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HomeMy WebLinkAbout901942Return To: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO BANK, N.A. 9019N2 RECEIVED _INCOLN COUNTY CLERK 1919 DOUGLAS,, OMAHA, 681010000 NE [Space Above Tiffs Lh~e For Recording DataI MORTGAGE DEFINITIONS Words used in multiple sections of flris docmnent are defined below aud other words arc defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is datcdAUGUST 10, 2004 together with all Riders to this document. 01) "Borrower" is LINDA CORI-tA~, A SINGLE PERSON AND BOBBY PLUNKETT, PERSON A SINGLE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO BANK, N.A. Lender is a NATIONAL ASSOCIATION organized and existing under the laws of THE UNITED STATES 0044892719 WYOMING-Single Famil,/-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 30,51 11Ol Lender's address is P.O. BOX 10304, DES MOINES,- IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the proudssory note signed by Borr6wer and datcdAUGUST 10, 2004 The Note states that Borrower owes Lender SEVENTY SEVEN THOUSAND AND 00/100 Dollars (U.S. $ * * ** * 77,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than SEPTEMBER 01, 2 03 4 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepay~nent charges and late charges due under the Note, and all stuns due under this Security Instrument, plus interest. (G) "Riders" ~neans all Riders to this Security Instmmem that are executed by Borrower. The tbllowing 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 Family Rider [~ VA Rider [---] Biweekly Payment Rider .~ Oilier(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordi~mnces and adnfinistrative rules and orders (that have the eft'eot of law) as well as all applicable final, non-appealable judicial opinions. (1) "Community Association Dues, Fees, and Assessments" means all dues, tees, assessments and other charges that are imposed on Borrower or rite Property by a condominiun~ association, homeowners association or si~nilar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic .terminal, telephonic 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, poiut-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transt'ers, and automated clearinghouse transfers. (IQ "Escrow Items" means those items 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 the cove,-ages described in Section 5) lbr: (i) damage to, or destruction of, rite Property; (ii) condennmtion o~ ~thcr taking of all or any part of the Property; (iii) conveyance in lieu of conderrmation; or (iv) nfisreprcsentations of, or oufissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" ~neans insurance protecting Lender against the nonpayment of, or default on, the Loan. (IN) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest nndcr the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" ineans the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its intplementing regulation, Regulation X (24 C.F.R. Part 3500), as they ufight be amended fi'om time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restricttons fl~at are imposed iu regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~i~-6(WY) 1ooo5! Paga2of IS Form 3051 1/01 0 7 3 G (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Iustrmnent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrunlent secures to Lender: (i) the repayment of the Loan, and all renewals, extensions aud modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording lurisdiction] [Name of Recording lurisdictioal SEE ATTACHED LEGAL DESCRIPTION THIS IS A PURCI{ASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, 10304, DES MOINES, IA 503060304 P.O. BOX ParcellD Number: 12321830405102.00 461 MONROE STREET AFTON ("Property Address"): which currently has tile address of [Streetl [City] , Wyonfing 83110 [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. Ail replacements and additions shall also be covered by this Security Instrument. All of the tbrcgoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfltlly seised of thc estate hereby conveyed and has file right to mortgage, grant and convey file Property and that the Property is unencumbered, except encumbrances of record. Borrower warrants and will defend generally file title to the Property against all claims and demands, subject to auy encumbrances of record. TH1S SECURITY INSTRUMENT combines uniform covenauts tlr national use and non-unitbrm covenants with limited variations by jurisdiction to constitute a uniform security instrulnent covering real property. UNIFORM COVENANTS. Borrower and Lender covelmnt and ;tgree 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 for Escrow ltems pursuant to Section 3. Payments due under the Note and this Security h~strument shall be n-rare in tLS currency. However, if any check or other instrumem received by Leuder as payment under the Note or this (~-6(WY) Iooosl P~, 3 o~ ~s Forrn 3051 1/01 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be nmde in one or more of the /bllowing Ibnns, 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 Payments are deemed received by Lender when received at the location designated in the Note or at such other location as lnay be designated by Lender in accordance with file notice provisions in Section 15. Lender tnay return any payment or partial payment if rile payment or partial payments are insufficient to bring the Loan current. Lender dray accept any payment or partial payment insufficient 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 file time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower rmikes payment to bring rite 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 funds will be applied to the outstanding principal balance under file Note irmnediately prior to tbreclosure. No offset or clai~n which Borrower Inight have now or in the furore against Lender shall relieve Borrower fi'om making payments due under rile Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in thc fi~llowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts tine under