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HomeMy WebLinkAbout90115430482 (04) Return To: Agtn: Pose Production/Loan Delivery State Farm Bank, F.S.B. 7500 West Jefferson Blvd Fore Wayne, IN 46804 901 Prepared By: Stage Farm Bank, F.S.B 7500 W. Jefferson Blvd' Fore Wayne, IN 46804 RECEIVED LINCOLN COU,,!T, CLERK [Space Above This Lh~e For Recordh~g Dalai MORTGAGE 5061007 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding tl~e usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated July 13Eh, 2004 together with all Riders to this docmnent. (B) "Borrower" is Anthony Q. Cazier, and Teressa Cazier, husband and wife Borrower is the xnortgagor under this Security Instrument. (C) "Lender" is StaEe Farm Bank, ?.S.B. Lender is a Federal Savings Bank orga~fized and existing under the laws of ghe UniEed States 72076705 WYOMING-Single Familv-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY) Iooos~ Page 1 of 15 Initials: /~ ~ VMP MORTGAGE FORMS - (800)5~ s Form 3051 1/01 5061007 Lender's addressis One State Farm Plaza, Bloom±ngcon, IL 61710-0001 Lender is the mortgagee under this Security Instrument.. (D) "Note" means the pronnssory note signed by Borrower and dated duly t3t'h, 2004 The Note states that Borrower owes Lender One Hundred Fort!/ One Thousand Twenty Seven and 00/100 Dollars (U.S. $ 141,02 7.00 ) plus interest. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than Augus t 1 s ~, 2 034 (E) "Properq," means the property that is described below under the heading "Transfer of Rights in the Property. ' (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges a~d late charges dne under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider [~ Condonfinium Rider [-~ Second Home Rider ~ Balloon Rider ~ Plam~ed Unit Development Rider ~ 1-4 Family Rider ~-~ VA Rider ~-~ Biweekly Payment Rider ~ Other(s) [specify] (H) "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) "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, homeowuers association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and autonmted clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) danmge to, or destruction of, the Property; (ii) condenmation or Other taking of all or any part of the Property; (iii) conveyance 'in lieu of condenmation; 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 duc tbr (i) principal and interest uuder the Note, plus (ii) any amounts under Section 3 of this Security Instpument. (O) "RESPA" means the Real Estate Settle~nent Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended fioiu time to time, or any additional or successor legislation or regulation that goverus the saine subject matter. As used in tiffs 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. ,:85 5061007 (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 Instrmnent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan. and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument 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 tbllowing described property located in the Recorder of Lincoln County ]Type of Recording Jurisdiction] [Name of Recording lurisdiction] LOt 2 in Block 14 of the Bedford Towns~_r:e ~_n Lincoln County, Wyoming, according to thaE plat recorded in the Office of the County Clerk, Lincoln County, Wyoming. Parcel ID Number: 34182941502800 30 C Street Bedford ("Property Address"): [Cityl which currently has the address of [Street] Wyonfing 83112 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by tiffs Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencmnbered, except tbr encumbrances of record. Borrower warrants and will defend generally the title to the Property against all clai~ns and demands, subject to any encumbrances of record. THIS SECURITY iNSTRUMENT combines unitbnn coveuants for national use and non-uniforln 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 interest on, file debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds lbr 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 under the Note or this (~c~-6(WY) looos) P~3otls C~ ,C ' Form 3051 1/01 5061007 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and tiffs Security instrument be made iix one or more of the following forms, as selected by Lender: (a) cash; (b) lnoney order; (C) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an iustitution whose deposits are insured by a federal agency, tnstrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated iix the Note or at such other location as may be designated by Lender in accord;~nce with the notice provxsions in Section 15. Lender may return any payment or partial payment if the payment or partial paymems are insufficient to bring the Loan. current. 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 time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower nfight have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perfornfing the covenants and agreements secured by fids Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any oilier amounts due under fids Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payxnent which includes a sufficient amount to pay any late charge due, the paytnent may be applied to the delinquent paymeut and the late charge. If more than one Periodic Payment is outstanding, Lender xnay apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Pay~nents, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to 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 itexns which can attain priority over this Security Instrument as a lien or encmnbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) prenfimns for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination orat any time during the term of the Loan, Lender inay require that Conmmtfity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Itc~ns at any time. Any such waiver may o~fly be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, die amounts initials: ~, ~ ,~ ~ , Form3051 1/01 0 0- 1k54 5061007 due for any Escrow Items for which payxnent of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender nmy require. Borrower's obligation to make such payments and to provide receipts shall lbr all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as file phrase "covenant aud agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated raider Section 9 [o repay to Lender any such amount. Lender nnay revoke the waiver as to any or all Escrow Items at any time by a notice given itl accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to perntit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed file nnaxamum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estin~ates of expenditures of future Escrow Items or otherwise in 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 ail iustitution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow lteuks no later than the time specified under RESPA. Lender shall not charge Borrower lbr holding and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow Itenks, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. U~fless an agreement is inade in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree iii writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of file 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 there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender file amount necessary to make up the shortage in accordance with RESPA, but in no more than 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 the amount necessary to nnike up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and i~npositions attributable to the Property wlfich can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Commmfity Association Dues, Fees, and Assessments, if auy. To the extent that these itenks are Escrow Items, Borrower shall pay them in rile nmm~er provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to file payment of the obligation secured by the lien iii a maimer acceptable to Lender, but only so long as Borrower is per/brnfing such agreement; (b) contests the lien iii good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opilfion