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HomeMy WebLinkAbout90128030576 (01) ReRlrn To: American Brokers Conduit 520 Broadhollow Road Melville, NY 11747 Prepared By: Matthew Beckley 4004 Kruse Way Place Suite 175 Lake Oswego, OR 97035 901280 RECEIVED LINCOLN t, OdNTY CLERk [Space Above This Line For Recording Data] MORTGAGE MIN 100024200005883356 f 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 2t. Certain rules regarding the usage of words used in this document are also provided' in Section 16. (A) "Security Instrument" means tiffs docU,nent, which is dated duly 15, 2004 together with all Riders to this document. (B)"Borrower"is Pau~ M. Spracklen and Tam my L. Spracklen, husband and wife Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has mi address telephone nmnber of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. DOC #:322591 APPL ~:0000588335 WYOMING-SingleFamily~FannieMae/FreddieMacUNIFORM INSTRUMENT WITH MERS Form 3051 1101 {~.-6A(WY) (ooo5) ' ~ . / VMP MORTGAGE FORMS - (800)5~ (D) "Lender" is American Brokers Conduit Lender is a Corporat xon organized and existing under the laws of State of New York Lender's addressis 520 Broadhollow Road, Melville, NY 11747 (E) "Note" means the promissory note signed by Borrower and dated July 15, 2 004 TheN0te states that Borrower owes Lender One Hundred Sixty Four Thousand Six Hundred and No/100 Dollars (U.S. $ 164,600.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay Lhe debtin full notlater than AuGust 1, 2034 (F) "Property ' means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instruutent, plus interest. (H) "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 F'~ Balloon Rider ~-~ VA Rider ~-~ Condominium Rider ~ Planned Unit Development Rider ~ Biweekly Payment Rider Second Home Rider 1-4 Family Rider Other(s) [specify] (I) "Applicable Law" means all controlling aPphcable 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. (J) "Comnmnity Association Dues, Fees, and Assessments" themes all dues, fees, assessments and other charges that are imposed on' Borrower or the Property by a condominium assocmtion, homeowners association or similar organization. (K) "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 mpc so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "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) damage to, or destruction of, the Property; (ii) condemnation or other utking of all or any part of the Property; (iii) conveyaJ~ce in heu of condemnation; or (iv)misrepresentations of, or onfissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (0 principal and interest under the Note, plus (ii) any mnounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 ~t seq.) anti its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to fi,ne, or any additional or successor legislation or regulation that governs the stone subject matter. As used in this Security Instrument, "RESPA" refers to all requirements m~d 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. DOC ~:322592 APPL ~:0000588335 inilials:~// (~;[-6A(WY) (0005) Page 2 el 15 // Form 3051 1/01 :: (':. (. 6 4 3 (Q) "Successor h~ Interest of Borrower" means any party that has taken tire to die Property, whether or not that party has assulned Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrmnent secures to Lender: (i) the rePayment of the Loan, and all renewals, extensions mid 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 MERS (solely as nominee for Lender and Lender's successors and assigns) mid to the successors and assigns of MERS, with power of sale, the following described property located ~n the County of Lincoln : [Type of Recording lurisdicdon] [Name of Recording Jurisdiction] SEE FULL LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF ParcellD Nmnber: 32183110200600 550 Monroe Street Alton ("Property Address"): which currently has die address of [Street[ lCityl , Wyoming 83110 [Zip Codel TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall 'also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal fide 1o the interests granted by Borrower in this Security Instrument. but, if necessary to compty with law or custo~n, Iv[ERS (as nominee for Lender and Lender's successors and assigns) has die right: to exercise-any or 'alt of diose interests, including, but not limited to, die right to foreclose and sell die Property; and to take any action required of Lender including, but not limited 'to, releasing mid canceling this Security Instrument. 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 die Property is unencumbered, except for encumbnmces of record. Borrower warrants and will defend generally die fide to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUIVlENT combines uniform covenants for nationai use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. DOC__~®~:322593 APPL ~:0000588335 In~ (~)--eA(WY) (0005) Page 3 of 15 Form 3051 1101 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 wheu due the principal of, and interes~ on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under file Note and this Security Instrument shall be made itl U.S. currency. However, if any check or other ins~ument received by Lender as payment nnder the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an insfitunon whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at ire location designated m file Note or at such other location as may be designated by Lender m accordance with the nonce provisions in Section 15. Lender may return any payment or partial payment if file payment or partial payments are insufficient to bring file Loan current. Lender may accept any payment or partial l~ayment insufficient to bring the Loan ctm'ent, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partiai payments m 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 m~es pay~nent 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 apphed earlier, such funds will be applied to the outstanding principal b',flance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this 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 file following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) mnounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining mnounts shall be applied first to late charges, second to any,other amounts due under this Security Insu'ulnent, and then to reduce the Principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received lmm Borrower to the repayment of the Periodic Payments fi, and to file extent that, each payment can be paid in full. To the extent that any excess exists ',ffter the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be apphed first to any prepayment charges and then as described in file Note. Auy 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 items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paytnents or ground ren~ on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if