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HomeMy WebLinkAbout90160830?40 (el) AflerRecording Remm To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Noys, CA 91410-0423 Preparcd By: MICHELLE SALAS RECEIVED LINCOLN COUNTY CLERK 9 0 ! 6 0 8 -3 A ,I m: t, 1 [Space Above This Line For Recordh,g Data] 30740 [Escrow/Closing #1 MORTGAGE MIN 1000157-0003728787-3 0006477558407004 [Doc ID #] DEFINITIONS Words used in multiple sections of Ihis docnment are defined below and oilier words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provkled in Section 16. (A) "Security Instrumeut" means Ibis document, which is dated with all Riders to this document. (B) "Borrower" is RICHARD RYLAND ANDERSEN~ a married man~0~ JULY 26, 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 mid assigns. MERS is the mortgagee m~der 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, tel. (888) 679-MERS. (D) "Lender" ~s COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION organized and existing under the laws of NEW YORK Lender's address is 4500 Park Granada, Calabasas, CA 91302-1613 (E) "Note" means the promissory note signed by Borrower and dated JULY 26, 2004 . The Note states that Borrower owes Lender ONE HUNDRED THIRTY THOUSAND EIGHT HUNDRED and 00/100 Dollars (U.S. $ 130,800. O0 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than AUGUST 01, 2034 (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 O~ Page 1 of 11 Initials: (~®-6A(WY) (0005) CHL (08/00)(d) VMP MORTGAGE FORMS - (800)521-7291 Form 305~. 1/01 CONV/VA *23991 ' * 06477558400000200§A* DOC rD #: 0006477558407004 (Ct "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. tH) "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) [specifyl (It "Applicable Law" means all controlling applicable fedend, state and local statutes, regolations, ordinances and administrative rules ,mid orders (that have the effect o1' law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all tines, fees, assessments and olher charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic .Funds Tra,sf'er" 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 ins)fume, t, computer, or magnetic tape st) as to order, instruct, or authorize a financial institution to debi~ or credit m~ account. Such term includes, but is not limited to, point-of-sale tnmsfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse U'ansfers. (L) "Escrow Items" means those items that are described in Section 3. OM) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages descri'bed in Section 5) for: (it 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 mnissions as to, the value and/or condition of the Property. tN) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Pay~nent" means the regularly scheduled amonnt due fi)r (it principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instalment. (Pt "RESPA" means the Real Estate Settlement Procedures Act 1,12 U.S.C. Section 2601 el seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject ina))er. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are ~mposed tn regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage Iom~" nnder RESPA. (Q) "Successor in Interest o1' Borrower" means any party )ha! has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or )hi s Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (it 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 MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recorcling Jurisdiction] [Name of Recording Jurisdictionl LOT 202, LAKEVIEW ESTATES SUBDIVISION, TRACT A, A SUBDIVISION IN THE S1/2SE1/4 OF SECTION 29, TBTN, TllSW, 6TH P.M., WYOMING ACCORDING TO THAT PLAT OF RECORD IN THE OFFICE OF THE COUNTY CLERK OF LINCOLN COUNTY, WYOMING. Parcel IDNUmber: 371829'41702400 778 LODGE LANE, ALPINE [Street/City] Wyoming 83128 ("Property Address"): [zip Code] II~®-6A(WY) (ooo5) CBt (08/00) Page 2 of 11 which currently has the address of Form 3051 1/01 DOC ];D #: 0006477551~q07(}0~1 TOGETHER WITH all the improvements now or hereafter erected on tile property, and all easemems, appurtenances, and fixtures now or hereafter a parl of tile property. All replacements and additions shall also be covered by Ihis Security hlstrument. All of the foregoing is referred to in this Security Instrnmenl as lhe "Property." Borrower understands and agrees thai 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, iucluding, but not limited to, tile right to foreclose and sell the Property; ami to take any action required of Lender including, but not limited to, releasing and canceling lhis Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised o1' tile estate hereby conveyed and has ihe right to mortgage, gr:mt and convey the Property and that the Property is unenculnbered, except for encumbrances of record. Borrower warrants and will defend generally the title to Ihe Property against all claims and demands, subject to any encumbrances of record. TI{IS SECURITY INSTRUMENT combines uniform covenants for national use and non-unifilrm covenants with limited variations by jurisdiction to constitute a uniform secumy instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenanl and agree as follows: 1. Payment of Principal, lnlerest, Escrow lteins, Prepayment Charges, and