Periodic Payments, such excess maybe applied to any late charges due. Voluntary prepayments shaq be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not ~xtend or postpone the due date, or change the amount, of the Periodic Payments. WYOMING - Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (Page 3 of 11 Pages) Loan No: 99039 Data ID: 897 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiu'ms for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance pre~iums, if any, or any sums payable by Borrower to Lender in lieu of the .payment of Mortgage Insur;tnce premiums in accordance with the provisions of Section 10. These ~tems are called "Escrow Items." At origination or at any time during tlm term of the Loan, Lender may require that CommunityAssociation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amoun":s to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Pray such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, th(: amounts due for any Escrow Items for whick payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the~,phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated'under Section 9 to repay to Lender any such amount. Lender may revoke the 'waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the'maximum amount a lender can require under RESPA. Lender shall estimate the amount c,f Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or 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 no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to b,~ paid on the Funds, Lender shall not be required 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.accounting of lhe Funds as required by RESP.&. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no ~nore than 12 monthly p~i'yments. If there is a deficiency of Funds helt~ in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the dehcmncy in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full/of all sums secured by this Security Instrument,. Lender shall promptly refund to Borrower any Fu[ds held by Lender. 4. Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Proi~erty, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that thes6 items are Escrow Items, Borrower shall pay (hem in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over th]s Security Instrument unless Borrower: (a) agrees in writing to the payment of the Obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agr.sement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are'concluded; or (c) secures from the holde~ of the lien an agreement satisfactory to Lender subominating the lien to this Security Instrument. If Lender determines that any part of the Property is subje;t to a lien which can attain priority over Ihis Security Instrument, Lender may give Borrower a notice.identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisf~ the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time.charge for a real estate tax verification and/or reporting service used by Lender in conneclion with this Loan. WYOMING - Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT : Form 3051 1/01 (Page 4 of 11 Pages) Loan No: 99039 Data ID: 897 5. Property Insurance: Borrower shall keep the improvements now existing or hereafter erected on the Property insured aga'~nst loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floodS, for which Lender requires insurance. This insurance snail be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the lerm of the I_x~an. The insurance carrier providing the insurance shall be chosen by Borrower subject to LendeCs right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender ma,, require Borrower to pay, in connection With this Loan, either: Ca) a one-time charge for flood zone determination, certification and tracking services; or Cb) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposecl by the Federal Emergency Management Agen~'y in connection with tile review of any flood zone determination resulting frown an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower' Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability 'and might provide greater or lesser coverage :than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that .Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become, ac;ditional debt of Borrower secured by this Security Instrument. These amounts shall bear interest, at the Note rate from the date of disbursement and shall be payable, with snch interest, upon notice Icom Lender to Borrower requesting paymentl All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shah have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by kender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the h~surance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insnrance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such' Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may. disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, relained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. tf the restoration or repair is not economically feasible or Lender's security'would be lessened, the insurance proceeds shall be applied to tile sums secured by this Security Instrument, whether or not then due, with Ihe excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the or,let provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and Settle any available insurance claim and related matters. If Borrower does not respond within 30 clays .Io a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30~day period will begin when the notice is given. In either event, or if Lender acquires tile Property under Section 22 or otherwise, Borrower hereby assigns to Lender (3) Borrower's rights to any' insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and Cb) any ot;~er of BOrrower's rights (other than the right to any refund of unearned premiums paid by BorroweQ under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. ~ 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days al~:er the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. WYOMING - Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 (Page 5 of 11 Pages) LOan No: 99039 Data ID: 897 7, Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsi.ble for repairing or restoring the Property only if Lender has released proceeds for such purposes'. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series al progress payments as the work is compmted. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make .reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in def~ult if, during the Loan application' process, Borrower or any p~irsons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave, materially false, misleading, or inaccurate information or statements to Lender (or failed to providelLender with material information) in connection with the Loan. Material representations include, but .