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HomeMy WebLinkAbout901137Return To: CitiMortgage, Inc. Attn: Document Processing P.O. Box 790021 St. Louis, MO 63179-0021 BOOK Prepared By: CitiMortgage, Inc. 1000 Technology Drive MS # 852 O' Fallon, MO 63304 [Space Above This Line For Recor drag Data] MORTGAGE DEFINITIONS Words used in multiple sections of this documenl are defined below and oilier words are defined in Sections 3, 11. 13, 18, 20 and 21. Certain rules regarding the usage of words used in this documen[ are also provided in Section 16. (A) "Security Instrument" meaus this documem, which is dated July 15, 2004 together with all Riders to this document (B) "Borrower" is JeffZrey iBlain~/Brewster And Deana Karen Brewster, Husband and Borrower is tile mortgagor under this Security Instrument. (C) "Lender" is CitiMortgage, Inc. Lender is a Corporation organized and existing under tile laws of DelaWare 002001860308 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT l~®-6 (WY) (ooos) VMP MORTGAG£ FORMS - (800}521-729'1 Form 3051 1/01 Lender's address is 1000 Technology Drive, O' Fallon, MO 63304 Lender is Ihe mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated July 15, 2004 The Note states that Borrower owes Lender Two Hundred Seventy Three Thousand One Hundred Dollars (U.S. $ 273,100.00 ) plos interest. Borrower has promised to pay this debl ill regnlar Periodic Payments and to pay the debl in full not later tllan August 1, 2034 ~) "Property'. means the property that is described below uoder tile heading "Transfer of Rights in tile Property." (F) "Loan" ~neans the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due nnder this Security lnstrtnnen~, plus interest. (G) "Riders" means all Riders to this Security Instrument thai are executed by. Borrower. Tile followiug Riders are to be executed by Borrower [check box as applicable]: [~] Adjustable Rate Rider ~ Comlominium Rider []] Second Home Rider [---] Balloon Rider [~] Plauned ·Unit Development Rider []] 1-~1 Family Rider [--] VA Rider ~] Biweekly Payment Rider [~] Other(s) [specify] Schedule "A" (H) "Applicable Law" lneans all controlling applicable federal, slate and local slatutes, regulatious, ordinances and administraiive rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial ol]iili0ns. (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, llomeowners association or similar orgauization. (J) "Electronic Funds Transfer" means auy transfer of funds, other than a transaction origin,areal by check, draft, .or similar paper instrmnent, which is initiated through ao electronic lerminal, telepboidc instrument, computer, or magnetic tape so as to order, inslrnct, or aothorize a financial inslitution to debit or credit an acconnt. Such term inclndes, but is not limited ~o, point-of-sale transfers, at, tomated teller machine transactions, transfers, initiated by telephone, wire transfers, and automated cleariughouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compeusation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under Ihe coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or oilier taking of all or any parl of tile Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, tile value and/or condition of the Property. · (M) "Mortgage Insurance" means insurance protectiug Lender ~gaiust the noupayment of, or del'ault on, the Loan. (lq) "Periodic Payment" means the regularly scheduled amoul~t due roi' (i) principal and iuterest under the Note, plus (ii) auy amounts under Section 3 of this Security Insmm~ent. (O) "II~ESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) aud its implementing regulation, Regulation X (24 C.F.R. Part 35011), as they might be amended fi'out time to time, or any additional or successor legislation or regulation that governs tile same subject matter. As used in this Security Instrumeut, "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" nuder RESPA. oo oo, o o 05 ~}~]-6(WY) (ooo5) Page 2 or ~s Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that l,as laken title to the Property, wbethe,' or not that party has assmned.Borrower's obligations under the Note ami/or this Security h,strument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) tim repayment of tile Loan, and all renewals, extensions and modifications of the Note: and (ii) the performance of Borrower's covenants and agreements under Ihis Security Instrument and the Note. For tbis purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale the following described property located in tbe County of LINCOLN : [Type of Recording Jurisdiclion] [Name of Recording Jurisdiclion] See Attached Legal Description Parcel ID Number: 81 Alpenglow Drive Thayne ("Property Address"): which currenlly has the address of [Slreel[ [City] , Wyoming 83127- [Zip Codel TOGETHER WITH all the i,nprovemeots now or hereafter erected on tile properly, and all easements, appurtenances, and fixtures now or hereafter a parl of the property. All replace,nents and additions shall also be covered by this Security Instrument. All of tile foregoing is referred to in ibis Security Instrument as the "Property." BORROWER COVENANTS lhat Borrower is lawfully seised of the estate hereby couveyed aud has the right to mortgage, grant and convey the Property and thai tile Property is unencuulbered, excepl lbr encumbrances of record. Borrower warrants and will defend generally the title to the Property againsl all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non tmifornl covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and inlerest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay fimds iht Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment umler the Note or this 002001860308 ,niLia,~7.~ ~,/}) 4~D~-f0NY) (ooos) ~a0e ~ or ~s Form 3051 1/01 Security Instrument is returned to Lender nnpaid, Lender ~nay require that any or all subsequent payments due under the Note and this Security Instrument be made io oue or more of the following fro'ms, 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 drawu upon all institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deelned received by Lender when received ill the location desiguated in the Note or at such otber location as may be designated by Lender in accordance with the notice provisions in Seclion 15. Lender may return any payment or partial payment if the payment or parlial payments are insufficienl to bring tile Loan current. Lender may accept any payment or partial paymeut insufficieut to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or parlial pay~nents in the filture, but Lender is not obligated to apply such paylnems at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need 4,ol 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 wi,btu a reasonable period of time, Leoder shall either al)ply such fimds or return them Io Borrower. If not applied earlier, sncb fimds will be applied to the outstanding principal balance under the Note iimnediately prior to foreclosnre. No offset or claim which Borrower might have now or in the fidure against Lender shall relieve Borrower fi'om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Secnrity Instrument. 