Loading...
HomeMy WebLinkAbout900954After Recording Return To: FIRST NATIONAL BANK-WEST PO BOX 3110, 100 GREYS RIVER R ' ALPINE, WYOMING 83128 9 0 0 q I, F~£OEIVED LINCOLN Ctbt~t.ITy CLERK ~ f' jl [Space Above This Line For Reco,'ding Data] Loan Number 59389180 M ERS Number 100015700039117318 DEFINITIONS MORTGAGE Words used in multiple sectious of this docuntent are defined below and other words are defined in Sectious 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage, of words used in this document are also provided in Section 16. (A) "Security Instrument" memos this document, which is dated JULY 6, 2004, together with all Riders to this document. (B) "Borrower" is NICIIOLAS P M~I[AN, J~lll"l'K,'qlXt~"t~l~[~$X'W~II~,Rllgt~llX$~l~l~ql~II~and CHANTELLE MAHAN, JI~I;~~XJglqXI~)~[II~I~131XJOllE~I~.I~IF~tl SH^RON M PETERMAN, JOINT TENANTS WITIt RIGIIT OF SURVIVORS}HP. Borrower is the mortgagor tinder this Security Instrument. ~*ItlJSBAND AND IglFEX* (C) "MERS" is Mortgage Electronic '2egistration Systems, Inc. MERS is a separme corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the taws of Delaware, ,and has ,'m address and telephone number of P.O. Box 2026, Flint. MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FIRST NATIONAL BANK4,VEST. Lender is a CORPORATION organized and existing under the laws of WYOMING. Lender's address is PO BOX 3110, 100 GREYS RIVER ROAD, ALPINE, WYOMING 83128. (E) "Note" means the' promissory note signed by Borrower and dated JULY 6, 2004. The Note states d'ml Borrower owes Lender TWO ltUNDIU07,D FI'tgi'Y-SIX TIIOUSAND AND 00/100ihs Dollars (U.S.$256,000.00) plus interest. Borrower has promised to pay this debt in regular Peried[c Payments and to pay the debt in full not later than AUGUST 1, 2034. (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced b). the Note. plus interest, any prepayment charges and late charges duc under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" memos all Riders to this Security Instrmnent that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applici~ble]: [] Adjustable Rate Rider i_~, Condominimn Rider [] Second llome Rider [] Balloon Rider X Planned Unit Development Rider [] Other [Specify] [] 1-4 Family Rider .~. Biweekly Payment Rider WYOMING-Single Family--Famfie Mae/Ereddie Mac UNIFORM INSTRUMENT (I) "Applicable Law" means all cortrolling applicable federal, state and local statutes, regtnauons, ordinances and adminis£rative rules and orders (that have rim effect of law) as well as all applicable final, non-appealable judicial opinions. (J) ommumty Association l)ues, Fees, und Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or lhe Property by a condonmfium association, homeowners association or similar organizauon. (K) "Electronic Funds Transfer" means any transfer of funds, other thau 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 anthorize a financial institution to debit or credit au account. Such 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 ~tems that are described in Section 3. (M) "Miscellaneous Proceeds" means ~.ny compensation, settlement, award of damages, or proceeds paid by rely third party (other thm~ insurance proceeds paid trader tile 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 condenmafion; or (iv) misrepresentations of, or omissions as to, ~lle valne and/or condition of thc Property. (N) "Mortgage h~surance" means insu::ance protecting Lender against the nonpaymem of, or default on, the Loan. (O) "Periodic Payment" means the "egularly scheduled amonm due Ibr (i) principal and interest under the Note, plus (ii) any mnounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), :~s they might be amended from time to time, or any additiomd or successor legislation or regulation that governs the sanae subject matter. As used in this Secnrity Instrument, "RESPA" refers to all reqniremenis and restrictions that are imposed in regar.fl to a "federally related mortgage lo~m" even il' 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 tile Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PRCPERTY This Security Instrument secures to Lender: (i) the repayment of the Loau, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrewer's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee tot' Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property localcd in the County of. LINCOLN . [Type of Recording Jurisdictiou] intone of Recording Jurisdiction] LOTS 308 OF TIlE PALIS PARK TI;[IRD ADDITION, TO THE TOWN OF ALPINE, LINCOLN COUNTY, WYOMING AS DESCPdBED ON THE OFFICIAL PLAT THEREOF. which currently has the address of 123~'GREYS RIVER ROAD [Street] ALPINE , Wyoming 83128 ("lh-operty Address"): [City] ' [Zip Code] WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFOI~dM INSTRUMENT ',. 53° TOGETHER WITIt all the improvements now or hereafter erected on the property, and all easeme~]ts, appurtenances, and fixtures now or herea~er a part of lhe pro?e.rty. All replacements and additions shall also be covered by this Sccnrity lustrumem. All of the Ibregoing is referred to in thiq Security Instrument as the ~'P~upcrty." Borrower understands luld agrees that N'IERS holds only legal title to the interests gra;~ted by Borrower in this Secnrit) Instrument, but, if necessary to comply wilh taw or custom, MERS (as nominee /bt Lende:' :and Leuder's successors and assigus) has the right: to exercise any or all of those interests, including, bnt not limited to, :he right to foreclose ~cl sell thc Property; and 1o take any action required of Lender including, but not limited lo, releasing ~(1 cm~celing this Security Instrun~cnt. : i~ORROWER COVENANTS that Bo:yrower is lawfully seised of thc csu, te hereby con'veyed ~d has the right to mortgage, grant and convey the Prope~y and tha:. t'he Property is unencumbered, except tbr encumbrances of record. Borrower warr~ts m~d will detEnd generally the title to the P,-0perty against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT c~mbines unifom~ covenants Ibr tuitional use and non-unitbrm covenants with limited Wu-iations by jurisdiction lo constitute a mfil;orm security instnn'nent covering real property. 'UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interesl', Escrow Items, Prepayment Ch,rges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the 1cbt evidenced by the Note and any prcl~ayment charges and late charges due under the Note. Borrower sball also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Inst~nment shall be made in U.S. currency.' However,. if any check or other instrument received by Lender as payment trader the Note or this secnrity Instalment is returned to Lender unpaid, Lender may require t'hat any or all subseqnent payments due under the Note and this Secnrity Instrument be r, ie. de in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, ba~ check, treasarer's check or cashier's check, provided any such check is drawn upon an institntion whose deposits are insured by a fbderal age~}cy, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by bender when received at the locatiou designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions ill Section 15. Lender may return any l)ayment or partial payment if the paymeut or partial payments are insnfficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refl~se such payment or partial payments in the ~ure, but Lender is not obligated to apply such payments at the time snch payments are accepted. If each Periodic Payment is applied as o1' its scheduled duc date, then Lender need not pay interesl on unapplied ~nds. Lender may hold such unapplieo ~mds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender sbalt either al)ply such funds or return thegn to Borrower. If not applied earlier, such ~nds will be applied to the outst;mding principal balance under thc Note inm~ediately prior to lbreclosure. No offset or claim which Borrower might t~ave now or in the ~ture against Lender shall relieve Borrower fi'om making payments due under the Note and this Security lnstnm~ent or pertb~ing the coveuants anti agreements secured by this Security Instrument. 2. Application of Pa~ents 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) imercst due under the Note; (b) principal due under the Note; (c) ~ounts due under Section ~ 'Such pay~nents shall be applied to each Periodic Payment in the order in which it became due. Any remaining ml~onnts shall be applied first to late charges, second to any other amounts due under this Security Instnm~ent, m~d then to reduce the princip.fl balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amoum to pay any late ch~ge due, the payment may ke applied to the delinquent pztymcnt and the late charge. If more than one Periodic Payment is outstanding, Lender may apr)l) m~y payment received from Borrower to fl~e repayment of the Periodic Payments if, and to the extent that, each payment can tSe paid in ~11. To the extent fl~at any excess exists after the payment is applied to the Ball payment of one or more Periodic ?ayments, such excess may be apl)lied to any late charges due. Volunlary prepayments shall be applied first to ~y prepayment charges and then as described in thc Note. Any application of payments, insuS'ance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the dne date, or change the amount, o1' the Periodic Payments. 3. Funds for Escrow Items. Borro'ver shall pay to Lender on the day Periodic Payments are duc under the Note, until the Note is paid in Bill, a sum (the "Funds".) ~o provide Ibr payment of amounts due for: (a) taxes and assessments and other items which c~. attain priority over this Secarity Inst~ment as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums tbr any and all insurance required by Lex~der under Section 5; and (d) Mortgage Insurance premiums, if ~y, or my stuns payable by Borrower tt) Lunder in lieu of die payment of Mortgage lusurance preminms in accordance with the provi.sions of Section 10. These items arc called "Escrow Items." At origiuatiou or at any time during the term of the Loan, Lend,¢r, may require that Conn~tmity Association Dues, Fees, and Assessments, il-any, be WYOMING--Si,,gle Fa,,dly--Fam,ie MaelFre,ldie Mac U~IFORM INSTRU~ i,~T For,n 30~1 l~?3age3ofIIpa.ees) escrowed by Bon'ower, and such dues, ~fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to'be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation tolpay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Fl'rods for any or all Escrow Items at any time. Any such waiver may only be irt writing. [u the event of such waiver, Borrower shall pay directly, '~vl':en and where payable, the amounts due lot' any Escrow Items for which payment of Funds has been waived by Lender aml, 'if Lender requires, shall furnish to Leuder receipts evidenciug such paymeut within such time period as Lender may reqfiirc. Borrower's obligation to make such payments and to provide receipts shall for all PUrposes be deemed to be a covenan~ ;~nd agreeinent c,ontaii~ed in this Security lnstrun~ent, as the phrase "covenanl and agreement" is used in Section 9. If Borrower is obligated to pay Escrow hems directly, pursnant 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 itt accordance with Sectiou 15 m~d, upon such revocation, Borrower shall pay to Lender all Funds, andin such amounts, tb;~t are then required under this Section 3. Lender may, at any time, collect m:d hold Funds in an amount (a) suft~icient to pemfit Lender to apply the Funds at the time specified under RESPA, and (b) not td' e~ceed the maximum an~ount a lender eau require under RESPA. Lender shall estimate the amonnt of 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, instrmnentality, or entity (including Lender, if Lender. is an institt¢:tion whose deposits are so insured) or in any Federal ltome Loan Bauk. Lender shall at)ply the Funds lo pay the Escrow Item~ no later than the time specified nnder RESPA. Lender shall not charge Borrower for holding and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to lnake 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 pay Borrower any inlerest or eanfings 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 the Funds as required by RESPA. If there is a surplus of Funds h,~'ld in escrow, as defined under RESPA, Lender shall acconnt to Borrower for the excess funds in accordance wilh 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 anaount necessary to make up the shortage in accordance with RESPA, but in no more than 1'2. monthly payments. If there is a deficiency of Funds held in escrow, as defined nnder RESPA, Lender shall notify Borrower'as required by RESPA, and Borrower shall pay to Lender the amount necessms, to make up the deficiency in accordance with RESPA, but in no more than 12 monthly paymeuts. Upon payment in full of all sums s¢curecl by this Security instrument, Leuder shall promptly refund to Borrower any Funds held by Lender. ~ 4. Charges; Liens. Borrower shi'dl pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this S¢~curity Instrmnent, leasehold payments or groimd rents on the Property, it'any, and Conunnnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow llems, Borrower shall pay them in the manner provided in Sec(or', 3. Borrower shall promptly'discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati':m,secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perfom-dng such agreement; (b) conte.sts: 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 en/brcemeut Of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures fi-otn the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security~.In:;tmment. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security In~'tn~ment, Lender may give Borrower a notice identi~ing the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lieu or take one or more of the actions set kmh above in this Section 4. Lender may require Borrower to p:iy a one-time charge for a real estate tax verification'and/or reporting service used by Lender in connection with this Loan. ,~ 5. Property Insurance. Borrower shall keel) tl~e improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included witliin the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, tbr which Lender requires insurance. This iusurance shall be maintained in the amotmts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to die preceding sentences can change during the term of the Loan. ~Tne insurimce carrier providing th~ insurance shall be chosen by Borrower subject to Lender's right to disapprove Bon'ower's choice, which right shall [Jot be exercised nnreasonably. Lender tnay require Borrower WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT of such repair or restoration. WYOMiNG---Single Family--Fannie Mae/F'reddie Mac UNIFOI~'I INSTRUMENT to pay, in connection with this Loan,' either: (a) a one-time charge for llood zone dete~Tnination, certification m~d tracking services; or (b) a one-time charge /bt flood zone determination and certification services and sul)scqucnt charges each ti~nc remappings or similar changes occur wh;ch rcasouably might afl, Ct such determination or certification. Borrower shall also be responsible for the payment of any tkes imposed by the Federal Emergency Management Agency in connection with thc review of ~y flood zone deterufination resulting from an objection by Borrower. If Borrower fails to nmintain an~' of the coverages described above, Lender may obtain insurmme coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amonnt of coverage. Therefore, such coverage shall cover Lender, but r~ght or might'not protect Borrower, Borrower's equity in the Property, or the Contents of the Property, against any risk, h~ard or liability and might provide greater or lesser coverage thau was previously in eft~ct. Borrower acknowledges that the cost of the insur~ce coverage so obtained might significamly exceed thc cos~ of iusurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Seem'try Instrument. ~ese mnounts shall bear interest at the Note rate fi'om the date of disbursement m~d shall be payable, with suzh interest, upon notice fi'om Lender to Borrower requesting p'ayment. All insurance policies required by Lerdcr and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard morlg~ge clause, ~md shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to bold tLe~policies and renewal certificates. If Lender requires, Borrower sball promptly give to Lender all receipts of paid prenfiums and renewal notices. If Borrower oblains m~y lbrm of insurance coverage, nol otberwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or ah ;m additional loss payee. In the event of loss, Borrower shall g;ve prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender ~d Borrower otherwise agree in writing, m~y insurance proceeds, whether or nol the underlying insurance was required by Lender, shall be applied to restoration or repair of the Proper/y, if the restoration or repair is econonfically l~asihle and Lender's seem-try is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance p?cceeds until Lender has had ~ opportmfity to inspect such Property to ensure thc work has been completed to Lender's satisfw:tipn, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds lbr the repairs and restoration i~ a single payment or in a series of progress payments as the work is completed. Unless ~ agreement is made in writing or Ape'.Ii:cable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interes~ or e:tmings on such proceeds. Fees t~)r 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 Borrower. If the restoration or repair ~s not economically feasible or Cender's security would be lessened, thc insurmmc proceeds shall be applied to the sums secured by this Security Instrument, v,hcther or not theu due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided Ibr in Section 2. If Borrower abandons the Property:' Lender may file, negotiate and settle any available insurance claim m~d related matters. If Borrower does not respond Within 30 days to a notice from Lender that the insurance carrier lias offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when tl~e notice'is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unt)aid under thc Note or this Security Instmn~cnt, and (b)any olllel' of Borrower's rights (other thm~ the right to any rel~nd of unearned prcmituns paid by Borrower)under all insurance policies covering the Property, insofi~r as such rights are applicable to the coverage of the Property. Lender may use the insur~ce proceeds either to repair or restore the Property or to pay amonnts unpaid nmler the Note or this Security Instrumeut, wbether or not then due. 6. Occupancy. Borrower shall occt,py, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security lnstniment ~d shall continue to occupy thc Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender othe~ise agrees in writing, which consent sliall uot be unreasonably witl~eld, or unless extennating circumstances exist which ~e beyond Borrower's control. 7. Preservaiion, Maintenance and Protection of the Property; Inspections. Bo~ower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on tl~e Property. Whether or not Borrower is residing in the Property, Borrower shall maintain th~ Property in order to prevent thc Property t?om deteriorating or decreasing in value due to its condition. Unless it is deternfiu~d~pnrsuant to Section 5 that repair ot restoration is not economically feasible, Borrower shall promptly repair the Property if dah~ged to avoid ~rthcr deterioration or damage. If insurance or condenmation proceeds are paid in connection with damage to,, or the taking of, toe Property, Borrower shall be responsible tbr repairing or restoriug 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 s,~ies of progress payments as the work is completed. If tl~e insm'ance or condenmation proceeds are not sufficient to repair or restore the P[0perty, Borrower is not relieved of Borrower's obligation for the completiou Fo[m ,~0~1 I/01 ,~qge 5 of 11 pages) ~'V¥OM]NC~--Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Lender or its agent may make reasonable entries upon and inspecnons of thc Property. If it bas reasonable cause, Lender may ~nspect the interior of the improvements on the Property. keuder shall give Borrower notice at thc time of or prior to such m~ interior inspection specifying such reasonable cause. 