auy, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums ill accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow item. Borrower shall prompfly furnish to Lender all notices of mnounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay file Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. Itl the event of such waiver, Borrower shall pay direcfly, when and where payable, the amounts due for any Escrow Items for which payment of DOC #:322594 APPL #:0000588335 : t~,_.,-6A(WY) (ooo5) Page 4 ol 15 // Form 3051 1/01 Funds has been waived by Lender and, if Lender requires, shah furnish to Lender receipts evidencing such payment within such ume period as Lender may require. Borrower's obligation to ~nake such pay~nents mid to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" ~is used ii1 Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the mnount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such mnount. Lender may revoke the waiver as to any or all Escrow Items at any ii,ne by a notice given in accordance with Section 15 and, upon such revocation. Borrower shall pay to Lender aH Funds, and in such mounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an anlount (a) sufficient to permn Lender to apply the Funds at the nme specified under RESPA, and (bi not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable esthnates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an insutution whose deposits are insured by a federal agency, insu'umen tality, or enmy (including Lender, if Lender is an insumtion whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shaH not charge Borrower for holding and applying the Funds, annually analyzing die escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made ni writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required [o pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give [o Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the mnount necessary to make up the shortage in accordance with RESPA, but in no more dian 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 mnount necessary to make 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 prompdy refund to Borrower any Funds held by Lender. 4, Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Com~nunity Association Dues, Fees, and Assessmen ks, if any. To the extent that these items are Escrow hems, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (bi contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent die enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agree~nent satisfactory to Lender subordinating die lien to this Security Instrument. If Lender determines that any part of die Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 DOC #:322595 APPL i~: 0000588335 i nltlals./~.~// (~I~-6A(WY) (OddS) ~ Pao. § 0/15 <~ Form 3051 1/01 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of Lhe acuons set forth above in this Section 4. Lender lnay require Borrower to pay a one-time charge for a real estate tax verification a,~d/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower sh',xll keep the iinprovements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing file insurance shall be chosen by Borrower subject [o Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may reqmre Borrower [o pay, in connection with this Loan, either: (a) a one-rune charge for flood zone determination, certification and tracking services; or (b) a one-tune charge for flood zone determination and certification services and subsequent charges each nme remappings or similar changes occur which reasonably might 'affect such determination or certification. Borrower shall also be responsible for the payment of any lees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determinauon resulting from an objection by Borrower. If Borrower fails [o maintain any of the coverages described above, Lender ~nay obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or nfight not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was- previously in effect. Borrower acknowledges that the cost of the insurance coverage so o'btained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Sectiou 5 shall become additional debt of Borrower secured by this Security Instrumen [. These amoun ts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such tnteresk upon notice from Lender to Borrower requesting payment. All insurance policies requked 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 additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall pro~nptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for dmnage to, or destruction of, the Property, such policy shall include a stm~dard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss: Borrower shall give prompt notice to the insurance carrier and Lender. Lender [nay make 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 ~s not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until 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 pronq)fly. 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. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third pz~ties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If th~ restoration or repair is not economically feasible or Lender's security would be lessened, file insurance proceeds shall be applied to DOC ~:322596 APPL #:0000588335 (~-6A(WY) (ooos) Page 6 ol 15 Form 3051 1/01 the sums secured by this Security Instrulnent, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lemler that the insurance carrier has offered to settle a claim, then Lender may negotiate and setde 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 tu~y insurance proceeds in an mnount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore tl~e Property or to pay amounts unpaid under the Note or this Security Instrmnent, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principai residence for at least one year after the date of occupancy, unless Lender ollierwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstm~ces exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower sh,'dl not destroy, damage or impak the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall ,naintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to 'Section 5 that repair or restoration is not ecouomically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only il' 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 sull'icient 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, misleading, or inaccurate information or statements to Lender (or riffled to provide Lender with material information) in connection with the Loan. Material .representations include, but are not limited 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 Instrume,~t, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation 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 may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under tiffs 