HomeMy WebLinkAbout901749~UC-02-2004 I10N 07:43 fill
F~N NO,
333
P, 07
WELLS FAROO HOME ~IORTC, ASE
.3601 MINNI~BOTA DR. SUITE 200
BLOOMINGTON, MN 55435
9017 9
kECt
I\,tD
LINOOLrq ~,~l~r"~"'~' CLERK
Prepnred By:
W~:LLS FARGo ~,~K, N,A.
1919 DOUGLAS,, OMAHA,
681010000
MORTGAGE
Dl.itq NITIONS
W,~rd.,; used ia muliiple sec/ions of this document are defined bdow and other words are defined in
Sections 3. II. 13, 18, 20 and 21. Certain rules regazding the usage of words used in this document are
also provided In Section 16.
(A) 't~ecurity lnsirumenl" means this document, which is da[cdAuGUS~' 02,
instiller wid~ ~1 Ridcr~ to lhls document.
(B) "Borrower" is STI~¢~N J SA~AT, A MARRI~ID PERSON
2004
Borrower is the mortgagor under this Security l.stmment.
(C) "l,ender" is WELLS F~OO B~, N,A.
[,ei]d~r {sa NATIONAL ASSOCIATION
004100252'5
WYOMING.Single ramlJy-FallnJo Mue/F, eddJe Mac UNIFORM INSTRUMENT
VMP MOr~IGAGE rOflMG - (fltlf);~ ;1-7291
Form 3051 1/01
~UQ-02-2004 NON 07:43
FRX
333
P, 08
Lcndt:r'saddrcssis ~.0. Bo~ io]o4. DES MOIN~S, IA 50306030~
l,endur is d~e morlgagee under this Security Instrument.. '
Tlw No~e sm~es dm~ ~orrower ow~ Lender O~ ~ED T~E~gy THOD~ ~ 00/100
. Dollars
(U.S. $ ** · ~2 0. ~ 0 ~. o o ) plus in,crest Borrower has promised ~o pay dll~ deb~ in regu1~ Periodic
PuYumnls and t~ p,y the debt l. full not la,er th~ SX~R 0~, 20~
(E) "Pr,jserty" means ~be proper~y Iha~ is described below uuder Ibc heading transfer of Ri~h~s in d~e
f'ropedy." ,- '
(F) "La~' means fl~e debt evidenced by ~he Note. plu,~ in,crest, any prepayment cl~argos mtd la~e charges
duc under Ihe Note, ~d all stuns due under ~his Securi~ [~81~ment. plus in~erest.
(G) "Riders" me~s all Rklers to fl~is Security ~t~mem thal are ex~u~cO by Borrower. ~e following
Rklcrs arc mbc e~ecuted by Bo~ower [check ~x as applicablcJ:
~-~ Adjuaable Rac Rider ~ Condominium RId~ ~ Se~nd Home Ri0er
1~]~ Balloon Rider ~ Pl~aed Unit Development Rider ~ 1-4 Fa~ly Rlde~
[~. ] VA Rider L_J B/weekly Paymem Rider Oilier(s) [spcci~J
(II) "Applicable Law" me,'ms all comrolllng applicable federal, slale ,'u~d local slatutcs, regulations,
ordi ~m~ces mid adminlstralive 1~1~ and orders (fl~at have Ihe effect of/aw) as well as ali applicable fin~,
non-appealable judicial opinions.
(1) 'Communily Association Du~, Fees. and A~es/menls" mc~s ~1 dues, fees, ~sessments and other
chargers dmt are imposed ou Bo~ower or fl~e Property by a ~ndomlnlum ~ssociat[on. l~omeowncrs
association or simll~ organi~lion.
(J) UElec(ronic F. nds Transfer" me~s ~y ~ransfer of funds, other ~an a ~r~saction originated by
check, dri~/l, or slmi[ar paper instrument, which is intttat~ through an elec~onic ~ern~.al, Iclephonic
iust~meal, ctnnpuler, or magnetic Iapc so as to ordet, i.mruct, or authorize a fin~ci~ instiiudon Io dcbil
or credit aa accounL ~tlch lerm includes, hut Is not iin~md to, point-of-sale lransl~rs, automaled teller
nlachin. Irm~saciions, ~ransfers initialed by telephone, wire tcmis/~.rs, m~d aulomaL-d clearinghouse
(K) "Eseraw I/e~" menus lhose itenu flint are descrihed in ~cclion 3.
(I,] "Miscellaneous h'oee~" me~s ~]y conlp~n~allon, set0cment, award of damages, or proceeds paid
hy any Ih]rd Irony (olher thai insurance process paid under file coverages described in S~tion 5) the: (i)
damage [o,: or dcstruclion of, dm Prope~y; (ii) condcnmadon or other t~ing of all or ~y par~ of fl~e
Properly; (iii) convcym]cc in lieu of condemnation; or (iv) misrepresentations of, or omissions as ~. lhe
Wduc ami/or condition of the Properly.
(M) "Marlgage h~ura,ce' nw~uu insurance pro~ecdng I,ender against ~hc nonpaymcnl of, or dehult on,
II~e Lozm.
(N) "Per]oflte Paymenl" ]ne~s thc regul~ly scheduled ~mum duc for (i) principal and h~teres~ under the
Nole, plus (ii) ~y amaurds under &~don 3 o[ ~his Security lnstnmlenl.
(O) "RESPA" mc~s the Re~ Estate S~ldemeat Procedures Act (12 ti.S,C. Section 2601 et seq.) and its
nuple]nenlmg regulation, Regulation X (24 C.F.R. Part 3500), as they mighl be ~uendcd /~om dine Io
lime, or any addilional or successor legisl/ldon or regulation lhat governs die same subject mailer. As used
in fids ~
,.c~tu'i~y Instrument, RhSPA re[ers [o all requirements ~d rc'~lricdo~s that ar~ imposed in regard
to ~l "l~'derally related morlgage IoMF evt~n if ~he Loan does not qualli), a.s a "kder~ly rdmed martgag~
h~an" under RESPA, ,
Form 3051 1/01
SUG-02-2004 MON 07:44
F~ NO, 333
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(P) "$.cces$or in ]nlereM of Borrower" recalls arty party that has taken title to the Property, whether
not l hat party has ,%~sumcd Borrower's obit gal ions under flxe Note and/et this Security Instrument.
TRANSFER OF RIGI-ITS IN THE PROPERTY
This Security Instrument secures to Lender: (0 the repayment of the Lo,'m, .xnd all renewals, extensions m~d
mmlificafions of ~o N~',te; and (ii) tho performance of Borrower's coven~ts ~d agreements under
Security Iasmtment and thd Note. For this purpose, Bo~ower does hereby mortgage, grant and convey to
i.ender and Lender's successors and assigns, wifl~ power et' sale, th~ lbllowlng described property located
ht [he CO~TY Of LINCOLN
(Typd or Recording luri~licrion} { Name Of Recording ]urisdlcdon]
S~E ATTACHED
SU3tMIT CREST HOMES 1996, ~ TA~ #S COL 040919 m COL 040920 SERIAL
22~96-711-426~-A/B
*SEE ADJUSTABLE RATS RIDER
TAX STATEMENTS ~HOULD BE SENT T0,
10301, DES MOINES, IA 503060304
WELLS FARGO HOME MORTGA=E,
P.O. BOX
Parcclll) N4~rnbor; 12341911200071.oo
299 PERKINS ROAD
TI'~YN~
CProperly Address"):
wblch currently has the address of
Wyoming 83127 [Zip
TOGETHER WITH all the improvements now or hereafter erected on the property, and all
el/$('llletl[s, apl)urtenam:es, and fixtures now or hcreflftcr a part of fl~e property. All replacements
:~dditions shall also bc covered by this Security InsmJment, All of the tbregoing is referred to in thts
Security Inslnunent as {he "Prol'}erty."
BORI~OWER COVENANTS thai Borrower is lawhlly seis~ of thc estate hereby conveyed and has
Iho right Io mortgage, grm~t and convey the Property m~d ilia[ the Property is unencumbered, except for
encumbrances of record. Borrower Warrants and will defend generally the title to the Property against
claimg ;md demands, subjecl to rely cnctllllbr~lee8 Of record,
THIS SEC{JRITY INSTRUMENT combines uniform covenants for nafion~ use and nomuniform
c. vcnants wilh limited v~trJations hy jurisdiction to constituti a unilbrm st~ufity insm~ment covering real
property.
