Loading...
HomeMy WebLinkAbout901660 REOEIVED LINCOL?t COUNTY CLERK After Recording Return To: FIRST NATIONAL BANK-WEST PO BOX 3110, 100 GREYS RIVER ROAD BOOK ALP1NE, WYOMING 83128 [Space Above Tiffs Line For Recording Data] MORTGAGE Loan Nmnber 60122096 MERS Number 100015700(i)39389008 DEFINITIONS Words used in multiple sections of this document are defined below and other ~vords are defined in Sections 3, 11. 13, 18, 20 and 21. Certain rules regarding the usage of words Used in this document arc also provided in Section 16. (A) "Security Instrument" means this document, which is dated JULY 30, 2004, together witb all Riders to this document. (B) "Borrower" is JEFF CLARK and SHANTAY M CLARK, IIUSBANI) And WIFE AS JOINT TENANTS. 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 lnstrmnent. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Fliut, MI 4850D2026, tel. (888) 679-MERS. (D) "Lender" is FIRST NATIONAL BANK-WEST. Lender is a CORPORATION org,'mized and existing under the laws of WYOIVlZNG. Lender's address is PO BOX 3110, 100 GREYS RIVER ROAD, ALPINE, WYOMING 83128. (E) "Note" means the promissory note signed by Borrower and dated ,IIJLY 30, 2004. The Note states that Borrower owes Lender TWO HUNDRED FIFFY THOUSAND AND 00/100ihs Dollars (U.S.$250,000.00) plus interest. Borrower bas promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than SEPTEMIIER 1, 2034. (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The followiug Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominium Rider [] Second ttome Rider [] Balloon Rider [] Plauned Unit Development Rider [] Otl~er [Specil~y] [] 1-4 Family Rider ~ Biweekly Payment Rider VCYOlVf[NG--Siogle Family--Fannie Mae/Freddie Mac UNIFORM INSTRI_fMENT Borrower hmials .~_[(~/ ~'*~_/_~_~'/"iai ~ Form 3051 1t01 (page I ofl] pages) (I) "Applicable Law" means all controlling applicable federal, stale and local statutes, regulations, ordinances and administrative rules ,'md orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Com~nunity Association Dues, Fees, and Assessments" means all dues, lees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, hornet)whets association or similar organization. (K) "Electronic Funds Transfer" means any transfer of fltnds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephouic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or-credit an account. Such term includes, but is not limited to, point-of~sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and 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) condenmation 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 [_oan. (O) "Periodic Pay~nent" means the regularly scheduled amount due for (i) principal and 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.S.C. § 2601 et 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 matter. As used in this Security ll~strument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (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 nnder the Note and/or this Security Instrumeut. TRANSFER OF RIGHTS IN TIlE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and rill renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Secnriiy Instrnment and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Leuder and l.ender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the Connty of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 29 OF BRIDGER VIEW RANCHES, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. which currently has the address of TIIAYNE , Wyoming [City] 193 YELLOWSTONE [)RIVE WYOMING-~Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT [Street] 83127 ("Property Address"): [Zip Code] Form 3051 1/01 (page 2 ofll pageO TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereal~ter a part of the property. All replacements and additions shall also be covered by this Security lnstrnmcnt. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees ~hat ['vIFA¢S 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 or'those interests, including, but not limited to, the right to foreclose and sell thc Property; and to take arty action reqttircd of l.ender including, but not limited to, releasing and canceling this SecuritX Instnm~cnt. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has lhe right to mortgage, grant and couvey the Property and that the Property is nnencnmbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to may encumbrances of record. THIS SECUR1TY INSTRUMENT combines nniform covenants for uational use and non-uniform covenants with linfited variations by jurisdiction to constitute a uniform security instrmnent coverit~g 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 the Note and any prepayment charges and late charges due nnder the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrnment received by Lender as payment under the Note or this Security Instrmnent is returned to Lender unpaid, Lender may reqt, ire that any or all subsequent payments duc trader the Note and this Security lnstniment be'made in one or more of the following lbrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Fnnds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions irt Sectio~ 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 Lo,'m current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such l)ayments are accepted. If each Periodic Payment is applied as of its scheduled duc date, then Lender need not pay interest on nnapplied funds. Lender may hold such unapplied fitnds 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 farads