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HomeMy WebLinkAbout900960Return To: HOMECOMINGS I-~INANCIAL NETW 3RK, INC ONE MERIDIAN CROSSING. STE 10t. MINNEAPOiJS MN 55423 Loan Number: 042-128131-2 9 0 0 ? ;5 0 Prepared By: HomeComi:4gs Financial Network 14850 Quorum Drive, Suite 500 Dallas, TX 75254 RECEIVED r,.(-, f. -. LfNCOL, FJ t, ,.) ( l ,,,l FY OLFRK r~i t!It 17 Pti h:08 IF-' i" f"! ,f .'.- : -,., I, ~. V:A[-,!., , ':,':, . ,t [SI)ace Above Tiffs Line For Recording Data} MORTGAGE MIN 10006260421.2813127 DEFINITIONS Words used in nmltiple sections of tiffs document are defined below and other words are defined in Sectimts 3, 11, 13, 18, 20 ~md 21. Certain rules regarding thc usage of words used in tiffs d0cmnent are also provided in Section 16. (A) "Security Instrmnent" .',aeans dfis docmnent, which is dated JULY 9TH, togefl~er wifl~ all Riders ~o this documenL (B) "Borrower" is TOMMEE L. LAMBERT, Z'.N UNMARRIEDq~2~-,~ ~~ woman 2004 d Borrower is rite mortgagor under tiffs Security [nstrmnent. (C) "MERS" is Mortgage ~Electronic Registration Systems, Inc. MERS is a separate cmporation fliat is acting solely as a nmninee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Iustnmmut. MERS is organized and existing under file laws of Delaware, and has an address and telephone nmuber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (11/00) / 042-128131-2 (~®-6A(WY) 1ooo~1.o~ Page 1 of 115 Initia~ VMP MORTGAGE FORMS - (800)521-729.1 Form 3051 1/01 (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPOI~TION organized and existing under~ the laws of DEI~WARE Lender's address is 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 (E) "Note" tneans fl~e promissory note signed by Borrower and dated JULY 9TH, 2004 The Note states flint Borrower owes Lender SIXTY FIVE THOUSAND FIVE HUNDRED AND NO/100 Dollars (U.S. $ 65,500.00 ) plus interest. Borrower has promised to pay fids debt in regular Periodic Payments and to pay the debt in fi:dl not later than AUGUST 1ST, 2034 (F) "Property" nleans fl~e property fl]at is described below under file heading "Transfer of Rights in file Property." (G) "Loan" means file debt evidenced by the Note, phis interest, any prepaymetu Charges and late charges due under file Note, and all stuns due under fills Secm-ity hlstrumeut, plus interest. (1t) "Riders" means all Rid:rs to this Security Instntn~ent that are executed by Borrower. The tbllowmg Riders are to be executed b3 Borrower [check box as applicable]: ~ Adjustable Rate Rider [--] Condomi]finm Rider ~ Second Home Rider ~'~ Balloon Rider [~] Plam~ed Unit Development Rider ~ 1-4 Faufily Rider [~ VA Rider .~ Biweekly Payment Rider ~ Oilier(s) [specifyl (1) "Applicable Law" means all controlling applicable l~deral state and local statutes, regulations, ordhmnces and admiuistratice rules arid orders (flint bare the effect of law) as well as all applicable final, non-appealable judicial opic:ions. (J) "Community Association Dues, Fees, and Assessments" means all dues, tees, assessments and oilier charges dial are imposed cn Borrower or tim Property by a condominium association, homeowners association or siufilar orgamzation. (K) "Electronic Funds Transfer" means any transfer of fuuds, other titan a transaction originated by check, draft, or similar pal. er mstrmnent, wlfich is initiated through an electrolfic ternnnal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such :erin includes, but is not limited to, point-of-sale transfers, autonmted teller nmchine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (L) "Escrow Items" means those itc]ns that are described in Section 3. (NI) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or proceeds paid by ally third party (other titan insurance proceeds paid uuder the coverages described in Section 5) for: (i) danmge to, or destruction of, fl~e Property; (ii) condenlnation or other taking of all or a,y part of the Property; (iii) conveyauce m lieu of condenmation; or (iv) n,srepresentations of, or onfissions as to, the value and/or condition of file Property. (N) "Mortgage Insurance'" means insurance protecting Lender against tile nonpaymeut of, or default on, fl~e Loan. (O) "Periodic Payment" means the regularly scheduled an-~ount dl,e for (i) principal and interest under fire Note, plus (ii) any anmunts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedm'es Act 02 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended fi'om time to rune, or any additio]ml or successor legislation or regulation fl~at governs fl~e same subject matter. As used in fids Security [nstrmnent, "RESPA" refers to ,'ill requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if fl~e Loan does aot qualify as a "federally related nmrtgage loan" 'tinder R_ESPA. MFWY7770 (11/00) ! 042-128131-2 (~-6AIWYI Iooo~}.o~ Initi~ Page 2 ol 1§ Form 3051 1/01 (Q) "Successor ill Interest o~' Borrower" means any party that has taken title to file Property, whether or llot that party has assumed Bc'rrower's obligations nnder thc Note and/or this Security Instrument. TRANSFER OF RIGHTS IF;! THE PROPERTY This Security Instrument secures to Lender: (i) tile repayment of the Loan, aud all renewals, extensions and modifications of the Note;-aud (ii) rite performance of Borrower's covenants and agreements under riffs Security h~strument and the Note. For this purpose, Borrowc,- dncs hereby mortgage, grant and convey to MERS (solely as nonfinae tbr Lender and Lender's successors and assigns) and to the successors and assigns of lvlERS," witli power of sale, thc following described property located in the COUNTY of LINCOLN : [Type of Rccor Jing Jurisdiction] [Name of Recording Jurisdiction] Legal description attached hereto and made a par~ hereof Parcel ID Nmnber: 12-21_3_6-23-2-02-015.00 1601 A CANYON ROAD KEMMERER ("Property Address"): '. which currently has the address of , [Street] lCity] , Wyoufing 83101 [Zip coae] TOGETHER WITH all fl~e improvements now or hereafter erected on file property, and all easements, appurtenances, aud fixtures now or hereafter a part of the property, All replacements and additions shall also be cove~ed by tiffs Security Instrument. All of fl~e /bregoing is referred to iu tiffs Security Instrument as fl~e "Property." Borrower understa.ds and agrees that MERS holds only legal title to fl~e iuterests granted by