UNIFORM COVENANTS. Bo~owcr and ~nder coven~t m~d agree m~
1. Payme. t or l~iucipal, Inter.t, E~erow Items, Prepa3ment Chargcq, and l.ate Charges.
Borrower shall pay when due the principal of, and imerest on. thc debt evidenced by the Note und any
ln'epaymen~ ch:u'ges and late charges due under the Nom. Bon'owcr shall also pay funds for Escrow Items
l~l,[rstHllll Io Sect]oil 3. Payments due under the Note and tiffs Security Inslrument shall be made in U.S.
eurrc'llcy. However, If any check or other instrument received by Lender as imymcnl under the Note or this
,6(WY) moosI ~o~ 3 ol is Form 3051 1101
~UG-02-2004 I10N 07:44 aM
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Security ]nstrt~lnenl is returned to Lender unpaid. ],cadet may require that any or all subsequent payments
dn~ under Ihe Note and Ibis Security Instrument ~ made in one or more of the following forltlS,
selcelod by lender: (a) cast~: (b) nmney order; (c) cenlfi~ check, ba~ ch~k,-n'e~urer's ch~k or
cashier's clwck, provided ~ny snell check: is drawn upon ~ institution whose deposits ~e inmred hy
I~deral agency, instrmnentality, or entity; or (d) Electroulc Funds Transfer,
Pa~mems are deemed received by Lender when received at the location designated ~ the No~e or
such other location ~s may be d~Ignated by ~nder In ~cord~ce with the notice provisions in Section 1
l.ender n~y return any pay~nl or partial payment if th~ payment Or partial payments are insufficient to
bring fl~c I.oan c.m, nt. l.cndcr ~ay ~ccpt any payment or partial payment insutficiem ta bring thc
em'rent, wi&out wflvet ut any rights heremider or prejudice ~o its rights ~o re.se ~lch payment or
payments in fl~e ~lure, hut ~nder is not obligated to apply such payments a~ the time such payments are
at~;pled. 1¢ each Periodic Payment is applied as of ils scheduled due dale, then Lender nccd not pay
interest on unapplied l~mds, l~nder may hold such unapplicd funds until Borrower makes payment lo bring
thc l~a~ cnn'enl. [f Borrower docs riel do so within a rea.*onahlc period of dine, ~nder shall either apply
such I~mls ar return ~hem ~o Borro~cr. If not appli~ earlier, such ~nds will be applied to the au/stranding
principal bflance tamer the Note immediately prior m foreclosure. No offset or claim which Borrower
might have now or In die flllure against ~nder shall relieve Bon'ower fi'om n~h~g payn~nts due under
Ihe Nolo m~d this &~urity Insl~ment or perfuming ihe covenanL~ and agrccmcms secured by Ibis Security
lu.s[rumelit,
2. Application of Payments or ~oc~ds. Except as olhcrwisc described in lifts Section 2, all
I~aYntCras ac~p~cd ~tl applied by Lender sl~fll be applied tn the following order of priority: (a) Imerest
due under ~he Note; (b) principal due under the Note; (c) mnoums due under Se~ton 3. Such paymems
shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounls
shali b~ applied tirm lo late charges, second to any other armours ch,o under Ibis Security Inslro~nt, and
Ihcn 10 reduce lite principal balance of the Nme.
If Lender reeejves a payment ~rnm Borrower for a delinquent Periodic Payl~nt which Includes
su ~clent amount to pay m~y late charge due, the payment may be applied to the delinquent payment
Ihe l~le chargt~. Il'more than one Periodic Payment is outslanding. IA'haler may apply any paymenl received
fi'om Borrower m the repaymmu of the Periodic Payments if, and to the extem fl~at, each paymem can
paid Jn full. To Ihe extent lhat any excess exists after Ibc payment is applied to the full payment of one or
nit~rc Periodic Pay~llcflts, such execs n~lty be applied to rely late chargc~ due. Voluntary prepaymm~[~ shall
be appli~ fir~z ~o any prepayment chm'ges m~d then as described in the Note.
Any app}icadon of payments, insurance proceeds, or Miscelhmeous ~occcds to principal due under
the Nole shall not cxtend or ~tpone the due date, or change the ~ounl, of Ihe Periodic Paymcnls.
3, Fm~ds' for Escrow Items, Bo~owcr shall pay to l.cndcr on tt~c day Periodic Pay~ls arc duo
trader Iht Note, tmlil the Note is paid in full. a sum (the "Funds") to provide for payment ~f amouuls due
IBr: (a) laxes m~d ms~c~sments ~d other items which can attain priority over tiffs Security Instrument as a
I~en or encuhfl~rance on the Property; (b) leasehold payment~ or ground rent~ on the Property, if any; (c)
premiums 13r any and all insurance required by [Xndcr under Section 5; and (d) Morlgage lns~rance
premlmi~s, ir any, or my sums payable by Borrower to Lender in lleu of ~e payment of Mortgage
Insurance premiums t~ accordance with the provisions of Sccdon 10. ]~cse items ~uc call.l "Escrow
IIi~I'IlS," At or[gi~ali(m ~r al any time tl~rjng Ole term of the Loan, Lender may require flint Community
Assoctadoii Dues, Fees, and Assessments, tf ~y, be escrowed by Borrower, ~d such dues, ~es mtd
~sscssnmlzts shall be an Escrow Ilem. Bo~ower sh~l promplly fi~mish to Lender all notices of amounts Io
be pakl under thls Section. Borrower shall pay ~ndcr Ihe Fund~ for Escrow lle~ unless [xndcr
Borrowcr'~ obligation to pay thc Funds for any or all Escrow Items. Lender may waive Borrower's
obligation to pay to Lender ~ttnds for m~y or all Escrow ltema at ~y thne. Any such waiver may only bc
iu ~rifing. In the event of such w~ver, Borrower sl~all pay directly, when and where payable, the m'nounts
Form 30§1 1/01
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due for m~y Escrow llems for which payment of Funds has been waJYed by l..emlcr and, if Lender requires,
slmll furnish t0 l.cnder rceeipls evidencing such payment wifl~ln such time period al ~ader amy require.
Borrower's obligation to n~e such payments md to prOVide receipts shall for all pu~oses be deemed to
be a covenant and agrcemen[ contained in this Security Instrument, as the phrmq¢ "eoVen~t and agreement"
is need in Section 9. [f Borrower is obligated 1o pay Esm'ow Itches directly, lmrmm~t to a waiver, and
B{m-owcr fails to pay ttle amount due for ~ Escrow Item, Lender may exercise its rights under Section 9
and p~}y such amoant trod Bo~ower shall titan be obligated under Section 9 to repay to ~nder any such
mnaum. [~cnder may revoke the waiver a,q to any or all Escrow henu at ~y time by a notice given
actx}rdancc with Section 15 :md, upon such rcvocatloa, Borrower shall pay to ~nder all Funds, and
such ama~nk% ~at arc then required under tiffs S<tion 3.
Lender may, at and dine, collect mxd hold Funds In m~ ~ount (a) sufficient to pem~it ~nder ~o apply
~h¢ Funds m the time s[,¢~ified under RESPA, aml ¢) not Io exceed the maximum amount a lender
require under R[~SPA, Lender sh~l estinute the m~munt of Eunds due on tim baals of current data ~d
reasanable estimates of expenditures of future Escrow henu or otherwise in acmrdance wi{h Applicable
I
'llm Funds sh~dl be held in ~ institution whose deposits are tnsur~ by a federal agency.
tnitran~cnlality, ot entit~ (including ~nder, ff Lender is ~ institution whose de~siIs ~e so insured) or in
any Peder~ Home Lom~ Bm~k. Lender shall apply fl~e Funds to pay the Escrow he~ no later ~an ~he time
specified under RESPA. ~nder sh~l not charge Borrower for holding and apply~g the Funds, m~nu~ly
,an;~lyzing ~l~e escrow account, or verifying thc Escrow Items, unless [.endcr pay~ Bo~owcr i~lcrcst on the
1;unds ~md Appllcal~lc Law permits Lender to n~ke such a charge. Unl~, m~ agr~ment is ;nade tn writing
or A~p?ablc Law requires interest to be paid on thc ~nds, Lender sh~l not be required to pay Borrower
mty Ii~tcrcsl' nr earnings on thc Funds, Borrower and Lender can agree in writing, however, lhat inler~st
shall be paid on the Funds. I2nder shall give to Borrower, without cha;ge, ~ ~nual accounting of the
Fmuls as requirvd by RESPA.
If there is a surplus of Funds held In escrow, ~ defined under RESPA, ~nder shall account to
Barmwer fi~r the excess hnds In accordm~ce wtflt RESPA. If there Is a shortage of Funds held In escrow,
as defined under RESPA, Lender sl~all notify Bo~ower as requked by RESPA, ~d Borrower sh~l pay
I.ender the amount ncc~sary to m~e up the ;hortag~ in accordance with RESPA. but ~ no mom th~
m,mlhly paymcnls. I1' tl~crc i., a deficiency of Ftmds held in ~crow, ~s defined undcr RESPA, l~ndcr shall
nmit~ B{m'ower ~q required hy R~PA. and Borrower shall pay ;o Lender the ~noun[ necessary to make
np the deficiency in accordance with RESPA, but in no mom th~ 12 monthly payments.
[Jpou payment iI~ full of all sunm Secured by this Security Instrument, ~'ndcr shall promptly
tO Borrower mty ~nlls held by Lender.