or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to ibreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making t)ayments due under the Note and this Security lnstntment or performing the covenants and agreements secured by this Seem'lay Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted anti applied by Lender shall be applied in the following order of priority: (a) imcrcst due uuder the Note; (b) principal due trader thc 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 duc trader this Security Instnnnent, and then to reduce the principal balance of the Note. If Lender receives a payment fi'om Borrower for a delinquent Periodic Payment which includes a sufficient anaount to pay any late charge due, the payment may be applied to the delinquent payuxcnt and the late charge. Il'more than one Periodic Payment is outstanding, Lender may apply any payment received from Bt~rrower to the repayment of ~tte Periodic Payments if, and to the extent that, each payment can be paid in lull. To the extent that any excess exists alter 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 thc 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. l?tmds for Escrow Items. Borrower shall pay to Lender on the thty }'criodic Payments are due nnder lhe Note, nntil the Note is paid in full, a sum (the "Funds") to provide for payment of amotmts dane for: (a) taxes and assessments and other ilenls 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) premiulns lbr any and all insurance required by Lender under Section 5; and (d) Mortgage h~surance premiums, if any, or any sums payable by Borrower to l..cnder in lieu of the payment of Mortgage hxsnrance premiums in accordance with the provisions of Section 10. These items are called "Escrow hems." At origination or at any time during the term of the Loan, Lender may require that Conmmnity Association Dues, Fees, and Assessmeuts, if any, be W¥ONII'NG--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 305l 1/01 (page 3 ofl l pages) escrowed by Borrower, and such dues, fees and Lender all notices of amounts to be paid under assessments shall bc an Escrow Item. Borrower shall promptly fm'nish to this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds tbr any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event ol' such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items tbr which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall l'or 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 llcms 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 an~ount 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, B~)rrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified nnder RESPA, and (b) not to exceed the maximum an'~ount 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 fitture Escrow Items or otherwise iii accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instnunentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Itome 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 lbr holding and applying the Funds, annually analyzing the escrow account, OF verifying the Escrow Items, mdess l.endcr pays Borrower interest on the Funds and Applicable Law pemfits Lender to m~tke 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 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 lbr 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 Borrbwer shall pay to Lender the amount necessary to make up the shortage iu accordance with RESPA, but in no more than 12 monthly payments. If there is it deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall [)ay 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 tiffs Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, il'any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that tliese items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall pl'omptly discharge any lien; which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to I_.ender, but only so long as Borrower is pertbnning such agreement; (b) contests the lieu in good faith by, or del'ends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement or' the lien while those proceedings are pending, but only until such proceedings are concluded; 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 lieu 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 lien or take one or more of the actions set lbrth 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 instned against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurlmce shall be maintained iu tile amounts (i!mluding deductible levels) and lbr the periods that Lender requires. What l.cnder requires pursuant to the preceding sentences can change during the term of the Lo~. The insurance carrier providing th~ instu-ance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably, ik~ender may require Borrower WYOMING--Single Family--Fannie Mae/Freddie Mat: UNIFORM INSTRUMENT Form 3(151 l/0l (page 4 ~'11 pageO to pay, in colmection with this Loan, either: (a) a one-time charge for flood zone deternfination, certification aud 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 affect such determination or certificatiou. