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HomeMy WebLinkAbout900970Return To: LEHMAN BROTHERS BANK, FSB 1250 ROUTE 28, BRANCHBURG, NJ 08876 Prepared By: TZi~ EC)RTEIR 900970 RECEIVED LINCOLN COUt',ITY CLERK [)i~ ,11]! 13 fJt 9: t.,I [Space Above This Line For Recording Data] MORTGAGE MIN 1000487-4400679213-4 DEFINITIONS Words used in w. ultiple sections of this document are defined below and other words are de~aed in S'ectiors 3 11, :3, 18, 20 and 21. Certain ru'.es regardiug the usage of words used '.'n this docu:nenl are also prov,.'ded "n Section 16. (A) "Security Instrument" means .*his document, which is dated July 8, 2004 :ogether w~th all Riders lo this document ~) "Borrower" is DAVID J HECK, A IVlgJLR_I~ MAlq, SOI,'R AND SEPARATE Borrower is the mortgagor under this Security ;nstrumem (C) "MERS" is Mortgage Electronic Registration Systems, Inc MERS is a separate corporation that is actiug solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existiog under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026/lei. (888) 679-MERS. IvlECK4400679213 WYOMING-Single Family-Fannie Mae/Freddie MaC lf~®-6A(WY) (ooos).oi Page ] o[ 15MW 05/00,01 Initials VMP MORTGAGE FORMS - 4400679213 0 UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 N I (D) "Lender" is T,l~llVl/~ t3R~ 13~qKi FSB Lender is a A FED~ ,.q~v~NGs Bb. NK organized and ex?sting under the laws of THE UNITED STATES OF gJ'4ERIC~ Lender? address is 1250 ROUTE 28, BPG~CI-1B[JI~, NJ 08876 · ~E) "Note" means the p.romisscry ~rz'ie signe:~ by 3o_;rz'.~.,er and dated ' ,Juhy 8, 2004 The Note state, s that Borrq~er owes Len.~er ~e H~ Fo~ ~o~d' ~d no/l,00 ~ " ' Dollars (U.S. $104,000 00 ) plus ,n,e, cs.. Bor:ewe: has yrom~ed to pay fids deb: in r.~gular Pe=ladic ~aymenls and ~o pay :l~e debt in [u!l no': la,er than .qu~t~sE 1, 2034. . . [i*;· .... :~rcpe,~":y" means the prope~-ty '"~n~, ~ is 6escrtbac- b:Icw under fire ;fead'_ng "Transfer o,¢ Righls in the . ?roperly." 4G) '~Loan" means the debt evideoced by tim' No:e, p~u: f~.~erest, any prepaymenl zharges and hie ci:arges due udder the Note, and all sums due under this Security htslm:nen~, ,)iRs irterest. 0-I) "Riders" means all Riders m this Security ;ns:rumen: that are executed ky Borrower. The following Riders are to be executed by Borrower [ciieck box as aFpIiczble]:. ~ Adjustable Rate Rider ~ Condmninium Rider ~ Second Home Rider ~ Balloon Rider ~ Planned Unit Develcoment Rider ~ 2 4 Family Rider '~ VA Rider ~ Biweekly Yaymen; ~ia~ ~ Other(s)[speci~] 0) "Applicable Law" means all controlling ~p}ica31e federal, state and local siatutes, regulations, ordinances and administrative rules and orders (hhal have the el'.'ec of law) as well as all applicable final. non-appealable judicial opinions. (J) "Community Association ~ues, Fees, and Assessments" means all dues tees, assessments and other charges that are imposed on Borrower or :}re Pr0pezty by a condominiuni association, homeowners association or shuilar organization ~) "Electronic Funds Transfer" means any transSe: o5 funds, other than a transaction originated by check, draft, or similar paper instrument, which is inithated lhrough an e~ectronic terminal, telephonic 4nstrumem, cmnputer, or magnetic tape so as to order, inslrucl or authorize a financial institution :o debil or credit an account. Such term ~ncludes, but is ncr 2n:tted to point-of-sale transfers, automatefi teller machine transactions. ~anst~rs initiated by teiephore, wire transfers, and amomated clearinghouse transfers. O~) "Escrow Items" means those items that are delcribefi in Section 3. (M) "Misce~lan~us Proceeds" means any cmnpensadon, selllemenl, award of damages, or proceeds paid by any thh'd party (other thmq insurance proceeds,paid nnder the coverages described in Section 5) for: C) damage 1o, or destruction of, the Properly; {ii) condenmation or olher taking of all or any part of ibe ?roperty; (iii) conveyance in lieu of condemna~on; or (iv) misrepresentations of, or omissions as to, the value and/or condilion of the Property. ~ "Mortgage Insurance" means insurance protecting Lender against the nonpaymem of, or dehult on, the Loan. (O) "Periodic Pa~ent" ~neans lhe regularly sche~uled amount due for (i) principal and imeresl under, the Note, plus (ii) any amounts under Section 3 of this Security lnstrulnenl. &) "RESPA" means the Real Estate Settlement Procedures Act {12 U.S.C Section 2601 et seq.) ami its implementing regulation, Regulation X (24 C.F.R. Part 3500}, as they might be amended from time to thne, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security InsWumem, "RESPA" refers to'ail requirements and reslriclimts that are imposed in regard to a "federally related nmr~gage loan" even if the Loan does nol qualify as a "federally related mortgage loan" under RESPA. ~44006792~3 ,' 4400679253 ~. 0 6A~ {ooos},m Page z .t ~s Form 3051 1101 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Properly, whether or not that party has assnmed Borrower's obligations under Ihe Note and/or this Security hlstrumenl. TRANSFER OF RICttTS IN THE PROPERTY TIds Security Instrument secures to Lender: (i) the repayment of the Loan, and ali renown!s, extensions and modifications of tile Note; and (ii) the performance of Borrower's covenants and agreements un,er this Security lnstrumenl and the Note. For this purpose, Borrower does hereby mortgage, grant and co.vey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described properly located in the · ' ~ of LINCOLN : [Type of Recording Jurisdiction] [Name of Recurdiag Jurisdiclieo] PER EXHIBIT "A" AT~AEFIED P~rcel ID Nmober: 12-3219-01-4-00-267.00 354 MFAI/J~ LANE ~ RD 403 GROVER ("Property Ad~h'ess"): which currently bas ihe address of [Streell ICily] , Wyomiug 83122 [Zip Codet TOGETHER WITH all the improvements now or hereafter erecled on tbe properly, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Ioslrument as the "Properly." Borrower understands and agrees thai MERS holds only legal tide to the interests grauted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has lhe right: lo exercise any or all of those interests, including, but not limited to, the rigbt to foreclose and sell the Properly; and to take any action required of Lender including, bul not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS thai Borrower is lawfully seised of the estate hereby couveyed and has the right to mortgage, grant and convey the Property and dial the Properly Is unencumbered except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subje~;t to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unilbrm security instrument coveriug real properly. IvlECK4400679213~® z~400679213 ,.iii. ~ 0 (~--6A(VVY) (oooslm x ~.