4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, finch, and impositions
,altrilm;nhlc ;o the Property which can attaiu priority over this Securhy Inslmmem, leasehold paymcnls ar
ground rents oa tl~e Property, if ~xy, mtd Coaununity Asmciatiou Dues, Fees, ~d Assemnen[;, if any, To
the ex[em fl~a; these ltenu ~e Escrow lte~, Borrower sh~l pay them in the rammer provided in Section
Borrower shall prompdy disch~ge ~y lien which has priority over this Security Insmm~em ual~s
Bon'owcr: (a) agrct:s in writing to ;he payment of thc obligation secured by lhe li~n in a m~mncr a~eptablc
I{~ I,~mdcr, b~l (rely t~o long as Boaowcr is perforating such 0gr~mcnl; (b) conlests tho licit in good lhith
by, or dcl~nds against cnl~'~rccment of the lien in, lcg~ proceedings which in Lender's opinion operate
I',rcvent ~l~e calory, recur.of ~he li~n while ;hos~ proc~dinM are pending, bm only until such proceedings
are concluded; or (c) secures from tl~e holder of the lien an agmemem sadshetory to Lender subordlna~ing
the lien to this Security Instalment. I[ ~nder determines that ~y part of the Prope~xy i~ subject to a lien
which cm~ allain priority over tl~is Security Instmnmnl, l~mlcr may give Borrower a notice klcnfifying the
Form 3051 1101
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lien. Withh'l 10 days of Ihe date on which [hat notice Is given, Bon'ower shall satisfy [he lien or [ake one or
more of d~e ~'do~ sci foah above in tiffs Section 4.
Lc~der may require Bo~ower ~o pay a one-time charge for a real e~lai~ ~ verification ~d/or
re[~ning service used by ~nder In conn~tion wifl~ this ~.
5, Property instw~mce. Borrower shill keep lhe improvements now exisling or hereafter creeled on
~he Property insured agalnsl loss by lire, hazards included within lbo Icnn "extended ~ven~ge," and any
oilier h~4u-ds includi~g, but not limited to, ~dhqa~es m~d floods, for which &nder r~uire; insurance.
This in;urauce shall be n~ntained in ~e m~lounts (Including deductible levels) ~d tbr the periods ilia[
I,ender requires. Wb,t Lender requires pursuant to thc pre,ding sentences can cl~ange during tho
Ibc I,oaq. 'l]m msurnnce ~rficr providing thc insur~ce shMl be chosen by Borrower ~bject tO kendcr'.S
fight to disfq~provc Borrower's choice, which right shall sot be exercised unreasonably. ~nder may
reqqire Borrower to pay, In connection wi~ this ~an, either: (a) a one-time charge for flood zone
dclcrminadon, certification m~d n'acking setxlces; or (b) a one4ime ch~g~ for flood zone deternfinatlon
mid certification se~lces ~d subsequem charges each time re~qppings or si~lar ch~ges occur which
reasonably mi~t afl,ct such det~m~ination or ~aific;~tion. Borrower shall also bo responsible for the
p:~yment of Imy l~cx impdscd by lbo Federal Emergency Management Ag~cy in ~nnecfion wJlh the
review c~f ;my flood zon~ determination resulting from ~ oblation by Borrower.
![' Borrower I~fils lo ~intain ;my of the coven~ges described above, l~nder may obtain insurance
coverage, at Lender'~ opdon m~d Borrower's expense. Lender is under no obligation to purchmsc ~y
pm-titular typ~ or amount of coverage. ]]lereibre, such ~verage sh;dl cover &ndc~, but ~ght or z~ght
nat protect R;)rrowcr, ~m)wcr's equity in thc Property, or ~e Contents of the Property, against any risk,
h&~ard or liahtlity and might provldc greater or lessee coverage than was previously in effect. Bo~owcr
nckuowledge~ that tim cost of the insurance coverage so obtained might signific~tly exceed the cost of
insurance that Borrower could have obtained, Any ~ounts disbursed by Lender under rids Section 5 shMl
bccbmc ~dditJonal debt of Borrower secured by this Security lnst~nac~t. These ~ounts shrill bear intel'est
al Ihe Noir title I)om thc date of disbursement and shall be payable, with such interest, upon notice l¥onl
Leader ~o [torrower requesting payment.
Ail ir~xm-an~ ~flicics required hy l,endcr and renewals of such policies shall b~ subject lo Lender's
right lo disapprove such policies, shall include a st~dard mortgage clause, m~d shall n~e
m(~rlgagcc and/Or ;ts an addiiional loss payee. Lender shall have Ibc right to hold the policies and renewal
certificates. If ~nder reqalrcs, Borrower shill promptly give to ~nder all re~ipts of paid premiums and
renewal hollers, If Bon'ower obtains m~y form of lnsurm~ce coverage, not o~e~ise requh'ed by Lender,
tbr damage to, or destruction of, the Properly, such policy shall include a st~d~d mortgage clause
shall nm]~e Lefider as mortgagee anti/or as ~ additional loss payee.
[~ iht: event of loss, Bo~owcr shall give prompt notice to the insurance Carrier ~nd Lender. Lender
may make proof of long if llOt made promptly by Borrower. Unless I.cndcr and Bo~owcr othc~is~ agree
in wrhing, any insurance proceeds, whether or not the underlying it~ural~ce was requir~ by Lender, shall
he :~ppllcd lo reSlm-alion Or repldr Of Ihs Proporty, if the restoration or repair is e~nomically feasible mid
I_ender'} security is not l'essen~. Daring such repair ~d restoration period, Lender shall have the right
hold ~uch insurance pro~eds until Lender has had m~ opportunity to inspect such Property to ensure the
work J~f~g hccn coral)toted to l.cndcr's · '
' sal]sf~clion, provided that such inspection shall be undertaken
Imm~ptlY, Lender may disburse proceeds for ~hc repairs and restoration in a single paym~mt or in a series
of progress payments as the work is comt)leted, Unless an agreement is ~de in writing or Aplflicablc 14~w
requires Jnleres[ 1o bo paid on such insurmlce process, ~nder sh~l nol be required ~o pay Bon'ower any
inlercsl or cm~Jngs on such proceeds. Fees for public adjusters, or other third p~ties, retained by
Ih)trOWCr shrill uot bc paid out of thc Jnsur;mc~ proc;x'ds and shall bo ~hu sole obligation o1' Borrower. If
ihe restoration or repair is not economically feasible or Lender's s~urity would be lessened, [he insuranco
pm~:ceda shall he ~pplied lo lhe stuns SeCured by ibis ,qccurity In'Slrumcnt, whether or not then dee, with
Form 3051 1/01
ftUG-02-2004 lION 0?:44 R~I
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the excess, ,if ~my, paid Io ltorrow~r, Such insurance proceeds shall bt applied in the order provided for in
Sccti~m 2. ,
' It' Borrower ab?sirens the Property, Lender may file, negotiate mid settle any available insurance
claim and t"olaled matters. If Borrower does not respond within 30 days to a notice flea Lender that the
insnrau~c chh-let has offcrcxl lo SerliO' a claim, then Lender may nCgoli~le and s¢lll~ the claim, The 30-day
per!od will begin when die notice tt given. In either event, or If Lender aequtres the Property under
Secllon 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance
proceeds hx m~ amount noi~ to exceed the mnounts unpaid under the Note or this Security InstrUmeut, and
(b) any olher of Borrower's rights (other tha~ the right to a~ly retired of unearned preminm.s paid by
Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the
cov, erage of the Pto@erty. lx'nder may use the insurance proceeds either Io repair or restore the Property or
Ia pay amounts unpaid under tl~e Nole or thi,s Security ,Instrument, whether or not thvn due.
ti. Ot?upaney. Borrower shall occupy, establish, and use [lie Property aB Borrower's principal
res[do~ce within 60 days after the execution of tills Security Instrument ,and shall comlnue to occupy the
Pro'perry as Borrower's principal residence Ibr at least one year after thc date et occupilncy, unless Lender
otherwise ~grees la writing, which consent shall not be unreasonably withheld, or unless extennaling
circnmstanties exist which are beyond Borrower's control.
7, Preservation, Maini'ennnce nnd Protection of the Propertyi Inspections, Borrower shall not
dc-'.~troy, dam,'tge or impair I1~,'. Property, alh)w Ire Property Io deteriorate or commit waste on tile
ih'"l)erty, Wlmlher or t~ot Borrower is residing Jn Ire Property, Borrower shall maintain l}~o Property tn
order to/areYent die Property froth deteriorating or decreasing in value due to its condition. Unless il is
delta-mined pursuant to Section 5 that repair or resloration is not cconon-dcally feasible, Borrower .,ihall
PrOlnl~lly repair lhe Property it' damaged to avoid further deterioration or damage. If insurance or
condemnation proceeds ,'u'e paid in counecdon with damage to. or die taking of. the Property, Borrower
sl~all I;~e responsible iht rcpairing or restoriqg the Property only if Lender has relea.~ed proceeds lbr such
pur~)oses, l.ender may disburse proceeds for the rq)alrs mid restoration In a stogie paymem or in a series o1'
I)mgress p~tymenls as lho work is ComplCled. I1' tho insurance or condemnation proceeds are not sufficient
lo rcl)i'dr or resl.orc the Property, Borrower it not relieved of Borrower's ohligalion for thc completion of
sucl~ repah' or resloradon.
I.ender or its agent ney make ~'easonable entries upon and inspections of the Property. If it h,'ls
reasonilble cause, lx'nder may Inspect the lnlerior of the improvements on the Properly, Lender shall give
Bot~rnwcr ttotiec al thc llme nf or prior to such an inlcrior inspection spcc~fymg such reasonable cause.
