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HomeMy WebLinkAbout901710After Recording Return To: FIRST BANK OF IDAHO, FSB D/B/A FIRST BANK OF THE TETONS P.O BOX 12860 JACKSON, WY 83002 901710 BOOK RECEIVED LINCOLi'I C¢)t_~!,.ITY CI_ERK 4 DEFINITIONS [Space Above This Line Fol' Recording l)ata] MORTGAGE POUR LOAN #: 494013600/59960379 MIN: 100174102000012593 Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrnment" means this document, which is dated AUGUST together with all Riders to this docnme nt. (B) "Borrower"is SHAHROKH GHAHREM$~I POUR, A SINGLE ~ 2003 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Syste]ns, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Leuder's successors and assigns. MERS is the mortgagee under ihis Secm'ity Instrument. MERS is orgauized and existing nnder the laws of Delaware, and has at] address and telephone number of P.O. Box 2026, Flint, M1 48501-2026, tel. (888) 679-MERS. (D) "Lender"is FIRST BA2,TK OF IDAHO, FSB, DBA FIRST Bh31K OF THE TETONS Lender is a CORPORATION organized and existing nnder the laws of IDAHO . Lender's address is P.O.BOX 12860 / 170 g BROADWAY JACKSON, WY 83002 (E) "Note" means the promissory note signed by Borrower and dated AUGUST 4, 2 0 03 The Note states that Borrower owes Lender ONE HUNDRED EIGHTY-TWO THOUSAND EIGHT HUNDRED AND 00/100 Dollars (U.S. $ 182,800.00 ) plus interest. Borrower has promised to pay this debt m regnlar Periodic Payments and to pay the debt in fidl not later than AUGUST 1, 2 0 3 4 (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 duc nnder the Note, and all sram due under this Security Instrument, pins interest. WYOMING - Single Fanfily - Fannie MadFreddie Mac UNIFORM INSTRUMENT DOCUKWYI (Page I of 13) Fm'm 3051 1/01 494013600/59960379 (H) "Riders" means all Riders to this Security Instrument that are exect,led by Borrower. The tbllowmg Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominium Rider [] Second Itome Rider [] Balloon Rider [] Planned Unit Developinent Rider [] Biweekly Payment Rider [] 1-4 Family Rider [] Off,er(s) [specify] (I) "Applicable Law" means all conn-olling applicable federal, state and local statutes, regulations, ordinances and adnfinistrative rules and orders (that have the effect of law) as well tis all applicable final, non-appealable judicial opinions. (J) "Co~nfimnity Association Dues, Fees, and Assessments" means all dues, lees, assessmeuts and other charges that are imposed on Borrower or the Property by a condonfi,fium association, homeowners associatiou or similar organization. (K) "Electronic Funds Transfer" means any transfer of finds, other than a transaction originated by check, draft, or similar paper h~strunJent, wlfich is initiated ttn'ough an electronic terminal, telephonic instrumeut, computer, or magnetic tape so as to order, insn-uct, or authorize a financial institution to debit or credil an account. Such term includes, but is not lin-fited to, point-of-sale transfers, automated teller machiue transactious, transfers initiated by telephone, wire transfers, and antomated clearinghouse n'ansfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of danmges, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described m Section 5) for: (i) damage to, or destruction of, the Property; (ii) condermmtion or other takmg of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations ol} or onfissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender agaiust the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means die regularly scheduled amount due for (i) principal arid 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 nfight be amended flora time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security lnsmunent, "RESPA" re/ers to all requirements and restrictions that are imposed iu 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 Prope~'y, whether or not that party has assmned Borrower's obligations under the Note and/or dfis Security Instrument. TRANSFER OF RIGHTS IN TIlE PROPERTY This Security Instrument secures to I.ender: (i) the repayment of thc l.oan, aud all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements undci this Security Instrmnent and the Note. For this puqmse, Bon-ower does hereby mortgage, grant aitd convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of IvlERS, aud Lender's successors and assigns,, with power of sale, the following described property located itt the COUNTY of LINCOLN : (Type of Recording Jurisdiction) (Name of Recording Jurisdiction) LOT 39 IN STAR VALLEY RANCH PLAT 13, LINCOLN COUNTY WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ooctmw¥:~ (Page 2 of l J) DOOU~Y2 .VTX 06/08/200~ Form 3051 1/01 which currently has the address of THAYNE [City] 37 RIDGE CREST DRIVE [Street] , Wyoming 83127 [Zip Code] 494013600/59960379 ("Property Address"). TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to m this Security lnstrun~ent as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nonfinee tbr Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Propm~y; and to take any action required of Lender including, but not limited to, releasing and canceling this Security lustre ment. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed aud has the right to mortgage, grant and convey the Property and that the Property is unencnnrbered, except encumbrances of record. Borrower wmxants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines nniform coven,'mts for national use and non-mfifi)rn~ covenants with limited variations by jurisdiction to constitute a uniibrn~ security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bon-ower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Secmity instn.nent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payxnent tinder the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose dcposils are insured by a federal ageucy, instrumentality, or entity; or (d) Elecnonic Funds 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 in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan cnn'cut, without waiver of any rights hereunder or prejudice to its rights to rcft,se such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then I_,ender need not pay interest on unapplied fimds. 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 al)ply such funds or return them to Bon'ower. If not applied earlier, such funds will be applied to the outstamling principal balance nnder the Note iuunediately prior to foreclosure. No offset or claim which Borrower might have now or in the futm'e against Lender shall relieve Borrower from making payments due nnder the Note and this Security h~stmment or performing the covenants and agreements secured by this Security h~strmnel~t. 2. Application of Pay~nents 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 tinder the Note; (b) principal due tinder the Note; (c) amounts due ttndcr Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due trader this Secta-ity Instrument, and then to reduce the principal balance of the Note. WYOMING - Single Family - Fannie Mae/F,-eddie Mac UNIFORM INSTRUMENT Doc'ul~wY3 (Page 3 of 13) ~ocmoa~.v.rx n~/o~/~oo~ I;orln 3051 1/01 ~94013600/59960379 If Lender receives a payment from Borrower for a delinquent Periodic Payinent which includes a sufficient amount to pay any late charge due, the payment may be apl)lied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received fi-om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid m fidl. To the extent that any excess exists after the payment is applied to thc full pasqnent 'of one or nrore Periodic Payments, such excess may be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment charges and then as described iu the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due nuder the Note shall not extend or postpone the dne date, or change the anmtmt, of the Periodic Payments. 3. Funds for Escrow Itetns. Bm-rower shall pay to Lend¢F on the day Periodic Payments are due tinder the Note, until the Note is paid in fifll, a sum (the "Funds") to provide for payment of amouuts due foL': (a) taxes and assessments and other items which can atlain priority over this Security Instrument as a lieu or encumbrance on the Proper~y; (b) leasehold payments or grotmd rents on the Property, if any; (c) prenfiums for any and all iusurance required by Lender tinder Section 5; and (d) Mortgage Insurance premimns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premimns in accordance with the provisions of Section 10..These items are called "Escrow Items.' At origination or at any time duriug the term of the Loan, Lender nmy require that Conmmmty Association Dues, Eees, and Assessments, il:' any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Bon*ower shall promptly furnish to Lender all notices of amounts to be paid under this Sectiou. Borrower shall pay Lender the Funds 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 snch 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 17nnds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within suct~ time period as Lender may require. Borrower's obligation to make such pasnnents and to provkle receipts shall foL' all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upou such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an anmunt (a) sufficient to permit Lender to al)ply the Funds at the time specified under RESPA, and (b) not to exceed tile maxinmm amount a lender cao require under RESPA. Lender shall estimate the amount of Funds due on tile basis of current data and reasonable estimates of expenditures o f tim[re Escrow Items or otherwise iu accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (includ. ing Lender, if Lender is au instimtiol~ whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow ltems no later than the time specified under RESPA. Lender shall not charge Borrower for hohling and applying the Funds, ammally analyzing the escrow account, or verifying the Escrow hems, nnless l.ender pays Borrower interest on the Fnnds and Applicable Law permits Lender to make such a charge. Lhflcss 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, howeve r, that interest shall be paid on the Fuuds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If tliere 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 iFF escrow, as defined under RESPA, Leuder sliall notify Borrower as required by REStSA, and Bon-ower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but'in no more thao 12 monthly payments. If there is a deficiency of Funds held in escrow, as de[iucd under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make tip the deficiency iFF accordance with RESPA, but in n_o more than 12 monthly payments. Upon payment in fifll of all snms secured by this Security Instrmnent, Lender shall promptly retired to Borrower any Funds held by Lender. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUKW¥,~ (Page 4 of I 3) DOCU~t .VTX 0~/08/200~ 4940136'00/59960379 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and irnpositions attributable to the Property which can attain priority over this Secretly lnsmm~ent, leasehold payments or ground rents on the Property, if any, and Conn-nnnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them itl the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority (),,'er this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secm-ed by the lien in a manner acceptable to Lender, but only so long as Bon-ower is performing such agreement; th) contests the lien in good f:aitb by, Ol- defends against enforcement of the lien in, legal proceedings which in l~ender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only uutil such proceedings are concluded; or (c) secures flora 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 Ihe lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax v.erification and/or reporting service used by Lender in connection with this Loan. 5. Property Insm'ance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards h~clnding, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amonnts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge loc' 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 affect such detemfination or certification. Borrower shall also be responsible for the pajqnent of any tees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Bolxower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expe~ise. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall covet' Lender, but nfight or might not prolect Borrower, Bon'ower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in cfi'cot. Borrower acknowledges that the cost of the insurance coverage so obtained nfight significantly exceed the cost of insm'ance that Borrowe,' could have obtained. Any amounts disbursed by Lender nnder this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate ii-om tile date of disbursetnent and shall be payable, with such interest, upon notice from Lender to Bon'ower 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 clzmse, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiunm and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise reqmred by Lender, for damage to, or destrnction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Bon-ower. Unless ILender and Bon'ower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repai,' is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lettder shall have the right to hold such insurance proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may WYOMIING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 l)o(:ul(w','s (Page 5 of l 3) Docmc~.v~z o~/0a/200~ disburse proceeds for the repairs and restoration in a s~ngle payment or in a series of progress payments as the work is completed. Unless an agreement is made in va'iting or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole Obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurauce proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, il~ any, paid to Borrower. Such instu'auce proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Prope~W, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a uotice fi-om 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 hrstrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all iusurance policies covering the Property, insofar as such rights are applicable to the coverage of lhe Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Secm-ity Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall c6ntinue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or nnless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance aud Protection of tile Property; Inspections. Borrower shall not desta'oy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating.or decreasing in value due to its condition. Unless it is deternfined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid fitrther deterioration or damage. If insurauce or condemuation proceeds are paid in com~ection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or conderm~ation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in defimh it', during tile Loan application process, Bon'ower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or Failed to provide Lender with material infotqnation) in com~ection with the Loau. Material representations include, but are not linfited to, representations concerning Bon'ower's occupancy of the Property as Borrower's priucipal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security h~strument. If (a) Borrower fails to perform the covenants and agreements contained m this Security Instnnnent, (b) there is a legal proceeding that might significantly affect Lender's interest in tile Property and/or rights under this Security Instrument (such as a proceedh~g in banka-uptcy, probate, lbr condemnation or forfeiture, lbr enforcement of a lien which may attain priority over this Security lnstrmnent or to euforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights trader this Secm-ity Instrument, including protecting and/or assessing the value of the Property, and securing aud/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Inst~mnent; (b) appearing in court; and (c) paying reasonable attorneys' tees to protect its interest ill the Property and/or rights under this Security lnstmn~ent, inchtdmg its secured position