Loading...
HomeMy WebLinkAbout900946#30822(02) 9 0 0 9i,, 6 RECEIVED LINC©L,.",,! ,COI.!I',,IT'( CLERK After Recording Return To: FIRST BANK OF IDAHO, FSB D/B/A FIRST BAlqK OF THE~ TETONS P.O BOX 12860 JACKSON, WY 83002 DEFiNITIONS [Space Above This Line For Recording Data] BENCOMO MORTGAGE Low #: 494012030 MIN: 100174102000013021 PIN #: 35183111200100 Words used in multiple sections Of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used m this document are also provided in Section 16. (A) "Security Instrument" me;~ns this document, which is dated JULY together with all Riders to this d )cument. (B) "Borrower"is RAUL '3. BENCOMO AND E. YOLANDA BENCOMO{ WIFE 2004 HUSBAND A_N'D Borrower is the mortgagor under this Security lnstrmnent. (C) "MERS" is Mortgage Eleztronic Registration Systems, Inc. balERS is a separate corporation that is acting solely as a nonfinee for Lender ;tnd Lender's successors and assigns. MEltS is the nmrtgagee nnder this Security Instrmnent. MERS is organized and existing tinder the laws of Delaware, aud has an address and telephone number of P.O. Box 2026, Flint,, M1 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS Lender is a CORPORATION organized and existing under the laws of IDAHO . Lender's address is P.o. BOX 12 860 / 170 E BROADWAY JACKSOlfl', WY 83002 (E) "Note" means the pronfissory note sigmed by Borrower and dated JULY 9, 2 004 The Note states that Bon'ower owes Lender ONE HUNDRED NINETY-TWO THOUSAND ONE HUNDRED FIFTY AND' 00/100 Dollars (U.S. $ 192,150.03 ) pills iuterest. Borrower has promised to pay this debt in regular periodic Paymems ,~nd to pay the debt m full not later than AIJGUST 1, 2034 (F) "Property" ~neans the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all suins du5 under this Security Instrument, plus interest. WYOMING - Single Family- Fannie MneJFreddie Mac UNIFORM INSTRUMENT Form 30511/01 DOCUKWYI (Page I of 13 pages) DOCUKIqP/1. VTX 10/17/2002 494012030 (H) "Riders" means all Riders ~o this Security Insn-urnent that are executed by Bon'ower. Thc following Riders are to be executed by Borrower [ch:,.ck box as applicable]: [] Adjustable Rate Rider [] Balloon Rider [] 1-4 Family Rider [] Condominimn Rider [] Planned Unit Development Rider [] Other(s) [specify] [] Second Home Rider [] Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association I3ues, Fees, and Assessments" means all dues, lees, assessmeuts and other charges that are imposed on Borrower or fl~e Property by a condominium association, homeowners association or similar organization. (K) "Electrouic Funds Transfer" means any transfer of fi~nds, oilier than a transaction originated by check, draft, or sinfilar paper instrument, whkh is initiated through an electronic temUnal, telephmfic instrmnent, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such tern~ includes, but is not limited to, point-of-sate transfers, automated teller maclfine transactions, transfers initiated by telephone, wire transfers, and amonrated clearinghouse transfers. (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 by any third party (other than insurance proceeds paid under tile coverages described in Section 5) tbr: (i) danmge to, or destruction of, the Property; (ii} condenmatiou or other takiug of all or any part of tile Property; (iii) conveyauce iu lieu of condenmation; or (iv) mi ;representations of, or omissious as to, the value and/or coudition of the Property. (N) "Mortgage lnsm'ance" me:tns insurance protecting Lender against the nonpayment of, or default ou, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due lbr (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of flits Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. {}2601 et seq.) and its implemeutmg regulation, Regulation X (24 CF.R. Part 3500), as flmy nfigbt be amended fi-om time to time, or any additional or successor legislation or regula'~ion that governs the same subjecl matter. As used in flits Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not :lualit~ as a '"federally related mortgage loan" under RESPA. (Q) "Successor iii Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's o~ligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN TSiE PROPERTY This S'ecurity Instrmne~;t secu:i'es to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and'(ii) the perfommnce of Borrower's covenants and agreements uuder this Seem-try Instrument and the Note. For tl~is 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 assigus of MERS, and Lender's successors and assigns, with po~er of sale, the following described property located in the COUNTY of LINCOLN (Type of Recording Jurisdiction) (Name of Recording Jurisdiction) : LOT 84 IN STAR VALLEY'RANCH PLAT 16 AS PLATTED AND RECORDED IN THE OFFICIAL RECORDS OF LINCOLN COUNTY, WYOMING. which currently bas the address of 225 ALTA DRIVE THAYNE ,Wyoming , 83127 [City] [Zip Code] WYOMING -- Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY2 (Page 2 of 13 pageO DOCUKbP/2 .VTX 10/17/2002 [Street] ("Property Address"). · For,n3051 1/01 ' 494.012030 TOGETHER WITH all the imp, rovements now or hereafter erected on the property, and all easements, appurtenauces, and fixtures no~v or hereafter a part of the properly. All replacements and additions shall also be covered by this Security instrument. All of the foregoing is refen'ed to in this Security Instrument as tile "Property." Borrower tmderstands and agrees that MERS holds only legal lille to the interests granted by Borrower in lhis Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Leader and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the ~ight to foreclose and sell the Properly; and to take any action required of L~nder including, bm nol limited io, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfiflly seised of tile estate hereby conveyed and has the right to mortgage, grant and c0nyey tile Property and that the Property is tmencumbered, except for encumbrances of record. Borrower warrants ~xid will defend generally the title to thc Property against all claims and demands, subject to any encnmbrances of r~cord. THIS SECURITY iNSTRUMENT combines unifom~ covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifornl security instrumeut covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepaymeut Charges, anti Late Charges. Bon-ower shall pay when due the princiFa~ of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under tlie Note. Borrower shall also pay fimds for Escrow Items pursuant to Section 3. Payments due nnder the Note an.d this Security instnunent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security insn'unaent is returned to Lender unpaid, Lender nmy require that any or all subsequent payments due under the Note and this Security Instrun)ent be made in one or more of the fo!