Loading...
HomeMy WebLinkAbout901281After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box ~10423 Van Nuys, CA 91410-0423 Prepared By: BOBBI JO ERICKSON 901281 RECEIVED LINOOLH C,O( HTY CLERK [Space Above This Lh~e For Recording Data] 11942 [Escrow/Closing #] MORTGAGE MIN 00005705331607004 [Doc ID ~'] 1001337-0000149609-3 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated with all Riders to this document. 0t) "Borrower" is JERRY W CAMPBELL, AND CAROL A CAMPBELL JULY 13, 2004 . together 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 an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, icl. (888) 679-MERS. (I)) "Lender" is Countrywide Bank, a Division of Treasury Bank, N.A. Lender is a NATL. ASSN. organized and existing uuder the laws of THE UNITED STATES Lendei*'s address is P.O. Box 660694, Dallas, TX 75266-0694 (E) "Note" means the promissory vote signed by Borrower and dated JULY 13, 2 004 . The Note states that Borrower owes Lender SIXTY SIX THOUSAND FIVE HUNDRED and 00/100 Dollars(U.s. $ 66,500.00 ) plus interest. Borrower has promised to .pay this debt in regular Periodic Payments and to pay the debt in full not later than AUGUST 0 t; 2 0 3 4 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Page 1 of 11 (~®-§A(WY) (0005) CHL (08/00)(d) VMP MORTGAGE FORMS- (800)521-7291 CONVNA Form 3051 *23991* * 0570533 1 6 00 0 002 0 06A* DOC ID #: 00005205331607004 (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 Instrument, plus interest. (FI) "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 [--] Condominium Rider [---] Second Home Rider ~] Balloon Rider [-'--] Planned Unit DeveloPment Rider [-~ 1-4 Family Rider [---] VA Rider [---] Biweekly Payment Rider [-'-] Other(s) [specify] (I) "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. (J) "Com~nunity Association Dues, Fees, and Assess~nents" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property bya condominium association, homeowners associatiou or similar organization. (K) "Electrmfic 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 iucludes, 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 taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions 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 (i) principal m~d interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.SiC. Section 2601 et seq.) and its implementing regulation, Regulatiou X (24 C.F.R. Part 3500), as they tnight be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictious that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qmdify as a "federally related mortgage loar~" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under tile Note and/or this Security Instrument. 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 /VIERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors aud assigns of MERS, with power of sale, the following described property located in tile COUNTY of LINCOLN [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. Parcel ID Number: 12321830315265 298 EAST 5TH AVENUE, [Street/City] Wyoming 83110 ("Property Address"): [Zip Code] iI~i®-6A(WY) (ooo5) CHL (08/00) Page 2 of 11 AFTON which currently has the address of Form 3051 1/01 ',., 659 DOC ID #: 00005705331607004 TOGETHER WITtt all the improvements now or hereafter erected on thc property, and all easetnents, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also bt 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 title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and 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 the Property is unencumbered, except for encmnbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national Use and non-uniform 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, the debt evidenced by tile Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds ibr Escrow Items pursuant to Section 3. Payments due under the Note and this Security hlstrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under' the Note or this Security Instrument is returued 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 or' 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, instrumeniality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in tile Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan currenL 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 tile lime 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 returu 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 might have now or in the future against Lender Shall relieve Borrower from making payments due under tile Note and this Security Instrument .or performing the covenants and agreements secured by this Security Inslrument. 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 uuder 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 other amounts due under this Security Instrument, 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 from Borrower to the repayment of the Periodic Payments if, and to the exteut that, each payment can be paid in full. To the extent that any excess exists after the Payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in 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 l~'or 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 payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, it' 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 or at any time during the term O~ the Loan, Lender may require, that Commnnity 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 Borrowe~ 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 Escroy9 (~®-6A(WY) (oo05) CHL (08/00) Page 3 