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency iVlanagement Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lemlcr's option and Borrower's expense. Lender is under no obligation3 to pm-chase ally particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might'not protect llorrower, Borrower's equity iu the Property, or tile Contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost et' insurance that Borrower could have obtained. Any amounts disbursed by I.ender uuder'this Section 5 shall become additional debt of Borrower secured by this Security lnstlq, tment. These ,'nnounts shall bear interest at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name [_ender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any lbl-m 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 nmne Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give proinpt 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 insurauce proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration p. eriod, l_.ender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be uadertaken promptly. Lender may disbm'se proceeds for the repairs and restoration in a single payment or in a series of l)rt~gress payments as tile work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Leudcr shall not be required to pay Borrower any interest et earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out et' the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided tbr in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amonnts unpaid under the Note or this Security h~stnunent, and (b)any other of Borrower's rights (other than the right to any refilnd of unearned prenfiums paid by Borrower) uuder 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 trader the Note or this Security Instrmnent, whether or not then due. 6. Occupancy, Borrower shall occupy, establish, and use the Property as Borrower's principal resideuce 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 widlheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, dmnagc or impair the Property, allow the Property to'deteriorate or commit waste on thc Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Pr~'~l)erty t'rom deteriorating or decreasing in value due to its condition. Uuless it is determined pursuant to Section 5 that repair t)r restoration is not economically t'casible, Borrower shall promptly repair the Property if damaged to avoid further deterio,-atio,:t or damage. If insurance or condemnation proceeds are paid in connection witl:t damage to, or the taking of, the Property, Borrower shall be responsible lbr repairiug or restoring the Property only if Lender has released proceeds tbr such purposes, l.ender may disburse proceeds for the repairs and restoration in a single payment or in a series el'progress payments as the wt;rk is complelcd. Il' the insurance or condemnalion proceeds are not sul't'icient to repair or restore the Property, Borrower is nt;t relicvecl of Borrower's obligation for tile COml)letion of such repair or restoration. _:: WYOMING--Single Family--Fmmie Mae/F,'eddie lVlac UNIFORM INSTRUMI,;NT Form 3051 1/01 (pctge .5 ofll l~tges) 0 -3 Lender or its agent may make reasonable entries upon and inspections of fl~c Property. If it has reasonable cause, Leuder may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at tl'~e lime of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially fidse, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material iu~brmation)in connection with the Lo~. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property aud Rights Under this Security Instrument. If (a) Borrower fails to perfo~ the covenm~ts ~d agreements contained in this Security Instrument, (b) there is a legal proceeding fl~aI might significm~tly aftkct Lender's interest in the Property and/or rights under tiffs Security lnsn~ment (such as a proceeding in bankruptcy, probate, for condemnation or tbrfeiture, tbr entbrcement of a lien which may attain priority over this Sect~rity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay whatever is reasonable or appropriate to protect Lender's interest in thc Property and rights under this Security Instrument, including protecting and/or assessing the value of the Prope~xy, and securing aud/or repairing the Property. Lender's actions eau include, but are not limited to: (a) paying any sums secured by a lieu which has priority over this Security Instmnaeut; (b) appearing in court; anti (c) paying reasonable attorneys' tees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other COde violations or dangerous conditions, mad have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. it is agreed that Lender incurs no liability for not taking any or all actions authorized under this gection 9. Any ~aounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Propeay, the leasehold and the fee title shall not merge unless Lender aga'ees to the merger in writiug. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, t~)r any reason, the Mortgage lusnrance coverage required by Lender ceases to be available from the mo~gage insurer that previously provided such insurance aud Borrower was required to make separately designated payments toward the premiums lbr Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to thc Mortgage Insurance previously in eftkct, at a cost substantially equivalent to the cost to: Borrower of the Mortgage Insurance previously in effect, Ikom an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall contimte to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in eft~ct. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage lnsurauce. Such loss reserve shall be non-re~ndable, notwithst~ding the fact that the Loan is ultimately paid in fldl, 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 ~ount and tbr the period that Lender requires) provided by an insurer selccled by Lender again becomes available, is obtained, and Lender requires separately desiguated payments toward the premiums lbr Mortgage Insurmme. If Lender required Mortgage Insurance as a condition of makiug the Loau anti Borrower was required to make separately designated payments toward the premiums for Mortgage Ilasurance, Borrower shall pay the premiums required maiutain Mortgage Insurance in eftbct, or to provide a non-refundable loss reserve, nntil Lender's reqnireme,t tbr Mortgage Insurance ends in accord~ce with any written agreement between Borrower aud Lender providing tBr such termination or nntil tem~ination is required by Applicable Law. Nothing in this Section 10 aflkcts Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) lbr certain losses it may incur if Borrower does not repay the Loan as agreed. Bo~ower is uot a party to the Mortgage Iusurance. Mortgage insurers evaluate their total risk on all such iusurance in force from time to time, and may cuter iuio agreemenls with other parties that share or modify their risk, or reduce losses. These agreements are on terms aud coudifions 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 iuclude funds obtained lYom Mortgage Insurance premiums). WYOIVFING--Single Falnily--Fannie Mae/Freddie Mac UNIFORM INSTRIIMENT Form 3051 1/01 (page 6 o./'11 pa,ges) As a result of these agreelnents, Lend~r, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amouuts that derive from (or might tie characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange l'or sharing or tnodifying 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 pre~niums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrowc,- has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe fur Mortgage lnsurauce, and they will not entitle Borrower to any refnnd. (b) Any such agreements will not affect the rights Borrower has - if any - ~a4th respect to the Mortgage lnsnrauce under the Ho~neowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage lusnrance, to have the Mortgage Insurance termiuated automatically, and/or to receive arehmd of auy Mortgage Insurance l)reminms that were nnearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous l'roceeds; Forfeiture. All Miscellaueous 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 lcsseued. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lende,' has had an opportunity to inspect sttch 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 paymeuts as tile work is completed. Unless an agreement is made ia writing or Applicable I_aw requires interest to be paid on such Miscellaueous Proceeds, Lender sh,"dl not be required to pay Borrower aay interest or earnings on such Miscellaneous Proceeds. Il:the restoration or repair is not econornically feasible or Lender's security would be lesscued, the Miscellaneous Proceeds shall be applied to tile sums secured by this Seem-try 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 Instrumeut, whether or not then due, with the excess, if ,'my, 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 eqa',d to or greater than the amouut of the sums secured by this Security Instrument itmnediately before the partial taking, destruction, or loss in value, unless Borrower attd Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of tile Miscellaueons Proceeds multiplied by the following fraction: (a) the total mnount of thc sums secured i~nmediately before the partial takmg, destruction, or loss in value divided by (b) the htr market value of the Property immediately before the partial takiug, 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 ~,alue o1' the Property immediately before the partial taking, destruction, or loss in value is less than thc amount of the stuns secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Leader otherwise agree in writing, the Miscellaucous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sm-ns are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as detincd in the next sentence) offers to make an award to settle a claim Ibr damages, Borrower fails to respond to Leuder within 30 days after the date the notice is given, Lender is authorized to collect aud 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 actiou itl regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinfinal, is begun that, in l.ender's judgment, could result in forfeiture of the Propert}/or other material impairment of Leuder's interest in the Property or rights uuder this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Sectiou 19, by causing the actibn 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 ut' any award or claim for darnages that are attributable to the impairment o1' Leudcr's interest in the Property are hereby assigued and shall be paid to Lender. All Miscellaneous Proceeds provided for in Section 2. that are not applied to restoration or repair · WYOMING-~Single Family-~Fannie Mae/Freddie Mac UNIFORM INSTRUMENT of the Property shall be applied in the order Form 3051 1/01 O)~ge 7 [~1'11 p[~ges) 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Exteusion of the time for payment or modification of amortization of the sums secured by this Security lnstrmnent granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors ill Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security lustrumcnt by reason of any demand made by the origiual Borrower or any Successors in Interest of Borrower. Any forbearance by l.cnder in exercising any right or remedy including, without limitation, Lender's acceptance of payments fi'om third, persons, cuticles or Successors in Interest of Bot-rower or in amounts less thm~ the amount then due, shall not be a waiver of o[ preclude thc 