Eorrower in this Security Instrumeut, but, if necessary to comply wiflt law or custom, MERS (as nonfinee~ibr Lender and Lender's successors and assigns) has the fight: to exercise any or all of flmse interests, inch!ding, but not liufited to, die right Cu forech)se and sell the Property; and to take any action required of Leuder including, but not limited to, releasing and canceling riffs Security Instmmma. BORROWER COVENA. NTS that Borrower is lawfidly seised of rite estate hereby conveyed and has fl~e right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all clailms aid denmnds, subject to any eucmnbrances of record. THIS SECURITY INSTRUMENT combines unitbrm covemmts Ibr natio~ml use and xinu-uniform covenants with linfited variations by jurisdiction to constitute a nnitbrm security instrmnent coveri,g real property. MFWY7770(ll/00) / 042-12813 -2 II~6A(WY) loggy}.01 Page 3 o~ lfi Form 3051 1/01 UNIFOPJVl COVENA.iqTS. Borrower and Lender coveuant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, anti LaCe Charges. Borrower shall pay when da,: the principal of, and interest on; the debt evidenced by the Note and any prepayment charges and late ~:harges due under file Note. Borrower shall also pay lhnds tbr Escrow Items pursuant to Section 3. Pay~aents due under the Note and this Security fustrmuent shall be made in U.S. currency. However, if any check or oflmr instrtuner~i received by Lender as paylnent under the Note or tiffs Security Instrument is retur~3cd to Lender unpaid, Lender may require fllat any or all subsequent payments tine under the Note and fids Security Instrument be made in one or mm-e of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certilicd check, bank check, treasm'er's check or cashier's check, provided aiuy such check is drawn upon au iustimtion whose deposits are insured by a federal agency, instrumental, ity, or eutity; or (d) Electrouic Funds Transfer. Payments are deemed ~received by Lender when received at the location desig~mted in thc Note or at such off,er location asmay be desig~m/ed by Lender in accordance with the notice provisions iu Sectiou 15. Lender may return auy payn?ent or partial payment if the payment or partial payments a,-e insufficient to bring flxe Loan cra-rent. Lerder nmy accept any payment or partial payment insufficient to bring the Loan current, without waiver of ~my rights hereunder or prejudice to its rights to refi. lse such payment or partial payments in file future, but Lender is not Obligated to apply st,ch payments~at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, dieu Lender need not pay interest on mmpplied funds. Lender may hold such mmpplied funds nntil Borrower makes payment to bring the Loan current. If Borrower does ~mt do so wifllin a reasouable period of time, Lender shall either aPply such funds or return d~em tc Borrower. If not applied earlier, such l:uuds will be applied to fl~e outstanding principal balance under the Note immediately prior to tbreclosure. No offset or claim which Bm'rower · nfight have now or in the flture against Lender shall relieve Borrower fi:om makiog payments due under the Note and this Security Instrument or perlbnning,the cove,routs and agreements secured by fids Security Instrmnent. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all paynrents accepted and applied by Lender shall be applied in fl~e following order of priority: (a) interest due under the Note; (b) principal due nnder the Note; (c) anlounts due under Section 3. Such payments shall be applied to each'Periodic Payment in the order in which it became due. Any renmining amounts shall be applied first to late'charges, second to any other amounts due under this Security Insmnnent, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a ddinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payrnent may be applied to the delinquent payment and the late charge. If more than one Periodic Paynrent is outstandiug, Lender nmy apply any payment received from BmTower to the repayment of the Periodic Payments if, aud Co the extent that, each payment can be paid in full. To the extent that any excess exists after rite payment is applied to the full payment of one or more Periodic Payments, such excess nmy be appliedto any late charges due. Voluntary prepaynmnts shall be applied first to any prepaymeut charges and then as described in die Note. Any application of payments, insurance proceeds, or Miscellaneous. Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow'Items. Borrower shall pay to Lcud=r on the day Periodic Paymeuts are due under the Note, until file N,~te is paid in full, a stun (the "Funds") to provide for payment of amouuts due for: (a) taxes and assessnmnt:; and other items which can attain priority over this Security lnst,-ument as a lien or encumbra~me on the Property; (b) leasehold payments or ground rents on the Property, if ally; (c) prenfiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfimns, if any, or any sSms payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accordance wifl~ file provisions of Sectiou 10. These items are called "Escrow Items." At origination or ak any time du,'ing the term of the Loan. Lender may require that Commmfity Association Dues, Fees, and Assessments, if'any, be escrowed by Borrower, and such dues, fees and assessments shall be an Esc¢ow Item. Borrower shall promptly furnish to Lender alt notices of amounts to be paid under this Section. Borrower shall pay Lender the Fuuds tbr Escrow Items unless Lender waives Borrower's obligation to 13ay the Funds lbr any or all Escrow Items. Lender nmy waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at auy thne. Auy such waiver nmy only be in writing. In the event of such Waiver, Borrower shall pay directly, when and where payable, the amounts MFWY7770 (11/00) / 042-128121-2 initial~..'