8. llorrnwer's Loan Application. Borrower shall be iii default if, during the loan applicalion
process, gom}wcr or any persons or chillies acting at the direction of Ben-ewer or with Borrower's
knowledge or consent gave materially false, misleading, or Inaccurate inlbnnatton or statements to l.cnder
(or fililed to provide Lender with material information) in connection with the Loan. Material
represcnlatio~s include, bnt ;ire not limited to, reprcscntalions concerning Borrower's occupancy of the
I~rnperty a.q Borrower's principal rr:sidcoc¢.
9, Protection iff l,ender'~ Interest in the Prot)edy and RighLq Under fl~is Security Instrument, Il'
ti',) Borm~vcr fails Io pel'l~mr~ the covenants and agreements cents/ned in this Security Instrument, (b) Ihcm
Is a legal proceedlng lhat might significiu~dy affect Lender's interest in tile Property and/or rights under
~his Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for
cl~fi)rct,,mulst of ;1 lien wblch mqy attain priority ow.,r Iris Security Instrument or in enfbrc~ laws or
regulations), or (c) Borrower has abandoned die Property, then Lender may do and pay for whatever it
rcusem,qhlo ~lr t~ppropriale to protect l.endcr's JnlerCsl in the Property and righl, s under Iris Security
Inslrumenl, including protecting and/or assessing the value of the Propeity, and securing mid/or repairing
arc Property. Lender's actions c~ include, but are not lhnited to: (a) paying an), sums secured by a lien
whMt has,priority iwcr this S¢cm-ity Inslmmcnt; (b) appearing in c'mm; and (e) paying reasonable
FOrm 3051 1/01
RUG-02-2004 I'ION 07:,15 ~qll
F~× NO,
333
P, 14
altomcyS' fccs Io protect its interest in the Property and/or rights under this Security In~lmntent, including
its secured posilioa in a bankruptcy proceeding, Securing fl~e Prope~y includes, but is not linfited to,
enlering thc Property to make repairs, change locks, replace or board up door~ ~d window~, drain water
flea; pipes, eliminate building or olher c~e violation~ or dmigerou; conditions, ~d have utilities turned
on or off. Although l.cndcr may t~c action ~der this Section 9, ~nder does not have to do so and i~ not
under any dat~ or obligation to do so. h Is agre~ that Lender incurs no liability for not laking any or all
actipns authorized under ~ls Section 9.
Any ~snounts dlsbars~d by ~nder under &is Section 9 shall become additional debt of Bozrowcr
sect]red by ~is Security Inslrument. qqlese amo~ts shall bear interest at the Note rare from the date
disbursemeat and shall be payable, with such interest, upon notice from Lender to Bmxower requesting
payment.
If ttfi; Secdrtty In, tremor is on a leasehold, Borrower shall comply wilh all thc provisions of the
left.se, If Borrower acquires fee title to lhe Property, the leasehold and the fc~ title shall not merge
Lender agrees to tho mergqr in writing,
Ilk Mortgage Insurance, If Lender required Mortgage Insuran~ ~ a condition of ~qking the Lo~,
Borrower ~hall pay lite premiunn requir~ to maint~n the Mortgage Insur~ce in effect, lf, for any reason,
the Mortgage Insurance coverage required by Lender ceases to bc available flOm the mortgage insurer that
previoufly provided such insur~ce and Bo~ower was required to make separately designated payments
toward Ibc pmmiunm h)r Mortgage lasurm~ce, Borrower shall pay the prenfluna required to obtain
coverage subsmntlally equivalent to the Mortgage Iasunmce previously in effect, at a cost subsl~tlally
cqulvalem ~o the cost to Bo~ower of the Mortgage Insurance previously in cfl~ct, l~om aa alternate
mortgage 'insurer selected by Lender. If substantially equivalent Mortgage Inmrmce coverage ia not
available, Borrower shall continue to pay K} l.cndcr the arnount of thc separately designated paymcn~ that
were due when tire insurance coverage ceased to be in effect· Leoder will accept, use m~d retaia
payments as a non--rchmdable loss rcservc in lieu cfi' MeSsage Insurance. Such loss .reserve .shall bc
non;rcfimd;~blc, Brqwithstanding thc fact that the ~mi ix ultimately pMd in ~11, mad ~nder shall nnt
rcq,ircd Io pay Borrower rely Interest or c~inga on such loss rcscme. ~nder c~ uo longer require
reserve payme, ts if Mortgage Insurmlce coverage (in the ~ount m~d for the pe~od that ~mdcr requires)
provided by m~ insurer selected by ~nder again becomes available, is obtained, and Lender requires
sc?stalely designated payments toward the prcmimns lbr Mortgage lasur~ce. If ~nder required Mortgage
In:mrance as a condition of n~ing the Lomi ~d Borrower was required ~o ~m~e separately designated
payments toward ~e premlun~ for Moixgage lnsurm~, Borrower shall pay the premiums required
nuflniain Mortgag~ lnsuranc~ in efl~cl, or Io provide a non-refundable loss reserve, unlil Ix, hOoFs
reqnlrement Ibr Morlgag¢ In,erasco ends in accordance wilh a~ly writtc~l agrecmcm bctwccn ao~ower and
l,.cmlcr providing fi~r such tc~inarton or until termination ts required by Applicable Law. Nothing lo lhi$
Seclion [0 :d:tbcls Borrower's obligation to pay inlCrest at thc rate provided in fl~e Note.
Mortgage lnsuranc~ reimburses ~ndcr (or }my entity that purchases thc Note) for ccmfin losses it
may incur if Burrower docs llot repay the kom~ as agreed. Borrower is not a pm[y to the Mortgage
Mortgage imurers ev~uate their total risk on fll such insurance in force from lime to lime, and ~y
onlcr i~lo agrccmen,; wilh olher parties Ihat slmru or modify their risk, or rcdu~ Iossc-s. q~csc agrccmcnls
ar¢ o~ lem~s and conditions that are sattshcto~ to thc mortgage insurer and the other party (or panics) to
these agreemeat;. ~ll~ese agreements may require the mortgage insurer re make paymela~ using any mm'ce
~ff fimds thaL'tl~o morlgage insurer may have available (which may include funds obtain~ from Mortgage
Insurance premiums),
As a result of these agreements, Lender, ~y purchaser of the Note, ~other i~urer, m~y reinsurer,
any other entity, or any affiliale of any of the foregoing, may receive (dircclly or indirectly) amounts that
flerivc Rom (or might bc characterized as) a portion of Borrower's payments lbr Mortgage Insurance.
exchange for sharing or modi¢ing Se mortgage insurer's risk, or reducing losses. If a, ch agreement
provides fl~at an f~ffilialc of l.endcr takes a share of the insurer's risk la exchm~ge for a share of the
pl-emiums paid to thc insurer, thc arrangement is often temco "captive reinsurance." Further:
(a) Any snch agreements will not affect the amounts that Borrower has a~reed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements ~11 not increase the amount
Borrower will owe for Mortgage lnsm'ance~ and flmy will not entitle Borrower to any refnnd,
(~,~o(wY) .)oo~) r,Oo 8 o~ '~= Form 3051 1/01
5..
~UG-02-2004 MOM 07:4~ ~M
NO, 333
?, 15
· - '- ,$(,3
(b).Any such agreements will not affect the righk; Borrower has - il: any - with respect to the
Mortgage [nsnrnnce under lhe IIomcowncrs Protection Act of 1998 or any other law. These rights
may inchlde the right to receiw c~rtaln di~losurcs, to request aqd obtain cancellation of the
Mortgage Insurance, to have thc Mortgage Insuranc~ terminated automatically, and/or to receive a
rtq'tmd nf any Mortgage Insurance pr£~nium.~ that wcrc unearned at the time of such c. ancellatim~ or
termination,
1l, Assignment of Miscellaneous lh'ocecds; Forfeiture, All Miscellaneous Proceeds are hereby
assigned to and shall be paid to Lender.
If the Properly is danmged, such Miscelhm¢ous Proceeds shall be applied to restoration or repair of
the Property, il' tho restoration or repair is economically feasible and Lender's security is not lessened.
During such repair mtd restoration period. 1.cadet shall Imve the right to hold such Misccllanemls Proceeds
until I.endcr l~a.s hM m~ oppommtty to inspect such Property to ensure the work has bccn completed to
Lender's satisfaction', provided ll~al snell inspection shall be undertaken promptly. Lender amy pay for the
'repairs and reslorafi-n in a single disbursement or in n series of progress paymenu as the work is
compleled, l.lnle.,:s an agreement is nude In wrttlng or Applicable l.aw requires interest to be paid on such
Miscellaqeous Proceeds, Lender shill not be required to pay Bo,'rower my interest or earnings on such
Miscellaneous Proceeds. If the restoration or repair is not econo,nically feasible or Lender's security would
I)e lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument,
whcfllcr Or not then due, wldi the excess, if troy, paid to Borrower.. Such Miscellaneous Proceeds shall be
apl)lied In the order provided for in Secliun 2.