of 11 Intfi~(,~.? Form 3051 1/01 DOC ID #: 00005705331607004 Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which.payment of Funds has been waived by Lender trod, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and 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 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 under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that am then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maxilnmn amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates 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 an institution whose deposits are so insured) or in any Feder~ Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than tile time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying tile 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 in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any iutcrest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an 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 sho,'tage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, aud Borrower shall pay to Lender the 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 Leuder the amount necessary to make up tile deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Iustrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payinents or ground rents on the Property, if any, mid Community Association Dues, Fees, and Assessments, if any. To the extent that these ite~ns are Escrow Items, 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 !o 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; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which iu Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only nntil such proceedings are coi~cluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lie[[ 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 within the term "extended coverage," and any other 'hazards including, but not limited to, earthquakes and floods, for which Lender rexluires 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 the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised um'easonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for 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 chtmges occur which reasonably might affect such determination or certification, Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from mi objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lei[der may 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 might not protect Borrower, Borrower's equity in the Property, or the contents of tile Property, against any .risk, hazard Initl~' (~®-§A(WY) (oo05) CHL (08/00) Page 4 ef 11 U Form 3051 1/0~1 ~----~ DOC ID #: 00005705331607004 or liability and might 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 tunounts 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 disbursement and shall be payable, with such interest, upou 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 additional loss payee. Lender shall have the right to hold the policies and reuewal certificates. If Lender requires, Borrower shall promptly 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 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 prompt notice to the insurance carrier and Lender. Lender may 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 ecouomically feasible arid Lender's security is 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 shail be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single paymeut 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 parties, retained by Borrower shall ilot be paid out of the insurance proceeds and stiall be tile 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 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for m Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any avaiiable insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle tile 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 arly insurance proceeds in an amount not to exceed the amounts unpaid Under the Note or this Security Instrument, mid (b) any other of Borrower% rights (other than the right to any refund of une~maed 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 the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6, Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days 'after the execution of this Security Instrument 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 extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, dmnage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursum~t to Section 5 that repair or restoration is not economically 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 insurm~ce or condemnatiou proceeds are not sul'ficient to repair or restore tile Property, Borrowei: is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upou and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Leuder shall give Borrower notice at the time of or prior to such an interior inspectiou 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, misleadiug, or inaccurate informatiou or state~neuts to Lender (or failed to provide Lender with material information) in connection with the Lo~m. Material representations include, but are not limited to, representations concerning Borrower's occupaucy of the Property as Borrower's principal residence. 