Lale Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any preptlyment charges and late charges due under the Note. Borrower shall also pay fxLnds for Escrow Items pursuant to Section 3. Payments due uuder the Note and this Security Inslmment shall be made ill U.S currency. However, if any check or oilier instrument received by Lender as payment under tile Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent paymeuts due nnder the Note and this Security hLstrument 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 ally such check is drawn upon an instit'ution whose deposits are iusnred by a federal agency, insn'umentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at Ihe location designated in the Note or at such other location as may be designated by Lender in accordance with tile notice provisions m Section 15. Lender may remm any payment or partial payment if tile payment or partial payments are insufficient to bring tile Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial paytnents in Ihe fllture, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such fimds or return them to Borrower. If not applied earlier, such funds will be applied to tile outstanding principal balance uuder 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 trod this Security hLstrument or performing the covenants and agreements secured by this Security Instrnment. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3 Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to tuty other ,amounts due under this Security Instnnuent, and then to reduce the pmtcipal balance of the Note. I£ Lender receives a payment from Borrower for a delinquelLt Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and tile late charge. If more than one Periodic Payment is outstanding, Lender may al)ply any paymeut received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid itl 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 m the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under lhe Note shall not extend or postpone the due date, or change the amount, of the Periodic Paymeuts. 3. Funds l'or Escrow Items. Borrower shall pay to Lender on Ihe day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for paymem of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Inslrnme~t as ti lien or encumbrance on the Property; (b) leasehold pay~nents or ground rents oil the Property, if any; (c) premiums for any and all ~nsurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums ill accordance with the provisions of Section 10. These items are called "Escrow Items." At originatiou or at any time during the term of the Lurer, Lender may require that Comnnmity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Ilem. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay lhe Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Initials :~ (~)®-6A(WY) (0005) CHL (08/00) Paoe 3 of ~ Form 3051 1/01 DOC ID #: 0006477558407004 Ilems 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 l~'tlnds has been waived by Lender and, if Lender requires, shall funfish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation 1o make such payments aud 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. I1' 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 nnder Section 9 and pay such amount and Borrower shall theu be obligated under Sectiou 9 to repay to Lender any such amount. Lender [nay 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 ill such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount ia) su£1icient to permit Lender 1o apply the Funds at the time specified tinder RESPA, and (b) not to exceed thc maximum amount a lender can require nnder RESPA. Lender shall estimate the amount of Fnnds due ou the basis of current data and reasorml)le estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in mi institution whose deposits are insu,'ed by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are st) 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 shall not charge Borrower for holding lind applying the Ftmds, annually antdyzing tile escrow account, or verifying the Escrow Items, unless Leuder 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 interest or earniugs 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 shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lemler the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 momhly payments. If there is a deficiency Of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to 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 Insmuuent, Lender shall promptly refmul to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, flues, 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 Community Association Dues, Fees, and Assessments, if any. To the extent that these items 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: ia) agrees in writing to the payment of the obligation secured by the lien in a mauner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests tile lien in good t'ailh by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are coilcluded; or (c) secures from the holder of the lien an agreement satisfilctory 1o Lender subordinating the lieu to Iris Security InstrUment. If Lender determines that any part of the Property is