2. Application of Payments or Proceeds. Except as odmrwise described in ibis Section 2, all pay~nents accepted and applied by Lender shall be applied in the following order of priorily: (a) interest due under the Note; (b} principal due under tile Note; (c) amounts due under Section 3. Such paylneuts shall be applied to each Periodic Payment itl tile order in which it became due. Any remaining ammmts shall be applied first to late charges, second to any other amounts dne nuder this Security Instrument, and ,ben to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a deliuqt,ent Periodic Payment wbicb inchnles a sufficienl amount to pay any late charge due, the payment may be applied to t!ie delinqoent payment and the late charge. If ~nore than one Periodic Paynlent is outstanding, Lender may apply ally payment received from Borrower to the repayment of tile Periodic Payments if, and 1o the extent that, each payment cau be paid in full. To the extent that any excess exists after ,be payment is applied to tile full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment cbarges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal title under the Note shall not exteud or postpone the due date, or cbange Ihe amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due nnder the Note, until the Nole is paid in full, a stun (,be "Funds") to provide roi' payment of amounts due lbr: (a) taxes and assessments and other items which call attain priority over this Secnrity Iostrumeut as a lien or encumbrance on the Property: (b) leasehold payments or gronnd rents on the Property, if any; (c) premimns for any and all iosnrance required by Lender uoder Section 5: and (d) Mortgage Insm'ance premiums, if any, or ally snins payable by Borrower to Leuder in lieu of lite payment of Morlgage Insurance prelnimns iu accordance with lite provisions of Section 10. These items are called "EscroTM Items." At origination or at any tiine during the term of the I_oan, Lender may require that Comnmnity Association Dues, Fees, and Assessments, if any. be escrowed by Borrower, and such dues, fees and assessments sball be au Escrow Ileal. Borrower shall prolnptly fiu'nisb to Lender all notices of amomltS to be paid under this Section. Borrower shall pay Lender die Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any 04' all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Ilems at any time. Any such waiver may only be io writing. In the event of snch waiver, Borrower shall pay directly, when and where payable, the amounts 002001860308 {~)®~ONY) (ooo5) Page 4 or 3el Form 3051 1101 due for any Escrow Items for which paymen{ of Funds has been waived by Lender ami, if Lender reqoires, shall furnish to Lender receipts evidencing such payment within stlch time period as Lender may require. Borrower's obligation to nrake such payments anti to provide receipts shall for all purposes be tleemed to be a covenant and agreement contained in this Security lnstrmneni, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow IIems directly, lmrsuau! ~o a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights nnder Section 9 and pay such amount arid Borrower shall then be obligated under Section 9 to repay ~o Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items al any time by a notice given iii accordance with Section 15 and, upon such revocatiou, Borrower shall pay to Lender all Funds, arid iii such amounts, thai are Ihen required under this Section 3. Lender may, al any time, collect and hold Funds iii air amoum (ar sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amoum a lender can require tinder RESPA. Leiider shall estimate the amount of Ftmds title on the basis of current data and reasonable estimates of expenditures of future Escrow llems or otherwise ill accordance with Applicable Law. The Fnnds shall be held in an institution whose deposits are iusured by a federal ageucy, instrumentalily, or entity (including Lender, if Lender is an institu{ion whose deposits are so insm'ed) or in any Federal Home Loan Bank. Leuder shall apply the Funds to pay the Escrow Items no later than lhe lime specified under RESPA. Lender shall not charge Borrower foL' hnlding and applying the Funds, ammally analyzing the escrow accoum, or verifying the Escrow Items, unless Lender pays Borrower interest nn the Funds and Applicable Law permits Lender to make such a charge Unless aLL agreement is made in writing or Applicable Law requires interest ~o be paid on the Funds, Lender shall nol be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender caLL agree in writiug, however, thai ioterest shall be paid on the Funds Lender shall give to Borrower, wilhoul charge, an annual accounling of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall accoun! to Borrower for the excess funds iii accordance with RESPA. If there is a shorlage of Funds held iii escrow, as defined trader RESPA, Lender shall nolify BmTower as required by RESPA, and Borrower shall pay to Leuder the amounl necessary Io make tip the shorlage in accordance with RESPA, bul in no more than 12 inonthly pay~nents. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, arid Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in hill of all snms secured by this Secnrity Instrument, Lender shall promplly retired to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, arid impositions attributable to the Property which can attain priority over this Security Instrnnmnt, leasehold payments or ground rems on the Property, if any, ami Community Associalion Dues. Fees, aud Assessments, if any. To the extent that these items ,are Escrow Items, Borrower shall pay them in the manner provided iLL Section 3. Borrower shall promptly discharge any lien which has priorily over this Security Instrumenl unless Borrower: (ar agrees m writing to the paymem of tile obligatioo secnred by the lieu in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends againsl enforcemen{ of the lien iii, legal proceediogs which iii Lender's opinion operale to prevenl the enforcement of the lien while those proceedings are pending, but only nntil snc'h proceedings are concluded; or (c) secures from tile holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrulnent, Lender may give Borrower a notice identifying the 002001860308 (~-6 (WY) (ooos) PageSofl5 Form 3051 1/01 lien. Witbin 10 days of tile date on which that notice is given, Borrower shall satisf-y tile lien or take one or more of tile actions set forth above in this Section 4. Lender may require BorroWer to pay a one-time charge for a real estale tax verification and/or reporting service used by Lender in connection wHb this Loan. 5. Property insurance. Borrower shall keep the improvements now existing or tiereafter erected on tire Properly insured against loss by fire, hazards included wilbiu lhe lerm "extended coverage," and any oilier hazards including, bnt not limited to, earlbquakes and floods, for which Lender requires il'~surauce. This insurance shall be maintained in the amounts (including deductible levels) and for lhe periods that