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HomeMy WebLinkAbout90196130953 (04) After Recording Return To: FIRST NATIONAL BANK-WEST PO BOX 3110, 100 GREYS RIVER ROAD ALPINE, WYOMING 83128 90196t 0801 RECE. IVEO ,.INCOLt'.J COUNTY CLERK [Space Above This l,ine For Recordiug l)ata] MORTGAGE Loan Number 60141115 MERS Number 100015700039389313 DEFINITIONS Words used in inultiple sections of this docmnent are defined below and other ~vords are defined in Sections 3, 11, 13, 18, 2{) 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 dated AUGUST 2, 2004, together with all Riders to this document. (B) "Borrower" is JULIE WADE and DAVID C. WADE, Wl I;'E AND ItUSBAND, AS TENANTS BY TIlE ENTIRETIES. Borrower is the mortgagor under this Security Instrnment. (C) "MERS" is Mortgage Electronic Registration Systems, lnc. MERS is a separate corporation that is acting solely as a nonfinee for Lender amd Lender's successors and assigns. MERS is the mortgagee m~der this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FIRST NATIONAL BANK-WEST. Lender is a CORI'OI~ATION organized and existing under the laws of WYOMING. Lender's address is PO BOX 3110, 100 GREYS RIVER R()AI), AIA'INE, WYOMING 83128. (E) "Note" means the promissory note signed by Borrower and dated AIIGIIST 2, 2004. The Note states that Borrower owes Lender TWO HUNDRED TWENTY-ONE TItOUSAND AND 00/100ths Dollars (U.S.$221,000.00) plus inlet-est. Borrower has pronfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than SEIVFF. MBER 1, 2034. (F) "Property" means die property that is described below under the heading "Transfer of Rights in the Property." (G) "iLoan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. tH) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The 1'ollowing Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider [] Balloon Rider [] Planned Unit Develop~nent Rider [] Other [Specify] [] 1-4 Family Rider [] Biweekly Payment Rider IYYONIING--Single Family -Famde Mae/Freddie Mac UNIFORM INSTRUMI,iNT Borrower lnilial~/ ]?orlq13,)51 l/Ol (page (I) "Ai)plicable Law" means all controlling applicable federal, stale and local statutes, regulations, ordinances and administrative rules anti orders (that have the effect of law) as well as all applicubtc final, non-appealal)le judicial opinions. (J) "Community Association Dues, 'Fees, and Assessments" rneans all dues, tees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Fnnds Transfer" mea~B any transfer of fimds, other Ihan a transactior.~ 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 attthorize a fimmcial institution to debit or credit an acc~mnt. Such term includes, bul is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" ineans those items that are described in Section 3. tM) "Miscellaneous Proceeds" means any compensation, settlement, a\vard of dmuages, or proceeds paid by arty third party (other than insurance proceeds paid nnder the coverages described in Section 5) for: ti)damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance m lieu of comlemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of thc Property. (N) "Mortgage Insm-ance" means insurance protecting Lender against the nOnl)ayment of, 04- default on, the Loan. (O) "Periodic Payment" means the regularly scheduled ,'unount due fi)r ti) principal and iuterest uuder tile Note, pitts (ii) any amounts nnder Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlemeut Procedm'es Act (12 U.S.C. § 2601 et seq.) and its implementing regulalion, Regulation X (24 C.F.R. Part 3500), as they nfight be mnended from tirnet() time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security h|struntenl, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" ev~zn il' the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or nf)t that party has assumed Borrower's obligations under the Note and/or this Security lnstnmtcnt. TRANSFER OF RIGttTS IN TIlE PROPERTY This Security Instrument secures to Lender: ti) the repayment of the Loan, and all renewals, extensions and modifications of the Note; anti (ii) tile performance of Borrower's covenants and agreements under this Security Instrument and tile Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors aud assigns) and to the successors and assigns of MERS, with power of sale, thc following described property located in lite County of LINCOLN : [Type of Recording Jurisdiction] [Nmne of Recording Jurisdiction] LOT 39 OF RIVERVIEW RANCHETTES THIRD FILING, LINCOLN COUNTY, WYOMING ACCORDING TO TItAT PLAT RECORDED MARCH 22, 1991, IN TIlE OFFICE OF TIlE LINCOLN COUNTY CLERK, AS PLAT NO. 224-B. which currently has the address of 48 I[JLI~[ER SPUR COUNTY ROAD 173 [Streetl THAYNE , Wyoming 83127 ("Property Address"): Borrower luhia WYOMING--Single Famiiy--Famfie Mae/Freddie Mac UNIFORM INSTRI. JMENT Form 3051 1/01 (page 0803 TOGETltER WITII all the improvements now or hereafter erected on thc property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements aud additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower nnderstauds and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise auy or all t~fthose interests, including, but not limited to, the right to foreclose and sell die Property; and to take any action required of l.euder including, but not limited to, releasing and canceling this Security Instnnnent. BORROWER COVENANTS that Borrower is lawfully seised of the cstattc hereby