~owing fro-ms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bamk check, treasurer's check!or cashier's check, provided any such check is drawn upon an institution Mmse deposits are insured by a federal agency, instrumentality, 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 m accordance with the notice provisions in Section 15. Lender may remm any pa3nnent or pmXiai payment if the payment or partial l)ayme,lts are insufficient to bring the Loan curt-enl. Lender may accept any payment or partial payment insufficient to bring tile Loan current, without waiver of any rights hereunder or prejudice te its rights to refi~se such payment or partial paymeuts in the future, hot Lender is not obligated to apply such payments at file ti~ne such payments are accepted If each Periodic Payment is applied as of its scheduled due date, then L~ender need not pay interest on nnapplied fimds. Lender may hold such unapplied fimds until Borrower makes p'.l)qnent to bring the Loan current. If Bmmwer does not do so within a reasonable period of time, Lender shall ei'.her apply such funds or return them to Bon:ower. If not applied earlier, such fimds will be applied to the outstand:ng principal balance under the Note immediately prior to foreclosure. No of/ket or claim which Borrower might have now or in the future against Lender shall relieve Bon-ower from making payments due under the Note and this Secm-ity Instrument or perlbrnfing the covenants and agreements secured by tlfis Security Instrument. 2. Application of P.a?nents or Proceeds. Except as otherwise described iu 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 Not~e; (c) amounts due under Section 3. Such payments shall be applied to each Periodic · Payment in the order in wlfich ii became dne. Any renmining amounts shall be applied first to late charges, second to any other amounts due under this Security Insmunent, and then to reduce tile principal balance of the Note. If Lender receives a payment flora Borrower lbr a delinquent Periodic Payment which includes a sufficient amount to pay any late charge,&~e, the pa3nnent may be applied to the delinquent pa)qnent and the late charge. If more than one Periodic Paymcni is outstanding, Lender may apply any payment received fimn Borrower to the repayment of the Periodic Paymi:nts if, and to the extent that~ each payment can be paid in fidl. To the extent that any excess exists after the payment is applied to the fifll pa)anent of one or more Periodic Payments, such excess may be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment charges and then as described in the Note. WYOMING - Single Family - Fan,fie Mae/Freddie Mac UNIFORM INSTRUMENT For~n 3051 1/01 DOCUKWY~ (Page 3 of l $ pages) DOCIFifWY 3 .VTX !0/17/2002 494012030 Any application of pa.xm~ents, insurance proceeds, or Miscellaneous Proceeds to principal dae under the Note shall not extend or po.stpon'e ihe due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow I':e~ns. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in fall, a sum (the "Funds") to provide tbr payment of amounts due for: (a) laxes and assessments and other items wh'ch can attain priority over this Security Instrmnent as a lien or encmnbrance on the Property; (b) leasehold paymens or ground rents on the Property, if any; (c) prenfiums tbr any and all insurance required by Lender under Section 5; and (d) Mortgage lnsural~ce pre~nitnns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance preminms in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time duriug fl~e term of the Loan, Lender ~nay require that Commm&ity Association Dues, Fees, and Assessments, if any, be escrowed by Bo~xower, and such dues, lees and assessmmts shall be an Escrow Item. Borrower shall promptly fi, rnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Fnnds for Escrow Items nnless Lender waives Borrower's obligation )o pay the Fnnds for any or all Escroxv Items. Lender may waive Borrower's obligation to pay to Lender Fumis, for any or all Escrow Items at any time. Auy such waiver may only be m writing. In the event of such waiver, Bo; :~0wer shall pay directly, when and where payable, the amounts due tbr any Escrow Items for which payment of Ftnds has been waived by Lender and, il' Lender requires, shall fi~rnish to Lender receipts evidencing such paymenf within such time period as Lender may require. Borrower's obligation to make such payments and to provide rezeipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrm'nent, as the pln'ase "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 anrount due tbr an Escrow Item, Lender nmy exercise its rights re:der 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 thne 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 nmy, at any time; collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at fl~e time specified undgr RESPA, and (b) not to exceed the maxinmm amount a lender can require under RESPA. Lender shall estimate [1~ amount of Funds due on the basis of current data and reasonable estimates of expenditures of fi~ture 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 tile time specified under RESPA. Lender shall not charge Borrower for holiling and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, mrless 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 be paid on the Funds, Lender shall not be required to l',a7 Borrower any interest or earnings on the Funds. Bon-ower and Lender can agree in writing, however, that interest shall be paid on the Funds. Leuder shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. Iffl~ere is a sm-phis of ?unds held in escrow, as defined under RESPA, Lender sball account to Borro~ver for the excess funds in accorda.