subject IO a lien which can at(alu priority over this Security Instrument, Lender may give Borrower a re)lice identifying the lien. Within 10 days of tile date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above iii 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 improvemenls 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, fo[' which Lender requires insurance. This insurance shall be maintained in the anmunts (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 insnrance ctm'ier providing tile insurance shall be chosen by Borrower subject to Lender's right lo disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: ia) a one4ime 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 changes occur which reasonably might al'fcc( such determination or certification. Borrower shall also be responsible for Ire payment of tuty fees imposed by the Federal Emergency Management Agency in connection with the review of tiny flood zone detennination resulting from an objection by Borrower. If Borrower fails to maintain mty of the coverages descrihed above, Lender may obtain insurance coverage, at Lender's option and iBorrower's expense. Lender is under no obligatiou to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against a.ny risk, hazard Inilials: .~. (~®-6A(WY) (0oo5) CHL (08100) Page 4 of 11 Form 3051 1/01 , ,,-" 775 DOC TD #: 0006zl??55840700zt or liability and might provide greater or lesser coverage than was previously iu effect. Bogower acknowledges that the cost of the insurance coverage so obtained might significautly exceed the cost of insurance lbat Borrower coald have obtained. Any ~mmunts disbursed by Lender under dfis Section 5 shall become additiomd debl of Bm~ower secured by lhis Securi~ Instrument. These a~noums shall bear imerest at the Note rate from the date of disbursmnent aud shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurm~ce policies required by Lender and renew:tis of such policies shall be subject to Lender's right to disapprove such policies, shall include a st~d~d mortgage clause, m~d shall name Lender as rnortgagee anger as an additional loss payee. Lender shMl have the right ~o hold lhe policies aud renewal cerlificales. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premimns and renewal notices. If Borrower ob~fins any form of insurance coverage, not otherwise required by Lender, for damage to, or des~ction of, the Property, such policy shM1 include a standard mortgage clause nnd shall n~m Leuder as mortgagee auger as an additional loss payee. ~ In the eveut of loss; Borrower shall give prompt notice to the insurance c~rier nhd Lender. Lender may make proof of loss if not made promptly by Bogower. Unless Lender and Borrower otherwise agree iu writing, any insurm~ce proceeds, whether or not the underlying insurance was required by Lender, shall be 'applied to restoration or repot of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender sh~dl have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure lira work has been completed to Lender's satisfaction, provided that SUCh inspection shall be nndertaken promptly. Lender may disburse proceeds for lhe repairs and restoration in a single payment or in a series of progress payrnents as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest *o be paid on such insurm~ce proceeds, Lender shall not be required to pay BmTower any interest or earniugs on such proceeds. Fees for public adjusters, or other third p~ties, retained by Borrower shall not be p~fid out of the insurance proceeds *md shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender'5 securi~ would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Ins~ment, whether or not then due, with the excess, if any, paid Io Bogower. Such insur~ce proceeds shall be applied in the order provided IBr m Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Bon'ower does not respond within 30 days to a notice from Lender lhat the insurance c~rier has offered to settle a cl~m, then Lender may negotiate and settle ttte claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property onder Section 22 or otherwise, Borrower hereby assigns to. ~nder (a) BorroweFs rights to any insurance proceeds in a~i amonnt not to exceed the amounts unpaid under the Note or this Security lnsu'ument, and ~) any other of Borrower's rights (other than the right to any refmid of une~ed premiums paid by Borrower) under ~1 insnrance policies covering the Prope~y, insof~ as such rights ~e applicable to the coverage of the Property. Leader may use the insurmme proceeds either to repair or restore the Property or to pay amounls unp~d under the Note or this Securi~ Instrument, whether or not then due. 6. Occupancy. Bogower shall occupy, establish, and use the Property as Borrower's lmncipal residence within 60 days ~ter the execution of this Security Instrument mid shall contitme to occupy the Properly as Borrower's principal residence for at least one ye~ after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which t~e beyoud Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspection. Borrower shall not des~'oy, damage or imp~r the Property, ~low the Proper~ to deledorate or commit waste on the Property. Whether or not Borrower is residing in the Propers, Bogower