~ 3 otis Form 3051 1/01 UNIFORM COVENANTS. Borrower and Lencer covenant and agree as follows: 1. Payment of Principal, lnIerest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the princtpal of, and interest on, the debl evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant th Section 3. Payments due under the Note dud this Security Instrument shall be made in U.S. currency. However, it' any check or other instrument received by Le.de,' as payment under ttle Note or this Security Instrument is returned to Lender unpaid. Lender may require that any or all subsequent paymems due under the Note and this Security Instrument be made in one or nmre of the followiug forms, as selected by Lender: (a) cash:, (b) money order; (c) cerdlied check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon ail !,lstitution whose deposits are insured by a federal agency, instrumentality, or entity; 6r (d) Electronic Funds Transfer. Payments are deemed received by Lender when received a~ the location designated in the Note or at such other location as may be designated by Lender in accordance with tile notice provisions in Section 15. Lender may return any payinent or partial payment if the payment or partial payments are ~nsutlqcien: to briug tile Loan current. Lender may atcept .any payme~.: o: partial paymen! hlsuYFlc!~ent to bring the Loan current, widlout waiver of any rights hereunder er.p::ejud2ce :o its rights lo rethse such paymem m' partial payments in the future, but Lender is not obligated to apply such payments at fhe time such payments are accepted If each Periodic Payment is api~lied as of '.'ts scheduled due date then Lender need not pay interest on unapplied funds. Lender may. hold such unaFplied funds until Borrower makes paymem to bring the Loan curreut. If Borrower does not do so within a reasonable period of dine, Lender shall either apply such funds or return them to Borrower. It' not applied ear2er, such funds will be applied to the outstandiug principal balance under the Note immediately prior lo foreclosure. No offset or claim whtch Borrower might have now m' m lhe fulure againsl Lender shall .reEew Borrower from making paymems due under the Note and this Security Instrument or performiug Ge covenants and agreements secured by this Security Instrumenl. 2. Application of Payments or Proceeds. Excepi as otherwise described in this Section 2 all paymenls accepted and applied by Lender shall be appl!ed ill tile following order of priority: (a) interest due under the Nole; (b) principal due under the Note: {c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment jn the order in which it becalne due. Any remaining amounts shall be applied first to late charges, secon~ to any other amora:ts due under this Security Instrumem. and then to. reduce the principal balance of file Note. If Lender receives a payment from Borrower for a delinquem Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the de'_inquem payment and tim late charge. If more dian one Periodic Payment is outstanding, Lender may apply any payment received from Borrower [o the repayment of the Periodic Payments if, and to tile extent that, each paymem can be paid in full. To the exteut that any excess exists after the payinem is applied to the full payment of one or more Periodic Payments, such excess inay be applied to any late charges due. Voluntary prepaymems shall be applied firsl lo auy prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due uuder the Note shall nol extend or postpone file due date, or change the amoum, of the Periodic Paymelns. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Paymems are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payrnem of amounts due for: (a) taxes and assess~nents and oilier items which cau attain priority over this Security Instrumenl as a lien or encumbrance on tile Property; {b) leasehold paymems or ground rents oil the Property, if any; (c) premiums for auy and all insurance required by Lender under Section 5: and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Leuder ill lieu of the paymem of Mortgage Insurance premiums in accordance with the provisioos of Section 10. These items'are called "Escrow Items." At origination or at any time during the term of the Loan Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees dud assessments shall be an Escrow Item. Borrower shall prmnptly furnish to Lender all notices of anmunts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Leuder waives Borrower's obligation to pay the Funds for any or all Escrow Itelns Lender may waive Bon'ower's .obligation to pay to Lender Funds for any or all Escrow Items at any time Any such waiver may only be in writing. In file even't of such waiver, Borrower shall pay directly, when aud where payable, the amounts MECK4400679213 4400679213 ~5~A .. '0 mual (~]}~-6AONY') looosl.m vase ,~ ot ~s Form 3051 1/01 due for any E~crow Items for which payment of ?unds has bee,: waived by Lender and, if Lender requires, shall furnish to Lender receipts evidenciug suck payment wid,in such time period as Lender may require. Borrower's obligation to make suc.~l paymen:s .and to provide receipts shall lbr al'. pm'poses be deemed to 'ac a coveaam and agreement contained in th:'s Sedurity Ins:rument as the phrase "covenan: ant: agreement" is use,/~n Sez~bn ~. If Borrower is obligated :~ 7ay ?~scrow Items direct,'y, pursuant to a waive:-, and Borrower fails '.e 9ay ~he amount due for an Escrow <:era, Lender :nay exercise its rights under Section 9 -and pay such a:noun'.'and Borrower shal', then be ob?:_g~':ed uuder Section 9 to repay lo Lende= any such amoum. Lender :.-.ay revoke the waiver as to any or all Escrow Items at any time by a no:_~ce given in accord~mce w_"~h Section 15 and, upon such revccalion, Borrower sha!l pay to Lender ~.!! Fun'~s, end m such amour.~s, tha'~ are then required under this Sedicn 3. Le.qder'may, at any ~me, collect and ho'.d ~ur, ds ir. an amount (a) suf~c~en~ to per'mi.: ~end~.= :o apply :he Yur. ds al ~he ~i:ne specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data reasonable estimates of expenditures of future Escrow items or otherwise in accordance wilb Applik'ab~e . Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, 'instrumentality, or entity (including Lender, if Lender is an institution whose oeeposits are so insured) or m auy Fdderal Home Loan Bank. Lender shall apply the Funds to pay tile Escrow Items no later tbau the lisle specified under RESPA: Lender shall not charge. Borrower fur holding and applying tl,e Funds, annually analyziug the esrow account, or verifying the Escrow Items. u,dess Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writiug or~A~plicable Law requires interest to be paid on the Funds, Leuder shall not be required to pay Borrower any interest or earnings on the Funds, Borrower and Lender can agree in writing, however, that interest shall,be paid on the Fufids. Lender shall give to Borrower without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESP)%, Lender shall account Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined uuder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage ia accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held ;n escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amounl necessary to make up the deficiency iu accordance with RESPA, bul in.no more than 12 monthly payments. Upou payment in full of all stuns secured by this Security lushmnent, Lender shall prompHy refund to Borrower any Fuuds held by Lender. 4. Charges; Liens. Borrower shall pay all' taxes assessments, charges, fines, aud impositious attributable lo the Property whicl, can attain priority over this Security Instrument. leasehold payments or ground rents on the Property, if any, and Commuuity Association Dues,. Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the ~fianner provided in Sectiou 3. Borrower sbail promptly discharge any lien which tias priority over lhis Security lustru,nem unless Borrower: (a) agrees iu writing to the payment of the obligation secured by tile lieu in a manner acceptable to Lender, but only so long as Borrower is performing Such agreement; (b) contests tile lien iu good thith by, ordefends against enforcemeut of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceediugs are pending, but only until such proceedings are conclude.d; or (c) secures from the holder 'of the lien aa agreement satisfactory to Lender subordinatiug the lien to' this Security Instrument. If Lender determines that any part of the Properiy is subject to a lien which can attain' priority over this Security Instrument, Lender may give Borrower a notice identifying tile MECK4400679213 4400679213 Page 5 of 15 Form 3051 1101 0900 V; O lien, Within 10 days of lite date on which tl'.~t no~ic~ ~s g~ven, Borrower sha~! satisfy ~he ~ien or take one or more of' t,he actions set forth above in ihisa~c:zo_-. ° ~' ~'_. Lender may require Borrower to pay a .~.e-~_:'.<~e chr_rge for a real estat'e tax ~,'eri_qca:_"on and/o.- reporting service used by Lender ir~ connect2o~ 5. Property Insurance. Burrower shal: keno ~ ~_-ci:r0vements now ex:'stiv, g o:- hereafter erected on the Property insured against loss by fire, hazards. :ns't:d:~d within tile term "extended :overage," and any other hazards including, but not limited ~o, earthet:akes and ~]oods, for which Lender :'~quires iusurance. This insurance shall be maintained .:~. the amounts (.includiug deductible levels) and for the: periods tha; Lauder requires Vdhal Lender reqmres purs,_'an: :6 ~3:e ~receding sentences can chaege during tile term of the Loan. The insurance cai'tier p/'oviding the "_.nsurance shall be Chosen by Borrower subject to Lender's righl to disapprove Borrower's c;~.oice, v:]~Ac5 r~gl:: s':.a_'i not be exercised unreason~.bly. Lender may require Borrower to pay, in connection with this Loan, eilher: (a) a one-time charge for flood zone determination, certification and tracking services; or (5) a one-time charge for flood zone determination and certification services and subsequent charges each tin'_e remappings or sindlar changes occur which reasonably might affecl such determination or ce:';ification. Borrower shall also be responsible for tile payment of any fees imposed by tile Federal Emergency Management Age~tcy iu connection with tile review of any flood zone deierminalion resulting from an objectiou by Borrower. If Borrower fails to maintain any of tile coverages described above Lender may obtain insurance coverage, at Lender's option and Borrower's expe~'~se. Lender is under no obligahon to purchase any particular type or amount of coverage Therefo?e, such coverage shall cover Lender, but mighl o~. might not protect Borrower, Borrower's equity in the Properly, or the contents of tile Property, agai.st any risk, bazard or liability and might provide greater ar lesser coverage than was previously in effect. Bori-ower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cosl of insurance that Borrower could bave obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by litis Security instrument. These amounts shall bear interest at the Note rate from tile date of disbursement ~nd shall be payable, with such interest upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subjec! to Lender's r~ght to disapprove such policies shall include a standard mortgage Clause, and shall name Lender as mortgagee and/or as an additional loss payee Lender shall [lave the r~gh! to hold .lite policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipis of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not. otherwise required by Lender, for damage to or destruction of, the Property, such poEcy shall iuclude a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss [~ayee In the event of loss, Borrower shall give prompt notic~ to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by 3or:'ower. Unless Lender and Borrower otherwise agree ill writing, any insurance proceeds, whether or no~ tile t'_n~lerl),mg insurance was required by'Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is nol lessened. During such repair and :'estoration period, Lender.shall have the righl to hold such insurance proceeds until Lender has had an opportuuity to inspect such Property to ensm'e the work has been completed to Lender's satisfaction, ~.rovided that such inspection shall be undertaken promptly Lender may disburse proceeds for tile 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 [.aw requires interest to be paid on such insurance proceeds Lender shall not be required to pay Borrower any interest or earmngs on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance oroceeds and shall be Ihe sole obligation of Borrower. Il' tile restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured ky this Security Instrument, whether or nol then due, with MECK4400679213 4400679213 (~AI~' 0 (~-6A(WY) (ooo5).o~ ~ ~ o~ ~s ,,-,i~~ Form 3051 1/01 :'. 