11~®-6A(WY) (ooos) CHL (08/00) Page 5 of 11' -- / Forrff'3051 1/01 DOC ID #:, 00005705331607004 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenm~ts and agreements contained iu this Security Instrument, (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 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 this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrumeut, including its secured position m a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board tip doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Althot,gh Lender may take action under this Section 9, Lender does not have to do so and ix not trader 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 tile date of 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 title to the Property, thc leasehold and the fee title shall not merge unless Leuder agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage hmurance as a condition of making the Loan, Borrower shall pay the premimns required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage inst,rer that previously provided such insurance and Borrower wtm required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in efl~ct, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi'om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage ix 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-refimdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or 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 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 the premiums 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 for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at tile rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate 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 may require the mortgage insurer to make payments 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 '~filiate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might 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 premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the mnounts fllat Borrower has agreed tit 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 any refund. (~®-6A(WY) (ooo5) CHL (08100)' Page 6 of 11 DOC ID #: 00005705331607004 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the MOrtgage Insurance under the Homeowners Protection Act el' 1998 or any error law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance 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 economically feasible and Lender's security is not lessened, Dr,ring 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 ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoratiou in a single disbursement or in a series of progress paymeuLs as the work is completed. Unless an agreemeut 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 earuings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, 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 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 eqmd lo or greater thao the amount of the sums secured by this Security Instrument immediately before the partial taking, destruclion, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in valne 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 taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by riffs Security Instmrnent whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to 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 the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, io Lender's judgment, could resnlt in forfeitUre of the Property or other material impairment of Lender's interest in the Property or rights uoder this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any aw:Ltd 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 repair of the Property shall be applied in the order provided for in Section 2. 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 reIease the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to reft:se to extend time for paymeut or otherwise modify amortization of the stuns secured by this Security Instrument by reason of any demand made by the origioai 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 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 and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who Co-signs this Security Instrument but does not execute the Note (a "co-siguer"): (a) is co-signing this Secnrity ~)®-§A(WY) (0005) CHL (08/00) Page 7 of 11 DOC ID #: 00005705331607004 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 inake any accommodations with regard to the terms of this Security Instrunmnt or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security 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 this Security Instrument unless 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 fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited 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 may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the perxnitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce tile charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this reftmd by reducing the principal owed t, nder the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund 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. Airy notice to Borrower in connection with this Security h]strument 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 uuless Borrower has designated a substitute notice address by notice .to keuder. 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 h~strument 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 Iustrument 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 satislXj the corresponding requirement under this Security Instrument. 