Lender requires. What Lender requires pursuant to the preceding seniences can change during ihe lerm of' the Loan. The insurance carrier providing tile insurance shall be chosen by Borrower subject to Lender's rigbl to disapprove Borrower's choice, which right shall nol be exercised unreasonably. Lender may require Borrower to pay, in connection with this Lo.an, either: (a) a one-time charge for tlood zone determiuation, certification and tracking services; or' (b) a one4ime charge Ibc flood zone delerminalion and certification services and subsequent charges each time remaplfings or similar changes occur which reasonably might affect sncb determination or certification. Borrower shall also be responsible tbr the payment of any fees imposed by the Federal Emergency Ma,lagement Agency in connection wilh the review of any flood Zone determination resulting fi'om an objectiou by Borrower. If Borrower fails to maintain any of Ihe coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase auy particular type or amount'of coverage. Therefore, such coverage shall cover Lender, bill might or might not protect Borrower, Borrower's equity in tbe Property, or the coutexlts of the Property, against ally risk, bazard or liability and might provide greater' or lesser coverage limn was previously in effect. Borrower acknowledges that tile cos't of the insurance coverage so oblained niigh! significantly exceed lbe cost of insurance that Borrower could have obtained. Any amouuts disbursed by Lender under tiffs Section 5 shall become additional debt of Borrower secured by this Security Inslrument. These amounts shall bear imerest at the Note rate from the date of disbursement and shall be payable, with such inlerest, upon noHce from Lender to Borrower requesting payment. ' Al1 insurance policies required by Lender and renewals of sucb policies shall be suhject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have Ihe right to bold the policies and renewal certificates. If Lender requires, Borrower shall promptly give Io 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, the Property, such policy shall include a slandard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt noiice ~o the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. U~dess Lender and Borrower olberwise agree in writing, any insurance proceeds, whether or not the undeHyillg insurance was required by Lender, shall be applied to restoration or repair of the Properly,' if the restoralion or repair is economically l'easible and Lender's secm'ity is not lessened. During snch repair and resloralion period, Lender shall have tile rigbt to hold such insurance proceeds until Lender has bad an opportunity to inspect such Property to ensure lhe work has been completed to Lender's satisfaction, provided that such inspection shall be underlaken .promptly. Lender may disburse proceeds for the repairs and resloration iu a stogie payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such irrsnrance proceeds, Lender shall not be reqnired to pay Borrower any interest or earnings on such proceeds. Fees for public ad~uslers, or other third parties, retaiued by Borrower shall not be paid out of the insurance proceeds arid shall be the sole obligaliou of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, Ihe insurance proceeds shall be applied to tim sums secured by ibis SecurHy Instrument, whether or nol then due, with 002001860308 initials i(~®"6(WY) (0005) Page 6 o~ ~5 Form 3051 1/01 the excess, if any, paid m Borrower. Such insurance proceeds shall he applied in lhe order provided for m Section 2. If Borrower abandons the Property, Lender may file negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice fi'om Lender thai tile insurance carrier has offered to settle a claim, then Lender may negotiate aud settle the clai~n. TiLe 30-day period will begin when the notice is given. In either event, or il' Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights 1o any insurance proceeds in an amount no~ lo exceed tile a~nounts unpaid under the Note or this Security Instrument, aod (b) any other of Borrower's rights (oilier than the right lo any retired of unearned premiums paid by Borrower) uuder all insurance policies covering the Properly, iusofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or Io pay amoums unpaid uuder tim Note or this Security Instrumem, whether or not then due. 6. Occupancy. Borrower shall occupy, eslablisb, and use ihe Property as Borrower's principal residence within 60 days after the execution of this Security lustrument and shall coutint, e lo occupy the Property as Borrower's principal residence for al least one year al'ret the dale of occupancy, unless Lemler otherwise agrees in writing, which consem shall not be unreasonably withheld, or unless exte,mating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair /lie Property, allow tile Property lo deteriorate or commit waste on the Property. Whether nr not Borrower is residing in the Property, Borrower shall mainlain the Property in order to prevent the Property from deteriorating or decreasing in value due io ils condition. Unless it is determined pursuant to Sec!ion 5 that repair or restoration is nol economically feasible, Borrower shall promptly repair the Property if damaged to avoid further delerioration or damage. If insorance or condemnation proceeds are paid in conuecdon with damage lo, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Properly only il' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment m' in a series of progress payments as the work is completed. If the insurance or condemnadoo proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable enlries upon and inspectioos of Ihe Properly. If it has reasonable cause, Lender may inspect tbe interior of the improvements oo 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 default if, duriug tl,e Loan application process, Borrower or any persons or entities acting at the di,'ection of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements io Lender (or failed to provide Lender with material information) in counectiou with tile Loan. Malerial representations include, but are not liafited to, representations conceruing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements conlained iu fids Security Instrument, (b) Ihere is a legal proceeding that might signillcantly affect Lender's iuterest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probale, for condemnation or fo,'l~imre, for enforcement of a lien which may attain priority over this Sect, rity Instrument. or to enforce laws or regulations), or (c) Borrower has abandoned the Property, theu Lender may do ami pay for whalever is reasonable or appropriate to protect Lemler's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property. arid securing and/or repairing the Property. Lender's actions can include, but are not limiled io: (a) paying any sums secured by a lien Which has priority over this Security Instrument: (b) appearing in court; and (c) paying reasonable 002001860308 ~-6(WY) (ooos) Pa§e 7 or ~s Form 3051 1101 attorneys' fees to protect its