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HomeMy WebLinkAbout901006#30616(02) Remm To: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO BANK, N.A. 90100¢ BOOK RECEIVED LIIqCOLN f;Ot!!,lTY C.,LErlK 1919 DOUGLAS,, OMAHA, 681010000 NE [Space Above Tiffs Lh~e For Recordhlg Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this docmnent are also provided in Section 16. (A) "Security Instrument" means this documenl, which is dated JULY 09, 2004 together with all Riders to this docmnent. (B) "Borrower" is DIANA ROJO AND ALFONSO ROJO, WIFE AND HUSBAND Borrower is the nmrtgagor under ttds Security Instrument. (C) "Lender" is WELLS FARGO BANK, N.A. Lender is a NATIONAL ASSOCIATION organized and existing under the laws of THE UNITED STATES 0043423631 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~THIS IS A FIRST REAL ESTATE MORTGAGE RECORDING CONCURRENTLY WITH A SECOND REAL ESTATE MORTGAGE IN FAVOR OF WELLS FARGO BANK, N.A. DATED JULY 9, 2004, IN THE ORIGINAL AMOUNT OF $?1,000.00. Form 3051 1/O1 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under' this Security Instrument. (D) "Note" means file promissory note signed by Borrower and dated JuLY 0 9, 2 0 04 The Note states that Borrower owes Lender ONE HUNDRED SEVENTY EIGHT THOUSAND .KND 0 0 / 10 0 Dollars (U. S. $ * * * * 17 8,0 00.0 0 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than AUGUST 01, 2 03 4 (E) "Property" means the property that is described below under the heading "Transfer of Rights iu the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Secuhty Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider ~ Condomi~fium Rider ~ Second Home Rider ~-~ BallOon Rider ~ Pla]reed U]fit Development Rider [-~ 1-4 Family Rider ~ VA Rider ' [--] Biweekly Payment Rider [-~ Other(s) [specify] 0t) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordi]mnces and adnfinistrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (1) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or sinfilar orga[fization. (J) "Electronic Funds Transfer" means any transfer of fimds, other than a transaction originated by check, draft, or similar paper instrument, which is i~fitiated fl~rough an electronic terminal, telephmfic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages~ or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) daumge to, or destruction of, the Property; (ii) condenumtion or other taking of all or any part of file Property; (iii) conveyance in lieu of condenmation; or (iv) nfisrepresentatious of, or onfissious as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of Ods Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as fl]ey nfight be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements aud restrictions that are in]posed in regard to a "federally related mortgage loan" even if the Loan does ]lot qualify as a "federally related mortgage loan" under RESPA. ~~.i~:~~'~'-~ (~-6(WY) 1ooo6) P~ge 2 of 1§ Form 3051 1/01 ::::'i.:,2: ~2'.,2:;:>: O O kO05 ..... 729 (P) "Successor in Interest of Borrower" means any party flint has taken title to file Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of die Loan, and all renewals, extensions aud modifications of the Note; and (ii) the perfornmnce of Borrower's covmmtas and agreements under this Security instrmnent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assig~ts, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 63 RIVER VIEW MEADOWS SECOND ADDITION TO THE TOWN OF ALPINE, LINCOLN COUNTY, WYOMING WITHIN THE SE1/4 OF SECTION 340, T37N, Rll8W, ACCORDING TO THAT PLAT FILED FEBRUARY 11, 1994 PLAT NO. 264-D, INSTRUMENT NO. 778568 THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, 10304, DES MOINES, IA 503060~'04 P.O. BOX ParcellD Nmnber: 37183040003300 540 SNAKE RIVER DRIVE ALPINE ("Property Address"): which currendy has the address of [Street] lCityl , Wyonfing 83128 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, 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 Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to ~nortgage, grant and convey the Property and that the Property is unencmnbered, except tlr encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and de~nands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines mfiform covenants for national use and non-mfiform covenants with limited variatio~ks by jurisdiction to constitute a unilbrm security instrmnent coverall real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payruent of Principal, Interest, Escrow Iterus, Prepay~nent Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, die debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds tlr Escrow Items pursuant to Section 3. Payments due under the Note and this Security In_strument shall be made in U.S. currency. However, if any check or other instrument received by Lender p' ent under the Note or this (~-6(WY) IOOO~1 Pall,~sot ~5 ~1 Form 3051 1/01 O O:LO05 Security Instrument is remrued to Lender unpaid, Lender tnay require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the tbllowing lbrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn 'upon an institution whose deposits are i~tsured by a federal agency, instrumentality, or entity; or (d) Electrmfic Funds Transfer. Payments are deemed received by Lender when received at the location designated itl the Note or at such other location as nmy be designated by Lender in accordance with the tmtice provisions in Section 15. Lender may return any payment or partial payment if the paymcut tlr partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment i~tsufficient to 'bring the Loan cra-rent, without waiver of any rights hereunder or prejudice to its rights to rc,fnse such payment or partial payments in the future, but Lender is not obligated to apply such paylnents at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled .due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of titne, Lender shall either apply such funds or return thexn to Bon'ower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note innnediately prior to /breclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under