operate to prevent the enforcement of the lien while those proceedings are pending, but only mltil such proceedings are concluded; or (c) secures t¥om the holder of the lien an agreelncm satisfactory to Lender subordinating the lien to this Security Instru~nent. If Lender deternfines that any part of file Property is subject to a lien which cau attain priority over this Security Instrument, Lender may give Borrower a notice identifying the 5061007 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 this 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 connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included widfin the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender reqmres insurance. This insurance shall be nmintained in the amounts (including deductible levels) and tbr the periods fltat Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge tbr flood zone determination, certification and. tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably nfight affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Ma~mgement Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender nmy obtain insurance coverage, at Lex~er's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and nfight provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbmsement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be 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 additimml loss payee. Lender shall have the right to hold file policies and renewal certificates. If Lender requires, Bon'ower shall promptly give to Leuder all receipts of paid premiulns and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lemler, 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 the event of loss, Borrower shall give prmnpt notice to the insurance carrier and Lender. Lender may nmke proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have file right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. 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. Uldess an agreement is nmde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with ~-6(WY) (ooos) Page ~ o~ ~s Form 3051 1/01 5061007 the excess, if any, paid to Borrower. Such insurance proceeds shall be ~pplied in the order provided tbr h~ 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 t¥om Lender that the insurance carrier has offered to settle a claim, then Lender nmy 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 e_xceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's fights (other than the right to any refund of unearned premiums paid by Borrowed under all insurance policies covering the Property, insofar 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 to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's pnncipal residence within 60 days after the execution of this Security Instrmnent and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extmmating circmnstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property [o deteriorate or connnit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property front deteriorating or decreasing in value due to its condition. U~dess it is determined pursuant to Section 5 that repair or restoration ~s not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or conde~m~ation proceeds are paid in coxmection with danutge to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for 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 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 entries upon and inspections of the Property. If it has reasonable cause, Lender may 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 default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in .connection with the Loan. Material representations include, but are not li~nited to, representations concerning 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 contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights umler this Security Instrument (such as a proceeding in banl~uptcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations),' or (c) Borrower has abandoned the Property, then Lender n~y do and pay for whatever is reasomtble or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over tlfis Security Instrument; (b) appearing in court; and (c) paying reasonable 5061007 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a banksuptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to ~nake repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate building or other code violations Or dangerous conditions, and have utilities turned on or off. Although Lender nmy 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 Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If fids Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease, if Borrower acquires fee title to the Property, the leasehold and the tee title shall not merge mdess Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a cmdition of making the Loan, Borrower shall pay the premiums required to maintaiu the Mortgage Insurance in effect. If, tbr any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to file Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate nmrtgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender tim amount of file separately desigmited payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a ~mn-refundable loss reserve in lieu of Mortgage Insurauce. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultinmtely paid in full, and 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 amount and for the period that Lender requires) provided by. an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Le~der required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prenfiunts required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing fbr such termination or until ternfination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) tbr certain losses it nmy incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements nmy require the mortgage insurer to nmke payments using any source of funds that tim ~nortgage insurer ~nay have available (which nmy include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, nmy receive (directly or indirectly) anmunts that derive from (or nright be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the 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 amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to anyrefnnd. (~-6(WY)(ooo~) pageeof~s (~ ~., Form3051 1/01 506100? (b) Any such agreemeuts will not affect the rights Borrower has - if any - with respect to tile 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 obtaiu cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is econonfically feasible aild Lender's security is lmt lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds mail Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender nay pay for the repairs and restoration in a single disbursement or m a senes 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 Miscellaneous Proceeds, Lender :shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sans secured by tiffs 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 the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security [nstrmnent, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inm~ediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security hlstrument immediately before file partial takiug, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, file sums secured by this Security Instrument shall be reduced by the atuount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In file event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately belbre rite partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, mdess Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or it', after notice by Lender to Borrower that file Opposing Pally (as defined in the next Sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of rite Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default iud, if acceleration has occurred, reinstate as provided in Section 19, by causing file action or proceediug to be dismissed with a ruling that, in Lender's judgment, precludes lbrfciture of the Property or other material impairment Of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the inlpairment of Lender's interest in rile Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds flint are not applied to restoratiou or repair of file Property shall be applied in the order provided for in Section 2. (~-6(WY)(ooos) P~So~s (~ .