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 this Security Instrument; (b) appearing in court; and (c) paying reasonable DOC ~:322597 APPL #:0000588335 inillalS~'~-----~ (~)--6A(WY) (ooos) Page 7 ol 15 ~ Form 3051 1/01 ('? "6 4 $ attorneys' fees to protect its interest in the Property and/or rights tinder this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not bruited to, entering file Property to lnake repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violauons or daugerous conditions, and have utilities turned on or off. Although 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 au thorized under this Section 9. Any mounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at file Note rate from file date or' disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument Is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee tire to the Property, file leasehold and fire fee tire shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay file premiums required to maintain the Mortgage Insurance in effect. If, for any reason, file 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 file premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously m effect, at a cost substantially equivalent to file cost to Borrower of [he Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substan ti'ally equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding file fact that the Loan is ultimately 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 ail insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward file premiums for Mortgage Insurance. If Lender 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 file premiums required to maintain Mortgage Insurance in effect, or to provide a non-reflmdable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such temfination or until termination is requked by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Notei Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for cer~n losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to file Mortgage Iusurance. 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 file mortgage insurer and the other party (or parties) to these agreements. These agreements may require tile mortgage insurer to make. pay~nents using any source of funds that the mortgage insurer may have available (which may 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 affihate of any of file foregoing, may receive (direcfly or indirecfly) anlounts that derive from (or nfight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying tile mortgage insurer's risk, or reducing losses. If such agreement provides that ail ',fffihate of Lender takes a share of the insurer's risk in exchange for a share of file premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will riot affect the amouuts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreemeuts will not increase the amount Borrower will owe for Mortgage Insurance, and they will nnt enlitle Burrower to any refund. DOC #:322598 APPL #:0000588335 (~-6A(WY) (0005) Page ~ o115 // Form 3051 1/01 (b) Any such agreements will not affect the rights IIorrower has - if any - with respect to tile Mortgage Insurance under the Homeowners Protection Act or 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage lusurance, to have the Mortgage Insurance terminated automatically, and/or to receive a rel'u,d of auy 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 mid shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration .or repair is economically feasible and Lender's security is not lessened. Daring such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensm'e the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs mid restoratton in a s~ngle disbursement or in a series of progress payments as the work is completed. U,dess an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall nob be required [o pay Borrower any interest or earnings on such Miscellaneous Proceeds. If die restoratton or repair is not economically feasible or Lender's security would be lessened, die Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. 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 Instrument, whether or not then due, with the excess, if any, paid [o 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 immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by [his Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amormt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total mnount 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 the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial raking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the stuns secured by this Security Instrument whether or not the su,ns are flien due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that file Opposing Party (as defined in file next sentence) offers to make an award to setfle a chfim for damages, Borrower tails 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 die Property or to the sums secured by fids Security htstrument, 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 cri,ninal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impmrment of Lender's interest in the Property or rights under this Security Instrument. Borrower eau cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing [he action or proceeding to be dismissed wifl~ a rulhlg that, in Lender's judgment, precludes forfeiture of the Property or other material impakment 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 impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that.are not applied to restoration or repak of the Property shall be applied in the order provided for in Section 2. DOC #:322599 APPL ~:0000588335 (~-6A(W¥) (ooo5) Page 9 of 15 ~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by 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 reqnired to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any SUccessors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in ambunts less than the mnount then due, shall not be a waiver, of or preclude the exercise of any right or remedy. 1.3. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obliganons and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (it "co-signer"): (a) is co-signing this Security Ins~ument dnly 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 sttms secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor m Interest of Borrower who assumes 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 t¥om Borrower's obligations and liability under this Security Instrument tmless Lender agrees to such release in writing:The covenants and agreements of this Security Instrunmn~ shall bind (except as provided in Section 20) and benefit the successors .and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest m the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection m~d vzfluation fees. In regard to any oilier toes, the absence of express authority in this Security Instrument to charge a specific lee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan ~s subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or oilier loan charges collected or to be collected in connection 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 limiLs will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (wheLher or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made 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 connection with this Security Instrument must be in writing. Any notice to Borrower in connection with 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 if sent by other means. Notice to any one Borrower shall constitute notice.to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address nnless Borrower has designated a substitute nonce address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Inst~ulnent 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 lnsu'ument 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 salisfy t~oecco~r~)~61~ng requirement under th~sv~ct~ri:'~o ~l~t. In[tial~~ (~-§A(WY) (ooos) Page lO of 15 ~ Form 3051 1/01 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 contmned in this Security Instrmnent are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or i~nplicitly allow the parties [o agree by conu:act or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract, in the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not 'affect other provisions of this Security Instrument or the Note which can be g~ven effect without the conflicting provision. As used in this Security Instrument: (a) words of the lnasculine gender sball mean and include corresponding neuter words or words of the fe~ninine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any 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 gl' the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest itt the Property, including, but not limited 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 reqmre immediate payment in full of all sums 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 nohce 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 Iustrmnent. If Borrower fails to pay these sums prior to the expiration of this peri°d, Lender may invoke any remedies p. ermitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleratiou. 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 might specify tbr the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditious 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 oilier covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) t',~es such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrmnent, and Borrower's obligation to pay the' sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by' Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall relnain 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 iu rite Note (together with this SectLdty Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and. this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a ch~mge 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 oilier inl:ormation RESPA requires in connection with a DOC #:322601 APPL #:0000588335 ~ I~-6A(WY) (goos) Page 11 of 15 Form 3051 1/01 notice of transfer of servicing. If the Note is sold and thereafter tile Loan is serwced by a Loan Servicer other than the purchaser of time Note, rime mortgage loan servicing obligauons to Borrower will remain with file Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by file 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 Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and ',ffforded tile other party hereto a reasonable period 'after the giving of such notice to take corrective action. If Applicable Law provides a !ime period which inust elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 201 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substm~ces" 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 containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environlnental Cleanup" includes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) an "Environlnental Condition" ~neans a condition that can'cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit file presence, use, dispos',d, storage, or release of any Hazardons Substances, or fltreaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the wdue of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residenti',fl uses and to maintenance of the Property (including, but not limited to, hazardous substm~ces in consumer products). Borrower shall promptly give Lender written notice of (a) any immvesfigaiion, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Subslm~ce or Environmental Law of which Borrow& has actual knowledge, (b) any Environmental 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 governmental or regulatory authority, or any private party, that any removal or oilier remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take 'all necessary remedial actions in accordance with Envh:onmental Law. Nothing herein shall create m~y obligation on Lender for an Environmental Cleanup. DOC #:322602 APPL #:0000588335 (~)~-6A(WY) (ooos) Paga 12of ~5 Form 3051 1/01 / " :: : -':i:').: NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failnre 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 cUort action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cra'ed on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property 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 sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a lee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Apphcable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exempnon laws of Wyoming. DOC ~:322603 APPL ~:0000588335 (~}~-6A(WY) (0005) irllllals~~' Page 13 o! 15 ~~ 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 with it. Wimesses: Paul M. S~ (Seal) -}:~orrower Tammy L. /¢prack/en -Borrower (Seal) -Borlower (Seal) (seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower DOC ~ :322604 APPL #:0000588335 (~[-6A(WY) (ooos) Page 14 of 15 Form 3051 1/01 :::!:!:'5:::.., ::i:E::<-_ ,..:<;';;;-'.- STATE OF WYOMING, The foregoing ins~-ument was acknowledged before me this by ?aul H Spracklen and Tammy L. Spx~acklen July 15, 2004 655 County ss: My Commission Expires: Notary Public ~a~px:a uo!ss!mmoo ,;,v',l DOC ~:322605 APPL #: 0000588335 Page 15ol 15 Form 3051 1/01 Beginning at the Northeast Corner of Lot 4, Block 26, Town of Alton, Lincoln County, Wyoming, and rmming thence South 6 rods along the East Boundary line of said Block' thence West 10 rods on a line parallel to the South boundary line of said Block' thence North 6 rods on a lihe parallel to the East boundary line of said Block to a point on the North boundary line of said Lot 4; thence East 10 rods, more or less, along the North boundary line of said Lot 4, Block 26, to the Point of Beginning.