~ce with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify B:n'rower as required by ](ESPA, and Bon-ower shall pay to Lender the amount necessary to make up the shortage in accordance wifl~ RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in etcrow, as defined under RESPA, Lender shall notify Borrower as reqinred by RESPA, and Borrower shall pay to Lender the mnount necessary to make up the deficieucy in accordance with RESPA, but in no more than 12 ~jmnthly payments. Upon payment in lhll ~f all sums secured by this Security Instrument, Lender shall promptly retired to Bon'ower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which' can attair' priority over this Sectirity Instrument, leasebold payments or ground rents on the Propm~:y, if any, and Conmrunit~y'Association Dues, Fees, and Assessments, if any. To the extent that these ileum are Escrow Items, Borrower sha;l pay them in the manner provided in Section 3. Bo,,rower shall promptly discharge any lien which bas priority over tbis Security Instrument nnless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a mariner acceptable to Lender, but only so long as Bor:'ower is perforating such agreement; (b) contests the lien in good lhith by, or WYOMING - Single Family - Fanuie Mae/Freddie Mac [JNIFORM INSTRUMENT Form 3051 1/01 DOCUI<:WY4 (Page 4 of l 3 pages) ,. · :'i:.:'!. ! 494012020 defends against enforcement t,f the lien in, legal proceedings which in Lender's opnnon operate 1o prevem the enlbrcemem of the lien ~vhile those proceedings are pending, but only until such proceediugs are concluded; os (c) secures from the holder of th': lien an agreement satisfactory n) Lender snbordinatmg the lien to riffs Security Ins~u ment. If Lender detemfin'Ss that any part of the Property is subjec~ to a lien which can attain priority over this SecuriW Instrument, Lender may give Borrower a notice, idemifyiug the lien. Within 10 days of d~e date on which that notice is given, Borrower chall satisf~ the lien or take one or more oF the actions set forth above in dfis Sectiou Lender ~y requke ~o~-rower to pay a one-time charge fi)r a real estate tax verification aud/or reporting se~x, ice used by Lender in co~mection with this Loan. 5. Property InsuramSe. Bon'ower shall keep tlm improvements now existing or herea~er erected on the Properly insured against loss b'g fire, hazards included within the lcrm "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, for whicl! Lender requires insurance. This insurance shall be maintaiued m the amounts (in.cluding deductible levels) and lbr the periods that Lender requires. What kender requires pursuant to the prec:ding sentences can change during the term of the Loan. The insurance career providing the insurance shall be chosen by Borrower subjecl to Lender's right to disapprove Borrower's choice, which right shall not be exercis :d unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge tbr flood zone detemfination, certification and ~'acking services; or (b) a one-time charge for flood zone detenmnation and certification services and subsequent charges each time renmppings or si~mlar changes occur Milch ~easonably nfight aflkct such determination or certification. Borrower shall also be responsible for the payment of i~ny fees ~posed by the Federal Emergency Management Agency in com~ection with the review of any flood zone determination resulting flora au objection by Borrower. lfBo~xower fails to m;datain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is nnder no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Bon-ower, Boa-ower's equiW in the Prope~W, or the coments of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previonsly in elTect. 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 m~der this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate flora the date of disbursement and shall be payable, with such interest, upon notice fi-om Lender to Bogower requesting payinent. All insurance policies' required by Lender and renewals of such policies shall be subject ~o Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee amFor as an additional loss payee. Lendc:r Shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give ~:~ 2ender all receipts of paid premiums and renewal uotices. If Bon'ower obtains any fo~m of insurance coverage,, nc',t othmmise requked by Lender, fi~r damage to, or desn~uction of, thc PropmW, such policy shall include a standard mortgage clause and shall name Lender as mortgagee author as an additional loss payee. In the event of loss, Bo~xower shall give prompt notice to the insurance career and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Bon'ower othenvise agree in xm-iting, any insurance proceeds, whether m. not the underlying insurance was required by Lender, shall be applied to restoration or repak of the Property, if the restoration or repak is econonfically feasible and Lender's security is not lessened. During such repak and restomion period, Lender shall have the right to hold such insurance proceeds until Lender has had an oppormni~ to ins['ect such PropmW to ensure the xvork has been completed to Lender's satisthction, provided that such inspection shall be nndertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as d~c work is completed. Unless an agreement is made in' ~iting or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Boffower any interest or earnings on such proceeds. Fees lbr public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Bon'ower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insm'ance proceeds shall be applied to the su~ se cured by this Security Ins~ument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance'proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Leuder may file, negotiate and settle any available insurance claim aud related matters. If Bo~ower dc es not respond within 30 days to a notice fi'om Lender that the insurance career has WYOMING - Single Family - Fannie Ma~Freddie Mac UNIFORM INSTRUMi(NT Form 3051 1/01 oocu~5 (Page 5 of 13 page0 oocux~s.m x0/z,/~0o~ 494012030 offered to settle a claim, then Lender ]nay negotiate anti settle Ibc claim. The 30-day period will begiu when the notice is given. In either event, or if Lender acquires the Properly trader Section 22 or otherwise, Bon'ower hereby assigns to Lender (a) Bo~Tower's rights to auy insurance proceeds m an amonnt not to exceed thc amounts nnpaid under the Note or this Security hlgtrmnent, and (b) any other of Borrower's rights (other than the right to any retired of unearned pre~mnms paid by Bbn'ower) nnder all insurance policies covering the Property, insolhr as such x ights are applicable to file coverage of the Property. Lender may usc the insurance proceeds either to repair or restore lhe Property or tO pay amounts unpaid under the Note or this Security Inst,'umel~t, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Properly as Borrower's principal residence within 60 days after the execu;;ion of this Security Instrument and shall continue to occupy the Property as Bon'ower's principal residence for at least one year after the date ot: occupancy, unless Leuder otheP, vise agrees m writing, which consent shall noi be um-easonably