~~ (~-6A(WYllooo~Lol P,~nof~s ~ Form 3051 1/01 due for any Escrow Items for which payment of Funds has 'been waived by Lender and, if Lender requires, shall Mnfish to Lender receipts evidencing such payment w~thiu such time period as Leuder nmy require. BorroweFs obligation to ~e such payments and to provide receipts shall Mr all proposes be deemed be a covenan{ and agreemeni ?ntained in dfis Security Instrument, as fl~e phrase "covenant and agreement" is used in Section 9. If Bor'"ower is obligated to pay Escrow Items directly, pursuant 1o a waiver, and Borrower fails to pay die amount due for an Escrow Item, Lender nmy exercise its rights under Section and pay such amount and Borrower shall fl~en be obliga{ed under Section 9 to repay to Lender any such amount. Lender may revoke 'fl~e waiver as to any or all Escrow Itmus at any time by a notice given accordance wi~ Section '15 apd, upon such revocation, Borrower shall pay ~o Lender all Funds, and in such amounts, flint are then required under tiffs Section 3. Lender ~y, at any time, collect and hold Fuuds in an amount (a) sufficient to permit Lender to apply file Fnnds at flxe time speci~ed under ~SPA, and (b) not to exceed fl~e nmximum amount a lender can require under ~SPA. Lend,.:r shhll estimate ~e amount of Funds due on fl~e basis of current data and reaso~ble estimates of expe:;~ditures of Mture Escrow Items or otherwise in accordance wifl-~ Applicable Law. The Funds shall be l~eld in an institutiou whose deposits are insured by a federal agency, instrumentality, o~ entity (including Lender, if Lender is an institution whose deposits are so insured) or iu any Federal Home Loan Bank. Lender shall apply ~e Funds to pay th< Escrow Items no late~ than the time specified under RESPA. Lefider shall not charge Borrower fin' holding and applying the Funds, ammally analyzing die escrow account, or verifying d~e Escrow Items, tmless Lender pays Borrower in{crest on Funds and Applicable Law pemfits Lender to nmke such a charge. Unless an agreement is nmde in writing or Applicable Law requires i~terest lo be paid on fl~e' Funds, Lender shall not'be required {o pay Borrower any interest or ca,Mugs on O~e Funds. Borrower and Lender can agree in writing, however, fl~at interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by ~SPA. If fl~ere is a sm-plus of Funds held in escrow, as defined under ~SPA,-Lender shall account lo Borrower for dxe excess Muds in accordance wid~ ~SPA. If dtere is a shortage of Funds held in escrow, as defined under RESPA, Le'tder shall notit~ Borrower as required by RESPA, and Borrower shall pay to Lender flxe an~ount necessary, to nmke np fl~e shortage in accordance with RESPA, but in no more fl~an 12 monfl~ly payments. If flmre is a deficiency of Funds held in escrow, as defined under ~SPA, Lender shall noti/~ Borrower as required ,~y RESPA, and Borrower shall pay to Lender the amount necessary to up the deficiency in accordan;e wifl~ ~SPA, but in no more than 12 monfldy payments. Upon payment in full o;: all sums secured by tiffs Security h~strunient, Lender shall promptly re,nd to Borrower any Fnnds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositimm attributable to flxe Property which can attain priority over this Security Instrument, leasehold payments of ground rents on fl~c Property/if any, and Comnmnity Association Dues, Fees, and Assessments. if any To flxe extent flmi fl~ese i/ems are Escrow Items, Borrower shall pay fl~em in fl~e nmm~er provided in Section 3. Borrower shall promptly discharge any lien which has priority over tiffs Security Instrument unless Bogower: (a) agrees in wdti~:g to fl~e payment of fl~e obligation secured by fl~e lien in a manner acceptable to Lender, but oMy so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of fl~e lien in, legal proceedings which iu Lender's opinion operate to prevent O~e enforcement of ~e lien while Omse proceedings are pending, but only until such proceedings are concluded; or (c) secures t?om fl~e holder of fl~e lien an agreement satisthctory to Lender subordinating fl~e lien to tiffs Security l~tmment. If Lender determines fl~at any part of fl~e Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identit~ing MFWY7770 (11/00) / 042-128131-2 (]~I_-6AIWY) ¢ooosi ol Page 6 of 16 Form 3051 1 /01 lienl Within 10 days of the date on which fltat notice is g~ven, more of the actions set forflr above in this Section 4. Borrower shall satisfy tile lien or take one or Lender nmy require Bdrrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Let :der in connection with flris Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against .loss by fire, hazards included within the term "extended coverage," and any oilier hazards inct:uding, bur not limited to, earthquakes and floods, for which Lender requires ir~urance. This insurance shall be ntai.r\taiired in the amounts (including deductible levels) and fi)r the periods flrat Lender requires. What Lender requires pursuant to the preceding seutences can change during the term of rile Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrov/er's choice, which right shall not be exercised unreasmmbly. Lender nmy require Borrower to pay, !n connection with tiffs Loau, eiflm': (a) a one,time charge for flood zone detemfination, certification and tracking services; or (b) a one-time charge for flood zone detennixmtion and certification services a':id subsequent charges each time rcmappings or sinfihr cltanges occur which reasonably might affect such determination or certificatiotl. Borrower shall also be responsible fi)r the payment of any fees imposed by the Federal Emergeucy h.'la~u~gcment Agency in cormection with die review of arty flood zone ddermination resulting t¥om an objection by Borrower. If Borrower fails to r~aintaio any of tile coverages described :lbove, Lender may'obtain iusurance coverage, at Lender's opti,¢,~ and Borrower's expense. Lendei' is under no obligation to purchase any partictdar type or amount cf coverage. Therefore, such coverage, shall cover Lender, but might or might not protect Borrower, Borrower's equity in tile Property, or the contents of the Property, agaiust any risk, hazard or liability and nfig:tt provide greater or lesser coverage thau was previously in effect. Borrower ach~owledges that the costl. 