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HomeMy WebLinkAbout901103Return To: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 90! 103 Prepared By: WELLS FARGO BANK, N.A. 1919 DOUGLAS,, OMAHA, NE 681010000 [Space Above 'riffs Lh~e For Recm'tlh~g Data] MORTGAGE °'c-eF IVED ...... J!,,, i CLEF',K I_INt,OLN ,,,uf "'?"" f DEFINITIONS Words used in multiple sections of tiffs document are defined below and off,er words are defined m Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in tiffs document are also provided in Section 16. (A) "Security Instrument" means fl~is document, which is dated JULY 14, together with all Riders to this document. (B) "Borrower" is MATTHEW J OLCOTT AND CATHERINE S OLCOTT, 2004 HUSBAND AND WIFE Borrower is the mortgagor under tiffs. Security Instrument. (C) "Lender" is WELLS FARGO BANK, N.A. Lender is a NATIONAL ASSOCIATION orga~fized and existing under the laws of THE UNITED STATES 0044581973 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 15 Initials:,, VMP MORTGAGE FORMS - (800)~1-7291 Form 3051 1/01 O O LI.03 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the prmmssory note signed by Borrower and dated,JULY 14, 2 004 The Note states that Borrower owes Lender ONE HUNDRI~.D FIFTEEN THOUSAND AND 00ill00 Dollars (U.S. $ * * * * 115,0 0 0.0 0 ) plus interest. Borrower has prOmised to pay this debt in regular Periodic Pa yments and to pay the debt in full not later than AUGUST 01, 2 01 O (E) "Property" means the property flint is described below under the beading "Transfer of Rights in the Property. (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under fl~e Note, and all sums due under this Security Instrumem, plus interest. (G) "Riders" means all Riders to this Security Instrument that art; executed by Borrower. The following Riders are to be executed I~ y Borrower [check box as applicablel: ~ Adjustable Rate Rider ~ Condonfinium Rider [~3 Second Home Ride~' ~ Balloon Rider ~ Plarmed Unit Development Rider ~ 1-4 Fanfily Rider ~-~ V.A Rider ~-] Biweekly Payment Rider [~ Ott~er(s) [specify] (1t) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final. non-appealable judicial opinions. (1) "Cmnmunity Association Dues, Fees, and Assessments" means all dues, fees, assessrneuts and off,er charges that are tmposed on Borrower or the Property by a condonfinium association, homeowners association or sinfilar organization. (J) "Electronic Funds Transfer" means any transfer of fimds, other than a transaction originated by check, draft, or sinfilar paper instrument, wtfich is i~fitiated dn-ough an electronic ternfinal, telephonic instrument, computer, or nmgnetic tape so as to order, instruct, or authorize a fimmcial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller nmchine 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 danmges, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) ibc: (i) damage to, or destruction of, the Property; (ii) condermmtion or other taking of all or any part of the Property; (iii) conveyance in lieu of condmmmtion; or (iv) misrepresentations of, or omissions 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 iuterest under the Note, plus (ii) any anrounts under Section 3 of this Security Instruruent. (O) "RESPA" ~neans 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 they might be amended from time to time, or any additimml or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~6(WY) Iooos) Page 2 o~ ~s Form 3051 1/01 090:L:L02 : , .- 15 o (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assmned Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrmnent secures to Lender: ti) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covmmnts and agreements under dfis Security Iustmment and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale. the Ibllowing described property located in the COUNTY Of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] SEE ATTACHED LEGAL THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. Parcel ID Nmnber: 181 E SECOND AVE AFTON ("Property Address"): wlfich currenIly has the address of [Street] [City] , Wyonfing 8 3 '1 l 0 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements appurtmmnces, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrmnent. All of the foregoiug is referred to in riffs Security Instrument as fl~e "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encmnbrances of record. Borrower warfares and will defend geuerally the title to the Property against all claims and demands, subject to any encmnbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants fbr natiorml use and non-unilblm covmmnts wifl~ limited variations by jurisdiction to constitute a unit btm security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covetmnt and agree as lbllows: 1. Payment of Principal, Interest, Escrow Items, Prqmyment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds tbr Escrow Items pursuant to Section 3. Payments due under the Note and this Secm-ity Instrument shall be made in U.S. currency. However, if any check or other instrmnent received by Lender as pay~nent under the Note or this 6{WY) Iooos) p~e 3 ot ~s orm 3051 1/01 ;;;,, ·., :,, :%?:!'.:;' '.: 0901103 Security Instrument is returned [o Lender unpaid, Lender may require that any or all subsequent payments due under the Note and finis Security Instrument be made in one or more of the lbllowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electro]tic Fuuds Transfer. Payments are deemed received by Lender when received at the location dehg~mted in rite Note or at such off-let location as may be desigNmted by Lender in accordauce with the notice provisions in Sectiou 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan cra'rent. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the dine such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, titan Lendm need not pay interest on unapplied funds. Lender rmty hold such unapplied fimds until Borrower makes payment to bring rite Loan current· If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding pnncipal balance under the Note immediately prior to foreclosm'e. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower l'rom making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by riffs Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in dfis Section 2, all payments accepted and applied by Lender shall be applied iu the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amuunts due under Section 3. Such paymeuts shall be applied to each Periodic Payment in the order in which it became due. Any remai~fing amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the priucipal balance of the Note. If Lender receives a paymem from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, fl~e payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to fine repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To die 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 ch:trges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscelhmeous Proceeds to principal due under the Note shall not extend or postpone the due date, or change fl~e amount, of rite Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security lnstrmnent as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums lbr any and ,'dl iusurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prenfiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origi~mtion or at any time during the term of d~e Loan, Lender ~nay require fl~at Conmmnity Association Dues, Fees, and Assessments, if any, 'be escrowed by Borrower, and such dues, fees aud assessments shall be an Escrow Item. Borrower shall pi-omptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender fine Funds Ibr Escrow Items urfless Lender waives Borrower's obligation to pay the Funds tbr any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any tithe. Any such waiver may only be in writing· In the event of such Waiver, Borrower shall pay directly, when and where payable, fine amounts hlitials: ~ ~"~0 I~-6(WY) (ooos) Page4of 1~ rm 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, Shall funfish to Lender receipts evidencing such payment within soch dme period as Lender nmy require. Borrower's obligation to make such payments and to provide receipts shall tbr all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covemmt 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 nmy exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender nmy revoke the waiver as to any or ali Escrow Items at any nme 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 nkay, at any time, collect and hold Funds in an amount (a) sufficieut to permit Lender to apply the Funds at rite time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estinmte the amount of Ftmds due ou the basis of current data and reasonable estinmtes of expenditures of furore Escrow Items or od~erwise m accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency~ instrumentality, or entity (including Lender, if Lender is an restitution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay Ihe Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower lbr holding and applying the Funds, annually almlyzing the escrow account, or verifying the Escrow Items, m'dess Lender pays Borrower interest on the Funds and Applicable Law pernfits Lender to nmke such a charge. Unless an agreement is made in writiug or Applicable Law requires interest to be paid on the Funds, Lender shall ~iot be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender cad agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of die Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. if fl~er~ 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 the shortage in accordance with RESPA, but in no more fl~an 12 monthly payments. If there is a deficiency of Funds held in escrow as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender die amount necessary to make up the deficiency in accordance with RESPA, but in no more thart 12 monthly payments. Upon payment in full of all sums secured by this Security lustrument, Lender shall promptly retired to Borrower any Funds held by Lender 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and ~mpositions attributable to the Property which can attain priority over flits Seem'try lnstrmnent, leasehold payments or ground rents on the Property, if any, and Commmfity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the matmer provided in Section 3. Borrower shall promptly discharge any lien which has prmrtty over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a rammer acceptable to Lender, but only so long as Borrower is perfi)rming such agreement; (b) contests the lien in good Ihith by, or defends against entbrcemem of the lien in, legal proceedings which in Lender's opimon operate to prevent the enforcement of the lien while those proceedings arc pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien [o this Security Instrument. If Lender deternfines fltat an3 pztrt of the Property is subject