594 the excess, if any, paid to Borrower Such insurance proceeds shall be applied in tile order provided for In Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available iosurance claim and related matters. If Bm'rower does not respond within 30 days to a notice from Lender tbat die insurauce carrier has offered to settle a claim, then Lender may negotiate and settle the claim. Tile 3Oday period will begin when the notice is given. In either event, or il' Lender acquires the Property uoder Section 22 or otherwise, Borrower hereby asstgas to Lender (a) Borrower's rights to any iosurauce proceeds in an amount nol to exceed tile amoun:s unpaid unde,' the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the righl to any refund of unearned premiums paid by Borrowdr) under all insurance policies covering the Property, insofar as such rigbts are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy,- establish, and use tile Property as Borrower's principal residence within fi0 days after the execution of this Security l,lstru,nent and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupaucy, unless Lender otherwise agrees in writing, which consent shall not he unreasonably withheld or unless extenuating circumstances exisl which are beyond Borrower's control 7. Preservation, Maintenance and Protection of the Property; Inspections. I:}orrower shall no~ destroy, damage or impair the Property, allow' the Property to deteriorate or corn,nit waste ou tile Property. Whether or not Borrower is residing in the Property, Sorrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to.its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair tile Property if damaged to avoid ft,rther deterioration or damage. If insurauce or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only it' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or m a series of In'ogress pay~nents as the work is completed. If the insurance or condemnation proceeds are nol sufficieut to repair or restore the Property, Borrower is not relieved of Borrower's ohligalion for the completion of such repair or restoration Lender or its agent may make reasonable entries upon attd inspections of the Property. If it has reasonable cause, Lender may inspecl tile interior of the improvemeots on the Property. Lender sball give Borrower notice at the dine of or prior to such ;m interior iuspection specifying sucb reasonable cause. 8. Borrower's Loan Application. Bm'rower shall be ill default if, during the Loan application process, Borrower or any persons or entities acfiog at tile direction of Borrower or wilh Borrowe,"s kuowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) m cmmection with tile Loan. Material represeutations include, but are not limited to, representations conceruiog Borrower's occupancy o1' the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perfm'm the coveuants and agreements contained in this Security Instrument, (h) there is a legal proceeding that ~night significantly affect Lender's interest ill lite Property and/re' righls under fids Security Instrumeut (such as a proceeding in bankruptcy, probate, roi' condemnation or forfeiture, for enforcement of a lien which may attain priority over this Secretly Instrument or to enforce laws or regulations), or (c) Borrower has abandotied the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rigbts under Ibis Security Instrument, iucluding protecting and/or assessing the value of die Property, and securiug and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over'this Security Instrument; (b) appearing in court; and (c) paying reasonable · MECK4400679213 4400679213 0 (~-fiA(WY) (ooos).o~ Page 70~ ~5 Form 3051 1101 ODOODTO 595 attorneys' fees to protec! its interest in lite Property and/or rights nnder fids Security Inslrumem, including its secured position in a bankruptcy proceeding. Seruring tile Property includes, but is not limited to, entering the Property to make repairs, change !ocks, replace or board up doors and windows, drain water kom pipes eliminate building or other code violations or dangerons conditions, and bare utilities turned on or off. Allbough Lender ~nay take action uuder ;bis Sectio, 9, I.ender does not bare to do so and is not under any duty or obligation to do so. It is agreed thai Lender recurs no liability for not taking any or all actions auflmrized under this Section 9. Any amounts disbursed by Lender under this Secaou 9 shall beco~ne additional debt of Borrower secured by ibis Seem'try Instrument These amounts shall bear interest at file Note rate kom the date of disbursement and shall be payable, with such interest, upon notice Ii'om Lender to Borrower requesting payment. If this Security lnstrmnent, is oki a leasehold, Borrawer shall comply wi.q~ all the provisions of tile lease. If Borrower.acquires lee title to tile Property, tile leasehold and the fee lille sbalt not merge unless Lender agrees to the merger in writiug. 10. Mortgage Insurance. If Lender required Mortgage h:surance as a condition of making Ihe Loan, Borrower shall pay the premiums required to maintain the ldortgage Iusurance in effect If, for any reason, the Mortgage lusurance coverage required by Lender ceases to be available front the mortgage insurer thai previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously itt effect, al a cost substantially equivalent to tile cosl Io Borrower of the Mortgage Insurance previously in effecl, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mm'tgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect Lender will accept, use and rdaio these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non refundable, notwithstanding the fact that the Loan is ultimately paid in full and Leoder sball not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mm'tgage Insurance coverage (in the amoum aud for tile period lhal Lender requires) provided by alt insurer selected by Lender again becomes available, is ~obtained, and Lender requires separately designated payments toward the premiums for Morlgage Insurance. If Lender required Mortgage Insurance as a condition of making ale Loan and Borrower was required to make separately designated p.ayments toward the premiums for Mortgage Insurance Borrower shall pay the pre~niums required to maintain Mortgage Insurance in erred, or to provide a nou-refmtdable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by AppliCable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at tike rate provided in tile Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses il may incur if Borrower does not repay file Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their lotal risk on all such insurance in forde front time to time, and may