0f fire insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amouuts disbursed by Lender uuder this Section 5 shall become additional debt of 13,errower secured by this Security Instrument. These aumnts shall bear interest at the Note rate from the dhte of disbursement and shall be payable, with such interest, upon notice t¥om Lender to Borrower requestit~g payment. All insurance policies ~required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such pp!icies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as art additional loss payee. Lender shall bare the right to hold the policies and renewal certificates. If Lender r'equi;~cs, Borrower sball promptly give to Lender all receipts of paid preminms and renewal notices. If Borrower obtains any lbrm of inst'lraoce coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortg~gee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the irmrance carrier and Leoder. Lender may make proof of loss if nfl made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance pre ceeds, whether or not the underlyiug insurance was required by Lender, shall be applied to restoration or repair of the Property, if fl~e restoration or repair is economically feasible and Lender's security is not Iessened. During such repair and restoration period, Lender shall have rte right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed t:~ Lender's satisfaction, provided fltat such inspection shall be undertaken promptly. Lender may disburse proceeds tbr the repairs and restoration in a single payment or in a series of progress.payments as the Work is completed. Unless an agreement is made in writing or Applicable Law requires interest to 'be paid eln such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings on suc~! proceeds. Fees /'or public adjusters, or other flfird 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 is wot economically feasible or Lender's security wonld be lessened, the insurance proceeds shall be applied to Ore stuns secured by Otis Security Instrun~ent, whether or not then due, with MFWY7770 (il/00) / 042-1281_'2'1-2 (~-§A(WY) Iooosl.o~ Page 6 of 1,~ Form 3051 1/01 fl~e excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided fi)r in Section 2. If Borrower abandons d~e Property, Lender nmy file, negotiate and settle any available insurance claim and related nmtters. 1t Borrower does not respond within 30 days to a notice from Lender flint fl~e insurance carrier has oftbred m settle a claim, fl~en Lender may negotiate and settle d~e claim. The 30-day period will begin when fl~e,~notice is given. In either event, or if Lender acquires the Property under Section 22 or o~erwise, Eorrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not t::~ exceed fl~e amounts nnpaid under fl~e Note or riffs Security Instrument, and (b) auy off,er of Borrower'~ rights (off, er fl~an file right to any retired of unearned premiums paid by Borrower) under all insuram?~ policies covering fl~e Property, insofar as such rights are applicable to the coverage of the Property. Lender nmy use ~e insorance proceeds citijet to repair or restore fl~e Property or to pay amounts unpaid under fl~e Note or this Security lnstrun~ent, whether or not fl~en clue. 6. Occupancy. Borrow~:r shall occupy, establish, and use fl'ce Property as Borrower's principal residence wiflfin 60 days aft'er file execution of tiffs Security lnstrun~ent and shall continue to occupy fl~e Property as Borrower's principal residence for at least one year after the date of occupancy, mdess Lender ofl~erwise agrees in writing, , which coment shall not be tmrcasonably wiflfl~eld, or unless extenuating circunutances exist which are :beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Bon'ower shall not destroy, damage or impair q~e Property, allow ~e Property to deteriorate or cmmdt waste on the Property. Whether or not Borrower is residing in file Property, Borrower shall nmintain file Property in order to prevent fl~e Property from deteriorating or.decreasing in value due to its condition. Unless it is detemfined pursuant to Section 5 fl~at repair or restoration is not econonfically feasible, Borrower shall promptly repair ~e Property if dan~ged to avoid ~rfl~cr deterioration or~damage. If insurance or condem~mtion proceeds are paid in cmmection wifl~ dan~ge to, or the taking of, tim Property, Borrower shall be responsible for repairing or restoring thc Property only if Lender has released proceeds tbr such porposes. Lender nmy disburse proceeds for fl~e repairs and restoratiml in a single payment or in a series of progress payments as the work is completed. If the insurance or condemlmtion proceeds are not sufficient to repair or restore rte Property, Borrower is not relieved of Borrower's obligation Ibc rte completion of such repair or restoration. Lender or its agent may make reasor~ble entries upon aud inspections of fl~e Property. If it has reasouable cause, Lender nwy inspect the interior of fl~e improvements on the Property. Lender shall give Borrower notice at fl~e time of or prior tu such an interior inspection specifying such reasonable cause. 8. Borrower's Loan 4pplicafion. Borrower shall be in default if, during the Loan application process, Borrower or any persmu or entities acting at the direction of Borrower or with Borrower's knowledge or consent'gave materially false, misleading, or inaccurate intbnnation or statements to Lender (or thiled to provide Lev:tier wifl~ nmterial infonmtion) in connection with the Loan. Material representations include, but are not limited to, representatious concenfing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's 'Interest in the Property and Rights Under this Security Insmmmnt. if (a) Borrower fails to pertbrm die corm'rants and agreements contained iu dfis Security lnstrulnent, (b) fllere is a legal proceeding that mi. ght significantly aft~ct Lender's iuterest in thc Property and/or rights under tiffs Security hmtmment (such as a proceeding in bankruptcy, probate, tBr condemnation or forfeiture, entbrcement of a lien wlfich nmy attain priority over tiffs Security Insmnnent or to entBrce laws or regulations), or (c) Borrower has abandoned rite Property, fl~en Lender may do and pay tbr whatever is reasmmble or appropriate to.protect Lender's interest in the Property and rights under tiffs Security Instrument, including protec?lg and/or assessing rite value of thc Property, and securing and/or repairing file Property Lender's action,; can include, but are not limited to: (a) paying any sums secured by a lien wlficb has priority over ~'s Security Instrumeot; (b) appearing in court; and (c) paying reasonable MFWY7770 (11/00) / 042-128131-2 (~6AIWY} Iooosl.o~ Page Form 3051 1/01 attorneys' fees to protect its ~iiiterest in die Property and/or rights under flits Security Instrument, includiug its secured position