8. Borrower's Loan Applicalion. 'Borrower shall be in default if, during the Lom~ application process, Borrower or any persons or enmies acting at the direction of Borrower or with Borrower's knowledge or conseut gave materially hlse, misleading, or inaccurate information or statemeuts to Lender (or failed to provide [~ender with material inlbrmation)in connection with the Loan. Material representations include, but arc not limited to, reprcsentm~ons cmtceruing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Uuder this Security Instrnment. If (a) Bon-ower fails to perform the covenants and agreements contained in this Security lnstrutncnt (b) there is a legal proceeding that might signific~tly affect Lender's interest i~ the Property and/or rights under this Security Insmnnent (such as a proceeding in ba~ptcy, probate, for condemnatior or /brfeiture, for enforcement of a lien which may a/tam priority over this Security Instrument or to entbrce laws or rog.clarions), or (c) Borrower has abaudoncd the Property, then Lender may do ~d pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights nnder this Security lustrument,~ including protecting and/or assessing th~,value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) pa~.ing auy surns secured by a lien which has priority over this Security Iustrument; (b) appearing in court; ~d (c) paying re'as'unable attorneys' fees to protect its interest in the Property and/or rights uuder this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to mak2 ~epairs, change locks, replace or board up doors and windows, drain water fi'om pipes, elinfinate building or other code viola':icns or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender.does not have to do so and is not under m~y duty or obligation to do so. It is agreed that Lender incurs no liability lbr not taking any or all actions authorized umler this Section 9. Any mnonnts disbursed by Lend~:3r trader this Section 9 shall become additional debt of Bogower secured by this Security Instrument. These amounts shall bear~ it~terest at the Note rate from thc dale of disbursement and shall he payable, with such interest, upon notice from Lender t0 Burro ~ver requesting payment. If this Secffrity Instru~neut is on a' leasehold, Borrower shall comply with all the provisions ut~tbc lease. If Borrower acqnires fee title to the Property, the lea~ ehold m~d the fee title shall not merge unless Lender agrees to the merger iu writiug. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the I,oan, Borrower shall pay the premiums required to maintain the Mortgage Insurm~ce in effect. If, l~r any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insm'ance and Borrower was required to make separately designate~ payments toward the premiums for Mortgage Insurance, Borrower shall pay the premimns required to oblain coverage substmdally equivalent to the Mortgage Insurance previously in eft~ct, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi-om an alternate mortgage insurer selected by Lender. If snbstanti,dly equiv~ent Mortgage Insurance coverage is not available, Borrower shall cominue to pay to Lender the mnount of the separately designated payments that were due when the insurance coverage ceased to be in eft~ct. Lender will accept, use and retai~ these payments as a non-refimdablc loss reserve in lieu of Mortgage hrsural~ce. Such loss reserve shall be non-reflmdable, netwi~hstanding the fact thai the Luau is ultimately paid in fidl, and Lender shall not be 'required to pay Bo~ower m~y interes~ or earnings on such loss reserve. Lender cm~ no longer require loss reserve payments if Mortgage Insurmme coverage (in the ainount and for the period that Lender requires) provided by an insmer selected by Lender again becomes available, is obtained, ~d Lender requires separately designated payments toward the prctmums tbr Mortgage Insurance. If Lender required Mortgage' Insurance as a condition of inaking the Loan aud Borrower was required to make separately designated payments toward, the premimns for Mortgage Insurance, Borrower shall pay thc prcnfiums required to maintain Mortgage Insurm~cc in effect', or to provide a non-re~ndal)le loss reserve, until Lender's requirement for Mortgage Insurance ends in accord~ce with any w;-itten agree~nent between Borrower and Lender providing tBr such termination or until tenmnation is required by Apl)licable'~L~tw. Nothing in this Section 10 al'l~cts Borrower's obligation to pay inlerest at the rate provided in the Note. Mortgage lnsurm~ce reimburses L~zn~ler (or any entity that purchases the Note) for certain losses it may incur if Bon'owcr does not repay the Lom~ as agreed. Borr~:.w~r is not a party to the Mortgage lusnrm~ce. Mortgage insurers ewduate flmir tmhl risk on all such insurance in l:otcc from time to time, aud may enter into agrcemems with other parties that share or motility their risk, or reduce losses. Tllcsc agreements are on terms and conditions thai are satisfactory to the mortgage insurer and the other party (or parties)to these agreements. These agreemenls may require the mortgage insurer to make payments using ~y source of ~nds that the mortgage insurer may have available (which may include flmds obtained ~5'om Mortgage Insurance premiuins). 1/01 ~a ,e 6 of l l l)tt.ees) As a result of these agreements, Leader, any pnrchaser of the Note. am)thor instlrer, any remsm-er, any other entity, or any affiliate of any of the foregoing, may ~:eceive (directly or indirectly) alllOUlltS that derive from (or might be characterized as) a portion of Borrower's payinents for Mortgage Insurance, in exchange fi~r sharing or modifying the mortgage msnrer's risk, or reducing losses. If such agreement provides that an al¥iliate of Lender takes a share of the insurer's risk iii exchange for a share of the premiums paid [o the insurer, tile arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not ~ fleet the amolmts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Snch agree:rents will not increase the amount Borrower will owe for Mortgage lnsm'ance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - it' any - with respect to the Mortgage lnstu'ance nnder the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cap, cellation of the Mortgage Insurance, to have the Mortgage lnsm'ance terminated automatically, and/or to receive a rebind of any Mortgage Insurance premiums that were unearned at tile time of such caucellation or termination. 