16. Governing LaW; Severability; Rules of Construction, This Security Instrmnent shall be goverued by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might 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 tile 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 given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall meau and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "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 limited to, those beneficial interests transferred in a bond for deed, contract for deed, instalhneut sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a fi~ture 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 uot 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 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 notice shall provide a period of not less than 30 days from the date the notice is given in accordauce with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Iustrument without further notice or demand on Borrower. Initial3 (~®-6A(WY) (0005) CHL (08/00) Page § of 11 051- 1/01 Doc ID #: 0000570533160V00~ 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 e~liest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Inst~ment; (b) such other period as Applicable Law might specil~ for the terminatiou of Borrower's right to reinstate; or (c) entry of a judgment enforcing ~is SecuhW Instrument. Those conditions are that Borrower: (a) pays Lender MI sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures m~y default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Ins~ument, including, but not limited to, reasonable attorneys' fees, proper~ inspection and valuation fees~ and other tees incurred for the purpose of protecting Lender's interest in the Property and fights nnder this Security Inst~ment; and (d) takes such action as Lender may reasonably require to ~ssure that ~nder's interest in the Property and rights under this Security Ins~ument, and Borrower's obligation to pay the sums secured by this SecuriW Instrument, shall continue unchanged. ~nder may require ~at Borrower pay such reinstatement sums and expenses in one or more of the following forms, as select~ by ~nder: (a) c~sh; ~) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided mty such check is drawn upon ~ institution whose deposits ;~e insured by a federal agency, instrumentality or entity; or (d) Electronic Funds %m~sfer. Upon reinstatement by Borrower, this Security Instrument ~d obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration uuder 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 Inst~ment) c~ be sold one or more times without prior notice to Borrower. A sale might result in a ch~ge in the entity (~own as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and perfo~s other mortgage 1o~ servicing obligations uudcr the Note, this Security Ins~ument, ~d Applicable Law. There also might be one 0r more changes of the Loan Se~icer 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 ~d any other info. etlon RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereaRer 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 ~d are not assumed 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 ~ises from the other party's actions pursum~t to this Security Instrument or that Mleges that the other p~ has breached ~y provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other p~ty (with such notice given in compliance with ~e requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period a~er the giving of such notice to take co~ective action. If Applicable Law provides a time period which must elapse before certain action can be token, flint time period will be deemed to be reasonable for puq)oses of this p~agraph. The notice of acceleration and oppo. rtunity to cure given to ~Bo~ower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy ~e notice and opportunity to take corrective action provisions of dfis Section 20. 21, Hazardous Substances; As used in this Section 21; (a) "H~ardous Subst~ces" ~e those subst~ces defined as toxic or haz~dous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other fl~mable or toxic petroleum products, toxic pesticides aud herbicides, volatile solvents, materials containing asbestos or formaldehyde, aud radioactive materials; (b) "EnvironmentM Law" memos federal laws and laws of the jurisdiction where the Proper~ is located that relate to health, s~e~ or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removg action, as defined in Environmental Law; and (d) ~ "Enviromnental Condition" means a condition that c~ cause, contribute to, or othe~ise trigger an Enviromnenml Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any H:~ardous Substances, or threaten to release any Haz~dous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything dfecting 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 vMue 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 ~e generally recognized to be appropriate to normal resideulial uses ~d to maintenance of the Property (including, but not limited to, haz~dous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, clMm, demmM, lawsuit or other action by any govemmentM or regulato~ agency or private party iuvolving the Proper~ and any Haz~dous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, ~y spilling, le~ing, discharge, release or threat of release of m~y Hazardous Substance; and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the vMue of the Prope~y. If Borrower learns, or is notified by any governmental or regulatory authority, or m~y private p~ty, that ~y removal or other remediation of any llaz~dous Substmtce affecting the Property is necess~y, Borrower shall promptly take all necesstwy remedial actions in accordance with EnvironmentM Law. Nothing hereiu shall create m~y obligation on Lender for an Environmental Cleanup. {~®-6A(WY) (0005) CHL (08/00) Page 9 of ! 