Ill the event of a total taking, destruction, or loss in value of tile Property, tho Miscellaneous
F'roeucds ,4mil be applied to the sun,ts secured by this Security Instrument, whether or not then due, with
tile excess, if any, paid lo Borrower.
In the event of a partial taking, destruction, or loss in value of fl~e PropeiXy in which the Pair m~;rkct
value of Ibc Propcuy irmncxliatcly befm'e the partial taking, dcslruction, or loss in value is equal to or
greater Ihan the a,nount of thc sums SeCured by ihls Security Instrument inu-nediately before the partial
t~dcing, destruction, or loss in value, unless Borrower m~d Lender otherwise agree in wfitil~g, the sums
scoured by this Scct,rity Instrument shall be reduced by the amount of Ibc Miscellaneous Proceeds
multiplied by tho following fraction; (a) the total mnount of the sums secured immcdialcly before the
partial taking, desert:orion, or loss tn value divided by (b) the fair market valuc of the Property ilmnediately
before the partial taking, deS{ruction, or loss tn value. Any balmier shill be paid to Borrower.
In the event of ~ partial taking, destruction, or loss In value of the Property in which thc fair market
vahlo of the Property nnmediately before the partial taking, deslntction, or loss Jn value is less fl~a,t the
amount of thc sums secured immaturely before the partial taking, dcslruction, or lass in value, unless
Borrower mtd Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to die sums
stxuretl by ins Security Instrument whether Or not the sums ,'u'e dieu due.
If die Property iS abandoned by Borrower, or if, after notice by Lender to Borrower that tho
Opposing Party (a..t &lined itt the next sentence) offers to make an llward IO settle a claim for dmnages,
Bon'owcr falls to respond to Lender within 30 days after th~ date the notice Is giveh, Lender Is attlhorized
Io colic'et mtd apply the Miscellaneous Proceeds eilhcr lo restoratio,i or repair of the Property or to tile
sram secured hy this Security Instrument, whether or not fi~en due. "Opposing Party" means the third party
Ilm{ .wes Burr, wet Miscellaneous Proceeds or the party against whom Borrower has a right of action iii
rcg~rd to Miscellmwous Proceeds.
Borrower shall he In default it' any action or proceeding, whether civil or criminal, is begun that, iii
1.x'ndcr's judgment, could result in lbffehure of the Property or othcr material impairmcut of Leudcr's
interest In the Property or fights under this Security Instrument. Borrower can cure such a default and, if
acceleration has occurrtxl, reinstate as provklcd in Section 19, by causing fl~e action or proceeding to bc
dismi.~scd with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material
impairrrent o£ Lender's interest in the Property or rights pmlcr this Secnrhy Instrument. The proceeds of
[my award or chim for damages that nrc attributable to tile impairn~ent of Lender's interest in the Property
are hcrehy assigned mid sh,"fll be paid to Lender.
All Miscellaneous Proceeds that are not applied to rcstoratlon or repair of the Property sh',dl be
apl)lied in tilt/order provided for in Seclion 2.
(~e[6(WY) IOOml~ I~;,on s o~ ~S From 3051 1/01
¢,U(;-02-2004 lION 07:45 fill
F~X NO, 333 P, 16
12. Borrower Not Relea.~ed; Forbearance By Lender Not a Waiver. Extension of thc lime for
· payment Or modil'icadon of mno~ization ct the sun~ s~ured by Ibis Security Instrument granted by Lc,Mcr
to Borrower or any Successor in lntcrc.,t of Borrower. sh~l not opurale lo tele~e tim liability of Borrower
Or ~l~'t~ Successors In lnleresr of Borrower, ~ndcr shall not be required to vo~ence proceedings against
any Successor in Interest of Borrower or Io refuse to extend time for payment or otherwise modily
a~l~arlizalton of d~e suim securcq by this Security lustrmncnt by ~eason of rely dc~mnd made by fl~e original
Bon'ower or any Successors in Interest o1' Borrower. Any forbearance by Lender ia exercising any right or
remedy i~lcluding, wifllout limitalion, Lender's acceptance of payments from third p~sons, eatttle~ or
Successors i~t [nlerest of Borrower or in omoum~ less fl~m~ fl~e amount then due, shMl not be a waiver of or
preclude lira c~erclse of my right or remedy.
13. Joinl and Several Lbbilltyl Co-signe~; Succtssm.s and A~aigns Bound. Borrower covenants
;md agrees that Bon'oweFs obligations mid liability shall be joint mM several. However, m~y Borrower who
ce. signs this S~mity Instrument but does nor e~ecute the Nero (a "co-signer"): (a) is co-signing Ibis
S~urity Instrument only Io mortgage, grant and convey the co-signer.'s inlcrcst in ~he Properly umler the
termq of Ibis S~nrity Iostrmncnt; ~) is not personMly obligated to pay the aunts secured by ~ls Security
Iastrunlent; and (c) agrees that Lender and any other Borrower cas agr~ to extend, morillO, tbrbear or
make m~y accommodalions with reg~d tO the terms of this Security Instrument or Otc Note without the
co,signer's con~nl.
Subject In the provisions of Section 18, any Successor in Interest of Borrower who assumes
Borrower's obligadfms under'this Security Instrument in writing, m~d is approved by ~nder, sllall obtain
all of Borrower's rights and benefita under aris Security Instmmcm. Bo~ow~r sh~l not be released fi'om
Borrower's obltgation~ and liability under [hts Security bstmment unless l-cadet agrees to such release In
wriling. Thb covenants and agreements of this S~udly Insn~meat shall bind (except ms provided
Suction 20) ired benefit the successors mid assigns or Lender.
14. l.oan Cbnrg~. l.ender may charge Borrower fees for se~lces perforated in conn~tioa
Borruwer',s dcfiault, fi)r thc pu~ose of protecting Lender's interest in the Properly ~d rights under this
Sooth'try Instrument, including, bnt not limited to, attorneys' fc~s, property Inspection and valuation
In reg~d [o any other tkcs, the absence oF express amhorlty in diis Security Insmnnent to charge a specific
k'c [o ~m'owcr sl~all not b~ construed ~ a prohibition on Ihe charging of such i~c, I~nder may not charge
Ibes fhat arc CXl~rcssly prohibited by ~is S~curity Instrument or by Applicable Law.
If the l~an Is sul'decl lo a law which sets maximum loan charges, mid that law is finally haeq~reled
lhat lite interest or off,er loml charges collected or to be collected in conn~tion with tho Lo~ exceed tho
permitt~l limits, then: (a) any such loan charge shall bc reduced by dm amomit ncceasaU [o reduce tho
{:harge to thc pennhted limit; mid (b) any sunu already colleclcd from Borrower which ¢~cced~ permitted
lififits will I>¢ relbnded [o BmIowcr. Lender may choose to make this rehnd by reducing ~e principal
owed under lite Nute or by m~ing a direct payment to Borrower. If a re.nd reduces pdncip~, thc
rcduclion will ~ [reared as a pat'tl~ prepayment without miy prcpaymcnt ch~ge (whether or not a
prttp:4yment charge ia provided for under the Note). Borrower's accQ~t~cu of ;my such relhnd made by
direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out
of' such overcharge.
15, Noticc~, All notlces given by Bo~ower or Lender in connection with flits Sccuht7 Instrument
m~xl be in writing. Auy notice Io Borrower in connection with [his Security Instmmem shall bo doomed
have beeu given to Borrower when mailed by lirst class mail or when actuMly delivered to Borrower's
l~odce address if sent by other means. Notice to any one Borrower shall constitute notice to MI Bo~owers
ttnk'ss Applicable I.aw expressly requires olherwise. The notice address sh~l be the Properly Address
tt~tlcss Borrowur has tlcsignated a substitute r~otico address by notice to l.cnder. Borrower shall promptly
nolte Lender t~l' Rr;rrower's ch~ge of address. If Lender specifics a procedure for reporting Borrower's
c U ~14c of address, fl'~cn Borrower shMl only report a change of address through that specified procedure.
'l"hcrc may be only one designated notice address under this Security lam'umcnt at ~y one time, Any
nolice Io I.e.der shall bc g[vca by dclivcdng it or by mailing it by first class mail Io Immdcr's address
Slated herein unless Lender has designated auothc~ address by nodce to Ben-ewer. Ally nOtj~
coancctiol~ wifll Ibis Scxurity lnstmmem shall nat be tl~med to have been given Io Lender until actually
r,~cciwd by t.endcr. I~ mty notice required by this Security Instrument i~ ~so r~uircd under Applicable
l.aw, tim Applk:tlblc l.aw requircntcnl will surlily the corresponding requirement under this Security
WY} too{m} ;'..~oa ~0 o115 - ' Form 30Sl 1/01
¢~UG-02-2004 liON 07:45
Fh× NO,
333
P, 17
16, Governing Law; ,.qeverability; Rules of Conslruction, This Security Instrument shall bo
governed by fedcrnl law and lhe law of the jurisdiction in which the Property is located. All rights and
t)bligadous contain~ in thls Security Instrument are subject to any requirements and limitations of
Applicable Law. Applicable l.nw might explicitly or implicilly allow ~e pm'ties io agree by contract
might be silt:n/, but ,such silence shall not be construed as a prohibition ng~l agreement by contrnct. In
Ihe evenl fi'tat mty provision or clamgc of this Sg~ufity Instrument or Ihe Note conflicts with Applicable
Ira{v, such'conflict shall not gl)~ct oilier provisions of this Security lns~mem or fl~e Nole which can
giv~t:n cflbcl wifi~oul Iht conflicting provision.