11. Assignment of Miscellaneous hToceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. It' the Property is danmged, such Miscellaneous Proceeds 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 Miscellaneous Proceeds nntil Lender has had an opportunity to inspect such Property to ensure the work has been coinpleted ~o Lender's satis/hction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoratiou in a single disbursement or in a series Of progress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid On snch lVliscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. lf the restoration or repair is not econonfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Secnrity Instrument, whether or not then due, with tile excess, if m~y, paid to Borrower. Such lVliscellaneous Proceeds shall be ap[lied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be al)plied to the sums secured by this Security lnstrum:~nt, whether or not then dne, with the excess, if any, paid to Borrower. In the event of a partial taking, de~tl-uction, or loss in value of the Property in which the fair market wdue of the Property immediately before the partial taking,.destrnction, or loss in value is equal to or greater than the amount of the sums secured by this SecUrity Instrmnent immediately belbre the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the stuns ~"e.zured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following ~mction: (a) the total amount of the sums secured inm~ediately before the partial taking, destruction, or loss in value divided l'~y (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balanc} shall be paid to Borrower. In the event of a partial taking, de..stcuction, or loss in value of the Property in which the fair market value of tile Property immediately before the partial taking, ;,destruction, or loss in value is less than the amotmt of tile snlns secured immediately before the partial tat<lng, destruction, or loss in value, unless Borrower and Lcuder otherwise agree in writing, the lVliscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether'or not the sums are then clue. If the Property is abandoned by Benower, or if, after notice by Louder to Borrower that the Opposing Party (as defined in the next sentence)' offers to make an.'!iward to settle a claim for damages, Borrower fails to respond io Leuder within 30 days after the date the notice is given, Len~ler is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the stuns secured by this Security Instrument, whether or not then dice. "Opposing Party" means the third p,'trty that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. . Borrower shall be in defimlt it' a:;y action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propet~_y:or other material impaim'lent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleratiou bas occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes tbrfeiture of the Property or other material impairment of Lender's i aerest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of l_ender's interest in tile Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are 'not applied provided for in Section 2. to restoration yvyOiV[ING--Single Family--Fannie Mae/Frtddie Mac UNIFORM INSTRUMENT or repair of the Property shall be applied in the order 12. Borrower Not Released; Foi'bearance By Lender Not a Waiver. Extension of the time for payment or ruodifidation of amortization of the stuns secured t~y this Security Instrnment grained by Lender to Borrower or any Successor iu 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 tixne for payment or otherwise modify amortization of the. sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Intere.~;t ~)f Borrower. Any fiu'bearancc by Lender in exercising any right or remedy including, without limitation, Lender's acceptance 'of payments from third persons, entities or Successors in Iuterest of Borrower or in amounts less than the amount then due, '~h;'dl not be a waiver' of dr 1)recludc the exercise of'any right or remedy. 13. Joint and Several Liability; Co-signers; St,ccessors and Assigns Bound. Borrower covenants alid agrees that Borrower's obligations m~d liability shall be joint and several. However, any Borrower who co-signs this Security Insmunent but does not execute the Note (a "co-sign. er"): (a) is co-signing this Security fustrnment only to mortgage, grant and couvey the co-signer's interest in the Property under the terms of this Security lnstrnmcnt; (b) is not personally obligated to pay the sums secured by this Security Instrmnent; audi(c) agrees that Lender and an5' other Borrower can agree to 'extend, modify, [brbear or make any acconnnodations with regard to the terms of this Security lnstnnnent or the Note without the co-signer's cousent. Subject to the provisions of Sect!or! 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall r/0t be released from Bon'ower's obligations a~d liability nnder this Security lnstrnment unless Lender agrees to such release in v,/riting. The covenants and agreclnents of this Security lnstrnment shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, fc)r 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 aud valuatiou lees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be conslrued as a prohibition on tile charging of such fee. Lender may not charge fees that are expressly prohibited by this Security lustrulneut or by Applicable Law. If the Loan is subject to a law w~fich sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or 'to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the mnount:m:.cessary to reduce the charge to the l)ermitted limit; and (b) any sums ah-early collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under th5 Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial'prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrov, er,'s acceptance of any such refund made by direct payment to Borrower will constitute a waive~: of any right of action Borrower l~fi~:ht have arising out of such overcharge. 15. Notices. All notices given by .Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with thi'~ Security Instrument shall be deemed to bare been given to Borrower when mailed by first class mail or when actually delivere::l t,o Borrower's notice address if sent by other means. Notice to any one Borrower shall · constitute notice to all Borrowers unles~s Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designateO a substitute notice address by notice to Lender. Borrower shall p~c,mptly 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 designated notice address under this Security Instrument at any one time~ Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless'Leuder has designated another address by notice to Borrower. Any notice in connection with this Security 'Instrument shall not i~e deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument !;s "also required under Applicable Law, the Applicable Law requirement will satisfy tile corresponding requirement under this Security Instnunent. 16. Governing Law; Severability; Rules of Construction. This Security lnstrnment shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained m this Security h~struroeut are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be constrned as a prohibition against agreement by contract. In the event that any provision or clause of this Security lnstrumeut or thc Note conllicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrnment or thc Note which can be given effect without the conllicting provision. · As used in this Security Instrument: '(a) words of the masculine gender shall mean and include corresponding neuter words or words of the fenfinine gender; (b)' v, ords in the singular sball mean aud include the plural and vice versa; aud (c) the word "may" gives sole discretion without any 5~bligation to take any action. 1.7. Borrower's Copy. Borrower shGl be given one copy of the Note and of this Security Instrument. W¥OlM]NG--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01,,~ (page 8 qfll pages) / !, 0 00- 54 18. Transfer of' the Property or a t;eneficial Interest in Borrowc,-. As used in this Section 18]' "h~t~r~'~ 1 e Property" means any legal' or beneficial interest in tile Property, including, but llot limited to, those benelicial interests transferred in a bond for deed, contract ~br deed, install, merit sales contract or escrow agrccxncntl 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 Property or al~y Interest ill the Prope~q.y is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower !'s' sold or transferred) withot, t Lender's prior written consent, Lender may require immediate payment il! fltll of all sums s;~cured by this Security Instrulnent. Itowever, this option shall not be exercised hy Lender if such exercise is prohibited by Applicable law. If Lender exercises this option, Lender shall give Borrower notice of accclcratiou. The notice shall provide a period of not less than 30 days from the date tile notice is given in accordance witl~ Section 15 xvithin which Borrower must pay all sums secured by this Security Instrument. Il ~florrower fails to pay these sums p,'ior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further uotice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enlbrcement of this Securit) Instrument discontinued at ,any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of st;lc contained in this Security Instrument; (b) such other period as Applicable Law might specify fbr the ten~fination of Borrower's. right to reinstate; or (c) entry of a.judgment enforcing this Security lnstrmnent. Those conditions are that Borrower: (a) pays Lehder all sums which then would be due under this Se¢urity Instrument and the Note as if no acceleration had occurred; (b) cures m~y default of m~y other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, inc!uding, but not limited to, reaso,n~ble attorneys' fees, property inspection and valuation fees, and other fees incurred tbr the purpose of protecting Lender's interest in the Property and rights under this Security Instruxnent; and (d) takes snch action as kender may reasonably require to assure that Lender's interest in tile Property and rights nnder this Security Instrument, and Borrower's obligation 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 tbrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured hy a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security lustrument and obligations secured hereby shall remain fully effective as if no acceleration bad occnrred. However, this right to reinstate shall not apply in the case of acceleration nnder Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold oi~e or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer"), t!~at collects Periodic Payments due under the Note and this Security Instrmnent and performs other mortgage loan servicing tibligations under the Note, this Sccurity lnstnnnent, and Applicable Law. There also might be one 'or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, 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 an'd any other intbrmation RESPA requires in connectiou with a notice of transfer of servicing. If the Note is sold and the~:eafter tile Loan is serviced by a Loan Servicer other than the purchaser of the/',lole, the mortgage loan servicing obligations to.Borrower will remain with the Loan Servicer or he transferred to a successor Loan Servicer and are not assumed by the Note'.pnrchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may cgnmience, 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 lnstrmnent or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, tmtil such Borrower or Lender has notified the other party (with such notS'ce given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasol:,_able period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst elapse ibefore certain action cm~ be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportnnity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall he dcelnCd to satisfy the notice and opportnnity to take corrective action provisions of this Section 20. 21. Hazardous Substances. 