enter into agreements with other parties that share or modify tbeil risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to tile mortgage iusurer and the other party (or parties) to these agreements. Th~se agreements may require the mortgage insurer to make payments using any source of funds thai the mortgage insurer ~nay have available (which may include funds obtained fi'om Mortgage Insurance premiums). As a result of these agreemenls, Lender, any purchaser of lite Note, soother insurer, any reinsurer, any other entity, or any affiliate of any of tile foregoing, may receive (directly or indirectly) amounts lbat derive from (or migbt be characterized as) a portion of Borrower's payments for Mortgage Insurance, tn exchange for sharing or modifying the mortgage insurer's risk, m' reducing losses. If'such agreement provides thai att affiliate of Lender takes a share of lite insu,m"s risk in exchange for a share of the prentimns paid to tile insurer, tile arrangement is often lermed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount B9rrowerwilloweforMortgag~Insuranc¢, and they will not entitle ~~t~ any refund. MECK4400679213 4400679213 0 (~A(WY) (ooos),o~ Page s or is Form 3051 1/01 i (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the · Mortgage Insurance under the Homeowners Protection ,Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender: If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Leuder's security is not lessened. Puring such repair and restoration period, Lender stiall have the right to hold such Miscellaneous Proceeds 'until Lender has had an opportunity to inspect Such Property to ensure the work bas' beets completed to Lender's satisfaction, provided that such inspection sha,"_ be underlaken promplly. Lender may pay for the repairs and restoration in a single disbursemeut or in a series of progress payments as the work is fompleted. Unless an agreement is made in writing or Applicable Law requires iuterest to be paid on such 'Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such ~Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds sha!l be applier' to the sums secured by rids Security Instrument, Whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In tile event of a total taking, destruction, or loss ilt value of the Property, tile Miscellaneous Proceeds shall be applied to rite sums secured ky this Security lustrument, whether or slot then due, with tile excess, if any, paid to Borrower. In the event of a partial taking, destruction, or lass tn ~a[ue of tile Property in which tbe fair market value of the Property iminediately before Ihe partial taking, destructiou, or loss in value is equal to or greater than the amount of tile sums sedured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree m writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds ~nultiplied by tile following fraction: (a) the total amouut of the sums secured immediately before tbe partial taking, destruction, or loss in va~ue divided by (b) Ihe fair market value of tile Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower fu tile evenl of a partial taking, destruction, or loss in value of the Property in which the fair markel value of the Property immediately betbre the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree iLL writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, of let notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim fur damages, Borrower fails to respond to Lender within 30 days alter the {late the notice is given, Lender is authorized to collect and apply rise Miscellaneous Proceeds either to resloration or repair of the Property or to the sums secured by this Security Instrumem, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a rtgbt of action ia regard to Miscellaneous Proceeds. Borrower shall be in defaull if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of /he Property or other material impanmenl of Lender's interest in tile Property or rights under this Security Instrument. Borrower can cure such a default and if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes [urfeiture of the Property or other material m~[pairment of Lender's interest in the Property or rights under this Security Instrumem. Tbe proceeds of any award or claim for damages that are attributable Io the inqmtrmem of Lender's interest in the Property are bereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repatr of the Property shall be applied in the order provided fur in Section 2. MECK4400679213 4400679213 0 ~36A(VVY) (oooslm Page"9 ut 15 Form 3051 1101 16. Governing Law; Severability; Rules of Construction. This Security Instrmnent shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained itl this Security Instrmnent are subject to any requirements and limitations of Applicable [Jaw. Applicable Law might explicitly or implicitlf allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Insmm~ent or the Note conflicts with Applicable Law, such conflict shall not affect other provisious of this Securily Instrument m' tbe Note whicb can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculiue gender shall mean and include corresponding neuter Words or words of the feminine gender; (b) words in tbe singt, lar shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Secm'ily Inslrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Sectiuu 18, "Interest in the Property" ~neans any legal or beneficial interest in the Property, inclmling, bul not limited '.to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales conlract or escrow agreement, the intent of which is the transfer of title by Borrower at a fmure date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower .is not a natural person and a beneficial interest in~Borrower is sold or transferred) without Lender's prior Written consent, Lender may require immediate payment iu full of all sums sechlred by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises.this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the dele the notice is given in .accordance with Section 15 within which Bm'rower must pay all stuns secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Iustrument withou! further notice or demand on ·Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have tl, e right to, have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument: '(b) such other period as Applicable Law might specify for the terminatiou of Borrower's right to reinstate; or (c) entry of a judgment enforciug this Security lostrumeut. Those conditions are 'that Burrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had