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HomeMy WebLinkAbout901925Return To: CHASE MANHATTAAI MORTGAGE 1040 OLIVER ROAD MONROE, LA 71201 ATTENTION: CUSTODY Prepared By: CORPORAT I ON RECEIVED _INfiOLN COUNTY CLERK aor,~._ a 6 4 pR ~, , ~,,......u...Lo o_o [Space Above Tiffs Lh~e For Recordh~g Data] MORTGAGE 49709836 1497098361 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this docmnent, which is dated together with all Riders to this document. (B) "Borrower" is JAMES D DUBISZ, AMY L DUBISZ, HUSBAND & WIFE August 5, 2004 Borrower is the mortgagor under this Security [nstmment. (C) !'Lender"is CHASE MANHATTAN MORTGAGE CORPORATION Lender is a CORPORATION organized and existing under the laws of THE STATE OF New Jersey WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY) ~ooo~} n~ Paga 1 of 15 I VMP MORTGAGE FORMS- (B001521-7291 Form 3051 1/O1 0694 Lender's address is 343 Thornall Street, Edison, NJ 08837 Lender is the mortgagee under this Security Instrument. (D) "Note" means the pronfissory note signed by Borrower and dated August 5 ~ 2 0 04 The Note states that Borrower owes Lender One Hundred Thousand, and 00/100 Dollars (U.S. $ 10 0, 0 0 0.0 0 ) plus interest. Borrower has promised to pay dfis debt in regular Periodic Payments and to pay the debt in full not later than Sept ember 1, 2 01,9 . (E) "Property" means the property that is described below under the heading 'Transfer of Rights ill the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, auy prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus iuterest. (G) "Riders" means all Riders to fllis Security Instrulnent that arc executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable[: ~-~ Adjustable Rate Rider [-~ Condominium Rider ~-~ Second Home Rider ~-] Balloon Rider ~-] Plam~ed Unit Development Rider [] 1-4 Fanfily Rider [--] VA Rider ~-~ Biweekly Pay~nent Rider ~ Ofl~er(s) [specify] 01) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions.. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominimn association, homeowners association or sinfilar organization. (J) "Electronic Funds Transfer" means any transfer of funds, ofl'~er fl~an a transaction origim~ted by check, draft, or sinfilar paper instrument, which is initiated fllrough an electronic ternfinal, telephouic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, autonu~tcd teller machine transactions, transfers initiated by telephone, wire transfers, a~d autotnated clearinghouse transfers. (K) "Escrow Items" means those itetns that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under file coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condermzation or ofl~er taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or det:ault on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due tbr (i) principal and interest under the Note, Plus (ii) any atnounts under Section 3 of fids Security lnstmmeut. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they nfight be amended from time to time, or any additional or successor legislation or regulation that gt~verns the same subject nmtter. As used in this Security Instrument, "RESPA" refers to all requirements and r~strictions fl~at are imposed in regard to a "federally related mortgage loan" even if file Loan does not qualify as a "federally related mortgage loan" under RESPA. (~)~-6(WY) (ooo5) Page 2 of 15 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that has takeu title to the Property, whether or uot that party has assumed Borrower's obligations under the Note and/or this Security Instrmuent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: ti) the repayment of the Loan, and all renewals, extensions and ~nodifications of the Note; and (ii) the perfornmnce of Borrower's covemmts and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LOT 17, THREE RIVERS MEADOWS ESTATES SUBDIVISION A, AS PLATTED g24D RECORDED IN THE OFFICE OF THE LINCOLN COUNTY CLERK, LINCOLN COUNTY, WYOMING. This is a First Real Estate Mortgage recording 6oncurrently with a Second Real Estate Mortgage in favor of Chase Manhattan Bank USA, N.A., date~ August 6, 2004, in the original amount of $132,200.00. Parcel ID Number: 37182 830400600 424 MEADOWS DRIVE ALPINE ("Property Address"): which currently has the address of [Street] [City] , Wyoming 83128 [Zip Code] 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 ami additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrmnem as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of die estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for natiomd use and non-mfi/brm covenants wifl~ limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covemant 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. Borrower shall also pay funds tbr Escrow Items pursuant to Section 3. Payments due under the Note and this Security Iustrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this (~-6{W¥) ¢ooosl Pag, 3 of 15 Form 3051 1/01 0696 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and tiffs Security Instrument be nude 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 au instimtiou whose dePosits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated ii1 the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender nhay return any payment or partial payment if file payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment iusufficient to bring file Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such paymeuts are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to BorrOwer. If not applied earlier, such fimds will be applied to the outstanding principal balance under the Note ixmnediately prior to foreclosure. No offset or claim which Borrower might have now or in rite future against Lender shall relieve Borrower from nmking payments due under the Note and this Security Instrument or performing the covenants and agreements secured by tiffs Security Iustrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted ami applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such paymeuts shall be applied to each Periodic Payment in rile order in which it became due. Any re~naining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrmnent, and then to reduce rite principal balance of the Note. If Lender receives a payment from Borrower for a deliuquent Periodic Payment which iucludes a sufficient amount to pay any late charge due, the payment may be applied to file delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, aud to the extent