in, a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to mal~e repairs, change locks, replace or board up doors and wiodows, drain water l¥oni pipes, elinfinate buildihg or other code violatious or dangerous conditions, and have utilities tnrued on or off. Although Lender may take actiou under this Section 9, Leader does not have to do so aud is not under auy duty or obligatiol~,, to do so. It is agreed that Lender incurs no liability for not taking any or all actions aufllofized under fids Section 9. Any anmnnts disburseil by Lender under this Section 9 shall becolne additiomd debt of Borrower secured by this Security lnsltrhment. These amounts shall bear interest at file Note rate from die date of disbursement and shall be ~ayable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instnu!lent is on a leasehold, Borrower shall comply wifl~ all the provisions of the lease. If Borrower acquires }'e'e title to fl~e Property~ file leasehokl and the fee title shall ]mt merge unless Lender agrees to the merger ~ir writing: 10. Mortgage Insurance. If Lender required Mortgage Instirance as a coudition of making the Loan, Borrower shall pay file prentiums required to maintain the Mortgage Insurance in effect. If, for any reason, fl~e Mortgage Insurance cow::r!~ge required by Lender ceases to be available from die mortgage insurer that previously provided such irsnrance and Borrower was required to make separately desigmtted payments toward the prenfiums tbr ivlortgage Insurance, Borrower shall pay the prenfiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to file cost to ]~orrower of the Mortgage Insurance previously in effect, dom an altenmte mortgage insurer selected by' Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall con(inne to pay to Lender the amount ut' the separately desiguated payments that were due when the insurance coverage ceased to be'in effect. Lender will accept, use and retain these payments as a non-refi~ndable loss reserve in lieu of Mortgage Insurance: Such loss reserve shall be Iron-refundable, notwidtstanding die fact that the Loan is tdtimately paid in dali, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no hmger require loss reserve payments if Mortgage Insurance coverage (in the amount aud /hr the period that Lender requires) provided by an insurer selected by Lender again becomes awtilable, is obtained, and Lender requires separately desig~mted payments tuward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to nmke separately desiglmted payments toward the preufinms for Mortgage Insurance, Borrower shall pay rile premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Bm'rower and Lender providing Ibr such termitmtion or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage insurance rehnburses Lender (or any entity dial purchases the Note) lbr certain losses it may incur if Borrower duds'not repay the Loan as agreed. Borrower is not a party to the lVlortgage hlsarance. Mortgage insm;ers evatuate their total iisk on all such insurance in force from time to time, and may enter into agreements wifli off/er parties that share or modify their risk, or reduce losses. These agreemeuts are on ternts and conditionsd~at are satisflctory to file mortgage insurer and the oilier party (or parties) to these agreements. These agr?ements nmy require the mortgage insurer to nmke payments using any source of fimds that the mortgage insurer may have available (which may include funds obtaiued from Mortgage Insurance premiums). As a result of tliese agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any oilier eutity, or any affiSt~te of any of the foregoing, may receive (directly or indirectly) aumuuts that derive t'rom (or nfight be cl~aracterized as) a portion of Borrower's payments tbr Mortgage Insurance, in exchange for sharing or mgdifying the mortgage insm'er's risk, or reducing losses. If such agreement provides that an affiliate o'~' Leader takes a share of file insurer's risk in exchange for a share of file premi:ums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreen:ients will not affect the amounts that Borrower has agreed to pay for Mortgage htsurance, or ar~y;other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will uot entitle Borrower to any rebind. MFWY7770 (11/00) / 042-12813,1-2 Initia~ (~-6A(WY) (ooos).oz P~g~ e o* ]5 .,.'~ Form 3051 1/01 (b) Any such agreements will not affect the rights Bo:-rower has - if any - with respect to tile Mortgage Insurance under the Homeowners Protectiou AcC: of 1998 or any other law. These rights may iuclude the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to hav'e the Mortgage Insurance terminated auto,natically, and/or tu receive a refund of any Mortgage l:tsurance premiums that were uuea,'ued at tile time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. . All MiscellanemJs Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damvT~'.:ed, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair aud restoration period, Lender shall have thc right to hold such Miscellaneous Proceeds until Lender bas had an oppOrtunity to inspect such Property to ensure the work bas been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay lbr the repairs and restoration in a. single disbursement or in a series of progress payments as the work is completed. Unless an agreeLt~ent is nmde in writing or Applicable Law requires interest to be paid ou such Miscellaneous Proceeds, Lea:let shall not be required to pa3' Borrower auy interest or eanfings on such Miscellaneous Proceeds: If th:: resto,-ation or repair is not ecouomically feasible or Lender's security would be lessened, the Miscellanec~as Proceeds shall be applied to thc sums secured by this Security lnstrume,~t, whether or not then due, wi~h the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provideti :for in Section 2. In the event of a t9tal taking, destructiOn, or loss in value of the Property file Miscellaneous Proceeds shall be applied to ~'.he sums secnred by fids SecuriW lnstrmnent, whether or not then dne, with the excess, if any, paid to Bm:rower. In the event of a pa~:tia! :taking, destruction, or'loss iu value of the Property in which the lair market value of the Property imme~liately before fl~e partial taking, destruction, or loss in value is equal to or greater titan rite amount