congeyed anti has the right to mortgage, grant and convey the Property aud that the Property is unencumbered, except for enct,mbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances o1:' record. THIS SECURITY INSTRUMENT combines uniform covenauts for national use and non-nniform covenants wilh limited variations by jurisdiction to constitute a uniform security instrument covering r~:al property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment et' Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due tile principal of, ,'md interest on, the debt evidenced by the Note and any l)rcpaylncnt charges and late charges due nndcr the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and tliis Secluity Instrument shall be made in U.S. currency. However, if any check or other iustrument received by I.euder as payment under the Note or this Security Instrument is returned to Lender unpaid, Leuder may rCcluire that any or all subsequent payments due hurler the Note and ibis Security Instrument be made in one or more of the followiug forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank cbeck, treasurer's check or cashier's check, provided any such check is drawn upon an inslitutiou 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 localion designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any paymeut or partial payment if the payment or partial payments are insufficient to bring the Loan current. [.ender may, accept an~/p~}yment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its hgbts to refuse such payment or partial payments in the futur~, but Lender is not obligated Io apply such payments at tile time such paymeuts are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay iuterest on uuapl)lied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan currem. If Borrower does not do so within a reasonable period of time, Lender shall either apply such fimds or return them to Borrower. II'not applied earlier, such funds will be applied to the outstanding principal balance under tile Note immediately prior to lbreclosure. No offset or claim which Borrower might have now or in the future against [~endcr shall relieve Borrower fi-om making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security h~strument. 2. Application of Payments or lh'oceeds. Except as otherwise described in this Section 2, all payments accepted aud 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 payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrmnent, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which iucludes a sufficienl amount to pay any late charge due, the payment may be applied to the delinquent payment and tile late charge, If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to tile repayment of the Periodic Payments if, and to the extent that, each payment cml be paid in full. To the extent tbzlt auy excess exists after tile payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary l)rcpaymcuts 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 nuder the Note shall uot extend or postpone the title date, or change the amount, of the Periodic Payments. 3. Fnnds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, m~til Note is paid in fl~ll, a sum (the "Funds") to provide for payment of amounts duc fi)r: (a) taxes anti assessmems and olher items which can attain priority over this Security lustrument as a lien or encumbrance on the Property; (b) lcasehohl payments or ground rents on the Property, it' any; (c) premiums for any and all illstlr;ulce reqmred by Lender under Sectiou 5; alld (ti) Mortgage lnsurm~ce premiums, if any, or any sums payable by Borrower to [.cuder in lieu of the payment of Mortgage lusurance premiums in accordance with the provisions of Section 10. These items arc called "Escrow Items." At origination or ~l auy time during the term of the Loan, Lender may require that Conmmnity Assc}cialion Dues, Fees, and Assessmenls, il' any, be YV¥OMING--Singlc Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMI~}NT Form 3051 1/01 (page 3 b~)ll t)~ges) escrowed by Borrower, and such dues, fees and assessments shall bc au l~scrow Item. Borrower shall prompdy flmfish to Lender all notices of amonnts to be paid under this Section. Borrower shall pay Lender the Etmds l~r Escrow hems mdcss Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds IBr any or all Escrow Items at ~y time. Any such waiver may only be in writing. In the event oI' stroh waiver, Borrower shall pay directly, when and where payable, the amounts duc t'or auy Escrow Items lk>r which payment of Funds has been waived by Lender and, if Lender requires, shall ~rnish to Lender receipts evidencing such payment within such ti~ne period as Lender may require. Borrower's obligation, to make such payments anti to provide receipts shall fi')r all pu~oses be deemed to be a covenant and agreement contaifled in this Security Instrument, as thc phrase "coveuaut and agreemem" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights nndcr Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender ~y such amotmt. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upou such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that ~e then required nnder this Section 3. Lender may, at any time, collect and hold Funds in au amount (a) sufficient to pemfit Lender to apply ~t~e Funds at the time specified nnder RESPA, and (b) not to exceed the maxinmm amount a lender eau require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of l~ture Escrow llems or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insmed hy a lkderal agency, instrmuentality, or entity (includiug Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home l..oan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified trader RESPA. Leuder shall not charge Borrower lbr holding and applying the Fnnds, annually ~alyzing the escrow account, or vel-i/~ing the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender ~o make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Fnnds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower ~d Lender can agree in writing, however, that iutcrest shall be paid on the Funds. Lender shall give lo Borrower, without charge, an annual accounting of the Fumls as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall acconnt to Borrower for the excess ~nds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, l.endcr shall notil~ Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined uuder RESPA, Lender shall notify Borrower as required by RESPA, m~d Borrower shall pay to Lender the amonnt necessary lo make np the deficiency in accordance with RESPA, but in no more than 12 monthly payrnents. Upon payment in hdl of all sums secured by this Security Instrumeut, Lender shall promptly rebind to Borrower auy Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attribmable Io ibc Property which can attain priority over this Security Instrument, leasehold payments or ground rents ou the Property, if auy, and Comlmmity Association Dues, Fees, and Assessments, if m~y. To the extent that these items are Escrow hems, Borrower shall pay them in the manner provided m Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perlbnning such agreement; (b) contests the lien in good faith by, or dot, ntis against entbrcement of thc 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 satisl'actory to lm~der subordinating the lien to this Security Instnnnent. If Lender detemfines that any part of the Property is subject to a lieu which can attain priority over this Security Instrulnent, Lender may give Bogowcr a uotice identi~ing the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of'the actions set l~rth above in Ibis Section 4. Lender may require Borrower to pay a one-time charge for a real estate lax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insnred against loss by fire, hazards included within the term "extended coverage," aud any otber hazards including, but not limited earthquakes and floods, for which Lender requires insurance. This insttrance shall be maintained in the amotmts (including deductible levels) and for the periods that Lender requires. What I..enclc-r re-quires pursnam to the p~ecediug seutences can ch~ge during the term of the Loan. The insurance carrier providiug II~e insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised tmreasonably. Lcnde~ may require Borrower ~ONflNG--Single Family--Fannie Mae/Freddie Mac [JNIFORM INSTR/JN'I ENT Form 3f)51 l/O 1 to pay, in connection with tiffs Loan, either: (a) a one-time charge fi)r i'lood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and cc'rtification services m~d snbscquem charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Mauagement Agency in connection wilb the ~cvicw of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, l.cndcr may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation, to ptn-chase any particular type or amotmt olcoverage. ~]erefore, such coverage shall cover Lender, but might or might'not protect Borrower, Borrower's equity in thc Property, or thc contenls of the Property, against ~y risk, hazard or liability m~d might provide greater or lesser coverage thau was previously in effect. Bmxower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost or' insurance that Borrower could have obtained. Any mnounts disbursed by l.cnder nnder this Section 5 shall bcconte additional debt of Bon'ower secured by this Security Instrument. These amounts shall bear interest at the ~Note rate fi'om the date of disbursement ~d shall be payable, with such interest, upon notice I?om Lender to Borrower requesting paylnent. 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 m~d/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premimns and renewal notices. If Borrower obtains any lbrm of insurance coverage, not olhcrwise reqnired by Lender, for datnage to, or destruction of, the Property, such policy shall include a standard mortgage clause shall name Lender as mortgagee and/or as ~ additional loss payee. In the event of toss, Borrower shall give prompt notice to the insurance cra'riot and Lender. Lender may make proof of loss if not made proinptly by Borrower. Unless Lender ~d Borrower otherwise agree in writing, any insurance proceeds, whcfher or not the nnderlying insnr~ce was required by Lender, shall be applied to restoration or repair of the Property, il: thc restoration or repair is econornically I~asible and Lender's security is not lessened. During st]cb repair m~d restoraHon period, [.endc~ shall have the right to hold such insurance proceeds umil Lender has had an opl)urttmity to inspect such Property to ensure thc work has been coml)leted to Lender's satisfaction, provided that such inspection shall be nndcrtaken promptly, l[en~er may disbm-se proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless mi agreement is made 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 snch proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds ~d shall be thc sole obligation of Borrower. If the restoration or repair is not econonfically feasible or Lender's security would be lessened, thc insurance proceeds shall be applied to thc sums secured by this Security Instnunent, whether or not then due, with thc excess, if any, paid to Borrower. Such insttrance proceeds shall be applied in the order progided tBr in Section 2. lt' Borrower ab~dons the Prope~y, Lender may file, negotiate and settle any available insurance claim and relaled matters. If Borrower does not respond within 30 days to a notice from Lender that thc insurance carrier bas of/~red to settle a claim, then Lender may negotiate and settle the claim. The 30<lay period will begin when the notice is given. In either event, or if l.ender acquires the Property nnder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to ekceed the mnounts unpaid under the Note or this Security lnsh~ment, and (b)any oilier of Borrower's rights (other th~ the right to any refi~nd 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 nray use thc insttrancc proceeds either to repair or restore the Property or to pay amounts uupaid trader the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, m~d use the Property as Borrower's principal residence wilhin 60 clays after the execution of this Security Instrument and shall contilme to occupy thc Property as Borrower's principal residence fi)~ at least one year after the date of occupancy, nnless Lender otherwise agrees in writing, which consent shall not be tn~reasonably wittflteld, or tufless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Bo~ower shall not destroy, damage or impair the Property, allow the Property to deteriorate or cmnmit waste on lhe Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevem thc Property fi'om deteriorating or decreasing iu value due to its condition. Unless it is determined pursuant to Sectiou 5 that repair or restoration is not econonfically l~asiblc, Borrower shall prolnptly repair the Property if d~aged to avoid further dcterioratiun om' damage. It' insurance or condcnmaiion proceeds are paid in connection with damage to, or the taking of, tt~e Property, Borrower shall be responsible for repairing or rcsmriug the Property only if Lender has released proceeds l~r such purposes. [.cndcr may disburse proceeds l'or tbe rcl)ai~s aud restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or comlc'nutation proceeds are not snfl~cient to repair or restore thc Property, Borrower is not relieved of Borrower's obligatiou fi)r the completion J3oI rolver Jlli _ _ .... WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMI~NT Form 3051 1/01 O~ttge 5 08 D 6 Lender or its agent may make reasonable entries upon and inspections of Ibc Property. If it has reasonable canse, [.cnder may inspect the interior of [he imt)rovements on the Property. Lender shall give Borrower notice at the time of or prior ~() such an interior inspection speci~ing such reasonable cause. 8. Borrower's Loan Application. Borrower shall be iii defanh if, dtn-iug the I.oan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's kuowledge or consent gave materially lhlse, misleading, or inaccurate in/brmation or statements to Lender (or failed to provide Lender with mamrial informatiou)in connectiou with the Loan. Material representations include, but are not limi[cd to, representations coucen'ling Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Uudcr this Security Instrmnent. If (a) Borrower fails perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceediug Ihat nfight significantly aflkct Lender's interest in the Property and/or rights under /his Security Instnunent (such as a proceeding in bankruptcy, probate, ~br condemnation or forfeiture, R)r euforcement of a lien which may attain priority over this Security Instnm~ent or to enforce laws or regulations), or (c) Borrower has abandoned thc Property, then Leuder may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc l)mpcrty and rights under this Security lltslnnncnt, including protecting and/or assessing the value o1' the Property, and securing and/or repairing the Property. l.endcr's actions can include, but are not limited to: (a) paying any sums secured by a lien whid~ has priority over this Security Instnunmit; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest iu the ProperU aud/or rights trader this ,Security Instrument, including its secured position in a bankruptcy proccc~ding. Sccuriug the Property includes, but is not limited to, entering the Property to m~e repairs, change locks, replace or board up doors and windows, drain water Ii'om pipes, eliminate building or other code violations or dm~gerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not uudcr any duty or obligation to do so. It is agreed that Lender iucurs no liability lbr uot taking any or all actions authorized under this Sccliou 9. Any amounts disbursed by Lender nnder this Section 9 shall become additional debt of Borrower secured by this Instnuneut. These amounts shall bear interest at the Note rate from thc date o[ disbursement and shall belpay~tble, with interest; upon notice fYom 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 and the fee title shall not