interest in tim Properly and/or rights under this SecuritY htstrmnent, including its secured position in a bankruptcy proceeding. Securing lite Property includes, but is not limited to, entering the Property io tnake repairs, change locks, replace or board up doors and windows, drain water fi'om pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned ou or off. Aldtough Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Seclion 9 shall become additional debt of Borrower secured by this Security Instrument. These a~nounts shall beat' interest at the Note rate fi'om the dale of disbursement and shall be payable, with such interest, upon notice fi'om Lender t0 Borrower requesting payment. If this Secnrily Instrtnnent is on a leasellold, Borrower shall comply with all the provisions of lite lease. If Borrower acquires fee title to the Property, the leasehokl aod lite fee title shall not merge nnless Lender agrees to the merger in writing: 10. Mortgage Insurance. If Lender required Mortgage Insurance as a conditioo of making the Loan, Borrower shall pay ihe premiums required to maintain the Mortgiige Insurance in el'fect. If, for any reasou, the Mortgage Insurance coverage required by Lender ceases to be available fi'om the mortgage insurer ihat previously provided such insurance and Borrower was required to make separately designaled payments toward the premiums for Mortgage Insurance, Borrower shall pay tile premimns required to obtain coverage substantially equivalent to the Mortgage Insurance p,'eviously itl effect, at a cost substantially equivalent lo the cost to Borrower of the Mm'tgage Insurauce previously itl effecl, froni an alternate mortgage insurer selected by Leuder. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender lite antount of the separalely designated payments lbat were due when the insurance coverage ceased to be itl el'fecl. Lender will accept, use and retain tltese payments as a non-refundable loss reserve in lieu of Morlgage Insurance. Such loss reserve shall be nOn-refundable, notwithstanding tile fact that the Loan is ultimately paid in lidl, arid Lender shall not be required to pay Borrower' any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the atnomtt attd for tlxe period that Lender requires) provided by an iusurer selected by Lender again becomes availahle, is obtained, arid Lender requires separately designated payments toward ttte pt'emiums for Mortgage Insurance. I1' Lender required Mortgage Insurauce as a condition of inaking the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Iusurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refimdable loss reserve, until Lender's requirement for Mortgage Insurance ends iii accordance with arty writlen hgreement belween Borrower attd Lender providing for such termination or until termination is required by Applicable Law. Nothing itt this section 10 affects Borrower's obligation to pay interest at Ilie rate provided itt Ihe Note. Mortgage Insurance reimburses Lender (or any entity tltal purchases the Note) t'or certain losses it may iucur.if Borrower does .not repay the Loan as agreed. Borrower is nol a party to lite Mortgage Insurance. Mortgage insurers evaluate their total risk ou all such insurance itl force fi'om time to tittle, and may enter into agreements wilh other parties that sliare or modify tbeir risk, or reduce losses. These agreements are on terms and cooditions that are satisfactm'y to the tnortgage insurer and the oilier party (or parties) to these agreements. These agre.ements may require lite morlgage insurer to make payments using any source of fuods that the tnortgage insurer may have available (which ntay include funds obtained t'rom Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser rtl' the Note, attolher insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (direcdy or indirectly) amounts that derive fi'om (or might be characterized as) a portion of Borrower's payments for Mortgage lnsurauce, itl 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 die insurer's risk ill exchange tbr a share of the preminms 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 tile atnount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. 002001860308 i,~iti~(~;52/~ ¢ (~6(VVY) {ooos) paga e or ~5 / Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the MOrtgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include, the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to ha;ye the Mortgage insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. ,11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied 1o restoration or repair of the Property, if the restoration or repair is economically feasible aud Lender's security is not lessened. During such repair and restoration period, Lender shall have the rigb! lo hold such Miscellaneous Proceeds nntil Lender has had an opporlunity to inspect such Property lo ensure the work has been coinpleted lo Lender's satisfaction, provided that such inspection shall be underlaken promptly. Leuder may pay lbr lhe repairs and restoration in a single disbursmnent or.in a series of progress .payments as Ibe work is completed. Unless an agreement is made iu writing or Applicable Law requires interest lo be paid ou such Miscellaneous Proceeds, Lender shall not be required lo pay Borrower any interest or earnings on such Miscellaneous Proceeds. If lite restoration or repair is no! economically feasible or Lender's securHy would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not theo due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied iii the order provided for in Section 2. In the event of a total taking, destruction, or loss in wdue of tile Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security htstrnment, whether or not then due, with the excess, if any, paid to Borrower. ' In the event of a partial taking, destruction, or loss ill value of lhe Property in which the lair inarket value of the Property i)mnediately before the partial taking, desh'ncfion, or loss in value is equal lo or greater than the amount of the sums secured by this Security Ilistrun)en! innnediately before lira partial taking, destruction, or loss' in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Ihstrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total mnount of ihe sums secured immediately before partial taking; destruction., or loss in value divided by (b) lhe fair markel value of the Property innnediately before the partial taking, destruction, or loss in value. Any balance shall be paid lo Borrower. In the event of a partial takiug, destruction, or loss in value of the Property in which the lair market value of the Property immediately before the partial taking, desmtction, or loss in value is less than the amount of the sums secured iminediately 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 ibis Security Instrument whether or not the sums are Ihen due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower tha¢ lite Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Leuder within 30 days after the date tile notice is given, Lender is authorized lo collect and apply the Miscellaneous Proceeds either lo restoration or repair of lite Property or lo the sums secured by this Security Instrmnent, whether or not theo due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whmn Borrower has a right of action itl regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begnn that, in Lender's .judgment, could result .in forfeiture of the Properly or other material impairment of Lender's interest in the Property or: rights under this Security Instrument. Borrower can cure such a dehult and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding lo be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Properly or rights under this Security Instrument. The proceeds of any award or claim for damages thai are attributable to the impairment of Lender's interest io the Property are hereby assigned and shall be paid lo Lender. All Miscellaneous Proceeds that are not applied lo restoration or repair of the Properly shall be applied in the order provided for in Section 2. 