witlfl~eld, or unless extenuating circumstances exist which are beyond Bon'ower's control. : 7. Preservation, Maint mance and Protection ut' the Property; Inspections. Borrower shall not destroy, damage or impair the Property, ellow the Property to deteriorate or conmfit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order 1o prevent the Property Ii-om deteriorating or decreasing in val:~e due to its condition. Unless il is determined pursuant to Section 5 lhat repair or restoration is not economically l>,asible, Borrower shall promptly repair the Property if dan3aged to avoid fi,'ther deterioration 6r damage. If insu'ance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrowei- shall be responsible for repairing or restmmg the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds fox' the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If tile insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Bon'ower's obligalion tbr the completion of such repair or restol'ation. Lender m' its agent may nrake reasonable entries upon and inspections of the Property. If it bas reasonable cause, Lender may inspect the imerior of the improvements on tile Property. Lender shall give Borrower notice tit the time of or prior to such an intfr~or inspection specifying such reasonable cause. 8. Burrower's Lo.'m AFplication. Borrower shall be in del:auh il; during the Loan application process, Borrower or any persons or entit,,es acting at the direction of Borrower or with Borrower's 'knowledge or consent gave materially false, nusleading, or inaccm'ate infornmtion or statements to Lender (or failed to provide Lender with material information) in co~mection with the Loan. Material representations include, but are not linfited to, representations concermng Bo~Tower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lende] 's Interest in the Property and Rights 'Under this Security Instrument. If (a) Bon'ower fails to pertbm~ the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significar, dy affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condeumation or lbrfeittu-e, for enforcement of a lien wtfich may attain priority over tLis Security Instrument or to enfo,'ce laxvs or regulations), or (c) Borrower has abandoned the Property, then Lender nmy do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and righl~ under this Security Instrument, iucludmg protecting and/or assessing the value of the Properly, and secm'ing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any snms secured by aliey: which has priority over this Security lnstnunent; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security lnsmm~ent, including its secured position in a ban~-uptcy proceeding. Securing the Property includes, but is not linutcd lo, entering the Property to make repairs, change.locks, replace or board up doors and windows, dram water fi'om pipes, eliminate building or 0thru: code violations or dangerous conditions, and have utilities tinned on or oflk Although Lender may take act/on ,mder this Section 9, Lender does not have to do so and is not nnder any duty or obligation to do so. It is agreed lhat Lender incurs no liability tbr not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender trader this Section 9 shall become additional debt of Borrower seem-ed by this Security Instalment. Thes6 amonnts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with snch interes ~ upon notice from Lender to Bo~ rower requesting payment. If this Security instalment is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the ':asehold estate and interests hereto conveyed or terminate or cancel tile ground lease. Borrower shall not, withe, ut the express va-ilten consent o1' Lender, alter or amend the grotmd lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Leuder agrees to the merger in writing. " WS'OMING - Single Family - Fan.ie Mae/Freddie Mac UNIFORM INSTRtlME~NT Fm'm 3051 1/01 DOCUKWY6 (Page 6 of ] 3 pages) r~ocu~ .va.x zo/z~/~oo2 494012030 10. Mortgage Insurance. If Lender' required Mortgage Insurance as a condition of nmking the Loan, Borrower shall pay the premma?s required to maintain the IMm-tgage Insurance in effect, It; for auy reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer lhat previously provided such insurance and Borrower was required to make separately designated payments toward the pl'enriums lbr Mortgage Insurance, Bon-ower shall pay the pretmums requi,-$:d to obtain coverage substantially equivalent to the Mortgage Insm'ance previously in effect, at a cosl~ subsiaotially equivalent to the cost to Borrower of the Mortgage Inst,rance previously~ !n effect, from an alternate mortgage rosin'er selected by Lender. If substantially equivalent Mm-tgage Insurance ,coverage is not available, Borrowe,' shall continue to pay to Lender the amount of the separately designated paymeuts that were due when the insm-ance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve io lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, .not~vithstanding the fact that tho Loan is ultimately paid in full, and Lender shall not be required to pay Borrower' any interest or' eanfings on such loss reserve. Lender can no longer require loss reserve pa3qnents if Mortgage Ii2surance coverage (m the amount and for the period that Lender requires) p,-ovided by an insurer selected by Lendei- again becomes available, is obtained, and Lender requires separately desiguated Payments toward the premiums,l'or Mortgage Insurance. If Lender reqt,ired Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the prenm,ms Mortgage Insurance, Borrower shall pay lhe premiums required to nmintain Mo~:tgage Insurance in effect, or to provide a non-refundable loss r,Sserve, until Lender's requirement for Mortgage Insurance ends in accordance with .any written agreement between Borrower and Lender providing for such termination or until temfination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided m the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it nmy incur ifBon'ower does not repay the Loan as agreed. Borrower is not a party to the lvlortgage Insurance. Mortgage insm-ers evaluate their total risk on all such instu-ance in lorce fi'om time to time, and may enter into agreements with other part,e,s that share or modify their risk, or reduce losses. These agreements arc on terms and conditions that are satisfacfi~ry to the mortgage insurer and the other party (or parties) to these agreements. These agreements nmy require the ~nortgage insurer to make payments usiog any source of funds that the mortgage