Section 3. Such payments shall be applied to each Periodic Payment in rile order in which it became due. Any rmnaining amounts shall be applied first to late charges, second to any other amounts duc under this Security Instrument, aud then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nmy be applied to file delinqueut payment and the late charge. If more than one Periodic Payment is outstanding, Leudcr ~nay apply any paymeut received from Borrower to the repayment of the Periodic Payments if, and to the extent fllat, each payment can be paid in full. To the extent that ally excess exists after rile payment is applied to the full payment of one or more Periodic Payments, such excess rnay 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 file Note shall not extend or postpone the due date, or change file alnOUnt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other itenks which can attain priority over tiffs Security Instrument as a lien or encumbrance on file 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; aid (d) Mortgage Insurance premiums, if any, or any stuns payable by Borrower to Lender iu lieu of fl~e 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 file Loan, Lender may require that Comnmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall pronlptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Leuder file Funds tbr Escrow Items unless Lender waives Borrower's obligation to pay the Punds for any or all Escrow Items. Lender ~nay waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts Initia~ (~-6{WY) 1ooo5} Page 4 of 15 Form 3051 1/01 due for any Escrow Items for which paylnent of Funds has been waived by Lender aud, if Lender requires, shall furnish to Lender receipts evidencing such payment withill 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, :is the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay file amount due for an Escrow Item, Lender lnay exercise its rights under Section 9 and pay such amount and Borrower shall fl~en be obligated under Section 9 to repay to Lender any such a~nount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given ~n accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and ~n such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amomu (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require uuder RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reaso~mble estinmtes of expenditures of future Escrow Items or otherwise iu accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an restitution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later fl~an the time specified under RESPA. Lender shall not charge Borrower tbr holding and applying the Funds, ammally mmlyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to ~nake such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, fl~at interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined uuder RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to xnake up the shortage in accordance wifl~ RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender file a~nount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon pay~nent in full of all sums secured by this Security Instrument, Lender shall prompdy refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, titles, 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 Connnunity Associatiou Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay fl~cm iu the tmumer provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instnunent uuless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a nmnner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satist'actory to Lender subordimtting 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 Instrnment, Lender may give Borrower a notice identifying the I1~(~- Initialff fi(WY) 1ooo5) Page ~ of ~s Form 3051 1/01 ' ;:;;,i: ;;; :.;. : : .:- : . lien. Wifltin 10 days of the date on which that notice is given, Borrower shall satisfy tire lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-nme cbarge fi)r a real estate tax verification and/or reporting service used by Lender in com~ection with fltis Loan 5. Property Insurance. Borrower shall keep the improvemcuts now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not linfited to, earthquakes and floods, for which Lender requires insurauce. 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 senteuces 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-rune charge tbr flood zone determination, certification and tracking services; or (b) a oue-time charge for flood zone deterufination and certification services and subsequent charges each time remappmgs or similar changes occur which reasonably might affect such deternfination or certification. Borrower shall also be responsible for the payment of any fees imposed by fire Federal Emergency Ma~mgement Agency in com~ection with file 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 uuder no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might~ provide greater or lesser coverage thau was previously in effect. Borrower acka~owledges that the cost of the insurance coverage so obtained might significantly 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 Instrument. These axnounts shall bear iuterest 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 umne Lender as mortgagee and/or as an additional loss payee. Lender shall have [l}c right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Leoder all receipts of paid prmniums and renewal notices. If Borrower obtains any /brat 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 fl~e insurance carrier and Lender. Leuder may ~nake proof of loss if not tirade 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 repair of the Property, if the restoratiou or repair is ecouomically feasible and Lender's security is not less6ned. During such repair and restorat)on period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to luspect such Property to ensure the work has been coxnpleted to Lender's satisfaction, provided that such inspection