merge uulcss Lender agrees to thc merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the pren~ums required to maintain the Mortgage Insurance in eflkct. If, Ibr auy reason, the Mortgage lustu'ance coverage required by Lender ceases to be available from the ~nortgage insurer that previously provided such insurance and Borrower was required to make separately designated paymeuts toward the premiums tbr Mortgage Insurance, Borrower shall pay thc premiums required to obtain coverage substantially equivalent to thc Mortgage lusurance previously in effect, at a cost subs[antially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alteruatc mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall conlimm to pay to Lender the amount of the separately designated payments that were due when the insurm~ce coverage ceased to be m eftkct. Lender will accept, use m~d retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-relhndable, notwithstanding the hct that the Loau is ultimately paid in fidl, m~tl Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no louger require loss reserve paymems if Mortgage Insurance coverage (in the mnount and lbr the period that Lender requires) provided by an insurer selected by l.eudcr again becomes available, is obtained, m~d Lender requires separately designated payments toward the prc~niums fi)r Mortgage Insurance. If Lender required Mortgage Insnr~ce as a condition of making thc Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Bon'ower shall pay the premiums required to maintain Mortgage Insur~ce in effect, or to provide a non-refundable loss reserve, until Lender's requircmcut tbr Mortgage Insurance ends in accordm~ce with any written agremnent between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 aflbcts Bon-ower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases thc Note) Ibr certain losses it may incur if Borrower does not repay the Lom~ as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from lime to time, and may enler into agrecmcuts with other parties that share or modi~ their risk, or reduce losses. These agrecmeuts are ou terms and coudilions that arc satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may reqtm'e the mortgage insnrer to make payments using any source of fimds that tl~e mortgage iusurer may have available (which may include flmds obtained from Mortgage Insurance premiums). Borrower Initi _ WYOMINg---Single Family--Fannie Mae/Freddie Mac [JNIFORM INSTRUMI{NT Form 3051 1/(}l O~(~ge 6 q~ t>a~es) As a result of these agreements, Lender. m~y purchaser of the Note, ant)*her insurer, any reinsurer, any other entity, or any affiliate of any of the lbregoing, may receive (directly or indirectly) amounts that derive from (or might tie characterized as) a portion of Bon'ower's payments for Mortgage Insurance, in exchm'tge for sl,,-irtg or modifying the mortgage insurer's risk, or reducing losses. If such agreemeut provides that an affiliate of Lender takes a sll:n-e et' the insurer's risk ill exchange for a share of the pren'tiums paid to the insurer, the arrangement is often termed "captive rcinstn-ance." Further Ca) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage hlsm'ance, or any other terms of the Loan. Such agreements will not increase the aruotmt Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refuod. Cb) Any such agreements will not affect the rights Borrower has - il' any - with respect to the Mortgage lnsm'ance under the Homeowners Protection Act of 1998 or ally other law. These rights may include the right 1o receive certain disclosures, to request and obtain cancellation of the Mortgage lns,,rauce, to bare the Mnrtgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premitmls that were unearned at the time o1' such cancellation or termination. 11. Assignment of Miscellaneous Ih'oceeds; Forfeiture. All 1Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be appliecl to restoration or repair of tile Property, il'the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and resloration t)eriod, Lender shall have the right to hold such 1Miscellaneous Proceeds until Lender has had an opportunity to insl)eCt such l'rut)crly to ensure the work has been completed to Lender's satisfaction, provided ti,at such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a siugle disbursement or ir, a series of progress payments as lite work is completed. Unless an agreement is made in writing or Applicable Law rt~qnires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous lqroceeds. Il'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 Instrument, whether or not lhen due, with the excess, if' anY'l paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided ibc in Sectit,n 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss iu value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal It) or greater than the anlount of the sums secured by this Security Instrument immediately before the partial taking, des*rue,leu, or loss in value, unless Borrower and l.ender otherwise agree in writing, the stuns secured by this Security Instrument shall be reduced by the arno,mt of the Miscellaneous Proceeds multiplied by the lbllowing fraction: Ca) the total amount of the sums secured imtnediately be*bce the partial taking, destruction, or loss in value divided by Cb) the htr market value of the Property immediately belbre tl,e partial laking, destruction, or