file Note and this Security Instrument or performing the covenants and agreements secured by fids Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the lbllowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) alnounts due under Section 3. Snch payments shall be applied to each Periodic Payment in the order in which it became due. Any renmi~fing atnounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment l¥om Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nmy be applied to the delinquent payment attd rite late charge. If more than one Periodic Payment is outstandiug, Lender nmy apply any pay~nent received tYmn Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments,' such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in thc Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due nnder the Note shall not extend 6r postpone the due date, or change the amouut, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until rile Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and drier items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on file Property, if any; (c) pretniums lbr any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if arty, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These itents are called "Escrow Items." At origination or at any time during the term of the Loau, Lender nmy require that Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid m~der this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow ltems. Lender nmy waive Borrower's obligation to pay to Lender Funds lbr any or all Escrow Items at any time. Any such waiver ~nay only be in writing. Itt the event of such waiver, Borrower shall pay directly, wl~¢!~ ~where payable, the amounts 11~-6(WY) Iooos) Page 4 ot ~s g Form 30,51 1/01 731 due for any Escrow Items for wlfich payment of Punds has been waived by Lender and, il' Lender requires, shall funfish to Lender receipts evidencing such payment wiflm~ such time period as Lender nmy require. Borrower's obligation to make such payments and to provide receipts shall for all proposes be deemed to be a covenant and agreement contained in this Security Instrmnent, as the phrase '%ovenant and agreement" is used in Section 9. If Borrower is Obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amomn aud Borrower shall then be obligated under Section 9 to repay to Lender any such amoum. Lender may revoke the waiver as to any or all Escrow Items at any dine by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an a.nmunt (a) sufficient to permit Lender to apply the Funds at the time specified under.RESPA, and (b) not to exceed file maximum amount a lender cau require under RESPA. Lender shall estimate the amount of Funds due on file basis of current data reasonable estimates of expenditures of future Escrow Items or ofllerwise in accordance with Applicable Law. The Fund~' shall be held in an institutiou whose deposits are insured by'a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Fuuds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower Ibr holdir~g and applying the Funds, ammally analyzing the escrow account, or verifying file Escrow Items, mfless Lender pays Borrower interest on the Funds aid Applicable Law pemfits Lender to make such a charge. Unless an agreement is n~de iu writing or Applicable Law requires interest to be paid On the Funds, Lender shall not be required to pay Borrower any interest or eanfings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an ammal accounting of the Funds as required by RESPA. If there is a surplus of Fnnds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up rite shortage in. accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Fm~ds held in escrow, as defined under t~ESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nmke up the deficiency in accordance with RESPA, but in no more than 12 monfldy payments. Upon payment in full of all stuns secured by this Security lnstrmnent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property wlfich can attain priority over-this Security Iustrument, leasehold payments or ground' rents on the Property, if any, and Conmmnity Associatiou Dues, Fees, and Assessments, if any. To the extent that tfiese items are Escrow Items, Borrower shall pay them in the maturer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligatiou secured by the lien iu a maturer acceptable to Lender, but only so long as Borrower is performing such agreeluent; (b) contests the lien in good faith by, or defel~ds against enforcmnent of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien wlfile those proceedings arc pending, but tuffy until such proceedings' are concluded; or (c) secures from the holder of file lien an agreement satisthctory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of thc Property is subject to a lien which can attain priority over this Security Instrument, Lender nray give Borrower a notice identifying the 6(WY} Iooosl Page 5 ollS Form 3051 1/01 0901005 lien. Within 10 days of the date on wlfich that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender nmy require Borrower to pay a one-time charge tbr a real ektate tax verification and/or reporting service used by Lender in connection with this 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 "exteuded coverage," and any other hazards including, but not linfited to, earthquakes and tloods, tbr which Lender requires insm'ance. This insurance shall be nmintained in the amounts (including deductible levels) and /bt the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably, keuder may require Borrower to pay, in cmmection with this Loan, either: (a) a one-time charge tbr flood zone detenn/nation, certification and tracking services; or (b) a one-time charge for flood zone deternfination and certification services and subsequent charges each time remappings or sinfilar changes occur which reasonably might affect such detemfination or certification. Borrower shall also be responsible /bt the payment of any fees imposed by the Federal Emergency Management Agency in connection with file review of any