As used iu this Security lnsm~mem: (a) words of the masculine gender shall me~ and include
t~fi'eq~onding neuter words or words of the fcminine gender; (b) words tn the singular shall mem~ and
,include ll~e plurfl and vice y~rsa; mid (c) the word "may" gives sole discretion witlmnt any obligallon
tak~: m~y action.
17. Borrownr's Copy. Borrower shall be given one copy of the Note and or ibis Security Instrument.
18. Transfer nf the ~o~Ny or a Beneficial Interest in Borrower. As used in this Section 18,
"Interest in ~he Psoporty" means ~my leg~l or benelicial interest in fl~e Property. including, but no~
Io, lhose bcnelictfl imoresls transferred tn a bond lbr deed, contract for deed, lnslallmenl sales conlra~l or
csc4'ow agreement, lhc intent of which is the tr~sfer of title by Borrower at a ~turo date to a purchaser.
If all or any pm of tim Property or ~y Interest in the Property is sold or Ir~sfe~v~l (or if Borrower
is nat a rmmral persnn m~d a beneficial in~erest in Borrower is sold or Iransferred) wi~out I.xndeds prior
written consem, Londm, may require in~edlate payment in ~ll ~f ;all sums secured by this Security
lnsmnnent. However, this oplion shall not be exercised by Lender if such exercise is prohibited by
Appljcable
, : If Mmder exercises lng option, Leuder ~hall give Borrower notl~ of a~cleration. The nolice slmll
proylde a period of not lesg th~ 30 days from thc date file notice is given in a~ord~cc with Section 15
wiihin wlflch Borrower must pay all sums secured by Ihis Security Instrument. If Sen'ewer l~dls to pay
lhese sums prior to ll~c expiration of this peri~, Lender n~y invoke any remmties permitted by
Sccllriiy ]nMrument ~ithou[ thnher notice or dem~d on Borrower.
19, Borrower'S Right In Reinstate After Acceleratiom If Borrower meets certMn conditions,
Borrower shall have thc right to have enlb~cemeni of Ihis Security Instrument discontinued al =y lime
priqr ro tim earliest oil (a) five &lys beforo sale of tho Pro err pursuit any power of sfle cont~ned in
· , , ,, , , p y to
thlg, Suttmty ttisl~meut; (b) such other period as Applicable Law might sl~cil~ for the ternlinntion of
Borrower's right to ruinslnte; or (c) entry of a judgment enforcing this Security Instrument. Those
cm~dilions are that Borrower: (a) pays Lender all $unt~ which then would ~ dt~e under this Sccurlly
lns~nm~ent ~d the NOte as if no aeeeleration had occurr~; (b) cures m~y del~ult ~t' any other covenants or
airt/ements; (c) pays ~1 oxpenses incurred in enfbrcing Ibis S<nrity lnsmuncnt, Including, but not limited
lo, rcasonablo ntt)rncys' IZ~s, property inspection ~d valualion fees, and other fees i~luurred for the
purpose of prolecfing I~uder's interest in the Property ~d ri~ts under this S<ufity lnslmment; and (d)
lakei such acfioll ~ I.ender may reasonably require ~o ~sure that Lender's h~terest in the Property m~d
rights uu&~r Ibis Security Inslrument, ~d Borrower's obligation to pay the sum~. secured by this Security
con mug unehan,ed Le
h~smtmenk sl'Kfll_. ' ~,..~ ,g,, . . nd? may require fl~t Borrower pay such reinstatement sums
expenses i~i one or more u~ me Ionow~ng Drms, as sel<te(I by ~ndcr: (a) c~th; (b) n~ney order; (e)
c~riifled chcvk, hank check, treasurer's chuck or cashier's cheek, provided any such check is drawn upon
m~ iusrimdon whose &posits m'e insured by a federal agency, insl~ment~llty or endly: or (d) Elecu'onic
Funds Tran~lbr. Upofl reinslatemcnt by Borrower, this Security Instnm~ent and obligations secured hereby
shall remain t~lly effeclivo ;is if no acceleration had oecugcd, llowever, fids right to reinstate shall not
al)Ply in Ihe c;mc of acceleration under Suction 18.
'20. Sale or Note; Change of Loan Servicer; Nnficn or Grievance, The Nolu or a partial interest
thc Nme (ii, gerber wllh this Security lns~rumen0 can be sold one or moro dines without prior notice to
Borrbwer. A sale migl~t result in a ch~ge in the entity (known as lhe "l~an Servicer") that collects
Periodic Paymcnls title under the Note m~d this Seemity lnsxrumcnt ~d perfumes other mortgage loan
scmichig obligat oas under Ihe Note, Ihis Security Illstrul~ent, alld Applicable Law. Thct~ also might be
one Or more ehang~ of thc Loan Servicer untclaled to a sale of the Note. If there is a change of the Loan
Servicer, Borrower will be given written notice of Ihe change which will state thc nmne ~d address of Ih.e
m:w l.oan Servicer, Iht' address to which payments should be made and ~y olhor iuformntion RF~SPA
· ' Form 30~ 1/O1
333
P, 18
requires in cmmccdon with a notice of transfer of sa-vicing. If the Note is sold and thereafter tho Loan is
serviced by a Loan Servicer other thau the purchaser of .the Note, the mortgage loan servicing obligations
to lh)rrower will remain with Iht Loan Servicer or be n-ansferred to a successor Lo'an Servicer and are not
iissumed by the Note lmrohaser unless otherwise provided by lite Note purchaser.
Neither aorrowcr nor l.~nder may comme,~ec, join, or be joined to any judicial action (as either an
hldlvidual litigant or the member of a class) that arises from tl}c other party's actions pursuam to this
Sec,rity Instnm~ont or dmt alleges that lbo other party has breached troy provision of, or any duty owed by
reason of, Ihls Security Instrumem. until such Borrower or Lender has notified tim other party (with such
notice glycol in compliance with the requirements of Section 15) of such alleged breach ,'md aflbrded tho
other party hereto a reasonable period after the giving of such r~otice to take corrective action. If
Applicable [.aw provides a time period which must elapse bclbre certain action can be taken, that thne
period will Ise deemed Io be reasonable lbr purposes of fills paragraph. The notice of acceleralion and
opp(~rmnily to cum given to Borrower pursuit to Section 22 and the nodee of acceleration given to
Bormwe. r pnrsnatll tO Section 18 shall be deemed to satisfy lhc notice mad opportunity to take corrective
action provisions of thi,s Section 20.
21'. Hazardm,, Subslanet,,,~. As used in this Section 21: (a) "llazardous Substances" arc Ihose
,~ut, stances defined as loxi¢ or hazardous substances, pollutants, or wastes by Environmental Law anti tile
folio'wi,ns sfthst:mces: g~oline, kerosene, other fla~nmable or toxic petroleum producls, toxic pesticides
ami hel'bkldes, volatile solvents, materials contalnbg asbestos or ibrmaldchyde, aid radioactive materials;
(19 "Envh'on,nc~ltifl Law" means federal laws m~d laws of the jurisdiction where the Property is local,od that
~clat~. to hcahh, safety or envlronmtmtal protection; (c) "Environmental Cleanup" includes any respon.qo
action, remedial action, or removal action, as detined in/~nvirontncnal Law; and (d) al "Environmental
¢':~mdilion" means a condition fltat can cause, mmtribute lo, or otherwise trigger an Envlronmental
Cleanup.
Borrower shall lint cause or permit the presence, usc, disposal, slorage, or release of any Hazarduus
Sohshmces, or threaten to release any Hazardous Substa~ces, on or in the Property. Borrower shall nnl do,
nor :lllow anyone clue to do, anythlug affecting die Property (a) thai is in violation of any Environmental
l.aw, (b) whkh crea~es an Enviromnentat Condition, or (c) which, due co dm presence, use, or release of a
Ilazimlo,s Subslance, creates a condition that adversely affects tho value of thc Property. The preceding
two sentences shall not apply to thc presence, use, or slorage on the Property of small quantities of
tlazru'dot~s Subsiance~ tl~at are generally recognized to be appropriate Io normal re.qidential uses and
raaintenance o£ the Properly (including, but not lhnitcd to, ha~trdous substances in consumer produas).
Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit
or other action hy a,y goyernmcntal or regulatory agency or private party involving ~he Property and any
Ha'Zardous Snbsl}~nce or Envlromncntal Law of which Bogower ha~ actual knowledge,
Euvimmnent~d Condillm~, including but not limited to, any spilling, le~ing, discharge, rele~e or threat of
r~Iciise or any Haza'dous Substance, mid (c) any condition caused by the presence, nsc or releaqo of a
I'li~.ai'd(ms S,bstance which adversely affects the value of ~e Property, If Borrower loams, or is notified
by any govcmment~ or regulaory a~lhol'tty, or any privalc party, that any removal or olher rcmediatlon
of any }lazm'dous Substauee afl~cdng tim l~opeity is accessing, Borrower shall pronetly lake all necessary
remedial actions in accordance with Environmental Law. NolhJng herein shall create any obllgalion on
1.endcr R~r an Envlm'amenlal Cleanup.