shall be uudertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or iu a series of progress payments as the work is completed. Uifless an agreement is n~tde in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower auy interest or earnings on such proceeds. Fees tbr public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligatiou of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to thc sums secured by this Security h~strument, whether or not then due, with (~-6(WY} (ooos) Pa~ § of 15 Form 3051 1/01 the excess, if any, paid to Borrower Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons fl~e Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claiin, then Lender nmy negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under file Note or riffs Security Instrunrent, and (b) any other of Borrower's rights (other than the right to any refund of unearned prenfimus paid by Borrower) under all insurance policies covering the Property, insofi~r as such rights are applicable to the coverage of the Property. Lender ~nay use the insurance proceeds either to repair or restore file Property or to pay amounts unpaid under file Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably witlflleld, or unless extenuating 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 connnit waste on the Property..Whether or not Borrower is residing in the Property, Borrower shall nmintain the Property in order to prevent the Property from deteriorating or decreasing in value clue to its conditiou. Unless it is determined pursuant to Section 5 that repair or restoration is not econonfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or danhage. If insurance or condemnation proceeds are paid in comxection 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 itt a single payment or in a series of progress payments as the work is completed. If the insurance or condmmmtion proceeds are no~ sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for file 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 file interior of file improvements on the Property Lender shall give Borrower notice at the ti~ne of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in defimlt if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate inlbrmation or statements to Lender (or failed to provide Lender with material information) iu comiection with file Luau. Material representations include, but are not linfited to, representations concerning Borrower's occupancy of the 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 sig~tificantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, tbr condemnation or forfeiture, tbr enforcement of a lien which may attain priority over this Security Instrument or to entbrce laws or regulations), or (c) Borrower has abandoned file Property, then Lender nmy do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property aud rights under this Security Instrument, including protecting and/or assessing the value of thc Property, and securing and/or repairing file Property. Lender's actions can include, but are not limited to: (a) paying auy stuns secured by a lien which has priority over this Security htstrument; (b) appearing m corm; and (c) paying reasom~ble 6(WY) (ooo~) Page 7 of lS Form 3051 1/01 074i 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 limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Sectiou 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender recurs no liability for not taking ally os all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Bon'ower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon nouce fi'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, the leasehold aud the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay file premiums required to maintain the Mortgage Insurance in effect. If, tbr any reason, file Mortgage Insurance coverage required by Lender ceases to be available from the lnortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the prenfiums for Mortgage Insurance, Borrower shall pay file preufiutns required to obtain coverage substantially equivalent to file Mortgage Insurance previ~msly in effect, at a cost substantially equivalent to the cost to Bmxower of the Mortgage Insurance previously in effect, fi'mn an alternate mortgage msurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments fllat were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non~refundable loss reserve in lieu of Mortgage Insurance. Stich loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by all insurer selected by Lender again becomes available, is obtained, and Lender reqmrcs separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with ally written agreement between Borrower and Lender providing for such termination or until ternfination is required by Applicable Law. Nothing in 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 certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party lo the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and nmy 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 file other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include fimds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the Ibregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments tbr 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 agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any retired. (~-fi(WY) (ooo51 va9~ a o~ ~5 Form 3051 1101 '::0175:'! 