to a lien which can attain priority over fids Security Instrmnent, Lender may give Borrower a notice identifying the 6(WY) Iooos) Pag, sol ~5 Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in Otis Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in com~ection with fids Loan. 5. Property Insurance, Borrower shall keep the improvcmeuts now existing or hereafter erected on the Property insured against loss by fire, hazards included withiu file term "extended coverage," iud any other hazards including, but not limited to, earthquakes iud floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for die periods that Lender requires. What Lender requires pursuant to the preceding seuteuces can change during die tcnn of file Loan. The insurance carrier providing the iusurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised um'easonably Lender may require Borrower to pay, in comiection with this Loan, either: (a) a one-nine charge for flood zone deternfiuation, certification and tracking services; or (b) a one-dine charge tb~ flood zone deternfinatiou and certification services and subsequent charges each time remappmgs or siafilar changes occur which reasonably might affect such deternfinanon or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency ltl comiection with the review of any flood zone deternfination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender nhay obtaiu insurance coverage, at Lender's option and Borrower's expense. Lender is under uo obligation to pm'chase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but nfight or nfight not protect Borrower, Borrower's equity in the Property, or the contems of the Property, against auy risk, hazard or liability and might provide greater or lesser coverage thau was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtaiued nfight significautly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additio~ml debt of Borrower secured by this Security [nsmmmu. These amounts shall bear interr, st at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice fi-om Lender to Borrower requesting .paymeut. All 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 clause, and shall name Lender as mortgagee and/or as an additiolml loss payee. Lender shall have the right to hold tl~e policies and renewal certificates. If Lender requires, Borrower shall prompdy give to Louder all receipts 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 policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. in tim event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Bon'ower otherwise agree in writing, any insurance proceeds, whether or not the underlying tusurance 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 not lessened. During such repair and restorat~ou period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to luspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken prompdy. Lender may disburse proceeds for the repairs and restoration in a single payment or m a series of progress payments as the work is completed Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such proceeds. Fees for public adjusters, or oilier third parties, retained by Borrowe~ shall not be paid out of the insurance proceeds and sh~dl be the sole obligation of Borrower. If the restoration or repair is not econonfically feasible or Lender's sectmty would be lesseued, fl~e insurance proceeds shall be applied to the sums secured by this Security hastrumeut, whether or not theu due, with (~-6(WY) {ooos) Page 6 ot 1 s Form 3051 1/01 !57 the excess, if any, paid [o Borrower. Such insurance proceeds shall be applied in the order provided for Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available iusurance claim and related ]natters. if Borrower does not respond wiflfin 30 days to a notice from I.ender that the insurance carrier has offered to settle a claim, then Lender may negotiate and Settle the 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 the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any retired of unearned prenfiums paid by Borrower) under all insurance policies covenng the Property, insofar as such rights are applicable to fl~e coverage of the Property. Lender may use the insurance proceeds either iD repair or restore the Property or to pay amounts ur]paid under the Note or this Security Instnmlent, whether or not then due. 6, Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall contimle to occupy tile Property as Borrower's principal residence for at least one year aftc] the date of occupancy, mfless Lender otherwise agrees in wnnng, which consent shall not be nnreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall destroy, damage or impair the Property, allow the Property to deteriorate or comnfit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall nmintam the Property in order to prevent the Property froln deteriorating or decreasing in value due to its condition. U~fless it is deternfined pursuant to Section 5 that repair or restoration is not economi::ally feasible, Borrower shall promptly repair file Property if danmged to avoid further deterioration or damage. If insurance or conde]mmnon proceeds are paid in com~ecnon with damage to, or the taking of, the Property, Borrower shall be responsible Ibr repairing or restoring the Property Duly 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 payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repmr or restore the Property, Borrower is not relieved of Burrower's obligation for the completion of such repair or restoration. Lender or its agent nmy make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender nmy inspect the interior of the improvements on the Property Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in delhult if, during the Loan application process, Borrower or any persons or entities acting at file direct~t>n 0f Borrower or with Borrower's knowledge or consent gave nmterially false, nfisleading, or irniccuratc inlbrnmtion or statements to Lender (or failed to provide Lende~ with material inibrmatio~O in comxcction with the Loan. Material representations include, but are not linfited to, representauons concerning Borrower's occupancy of tile Property as Bon'ower's principal residence. 