Form 3051 1/01
~UC-02-2004 lION 07:46
F~× NO, 333
P, 19
NON-[INIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
22, Acceleration; Remedies, Lender shall give aoiice to Borrower prior to'acceleration follm, ing
gorcowcr's hreach of any covenant or agreemtmt in lhis S~urity Instrument ~ut not prior to
acceleraHon under Section 18 uni~ Applicable Law pro~d~ otherwise). The notice shall spotty: (a)
the default; (b) the action r~uircd to cure the default; (c) a date, not l~qs than 30 days from thc date
lhe ~loiice is given to Borrower, by which the default must be cured; and (d) that failure Io care
default on m' bah)re the &re spmifi~l in the notice ~y r~sul~ in acceleration of the sm~s s¢~urod by
ins Security Instrumen{ and sale 0f Ihe Pro~y. The notice shall further inform BolTow~ of
[iflht to reinslale afl't,r acceleration and the right to bring a court action to assert the non-~xislencc of
a defimlt or uny olher drfc~c of Borrower lo acceleration and sale. If the det~tflt i.g not cured on or
before the date specified in the notice~ Lender at its option may require immediate payment in full of
all .roms secured by tl~is S~urity Instrument without further demand and may invoke the power of
sale ~ind nny other remedi~ per. Ired by Applit~ble 1.aw. Leader shall bo ontitl~ to collect all
expenses Incurred ill pin',ming thc remMi~ provided la this S~tion 22, including, but not limited
~j~;$onable atturncys' f~s and eosls of title evidence.
If Lender lnvokc~ the power of sale, l.ender shall give nollce of intent to foreclose to Borrower
tied to the person in lmsse~sion of the Property, if different, h~ accordance with Applicable Law,
1.ruder stroll give nnlJce of the sale to Borrower in the manner provided in Section 15. Lcmler shall
publish the notice of sale, and the Property shall he sold in the manner pr~cribed.by Applicable
I,aw. Lender or its dt,'signt.~ may purchase the Property at any sale, The proceeds of the sale shall
applied ill tho following Order: (a) to all exptmses of thc sale, including, but not limited
rmsonable attorneys' fix:s; (h) to all sums secured by this See.city Instrument; and (c) any execs to
the person or peahens legally thrilled to it.
23. Release. Upan payment of ,all sum~ secured hy this Security Instrument, Lender ~hall release this
Seem'try lnstrumenl. Borrower shall pay my recordation cosls. Lender may charge Borrower a fcc for
relertglng thj,~ Secm'i£y Instrument, but only if the fee is paid to a third party for servtces renderea and d~e
charging et' d,e Pee i:; pemlitted under Applicable Law.
24, Waivers. Borrower re]eases and waives all rights under and by virtue of the homestead
exemptio~t laws of Wy~m~lng,
Form 3051 1/01
fiUG-02-2004 MON 07:46
NO, 333 P, 20
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenanls contained in this
Security [n,~trument and ill any Rider execuied by Borro,~er and recorded with it.
Wih~esses:
STI~V~I,/ ~ SM~T -14chewer
(Seal)
(Se,d)
-I~ormwcr
(Seal)
,l~orrowcr
(Seal)
-B.rl'oWot
(Seal)
-Borro~:r
(Seal)
.[k~rrOwCf
(~6(WYJ
Form ~1051 1/01
RUC-02-2004 NON 07:46 RM
F~× NO,
333
P, 21
&"I'A'I'E OF WYOMING,
· The foregoing instrument w~s acknowl~ged bel~re mc
by ST~EN j S~AT
Lincoln
Counly ss:
Form ;3051 1/01
LEGAL DESCRIPTION
A portion of the SE¼NW¼ of Section 11, T34N Rll9W of the 6th P.M., Lincoln County,
Wymning, being more particularly described as follows
BEGINNING at the Center Quarter corner of said Section 11 and running thence N 89"59'24"
W, along the South line of said SE¼NW¼, 155.68 feet;
thence leaving said South line and running thence N 40° 16'53" W, 321.44 feet to a point on the
West bank of the East Side Canal;
thence N 2°43'33" W, 198.74 feet to an iron pipe near a fence corner;
thence N 9000'45'' E, along said fence 58.24 feet;
thence leaving said fence and running N 89°02'00'' E, 357.12 feet to the East line of said
SE ¼ NW ¼ near a fence corner;
thence S 0°49'52" E, 495.26 feet to the POINT OF BEGINNING.
hUG-02-200~
333
P, 22
FIXED/ADJUSTABLE RATE RIDER
(One-Year Treasury Index. Rate Caps)
l'fllS FIXED/ADJUSTABLE RATE RIDER is made ttfis2ND day of AUeU'ST, 9_004
aqd ~s incorporated i~ltO and sh~l be deemed to ~ncnd and supplement the Moagage, Dc~d of T~sI, or
Security Deed (the "Security hmmmc, nt") of the same date given by thc undersigned CBo~ower") to
sccm-e Borrower's Pixed/Adjaslable Ra~ ~ Note (the "Note") to
'~LLS FARGO BA~, N.A.
("Lender") of tile same dale and covering thc property described in Ihe Security Instrument mid l~ated al:
29~ PERK~lq~ ROAD, TIiAYN~, WY 83127
[Properly Addre,o;]
THE NOTE 'PROVIDES FOR A CHANGE IN BORROWER'S FIXED ~NTEREST
RAtE TO ~%N ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE
AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT
ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY.
. ADDITIONAL COVt,:NANT$. la addition to the covenants and agreemc, nts made in the Security
htstrumca~., }lon'owcr trod Lender further covt~llmlt and agree ~ tbllows:
A. A I).IUSTABI.R RATE A~ M(.)N~Y PAY~NT CHANGES
Thc Note provides fro' ~ iaidal fixed interest rate of ~. so0 ~. ~e Note also
l)rovidcs for a change iii Ibc initial lix~ rate to an adjustable interest rate, as lbllows:
4. ADJI ISTABLE INTEREflT RATE AND MONTHLY PAYMENT CHANGES
(A) Change Da/es
The inilial fixed interest rate I will pay will ~gc k~ ~ adjustable ktcrest rate on the first day of
S~P~gn, 2011 , and the adjustable interest rate I will pay may chmigc on that
day every 12d~ month fi~creaflor, ~e dale on which my initial fix~ interest rate ch~mges to an adjuslable
i~terest rate, ;md each date on which my adjuslable inlerest rate could cl~ange, is called a "Change Date."
004~)02525
MUL31STATE ~'~XED/ADJ~STAaLE ~T~ RIDER - ONE-~R TREASURY INDEX. Single Family -
Fannie Mao Un~orm Ins~rqment
f)ag~ 1 at 4 Inkiala,,
~UG-02-2004 liON 07:48
FF~X NO.
333
P. 23
iBt:ginntng widl Ihe first Ch,'mge Dare, my adjustable interes~ rate will bc b~ on ~ Index.
"~ndcx" i~ the weekly aw~ra~c yield on United S~es Tre~ury securities adjusted to a constanl mamrily
eau y~ar, ~s made available by ~he Federal Rescue Beard, The mosl recent Index figure available as of ~he
d;llc d5 days belbre each Ch~ge Date i~ c~led thc "On'rent Index."
If the Index 1~ m~ longer available, lhe Note Holder will choose a new index that Is b~ed upon
co-~parable infi~adott. '~e No~e Holder will give me nolice of this choice. {C) Cnlculation of Chung~
Be/bre 'each Cha~g~ Date, thc Note Holder will calculate my new interest rate by adding
per~ntagc polnta
( 2,750 %) to the ~cnt Index. ~e Nolo Holder will flien round the r~uN of this
addition to the nearest one-eighth of one percentage point (0.125%), Subject Io the liners staled in Section
4(D) .beh~w, this rounded amount will be my now inleres~ rate unlil the new Change Date,
The NOlte Holder will llle~l dglerlllhlc the amount of die monthly payment that would he Sufficient
repr~y tJsu Impaid pdncipM that I am exacted lo owe at file Cl~ange DaIo in full on Ihe Maturity Date at lily
,c'w interest rate In aubslantJally equal payments. Thc result of this calculation will N ~e new illlloun[ of
my manlhly payment, '
' ~D) l,imils on lnler~t Rate
The inlcrest role I am ruquired to pay at the first Change Date will not he grca~cr
~ 0.5 o 0 % or less thm~ 2.750 %. 'lhcreafrcr, my adjustable Interest
tale will never be increased or decreas~ ol~ any single C~m~ge D;de by more Ihml two percenl;~ge poinls
f[Oll} lhe talc of inlerest I Imve been paying for lhe preening 12 months, My interest ral~ will never bc
greater dtatl ~0.500
(E) Eft't~tive Date of Chanffes
My ,ew inmrc~t ra~e will become cl'lbctive on each Ch~ge Date. I will pay Ih= ~ount of my new
monihly payment beginning on fl~e first nwnthly payment dale after the Chmsge Date until the amount of
my m~mlhly paymenl chmigcs 9gain. {FI Nntice of Changes
The Note fielder ~ill deliver or mail to me a llotiu~ of m~y ch~ges in my initial fixed interest rate to
ali lNl.jtlt;lable i~llcrest rate and of any chmiges in my adjustable h~torust rate belbre fl~e effective da[~ of aHy
ch;t,~t~, 'll~e IIfH }Ce will hielude thc amount of my monthly payment, ,,ny infi)rmation required by law to b~
tlivgtt ? mu :u~d also the tillu :md telephone number of a person who will miswcr any question I may have
rcgm:ding Ibc notice.