1 /v V.Form 3051 1/01 DOC ID #: 0000570533160700A NON-UNIFORM COVEN--S. Borrower ~d ~nder ~rther 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) fl~e default; (b) the action reqffired to cure the default; (c) a dale, not less than 30 days from the date the notice is given to Borrower, by Which the default ~nust be cured; and (d) that fa]ure to cure the default on or before fl~e date speckled in the notice may resdt in acceleration of the stuns secured by this Security ~strmnent 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. Ir the default is not cured on or before the date speckled in the notice, Lender at its option may require immediate payment in lhll of all stuns secured by this Security Imtrment without ~rther demand and may invoke the power of sale aud any other reme~es permitted by Applicable Law. Lender shall be entided to collect all expe~es incurred in pursffing fl~e remedies provided,in this Section 22, including, but not limited to, reasonable attorneys' t~es and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice or intent to foreclose to Borrower and to the person in possession of the Property, if ~fferent, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the ~nanner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Appficable Law. Lender or its designee may purchase the Property. at any sale. The proceeds of the sale shall be applied in the foHoMng order: (a) to all expenses of the sale, including, but not fi~nited 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, ~nder shall release this SecuriW Ins~ment. Borrower shall pay m~y recordation costs. Lender may ch~ge Bo~ower a fee for releasing this Security Instrumei~t. but only if the fee is paid to a third p~my for settees rendered and the ch~ging of the fee is pe~itted under Applicable Law. 24. Waivers. Borrower releases aud w~ves all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, BorroWer accepts and agrees to tile terms and coVenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: CAROL A. CAMPBELL (Seal) (Seal) -Borrower (Seal) -Borrower (seal) ~Borrower (~)®-6A(WY) (ooos) CHL (08/00) Page 10 of 11 Form 3051 1/01 Doc ~D ~Countyss: STATE OF qfit~x' 0 ~viEql-~ (~)®-6A(WY) (0005) CHL (08/00) Page 11 of 11 ,.// Form 3051 1/0t -- Prepared by: BOBBI JO ERICKSON Countrywide Bank, a Division of Treasury Bank, N.A. DATE: 07/13/2004 CASE#: DOCID#: 00005705331607004 BORROWER: JERRY W. CAMPBELL Branch #: 0000936 6955 UNION PARK CENTER #400 MIDVALE, UT 84047 Phone: (801 566-2991 Br Fax No.: (801)566-2470 PROPERTYADDRESS: 298 EAST 5TH AVENUE AFTON, WY 83110 LEGAL DESCRIPTION EXHIBIT A Part of Lot 1 of Block 27 of Uhe Afton .Townsite, Lincoln County, Wyoming, more particularly described as follows: Beginning 247.25 feet East of the Northwest corner'of said Lot 1 and running thence East 82.75 feet; thence South 65.75 feet; thence West 82.75 feet; thence North 65.75 feeE to the polnu of beginning. FHANNCONV Legal Description Exhibit A 2C404-XX [04/03)(d) "239 9 I * 057053316000002006A' ADJUSTABLE RATE RIDER (MTA Index ?aymenr Caps) AfterRecordingRetum To: COUNTRYWIDE HOME LOANSt INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410 0423 PreparedBy: BOBBI JO ERICKSON CONV · ARM PayOption Rider 1 D729-US (07/02).01 (d) "23991 · 11942 [Escrow/Closing 00005705331607004 [Doc ID #l Initia ~ Page 1 of 7 ' 057053316000001D729' i;', :i')i;(, ..,.. ,,.l;'i ~i ?;:5::::! · . 6?0 DOC ID #: 00005705331607004 THIS ADJUSTABLE RATE RIDER is made this THIRTEENTH day of JULY, 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Adjustable Rate Note (the "Note".) to Countrywide Bankt a Division of Treasury Bank, N.A. ("Lender") of the same date and covering the property described in the Security Instrnment and located at: 298 EAST 5TH AVENUE AFTON, WY 83110 [Property Address] THE NOTE CONTAINS PROVISIONS THAT WILL CHANGE THE INTEREST RATE AND TIlE MONTHLY PAYMENT. THERE MAY BE A LIMIT ON THE AMOUNT TItAT TIlE MONTHLY PAYMENT CAN INCREASE OR DECREASE. TIt]); PRINCIPAL AMOUNT TO REPAY COULD BE GREATER THAN TIlE AMOUNT ORIGINALLY BORROWED, BUT NOT MORE THAN THE LIMIT STATED IN THE NOTE. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fl~rther covenant and agree as folk)ws: A. 1NTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for changes in the interest rate and the momhly payments, as follows: 2. INTEREST (A) Interest Rate Interest will be charged on unpaid principal until the rtl amount of Principal has been paid. I will pay interest at a yearly rate of 1.625 %. The interest rate I will pay may change. The interest rote required by this Section 2 is the rate I will pay both before ami after any default described in Section 7(B) of the Note. CONV · ARM PayOption Rider 1D729-US (07/02).01 Page 2 of 7 Initial 671 DOC ID #: 00005?05331607004 (B) Interest Rate Change Dates The interest rate I will pay may change on the first day of SE?TEMBERt 2004 , and on that day every month thereafter. Each date on which my ~nterest rate could change is called an "Interest Rate Change Date." The new rate of interest will become effective on each Interest Rate Change Date. (C) Index Beginning with the first Change Date, my adjustable interest raue will be based on an Index. The "Index" is the "Twelve-Month Average" of the annual yields oB actively traded United States Treasury Securities adjusted to