002001860308 (~}~60A/Y) (ooo5) Page 9 or 15 Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Exteusion of the time for payment or ~nodification of amortization of tile sums secured by this Security Instrument granted by Lender to Borrower or any Successor irt Interest of Bm'rower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be reqnired to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modi~ amortization of the sum~i secured by this Security Instnnnent by reason of any detnand made by tile original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercisiug any right or remedy including, without limitation, Lender's acceptance of payments fi'mn third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then dne, 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 covenauts and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Iustruinent but does not execute the Note (a "co-signer"): (a) is co-signiog this Security h~strmnent only to inortgage, grant and convey the co-signer's interest in the Property uuder the terms of this Security Instrument; (b) is not personally obligated to pay tile sums secured by this Security Instrument: and (c) agrees that Lender and any other Borrower can agree to extend, modiBj, forbear or make any accotnmodafions witl! regard to the terms of this Security Instrument or the Note without tim 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 Instrument in writing, and is approved by Lender, sball obtain all of Borrower's rights and benefits under this Security Insmmlent. Borrower shall not be released hmn Borrower's obligations and liability under this Security Instrumeut unless Lender agrees io such release in writing. The covenants and agreemeuts of this Security lnsh'ument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees roi' services performed in connection wifll Borrower's dehult,~for the purpose of protecting Lender's interest itl the Property and rights under lhis Security Instrument, including, but not limited to. attorneys' lees, property inspection and valuafiou fees. In regard to any other fees, the absence of express authority ill fl~is Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of sttch fee. Leuder may not charge fees tl~at are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally imerpreted so that the interest or other loan charges collected or to be collected in connection with t}te Loau exceed lite permitted limits, then: (a) any snch loan charge shall be reduced by the amouut necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitled limits will be refunded to Borrower. Lender may choose to make this retired by reducing the principal owed under tl~e Note or by making a direct payment to Borrower. If a retired reduces principal, the reduction will be treated as a partial prepaymeut without any prepayment charge (whether or not a prepayment charge is provided tbr under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of ally right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security lnsh'ument must be in writing. Any notice to Borrower in connection witb this Security li~strument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to BorroweFs notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. Tile notice address shall be lite Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prompdy notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Iustrmuent 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. Any notice in connection with fids Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the correspondiug requirmnent under this Security Instrument.. ~ 002001860308 initials/~ff/~ ~(~-6(VVY) (ooo5) Pa§e ~0 or ~5 ~'?~"' Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of tile jurisdiction in which the Property is located All rigbis and obligations contained in rids Security Instrument are subject to any requirements and limitalions of Applicable Law. Applicable Law might explicitly or i~nplicitly allow'the parries to agree by comract or il might be silent, but such silence shall uot be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrumenl or tile Note conflicts will~ Apl)licable Law, such conflict shall not affect other provisions of rids Security Instrument or lite Note which can be given effect without the conflicting provision. As used in rids Security Instrmnent: ia) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "lnay" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest itl the Property" means any legal or beneficial interest in the Properly, inchnling, but not limiled to, those benet]cial interests transferred in a bond for deed, contract for deed, installment sales comract or escrow agreement, the intent of which is the transfer of lille by Borrower al a future date to a purchaser. If all or any part of tile Property or any Interest in the Property is sold or transferred (or il' Borrower is not a natural person and a beneficial interest itl Borrower is sohl or transferred) without Lender's prior written consent, Lender may require immediate payment in fidl of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibiled by Applicable Law. If Lender exercises rids option, Lender shall give Borrower notice of acceleration. The nolice shall provide a period of not less than 30 days fi'mn tl~e date the notice is given ill accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrmnenl. If Borrower fails to pay these sums prior to tim expiration of this period, Lender may invoke any remedies permitted by rids Security Instrument without fi~rther notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets cerlain condidoos, Borrower shall have the rigbt to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: ia) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify foL' the lerminadon of Borrower's right to reinstate: or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: ia) pays Lender all sums which dmn would be dne uoder rids Security lnstrumenl and the Note as if no acceleration had occurred; (b) cures ally default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valnadon fees, and odmr fees incnrred lbr