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: gasoline, kerosene, other flan~mable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or tbrmaldehyde, and radioactive materials; (b) "Enviroumental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Euviromnental Cleanup" includes any response action, remedial action, or removal ac',io'n, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or' o*berwise trigger au Environmeutal Cleanup. x,¥YOMING--Single Family-~Fmmie Mae/Freddie Mac/JNIFORM INSTRUS, IENT Form'3051 1/01 (tmve~9 of ll pages) 0 00 54 Borrower shall oot cause or permit tll,x presence, use, disposal, storage, or release of any Hazardous Sti'bs'fa threateu to release any Hazardous Substm~ces, 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 I~a~, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or re!ease of a Hazardous Substauce, crcaies 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 Propeily 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, hazardoas 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 ltazardous Substance 0r Environmental Law of which Borrower has actual knowledge, (b) m'~y Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any coudition caused by the presence, use or release of a H~ardous Substance which adversely affects the vahte of the Pt-operty. If Borrower lean, s, or is notified by any governmental or regulatory authority, or any private party, that any rcmoYal or other remcdiation of any ltazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actious in accordance with Environmental Law. Nothing herein shNl create any obligation on Lender for ,m Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further cownant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's hreach of any covenant or agreement in this Security Instrument (but uot prior to acceleration nnder Section 18 unless Applicable Law provides otherwise). Tile noficc shall specify: (a) the defatdt; (b) /lie 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; and (d) that failure to cm'e the default on or bel.0re the date specified in the notice may result in acceleratiou of the sums secured by this Security Instrnment and sale of the Property. The notice shall further 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 Borrower to acceleration and sale. If the defat~lt is not cra'ed on or before the date specified in the notice, Lender at its option may require immediate payment in hill of all sums secured by this ,qecnrity lustrument without further demand aud may invoke the power of sale and any otl':er remedies permitted by Applicable Law. Lender shall be entitled to collect ali expenses them'red in. pursuing the remedies provided itt this Section 22, iucluding, but not limited to, reasouahle attorneys' fees and costs of title eviden'ce. If Lender invokes the power ofsaile, Lender shall give notice of intent to foreclose to Borrower anti to the person iu possession of the Property, if differen:[, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in. St~ction 15. Lender shall puhlish the notice of sale, and the Property shall he sold in the manner prescribed by Applicable La, w. Lender or its designee may plu'clmse the Property at any sale. The proceeds of the sale shall he applied in the' follovqng order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by'this 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 Instrument, Lender-shall release this Security Instrument. Borrower shall pay any recordation'costs. Lender may charge Borrower a fee lbr releasing this Security Instl'ument, bill only if the fee is paid to a third party for services rendered and tile charging of the fee is permitted umler Applicable Law. 24. Waivers. Borrower releases and waives all rights tinder anti by virtue of the homestead cxemptiou laws of Wyoming. WYOi~llNG--Single Family--Fannie Mae/Fr~:ddie Mac UNIFORM INSTRUNIENT BY SIGNING BELOW, Borrower accepts and agrees to the terms and covcnanls contained in tiffs Security lnslrument ami in any Rider executed by Bon-ower and recorded wilh iL Wimesses: ~,,?/ '" " ...... "' tltll,'iiltiik~5'~x' [Space Bdow This Line For Acknox~ ledgment] State of WYOMING ) SS Connty Of Lincoln ) My Commission Expires: r The foregoing instrument was acknowledged before me by NICIIOLAS P MAIIAN, JOINT TENANTS 'WITH RIGHT OF SURVIVORSItlP and CtlANTIi;LLE MAHAN, JOINT TENANTS WITH RIGHT OF SURVIVORSIIIPand ~~RMAN, JOINT TENANTS WITH RIGHT OF SURVIVORSItII' this 6TH day of JULY, 2004. Witness my hand and official seal. (Seal, ~~~ NotT)' _ ./?44z'//Z_d->/,o4/A'~5 (Print or type name) COUNTY OF ~'l~',~ STATE OF [t TIlE FORGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME BY SHARON M. PETERMAN JOINT TENANTS WITH RIGHT OF SURVIVORSII1P THIS ~ h DAyvOF JULY 2004 MY MY ]lAND AND OFFICIAL SEAl.. .-." ,..X-x~ .......... '..,'r-x., %. · ..~,,-. ,,~... ~,:, co~ssIo~ ~.x~flmlg~ -. _ ~.. o~ - -~ ,,~ '".' ~! ¢-~.-' 4' .~, NOTARY PUBLIC WYOMING--Single Family--Fannie Mae/Freddie lVlac UNIFORM INSTRUMENT Form 3051 Il01 (page II of l] pages) 1-4 AMIL'~ RIDER (Assigmnent oI' Rents) Loan Nmnber 59389180 THIS 1-4 FAMILY RIDER is made this 6TII day of JULY, 2004, and is incorporated into aud shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") m secure Borrower's Note to FIRST NATIONAL BANK-WEST (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 123 GREYS RIVER ROAI)~ AI_P2NE~ WYOMING 83128 [Property Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrumeut, BorroWer and Lender further covenant and agree as follows: A. ADDITIONAL PROPERTY SUIIJECT TO TIlE SECURITY INSTRUMENT. In addition to the Property described in the Security lnstrninent, tile followiug items now or hereafter attached to the Property to the extem ,they are fixtures are added to tile Property description, and shall also constitute the Property cc,vered by. the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intended to be used in connection with the Prcperty, including, but not limited to, those for the purposes of supplying or distributing heating, :ooling, electricity, gas, water, air and light, fire preveutiou and extinguishing apparatus, security and .access control apparatus, phnnbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds', shades, curtaius and curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of which, including replacelneuts and additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Instrument. All of the foregoing together with the Property described in the Security instrttment (or the leasehold estate if the Security Instrument is on a leasehold) are referred to in ibis 1-4 Family Rider and the Security Instrument as the "Property." B. USE OF PROPERTY; COh/IPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use..of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any goverr~mental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Securit'~ h~strument to be perfected against the Property without Lender's prior written permission. D. RENT LOSS INSUIC-~NCE. Borrower shall inaintaiu insurance against rent loss iu addition to the other hazards for wh.~ch insurance is required by Section 5. E. "BORROWlgR'S RIGBT TO ItdglNSTATE" DELETED. Section 19 is deleted. F. Section Deleted. G. ASSIGNMENT OF I~I';ASES. Upon Lender's request after defimlt, Borrower shall assign to Lender all leases of the P~operty and all seem-try deposits made in conuection with leases of the Property. Upon the assignment, Lender shall have thc right to modify, extend or terminate tile existing leases and to execrate new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security lnstrmncnt is on a leasehold. MULTISTATE 1-4 FAMILY RIDER--Famfie Mae/Freddie M'hc UNIFORM INSTRUMENT F~wrn 3170 1/01 ~age~3 pctges) 0h)00. 