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-signe?"): (a) is co-signing this Security h~strument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security lnstnmtent; (b) is not persoually obligated to pay the StmlS secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, lbrbear or make any accormnodations with regard to the terms of this Security Instnuncut or the Note wbthout 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 nnder this Security Instrument. Borrower shall uot be released frown Borrower's obligalions and liability under this Security h~strument unless Lender agrees to such release in writing. The covenants and agreements or' this Security lnstnnnent 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 com~ection with Borrower's default, for the purpose of protecting Lender's interest in tile Property and rights uuder this Security instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to auy other fees, the absence of express attthority in lhis Security Instrument to charge a specific fee to Borrower shall not be c~mstrued as a prohibition on tike charging of such fee. Lender may not charge fees that are expressly prohibited by this Security lnstrttment or by Applicable Law. If the Loan is subject to a law which sets inaximum 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 l~oan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected fi-om Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (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 Instn~rnent must be iu writing. Any notice to Borrower in co~mection with this Security Instrument shall be deemed to have been given to Borrower when mailed hy first class mail or when actually delivered to Borrower's notice address if scut 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 tike Property . Address unless Borrower has designated a substitute notice address by notice to kendcr. 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 umlcr this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address Stated herein unless Lender has designated another adch'css by notice to Borrower. Any notice in connection with this Security Instminent shall not be deemed to have been given to Lender tmtil actually received by Lender. If att), notice required by this Security. Instrument is also required under Applicable Law, the Applicable Law requireinent will satisfy tile correspondiug requirement under this Security Instnkment, 16. Governing Law; Severability; Rules of Construction. This Seem-try h~strument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and tflfligatious contained in this Security lnstrnnmnt are subject to any requirements and limitations of Applicable Law. Applicable [.aw might explicitly or implicitly allow II~e parties to agree by contract or it might be silent, but such silence shall not be coastrt~ed as a prohibition against agreement by cm t-act. In the event that ally provision or clause of this Security Instrument or ~hc Note conllicts with Applicable Law, such conflict shall not affect other provisions of this Security lnstnmaent or the Note which eau be given effect without the conilicting provision. As used in this Security Instntment: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words icl the singular shall mean aitd include the plural and vice versa; and (c) the wokd "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Nole ~md of this Security Instrument. WYOMING--Single Falnily--l?annie Mae/Freddie Mac UNIFORM INSTRI_IMI~;NT For~n 3051 1/01 O~age 8 0/'11 pages) 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "interest in the Property" means auy legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transt'crrcd m a bond for deed, contract for deed, installment sales contract or escrow agrCClnent, the intent of which is the transi-~cr 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 l.endcr's prior written consent, Lender may require innnediate payment in full of all sums secured by this Security Instrnmcnt. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security lnstnnnent. If Borrower fails to pay these sums prior to die expiration of this Period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate 'Al'ret Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrnment discontinued at any time prior to the earliest of: (a) five days befi~re sale of the Property pursuant to any power of sale contained in this Security Instrulr~cnt; (b) such other period as Applicable Law might specify tYr the termination of Borrower's right to reinstate; or (c) entry of a jt~dgment enforcing lhis Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would bc due under this Security Insmm~ent 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 Instrument, including, but not limited to, reasonahle attorneys' lees, property inspection and valuation fees, and other fees incurred l-bt the puq)ose of protecting Lender's imcrest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue nnchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the lk~llowing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or Electronic Funds Transfer. Upon reinstatement by Borrower, this Security tnsmuncnt and obligatious 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 under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice o(' Grievance. The Note or a partial interest in the Note (together with this Security Instrmnent) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due nndcr the Note and this Security lnstrunxent and pertbrms other mortgage loan servicing obligations under