of t'~e sums secured by this Security lnstrun~ent immediately betbre the pardal taking, destruction, or loss in value, mfless Bon'ower aud Lender otherwise agree in writing, the sums secured by this Security I~,~trument shall be reduced by the amount of file /vliscellaueous Proceeds multiplied by the following' fraction: (a) the total amount of the sums secured immediately before fl~e partial taking, destruction, br loss in value divided by (b) the fair nmrket value of fl~e Property innnediately before the parti~il takiug, destruction, or loss in vah, e. Any balance shall be paid to Bon-ower. In the event of a partial taking, destruction, or loss in value of the Property iu which the fair nmrket value of the Property immediately betbre the partial taking, destruction, or loss in value is less than fl~e amount of the sums securee innnediately before the pardal taking, desto, etlon, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrument whether or not the sums are theu due. If the Property is abandoned by Borrower, or if, after notice by Lender t0 Borrower fllat the Opposing Party (as defined in the next sentence) offers to make an award to settle-a claim for damages, Borrower fails to respond to Lender within 30 days after the date fl~e notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoratiou or repair of the Property or to the sums secured by this Security Instrument, whether or not the, due. "Opposiug Party" means the flfird party 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 default if any action or proceeding, whether civil or.crimi~ml, is begun flint, in Lender's judgmeu't, could result in tbrfeiture of file Property or other umterial impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower erin cure such a defanlt and, :if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceediog to be dismissed with a ruling dlat, in Lender's judgment, precludes l'brfeiture of fire Property or other material impairment of Lender's intel'est in the Property or rights under fids Security h~strmnent. The proceeds of any award or claim tbr dalmtges that are attributable to the iu~pairlnent of Lender's interest in tile Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proci~.eds that are not applied to restoration or repair of file Property shall be applied in the order providedffOr in Section 2. MFWY7770 (11/00) / 042-12813~2 P~ge $ o~ 11~ Form 3051 1/01 12. Borrower Not Released; Fdrbt~arance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the stuns secured by this Security hkstrulnent granted by Leuder to Borrower or any Successor lin Interest of Borrower shall not operate to release the liability of Borrower or any Successors in hlterest of Borrower. Lender shall not be required to commence proceedings agaiust any Successor in hderest of :Borrower or to refllse to exte,d time lbr payment or otherwise modify amortization of the sums secured by this Security Instrmnent by reason of any &maud made by the orighud Borrower or any Successors in Interest of Borrower. Any ~tbrbearance by Lender in exercising any right or remedy including, without !ixnitation, Lender's acceptance of payments fi'om fllird persons, entities or Successors in Interest of Borrower or in amounts less than the amouut then due; shall not be a waiver of or preclude the exercise of ally fight or remedy. 13. Joint and Several.Liability; Co-signers; Successo,'s and Assigns Bound.. Borrower covenants and agrees fl~at Borrower's oAigations and liability shall be joint and several. However, any Borrower who co-signs fids Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument mdy to :nortgage, grant and convey the co-signer's interest in tile Property under tile terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instroment; and (c) agrees f!~at Lender and any other Bon-ower can agree to extend, modify, forbear or make any acconnnodations with regard to the terms of this Security Iustmnxent or the Note without the co-signer's consent. Subject to the provisibns of Section 18, any Successor ill Interest of Borrower who assumes Borrower's obligatious unde:: :his Security Instrument ill writing, and is approved by Leuder, shall obtain all of Borrower's rights and benefits nnder this Security lnsm,,nent. Bon'ower shall not be released fi'om Borrower's obligations and liability under this Security Instrumeut mdess Lender agrees to such release ill Writing. The covelmnts and' hgreements of this Security hlstrument shall, bind (except as provided iu Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees fi~r services performed in connection With Borrower's delhult, for file ~mrpose of protecting Lender's interest ill the Property and rights under fllis Security htstmment, il~cludi~)g, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, ~ac absence of express authority in this Security lnstrmnent to charge a specific fee to Borrower shall not be construed as a prolxibition on file charging of such Ice. Lender may not charge lees that are expressly prohibited by fids Security Instrument or by Applicable Law. If the Loan is subject to. a law which sets nmxinmm loan charges, and that law is 'fi~mlly inteHn-eted so fl-mt rile interest or other !da:it charges collected or to be collected iu connection with file Loan exceed the permitted linfits, then: (a) a'ty such loan charge shall be reduced by file amount necessary to reduce the charge to rite pemfitted limit: and (b) any sums already collected fi-om Borrower which exceeded pemfitted linfits will be refmded to [orrower. Lender nu~y choose to make this retired by reducing the principal owed under the Note or by nmking a direct payment to Borrower. If a refund reduces principal, the reduction will be treated ar; a partial prepayment without auy prepayment charge (whether or not a prepaynmnt charge is provided for under file Note). Borrower's acceptance of any such retired nmde by direct pay~nent to Borrower will constitute a ·waiver of any right of action Bon-ower might have arising out of such overcharge. 15. Notices: All notices given by Borrower or Lender in connection with this Security Instrmnent nmst be in writing. Any notice to Borrower in cmmectiou with this Security lnstrmnent shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by Othcr'meaus. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address mfless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifics a procedure lbr reporting Borrower's change of address, then Borrower shall tuffy report a chauge of address through that specified procedt~re. There may be oxfly one designated notice address under this Security Instrument'at any one time. Auy notice to Lender shall be given by delivering it or by mailiug it by first class nmil to Lender's address stated herein unless Lender' :Jxas designated another address by notice to Borrower. Any notice in cmmection with this Security ~[nstmment shall not be deeincd to have been giveu to Lender until actually received by Lender. If any lmtice required by this Security Insmnnent is also required under Applicable Law, fl~e Applicable Law ~equirement will satisfy the corresponding requirement uuder this Security Instrument. , M1wqY7770 (il/00) / 0424281311-2 k, (~-6A(WY) 1ooo~).o~ , . v~g~ ~oo~ '~,5 Form 3051 1/01 16. Governing Law; Severability; Rules of Cons,mc,ion. This Security Instrmnent shall be governed by federal law anr~ the law of Ore jurisdiction in which the Property is located. All rights and obligations contained in thi;S Security Instrument are suhject to any requirements and linfitations of Applicable Law. Applicable Law nfight explicitly or in~Plicidy allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agremnent by contract, hr the eveut that any provision or clause of tiffs Security h~strument or the Note conflicts with Applicable Law, such conflict shall noti'hffect odler provisions of tiffs Security h~stnnuent or the Note which can be given effect without the conflicting provision. As used in this Securii(y Iustrument: (a) words of thc nmsculine gender shall mean and include corresponding neuter words ;or words of the feminine gender; (b) words in fl'm singular shall mean and include the plural and vice wrsa; aud (c)the word "may" gives sole discretion without any obligation to take any action. 17~ Borrower's Copy. Borrower shall be given one copy ol the Note and of this Security Instrument. 18. Transfer of the Pi'operty or a Beneficial Interest in Borrower. As used in fids Section 18, "Interest in the Property" me;p~s any legal or beneficial in,crest in the Property., including, but not limited to, those beneficial interests ~ransferred in a bond for deed, contract for deed, instalhucnt sales contract or escrow agreement, the intent of wlrich is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the 2roperty or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender ma) require inunediate payment in fi, Il of all sums secured by this Security Instrument. However, this Option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises tiffs option, Lender shall give Borrower notice of acceleratiou. The notice shall provide a period of uot less than 30 days Iron, the date thc notice is given in accordance with Section 15 within Which Borrower must pay all sums secured by tiffs Security Instrument. If Borrower fidls to pay these stuns prior to the expiration of this period, Lender may iuvoke any remedies permitted by Security h~strument without further notice or demand on Borrower. i9. Borrower's Right to Reinstate After Acceleration. If Bon-ower meets certain conditions, Borrower shall have fire right to have entbrcement of this Security his,tureen, discontinued at any time prior to the earliest of: (a) five days belbre sale of the Property pursuant to auy power of sale coutained in this Security Instrument; (b) such other period as Applicable Law nfight specify lbr the termination of Borrower's right to reins,ale; or (c) entry of a judgment enfin'ciug this Security lnstruinent. Those corrditions are that Borrowe~: (a) pays Lender all sums which then would be due under this Security Instrmnent and the Note as ii:no acceleration had occurred; (b) cures any default of any other covemmts or agreements; (c) pays all expe;kses incurred in enlbrcing this Security Instrument, including, but not limited to, reasmmble attorneys'~ fees, property inspection and valuation fees, and other lees incurred for tim pm-pose of protecting Lender's interest in the Property and rights under tiffs Secm-ity Instrument; and (d) takes such action as Lender,may reasonably require to assure that Lender's interest iu the Property aud rights under tiffs Security Instrument, and Borrower's obligation to pay thc sums secured by this Security Instrument, shall conti~me m'.changed. Lender nmy require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bauk check, treasurer's check or cashier's check, provided auy such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security lnstrmncnt and obligations secured hereby shall renmiu fully effective ~s if no acceleration had occurred. However, dfis right to reinstate shall not apply iix the case of accelerati~on under Section 18. 20. Sale of Note; Charge of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Ins,tureen0 can be sold one or more times without prior notice to Borrower. A sale nfight res::dt in a change in the entity (kuown as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the No,c, this Security Instrument, 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 g_ven written uotice of die change which will state the name and address of fire new Loan Servicer, the address to which payments should be made and any other intbnnation RESPA MFWY7770 (11/00) I 042-128131--,2 ~r~i~ I~-6A(WY) 1ooo~}.ol P~a. ~ o~ ~s Form 3051 1/O1 requires in connection with ~'. ,notice of transfer of servicing. If the Note is sold and thereafter the Loao is serviced by ta Loan Servicer Other than the pm'chaser of the Note, thc mortgage loan servicing obligations · ; to Borrower will renmin wttll :the Loan Servicer or be transferred to a successor Loan Servicer aud are not assmned by the Note purchas~{: unless otherwise provided by the Note purchaser. Neither Borrower nor l'.;ender may conunence, join, or be joined to any judicial ~Jction (as either an individual litigant or the mc.tuber of a class) that arises dom the other party's actions pursuant to Otis Security Instrument or that a!t~ges that the other party has breached any provision or', or any duty owed by reason of, this Security Instr,~lnent, until such Borrower or Lender bas notified the other party (with such notice given in compliance ,,Tith the requirements