flood zone determination resulting ti-om an objectiou by Borrower. If Borrower fails to nmintain any of the coverages described above, Lender nay obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. There/bre, such coverage shall cover Lender, but nfight or might not protect Borrower, Borrower's equity in the Property, or thc contents of die Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower .acknowledges that the cost of the insurance coverage so obtained nfigbt significantly exceed thc cost of insurance that Borrower could, have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security lnsmmicnt. These amounts shall bear interest at the Note rate from the date. of disbursement and shall be payable, with such interest upon notice from Lender to Borrower requesting payment. , Ail insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage chmse, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premimns and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, die Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as au additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may nmke proof of loss if not nmde proalptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insura~ce proceeds, whether or not the underlying insm'auce was required by Leudcr, 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 and restoratiou period, Lender shall have the right to hold such insurance proceeds nntil Lender has had an opportmfity to inspect such Property to ensure tl~e work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs a~ul restoratiou in a single payment or in a series of progress payments as fl~e work is completed. Unless an agreement 'is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, 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 not econonfically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by flits Security Instru er or not then due, with Form 3051 1)01 733 the excess, if any, paid to Borrower. Such insurance proceeds sllall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related nmtters. If Borrower does not respohd within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle file claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under rile Note or fids Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender umy use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and 'use the Property as Borrower's principal residence wiflfin 60 days after the execution of this Security Instrument and shall conmme to occupy file Property as Borrower's principal residence lbr at least one year after file date of occupancy, mfless Lender otherwise agrees in writing, which consent shall not be unreasonably wifltheld, or unless extenuating circmnstances exist which .are beyond Borrower's control. 7. Preservation, Maintenance and Protectiou of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property [o deteriorate or commit waste on rile Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevem the Property from deteriorating or decreasing iu value due to its condition. Unless it is deternfined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair file Property if damaged to avoid further delerioration or danmge. If insurance or condemnation proceeds are paid in cotmection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring tile Property only if Lender has released proceeds tbr such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress paymems as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore file Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may ~nspect rite interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an imerior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at file direction of Borrower or with Borrower's knowledge or consent gave materially false, xnisleading, or inaccu rate infornmtion or stateme ms to Lender (or tailed to provide Lender with material information) in colmection with file Loan. Material representations include, but are not linfited to, representations concerning Borrower's occupancy of file Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower tails to perform the covenants and agremnents contained in dfis Security lnstrmnent, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in baxfirruptcy, probate, tbr condemnation or tbrfeiture, fbr e~rtbrcement of a lien which may attain priority over this Security Instrument or to en/brce laws or regulations), or (c) Borrower has abandoned the Property, then Lender tmay do and pay tbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, a!ld securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien wirier has priority over this Security Instrument; (b) appearing in cou · 'and (c) paying reasonable {~-6(WY) tooos) e,~ 7 o~ ~ Form 3051 1/01 090 L005 . ..734 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrmnent, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to n.mke repairs, change locks, replace or board up doors and windows, drain water froln pipes, elinfi~hate building or other code violations'or dangerous conditions, and have utilities turned on or off. Al though Lender nmy take action under this Section 9, Leuder does not llave to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability/bt not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additio~ml debt of Borrower secured by this Security Instrument. These anmunts shall bear interest at the Note rate frum the date of disbursement and shall be payable, Milt such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of file lease. If Borrower acquires lee title to the Property, the leasehold and the fee title shall not merge mdess Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay file prermums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available frown the mortgage ~nsurer that previously provided such insurance and Borrower was required to tmike separately desigtmted paymeuts toward the prenfiums for Mortgage Insurance, Borrower shall pay the premiulnS required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, l¥om an altenmte mortgage insurer selected by .Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately desig~rated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these paymems 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 Lender shall not be required to pay Borrower any interest or eanfings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amoum and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nmking the Loan and Borrower was required to make separately desigmtted payments toward the pre/nimns for Mortgage Insurance, Borrower shall pay the prenfiums required to nra~ntmn Mortgage Insurance in effect, or to provide a ~mn-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termi~mtion or until terufi~mtion is required by Applicable Law. Nothing in fids Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses ~t may incur if Borrower does not repay file Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agree~nents are on terms and conditions that are satisfactory to the mortgage iusurer and the other party (or parties) to these agreements. These agreements may require the mortgage iusurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained froln Mortgage Insurance prenfiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) antounts that derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange /bt a share of the prenfiums paid to the insurer, file arrangement is often termed "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 Borrower will owe for Mortgage Insurance, and they will not e. tit~~er.nd. I~-6(WY) Iooo~) Pa~eso,,s ~ m ~ i For 3051 1/01 090100, 735 (b) Any such agreements will not affect tile rights Borrower has - if any - with respect to the Mortgage Insurance nnder the llomeowners 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 termi,lated automatically, anti/or to receive a refund of any Mortgage Insurance premiums that were unearqed at the ti/ne 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 daxnaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportun/ty to inspect such Property to ensure the work has been completed to Lender's satisthction, provided that such inspection shall be undertaken promptly, kender may pay for file repairs and restoration in. a single disbursement or in a series of progress payments as thc work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required-to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, wifl~ the excess, if any, paid to Borrower. Such Miscellaueous Proceeds shall be applied in the order provided for in Section 2. In file event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied 'to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property i/muediately betbre the partial taking, desu~ction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument innnediately before rite partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of file sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property itmnediately before file partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property iunnediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured innnediately before the partial taki~g, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are theu due. If the Property is abandoned by Bon'ower, or if, after notice by Lender to Borrower that file 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 wiflfin 30 days after file date fl~e notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. '"Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be iu det:ault if any action or proceeding, whether civil or crimilml, is beguu that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a det:ault and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other nmterial impairment of Lender's interest in the Property or rights under this Security Instrument. Thc proceeds of any award or claim tbr damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. (~-6(WY) {ooo~l Pao~ 9 o~ ~ Form 3051 1/01 ?.,:..i 0.90100.5 7,36 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Leuder to Borrower or any Successor in Interest of Borrower shall not operate to release rite liability of Borrower or any Successors in Interest of Borrower. Lender shall'not 'be required to conm~ence proceedings against any Successor in Interest of Borrower or to refuse to extend time lbr payment or otherwise modify amortization of the stuns secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments t¥om third persons, entities or Successors in Interest of Borrower or in axnonias less than the amouot then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instruinent but does not execute the Note (a "co-signer"): (a) is co-sigmng this Security Instrument otdy to mortgage, grant and convey [he co-siguer's interest in the Property under the terms of this Security lnstrmnent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, nmdify, forbear or nkake any acconnnodations with regard to rite terms of this Security Ii~strmnent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security htstrunxent in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall' not be released from Borrower's obligations and liability under this Security Instrumen.t unless Lender agrees to such release iii writing. The covenants and agreenmnts of this Security lnsmmm~t shall bind (except as provided in Section 20) and benefi[ the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees lbr services performed in connection with Borrower's default, tbr the purpose of protecting Lender's interest i,~ the Property and rights under this Security Instrument, including, but not limited to, attorueys' tees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific tee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender nnty not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets nhaximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected iu comtection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the anmnnt necessary to reduce the charge to the permitted limit; and (b) any sums already collected fiOlU Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make dfis refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund nntde by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arisiug out of such overcharge. 