that, each payment can be paid in full. To the extent that any excess exists after file payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, mail the Note ~s paid in full, a sum (the "Funds") to provide for payment of anrounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instnuneut as a lien or encumbrance on fire Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender itl lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender xnay '?equire that Conununity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender nmy waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In rite event of such waiver, Borrower shall pay directly, when and where payable, the amounts ~-6(WY) (ooosj Page 4 oJ 16 Form 30.51 1/01 0S97 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall Ibr all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as file phrase "covelmnt 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 fights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under Otis Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pernfit Lender to apply the Funds at the time specified uuder RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate file amount of Ftmds due on file basis of current data and reaso~mble estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institutiou whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Fuods, annually analyzing the escrow account, or verifying file Escrow Items, unless Lender pays Borrower interest on Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is nmde in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or eanfings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an amual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined trader RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If fl~ere is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, aud Borrower shall pay to Lelider file amount necessary to ~nake up the shortage in accordance with RESPA, but in no more thau 12 monflfly pay~nents. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender file amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrun~ent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over tiffs Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by file lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreemcut; (b) contests file lien in good thith by, or defends against enforcement of the lien in, legal proceedings whicll ill Lender's opinion operate to prevent file enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordi~tating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~-6(WY) {ooo~) P~. ~ o~ ~ Form 3051 1/01 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 fi~r a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements uow existing or hereafter erected on the Property insured against loss by fire, hazards included withiu tile term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, /hr which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding seuteoces 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 nmy require Borrower to pay, in connection with this Loan, either: (a) a one-time charge tbr flood zoue determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time reuulppings or similar changes occur which reasonably nfight affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed 'by the Federal Emergency Management Agency in com~ection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Leuder, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of fl~e Property, against ally risk, hazard or liability and might provide greater or lesser coverage dian was previously in effect. Borrower acknowledges that the cost of file insurance coverage so obtained might significandy exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrumeut. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have file right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to file insurance carrier and Lender. Lender nhay make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repaii: of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have file right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration ill a single payment or in a series of progress payments as the work is completed. U~dess an agreement is nmde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be file sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, rite insurance proceeds shall be applied to the sums secured by this Security hlst,'umeut, w~he~r or not tbeu due, with ll~-6[WY) Iooo~) va~ 6 of ~s Form 3051 1/01 O Og the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate aud settle any available insurance claim and related nmtters. If Borrower does not respond within 30 days to a notice from Lender that file 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 Leuder 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 amounts unpaid under tile Note or this Security Instrument, aud (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender nhay use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or fltis Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use file Property as Borrower's principal residence within 60 days after the execution of this Security hlstrument and shall continue to occupy file Property as Borrower's principal residence for at least one year after the date of occupancy, mrless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuatiug circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or comnfit waste on file Property. Whether or not Borrower is residing in the Property, Borrower shall maintain file Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not cconoufically feasible, Borrower shall promptly repair the Property if danmged to avoid further deterioration or danmge. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property o~fly if Lender has released proceeds tbr such purposes. Lender may disburse proceeds for the repairs and restoration in a siugle payment or in a series of progress payments as the work is completed. If the insurance or condcuumtion 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 inspectiol~ specifying such reasonable cause 8. Borrower's Loan Application. Borrower shall be iu default if, during the Loan applicatiou process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate intbrmation or statemems to Lender (or failed to provide Lender with material inforIhation) in connection with the Loan. Material representations include, but are not limited to, representations concerning Bon'ower's occupancy of file Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might siglfificantly affect Lender's interest in file Property. and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security lnstrun~ent or to enfurce laws or regulations), or (c) Borrower has abandoned the Property, then Lender nhay do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sunrs secured by a lieu which has priority over this Security Instrument; (b) appearing in court; an~c) paying reasonable (~II~-6(WY) (ooos} P~e,, 7 o~ ~ Form 3051 1 I01 0 7 5 0 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not linfited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, elinfinate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Leuder does' not have to do so and is not under ally duty or obligation to do so. It is agreed that Lender incurs no liability tbr not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate tYmn file date of disbursement and shall be payable, with such interest, upon notice t?om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, file leasehold and the lee title shall not merge uuless Lender agrees to the merger itl writing. 10. Mortgage Insurance. If Lender required Mortgage Insurauce as a condition of making tile Loan, Borrower shall pay the prenfiums required to maintain the Mortgage Insurance in effect. If, tbr any reason, file Mortgage Insurance coverage required by Lender ceases to be available from file mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is uot available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance cov6rage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultintately paid in full, and Lender shall not be required to pay Borrower ally interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for file period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the prenfimns tbr Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to nhake separately designated payments toward the premimns for Mortgage Insurance, Borrower shall pay the premimns required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement/bt Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until ternfination is required by Applicable Law. Nothing ill this Section 10 affects Borrower's obligation to pay interest at the rate provided in file Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certaiu losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from dine to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) lo these agreements. These agreements may require the mortgage insurer to nmke payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agree~nents, Lender, any purchaser of the Note, another ixtsurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, nmy receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreemeuts will not increase the amount Borrower will owe for Mortghge Insurance, and they will not entitle Borro_w/~r to any refuud. ~-6(WY) 1ooo5} VaOa 8 of ~5 Form 3051 1/01 (b) Any such agreements will not 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 and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearued at the ti~ne of such cancellation or termination: 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoratiou or repair of the Property, if the restoration or repair is econonfically feasible aud Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportmfity 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 tbr the repairs and 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 required to pay Borrower ally interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrmnent, whether or not then due, with tile excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided fbr in Section 2. In the event of a total taking, destruction, or loss in wdue of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instruinent, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property inm~ediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security h~strument immediately bclbre the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, Otc sums secured by this Security Instrument shall be reduced by the amouut of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately belitre lite partial taking, destruction, or loss in value divided by (b) the fair market value of tile Property inmaediately before the partial taking, destruction, or loss in value. Auy balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property irmnediately before the partial taking, destruction, or loss in value is less than file amount of the sums secured ilmuediately before the partial taking, destruction, or loss in 'value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in file next sentence) offers to make att award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds eiflier to restoration or repair of the Property or to file sums Secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action iu regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other nmterial impairment of Lender's interest in the Property or rights under this Security Instru~nent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes fi)rfeiture of the Property or other material impairment of Lender's interest in the Property or rights under Otis Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoratiou or repair of the Property shall be applied in the order provided for in Section 2. (~II~-6(WY) 1ooo5) Page 9 ol ~ 6 Form 3051 1/01 12. Borrower Not Release. d; Forbearance By Lender Not a Waiver. Extension of ale time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall ]lot operate to release the liabili[y of Borrower or any Successors in Interest of Borrower. Lender shall not be required to conm~ence proceedings against any Successor in Interest of Borrower or to refuse to extend time lbr payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any denkand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exerci sing any right or remedy including, witlmut limitation, Lender's acceptance of payments fi'om third persons, entities or Successors ill Interest of Borrower or in amounts less than the amom~t then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower Call agree to extend, modify, tbrbear or make any accommodations with regard to the terms of this Security Instrument tlr the Note without tile co-signer's consent. Subject to the provisions of Section 18, any Successor ill Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrmncnt. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender nmy charge Borrower fees for services perfbrmed in cmmection with Borrower's default, for the purPose of protecting Lender's interest ill the Property and rights under this Security Instrument, including, but not linfited to, attorneys' tees, property inspection and valuation tees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such tee. Lender nmy not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interPreted so that the interest or other loan charges collected or to be collected itl cmmection with file Loan exceed permitted limits, then: (a) any such loan charge shall be reduced by tile amount necessary to reduce the charge to the permitted limit; and (b) any stuns already collected fron! Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to nmke this refund by reduciug the principal owed under the Note or by making a direct payment to Borrower. if a refund reduces priucipal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund nmde by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in comlectiou with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrmnem shall be deemed to have been given to Borrower when nmiled by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure tbr reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one rune Any notice to Lender shall be given by delivering it or by nmiling it by first class nmil to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice ill connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any ~mtice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (~-6(WY) 10005) Pag. ~o of ~5 Form 3051 1/01 0 7 3 3 16. Governing Law; Severability; Rules of Constructiou. This Security Instrument shall be governed by federal law and the law of the jurisdiction ill which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or'implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibitiou againSt agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of file masculiue gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in file Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests tranSferred in a bond for deed, contract tbr deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest iii file 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 full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument: If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Iustrument discontinued at any time prior to the earliest of: (a) five days before sale of file Property pursuaut to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the ternfination of Borrower's right to reinstate; or (c) entry of a judgment enfi~rcing this Security Instru~nent. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any dethult of any other covenants or agree~nents; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuatiou ices, and other fees incurred for the purposd of protecting Lender's interest in the Property and rights under this Security Iustrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay file sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement stuns and expenses in one or nmre 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 deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully ~ffective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security InStrumen0 can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under file Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also rnight be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of dm Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made aud any other information RESPA (~-6(WY) Iooos} Pa~. 11 of 1 ~ ~'~ Form 3051 1/01 07 0 requires in coxmection with a notice of transfer of servicing. If the Note is sold and thereafier the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the oilier party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse belbre certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Sectiou 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Itazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutauts, or wastes by Enviromnental Law and the following substances: gasoline, kerosene, other flanunable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or lbrumldehyde, 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) "Environmeutal Cleanup" includes any response action, remedial action, or removal action, as defined in Environmeutal Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Envirumnental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is iu violation of any Envirmm~ental 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 file Property of snmll quantities of Hazardous Substances that are generally recognized to be appropriate to nornml residential uses and to maintenance of the Property (includiug, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) auy investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party iuvolving file Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Envirormxental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous 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 govermnental or regulatory authority, or any private party, that any removal or oilier remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~-6(WY} t9oo5} P~. ~2 ot ~6 Form 3051 1/01 0 7 ,i't a NON-UNIFORM COVENANTS. Borrower and Lender further covmmnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a (late, not less than 30 days from the date the 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 the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option nmy require immediate payment in full of all sums secured by this Security Instrument 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 incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold iq the ~nanner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a tee 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 pernfitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights uoder and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in tiffs Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: (Seal) -Borrower (Seal) -Borrower (Seal')-'---- (Seal) -Bo~ower -Bo~ower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~I~6(WY) (ooosl v.g. 14 of lS Form 3051 1/01 STATE OF WYOMING, TETON The foregoing instrument was acknowledged before me tiffs AugusE ~, 2004 JAMES D DUBISZ, AMY L DUBISZ, HUSBAND & WIFE County ss: My Conmfission Expires: Notary Public (~-6(WY) (0006) Form 3051 1/01