loss in value. Any balance shall be paid to Borrower. lu tile eveut of a partial takiug, destruction, or loss in value of the Property ill which the fair market wdue of' the Property immediately before the partial taking, destruction, or loss in value is less dian the amount of the sums secured immediately 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 Leuder to Borrower that the Opposing Party (as defiued in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 clays after the date the notice is given, Let:~der is authorized to collect and apply thc Miscellaneous Proceeds either to restoration or repair of the Property or to the stuns secured by this Security Instrumeut, whether or not then due. "Opposing Party" means lhe third party that owes Borrower Miscellaneous Proceeds or the 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 criminal, is begun that, irt Lender's jndgn-tent, could result in /brfeiture of tile Property or other material impairment of l.c:ndet-'s interest in tile Property or rights tn,der this Security Instrument. Borrower can cm-e such a default and, if acceleration has occttrred, reinstate as pruvided itl Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Leudcr's jt.lgnlent, prechtdes fk~rl'eittn'e of the Property or other material i~npairment of Lender's inlerest in the Property or rights ,llder this Sec,uSry Ins*run,eh,. The proceeds of any award or claim ["or clmnages that are attributable to the in,pairment of l.endcr's in,crest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds provided for in Section 2. that are not applied to restoration or ¥~: OMIN(,--Smgle Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT of the Property shall be applied in }Itc order Form 3051 1/01 O;age ? OJk~l/ t)tt.p~e~.) 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Exteusion of the time fl)r payment or modification of amortization of the sums secured by this Security Instrument granted by Lcmlcr to Borrower or any Successor m lutcrest of Borrower shall not operate to release the liability of Borrower or any Successors in luterest ct' Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time fi)r paymeut or otherwise modi~ amortization of the sums secured by this Security instrtmqcnt by reason of any demand made by tile original BoxTower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, eutities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or'preclude thc exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, auy Borrower who co-signs this Security h~strmnent but does not execute the Note (a "co-signer"): (a) is co-signing this Security lasmunent only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Iustrument; (b) is not personally obligated to pay the stuns secured by this Security Instrument; and (c) agrees that Lender and any other Bo,-rower can agree to extend, modify, tbrbear or make any accommodations with regard to the terms of this Secm'ity Instrument or the Note without thc 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 lnstrnment in writing, and is approved by Lender, shall obtain all of Borrower's rights and benel:its under lhis Security Instrument. Borrower shall not be released from Borrower's obligations and liability nnder this Seem-try lnstrmuent onless Lender agrees to such release in writing. The covenants and agreements of this Security Instrun~eut shall l)ind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services perl'urmcd in connection with Borrower's defanlt, li)r the purpose of protecting Lender's interest in the Property and rights nnder this Security Instrument, including, but not limiled to, attorneys' fees, property inspection and valuation fees. In regard to any other t~es, the absence of express authority in this Security Instrument to charge a specific lee to Borrower shall not be construed as a prohibition on the charging of such tee. Lender may not charge fees that are expressly prohibited by lhis 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 soltha~, the interest or other loan charges collected or to be collected in conneclion with thc Loan cxcccd the pemfitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to thc permitled limit; and (b) any sums ah'eady collected from Borrower which exceeded permitted limits will be refunded to Borrc~wer. Lender may choose to make this reft. md by reducing the prirmipal owed under the Note or by making a direct payment to Borrower. If a retired reduces priucipal, the reduction will be treated as a partial prepayment without any prepaymeut charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptauce 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 iu writing. Any notice to Borrower in connection with this Security Instrument shrill 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 unless Applicable Law expressly requires otherwise. 'File notice address shall be tile Property Address uuless Borrower has designated a substitute notice address by notice t() l_eucler. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, theu Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address tulder this Security Instrument at any one time. Any notice to Lender shall be givcu by delivering it or by mailing it by filst class mail to Lender's address stated herein nnless Lender has designated another address by notice to Borrower. Any notice iii connection with this Security lnstrnment shall not be deemed to have been given to Lender until actually received by Lender. 