a constant mauurity of one year as published by the Federal Reserve Board in the Federal Reserve Statistical Release entitled "Selected Innerest Rates (H.15)" (the "Monthly Yields") . The Twelve Month Average is determined by adding nogether the Monthly Yields for the most recently available twelve months and dividing by 12. The most recent Index figure available as of the date 15 days before each Change Date is called the "Current Index" If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (D) Calculation of Interest Rate Changes Before each Interest Rate Change Date, the Note Holder will calculate my new interest rate by adding THREE & 275/1000 percentage point(s) ( 3.275 %) to the Current Index. The Note Holder will then round the result of this addidon to the nearest one-eighth of one percentage point (0.125%). This rounded mnount will be my new interest rate until the next Interest Rate Change Date. My interest rate will never be greater.than 9. 950 %. CONV · ARM PayOptlon Rider 1D729-US (07/02).01 Page 3 of 7 DOC 5D #: 00005705331607004 3. PAYMENTS (A) Time and Place of Payments I will pay principal and interest by making a payment every mouth. I will make my monthly payments on the 15' IRS T day of each month beginning on September, 2004 I will make these payments every month until I have paid all the principal and interest and any other charges described below thai I may owe under this Note. Each monthly paymeot will be applied to interest before Principal. If. on AUGUST 01, 2034 , I still owe amounts under the Note, I will pay those amounts in full on that date, which is called the "Maturity Date." I will make my monthly payments at P.O. Box 660694, Dallas, TX 75266 0694 or at a different place if required by the Note Holder. 01) Amount of My Initial Monthly Pay~nents Each of my initial monthly payments will be in the amount of U S. $ 233. 51 . This amount may change. (C) Payment Change Dates My monthly payment may change as required by Section 3(D) below beginning on the first dayof SEPTEMBER, 2005 , and on that day every 12th month thereafter. Each of these dates is called a "Payment Chmtge Date." My monthly payment also will change at any time Section 3(F) or 3(G) below requires me to pay a different monthly payment. I will pay the amount of my new monthly payment each month beginning on each Payment Change Date or as provided in Section 3(F) or 3(G) below. (D) Calculation ot' Monthly Payment Changes At least 30 days before each Payment Change Date, the Note Holder will calculate the amouut of the monthly payment that would .be sufficient to repay the unpaid principal that I am expected to owe at the Payment Change Date in full on the maturity date in substantially equal instalhnents at the interest rate effective during the month preceding the Payment Change Date. The result of this calculation is called the "Full Payment". The Note Holder will then calculate the amount of my monthly payment due the month preceding the Payment Change Date multiplied by the number 1.075. Tlie result of this calculation is called the "Limited Payment." Unless Section 3(F) or 3(G) below requires me to pay a different amouut, my new CONV · ARM PayOption Ridor 1 D729-US (07/02).01 Pa§o 4 of 7 DOC ID #: 00005705331607004 required monthly payment will be lesser of the Limited Payment and the Full Payment. I also have the option each month to pay more than the Limited Payment up to and including the Full Payment for my monthly payment. (E) Additions to My Unpaid Principal My monthly payment could be less than the amount of the interest portion of the monthly payment that would be sufficient to repay the unpaid principal I owe at the monthly payment date in fidl on the Maturity Date in substantially equal payments. If so, each month that my monthly payment is less than the interest portion, the Note Holder will subtract the amount of my monthly payment from the amount of the interest portion and will add the difference to my unpaid principal. The Note Holder also will add interest on the amount of this difference to my unpaid principal each month. The interest rate on the interest added to Principal will be the rate required by Section 2 above. CF) Limit on My Unpaid PrinciPal; Increased Monthly Payment My unpaid principal can never exceed a maximum amount equal to ONE HUNDRED FIFTEEN pement( 115 %) of the Principal amotmt I originally borrowed. My unpaid principal could exceed that maximum amount due to the Limited Payments and interest rate increases. In that event, on the date that my paying my ~nonthly payment would cause me to exceed that limit, I will instead pay a new monthly payment. The new monthly payment will be iu an amotmt that would be sufficient to repay my then unpaid principal iu full on tt~e Maturity Date in substantially equal installments at the current interest rate. (G) Required Full Payment On the fifth Payment Change Date and on each succeeding fi£th Payment Change Date thereafter, I will begin paying the Full Payment as my monthly payment until my monthly payment changes again. I also will begin paying the Full Payment as my monthly payment on the final Payment Change Date. 4. NOTICE OF CHANGES The Note Holder will deliver or mail to me a notice of any changes in the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me'and also the title and telephone number of a person who will' answer any question I inay have regarding the notice. CONV · ARM PayOption Rider Initia ~ '/~ ? 