the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and id) takes such action as Lender may reasonably require to assure that Lender's interest in Ihe Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by Ibis Secnrity h'lstrmnent, shall continue unchanged. Lender may require thai Borrower pay snch reinstatemem sums and expenses in one or more of the following forms, as selected by Le,der: ia) cash; (b) money order; (c) certified cbeck, 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, inslrumentality or entity; or id) Electronic Fnnds Transfer. Upon reinstatement by Borrower, this Security Instrmnent and obligations secured hereby shall re~nain tully effective as if no acceleration had occurred, l lowever, this right to reinstate shall [lot apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a pardal interest iLL tile Note (together witb this Security Instrument) can be sohl one or more times wilhout prior notice to Borrower. A sale might result in a change in tile entity (known as tile "Loan Servicer") that collects Periodic Payments due under the Note and rids Security Inst,'unmnl and performs other morlgage loan servicing obligations under the Note, this Security Instrumeol, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated lo a sale of the Note. If there is a change of the L0au Servicer, Borrower will be given written notice of dm change which will slate the nmne and address of the new Loan Servicer, the address to which payments should he made and any other infor~nadou RESPA 002001860308, Initials: (~-6(WY) (0005) Page ~ or~s Form 3051 1101 requires in connection with a notice of transfer of servicing. If tile Note is sold and thereafter tile I~oan is serviced by a Loan Servicer other than the lmrcbaser of the Note, the mortgage loan servicing obligadnns to Borrower will remain with tide LOan Servicer or be transferred to a successor Loan Servicer and are nol assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower not' Lender may comlnence, join, or he joined lo any judicial action (as either all individual litigant' or tim member of a class) that arises fi'om the other party's actions pursuant to Ihis Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender bas notified the other party (with such notice given in compliance witli tile requiremenls of Section 15) of such alleged breach and aflbrded 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 this iDaragraph. The. notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and tim notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take cm'rective action provisions of this Section 20. 21. Hazardous Substances. AS used in rids Section 21: (a) "l-lazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and Ibe following substances: gasoline, kerosene, other flammable or ioxic petroleum prodncts, Ioxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located thai relate to health, safety or environmental protection; (c) Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise~trigger an Euvironmental Cleannp. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any ltazardous Substances, on or in the Property. Borrower shall not tit), nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environinental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release ora Hazardous Substance, creates a condition ti'tat adversely affects the value of the Property. The preceding two sentences shall not apply to the preseuce, use, or storage on tile Prol)erty of small quantities of Hazardous Substances that are generally recognized to be apl)ropriate to normal residential uses and lo maintenance of the Property (including, bnt not limited to, hazardons substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or priwde party involving the Property and any Hazardous Substance or Enviromnental Law of which Borrower bas actual knowledge, (b) auy Enviromnental Condition, inclnding but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardons Substance, and (c) any condition caused by the presence, rise or release of a Hazardous Snbstance whicb adversely affects ltie value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any relnoval or other remediatiou of any Hazardous Substance affecting tile Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviromnental Law. Nolhing herein shall create any obligation on Lender for all Environmental Cleanup. 002001860308 1~-60NY) (ooos~ Initials:_~~ Pagel2ofl5 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender fl,'ther covenanl and agree as fl)llows: 22. Acceleration; Remedies. Lender shah give notice to Borrower prior to acceleration tbllowing Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days t?om the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security 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 invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect aH expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' lees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property 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 Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sulns secured by this Security Instrumenl, Lender shall release Ihis Security Instrument Borrower shall pay auy recordation costs. Lender may charge Borrower a fee fur releasing this Security Instrument, bul only if the fee is paid lo a third party for services rendered and the charging of the fee is permitted under Applicahle Law. 24. Waivers. Borrower releases and waives all righls under and by virlue of lite homeslead exe~nption laws of Wyoming. 002001860308~ ~ Q~ Initial {~-6(WY) (0o05) Paoe ~3 or~s Form 3051 1/01 BY SIGNING BELOW. Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded wilh it. Witnesses: '{~g/eana Karen Brewster -Bm'rowe,' l~(Sign Original Only) 002001860308 (l~i}¥6(wy) ~ooos~ Pagelqof15 Form 3051 1/01 STATE OF WYOMING, Lincoln County ss: Tim foregoing inslrument was acknowledged before me ibis 15ch day of July, 200/4 by Jeffrey Blaine Brewsl:er and Deana Karen Brewsrer My Coinmission Expires: February 2, 2006 NOTARY PtJ81.1C Notary Public 002001860308 (~6 (WY) (ooo5) Page 15 of 15 Form 3051 1/01 -i.. .,:' ;:';;;:.: LEGAL DESCRIPTION Lot 52 of the Star Valley Ranch Plat 15, Lincoln County, Wyoming as described on the official plat thereof. PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made tiffs Fifteenth day of July, 2004 . and is incorporated into and shall be deemed to amend and supplemem the Mortgage, Deed of Trust. or Security Deed (the "Security Instrument") of the same date, given by the umlersigned (lite 'Borrower") lO secure Borrower's Note lO CitiMortgage, Inc. (the "Lender") of the same date and covering tile Property described in thc Security Iustrmnem and located at: 81 Alpenglow Drive, Thayne, WY 83127 [Property Address} The Property includes, but is nol limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described iuCodes, Covenants and Restrictions (the "Declaration"). The Property is a part of a l)lanned unit development known as Star Valley Ranch {Name of Planned Unit Developmeml (the "PUD"). The Property also includes Borrower's iuterest itl Ihe homeowners association or equivalent entity owning or managing the common areas and facilities of tile PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements lnade in the Security lnstrnmenl, Borrower and Lender further covenanl and agree as follows: A. PUD Obligations. Borrower shall perform all of Burrower's obligations tender the PUD's Constituent Documents. The "Constituent Documents" are the ti) Declaratiou; (ii) articles of incorporation, trust instrmnent or any equivalent documenl which creates the Owners Associatiou; attd (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. 