the Note, this Seem ity Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale ol d~c Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the n',tmc and address of the new Loan Servicer, the address to which payments should be madd and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a l_oan Servicer other than the purchaser o~' the Note, the mortgage loan servicing obligations to Borrower will remain with thc l.oan Servicer ox' be transferred to a successor Loan Servicer and 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 arises from the other party's actions pursuant to this Security Instrument or that alleges that thc off,er party has breached any provision of, or any duty owed by reason of, ibis Seem'try Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with thc requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonahle for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower purst, ant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall hc deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides anti herbicides, volatile solvents, materials containing ashestos or forumldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Propecty is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" inclndes arty response action, remedial action, or removal action, as defined in Environmental l.aw; and (d) an "Envi~ronnmntal Cortdition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Clcanup. WYOMING-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 9 of 11 pages) Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous §ubstances, or threalen to release any Hazardous Substances, on or in the Property. Borro~ver shall not do, nor allow anyone else to do, anything affecting the Property (a) thal is in violation of ~y Environmental Law, (b) which creates an Enviroumental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, crca~cs a coudifion that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quanlities of H~ardous Subst~ces that are generally recognized to be appropriate to normfd resideutial Uses and to maimenm~ce of Property (including, but not limiled to, hazardous substances in Consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, de~nm~d, lawsuit or other action by any governmental or regulato~ agency or private party involving the Property and any Hazardous Substance or Environmental l~aw of which Borrower has actual knowledge, (b) m~y Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of ~y H~ardous Substmme, ~d (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely af/kcts the value of the Property. If Borrower learns, or is notified by any gove~ental or regulato~ authority, or any private paNy, that ~y removal or od~er remediation of any Hazardous Substance affecting the Property is necessary, Bo~ower shall promptly take all necessary ~emedial actions m accordance with Environmental Law. Nothing herein shall create ~y obligation on Lender lbr an Enviromnental Cleanup. NON-UNIFORM COVENANTS. Borrower ~md Lender farther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's l)reach of any covenant or agreement in this Security Instrument (but not l)rior to acceleration under Section 18 mdess Applicalfle Law provides otherwise). The notice shall specify: (a) the default; (I)) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) failure to cure the default on or before, the date specified in the notice nmy result in acceleration of the sums secured i)y this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a de[mdt or any other defense of Borrower to acceleration and sale. If the default is not cured on or before tbe date specified in the notice, Lender at its option may require immediate payment in full of all stuns secured by tiffs Security Instrument without further demand and may invoke the power of sale anti any other remedies permitted by Applicalfle Law. Lender shall be entitled to collect all expenses lucre'red in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the rammer provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sohi in the manner prescribed by Applicable Law. Lender or its designee may pm'chase the Property at any sale. The proceeds of the sale sball be applied in the following order: (a) to all expenses of the sale, iucluding, but not limited to, reasunable attorneys' fees; (b) to all sums secured by this Security Instrument; alld (C) any excess to tim person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrmneut, Lender shall release this Security Borrower shall pay any recordation costs. Lender may charge Borrower a fee kn- releasiug this Security lnstniment, but only if the fee is paid to a third pa~y for services rendered ~d the charging of lbo lkc is l)ermitted under Applicable l~aw. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyonfing. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUNII~;NT l;'orm 3051 1/0t (page I0 of 11 pr, ges) BY SIGNING in any Rider/ff~secuted by Borrower and recorded witl~ it. ! Do~etta ~/ebb BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument ami 'JEFF C LARK -,o,~o,~r SIIANTAY M CLARK (Seal) (Seal) -Borrower -Bol rower [Space Below This Line For Acknowlc~ gnent] State of WYOMING County of LINCOLN The foregoing And WIFE AS JOINT TENANTS this 30TH day of JULY, 2004. Witness my hand and official seal. (Seal) otar~ Penny Jones instrument was acknowledged before me by JEFF CLARK and SttANTAY M CLAP, K, IIUSBANI) My Commission Expires: 9/18/07 (Print or type name) WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUM EN'F l?orm 3051 1/01 (page 11 of l I pages)