of Sectim~ 15) of such alleged breach and aftbrded the other party hereto a reasonable period after the giving oi' such notice to take corrective action. If Applicable Law provides a dine period which nmst elapse befi,'e certain action can be taken, that time period will be deemed to bc reasonable for purposes of this paragraph. The notice of acceleratiou and opportunity to cure given to Borrower pursuant lo Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc nodce and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substar~ces. As used itt this Section 21' (a) "FIazardous Substances" tire those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and rite following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbi[:ides, volatile solvems, materials containing asbestos or fornmldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and law~ of the jurisdiction where the Property is located that relate to health, safety or enviro~m~ental protection; (c) "Enviroomental Cleaimp" includes any response action, remedial action, or rerqoval action, as defined in Envirmuuental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause, or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to rele~, se any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, ~nythiug affecting the Property ia) that is in violation of any Enviromnental Law, (b) which creates an Enviromnental CoMition, or (c) w'hich, due to the prescuce, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not app!_y [o the presence, use, or storage on the Property of small quantities of Hazardous Substances that a?e generally recog~fized to be appropriate to nornml residential uses and to maintemmce of rite Property (htcluding, but not limited to, hazardous subst,'mces iii cousumer products). Borrower shall promptly give Lender written notice of (a) atiy investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property arid any Hazardous Substance or Enviromnental Law of which Borrower bas actual knowledge, (b) auy Environmental Condition, including but not liufited to, auy spilling, leaking, discharge, release or threat of release of any Hazardous Substance, aud (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of thc P,'opcrty. If Borrower Icarus, or is notified by any govermnental or reguj, a. tory authority, or any private party, that any removal or other remediatiou of any Hazardous Substance affecting the Property is necessary, Bor,'ower shall promptly take all necessary remedial actions in accordance with Enviro~m~ental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup MFWY7770 (11/00) / 042-128131-2 Patio 12 ot 16 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further cove~mnt and agree as tbllows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any zovenant or agreement in this Security lnstrnment (but not prior to acceleration under Section 118 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cnre the default; (c) a dale, uot less than 30 days frmn the date the notice is given to Borrows, er, by which the default mnst be cured; and (d) that failure lo cure tile default on or before the dat,~. specified in the notice may result in acceleration of the sums secured by this Security Instrument ami sale of the Property. Tbe notice sball further inform Borrower of tbe 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 acceleratiou and sale. If the default is not cured on or before the date specified in O~e notice, Lender at its optiou may require immediate payment in full of all sums secured by this Security Instrument without fnrlher demand and may invoke the power of sale and any other remedi~.s permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pnrsuing the remedies provided in tiffs Section 22, iuclnding, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose lo Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of :be sale to Borrower in the mauner provided in Section 15. Leuder shall publish the notice of sale, :'md the Property shall be sold iu die manner prescribed by Applicable Law. Lender or its designee..may pm'chase the Property a! any sale. Tbe proceeds of lbe sale shall be applied in the fl~llowing order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all stuns 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 Instrmne~tt, Lender shall release this Security Instrument. Bon'ow.';r shall pay any recordation costs. Lender may charge Borrower a tee for releasing this Security Instmn ent, bot ooly if the fcc is paid to a third party lbr services rendered and the charging of the fee is perntitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. MFWY7770 (11/00) ! 042-128131-0_ ~-6A(WY) Iooo~.ol Page ~3 o~ 1~ Form 3051 1/01 585 BY SIGNING BELOW, Borrower accepts and agrees to the terms and cove~mnts contained in this Secm-ity Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: / ~OM~[~.B~LAM B E RT ~Bor,'c, wer / (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower MFWY7770 (11/00) / 042-128131-2 (~6A{WYI Iooosl.ol Page 14 ol 15 Form 3061 1/01 STATE OF WYOMING, Thc tbregoing instrument was acknowledged before me this by TOMMEE L. LAMBERT, AN UNMARRIED F~IW ~ ~'rg~ ~1 Woman Lincoln Cotmty ss: 9th day of July 2004 My Conmfission Expires: lvIFWY7770 (11/00) ! 042-128131-2 (~C~-6AIWY) ~ooosJ.o, Form 3051 1/01 LEGAL DESCRIPTION Part of Lo[ 1 of Block 9 of the Lincoln Heights 4th Subdivision to the Town of Kelnmerer, Lincoln County, Wyoming being more particularly described as follows' Commencing at the Nortlxwest corner of Lot 2 of said Block 9 and rumfing thence East, 80.00 feet along the Northerly line of said snbdivision to the original corner of said Lot 1; thence S 12°20'00 E, 103.00 feet; thence South 94.96 feet to.a point on the northerly line of Garnet Street; thence Northeasterly .16.58. feet along an arc of a curve to the left, said cnrve having a radius of 25.46 feet and a central angle of 37°18'55; thence northeasterly along the northwesterly line of Canyon Road 97.13 feet along an arc of a curve to the righl, said curve having a radius of 430.00 feet and central angle of 12056'36..· thence N 47°00'15.. W, 5:2.75 feet; thence North 71.40 feet to a point on the Northerly line of said subdivision; thence West 54.00 feet aI~ng the northerly line of said Lincoln Heights 4th Subdivision to the point of beginning,