002001860308 MULTISTATE PUD RIDER- Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 Page1 of 3 Initials:_~l~'/~ ,~)/~) (~7R (0008) VMP MORTGAGE FORMS-(800)521-7291 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy iusuring the Property which is satisfaclory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within lhe term "extended coverage," and any oiber hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for tbe Periodic Payment to Lender of tbeyearly prmniunt installments for property insurance on the Property; and (ii) Borrowe~ s obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extem tbal the required coverage is provided by the Owners Associatiou policy. What Lender requires as a condition of this wmver can change during the 1erin of the loan. Borrower shall give Lender prompl notice of any lapse in required property iusnrance coverage provided by lhe master 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 com~non areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrmnent, whether or not then due, with the excess, ff any, paid to Borrower C. Public Liability Insurance. Borrower shall lake such actions as may be reasonable to insure that the Owners Association maintains a public liability insurauce policy acceptable in form, amount, and extenl of coverage to Lender. D. Condemnation. The proceeds of any award or claim for dmnages, direct or consequential, payable to Borrower in connection with any condeinnation or other laking of all or auy part of the Property or the cmnmon areas and facilities of the PUD, or for any conveyauce in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds sball be applied by Lender to the sums secured by the Security Instrumenl as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: {i) Ibe abandonment or termination of the PUD, except for abandomnem or lerminafion required by law iii the case of substantial destruction by fire or other casualty or in the case of a laking by condemnation or emmem dmnain; (ii) any amendment to any provismn of the "Constiluent Documenls" if the provision is for ibc express benefil of Lender; (iii) termination of professional management and assumption of self-mauagement of the Owners Association: or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the'Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when d,e, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument, Unless Borrower and Lender agree to other lerlns of paymen! these amounls shall bear interesl from the date of disbursement at the Note rate and shall be payable, with interest, upon notice ti'mn Lender to Borrower requesting paymem. 002001860308 nitia,s.~/~ (~ (~TR (0008) Page 2 of 3 Form 3150 1101 BY SIGNING BELOW, Borrower accepts anti agrees to the mr,ns and provisions conlained in lhis PUD Rider. ,~Fl~ana Karen Brewster 7B°rrower 002001860308 (~7R (0008) Page 3 of 3 Form 3150 1/01 FIXED/ADJUSTABLE RATE RIDER (One-Year Treasury Index - Rate Caps) TillS FIXED/ADJUSTABLE RATE RIDER is made this Fifteenth day of July, 2004 , and is incorporated into and shall be deemed lo ameml and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security hlstmment") of Ihe same dale given by tile undersigned ("Borrower") to secnre Borrower's Fixed/Adjustable Rate Nole (Ihe Note") lo CitiMortgage, Inc. ("Lender") of the same date and covering the property described in tile Security Instrument and located 81 Alpenglow Drive, Thayne, WY 83127 [Properly Addressl THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE THE NOTE LIMITS THE AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition lo the covenams aod agreements made in tile Security Instrument, Borrower and Lender further covenant and agree as follows: A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial fixed interest tale of 5.500 %. The Note also provides for a change in the initial fixed rate to an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The initial fixed interest rate I will pay will change to an adjustable inlerest rate on tile first day of August, 2009 , and tile adjustable imm'esl rate I will pay lnay change on that day every 12th month thereafter. Tile date on which my inilial fixed inleresl rate changes to an adjustable interest rate, and each date on which my adjustable interest tale couhl change, is called a "Change Date." 00200i860308 MULTISTATE FIXED/ADJUSTABLE RATE RIDE]R - ONE-YEAR TREASURY INDEX- Single Family - Fannie Mae Uniform Instrument (~,.~843R (0006).01 Form 3182 1/01 VMP MORTGAGE FORMS - (800)521-7291 (B) The Index Beginmng with the first Change Date, my adjustable inlerest rate will be based on an hldex. Tile 'Index" is lhe weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index fignre available as of the dale 45 days before each Change Date is called the "Cur,'enl Index." If the Index is no longer available, the Note Holder will choose a new index fl~at is based upon comparable inlbrmation. The Note Holder will give me notice of ibis choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Two & 75/100 percentage points (2.750 %) to the Current Index. The Nole ltolder will then round lhe resull of this addition to the nearest one-eighth of one percentage poim (0.125%). Subject to the limits stated ill Section 4(D) below, this ronnded amount will be my new interest rate until file next Change Date. The Note Holder will then determine lhe amount of the monthly payment lbat would be suf~ciel, to repay tim unpaid priucipal that I am expected to owe at the Change Dale ill full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be tire uew anlounl of lily monthly paymenl. (D) Limits on Interest Rate Changes The interest rate I am required to pay al lhe first Change Date will not be greater than 10.500 % or less than 2.750 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Dale by more than two percentage poinls from lhe rate of interest I bare been paying for the preceding 12 months. My imerest rate will never be greater than 10.500 %. (E) Effective Date of Changes My new inlerest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date alter lbe Change Date until the amount of lily monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interesl ram to an adjnstable interest rate and of airy changes in my adjustable imerest ra~e before the effective date of any change. The notice will include the amount of lny monthly paymeut, any information reqnired by law to be given to me and also the lille and telephone number of a person who will auswer any qnestion 1 may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROVVER 1. Uutil Borrower's initial fixed interest rate changes to an adjustable inlerest rate nnder the terms stated in Section A above, Uldform Covenant 18 of the Security hlstrument shall read as follows: 002001860308 Initials:qz~ 1~843R (OOO6).01 Page 2 of 4 Form 3182 1/01 Transfer of the Property or a Beneficial Interest in Borrower. As used itl this Section 18, "Interest in the Property" means any legal or beneficial iulerest in tile Properly, includiug but not limited to, those beneficial interests transferred in a bond for deed, contract for deed', inslalhnenl sales contract or escrow agreement, the iute, t of which is lhe transfer of lille by Borrower at a future date to a purchaser. If all or any pan of the Property or any Interesl in lhe Pro,l~eriy is sold or transferred (or if Borrower is not a natural person and a beneficial interest ill borrower is sold or iransferred) withoul Lender's prior writlen consent, Lender may require immediale payment in fnll of all sums secured by this Security Instrumenl. However, this option shall nol be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower no,ce of acceleration. The notice shall provide a period of not less than 30 days fi'om Ihe daze the notice is given in accordance with Section 15 within which Borrower must pay all sums secnred by this ~ecurity Instrument. If Borrower fails to pay these sums prior to lhe expiration of Ibis period Lender ~nay,(.invoke any remedies permilted by Ihis Security Instrument wilhoul l'nrther notice o~' demand on borrower. · ~2...When Borrower's initial fixed interest rate changes lo an adjustable inlerest rate under the terms stated in Section A above, Uniform Covenant 18 of the Security h}slrumenl described in Section BI above shall then cease to be in effect, and the provisions of Uniform Covenant 18 of the Security lnslrumenl shall be amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in lhis Secliou 18, "Interest in lhe Property" means any legal or beneficial inleresl in the Property, iucludin~ but not li~nited to, those beneficial interesls transferred in a bond fbr deed, conlract for dee}l', installment sales contract or escrow agreement, Ihe intenl of which is lhe transfer of lille by Borrower at a fllture date to a Imrchaser. If all or any part of the Properly or any Interest in the Proj?rty is sold or transferred (or if Borrower is not a nalural persou and a beneficial interesl iu ~mrrower is sold or Iransferred) without Lemler's prior writte[l consent, Lender may reqnire immediate payment in full of all sums secured by this Security lnstrmnent. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender alsr,)~ shall not exercise this option if: (a) Borrower causes to be subndtte~f to Lender informalion required by Lender to eval'uale the intended transferee as if a new loan 'were being made to lhe transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and [hat !he risk of a breach of any covenant or agreement in this Security lnslrumenl is acceptable to Lenoer. To the extent ,permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender s consent to the loan assumplion. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and Ihal obligates the Iransferee Io keep all the prmnises and agreements made in the Nole and in l!ds Security Instrument. Borrower will continue to be obligated under tile Note and lifts Securily lnstrumenl uuless Lender releases Borrower in writing. If Lender exercises the option to require immediate paymenl itl full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days h'nm the date the notice is given in accordance with Section 15 wilhiu which Borrower musl pay all 002001860308 ,nitials:~_~/~ (~¥843R (0006).01 Page 3 of 4 Form 3182 1/01 sums secured by this Security [nslrument. If Borrower fails lo pay dmse sums prior lo lite expiration of this period, Lender may invoke any remedies l)ermilted by this Security lnslrument without further notice or demand on Borrower. BY SIGNING BELOW Borrower accepts and agrees to lite lerms and covenants contained in this Fixed/Adjustable Rate Rider. Jeffere e -Borrower · _ , , : (Seal) -..~eana Ka cn Brcv, slcr -Borrower 002001860308 ~431:t (OO0~) Initials:~).~-~ Page 4 of 4 Form 3182 1/01 Loan #: 002001860308 FIXED/ADJUSTABLE RATE ASSUMPTION RIDER THIS ASSUMPTION RIDER is made this 15th day of July , 2004 .and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trnst or Security Deed (the "Security Instrument") of the same date given by the undersigned person whether one or more, (the "Borrower") to secure Borrower's Note to CitiMortgage, Inc. 1000 Drive, O' Fallon, MO 63304 (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 81 Alpenglow Drive, Thayne, WY 83127 (PROPERTY ADDRESS) ASSUMPTION COVENANTS. In addition to the convenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: ASSUMPTION. Any person purchasing the Property fi'om Borrower may assume fldl liability to repay Borrower's Note to Lender under the terms and conditions set out ill this Assmnl~tion Rider.. B. AGREEMENT. Lender may reqnire the Purchaser to sign an assumption agreen/ent, in the forth required by Lender, which obligates the Purchaser to keep all the promises and agreements made in the Note and Security Instrument. Borrower will continue to be obligated under the Note and Security Instrument unless Lender releases Borrower iii wyiting. APPLICABILITY. 1. 2. 3. 4. .5. 6. 7. Lender is bound by these conditious and terms, as follows: Lender shall have no obligation to allow assumption by a purchaser from Borrower until the initial fixed interest rate payable on the Note changes to an adjustable rate; This Assumption'Rider applies only to the first transfer of the Property by Borrower and not to a foreclosure sale; Purchaser must be an individual, not a partnership, corporation or oilier entity; Purchaser must meet Lender's credit underwriting standards for the type of loan beiug assmned as if Lender were making a new loan to Purchaser; Purchaser shall assmne only the balance due ou the Note at the time of assumplion for the term remaining On the Note; If applicable, BorroWer's private mortgage insurance coverage must be transferred to the Purchaser in writing, unless waived by Lender; If Borrower's Note has a conversion feature and Borrower has exercised the right of. conversion of this loan to a fixed rate loan from Lender, this Assumption Rider is void and Lender has no obligation to allow assumption by a Purchaser from Borrower; and Lender must reasonably determine that Lender's security will not be impaired by the loan assumption. MB-2117 Page i of 2 Rev. 1/95 Loan #: 002001860308 D. ASSUMPTION RATE. Lender will allow assumption by Purchaser at Borrower's Note interest rate in effect at the time of assumption. ADDITIONAL CHARGES. In addition, Lender may charge an ainount up to one percent (1%) of the current Note balance and its normal loan closing costs, except the cost of a real estate appraisal. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants of this Assmnpfion Rider. Seal) lffr~eg~y Blai,~B, hewste'~ ~- ~ ~ana Karen Brewstcr -Borrower MB-2117 Page2of2 Rev. 1/95