9. Protection of Leader's Interest in the Property and Rights Uuder this Security Instrument. If (a) Borrower fails to perform the covenants aud agreements contained in this Security Instrument, (b) there is a legal proceeding that nfight sig]fificantly affect Lender's iuterest in the Property and/or rights under Otis Security Instrument (such-as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrmnent or to enlbrce laws or regulations), or (c) Borrower has abandoned the Property, then Lender nmy do and pay tbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Seem-try Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing file Property. Lender's actions can include, but are not limited to: (a) paying ally sums secured by a lien which has priority over fids Security Instrument; (b) appearing in court; aud (c) paying reasonable (~t~-6(WY) looos) Pa~. 7 of 15 Form 3051 1/01 attorneys' tees to protect its interest in die Property aiM/or rights under fids Security lnstrmnent, including its secured position in a bat~ruptcy proceeding. Securing the Property includes, but is not limited to, entering die Property to make repairs, change locks, replace ur board tip doors and windows, drain water from pipes, eliminate building or other code violatiops or dangerous condidot~s, and have utilities turned on or off. Aldlough Lender nmy take action under this Section 9, Lender does not have to do so aud ts no£ under any duty or obligation to do so. It is agreed dial Lender incurs no liability for not taking any or all actions authorized under' Oils Section 9. Any alnounts disbursed by Lender under diis Section 9 shall become additional debt of Borrower secured by dlis Security Instrument. These amounts sball bear interest at [lie Note rate dom die date of disbursement and shall be payable, with such interest, upon notice t¥om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all die provisions of the lease. If Borrower acquires fee title to the Property, die leasehuld 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 nmking die Loan~ Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be uvailable from the mortgage insurer that previously provided such insurance and Borrower was required to make separately desig~mted payments toward the prenfiums for Mortgage Iusurance, Borrower shull pa), the premimns required to obtain coverage substantially equivalent to the Mortgage Insurance previously iu effect, at a cost sitbstantially equivalent to die cost to Borrower of the Mortgage Insmance previously in effect, from au alternate mortgage insurer selected by Lender. If substantially equivalent lVtortgage Insurance coverage is not available, Borrower shall continue to pay to Lender die amonnt of die separately desiglmted payments fliat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain d~ese payments as a non-refundable loss reserve iii lieu of Mortgage Insurance. Such loss reserve shall be non-reflmdable, notwithstanding the fact that die Loan is ultilnatcly paid in tull, aud Lender shall not be required to pay Borrower any interest or eartfings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and fi)r die period flint Lender requires) provided by an insurer selected by Lender again becomes awfilable, is obtained, and Lender requires separately desigtmted payments toward die prenfiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of nmking die Loan and Borrower was required to nmke separately desig~mted payments toward die prenfiums for Mortgage Insurance, Borrower shall pay the premiums required to lmfintain Mortgage Insurance in effect, or to provide a non-ret:uudablc loss reserve, until Lender's requirement lbr Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing tut such ternfination or until terminatiou is required by Applicable Law. Nodfing in fids Section 10 affects Borrower's obligation to pay interest at the rate provided iii die Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) tbr certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate flleir total risk on all such insurance in three from tilne to tirne, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on.' terms and conditions that are satisfactory to the mortgage insurer and the off, er party (or parties) to fllese agreements. These agreelnents nmy require die mortgage insurer to nmke paynients using any source of funds fltat the ~nortgage insurer may have available (which may include finials obtained from Mortgage Insurance prenfimns). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any ~einsurer, any other entity, or any affiliate of any of fl~e foregoing, may receive (directly or indirectly) amounts fliat derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange tbr sharing or modifying die mortgage insurer's risk, or reducing losses. If such agreement provides dial an affiliate of Lender takes a share of die insm-cr's risk in exchange for a share of die prenfiums paid to the insurer, the 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 ammmt Borrower will owe for Mortgage Insurance, and they will oot entitle Borrower to any refund. (~lr~-6(WY) 1ooo6) P~ge 8 of ~s orm 3051 1/01 -!59 (b) Any such agreements will not affect tile rights Borrower has - if any - with respect to tile Mortgage Insurance uuder the Homeowners Protection Act ot~ 1998 or any other law. These rights may include the right to receive certain disclosures, to request aud obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance pre~niums that were u,earned at the time 'o1' such cancellatiou 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 Lender's security is not lessened. During such repair and restoration period, Lender shall have the riehl to hold such Miscellaneous Proceeds until Lender has had an opportmfity to ruspect such Property to ~nsure the work has been completed to Lender's satisfaction, provided that such inspection shall be uudcrtaken promptly. Lender may pay for the repairs and restoration m a single disbursement or in a series el' progr,ess paymeuts as fl~e work is completed Unless an agreement is made ~n writing or Applicable ka~ requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earmngs 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 Skulls secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In fl-~e event of a total taking, destruction, or loss m value of khe Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not dieu due, the excess, if any, paid to Borrower In the event of a partial taking, destruction, or loss in value of the Property m which the fair market value of the Property iuunediately beIbre the partial taking, destruction, or loss in value is equal to or greater than the amount of fl:re sums secured by this Security Instrument innnediately before fl~e partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, rite sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the /bllowing fraction: (a) the total amount of the sums secured i~mnediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property innnediately before the 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 fl~e Property in which rite fair market value of the Property itmnediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured inanediately before the partial taking, 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 Instrmnent whether or not the stuns are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to 1hake an award to settle a claim for danmges, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is aufllorized to collect and apply the Miscellaneous Proceeds either to rest6ration 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 fl~at owes Bo~xower Miscellaneous Proceeds or the party against wholn Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinfinal, is begun that, in Lender's judgment, could result in tbrfeiture of the Property or ofl~er material impairment of Lender's interest in the Property or rights.under this Security Instrument. Borrower can cure such a default and, if acceleration has occmYed, reinstate as provided in Section 19, by causing the action or proceediug to be dismissed with a ruling that, iii Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under fids Security Instrument. The proceeds of any award or claim for danuiges that are attributable to the in~pairmeut 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 die Property shall be applied in the order provided ~br in Section 2. ~-6(Wy) Iooo61 e~e 9 o~ 15 Form 3051 1101 12, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sinus secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in interest of Borrower. Lender shall not be required to co~mnence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand nmde by the original Borrower or any Successors in Interest of Borrower. Any lbrbearauce by Lender ~n exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amouut fl~en 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 covetmnts and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a 'co-signer"): (a) is co-signing dos Security [nstnm~ent only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrmnent; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower eau agree to extend, modify, tbrbear or make any accoimnodations with regard to the terms of Otis Security lustrmnent or the Note wiflmut fl~e co-s~gner's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security instrmnent in writing, aud is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrum:nt Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security lnsmm~ent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees fin' services per/brined in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but ~mt limited to, attorneys' lbes, property inspection and valuation tees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific .fee to Borrower shall not be construed as a prohibition on Lhe charging of such tee. Lender nmy not charge fees that are expressly prohibited by tiffs Security Instrmnent or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in cmmection with the Loau exceed die pemfitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to file permitted limit; and (b) any stuns already collected ti-om.Borrower which exceeded perofitted limits will be refmlded to Borrower. Lender may