(~, Forrn3051 1/01 5061007 1.2. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tiine for payment or modification of amortization of the sums secured bydfis 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 connnence 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 denkand nude by the original Borrower or arty Successors in Interest of Borrower. Any forbearance by Lender in 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 amount then due, shall not be a Waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors aud Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or nuke any' acconnnodations with regard to the terms of this Secm-ity Instrmnent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assmnes Borrower's obligations under this Security instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under fids Security Instrument mfless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower tees for services performed in comtection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not linfited to, attorneys' fees, property inspection and valuation fees. 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 the charging of such fee. Lender nuy not cltarge fees that are expressly prolfibited 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 interpreted so that the interest or other loan charges collected or to be collected in cmmection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender nuy choose to make fids refund by reducing rite principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or uot a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund lnade by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. 'Notices. All notices given by Borrower or Lender in cotmection with fids Security Instrument must be in writing. Any notice to Borrower in com~ection wifl~ this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address ff 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.subsfitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifics a procedure lbr reporting Borrower's change of address, then Borr6wer shall only report a change of address through thfit specified procedure. There nmy be only one designated notice address under this Security Instrument 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 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 Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy rite correspouding requirement under this Security Instrument. (~-6(WY) ,ooo~} P~ ~o o, ~s ~ ,~____~... Form 3051 1/01 5061007 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Secm-ity instrunlent are subject to any requirements and limitations of Applicable Law. Applicable Law nfight explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In rite event that any provision or clause of this Security Instrmnent or the Note conflicts with Applicable Law, such conflict shall not affect oilier provisions of this Security Instrument or the Note which can be given effect without the coxfflicting provision. As used in this Security Instrument: (a) words of file inasculine gender shall mean aid include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; a~d (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not linfited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all stuns secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pernfitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to .have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nfight specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing fids Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for file purpose of protecting Lender's interest in the Property and rights under fids Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the stuns secured by fids Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sulns and expenses in one or more of the following forms, as selected by Leuder: (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) Electronic Funds Transfer. Upon reinstatement by BorrOwer, fids Security h~strument and obligations secured hereby shall re~nain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note.or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale nfight result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due uuder die Note and this Security Instrument and performs other mortgage loan servicing obligatim~s under the Note, this Security Instrument, and Applicable Law. There also nfight be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be 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 intbrn~ation RESPA (~J~;6{WY}{ooo$} P,~ello, l[ C~, C · Form30S1 1/01 5061007 requires in connection with a notice of transfer of servicing. If thc Ndte is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are no~ assmned by the Note purchaser unless otherwise provided by the Note purchaser. , Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security [nstrumen£, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and aftbrded 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 belbre certain action can be taken, that time period will be deemed to be reasonable for purposes of dfis paragraph. The notice of acceleration and opportuxfity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportmfity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "ttazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials contairfing asbestos or tbrmaldehyde, and radioactive .mterials; (b) "Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute rd, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or m the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviromnental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of snmll qnammes of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to nmintenance of the Property (including, but not linfited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Enviromnemal Law of which Borrower has actual knowledge, (b) any Enviromnental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govermnemal or regulatory authority, or any private party, that any removal or other reinediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing hereiu shall create any obligation on Lender for an Environmental Cleanup. (~-6(WY) (ooos) Patte ~2 o~ ~s ~ Form 30,51 1/01 5061007 NON-UNIFORM COVENANTS. Borrower and Lender further coveilfltlt and agree as tbllows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure tile default on or before the date specified in the notice may result in acceleration of the stuns 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 all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of tile 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 Instrmnent; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Secm'ity htstmment, Lender shall release this Security Instrmnent. Bon'ower shall pay any recordatiou costs. Lender may charge Borrower a tee lbr releasing tiffs Security Instrument, but only if the fee is paid to a third party for services rendered and file charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. Initials: ~-. C, (~-6(WY){o0o6) Page13of16 ~;~ .~, Form3051 1/01 5061007 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in fids Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~nt l~ony 4/azier (Seal) -Borrower Teressa Cazier ~ -Bon'ower (Seat) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~}~6(WY) tooo6) Page ~4 of ~ s Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was aclmowledged before me by Anthony Q. Cazier, and Teressa Cazier 5061007 County ss:' July 13th, 2004 My Commission Expires: Notary Public i!~-6(WY) Iooos) Pa~e ~So* rs ~ L' Form 3051 1/01