Occurred: (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation tees, and other fees incurred lbr the purpose of protecting Lender's interest in the Property and rights under this Secm'ity Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in tile Property and rights under this Security lnstrumenl, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Burrower pay such reinstatement stuns and expenses in one or more of the following forms,'as selected by Lender: (a) cash; (b) mouey 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 by a federal agency, instrumentality m' entity; or (d) Electronic Funds Transfer. Upou reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occun'ed, liowever, this right to reinstate si,all nut apply in the case of acceleration under 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 one or more times without prior notice to Borrower. A sale might result in a change iu the entity (known as the "Loan Servicer") thai collects Periodic Payments due under the Note and this Security lnsm, ment and performs other mortgage loan servicing obligations under the Note, 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 chauge of the Loan Servicer, Borrower will be given written notice of the_cbauge which will state the name and address of the new Loan Servicer, the address to which pay~nents should be made and any other information RESPA MECK4400679213 4~400679213 (~, 0 lc, It (~o.?A(WY) tooos).m Page ~ o~ls Form 3051 1101 requires iii connection with a notice of transfer of servicing. If the Nole is sold and the_rentier the Loan is serviced by a Loan Servicer other than the purchaser of lhe Noie, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or I:e '.:ausferred to a successor Loan Servicer and are assumed by the Note purchaser unless otherwise provided by the Nole pm'chaser. Neither Borrower nor Lender may commence, join, or he joined to any judicial aclion (as either an individual liliganl or the member of a class) that arises from the olher party's actions pursuant 1o this Security Inslrnment or that alleges lhat the other party has breached any provision of, or any duly owed by reason of, this Secm'ity Iuslrument, until such Borrower or Lender has notified the oilier parly (with such notice given in compliance with the requirements of Seclion 15) of snch alleged breach arid afforded the other party hereto a reasonable period after the giving of such nolice lo lake correclive action. If Applicable Law provides a time period which mnsl elapse before certaio action can be taken, thai time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleralion and opportunity to cure given lo Borrower pursuanl to Section 22 and the nolice of acceleration given Io Borrower pursua,l! Io Sec/ion 18 shall be deemed to satisfy /lie notice and oppol:lunily to take correclive aclion provisions of this Section 20. 21. Hazardous Substances. As used iii this Seclion 21: (a) "Hazardous Subslances" are those substances defined as Ioxic or hazardous substances, pollutanls, or wasles by Enviromnenlal Law and the following substances: gasoline, kerosene oilier flammable or loxic peirolemn products, toxic pesticides and herbicides, volalile solvenls, malerials containing-asbeslos or foruialdehyde, and radioaclive materials; (b) "Environmental Law" means federal laws and laws of lhe jurisdiclion where ~he Property is located thai relate to health, safety or environniental protection; (c) "Enviro,nnenlal Cleanup" includes any response action, remedial aclion, or removal action, as defined in Environmenlal Law; and (d) an "Environmenlai Condition" means a condition thai can cause, contribute to, m' otherwise trigger au Environmeutal Cleanup Borrower sball not cause or permit the presence use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Ilazardous Subslances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violalion of any Enviromnenlal Law, (b) which creates an Environmental COndition. or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition thai adversely affecls tile value of the Property. The preceding two sentences shall not apply lO the presence, use, or storage on the Properly of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Properly {including, but not limiled to, hazardous subslances in consumer products). Borrower shall promptly give Lender wrilten notice of (a) any investigation claim, demand lawsuil or oilier action by any govermnenlal or regulatory agency or private party involving the Properly arid any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condilion, including but nol limited lo, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condilion caused by the presence, use or release of a Hazardous Subslance which adversely affecls the value of the Property. If Borrower learns, or is notified by any governmental or ~:egulatory authority, or any privale party, thai any removal or other remedialion of any Hazardous Substance affecting the Properly is necessary, Borrower shall promptly lake all necessary remedial actions in accordance with Environmental Law. Nothiog herein shall create any obligalion on Lender for an Environmental Cleanup. MECK4400679213 4400679213 , ~ 0 i~-6A(WY) (ooos).o3 ~',,9~ ~2 of ~5 Form 3051 1101 '.,, .... gOO NON-UNIFORM COVENANTS. Borrower and Lender furiher covenan! and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days t¥om the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security [nstru~nent 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 default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property al any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; Co) 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 stuns secured by this Security Instrnmeni. Lender shall release this Security Instrument. Borrower shall pay any recordation cosls. Lender ,nay charge Borrower a l'ee for releasing this Security Instrument, but only if the fee is paid ~o a third parly for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virlue of lhe homestead exemption laws of Wyoming. MECK4400679213 4400679213 0 (]~A(VVY) (ooo5).o~ Page ~ o, ~5 Form 3051 1101 0 00 ';0 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in fids Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. Wilnesses: (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Bor(ower -Borrower (Seal) (Seal) -Borrower Borrower MECK4400679213 4400679213 0 ~(~)~6A(WY) (ooos).m P~S~ ~ or ~s Form 30,51 1101 ,. 609 STATE OF WYOMING, County ss The foregoing instrmnent'was acknowledged belbre me this 9th day of June, 2004 by D~VID 3 MECK ~ SIATE (~ Commission Expires: // ~ . ~otary~blic MECK4400679213____® 4400679213 ~.