shall inaimain the Property in order to prevent the Property from deteriorating or decreasing in v~ue due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not econo~cally feasible, Borrower shall promptly repair the Property if damaged to avoid ~rther deterioration or damage. If insurance or condemnation proceeds ~e paid in connection with damage to, or the taking of, the ProperS, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such puq)oses. Lender may disburse proceeds for the repots and restoration in a single payment or in a series of progress payments as lhe work is completed. If the insurmme or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Bogower's obligation for the completion of such repair or restoratiou. Lender or its agent may make reasouable 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 ~ interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. BorrOwer sh~l 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 materi~dly f~se, misleading, or inaccurate information or statements to Lender (or failed to provide ~nder with material information) in connection'with die Loan. Material representations include, but are not limited to, representations concerning Bogower's occupancy of the Proper~ as Borrower's princip~ residence. {~I~®-6A(WY) (0005) CHL (08/00) Page 5 of 11 Initials :~_ Form 3051 1/01 #: 9. Protection of Lender's Interest in the Property and Righls Under this Security Instrument. If (a) Borrower f~ls to perform the coven~ts anti agreements contained iu this Security Instrmnent, (b) I[lefC is a legal proceeding that nfight significantly ~fect Lender's interest in Ibc Property an~or rights under this Security Instrument (such as a proceeding'in ban~ptcy, probate, k>r coudemnation or lbrfeitum, for enforcement of a lien which may attain priority over this Sectn'ity Instrument or to enforce laws or regulations), or (c) Borrower.has abmldoned the ProperS, then Lender may do m~d pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Iusmmlent, including protecting m~or assessing the value of the Property, m~d securing an~or repairing the Property. Lender's actions can include, but ~e not limited to: (a) paying any sums secured by a lien which has priomy over this Security Ins~ment; (b) appe~ng in court; ~d (c) paying reasonable attorneys' fees to protect its interest in the Property ancot rights under this Securi~ Instmmeut, including its secured positiou iu a ban~ptcy proceeding. Securing the Proper~ includes, but is not limited to, entering the Property to m;~e repairs, ch~ge locks, replace or bo~d np doors and windows, drain water from p~pes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so ~d is not uuder any duty or obligation to do so. It is agreed that Lender incurs no liabiliW for not t&ing any or all actions authorized under this Section 9. Any mnounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Securiw Instalment These ~ounm shall bern interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of tim lease If Borrower acquires fee title to the Property, the leasehold and the fec title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a cooditiou of making Ibe LomL Borrower shall pay the premmms 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 insurer that previously provided such insurance and Borrower was required to make sep~ately designated payments towed the premmms for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurm~ce previously iu efl~ct, at a cost substantially equivalent to the cost to Bo~ower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Leuder the ~ount of the sep~ately designated payments thai were due when tl~e insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss rese~we ~n lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that Ihe Loan is ultimately paid in full, and Lender shill not be required to pay Borrower any interest or em-nings on such loss rese~e. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (m the amount m~d for the period that Lender requires) provided by an insurer selected by Lender ag~u becomes awfilable, is obt~fined, and Lender requires separately designated paymeuts towed the premiums for Mortgage Insur~ce. If Lender required Mortgage Insurance as a condition of making the Loan ~d Bon'ower was required to make sep~ately designated payments toward the premiums for Mortgage Insurmtce, 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 m~y written agreement between Borrower and Lender providing for such terminanon or uutil termination is required by Applicable Law. Nothing in this Section 10 affects Bo~ower's obligation to pay interesl at the rate provided in the Note. Mortgage Insurance reimbumes Lender (or m~y entity that purchases the Note) for certain losses il may incur if Borrower floes not repay the Loan as agreed. Borrower is not a party to the Mortgage lusurance. Mortgage insurers evaluate their total risk on all such insurance m force from time to time, m~d may enter into agreements with other p~ties that shoe or lnodi~ their risk, or reduce losses. These agreements m'e on terms ~d conditions that ~e satisfacto~ to the mortgage insurer and the other p~ty (or parties) lo these agreements. These agreements may require die mortgage insurer to make payments using any soume of fimds that the mortgage insurer may have available (which may include fuuds obtained from Mortgage Insurauce pre~niums). 