m a baukrnptcy proceeding. Securing the Property includes, but is not linfited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water fi-om pipes, eliminate building or other code WYOMING - Single Family - Famde Mae/Freddie Mac UNIFORM INSTIIUM I~'~NT Form 3051 1/01 DOCtJKWY6 (Page 6 of l 3) DOCUK~Y6 .VTX 0~/f18/200% 494013600/59960379 violations or dangerous conditions, and have utilities turned on or o1~~. Ahhough 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 fur not taking any or all actions at,thorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate l¥om tile date of disbursement and shall be payable, with such interest, upon notice fi'om Lender to Bon-ower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein couveyed or tern~inate ol cancel the gronnd lease. Borrower shall not, without the express written cousent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Property, the leasehold and the the title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the prenfiums required to maintain the Mortgage Insurance in effect. If, for any reason, Ihe Mortgage Insurance coverage required by Lender ceases to be available fi'o~n the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums fur Mortgage InSurance, Borrower shall pay the prenmuns required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alteruate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continne to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refnndable loss reserve ill lieu of Mortgage Insurance. Such loss rese~,e shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid hr full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiunts for Mortgage hlsurance. If Lender required Mortgage Insurance as a condition of making the Loau and Borrower was required to make separately designated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurauce in effect, or to provide a non-refundable loss reserve, nntil Lender's requirement for Mortgage Insurance ends in accordance with ally written agreemeut between Bon'ower and Lender providing for such ternfination or until termination is required by Applicable Law. Nothing in tiffs Section 10 affects Borrower's obligation to pay interest at the rate provided m tile Note. Mortgage Insurance reiinburses Lender (or any entity that pt~rchases tile Note) Ibr certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party Io tile Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance ill force from time to time, and may enter into agremnents with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisthctory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include ftmds obtained from Mortgage lnsm'ance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Bo~-ower's payments lbr Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange fol' a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts tlmt Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amonnt Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refimd. (b) Any such agreements will nol affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request ami obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance ternfinated automatically, and/or to receive a refund of auy Mortgage Insurance premimns that were nnearned at the time of such cancellation or termination. WYOMING - Single Fanfily - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWY7 (Page 7 oil3) D O CLrlCk/Y 7 .%/TX 06/08/200~ Form 3051 1/01 494013600/59960379 11. Assignment of Miscellaneous Proceeds; Forfeitu,'e. All Miscellaneous Proceeds arc 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, Leuder shall have the right to hold such Miscellaneous Proceeds uutil Lender bas had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisthction, provided that such inspection shall be undertaken promptly. Lender may pay lbr the repairs aud restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be reqnired to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restolation or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instmnrent, whether or not then due, with the excess, if any, paid to Bonower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In tire 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 h~stmment, whetlm,- 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 inanediately before the partial taking, destruction, or loss iu value is equal to or greater than the amount of the sums secured by 'this Security lnstmnmut immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the stuns secm-ed by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds nmltiplied by the tbllowing fraction: (a) the total amount of the sums secured inxmediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property innnediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Bon'ower. In the event of a partial taking, destruction, or loss in value of the Property in which the thir market value of the Property immediately before the partial taking, desto, etlon, or toss in value is less than the amomrt of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree iu writing', the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandor~ed by Borrower, or ii} after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to nmke an award to settle a claim for damages, BmTower lhils to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the thi,'d pa,'ty that owes Borrower Miscellaneous Proceeds or the party