~,'~,~:~ -: 0 (~--6A(WY) (ooo~).o~ Pag~ ~5,~ ~s Form 3051 1101 O:900:920 EXHIBIT A 603 Part of Section 1, T32N R119W of the 6th P.M., Lincoln County, Wyoming more particularly described as follows: BEGINNING at a point on the South boundary line of said Section 1 that is 20 rods West of the Southeast corner of the SW IA SE ¼ of said Section 1; thence West 20 rods, along South boundary line; thence North 8 rods; thence East 20 rods, more or less, on a line parallel to said South boundary line, to the West boundary line of the Ronald Tohnan tract, recorded in Book 111PR on page 242 of records of Lincoln County Clerk; thence South 8 rods, more or less, along said west boundary line to the POINT OF BEGINNING. 0 00 ,'0 6"3 4 ADJUSTABLE RATE RIDER (LIBOR Six-Month Index (As Published In The Wall Street Journal) - Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 8th day of July, 2004 and is incorporated into and shall be deemed io amend and supplement the Mortgage, Deed of Trust, or Securily Deed (the "Security Inslrument") of the'same, date given by the undersigned ("Bm'rower") Io secure Borrower's Adjustable Rate Note (the "Note") to I,F~VlAN BROTHERS I~K, F~B, A FEDER~ ~V-~GS Ek~IK ("Lender") of the same date and covering tile Property 'described in the Security Instrumeut and: located at: 354 ~ LANE ~ RD 403,GROVER,WY 83122 [Property P/dd, ressl .. THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition.to the coveoams and agreements made in tim Secnrity Instrument, Borrower and Lender further covenant and agree as tbllows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 6. 2500 %. The Note provides fur cbanges in tbe interest rate and the monthly paymems, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of August, 2006 and on Ihat day every 6t:h monlh thereafter. Each date on which my interest rale could change is called a "Change Date." 4400679213 MECK4400679213 0 MULTISTATE ADJUSTABLE RATE RIDER-LIBOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET JOURNAL) -Sin§~e Family-Fannie Mae Unilorm Instrument (~j838R (0006) For~ 101 Page% or 4 MW 06/00 Initi~ VMP MORTGAGE FORMS - (800)~r21~7291 Lx:~2~:i;.).:~] -: .%:: j 6O5 03) The Index Beginning with the first Change Date, ~ny inlerest rate will be based on an Index. The "Index" is the average of inlerbank offered tales for six month U.S. dollar-denominated deposils in the London ma,'kel ("LIBOR"), as published iu /be Wall Street Journal. Tile most recent Index figm'e available as of the firsl business day of tile month immediately preceding the month in which tile Change Dale occurs is called the "Currenl Index." If the Index is no longer available, the Note Holder will choose a new index tllat is based upon comparable information. The Note Holder will give me notice of ibis choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate lny new inlerest rate by adding Three and Three / Eighths percentage points ( 3. 3750 %) to the Current Index. Tile Nole Holder will then round tile resull of this addition lo lhe nearest one-eighlh of one percentage point (0.125%). Subject to the limits slated in Seclion 4(D) below, this rounded amoum will be my new interest rale unlil the nexl Change Date. The Note Holder will then determine the amount'of the mouddy payment !hat would be sufficieul tu repay the unpaid priucipal lhai I am expected to owe al the Chauge Date in full on the Maturity Dale al my new interest rate in substantially equal paymems The resull of this calculation will be the new aumunl of my monddy payment. (D) Limits on Interest Rate Changes The interest rate I am required 1o pay at the first Change Date will not be greater than 9.2500 % or less than 3. 3750 % Thereafter, my interesl rate will never be increased or decreased on any single Change Date by more than One perce.tage points 1. 0000 %) from the rate of interest I ha ye beeu paying for the preceding 6 monlhs. My interest rate will never be greater than 12_. 2500 %, (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment dale after the Change Date until the amount of my monthly paymem changes again. (F) Notice of Changes The Nole Holder will deliver or mail to me a notice of any changes i. my inieresi rate and the amount of my mondfly payment before the effective dale of any change. The nolice will include inibrmadon requifed by law to be given to me and also the title and telephone number of a person who will auswer any question I may have regarding the notice. 4400679213 MECK4400679213 (-~ ~'1 ~ 0 Initials: (~838R (0006) Page 2 of 4 Form 3138 1101 B. TRANSFER OF TIlE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of the Security Instrumenl is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used iii this Section 18, "Interest in lhe Property" [neans any legal or beneficial interest in lbe Property, includiog, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed. installment sales coutract or escrow agreement, the intent o1' which is the transfer of title by Borrower at a future date to a purchaser. If ali or any part of the Property or any Interest iii 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 prmr written consent, Lender may require immediate payment in lull of all sutns secured by ibis Secm'ity Instrmnent. However. this optiou shall no~ be exercised by Lender if such exercise is prohibited by Applicable Law Lender also shall not exercise fids option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluale the intended transferee as if a new loan were being made to the iransferee; and (b) Lender reasonably determines thai Lender's security will not be impaired by the Ion. assmnption and that the risk of a breach of any covenant or agreement in this Security Inslrument is acceptable to Lender. To the extent permitted by Applicable Law. Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreemeut that is acceptable to Lender and tbat obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Securily Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require i[nmediate payment in full, Lender shall give Borrower notice of acceleralion. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance wiih Section 15 widdn which Borrower must pay ali snms secured by this Security Instrument. If Borrower fails to pay these sums prior to lhe expiration of this period. Lender may invoke any remedies permiiled by this Security lnslrument widmut further notice or demand on Borrower. 