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 foregmng, may receive (directly or indirectly) amounts that derive from (or might be ch~actefized ~s) a portion of Borrower's payments for Mortgage Insurance, in exchange for shying or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a shoe of the insnrer's risk in exchm~ge lk~r a shine of the premiums paid to the insurer, the ~rangement is often te~ed "captive reinsur~ce." Further: (a) Any such agreements will not affect the amoun~ that Borrower has agreed to pay for Morlgage Insurance, or any olher terms of fl~e Loan. Such agreements will m~t increase lhe amount Borrower will owe for Mortgage h~urance, and they will not entire Borrower to any refund. ?: iJ~®-§A(W'Y) (ooos) CHL (oa/o0) Page 6 of 11 Initials.(~ Form 3051 1/01 DOC ID ~: O006zJT?558zJO?O0z] (b) Any such agreements will not affect fl~e rights Borruwer has - it' any - wilh respect to lhe MOrtgage Insurance under the Homeowners Protection Acl of 1998 or any ofl~cr law. These rights may include the right to receive ccrtaiu disclosures, to request and ohlain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated au/mnalically, and/or to receive a rebind of any Mortgage Insurance prc~nimns flint 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. During 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 restoration in a single dis'~ursemeut or in a series of progress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be reqnired to pay Borrower auy iuterest or earnings on such Miscellaneous Proceeds. If the restoration of 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 thee 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 tiffs Security Instrumenl, 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 equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial mkiug, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, lhe 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 tile partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately befo,'c the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the evem of a partial taking, destruction, or loss in value of the Property ill which the fair inarket value of the Property immediately before the partial talcing, destruction, or loss in value is less than the amounl 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 this Security Instmmenl 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 clai,n for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Leuder is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the suins secured by dns 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 Miscellaileous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or olher material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has 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 iii the Property or rights under this Security Instrument. Tile proceeds of any award or claim for damages that ;ire attributable to the impmrment of Lender's interest m the Property are hereby assigned aud 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 Nut 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 required to commence proceediugs against auy Successor m Interest of Borrower or to refuse to exteud time for payment or otherwise modify mnortizanon of the sums secured by this Security Insu'ument by .reason of any demand made by the original Borrower or auy Successors in Interest of Borrower. Auy forbearance by Lender in exercising any right or remedy iucluding, without limitation, Lender's acceptance of payments from third persons, entities or Successors ill luterest 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 obliganons and liability shall be joint and several. However, any Borrower who co-sigms this Security Insmnnent but does not execute the Note (a "co-signer"): (a) is co-signing this Security Initials: (~¢~-6A(WY] (0005) CHL (08/00) Page 7 of 11 Form 3051 1/01 DOC ID #: 0006477558407004 Instrument only to mortgage, grant and convey the co-signer's interest io the Property under tim terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security lnsu-ument; 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 tile 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, shill obtain all of Borrower's rights and benefits under this Secuhty 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 coveuants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors aud 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 toany other fees, the absence'of express authority in this Securily 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 lbes 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 counection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by tl~e amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded penmtted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed uuder 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 prepaymeut charge (whether or not a prepayment charge is provided for under the Note). Borrower's h§ceptance 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 unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prompdy