15. Notices. All notices given by Borrower or Lender in conuection with this Security Instrument nmst be in writing. Any notice to Borrower in connection with this Security Instrmnent shall be deemed to have been given to Borrower when xnailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers mfless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Le~der specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be o~dy one designated notice address under this Security htstrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Auy notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security li~strmnent is also required under Applicable Law, the Applicable Law requirement will satisfy the correspondiug requirement under this Security Instrument. (~}~-6(WY) Iooos) Page 10 of 15 ~Form 3051 1/01 O O.ZOOL 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which file Property is located. All rights and obligations contained in this Security lnstruxnent are subject to auy requirements and linfitations of Applicable Law. Applicable Law nfight explicitly or implicitly allow file parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibitio~x against agreeme~xt by contract. In the event that any provision or clause of this Security lnstruinent ox file Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security lnstrumexlt or the Note which can be given effect without the conflicting provision. As used in this Security Instrulnent: (a) words of fl~e ,nasculiue gender shall mean and include corresponding neuter words or words of the femixfine gender; (b) words in file singular shall mcan and include the plural and v~ce 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 file Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Imerest in the Property" means any legal or beneficial interest iu the Property,' including, but not linfited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Box'rower at a future 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 rs sold or transferred) without Lender's prior written consent, Lender may require inuuediate payment iu full of all sums secured by this Security Instnmlent. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises fids option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days t¥om the date the notice is given in accordance with Section 15 within which Borrower must pay all sums 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 Instrument without further notice or dema~ul on Borrower. 19. Borrower's Right to Reinstate After Acceleration. if Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security lnstrumont discontinued at any time prior to file earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrnment; (b) such other period as Applicable Law nfight specify tbr file termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument Those conditions are that Borrower: (a) pays Lender all suxns which theu 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 Ix~strument, including, but not lixnited to, reaso~xable attorneys' fees, property inspection and valuation f~es, and other tees recurred for the purpose of protecting Lender's interest in the Property and rights uuder this Security htstrument; and (d) takes such action as Lender may reaso~mbly require to assure that Lender's interest in rile Property and rights under this Security Instrument, attd Borrower's obligation to pay file SUlns secured by this Security Instrument, shall confume unchanged. Lender nmy require that Borrower pay such reinstatexnent sums and expenses in one or more of file following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, barflr 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 or ennty; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument aud obligations secured hereby shall reumin fully effective as if no acceleration had occurred. However, this right to reinstate shall not 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 Instrumen0 can be sold one or more tixnes without prior notice to Borrower. A sale nfight result in a change in the entity (known as the "Loan Servicer") flxat collects Periodic Payments due under rile Note and fids Security Instrument and perforxns other mortgage loan servicing obligations under the Note, this Security Instrumeut, and Applicable Law. There also might be one or more changes of the Loan Servicer mn'elated to a sale of the Note. If there is a change of file Loan Servicer, Borrower will be given written notice of the change wlxich will state file frame and address of the new Loan Servicer, the address to which payments should be inade ~d any other information RESPA ~,6(WY),ooo~, ~.o.~of~ ~~~Forrn3051 1/01 O O:LO0 7 '3 S requires in coxmection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer oilier than the purchaser of the No x, the mortgage loau servicing obligations to Borrower will re~nain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assmned by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or rite member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that rite other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach a:d affmded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of tiffs paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. ltazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous snbstances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flamnmble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents; materials containing asbestos or fi)rmaldehyde,' and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jm'isdictiou where the Property is located that relate to health, safety or enviromnental protection; (c) "Environlnental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition fl~at can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit rite presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the preseuce, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of die Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quautities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to