1l~ any notice required by this Security Instrument is also required nnder Applicable Law, the Applicable Law requirement will satisl:y the corresponding requirement under this Security Instrmnent. 16. Governing Law; Severability; Rules of Construction. This Securily Instrnn~ent shall be governed by l~deral law and the law of the jurisdiction in which ihe Property is located. All rights aud obligations contained in this Security h~strnment are subject to any requirements and limitations of Applicable Law. Applicable l.aw might explicitly or implicitly allow fl~e parties to agree by coutract or it might be silent, but such silence shall not be conslrued as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or thc Note conllicts with Applicable l.aw, such conflict shall not affect other provisions of this Security Instrument or the Note whicla can be given effect withtmt the coullicting provision. As used in this Security Insmunent: (a) words of the masculine gender shall mcan and include cm respondiug nentei- words or words of the feminme gender; (b) words m the singular shall meau and ii,elude the plural and vice versa; and (c) the wold "may" gives sole discretiou without any obligation to take any action. 17. Bm'tower's Copy. Borrower shall be given one copy of the Note ami t~l' this Seem-try Instrnme~l. 18. Transfer of tim Property or a Beneficial Interest in Borrower. As used in this Section 18, "luterest iii the Property" means any legal or beneficial interest in the Property, including, but no~ limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is thc transfer of ti,lc by Borrower at a future date to a purchaser.. If all or any part of the Property or any Interest in the Property is sold or mm,letted (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 ,nay reqtm'e immediate payment iii Iiall of all sums seem'ed by this Security. Instrument. Ilowcver, this option shall not he 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 fi-om 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 stuns prior to the expiration of this period, Lender may invoke any remedies pemfitted by this Security h~strument without fimher re,,icc c)r demand on Borrower. 19. Borrower's Right to Reiustate Al',er Acceleration. If Borrower mcca certain conditions, Borrower shall have ihe right to have enforcement of this Security histrnment discontinued at any time prior to the earliest of: (a) live days before sale of the Property pursuant to any power of sale contained in this Security Ins,run,cut; (b) such other period as Applicable l~aw might specify lbr the termination of Bo,-rowcr's right to reinstate; or (c) entry of a judgment entbrcing this Security lnstrmnent. Those conditions are that Borrower: (a) pays Lender all sums which then would bc tlue raider this Security lnstrumeut and the Note as if no acceleration had occurred; (b) cures any default of any other covcnanls o,' agreements; (c) pays all expenses incurred in enlbrcing this Security h).strumelit, including, but not limited to, reasonable attorueys' lees. property inspection and valuation fees, and other fees incurred tbr the purpose of protecting Lender's interest il). the Property and rights under this Security Iris,tureen,; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under tiffs Security Instrument, and Borrower's obligation to pay the stu).~s secured by this Security h).strument, shall commne nnchanged. Lender may require that Borrower [)ay such reinstatement sums and expenses in one or more of thc following tkmns, 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 npou an institution whose deposits are insured by a federal agency, instrumcntaliity ~r entity; o,' (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Sccmity lustrumcnt ami obligatitms secured hcrcl)y shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply iix the case of acceleratiou under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. Thc Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior no,icc to Borrower. A sale might result iu a change in the entity (known as the "Lom~ Servicer") that collccts Periodic Payments duc~ under the Note and this Security lnst,mncut and performs other mortgage loan servicing obligations 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 the Note. If there is a change of the l.oan 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 and any other inlbr,nation RESPA rcqtfircs in connection with a notice ot'traustkr or' servicing. If the Note is sold and thereafter the Loan is serviced by a Loau Servicer other than the purchaser of the Note, the mortgage loan serviciug obligations to Borrower will remain with the Loan Servicer or be transtkrred to a suer'es,or 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 jmlicial action (as either au individual litigaut or the member of a class) that arises |'rom the other party's actions pnrsuant to ibis Security lnstnmaent or that alleges that thc 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 other 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 alter the giving of such notice to take corrective action. If Applicable l~aw provides a time period which must elapse before certain action can be takeu, that time period will be deemed to be reasouablc purposes of this paragraph. The notice of acceleration and opportunity to cm-e given to Borrower pursuant to Section 22 and notice of acceleration given to Borrower pursuant to Section 18 shall bc dccmcd to satisfy the notice aud opportunity to take corrective action provisions of this Section 20. 