h~surer may have available (whii:h may include funds obtained flora lvlm tgage Insurance premmms). As a result of these al.;reements, Leuder, any purchaser of the Note, another insnrer, any reinsurer, any other entity, or any affiliate of ~ny of the foregoiug, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments lbr Mortgage Insurance, in exchange for sharing or ~nodifying the mortgage insure~,'s risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's ri.ik m exchange for a share of the l)reminms paid to the insurer, the arraugement is often termed "captive reinsurant'e." Further: (a) Ajay such agreeme'nts will not affect the amounts Hint Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will uot increase the amottnt BorrmYer will owe for Mortgage Insura,ce, and tli. ey will not entitle Borrower to any refund. (b) Any such agreements will not al'feet the rights Borrower has it' any - with respect to the Mortgage Insurance under the Homeowners Protection Act ol' 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtaio cancellation of the Mortgage Insurance, to have the Mortgage lnsura~.~ce ternfinated automatically, and/or to receive a refuud of auy Mortgage Insurance premiums that were unearned at the time ol' such cancellation or termi,mtion. 11. Assignment of Misc. ellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds me hereby assigned to and shall be paid to Leuder. : If the Property is danraged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econon-fically feasible and Lender's security is not lessened. Dm-lng such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an oppomlnity to inspect such property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Leuder may pay for the repairs and restoration m a single disbursement or in a series of progress payments as the work is complett:d. Uuless an agreement is nmde in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eamh~'gs on such Miscellaneous Proceeds. It' the restoration or repair is not economically feasible or Lender's security wo'~dd be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by WYOMING - Single Family - Famde..Mae/Freddie Mac {_JNIFORM INSTRUMENT Form 3051 l/ill Docm~wY7 ' - (Page 7 of 13 pages) oocum'~ .wx 494012030 this Security Instrument, whether: or not then due, with the excess, if any, paid to 'Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destrnction, or loss in value of tbe Property, the Miscellaneous Proceeds shall be applied to file sums secured by this Security Instrument, whether or nol then due, with the excess, if any, paid to Borrower. In the event of a partia~ taking, destruction, or loss in value of the Property in which the fair market value of the Property inmlediately be.tbre the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by fi, is Security lnsmm~ent inmrediatcly before the partial taking, destruclion, or loss in value, unless Borrower and Lende.r oflierwise agree in writing, the sulns secured by this Security Instrument shall be reduced by the amount of the M~scellaneous Proceeds multiplied by the following fi-action: (a) the total amount of the sums secured immediately bz,~bre fl~e partial taking, destruction, ur It}ss in value divided by (b) the htr market value office Property inunediate.~) before the partial taking, destruction, or loss in value. Any balance shall be paid to Bo~xower. In the event of a pariial iaking, destructiou, or loss in value of thc Property in which the htr nmrket value of the Property immediately befere the partial taking, destruction, o,' loss in value is less than the amount of the sums secured immediately befere the partial taking, destructiou, or loss in value, unless Bon'ower and Lender othelwvise agree m writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Bon'ower that the Opposing Party (as defined in fl~e next sentence) offers to snake an award to settle a claim for danmges, Bmrower /:ails to respond to Lender within 30 days after the date the notice is given, keuder is aulhorized to collect and apply the Miscellaneous Proceeds either '~o restoralion or repair of the Property or to the sums seem'ed by this Security Instmnrent, whether or not then due. "Opposing Party" means ihe Ilfird party that owes Burrower Miscellaneous Proceeds or the party against whom Bon'ower has a right of actiou in regard to Miscellaneous Proceeds: Bon'ower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judg~nent, could result in fbrfeiture of the Property or other material impaimrent of Lender's interest in the Property or rights under this Security Instrument. Borrower can ctu-e such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnfissed with a riding that, in Lender's judgment, precludes furfeiture of the Property or other material nhpairment of Lender's interesl in the Property or rights under this ~e,curit)~ instrument. The proceeds of any award or claim tbr 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 Proc'¢eds that are not applied to resloration or repair of the Property shall be applied in the order provided for in Section::7. 12. Borrower Not Reh ~*sed; Forbearance By Lender Not a Waiver. Extension of the tisne for payment or modification of amortization o£ the stuns secured by this Security lustmment granted by Lender to Borrower or any Successor in Interest of Bo,nower shall not operate to release fi~e liability of Borrower or any Successors in Iuterest of Bon'ower. Lender shall not be'required to cormnence proceedings against any Successor in Interest of Borrower or to refuse to extend, time for payment or otherwise modify amortization of the sunu secured by this Security Instrument by reason o: any demand made by the m-iginal Borrower or any Successors in Interest of Borrower. Any forbearance by ~Lender in exercising any right or remedy including, without linutation, Lender's acceptance of payments from tired persons, entities or Successors its Interest of Bo~xower or in amounts less than the amount then due, shall not be ~;. waiver of or preclude the exercise of auy right or remedy. 