~re not limited to, representations concerning Borrower's occupancy of the Property as Borrower's prin~;ipal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrnment, If (a) Borrower hils to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations); or (c) Borrower has abandoned the Property, then Lender may do and pay for wbatever is reasonable or appropriate to protect Lender's intere3t in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing tliC Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument: (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, includir~g its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited '~o, entering the Property to make repairs, change locks, replace or board up doors and windows, drain writer from pipes, eliminate building or other code violations or dangerous conditions, and have utilities, turned on or ()ff. Although Lender may take action under this Section 9, Lender does not have to dc~ so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability fo7 not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall ~e payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrurcent is on a leasehold, Borrower 'shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivale~t to the cost to Borrower of the Mortgage Insurance previously in effect, from an 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 designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu o1' Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact thai the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premimns required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve,, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. WYOMING - Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (Page 6 of 11 Pages) Loan No: 99039 Data ID: 897 Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower i:; not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to lime, and may enter into agreements ~vith other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactoi3, to the m6rtgage insurer and the other party (or parties)to these agreements. These agreements may require the mortgage insurer to make payments using any source 'of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements,~ Lender, any purchaser of the' Note, another insurer, any: reinsurer, any other entity, or any affiliate of any of the foregoing, may ~'eceive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's paymenls for Mortgage insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to th~ insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower ires agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreement&will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreem~mts will not affect the rights Borrower has ~ if any - with respect to the Mortgage Insurance under ~he Homeowners Protection Act of I998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated :mtomatically, and/or to receive a refund of any Mortgage Insurance premi,ms tlmt were unearned at the ti~ne of such Cancellation or termination. II. Assigument of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. · If the Property ~s damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if tile restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall tiave the right to hold such Miscellaneous Proceeds un~il Lender has had an opportunity to inspect such Properly to ensure the work has been'completed to Lender's satisfaction, provided that such ir:spection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be.,paid On such Miscellaneous Proceeds, Lende; shall not be required to pay Borrower any interest or e~rnings on such Miscellaneous Proceeds· If the restoration or repair is not economically feasible or L~nder!s security would be lessened, the Miszellaneous Proceeds shall be applied to the sums secure,l.by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Sech Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of th6 Property, the Miscellaneous Proceeds shall be applied t:) the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In tile event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums se,::ured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a pa~(tial taking, destruction, or loss in value of the Property in which the fair market Value of the Property immediately before the partial taking, destraction, or loss in value is less than the amount of the sums secured immediately before tile partial thking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Inslrument whether or not 'the sums are then due. If the Property is ab:rationed by Borrower, or if, after notice by Lender to Borrower that the OppOsing Party (as defined in the next sentence) offers to make an award.'to settle a claim for damages,. Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authoi'ized to collect and 'apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by lhis Security Instrun~ent, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. WYOMING - Single Family-F~nnie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 '1/01 (Page 7 of 11 Pages) Loan No: 99039 :.. C': 450 Data ID: 897 Borrower shall be in' d~fault if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the ProPerty or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds o? any award or claim for damages that are attributable to the impairment. of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Prodeeds that are not applied to restoration or fei)air of the Property shall be applied in the order providerl for in Section 2. 12. Borrower Not Released; Forbear:race By Lender Not u Waiver: Extension of the time for payment or modification of 'amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any ~;uccessor in Interest of Borrower shall not operate to release the liability of Borrower or any SuccessOrs in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by lhis Security Instrument by reason of any demand made by the original Borr0w~r or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from lhird persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 1.3. Joint and Severnl Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and seve~,'al. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligatgd to pay the sums secured by this Security Instrument; 'and (c) agrees d~at Lender and any other Bo,rrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in willing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's ob;igations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security h~strument shall bind (except as provided in Section 20) a~d benefit the successors and assigns of Lender. 14. Lonn Charges, Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other ';ees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall, not be construed as a prohibition on the charging of such 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 chartres, and that law is finally interpreted so that the interest or other loan charges collected or to be (ollected in connection wilh the Loan exceed the permitted limits, then: (a) any such loan charge shal~ be reduced by the amount necessary to reduce the chc~rge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pe?mitted limits will be refunded to Borrower. Lender may choose to make lhis refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a reft, nd reduces princip'~l, lhe redt, ction will be treated as a partial prepayment without any prepayment charge (whether,or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might h~e arising out of such overcharge. 15. Notices. All notice.s given by Borrower or Lender in connection with this Security Instrument must be in writing. Any n,~)tice to Borrower in connection with this Sgcurily Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if ~ent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change or address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Securily Instrument al any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address staled herein unless Lender has designated another address by notice to Borrower. Any ~otice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by tltis Security Instrument is also required under Applicable Law, the Applicable Law requirement will sads£y the corresponding requirement under this Security Instrument. WYOMING. Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 305t 1/01 (Page 8 o! 11 Pages) Loan No: 99039 Data ID: 897 16. Governing L.aw; Severability; Rules of Construction. This Security Instrument shall be governed by federal law andi the law of the jurisdiction in which the PropErty is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicabl9 Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that~any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Secur:ty Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words~or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice '~ersa; and (c)the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Cop3I. Borrower shall 'be given one copy of th~ Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including,' but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment Sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of :he Property or any Interest in the Property' is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or Iransferred) without Lender's prior written constmt, Lender may require immediate paymeut in full of all sums secured by this Security Instrument. However, this option shall not be exercised I,y Lender if such exercise is prohibited by Applicable Law. If Lender exercises th'is option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 1.5 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior lo the expiration of this period, Lender may iuvoke any remedies permitted by this Secur'ity Instrument without further notice or demand on Borrower. 19. BorroWer's Righ~ to Reinstate After Acceleration. If Borrmaer meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued al any time prior to the earliest o.f: (~) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination .of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditidns are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants of agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but n, ot limited to, reasonnble attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrum~3nt; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's ohligation.to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided ary such check is drawn upon an institution whose deposils are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Trangfer. Upon reinstatement by Borrower, this Security Inst;'ument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstale shall not apply itl the case of acceleration under Section 18. 20. Sale of Note; Cht~nge of Lonn Setwicer; Notice of Grievance. The Note or a partial interest in the Note (together with' this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale:might result in a change in the entity (known: as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be o~e o: more changes of the Loan Servicer unrelated to a sale of tile Note. If there is a change of tile Loan Servicer, Borrower will be given written notice of lhe change which will state the name and address of the new Loan Servicer, lhe address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with tile Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by lhe Note purchaser. .. WYOMING - Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (Page 9 of 11 Pages) Loan No: 99039 Data ID: 897 Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunit.," to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borro~.ver pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take correctiv~e action provisions of this Section 20. 2l. Ilazardous Substa'nces. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as tOxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: g~isoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbe.~tos or formaldehyde, and radioactive materials; (b) "Efivironmental Law" means federal laws and laws of the jurisdiction where the Property is located that '.relate to health, safety or environmental protection; (c) "Environmental Cleanup" inclndes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Envirt~nn'~.ental Condition" means a condition that c:~n cause, contribute to, or otherwise trigger an Environ~mental Cleanup. Borrower shall not c~use or permit the presence, use, 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 .do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property' (including, but not limited to, hazardous substances' in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit, or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by 'he presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardons Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COX.tENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any 'covenant or agreement in this Security Iustrument (but not prior to acceleration under Section 18 onless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; aud (d) that failure to cure the default ou or before the ~ate specilied in lhe notice m:~y result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall furtber inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of llorrower to acceleration and sale. If the defanlt is not cured on or before the date specified i~ the notice, Lender at its option may reqnire immediate payment in full of all sums secured by this ~ecnrity Instrument without further demand aud may invoke the power of sale aud any other remedies permitted by Applicable Law. Leuder shall be entitled to collect all expenses incnrred in pursni~g the remedies provided in /his Section 22, including, but not limited to, reasonable attorneys' fees ar'd costs ol' title evidence. If Lender invokes the l?wer of sale, Leuder shall give notice of intent to foreclose to Borrower and to the person iu possession of the Property, if difrereut, in accor{.ance with Applicable Law. Lender shall give notice of the sale to Borrower in the nmnner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold iu the maum'.r prescribed by Applicable Law. Lender or its designee:, may pnrchase the Property at any sale. Tb2 proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, inc.uding, but not limited to, reasonable attorneys' fees; (b) to all snms secured by this .Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon pa3 ment of all sums secured by this Security Instfument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Securiy Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and t)y virtue of the homestead exemption laws of Wyoming.~ WYOMING - Single Family-Farmie Mae/Freddie Mac UNIFORM INSTRUMENT Form 305t 1/05 (Page 10 of 11 Pages) Loan No: 99039 Data ID: 897 BY SIGNING BELOW, Borrower accepts anti agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. .... (sea ) State of ,~¢/~~ County of ,Z¢#¢~/'~ __ [Space Below This Line For Acknowledgment] The foregoing instrument was acknowledged before me this 20. ¢ ~7*, by MARVIN LEE SCHWAB .~MD TERRI LYN SCHWAB KAREN BROWN - NOTARY PUBLIC ~' ' Witness n,~and officia! se~l. County of ~,'l'.~ State of [ My commission cxpires:~ ;;~, Notary Public Printed Name) WYOMING - Single Family-F:~nnle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (Page 11 of 11 Pages) , i' Exhibit A Legal Desciption: The following described real e.slate, situate in Lincoln County and State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the state tO-wit: Lot 5 of the Twin Cliff Subdivision, Lincoln County, Wyoming as described on the official plat thereof. Parcel/Tax I.D. #: 12-3218-18:3-00-151.00 Commonly known as: 87 Mountain Dell Circle, Afton WY 83110