against whom Bon-ower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, ill I.ender's judgment, could result in forfeiture of the Property or othe,' material impaim~ent of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default aud, if acceleratiou has occurred, reinstate as provided in Section 19, by causiug the action ox' 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 Insn-ument. The proceeds of any award ox' claim for damages that are attributable to the impairment of Lender's interest m the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of anaortization of the sums secured by this Sectu-ity instrument grauted 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 proceedings against any Successor in Interest of Borrower or tb refixse to extend ti,ne roi- payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or auy Successors in Interest of Borrower. Arty forbearance by Lender m exercising any right or remedy inch~ding, without limitation, Lender's acceptance of payments from third persons, entities or Successors il, Interest of Borrower or h~ mnotmts less titan the amotmt then due,'stmll not be a wa iver ofo~ preclt~de the exercise ofm~y x4ght or remedy. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 DOCUI¢WY8 (Page 8 of l 3) DOCI~y 8 . V[I'X 494013600/59960379 13. Joint and Several Liability; Co-signers; Successors ami Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co- signs this Security instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Seem'try Instrument only to mortgage, grant and convey the co-sigr~er's interest m the l)ropert'y under the tern-is of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Sedurity Instrnment; and (c) agrees that Lender and any other Borrower can agree to exteud, modify, fi>ri)ear or make any accommodations with regard to the terms of this Security Instrument or the Note withot~t the co-signer's consent. Subject to the provisions of Sectiou 18, any Su'ccessor in Interest of Borrower who assumes Borrower's obligations nnder this Security Insn-ument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrunrent. Borrower shall not be released fi-om Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided m Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees roi' services performed in cmmection with Borrower's default, for the purpose of protecting Lender's interest in tile Property and rightS unde,' this Security Instrument, including, but not linfited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security hxstrmnent to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may'not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that taw is finally interpreted so that the interest or other loan charges collected or to be collected in connection with tile Loan exceed tbe permitted linfits, then: (a) any such loan charge shall be reduced by ~he amount necessary to reduce the charge to the permitted limit; and (b) any sunts already collected fi'om Borrower which exceeded permitted limits will be r6funded to Borrower. Lender may choose to make this refund by reducing the principal owed onder the Note or by making a direct payment to Borrower. If a refilnd reduces principal, the reduction will be treated as a partial prepayment without an7 prepayment charge (whether or not a prepayment charge is provided lbr nnder the Note). Borrower's acceptance of any such refilnd made by direct payment to Borrower will constitute a waiver of any right of action Borrower nfight 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 co~mection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually rlelivered to Borrower's notice address if sent by otber means. Notice to any one Borrower shall constitute notice to all Bon-owers 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. Bon'ower 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 repo~t a change of address ttu'ough that specified procedure. There may be only one designated notice address under this Security Iustrument at any one tinre. 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 [~¢uder bas designated another address by notice to Borrower. Any notice in com~ection with this Security inst,-ume,~t shall not be deemed to have been given to Lender nntil actually received by Lender. If any notice required by this Security Instlnment 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 Construclion. This Security Instrument shall be governed by federal law and the law or' the jm-isdiction in which the l'roperty is located. All rights and obligations contained in this Security Instrument are subject to any reqtm'ements and linfitations o£ Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it nfight be silent, but such silence shall not be consented as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instalment or the Note conflicts with Applicable Law, such con/lice shall not affect other provisions of this Security Instrument or the Note which can be given ell'ecl without lhe conflicting provision. As used in this Security Insn-ument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the fenfiuine gender; (b) words ill 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. WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT l~ocot~wY~ (Page 9 of 13) D 0 C~IKP~Y ~ .VTX 0~/08/2004 Form 3051 1/01 494013600/59960379 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Bcnelicial Interest in Borrower. As used in this Section 18, 