Ii. TI~ANSI,'ER OF TIlE PROPER1W OR A B~NEFICIAL INT~:REST IN BORROWER
sN~ccl1. Until Rorrowm-'s initial Il,ed interest rate changes to an ;it}jtlstabIe interest tale under the i~ Scclion A above, Uniform eove,,,,a~ Is ~c thu Security hlslrunlent shall read as follows:
~5843R {0006) . Paoo 2 of 4 ' Form 3182 1/01
fiUG-02-2004 07:46
Ffl× 333
P, 24
' Transfer of the Property or a Beneficial Interest in Borrower. AS used lit this Section
lg, "Interest in lite property means ~y legal or bcneflcml interest in thc Property, including,
but nor [hniled to, those beneficial interests transferred in a bond for deed, contract for deed,
lnstallmem s~es contract or escrow ogreemem, Ibc in(eh[ o~ which 1~ the trm~sfcr of ride by
. Borrower at a Ihtm'c date Io a purchaser.
I' [f all ,or any parl af ~he Property or any Interest in the Properly is sold or trm~sfcrred or '
~?[rower ~s not a natural ~rsoa anti a beneficial intere., ~,- n ................. '. ,. (
WllllOBt l~nder's prior wl'itten 6ollsea[ Ixnder n~' % ,..,,u,.,[gc~ ~ sum or
' , ' y rcqun'e ~mmeaiate a ment in
11 ~uch exercise is prohibited by Applicable Law. Y
., If [~t~der c~[cis~ t~is, option, Lender shall give Borrower no6co of acceleration, e
nottc~ sn;ut pros'lac a pcnoa oi not less than 30 days from ~l~e date the notice is ivc~n
9ccordance wifl~ Section 15 within which Borrower must ay ali stuns secured b ' ~'
instrument. If Borrower fails to pay these sums prior ,o ~,e expiration of this ~e:~
. . ,: ~hc~ B~rtqwcr s)nltl~ fixed Interest rate changes to an adjustable interest rolo under lilt terms
statcom ,smqlon A aoove, Unifom~ Covenma 18 of the Security I ~stru ncnl described in S~fion B1 above
shall O~en ecg)se io bc hi off. t. m~d the provisions of UnjlBm Covenant 18 of
?e arnondgd to read a~ follows: thc Security Instrument shall
Trmmfer of the l~o~rty or a lleneflelal Inter~ in Borrower. As used in this Section
18, "~[crcs[ in thc Property" me~s any legal or benefici~d interest in the Propcxty, Inclmling,
bm not limiled to, lhos~ beneficial inmre~ts lr~fe~ed in a bond lbr deed, contract for
inSlalhncnt sales co~lrract or escrqw agreement, lhe inlcnt of which is tl~e Ir~s~er o[ lille
Borrower at a finitre da~ to a purchaser,
If all or any ~art of thc Property or any Intere.qt in the Property is.sold or tr~sl~ed (or
B?rrower is no~ ~a natural person and a beneficial interest in Borrower is sold or trmffe~cd)
~.~.[~om I,ca~r s.?l~r wQtt? c?nsent~ ~cml~r ma~ require immediate paymcmt in full or
~ums ,secures ~ Ires ~ecunty Insu~mem. ~owcver, this option sh~I nol be exercised by Leader
if Such eacr¢isc is prohibited by Applicable Law. Lender also shall not exercise this option if:
(a) Borrower causes {o be submilte~ra Lender information required by Lender to cvaluam tb
ti;lended lransl~ree aa ~f a new loan were being tl~elc lo ~he transferee; and ~) l~nde~
remmnahly determines thai Lender's security will not be impaired by the Iom~ ~sumplion
that ibc risk of a breach of any coven~t or agreement in this Security Inslron~ent is ~cce ~ablc
l.cndcr. " · "P
' . To the exfc? permitted by Appti~%le Law, Lender may charge a reasonable t~e ~q a
e{maifion to I.x'nam"a ccms~nt to flit 1o~ ~sumplion. Lender also may ~equire lh¢
keup all Ihe ~n'm'fise~.m]d agr~'emenk~ made in tl~e Nme and in this Sccurhy Ins ~ment
Bnrrowcr wil~contlnu~ to be obllgalcd nndcr Ihe Note and this Securil lnstru~nt unl-
]~llder rc'lt:ases Borrower ia wriling. Y . ess
Il' Leader exercises lhc option to require Immediate ps.sent in lklll, ~nder sh~l ~ivo
Borrower nolice of accderation. The notice shall provido a period of not less th~ 30 days lrom
die date the aoticu is given in accordance with Section 15 within which Borrower must pay all
Inkia a. ~
(~743R (O00B} Paoc 3 of 4 Form 3182 1/01
F~tX NO, 333
P. 25
sums securud by tl'ii.s Security Ins[rumcnl. If Borrower fails to pay these sums prior Io thc
explralion of tilts period, [,ender nay invoke any remedies permitted by this Security l~trumcm
wiflmut fi~r her nolicc or dem~d on Bo~ower.
BY SIGNINO BELOW. Borrower aceep[~ and agrees to dm ~ern~ and coven~ts contained in Ibis
. Fixed/Adjustable Rale Rider.
s~v~ j ~ABA~' .... (Seal)
· Bormw<r - (Seal)
-~OITOwe[
-- (Seal)
-~m'rowur
-- - (Seal)
' BOtrowc{
· .- (Seal)
-Borrower
-gorrower
(Seal)
-Borruwcr
....... (Seal)
-]~OrtO'a,er
,, , (~,,~84.3R {0006)
Paoc 4 ot 4
Fo~m 3182 1/01
RUG-02-2004 NON 07:47
0044002525
FAX NO, 333
P, 26
MANUFACTURED HOME RIDER
TO THE MORTGAGE/DEED OF TRUST/SECURITY DEED
]'his Rider is made this AO'(~US~' 02, 2004 , and is Incorporated into and amends
and supplements the Mortgage/Deed of Trust/Security Deed (the "Security Instrument"J of the
,';amc date, give, by the unders gned Ithe "Borrower") to secure Borrower's Note to
WELLS PA~GO ]~, N.A,
(the "Lender") of the same date (the "Note") and covering
the Property described in the Security Instrument and located
299 P~.RI~NS ROAD, TI'LAY1N'~, WY 83127
(PfOPurl¥ Addre$;;}
Borrower and Lender agree that the Security Instrument is amended and supplemented [o read
as follo~vs;
.The Property .covered by the SeCurity Instrument (referred [o as "Property" in the
Securky Instrument) includes, but is not limited to, ~he Man[~factured Home (Serial
Number, if required, ) affixed to the property legally described in the
Security Instrdment. SERIAL NUMBER 22-96-711-4265-A/B ....
HUD TAG NUMBERS 00L040919 & C0L040920
Additional Covenants of Borrower
Borrower will comply with all s~a~e and local laws and regulations regarding the
affixation of the Manufactured Home to the property described in the Securiw
Instrument including, but not. limited ~o, surrendering the Certificate of Title (if
required) and obtaining the requisite governmental approval and accompanying
docul~entatlon necessary to classify the Manufactured Home as re~l property
~nder ,state and local law,
Tl~e Manufactured Home described above will be, at .11 times and for all
purposes, permanently affixed to and part of the property described In [he
Security InsWumen[.
o
Affixing the Manufactured Home to the property described in the Security
Instrumen{ does not violate any zoning laws or other local requirements
applicable to manufactured homes.
NMFL //:1:t22 03101
NO, 333
<
P, 27
By signing below, Borrower accepts and agrees to lhe terms and covenants contained
in this M~muiactured Home Rider.
-- (Seal)
-lt,,rrower
STEVEi~ d SABAT
-~lorfuwcr
.... (Seal)
(Scab
,~ot'rowcr
(Seal) -- (Seal)
-Borruwpr -B~,rrow~t
--,(Seal) -- (Seal)
-~(~rrowcr
cotJN i y OF JS$,
I, tho un'der~igned Not~ry Public, in and for the aforesaid State 8nd Coun[y, do hereby certify
tiler
S~EN 'J SABAT
Borrowe~(s), personally appeared before me in said County and acknowledged the within
instrument to be their act and deed. Given under my h~nd and seal
~U~OST ',' , 200~ ,
My comrni~sfon expires:.. ~_' ~,¢~a¢9 Notary Public
NMFL 1l~32~ 03/01
P~ge 2 of 2
ARSON- NOTARY PUBLIC
OF ~ STATE OF
N ~ WYOMING