1D729-US (07/02).01 Page 5 of 7 , ,- 67,I DOC ID #: 00005705331607004 B. TRANSFER OF THE PROPERTY OR A BF~NEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a Benelicial Interest in Borrower. As used in this Sectiou 18, "Interest in the Property" means any legal or beneficial interest m 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 require immediate pay~nent 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. Lender ,'dso shall not exercise this opnon if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period o1' no~ 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 expiranon of this period, Lender may invoke any remedies permitted by this Security Instrument withont further notice or demand on Borrower. oo.v ARM PayOption Rider Irliti D729-US (07/02).01 Page 6 of 7 // u/ DOC ID #: 00005?05331607004 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. CAROL A. CAMPBELL (Seal) (Seal) -[lorrower (Seal) -Borrower (Seal) -Borrower CONV · ARM PayOptlon Rider 1D729-US (07/02).01 Page 7 of 7 [Space Above This Lh~e For Recording Data] 1-4 FAMILY RIDER (Assignment of Rents) After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prep~edBy: BOBBI JO ERICKSON 11942 [Escrow/Closing 00005705331607004 [Doc ID ~] THIS 1-4 FAMILY RIDER is made this THIRTEENTH day of JULY, 2 0 0 4 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, o'r Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to Countrywide Bank, a Division of Treasury Bank, N.A. (the~nder'~)~f~esamedateandc~veringthePr~per~describedintheSecurity~ns~mentand~catedat: 298 EAST 5TH AVENUE AFTON, WY 83110 [~openy Address] 1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Bon'ower and Lender further covenant and agree as follows: MULTISTATE 1-4 FAMILY RIDER - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 3 (~)®-57R (0008) CHL (08/00)(d) VMP MORTGAGE FORMS - (800)521-7291 CONV/VA /F/orm 3170 1/01 *23991* * 057053316000002057R* 677 DOC ID #: 00005705331607004 A, ADDITIONAL PROPERTY SUBJECT TO TItlE SECURITY INSTRUMENT. In addition to the Property described in the Security Instrument, the following items now or hereafter attached to the Property to the extent they am fixtures are added to the Property description, and shall also constitute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, .on, or used, or intended to be used in connecuon with the Property, includiug, but not limited to, those for tbe purposes of supplying or distributing heatiug, cooliug, electricity, gas, water, air and light, fire prevention and extinguishing apparatus, security mid access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigemto,'s, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached nfirrors, cabinets, paneling and attached floor coverings, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of tile Property covered by the Security Iustmment. All of the foregoing together with the Property described in the Security Instrument (or the leasehold estate il' the Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider m~d the Security Instrument as the "Property." B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of the Property or its zoning classification, tmless Lender has agreed in writing to the change. Borrower shall comply with ali laws, ordinances, regulations and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to tile other hazards for which insurance is required by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DELETED. ~ection 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of tl~e Property is deleted. G. ASSIGNi~NT OF LEASES. Upon Lender's request after default, Borrower shall assign to Lender all leases of the Property and all security deposits made m connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Leuder or Lender's agents to collect the Rents, and agrees that each tenant oi' tile Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents untih (i) Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument, and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This assigmnent of Rents constitutes mi absolute assignment and not an assignment for additional security only. If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by Borrower as trustee for tile benefit of Lender only, to be applied to the sums secured by the Security Insn'ument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (.iii) Borrower agrees that each tenant Of tile Property shall pay all Rents due mid unpaid to Lender or Leuder's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, attorneys' fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender. Lender's ageuts or any judicially appointed receiver shall be !table to account for only those Rents actually received; and (vi) Lender shall be entitled to have a raceiver Initial (~®-57R (0008) CHL (08/00) Page 2 of 3[//-?/°rm 3170 1/01 DOC ID ~: 00005705331607004 appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property without any showing as to the inadequacy of rite Property as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall becotne indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. Borrower represents and warrants that Borrower has not executed m~y prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giviug notice of default to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's :default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrumenl and Lender may invoke any of the remedies permitted by [he Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions coutained in this 1-4 Family Rider. - Borrower / CAROL A. Cg2q?BELL -Borrower (Seal) - Borrower (Seal) - Borrower (~®-57R (0008) CML (08/00) Page 3 of 3 . Form 3170 1/01