choose to make this refund by reducing the principal owed under file Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment withont any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund nmde by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with fids Security Instrument must be in writing. Any notice to Borrower in cmmection with this Security Instrument shall bc deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for' reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There nmy be only one designated notice address under this Security Instrument at any one tilne. Any notice to Leuder shall be given by delivering it or by mailing it by first class nmil to Lender's address stated herein unless Lender has designated another address by notice' to Borrower. Any 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 Instrulncnt is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Se6urity Instrument. (~6(WY) (ooo5) P.g~ lo o~ is i'.'?:;-':~.';:':.:; ;i}i!i}~i i~!--::'i::.zz.:.~.:::! iii~' i. ,. .... '.-. : .: : · .-:-::. }:: :.":. .?;i*J~!:i!iiii~,ii!?:;:'.i:i: :_;.h:: :;.:':: -4; '¢~:; '.; ' :::' :.: ..' -:.''' '-.'! "-1:'.:: {' ':;': · '. 16. Governing Law; Severability; Rules of Construction. Tiffs Security Instrument sliall be governed by federal law and the law of the jurisdiction m which die Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and linfitauons of Applicable Law. Applicable Law nfight explicitly or hnplicitly 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· Iu the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security lnstrmnent or the Note which can be given effect without die conflicting provision. As used in this Security Instrmnent: (a) words of the masculine fender shall mean and include corresponding neuter words or words of the fenfinine gender; (b) words-in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligailon to take any action. 17. Borrower's Copy. Borrower shall be g~ven one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial luterest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest m the Property, including, but not linfited to, those beneficial interests transferred in a bond tbr deed coutrac! fi)r deed, installment sales contrac~ or escrow agreement, the mtent of which is the transfer of title by Bm-rower at a future date to a purchaser If all or any part of the Property or any Iuterest in the Property is sold or transferred (or if Borrower ~s not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender nmy require immediate payment iu full o~' all stuns secured by this Security Instrmnem. Howevm', this option shall not be exercised by Leuder if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The uottce shall provide a period of not less than 30 days t¥om the date the notice ~s raven in accordatme with Section 15 wiilfin which Borrower must pay all sums secured by ilfis Securi[y ~istrument. if Borrower fails to pay these sums prior to the expiration of riffs period, Lender ma5 invoke any remedies permitted by this Security Instrument withom further notice or denmnd on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have entbrcement of ilfis Security Iustrument 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 ilfis Security Instrmnent; (b) such other period as Applicable Law nfight specify for the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enforciug dfis Security Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due uuder 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 riffs Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation tees, and oilier fees incurred for the purpose of protecting Lender's interest in the Property and rights uuder this Security lnstrmnent; aud (d) takes, such action as Lender uny reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by fids Security lnstrmnent, shall continue unchanged. Lender lusty require ii, at Borrower pay such reinstatement stuns and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or eutity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security instrument and obligations secured hereby shall rmnain fully effective as if no acceleration had occm-red }-towever, 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 Noie or a partial interest in the Note (together with this Security Instrumen0 can be sold one or more times without prior notice to Borrower. A sale nfight result in a change in the entity (known as il~e "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrnmeut and per/brms other mortgage loau servicing obligations under the Note, ilfis Security Instrument, and Applicable Law. There also nfight be one or more changes of the Loan Servicer unrelated to a sale of die Note. If there is a change of the Loan Servicer, Bon'ower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA (~-6(WY) (ooos) Pag, ~1 oils ,-y~ Form 3051 1/01 requires in comlection with a notice of transfer of servicing. If the Note is sold and thereafter d~e Loan is serviced by a Loan Servicer off-ret titan die purchaser of the Note, die inortgage loan servicing obligations to Borrower will remain with die Loan Servicer or be transferred to ,"l successor Loan Servicer and are not assumed by die Note purchaser unless otherwise provided by die Note purchaser. Neither Borrowex nor Lender may cormnence, join or be joined to any judicial action (as either an individual litigant or die member of a class) that arises fi'om the other party's actions pursuant to fids Security Instrutnent or that alleges