nod~ 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 dmt specified procedure. There may be only one desiguated notice address under this Security Instrument at any o,~e dine. Any notice to Lender shall be given by deliveriug it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall uot be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Constrnction. This Security Instrument shall be governed. by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to ag,'ee by contract or'it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the evenl that any provision or clause of this Security InstrUmeut 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 eft'ecl without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean anti include corresponding neuter words or words of the feminine gender; (b) words m 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 h~strument. 18. Transfer of the Property or a Beneficial Interest in l:~orrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, bet not limited to, those beneficial interests transferred in abond for deed, contract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower al a fulure 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 mmsferred) 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 nodce of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Sec6on 15 within which Borrower must pay all sums secured by this Security Insu'ument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without furt!Ler notice or demand on Borrower Inilials~ ~ (~®:6A(WY) (0005) CHL (08/00) Page 8 of 11 Form 3051 1/01 0:~3~_,,3~ Doc ~D #: 19. Burrower's Right to Reinstate After Accderation. If Bo~,ower meets ce~ain conditions, Borrower shall have the right to have enforcement of this Security Ins~ment discontinued at any time prior to the e~liest of: (a) five days belbre sale of the Property pursuant to m~y power of sale contained in this Security Instmmem; (b) such other period as Applicable Law might speci~ fi)r the lermmation of Borrower's right reinstate; or (c) ent~ of a judgment en[brcing this Secufi~ Instrument. Those conditions ~e [hat Borrower: (a) pays Lender ~1 sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Ins~ument, including, but not limited to, reasonable attorneys' property inspection and v~uation fees, and other fees incurred for the purpose of protecting Lender's interest in the Proper~ and rights under this Securi~ Instrument; and (d) takes such action as Lender may re~sonably require to assure that Lender's interest in the Proper~ and fights under this Security Instrument, 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 iii one or more of the following forms, as selected by Lender: (a) c~sh; ~) money order; (c) certified check, bauk check, treasurer's check or cashier's check, provided m~y such check is drawn upon m~ institution whose deposits are insured by a federal agency, instmmen[ality or entity; or (d) Electronic Funds Trmmfer. Upon rcmstalement by Borrower, this Security Instrument and obligations secured hereby shall remain ~lly effective as if no acceleration had occurred. However, this right to reinstate sh~l not apply in the case of accclerauon under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice nf Grievance. The Note or a partial interest in the Note (together with this Securi~ Instmmen0 cm~ be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Lom~ Servicer") that collects Periodic Payments due under the Note and this Security Instmmeut and performs other mortgage loan servicing obligations under the Note, this Securi~ Ins~ment, m~d Applicable Law. There also might be one or more changes of the Luau Se~icer unrelated to a sale of the Note If there is a ch~ge of thc Loan Servicer, Bo/rower will be given wri[ten notice of the change which will state the nme and address of lhe new Loan Servicer, the address to which payments should be made ~d any other info~ation RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and [hereafter Ihe Loan is serviced by a Loan Servicer other dian the purchaser of the Note, the mortgage loan servicing obligations [o Borrower will remain w~th the Loan Servicer or be tr~sferred to a successor Loan Servicer m~d are not assumed by the Note purchaser unless otherwise provided by the Note pumhaser. 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 park's actions pursuit to this Security Instrument or that ~leges that the other p~ has breached ~y provision of, or any duty owed by reason this Security Instrument, until such Borrower or Lender has nolified the other p~ty (with such notice given m compliance with the requirements of Section 15) of such alleged breach and afforded the other par~ hereto a reasonable period after the giving of such notice to take comective action. If Applicable Law provides a ti~ne period which must elapse before certain action can be taken, thai time period will be deemed to be reasonable for pu~oses of this p~agraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 m~d the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice ~d opponnni~ [o take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Subs[~ces" ~e those subs~tmces 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 and herbicides, volatile