4400679213 MECK4400679213 (~/j. 0 Initi 838R (0006) Page 3 or 4 Form 31 38 1101 171AV~D G lv]Ec~( I \ -Borrower BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this (Seal) -Borrower (Seal) (Seal} -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower {Seal) (Seal) -Borrower -Bon-ower 4400679213 MEC 4400679213 0 (~838R (0006) Page 4 of 4 Form 3138 1101 6 3 8 ADDENDUM TO ADJUSTABLE RATE RIDER This addendum is made o ? / o s / 2 o o a amend and supplement the adjustable rate rider of the same date. ami is incorporated into and deemed to 354 The property covered by this addendum is described in the Security Instrument and located at: MEADOW LANE COUNTY RD 403 , GROVER WY 83122 AMENDED PROVISONS In addition to the provisions and agreements made in the Securi[y Instrument, I/we further covenant and agree as foll'ows: ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANG ES ' Limits on. Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater'than 9 2 s o o % or less than 3 . 3 ? s 0%. Thereafter, my adjustable interesl rate will never be increased or decreased ou any single change date by more than o n e percemage poinl(s) ( ~.. o o %} fi'om tile rate of interest I have been paying for the preceding six (6) months. My interest rate will never be grealer than s ~ . 2 s o o %. My iuterest rate will never be less than 3 . ~ v s o %. TRANSFER OF TIlE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER U~dform Covenant 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Inter,st in Borrower. As used in this Section 18, Interest m the Property means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interest transferred in abond for deed, contract for deed. instalhnenl sales contract or escrow agreemem the intent of which is the transfer of title by Borrower at a future dale to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender s prior writleo consem Lender may require immediate payment in full or all sums secured by this Security lnstrumem. }lowever, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice sha I! provide a period of not less than 30 days from the dale tile notice is given in accordauce with Section 15 within which Borrower must pay all sums secured by this Security Instrumenl If Bor,'ower fails to pay these sums prior to tim expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without thrther notice or demand on Borrower. In Witness Thereof, Trustor has executed this addendum. OAVi~'D O S-ECK~ - 1202 LIBOR Addendum to Rider dmark 12/2/03 c00781 AUR Addendum to Adj Rider 639 INTEREST -ONLY ADDENDUM TO ADJUSTABLE RATE RIDER LOAN NUMBER: ~ ~ o o 6 PROPERTY ADDRESS: 354 MEADOW LANE COUNTY RD 403.GROVER,Wy THIS ADDENDUM is made this 8 c h day of J u l y 2 o o 4 , and is incorporated into and intended to form a part of tile Adjustable Rate Rider (the "Rider") dated the same date as this Addendum executed by the undersigned and payable to LE.~N BROTHERS (tile Lender). 83122 TI-HS ADDENDUM supersedes Section 4 (C) of the Rider. Note are changed by this Addendum. None of the other provistons of the Note are changed by this Addendum. INTEREST RATE AND MONTHLY PAYMENT CHANGES (C) Calculation of Changes Before each Change Date, tile Note ttolder will calcul ate my new interest rate by adding T h r e e percentage point(s) ( 3 . 3 ? s o %) to the Current Index for such Change Date. Tile Note H~lder will the, round the result of this addition to the nearest one-eighth of one percenlage point (0.125%). Subjecl to the limits stated ill Section 4 (D), this rounded amount will be my new interesl rate until the next Change Date. During the Interest-Only Period, the Note Holder will tbeu determine {he amount of the montMy payment that would be sufficiem to repay accrued interest. This will be Ihe amoum of iny monthly payment until the earlier of/tie next Change Date or the end of the Interest- Only Period mdess I make a voluntary prepayment of principal during such period. If I make a voluntary prepayment of principal during the lnteresv Only Period, my payment amount for snbsequem payments will be reduced to the amoum necessary to pay interest at tbe then cra'rent interest rate on tbe lower priucipal balance. Ai the end of the Interest Only Period and on each Change Date thereafter, the Note Holder will determine the amount of the momhly payment that would be sufficient to repay in full the unpaid principal that I am expected to owe at the eud of [lle Interest- Only Period or Change Date, as applicable, in equal monthly paymems over the remaining term of the Note The result of this calculation will be the new amount of my monthly payment. After the end of the Interest- Only Period, my payment amount will not be reduced due to voluntary prepayments. and 3/8 D J Form fi03F dmm'k 12/3/03 c0013 AUR IO Addendum m Adj Rider page I of I SECOND HOME RIDER THIS SECOND HOME RIDER is ~nade this 8th day of July 2004 and is incorporated into and shall be deemed to a~nend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (tl~e "Borrower" whether there are one or more persons undersigued) Io secure Borrower's Note Io LEHMAN BRCTHERS PA14K, FSB, A FEDERAL SAVINGS BANK (the "Lender") of the same date and covering the Property described in the Security lustrumenl (the ~'Property"), which is located at: 354 MEAEOW LANE ~ RD 403,GROVER, WY 83122 [Properpj Address} In addition to the covenants and agreements made' in the Security lnslrumenl, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security lustrument are deleted and are replaced by lhe following: 6. Occupancy. Borrower shall occupy, and shall only use, the ProperD' as Borrower's second home. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement thai requires Borrower eilher to reut the Property or give a management firm or any other persoo aoy cootrol over the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or Borrower's knowledge or consent gave materially false, misleading, or ioaccurate information or stamments to Lender (or failed to provide Lender with malerial information) in connection with the Loan. Material representations include, but are not limited to, representations concerniog Borrower's occupancy of the Property as Borrower's second home. MECK4400679213 4400679213 MULTISTATE SECOND HOME RIDER - Single Family - Fannie MaeJFreddie Mac UNIFORM INSTRUMENT Page 1 of 2 ~-365R (0011) MW u/oo VMP MORTGAGE FORMS - (800)521-7291 (~n,3890 Initials:t~ 0 1/01 BY SIGNING BELOW, Borrower'accepts and agrees to lhe lerms and provisions Contained in lhis ~ (Seal) DAVID J MECK -Borrower (Seal) (Seal) - Bo,'rower - Borrower (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower MECK4400679213 4400679213 Page 2 of 2 0 Form 3890 1101