21. llazardons Snhstances. As used iii this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollntants, or wastes by Environmental Law and the t:ollowing substances: gasoline, keroseue, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials coutaiuiug asbestos or fommldehyde, and radioactive materials; (b) "Environmental Law" means l'cderal laws and laws of tbejtlrisdiction where the Property is located that relate to health, safety or enviromnental protection; (c) "l~nvironmental Cleanup" includes any response action, remedial action, or remowd action, as defined in Environmental I.aw; and (d) an "Environmental Couclition" means a condition that can canse, contribule to, or otherwise trigger an Environmeutal Cleanup. Bollower Inilials ~ ..... / WYOMING--Si)tgle Family--Fannie Mae/Freddie Mac U'NIFORM INSTRUMt,~NT Form 3051 l/tH (page Borrower shall not cause or permit the presence, use, disposal, storage, or release of auy Itazardous Sul)stances, or ihrealeu to release any Itazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental [~aw, (b) which creates an Environmental Condition, or (t:) 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, usc, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maiutenance of the Property (including, but not limited to, hazardous substances in c6nsumer pt'oducts). Borrower shall promptly give Lender written notice of (a) any investigatiou, claim, demand, lawsuit or other action by any governmental or regnlatory agency or private party involving the Property and auy llazardous Substance or Environmental [.aw of which Borrower has actual knowledge, (b) m~y Enviromnental Condition, including t)nt not limited to, any spilling, leaking, discharge, release or threat of release of any llazardous Substance, and (c) any condition caused by thc presence, use or release of a Hazardous Substance which adversely affects the value of the P~c~pcrty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any remowd or other remediation of m~y }lazardous St~bstance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance wilh Environmental Law. Nothing herein shall create any obligation on Lender for ;n~ Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender flmher coven:mt and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower priur to acceleration following Borrower's breach of any covenant or agreement in this.Security lnstrtnnent (but not prior to acceleration nnder Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure tile default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which tile default nmst be cra'ed; and (d) that failure to cure the default on or 'before the date specified in the notice may result iu acceleration of lhe sluns secured by this Security Instrnment and sale of the Property. The notice shall fm'ther inform Borrower of the righ!t to reinstate afler acceleration and the right to bring a court action to assert the non-existence of a del'ault or any other tlefense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, I,ender at its option may require immediate payment in full of all sums secured by this Security lnstrmnent without fm'ther demand and may invoke the l)ower of sale and any other remedies permitted by Applic,'d)le Law. Lender shall be entitled to collect all expenses incnrred in pursuing the remedies provided in this Section 22, inclmling, 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 aud to the person in possession of the Property, if different, in accordance with Applical)le Law. Lender shall give nolice of the sale to Borrower in the manner provided in gection 15. Lender shall publish the notice of sale, and the Property shall be sohl in the manner prescribed hy Applicable Law. Lender or its designee may inn-chase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses o1' the sale, including, but not limited ~o, reasonable attorneys' lees; (b) to all sums secured by this Security Instrmneut; aud (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 Sc:c:urity h~strnment. Borrower shall pay any recordation costs. Lender may charge Borrower a fcc fi)r releasiug this Security lnsmm~ent, but only if the fee is paid to a third party for services rendered and the charging of the fcc is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. WYOMING--Single Family--Fannie Mae/Freddie M,qc UNIFORM/NSTR/fMIi;NT l/mrower Form 3051 1/01 BY in any Rider executed by Bor[o~wer and recorded with it. Witness~ ~/'/ SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security ~nsq-rt ent and DAVII) C. WAI)E (Seal) (Seal) -Borrower - Borrower [Space Below This Line For Aclmowledglnent] State of WYOMING ) SS County of LINCOLN ) The foregoing instrument was acknowledged before me by JULIE WADE and DAVID C. WADE, Wlli'l~ AND I1USBAND, AS TENANTS BY THE ENTIRETIES this 2~) day of AUGUST, 2004. Witness my hand ~d official seal. (Seal) ~~C~ ~ Not~y Pgl,tic~D~ .~ ~~/ Pehny Jone~ (Print or type name) My Commission Expires: ~-//' ~ 2" PENNY JONE!~ NOTARY PUBLIC COUNTY OF ~ STATE OF LINCOLN ~ WYOMINQ MY COMMI6$1ON EXPIRE6 SEPTEMI~ER 18, 200? WYOMING--Single Family--Famfie Mae/Freddie Mac UNIFOI~,q INSTRUMENT Forn~ 3051 l/t}l (page 11 of l I imge.9