13. Joint and Several~Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligatim.:s and liability shall be joint and several. Iluwever, any Bon-ower who co-signs this Security Instnmrent but does nol execute the Note (a "co-signer"): (a) is co-sigifing this Security Instrument only to mortgage, grant and convey the ~:o-siguer's interest in the Propm ty t,uder the temts of this Secm'ity lnsn-ument; (b) is not personally obligated to pa)'the sums secured by this Security h~strumcnt; and (c) agrees that Lender and auy other Bon-ower can agree to ext(:~ d, modify, forbear or snake any accommodations with regard to the trams of this Security Instrument or the Note w:'thout the co-signer's consent. Subject to the provisions of Section 18, any Successor in lntcrest of Borrower who assmnes Borrower's obligations under this Security Instrument h~ writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Se-z:mty Instrument. Borrower shall not be released fi'our Bon'ower's obligations and liability under this Security Ins!rmnent unless Lender agrees to such release in writing. The covenauts and VqYOMING - Single Family -Fa.hie b'l;ae/Freddie Mae UNIFORM INSTRUMENT Form 3051 1/01 OOCUr~vY8 (Page 8 o fl3 pages) ~ocux~ .v'rx zo/~*/2ooo 494012030 agreements of this Security Instnimem shall bind (except as provided m Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender inay charge Bon'ower fees for services per]lbnned in cmmection with Borrower's default, for the purpose of protecting Lender's interest m the Property and rights nnder this Security lustmment, iucluding, but not '.i/filed to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Inst,'Ulne,tt to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Leader may not charge ]lEes that are expressly prohibited by this Security Instrument or b/Jkpplicable Law. If the Loan is subject to .a law which sets maximmn loan charges, and that law is finally interpreted so that the interest or other loau charti;e:; collected or to be collected m cmmection with the Loan exceed the permitted limits, then: (a) any such loan cl)a:ge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums alreaq!y collected kom Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose '~o make this refuud by reducing file principal owed under the Note or by making a direct' payment to Borrower. I{' a refund reduces principal, the reduction will be treated as, a partial p,-epayment without any prepayment charge. (whether or not a prepayment cbarge 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 nfight have arising on't of such overcharge. 15. Notices. All notices given by Bmxower or Lender in connectimi with this Security Instrmnent must be in writing. Any notice to Borrd~ver in com~ection with this Secitrity hmtrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivet~ed to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Laxv expressly requires otherwise. Tile notice 'address shall be the Property Address unless Bon-ower bas designated a sobstitute 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 of address, then Borrower shall only report a change of address through that specified procedure. There may be only one desiguated notice address nnder this Seem'try Instrument at any one time. Any notice to Lender shall be gi\,en by delivering it or by mailing it by first class mail to Lender's address stated here'm nnless Lender bas designated another address by notice to Borrower. Any notice in cmmection with this Security.. InstTument shall not be deemed to have been given to Lender tmtil actually received by Lender. If any notice require, d by this Security Instrmnent is also required nnder Applicable Law, the Applicable Law requirement will satisfy thc corresponding requiremeut under this Security Instrument. 16. Governing Law; Seyerability; Rules of Construction. This Seem'try lnstrmnent shall be governed by federal law and the law of the../m'isdiction in which tile Property is located. All rights and obligations contained itl this Security Instrument are su~bjdct to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow t'le parties to agree by corm:act or il' 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 couilict shall not affect other provisions of this Security Instrument or the Note which c~.u be given effect without the conllicting provision. As used in this Sec;arity Instrument: (a) words of ibc masculine gender shall mean and include corresponding neuter words or w'3rds of the feminine gender; (b) wortls in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy, l:,ol-rower shall be given one copy ol' the Note and of this Security Insn ument. 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, inchiding, but not limited to, those beneficial interests transferred in a bond tbr deed, contract for deed, instalhnent 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 the}P!-operty or any Interest in the l'rope~ ty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) witbont Lender's prior written consent, Lender may require innnediate, payment in fidl of all sums secured by this Security lustrument. Ilowever, this option shall not be exercised by Uender if such exercise is prohibited by Applicable Law. If Lender exercises thi~ 6ption, Lender shall give Bon owcr notice of acceleration. The notice shall provide a period of not less than 30 dgys fi-om tbe date the notice is given in accordance with Section 15 within which Borrower nmst pay all sums secured by this Security lnstrumel~t. If Bon'ower fails to pay these sums prior to the WYOMING - Single Family - Fannie MaedFreddie Mac UNIFORM INSTRUMENT DOCtJKWY9 i (Page 9 of 13 pages) DOCUKWY9 .VTX 10/17/2002 Form 3051 1/01 494012030 expiration of this period, Lender may invoke any remedies pernfitted by this Security Instrument without finther notice or demand on Borrower. 19. Borrower's Right lc Reinstate After Acceleration. Il' Bon-ower meets certain conditions, Borrower shall have the right to have enfi~rzenrent of this Security Insn'ument discontinued at any time prior to the earliest of(a) five days before sale of the J~roperty pursuam to any. power of sale contained in this Security histrmnent; (b) such other period as Applicable Law nfight specify for the termination of Bmxower's right to reinstate; or (c) enn'y of a jndgment enforcing this Security Instrument. Those condilions are that Bon-ower: (a) pays Lender all stuns which then wonld be due nnder ~his Security Instrument and the Note as if no acceleration bad occurred; (b) cures any dehult of any other covenants or agreements; (c) pays all expenses incm'red in enfbrcing this Security Instrument, including, bnt not l~mited to, reasonable attorneys' fees, property inspection aud valuation fees, and other fees incurred for the propose of protecting Lender's interest in tile Prope,ly and rights undm this Security Instrnment; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights nnder this S(cnrity Instrument, and Bon'ower's obligation to pay the snms secnred by this Security Instnmrent, shall continne nnchanged. Lender may require that Borrower'pay snch reinstatemeut sums and expenses in one or more of the f,~llowing forms, as selected by l,ender: (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 institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transl'er. Upon reinstatement by Borrower, this Se'cutity Instrument and obligations secured hereby shall renaain fidly eft~ctive as it~ no acceleration had occur,-ed. Hc~wever, this right to reinstate shall not apply in the case of acceleration trader Section 18. 