xnaintenance of the Property (inchiding, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involviug the Property and any Hazardous Substance or Environmental Law of which Borrower has actual kuowledge, (b) any Enviromnental Condition, including but ;mt linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary rexnedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation on Lender for an Enviroxnnental Clea~mp. (~}~-6(WY) 10008} P.g* ~2 of 1~ ~~ Form 3051 1/01 NON-UNiFORM COVENANTS. Borrower and Lender further covexmut 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 from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cnre the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument 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 iovoke the power of sale and any other remedies pernfitted 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 Ih'operty, 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 at 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; (b) to all sums secured by this Secority Instrmnent; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrun~ent, Lender shall release this Security Iustrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee tbr releasing this Security Instrument, but tuffy if the tee is paid to a third party for services rendered and the 'charging of fl~e fee is permitted under Applicable Law, 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. (~-6(WY) Iooo,5~ P~ 1~ o, ~ ~ln~rn 3051 1/01 0901.005 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covmmnts contained in this Security Instminent and in any Rider executed by Borrower and recordf/~ it. -Borrower o o,0 (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) .Borrower -Borrower _ (Seal) (Seal) -Borrower -Borrower (~6{WY} lOO05l Page ~4 of ~6 Form 3051 1/01 0 0%005 .... 74: STATE OF WYOMING, Te ton County ss: The foregoing instrument was acknowledged before me this 12th day of July, 2006 by Alfonso Rojo, ind±v±dually, an'd as attorney in fact for D±ana Rojo. My Coxrmtission Expires: 9-15-07 Notary Public Pacje 1 ~ of 1 fi Form 3051 1/01 74 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 9TH day of JULY, 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of file same date, given by the undersigned (the "Borrower") to secure Borrower's Note to WELLS FARGO BANK, N.A. (the "Lender") of the salne date and covering the Property described in the Security Instrument and located at: 540 SNAKE RIVER DRIVE, ALPINE, WY 83128 [Property Address] The Property includes, but is not linfited to, a parcel of land improved with a dwelling, together with other such parcels and certain conanon areas and facilities, as described itlCOVgNANTS, CONDTTIONS AND RESTRICTIONS (the "Declaration"). The Property is a part of a planned mdt developlnent known as [Name of Planned Unit Developmentl (the "PUD"). The Property also includes Borrower's interest in file ho~neowners association or equivalent entity owning or nmnaging the coinmon areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in file Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are file (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent docutnent which creates the Owners Association; aud (iii) any by-laws or other rules or regulations of the Owners Associatmn. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. 0043423631 MULTISTATE PUD RIDER-Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT _(~ Forrrrlx3150 1/01 Page 3 Ini,i4: J Ak ) B. Property Insurance. So long as the Owners Associatiou ~naintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for rite periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, theo: ti) Lender waives rite provision in Section 3 for the Periodic Payment to Lender of the yearly prenfium installments for property insurance on file Property; and (ii) Borrower's obligatiou raider Section 5 to maintain property insurance coverage on [he Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change duriug the term of the loan. Borrower shall give Lender prompt notice of any lapse iu required property insurance coverage provided by file ~naster or blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, ally proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secm-ed by the Security Instrmnent, whether or not then due, with the excess, if any, paid to Borrower. C. Pnblic Liability Insurance. Borrower shall take such actions as nmy be reasonable to insure that file Owners Association maintaius a public liability insurance policy acceptable in tbrm, amount, aid extent of coverage to Lender. D. Condemnation, The proceeds of any award or clailn for danmges, direct or consequential, payable to Borrower in colmection with any condenmation or other taking of all or any part of the Property or the connnon areas and facilities of the PUD, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by file Security instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consem, either partition or subdivide the Property or consem to: ti) the abandorunent or termination of the PUD, except for abandomnent or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or emiuen[ donntin; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) ternfination of professional nhanagement and assumptmn of selfqnauagement of file Owuers Association; or (iv) any action which would have the effect of rendering file public liability insurance coverage nndntained by the Owners Association mmcceptable to Louder. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender nmy pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instmlnent. Unless Borrower and Leuder agree to other terms of payment, these amoums shall bear interest from file date of disbursement at the Note rate and shall be payable, with interest, upon notice tkom Lender to Borrower requesting payment. t~TR (0008) Page 2 of 3 Im lals Form 3150 1/01 BY SIQN~ING BELO~rrower/gccepts DIANA ROJO L and agrees to the terms and provisions contained in tiffs PUD -Borrower ALFOlqS 0 ROJO -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~;7R (0008) Page 3 of 3 Form 3150 1/01