54 Il. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers [o Lender all the rents and revenues ("Rents") of the Property ; .regardless of to whom the Rents of Ihe Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Re~ts to Lender or Lender's agents. However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument and (ii) Lender llas given notice to the tenant(s) that £he Rents are to be paid to Lender or Lender's agent. This a:.;signment of Rents constitutes au absolute assignment and not an assignment for additional security only. If Lender gives notice c~f default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to bc applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agi'ees that each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender'.s a~:ents upon Lender's written demand to tt~e tenant; (iv) mfless applicable law provides otherwise, al:'. Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting tl~e Rents, including, but not limited to, attorney':; fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property without any showing as to the inadequacy of the Property as security. If the Rents of the P~-operty are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. ' Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under th;,s paragraph. - Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or alter giving notice of default to Borrower. However, Lender, or. Levcier's agents or a judicially appointed receiver, may do so at any time when a default occurs. A~.y application of Rents shall not cure or waive any default or invalidate any Other right or remedy, of Lender. This assigmnent ¢4' Rents of the Property shall terminate when all the stuns secured t'y the Security instrument are paid in full. I. CROSS-DEFAULT P~ZOVISiON. Borrower's default or breach under any note or agreement in which Lender has an irterest sball be a breach under die Security Instrument and Lender may invoke any of lhe remedies ?erufitted by the Security Instrument. MULTISTATE 1-4 FAMILY RIDER--Famfie h. lae/Fredtlie Mac UNIFORM INSTRIJMENT ~ FT~I~ O,a ,e2o ,~ mges) BY SIGNING Family Rider. BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1-4 NICHOLAS 1' MAIIAN Borrower CHANTELLEMAIIAN BY NI~CHOLAS P. 14AHAl~orrower AS ATTOR~NEY IN FACT ~ .zflc'~C)o"vlcaW-, a lk~c~c~-(--( SIIARON NI PETERMAN }]of lower MULTISTATE 1-4 FAMILY RIDER--,Fanoie Mae/Freddie Mac UNIFORM INSTRUMENT Form 317{I 1/01 O~age 3 of 3 pages) Loan Number 59389180 PLANNED 'UNIT DEVELOPMENT RIDER Tills PLANNED UNIT DEVELOPMENT RIDER is lnade this 6TH day of JULY, 2004, and ~s incorporated into and shall be deemed to amend and si~pplemcnt thc Mortgage; Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (tbe "Borrower") to secure Borrower's Note to FIRST NATIONAL BANK-WEST (the "Lender') of the same date and covering tile Property described in the Security Instrument and located at: 123 GREYS PdVER ROAD) ALIi;!,_xCE, WYOMING 83128 [Property Address] The Property includes, btit ir: not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain c_');nmon areas and facilities, as described in COVENANTS) CONDITIONS) AND RESTRICTIONS OF RECORD (the "Declaration"). The Prope~, is a part of a planned unit developn~ent l~own as ]Name of Planned Unit Development] (tile "PUD"). The Property alsc includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. P~ COVENANTS. In addition to the covenants m~d agreements made in the Security Insmnnent, Borrower and Lender further Cc';venant and agree as follows: A. P~ Obligations. Db-rower shall perform, all of Borrower's obligations under the PUD's Constituent Docmnents. 2~he "Constituent Documents" are (be: (i) Declaration; (ii)articles of incorporation, trust insmn:~ent or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when dua, all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the .Proper~ which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), lbr the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which ~nder requires insurance, tl!en (i) I~nder waives the provision in Section 3 tbr the Periodic . Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation nnder Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that tbe requirqd coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse iu required property insurance coverage provided by the master or'blanket policy. In the event of a distri'butiou of property insurance proceeds in lieu of restoration or repair following a loss to the Oroperty, or to comll~on areas and facilities of the PUD, any proceeds payable to Borrower are hvreby assigned and shall be paid to Lender. ~nder shall apply the proceeds to the sums secnre, d by the Security Instnnnent, whether or not then due, with the excess, if any, paid to Borrower. MULTISTATE PUD RIDER--Single F~,~ily--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 ~/~ 0900:954 C. Public Liability Insurance. Borrower shall take snob actions as may be reasonable to iusnre that the Owners Association maintaius a public liability instn'ance policy acceptable'in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim t'or damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking.of all or any part or- the Property or the common areas and hcilities of the PUD, or for auy Conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured ky thc Security Instrmnent as provided in Section 1 1. E. Lender's Prior Cons_mt. Borrower shall not, except after notice to Lender and with Lender's prior written coment, either partition or subdivide the Property or consent to: ti) the abandonment or termination of the PUD, except for abandonment or term/nation required by law in the case of substantial destruction by fire or other casualty or in the case ora taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provis oi~ is for the express benefit of keltder; (iii) termination of professional management and assumptioa of self-management of thc Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lousier. F. Re~nedies. If Borrower does not pay PUD dues and assess~nents when due, then Lender tnay pay them. Any amoun.s disbursed by Lender tinder ihis paragraph F shall beco~ne additional debt of Borrower secured b5 the Security lnstrmnent. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with inlerest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in tiffs PI_ID Rider. NICItOLAS P 51AllAN -Borrower MULT1STATE PUD RIDER--Single Family--Famde Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 ¢)age 2 ¢'2 pages)