20. Sale of Note; Chauge of Loan Service,-; Notice o1' Grievance. The Note or a partial interest in the Note (together with this Secnrit/l'nstrument) can be sold one or more times without prior notice to Borrower_ A sale might resnlt in a change in tire entity (~m~vn as the "Loan Sen, icer") that collects Periodic Payments dne trader the Note and this Security Instrument and perth]ms other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicsble Law. There also might be one or more changes of the Loan Se,"vicer unrelated to a sale of the Note. If there is a change of the Loan Service,-, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other infom~ation RESPA r6quires in core, cc,ion with a notice of Iranst'er of servicing. If the Note is sold and thereafter the Loan is serviced b~ a Loan Servicer other than the purchaser of the Note, the mm-,gage loan servicing obligations to Borrower will remain with the Loan Servicer or be trausferred to a successor Loan Servicer and are not assumed by the Note purchaser unless olherwise provided by the Note purchaser. Neither Bon'ower nor Lender ,nay conm~ence, join, or be joined to any judicial action (as either an individual litigant or the memb ~r of a class) that arises from the other party's actions pursnant to tiffs Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instaxm~ent, until such, Bon'ower or Lender has notified the other proxy (with such notice given in compliance with the requirements of Section 15) of such alleged breach aud aflbrded 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 certai,l action can be taken, that time period will be deemed to bt reasonable lb,-purposes of this paragraph. The notice of ac'celeration and Opportunity to cure given to Borrower purst~ant to Section 22 and the notice of acceleration given to Borrower pm'suant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 2/). 21. Hazardous Substances. As used in this Section 21' (a) "Hazardous Substances" are those snbstances defined as toxic or hazardous substances, pollutants, 0r wastes by Environmental Law and tile following substances: gasoline, kerosene, other flanmm, b:Je or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or f0nnaldehyde, and radioactive materials; (b) "Envir6nmental Law" means lEderal laws and laws of the jurisdictian' where the Property is located that relate to health, safety or enviromnental protection; (c) "Environmental ~leanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; a/nd (d) an "Environmental Condilion" means a condition that can cause, contribnte to, or otherwise trigger an Envircnmental Cleanup. Bon'ower shall not cause or permit the presence, nsc, disposal, storage, or release of any Hazardous Substances, or threaten to release, a3~y Hazardous Substances, on or m the Property. Borrower shall not do, nor allow anyone else to do, anything aft;.~c,ing the Property (a)' that is in violation of any Enviromnental Law, (b) which creates an Environmental Condition, or (c) which, dne to the presence, use, or release of a Hazardous Substance, WYOMING - Single Farnily- Fannie 1,1ac/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 oocurw¥ ~0 (Page 10 of 13 pages) 49z1012030 creates a condition that adversely affects the value of tile Property. The preceding two sentences shall not apply 1o the presence, use, or storage o~ the Prope~y of small quantities of Hazardous Substances that are generally recognized to be approprtate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consmner products). Borrower shall promptly give Lender written notice of (a) any iuvestigation, claim~ demand, lawsuit or other action by any govenunenta! or regulatory agency'or private party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Euvironmental Condition, including but not limited to, a~,~y spilling~ leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the 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 Hazardous Substance affecting the Property is necessary, Borrower shall pro~nptly take all necessaW remedial actions m accordance with Environmental Law. Nothing herein shall create any'ol:ligation on Lender ibc an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender fi,'ther covenant and ~igree as follows: 22. Acceleration; Rdmedies. Lender shall give nolice to Borrower prior to acceleration following Borrower's breach of any cove~lant or agreement ill this Security Instrume~t (but not prior lo acceleration under Section 18 unless Applic;,ble Law provides otherwise). The nolice shall specify: (a) the default; (b) the action required to cure the de;iault; (c) a date, not less than 30 days I'rom the date the notice is given to Borrower, by which the defaalt must be cra'ed; and (d) that faihu'e to cure the default on or before the date specified in the notice may r~isnlt itl acceleration o1' the sums seem'ed by this Security lnstrmneut aud sale of the Property. The notice shall ,~'urther inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existeuce o1' a del'at, it or any other del'ense of Borrower to acceleration and sale. If the default is not cured on or bel'ore lhe date specilied in the notice, Lemler at its option may require immedi:)te paymeut in full of all sums secored by this Security Instrument wilhont further demand and may invoke the power of sale and any other remedies pernfilted by Applicable Law. Lender shall be entitled to collect all expenses incurred ill pursuing the remedies provided in this Section 22, including, but not limited to, ?easonable attorneys' lees and costs o1' title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in att'oral:race with Applicable Law. Lender shall give notice of the sale to Borrowe~r ia the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at anysale. The proceeds of the sale shall be applied in the l'ollowing order: (a) to ali expenses o1' the sale, including, but not linfited to, reasonable attorneys' fees; (b) to all sums secured by lhis Security Instrument; and (C) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security lnstnunent, Lender shall release this Security Instrument. Borrower