that file other party has breached any provision of, or any duty owed by reason of, fliis Security instrument, nmil such Borrower or Lender has notified the other party twith such notice given in compliance with fl~e requirements of Section 151 of such alleged breach and aflbrded die other party hereto a reasonable period after the giving of such uotice to take corrective action. If Applicable Law provides a rune period which nmst elapse before certain actiou can be taken, that time period will be deemed to be reaso~able tbr pm'poses or' this paragraph. The notice of acceleration and opportmfity to cure given to Borrower pursuant to Section 22 aud the notice of acceleration given Borrower pursuant to Section 18 shall be deemed to satisfy die ut>rice and opportmfity to take corrective action provisions or' fills Section 20. 21. Hazardous Substances. As used in fills Section 21: (a) "Hazardous Substances" are fliose substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and die following substances: gasoline, kerosene, other flammable or toxic petrolemn products, toxic pesticides and her'bicides, volatile solvents, materials contai~fing asbestos or fi:~rmaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of die jurisdiction where file Property is located that relate to healflt, safety or environmental protection; (c) "Enviromnenlal Cleam~p" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of auy Hazardous Substances, or fllreaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting file Property (a) that is iu violation of any Enviro~m~ental Law, (b) which creates an Environmental Condition, or (c) which, duc to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The precediug two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to nornml residential uses and to maintetmnce of the Property (including, but not linfited to, hazardous substances in consumer products). Borrower shall prolnptly give Lender written uotice of (a) any investigation, claim, den~md, lawsuit or other action by any govenm~ental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not li~xfited to, any spilling, leaking, discharge, release or threat 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 govermnental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting rite Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nothing herein shall create any obligation ou Lender for an Euviromnental Cleanup. (~c~-6(WY) (ooosl Paoe 12 O~ 15 %~ ~Form 3051 1/01 Initials: NON-UNIFORM COVENANTS Borrower and Lender trod]er co vmmnt and agree as lbllows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Insirument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specil): (a) the default; (b) the actiou required to cure the default; (c) a dale, not less than 30 days frmn 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 resolt in acceleration of the sums secured by this Security Instrumeut and sale of the Property. The notice shall fm'ther inforln Borrower of the right to reinstate after acceleration and the right to bring a cotu-t aclion 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 optiou may require immediate pay~nent in full of all sums secured by this Security Iustrument without further demand and ~nay 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 uolice 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 ~nanner provided in Section 15~ Lender shall publish the notice of sale, and the Property shall be sold iu 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 /lie s;,le, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; aud (c) any excess to the person or persons legally entitled to it. 23.. Release. Upon payment of all sums secured by fids Security Iustrmnent, Lender shall release this Security Instrmnent. Borrower shall pay any recordation costs. Leuder nmy charge Borrower a tee for releasing this Security Instrument, but only if the lee is paid to a third party for services rendered and the charging of the fee is pernfitted under Applicable Law. 24. Waivers. Bon'ower releases and waives all rights trader aod by virtue of the homestead exemption laws of Wyonfing. (~6(WY) 10.oo51 - Page 13 of 1 5 mitiala: ?-4q_~ C.~ Form 3051 1/01 · ~ BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained itt this Security instrument and in a~ly Rider executed by Borrower and recorded wifl~ it. Witnesses: ~TTHEW J OLCOTT -Borrower CATHERINE S OLCOTT -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6(WY) looosl P~.~4o~5 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was acknowledged before me by Y-~TTHI~¢/ ,J OBCOTT AIq'D CATHI~RIiNIR $ OLCOTT /¢./' Notary Public (~¥6G(WY) tooosl Pa§e 1 5 of 15 Form 3051 1/01 Legal Description Part of Lot 4 of Block 4 of the Town of Alton, Lincoln County, Wyoming being more parnicularly described as follows: Beginning at a point which is 79.5 feet West and 82.5 feet North from the Southeast corner of said Lot 4 and running thence west 4 rods; thence North 1 rod; thence East 4 rods; thence South 1 rods no the Point of Beginning. ALSO Part of Lot 4 of Block 4 of the Town of Afton, Lincoln County, Wyoming being more particularly described as follows: Beginning at a point which is 63 feet Wesn from the Southeast corner of said Lot 4 and running thence West 5 rods; thence North 5 rods; thence East 5 rods; thence South 5 rods no the point of beginning. LESS AND EXCEPT the land contained in Warranty Deed recorded January 8, 1969 in Book 85PR on page 263 of nhe records of the Lincoln County Clerk.