solvents, materials continuing ~sbestos or formahlehyde, and radioactive materials; "Envkonmental Law" memos federal laws and laws of the jurisdiction where the Property is located that relate to health, s~e~ or environmem~ protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) m~ "Environmental Condition" means a condition that c~m cause, contribute to, or othe~ise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of ~y H~dous 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 affecting the Property (a) that is m violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Haz~dous Substance, creates a condition that adversely affec[s the v~ue of [he 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 reco~ized to be appropriate to normal residential uses and to mmntenance of the Property (including, but not limited to, hazardous subs~nces in consumer products). Borrower sh~l promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govemment~ or regulato~ agency or private party involving the Property and any Haz~dous Substance or Environmen[al Law of which Borrower has actual kuowledge, (b) any Environmental Condition, including but not limited to, ~y spilling, leaking, discharge, release or threat of release of Haz~dous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely ~fects the v~ue of the Prope~. If Borrower letm~s, or is notified by m~y govennnental or regulato~ authori~, or ~y private p~ty, that any removal or other remediatiou of m~y Hazm'dous Substmtce affecting the Property is necess~, Borrower shall promptly t~e all necessm'y remedial actions in accordance with Environment~ Law. Nothing herein sh~dl create m~y obligation on Lender for an Environmental Cleanup. Inltlals~~ ~-SA(WY) (0005) CHL (08100) Paso 9 of ~ ~ Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further coven ant 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 Secority lnslrument (but not prior 1o 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 l¥om the date the notice is given to Borrower, by which the default must be cured; and (d) flint l'ailure lo core the del'aull on or before the date specified in the notice may result in acceleration of the stuns scooted by this Security Instrmnent and sale of fl~e Property. The notice shall furlher inform Borrower of the right Io reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any oilier defense of Borrower to acceleration and sale. Il' lhe default is not cured on or befiwe the date specified in tim notice, Lender at its option may require immediate payment in full of all stuns secured by this Security Instrument wiflmut further demand aud may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incm'red in pursuing fl~e remedies provided in this Section 22, including, bo[ not limited 1o, reasonable atiorueys' I'ees and costs of title evidence. Il' Lender invokes the power of sale, Lender shall give notice of in[cut to foreclose to Borrower and to the person in possession of' file Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in fl~e manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in fl~e manner prescribed by Applicable La w. 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 liufiled to, reasonable attorneys' fees; (h) to all stuns secured by this Security Instrument; and (c) any excess to the person or persous 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 m~y recordation costs Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for serwces rendered m~tl the cha~ging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under aud by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to tile lerms and covenants contained in this Security Instnm~ent m~d in any Rider executed by Borrower and recorded with it. Wi [ness es 2 ~~IOITOW~I (Se'd) -Borrowe[ (Seal) -Borrower (Seal) -Bo~tower (~®-6A(WY) (0005) CHL (08/00) Page 10 of 11 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was acknowledged before me this by Richard Ryland Andersen ,. ,. 78I DOC ID #: 000647755840'1004 Te ton County ss: 26th day of July, 2004 My Commission Expiresl 09/12/2007:q Notary Public Te't'Jn'"' ',~ Wyomin~l_ f (~I~-6A(WY) (ooo5) CHL (08100) Page 11 of 11 Initial~,~ Form 3051 1/01 '::¥:':',:L ;, RELEASE AND WAIVER" For good and valuable consideration, the receipt and sufficiency of which is acknowledged, I, Mellssa Rhodes Andersen, do hereby forever tel ease and waive all rights under and by virtue of the Homestead Exemption Laws of the State of Wyoming in regard to.' £or 202 Lakwciew Estates Subdfvfsion, Tract A, a subdivision in the S1/2SE]/4 of Seen'on 29, T$ 73~, RJ I 8 W. 6~' P.]l~.., Wyoming according to that ptat of record in the Office of the Clerk of:Lincoln County, Wyoming. toge~er with all improvements thereon. I realize that my husband, Richard R.yland Andersen has applied to Countrywide Home ]Loans, Inc. for a loan and acknowledge that the sa/d Countrywide Home Loa~._s_, Inc. has relied upon this release and waiver in making the said loan.. Dated: This day of July, 2004. Ss COUNTY OF P1 '}I~-ccA-$ ) Melissla Rhodes ,~mder-sen' -' The foregoing instrument was acknowledged before me this ~ ~ 7 ,2004, by Melissa Rhodes Andersen. WITNESS my hand and official seal. My Commission Expires: Residing in: Notary Public ,,k,__ day of