'qnterest in the Property" means any legal or beneficial interest m the Property, including, bul not limited to, those beneficial interests n'ansferred in a bond for deed, contract lbr deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Bon-ower at a ft,tm'e date to a pmchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in fidl of' all sums seem-ed by this Security h'xstrument. ttowever, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Leuder exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less thao 30 days from the date the notice is given iu accordance with Section 15 withiu which Borrower nmst pay all stuns secured by this Security Instrnmem. If Bon'ower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies pe,-mittcd by this Security lnstrun]ent without further notice or demand on Bonower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of tins Security [nstrttment discontinued at any time prior to the earliest of(a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nfight specify 1br the termination of Bon'ower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which th en would be due under this Security Instrmnent and the Note as il' no acceleration had occtwred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incun'ed in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incm'red for the propose of protecting Leoder's interest in the Propmty and rights tinder this Security Instrtwnent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest h~ the Property and rights under this Security Instrument, and Borrower's obligation to pay the sunts secured by this Security Instrument, shall continue unchanged, keoder may require that Bon'ower pay such reinstatement sums and expenses in one or more of the followiug lbrnks, as selected by Lender: (a) cash; (b) money order; (c) certilied check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Sccm'ity Instrument and obligations secured hereby shall remain fitlly effective as if no acceleration had occurred, l lowevcr, this right to reiustate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (~known as the "Loau Servicer") that collects Periodic Payments due under the Note and.this Security Instrument and perfornts other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable l~aw. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a chauge of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which pasqnents should be made and any other information RESPA requires in connection with a notice of ta'ansfer of servicing. If the Note is sold and thereafter the l,oan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan serviciug obligations to Borrower will remain with the Loau Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Bon'ower nor Lender may connnence, join, or be joined to any judicial action (as either an individual litigant or the me~nber of a class) that arises fi'om the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of~ or auy duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the t~lher party (with such notice giveu in compliance with the requirements of Section 15) of such alleged breach and aflbrded 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 reasouable for purposes of this paragraph. The notice of acceleration and opportunity to cure give n to Borrower pm-st~ant to Section 22 and the notice of acceleration given to Bon-ower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. WYOMING - Single Family - Fannie Mae2Freddie Mac UNIFORM INSTI/UhlENT Form 3051 1/01 DOCUtCW¥~O (Page 10 of 13) DOCI$1~4YA. VTX 0fi/08/200~1 494013600/59960379 21. Hazardous Substalaces. As used in this Section 21: (a) "ttazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Enviro'rm~ental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides aud herbicides, volatile solvents, materials containh~g asbest0s.or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Envirom'nental Cleaoup" includes any response action, remedial action, or removal action, as defined in Envirormmntal Laxv; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Bon-ower shall not cause or pelTnit the presence, use, disposal, storage, or release of any tlazardous Substances, or threaten to release any Hazardous Substances, on or m lhe Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is ill violation of any Environmeutal Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Propmly of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall prompt, ly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any govermnental or regulatory agency or private party involving the Property and any Hazardous Substance or Environn:tental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or tln-eat of release of any tlazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviro~m~ental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UN1FORIVl COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Bor,'ower prior to acceleration following Borrower's breach of any covenant or agreelnent in tiffs Security Instrument (but not prior to acceleration nnder Section 18 unless Applicable Law provides otherwise). The notice shall specil3u (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date Ibc notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert tile nou-existeuce of a defimlt or any other defense of Borrower to acceleratiotr ;md sale. If the default is not cu,'ed on or belbre the date specified in the notice, Lender at its option may require immediate payu~eut in full of all sums secured by this Security Instrnment without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses iucurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable atto,'neys' 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. Leude,- shall give notice of the sale to Borrower in the ~nanuer provided ill Section 15. Lender shall publish the notice of sale, and the Property shall be s01d in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of Ibc sale shall be applied in the lYdiowing order: (a) to all expenses of the sale, including, but not linfited to, reasonable attorneys' lees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted tinder Applicable Law. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUrW¥~ (Page 11 of 13) DOCUKWYtt. VTX 06/08/2004 Form 3051 1/01 494013600/59960379 24. Waivers. Bom~wer releases and waives all rights under and by virtue of the homestcacl exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to Ihe terms and covenants contained in this Security Insmm~ent and iii any Rider execnted by Borrower and recorded with it. B~KH GHAHREMAN POUR DATE WYOMING - Single Family - Faa.ie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUlCw¥~2 (Page 12 of l $) DOCIJK~I~'C. ~TX 0S/08./2004 Form 305[ Il01 494013600/59960379 [SI)ace Below This Line For Acknowledgmentl STATE OF WYOMING COUNTY OF TETON The foregoing ins[lllmen[ was ackn)ow]edged before me by SHAHROKH GHAHREMAN POUR, SINGLE MAN this 4TH day of AUGUST, 2 0 0 4 and official sea~. Notary Public PATRICIA ANN MCDONALD My Conmfission Expires: '.i, PKmlClA ANN McDONALD-NOTARY PUBLIC{ County of ~ State of 1~ Teton ~ Wyoming ~[ My Commission Expires Feb. 20, 2008 ~ WYOMING- Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT DOCUKWYt3 (Page 13 of l~) nocun~.wx o~/o~/~oo~ Form 3051 1/01 ,- ' 146 PLANNED UNIT DEVELOPMENT RIDER POUR LOAN #: 494013600/59960379 MIN: 100174102000012593 UNIT DEVELOPMENT RIDER is made this 4TH day of AUGUST 2 0 0 3 TItlS PLANNED and is incorporated into and shall be deemed to amend and supplement thc Mortgage, Deed of Trust, or Security Deed .(the "Security Instrument") of the same date, given by the mMersigned (the "Borrower") to secure Borrower'sNoteto FIRST BANK OF IDAHO, FSB, DBA FIRST BANK OF THE TETONS (the "Lender") of the same date and covering the Property described m the Security Instrument and located at: 37 RIDGE CREST DRIVE, THAYNE, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in COVENANTS, CONDITIONS, AND RESTRICTIONS (rite "Declaration"). The Property is a part of a plarmed unit development known as STAR VALLEY RANCHES [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or eqnivalent entity owning or managing the conm~on areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Bo~xower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender fitrther covenant and agree as lbllows: A. PUD Obligations. Borrower shall perform all o[ Borrower's obligations nnder the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent docmnent which creates the Owners Association; and (iii) any by-laws or other roles or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. MULTISTATE PUD RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3'150 1/01 DOCUke^l (page l of 3 pages9 ~ocu~.v?× ~0/x~/200~ 494013600/59960379 B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the ainouuts (including deductible levels), for the periods, and against loss by fire, hazards included within the terln "extended coverage," and any other hazards, including, but not linfited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lcuder waives the provision iii Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent lhat the required coverage is provided by the Owqlers Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in reqnired property insurance coverage provided by the master or blanket policy. In the event of a dista'ibution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security lnstr nment, whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condenmation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condenmation or other taking of all or any part of the Property or the conmaon areas and facilities of the PUD, or for any conveyance in lieu of condenmation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Inslrnment as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide lhe Property or consent to: (i) the abandonment or termination of the PUl), except for abandomnent or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or enfinent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of sell-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Re~nedies. If Borrower does not pay PUD dues and assessments "when due, flien Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Secnrity Instrument. Unless Borrower arid Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice fi-om Leuder to Borrower requesting pa)nnent. MULTISTATE PUD RIDER~-Single Family--Fannie Mae/Freddie Mac UNIFOIIM INSTRUMENT Form 3150 1/01 DOCI. JRPA2 (page 2 of 3 pttge~9 ~ocu~x~.v'rx ~o/~/~oo~ 494013600/59960379 BY SIGNING BELOW, Borrower accepts and agrees to the temps and provisions contained in this PUD Rider. B ORR O~I-IREI,fA. lq' ]POUR DATE / MULTISTATE PUD RIDER-SIngle Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Docu.~e.a3 (page 3 of 3 pages) Bo CIIRP~.3 .VT¥ 10/13/200] Form 3150 1/01