074° (b) Any such agreements will not affect tile rights Borrower has - if any - with respect to tile Mortgage Insurance under the Homeowners Protection Act of 1998 or an~; other law. These rights may include tile right to receive certain disclosures, to reqoest and obtain cancellation of tile Mortgage Insurance, to have the Mortgage Insurance ter,'ninated auto,natically~ and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such .repair and restoration period, Lender shall have the right to bold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satislhction, provided that such inspection shall be undertaken promptly. Lender nmy pay fi~r the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Ultless 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 any interest or eanfings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, file Miscellaneous Proceeds shall be applied to the sums secured by this Security lnstrmnent, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss ill value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Iustrument, 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 nmrket value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Iostrulnent immediately before file partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree ill writing, the sunts secured by this Security Instrument shall be reduced by the anlount of tile Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured iunnediately belbre the partial taking, destruction, or loss in value divided by (b) the fair nmrket value of the Property innnediately before the partial taking, destruction, or loss in value. Any balauce shall be paid to Borrower. In the event of a partial taking, destruction, or loss in wdue of the Property in which file fair nmrket value of the Property inm~ediately before the partial taking, destructiou, or loss in value is less than the amount of the sums secured i~mnediately 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 shins are then due.. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to nmke an award to settle a claim tbr damages, Borrower tails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposiug Party" means the third party that owes Borrower Miscellaneous Proceeds or file party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinti~ml, is beguu that, in Lender's judgment, could result in forfeiture of the Property or other nmterial impairment of Lender's interest in the Property or fights under this Security Instrmnent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causiug the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfdture of the Property or other nmterial impairment of Lender's interest in the Property or rights under this Security Instrmnent. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in file Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. I~-6(WY) (ooos) Pas* 9 ot is Form 3051 1/01 074 3 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time tbr payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the stuns secured by this Security Instrument by reason of auy demand made by thc original Borrower or any Successors in Interest of Borrower. Any tbrbeara~ce b y Lender in exercising any right or remedy including, without limitation, Lender's acceptance of pa3 ments fi'om third persons, entities or Successors in Interest of Borrower or in amouuts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint aud several However, any Borrower who co-s~gns this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-sig~fiug this Security Instrulnent only to mortgage, grant and convey the co-signer's iuterest 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 can agree to extend, modify, forbear or make any acconnnodadons with regard to the terms of this Security lnstnm~ent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, a~d is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released ti-om Borrower's obligations and liability under this Security Instrument uuless Lender agrees to such release m writing. The covenants and agreements of this Security Instrumeut shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for serwces performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' tees, property inspectiou and valuation thcs. In regard to any other fees, the absence of express authority in this Security InsU-ument to charge a specific tee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets xnaximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in com~ection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected t¥om Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refnnd reduces pnncipal, fl~e reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Bon-ower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers mfless 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 for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security lnstrulnent at any one time. Any notice to Lender shall be given by delivering it or by mailiug it by first class mail to Lender's adth'ess stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Iustrumct~t is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (~¥6(WY) tooos} P.ge lO of 15 Form 3051 1/01 0'? 4 4 16. Governing Law; Severability; Rules of Construction. Tlfis Security Instrument shall be governed by federal law and the law of the jurisdiction in which thc 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 nfight be silent, but such silence shall not be construed as a prohibition 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 wlfich can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of file masculine 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 the Property" means any legal or beneficial interest in the Property, including, but not liufited to, those beneficial interests transferred in a bond lbr deed, conmtct fi)r deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower git a fl~ture date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Le~der ~nay require immediate payment in fitll of all sums secured by fids 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 uotice is giveu in accordance with Section 15 within which Borrower must pay all sums secured by this Securi[y h~strument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may iuvoke any remedies pemfitted by this Security Instrument without further notice or dentand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower ~neets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law nfight specify tbr the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures auy defimlt of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security