shall pay any recordation costs, l.cndcr nray charge Borrower a tee for releasing this Security 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 by virtue of the homestead exemption laws of Wymning. WYOMING - Single Family - Fannie; Mae/Freddie Mac UNIFORM INSTRlhMENT l)ocu!cw¥~, ~ : (Page 11 nfl3 pt~ges) DOCUKWY~. Vtl 10/17/2002 Form 3051 1/01 494012030 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Secm-ity Instrument and in any Rider executed by Bon-ower and recorded with BORROWER RAUL O. BENCOMO DATE - BORROWER - E. YOLANDA BENCOMO - DATE - WYOMING - Single Family - Fannie Nine/Freddie Mac UNIFORM INSTRI MENT DOCt~l<WVl~ (Page 1 ~ of l $ pages2 DOCUKW¥C. VTX 10/17/2002 Form 3051 i/Ol 494012030 STATE OF IdYOMING COUNTY OF TETON [Space Below This Line For Acknowledgment] The foregoing instrument was a'cknowledged before me by Raul O. Bencoma and E. Yolanda Bencoma this 9th day)f July, 2004 Witness my hand and official seal. Notary Public My Conmfission Expires: _~)'- WYOMING - Single Family - Fannk N?ae/Freddie Mac UNIFORM INS'I'RUMENT DOCDKWYi3 (Page 13 of 13 pages) DOC1JKId~D. VTX 6/6/2002 Form 3051 1/01 ' ' 2:57(':/;;.'-~ "': 5i 4 PLANNED UNIT DEVELOPMENT RIDER BENCOMO LOAN #: 494012030 · MIN: 100174102000013021 THIS PLANNED UNIT Y)EVELOPMENT RIDER is made this 9TH day of JULY' 2004 and is incorporated into and sbau be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrumen;t") of the same date, given by the undersigned (tbe "Borrower") to secure Bm~ower's Note to FIRST B.Z2~K OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 225 ALTA DRIVE, TI{AY-NE, WY 83127 [ProPerty Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together witb other such parcels and certain conm-ton area,/', and facilities, as described in COVENANTS, CONDITIONS AND RESTICTIONS (the "Declaration"). The Property' is a part of a planned unit developmem known as STAR VALLEY RANCHES [Name of Plmmed Unit Dcvelol)ment] (the "PUD"). The Propmly also.includes Borrower's interest in the bomeowuers association or equivalent entity o~mfing or managing the co~rm-lon areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of BorrOwer's interest. PUD COVENANTS..f.n.addition to the covenants and agreements made in the Security Instalment, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall pertbm~ all of Borrower'S obligations under the PUD's Constituent Documents..The "Constituent Documents" are the (i) Declaration; (ii) articles of incmporatim,~} trust instrument or any equivalent document which creates the Owners Association; and (iii) ,.ny by-laws or other rules or regulations of the Owners Association. Borrower shall prompt!y Pay, when due, all dues and assessments imposed pm-st,ant to the Constituent Docmnents MULTISTATE PUl) RIDER--Single Family--Famfie Mae/Freddie Mac UNIFORM INSTRUMENT Fo,m 3150 1/01 DOCUm'A~ (page 1 of 3 pages) ~oc'ma~M. wx zo/za/a00~ 494012030 B. Property lns'urance. So long as tile Owners Association maintains, ~vith a generally accepted insurance carrier, a "master" or "blanket" pt~licy insuring the Property which is satisfactory to Lender and which provides insurance coverage m the amounts (including deductible levels), fol' the periods, and agains't loss by fire, hazards included within lhe tcm~ "extended coverage," and any other hazards, including, but nol limited to, earthquakes and floods, for which Lender requires insnrance, then: (i) Lender waives fl~e provision in Seclion 3 ~br the Periodic Paymt'nt to Lender of the yearly premium insmllmeuts for property insurance on the Property; and (ii) L~on-ower's obligation under Seclion 5 lo maintain property instn-ance coverage on the Property is deemed satisfied to the extcm thai il~e required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can cbange during the renu of tbe loan. Borrower shall give Lender promp~ notice of any lapse in required property'insurance coverage provided by :he master or blanket policy. In the event o~' a distribution of property insm'ance proceeds in lieu of restoration o~ repair following a lo~s to the Property, or to common areas aud facilities of the PUl), any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Iusl~- nment, whether' or not then due, with the excess, if any, pai6 ~o Borrower. C. Public Lial: iHty insurance. Borrower shall take such actions as may be reasonably to insure that file Owners Association maintains a public liabiliW insurance policy acceptable in form, amount, and extex~t of coverage to Lender. D. Condemn~'t~on. The proceeds of any award or claim for damages, direct or conseqnential, payable.'. ~o Borrower m connecnon with any condemnation or olhm- taking of all or any part of the Prope~-ty or the conmaon areas and facililies of the PUD, or roi- any conveyauce in lieu of condcnmation are hereby assigned and shall bc paid 1o Lender. Such proceeds shall be applied by Lender to t]~e sums secured by the Security Instrument as provided in Suction 11. E. Lender's Prior ConsenL Borrower shall not, except after notice to Lender and with Lender's prior written, consent, either partition or subdivide Ibc Property or consent to: (i) the abandonment or termination of the PUD, except for abandmunent or termination required by law in the case of substantml destruction by fire or other casualty or in the case of a taking by conden'mation or eminent domain; (ii) any amendmeut to any provision of the "Constituent Documents" if tl~e provision is for the express benefit of Leudcr; (iii) ternfination of professional management and assumption of self-nmnagement of thc Oxvr~ers Association; or (iv) any action which would have the effect of rendering the public liabiliiy insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, lhen Lender may pay them amy amounts disbursed by Lender under this paragraph F shall become · additional debl Of Bon'ower secured by the Security Insh'umenl. Unless Borrower and Lender agree to other terms of payment, these amounts shall bea~-inlerest fi'om the date of disbursement at the Note rate and shall be payable, with h~terest, upon notice fi-om Lender to Bmxower requesting payment. MULTISTATE PUD RIDER--Single~Family--Fam~ie Mae/Freddie Mac UNIFORM INSTRUMENT DOCURPA2 (page 2 of 3 pages) oo~v~.v'rx xo/x~/~oo~ - Form 3150 i/01 49401203[~ BY SIGNING BELOW, Borro~;~,er acccp[s and agrees to the [er,ns and provisions conlah~ed in this PUD Rider. BORROWER - RAUL O. BENCOMO DATE BORROWER - E. YOLANDA BENCOMO - DATE MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFOR t~l INSTRUMENT DOCO~.?A~ (page 3 ors pages.~ DOCURg/%3 .VTX 10/13/2003 Form 3150 1/01