lnstrulnent, including, but not linfited to, reasonable attorneys' fees, property inspection and valuation fees, and other tees' incurred fi)r the purpose of protecting Lender's interest in the Property and rights under fids S~curity Instrument; and (d) takes such action as Lender ~nay reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the stuns secured by fids Security Instrument, shall continue unchanged. Lender nmy require that Bon-ower pay snch reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, baitk 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, instrumel,ality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security h~strument aud obligations secured hereby shall re~nain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice 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 nfight result in a change in rite entity (known as the "Loan Servicer") flint collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligauons under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of file Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which pay~nents should be made and any other infornmtion RESPA Initial~ (~-6(WY) 1ooo5} Pag~ ~ ot 15 Form 3051 1/01 requires in cmmection with a notice of transfer of servicing. If the No te is sold and thereafter tile Loan is serviced by a Loan Servicer other titan the purchaser of the Note, die 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 mdess otherwise provided by die 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, tlfis Security h~stmment, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and aftbrded the other party hereto a reasonable period after the giving of such uotice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can 'be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportmfity to cure given to Borrower pursuant to Section 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. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petrolemn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fornnddehyde, and radioactive materials; (b) "Enviromnental 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 Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enviromnental Cleanup. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or flu'eaten to release any Hazardous Substances, on or iu the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Enviroumental Law, (b) which creates an Enviromnental Condition, or (c) which, duc to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects die value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to ~mrnml resideutial uses and to ~naintenance of the Property (including, but not limited to, hazardous substances in consmner products). Borrower shall promptly give Lender written notice of (a) any investigatiou, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving die Property and any Hazardous Substance or Enviromnental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not linfited 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 other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actimrs in accordance with Environmental Law. Nodfing herein shall create any obligation on Lender for an Environmental Cleanup. (~-6(WY) Iooo~} P~. ~2 o~ ~s Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further cove~mnt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of auy covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specif'y: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before tbe date specified in the notice may resnl! in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall fm'ther iuform Borrower of the right to reinstate after acceleration and the right to bring a conrt actiou to assert the non-existence of a defanlt 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 may require immediate payment in fnll of all sums secured by this Security Instrument without further demand aud may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, bnt not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give uotice of iutent to foreclose to Borrower and to the person iu possession of the Property, if different, iu 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 in the manner 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 ali expenses of the sale, including, but not li~nited to, reasonable attorneys' fees; (b) to all sums secured by this Security lustrument; 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. Bon'ower shall pay auy recordation costs, kender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered attd the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6(WY) (ooos) Pag. ~3 o~ ~s Form 3051 1/01 0 '? 4 BY SIGNING BELOW, Borrower accepts and agrees £o the terms and covenants comained in this Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: -Borrower BOBBY ~KETT (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -[Iorrower (~6{WY) 100051 Page 14 of 15 Form 3051 1/01 0 ? 4 8 STATE OF WYOMING, The foregoing instrmnent was acknowledged before me tiffs by L'rNDA CORH.,Mq Jk,lqD BOBBY PLIYI~IK~..TT County ss: 4-z--t'~ My Co~mnission Expires: JILL H. LARSON - NOTARY MY COMMIS..,,.~.~.~,.SIO, F.X~,,~IRES JUNE (~-6G(WY) {ooo5) Page15of 15 Form 3051 1/01 Legal Description That part of Lot 3 of Block 24 of the TownsiEe of Alton, Lincoln County, Wyoming, of record in the Office of the Clerk of Lincoln County as Plat No. 100, being a part of that trace of record in the said Office in Book 393PR on page 102 described as follows: COMMENCING at an Ivan L. Call, Registered Professional Engineer 274, Mueller water cap with brass bolt at the approximate intersection of Monroe Sureet and Fourth Avenue; thence S 01045'56" W, 412.52 feet within the right of way of said Monroe Street to a PK nail; thence S 88°14'04'' E, 52.30 feet to the POINT OF BEGINNING on the west line of said Lot 3; thence S 01045'56'' W, 99.00 feet to a point; thence S 88o14'04'' E, 136.00 feet to a point; thence N 01045'56.' E, 99.00 feet Eo a point; thence N 88014'04'. W, 136.00 feet to the POINT OF BEGINNING.