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Remm To: THE JACKSON STATE BANK & TRUST 112 CENTER ST,, P 0 BOX 1788, JACKSON, WY 83001 Prepared By: Lea S. Carvalho NCOI_N C©IJD, i'I'T CLERK [Space Above Tlds Lhle For Recm'dit~g Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words arc defined in Sections 3, 11, 13, 18, 20 m~d 21. Certain rules regarding file usage of words used in this document are also provided in Section 16. (A) "Security lnstrnment" means this document, which is dated together with all Riders to this document. (B) "Borrower"is Patrick G. LeFEVRE and Linda K. August 18, 2004 LeFEVRE. Husband and wi Fe Borrower is the mortgagor under this Security Instrument. (C) "Lender" is THF JACKSON STAT[ BANK & TRUST Lender is a State Bank organized and existing under the laws of THE SLATE OF WYOMING LEFEVRE. PATRICK 1765381142 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT I~®-6(WY) {ooos~ VMP MORTGAGE FORMS * (800)fi21-7291 Form 3051 1/01 Lender's addressis 112 CENTER ST., P 0 BOX 1788. ,JACKSON..WY 83001 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated August ].8. 2004 qbe Note states that Borrower owes Lender One Hundred Eigtlt;y Seven Thousand Fi ve Hundred and no/100 Dollars (u.s. $187. 500.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than Septeli/beP 1, 2034 (E) "Property" means the property that is described below undc-r the beading "Transfer of Rights in the Property" (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges aud late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that arc executed by Borrower. Thc following Riders are to be executed by Borrower [check box as applicablel: [---] Adjustable Rate Rider ~ Condolrfinium Rider ~ Second Home Rider ['---] Balloon Rider [~q Plmmed Unit Development Rider ~] 1-4 Fanfily Rider [--] VA Rider ~ Biweekly Payment Rider ~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable t~dcral, state and local statutes, regulations, ordinances and administrative rules and orders (that have the ell'cot of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, tees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar 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, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, setdement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc coverages described in Section 5) for: (i) dmnage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, tile value and/or condition of the Property. (54) "Mortgage Insurance" means insurance protecting Lender against tile nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount duc for (i) principal and interest uuder the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that goverus the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. LEFEVRE PATRICK 1765381142 0 Inidals: (~-6(WY) Iooo5, e*s~ 2 o, ,~ ~/< L.. Form 3051 1/01 (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 Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment o1' the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performauce 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 Li ncol n : [Type of Recording Jurisdiction] [Name or' P,¢cording Jurisdiction] Lot 100 of Nordic Ranches Division No. 7. Lincoln County. wyoming as described on the official plat thereof. Parcel ID Number: 1091 Saddle Drive Etna ("Property Address"): which currently has the address of [Strcctl [Cityl , Wymning 83118 lZip Codel TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All -replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully scised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend gcmzrally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniftmn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check 6r other instrument received by Lender as payment under the Note or this LEFEVRE PATRICK 1765381142 ',,,,,~,~:~>}r~'~/r~---- 0 (~-6(WY) ,ooo5, Pa~e 3 of ~5 ~'~, Form 3051 1/01 00 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in o,c or more of the following tbrms, 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 all institntion 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 locatiou designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such paymeut or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied fimds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note innnediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as mhcrwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the tbllowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due tinder Section 3. Snch 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 amouuts due under this Security Instrument, and 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 may be apl)lied to the delinqueut payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to tile extent that, each payment can bc paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Misccllaueous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc amouut, of tile Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on tbe day Periodic Payments are due under the Note, until the Note is paid itl full, a sum (the "Funds") to provide for payment of an~ounts tine for: (a) taxes and assessments and other items which can attain primity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender iii lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the LO;ill, [.cndcr may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promt)tly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds t~)r Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow hems. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at auy 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 LEFEVRE PATRICK 1765381142 ,~,,~,~: L3~.~.'_F''~c-~ 0 1~-6(WY) looo~l P~e4 o~ ,~ ,J,..,,$(~].._,, Form 3051 1/01 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security In'strumenl, as the phrase ".covenant and agreement" is used in Section 9. If Borrower ts obligated to pay Escrow Item~ directly, pursuam to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights nnder Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow hems at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (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 under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits tire insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or iu any Federal Home Loan Bm~k. Lender shall apply the Funds to pay die Escrow Items no later dian die time specified under RESPA. Lender shall not charge Borrower for holding and applying the Ftmds, annually m~alyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make 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, that 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 under 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 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 under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security lustrument, Lender shall promptly re fiend to Borrower any Funds held by .Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay d~em in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security lnslrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is pertbrming 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 art: pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrnment. If Lender determines that any part of die Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the LEFEVRE PATRICK 1765381142 0 (~I~)-6(WY) 1000SI Page 5 of ~s ' Form 3051 1101 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 tbrth above iu this Section 4. Lender may reqmre Borrower to pay a one-time charge fi)r a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements 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 flt~ods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall bc chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not bc exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge tbr flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time rcmappings 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 Management Agency in connectiou with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages descril)cd above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is trader 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 thc contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage dmn was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any mnounts disbursed by Lender tinder this Section 5 shall become additional debt Of Borrower secured by this Security Instrtuuent. These amounts shall bear interest at the Note rate from the date of disbursement and shall be 1)ayablc, with such interest, upon nolice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals or such policies shall be subject lo Lender's right to disapprove such policies, shall include a standard mtmgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have thc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give tt~ Lender all receipts of paid premiulns and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Leuder, for damage to, or destruction of, the Property, such policy shall include a stm~dard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if'not made promptly by 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 restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoratiou period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoratiou in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, relained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the stuns secured by this Security lustrtm~eut, whether or m)t then due, with LEFEVRE PATRICK 1765381142 0 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided fbr in Section 2. If Borrower abandons the 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 claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whetber or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc 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 tbe date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, 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 commit waste on tbe Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid f~rther clcterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only ii: Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration iu a single payment or in a series of progress payments as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon aud inspections of the Property. If it has reasonable cause, Lender may inspect tile interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Lom~ 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 information or statements to Lender (or failed to provide Lender with material information) in counection with tile Loan. Material representations include, but are not limited to, representaiions concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property anti Rights tinder this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained iu this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in tile Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Prol)erty and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing mid/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable LEFEVRE PATRICK 1765381142 0 h,ti~ls:~_.~ (~-6(WY) 10005) Page 7 of ~5 ~....~j__ Form 3051 1101 ?; X:! ',:.:!¢ . .,, attorneys' fees to protect its interest in the Property and/or righls tludcr 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 Section 9, l.cnder does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon nt)ticc from 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 tee title to the Property, the leasehold and the fee title shall uot merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer tbat previously provided such insurance and Borrower was required to make separately designated payments toward the prenfiums fur Mortgage Insurance, Borrower shall pay the premiums required to obtaiu coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi'om au alternate mortgage insurer 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 that were due when the insurance coverage ceased to be in effect. Lcuder will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the tact 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 aud for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the 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 no,~-refimdable loss reserve, until Lender's requirement for Mortgage Insurance cuds in accordance with auy written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the 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 to tbe Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) 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 funds 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 foregoing, may receive (directly or indirectly) amc;unts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amonnts 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 rebind. LEFEVRE PATRICK 1765381142 0 Initials; I~}c~-6{WY) 1OOO51 Page 8 of 15 A K?.....~ Form 3OB1 1/01 (b) Any such agreements will not affect the rights Borrower has - if any.- with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearucd 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 hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to casure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay tbr the repairs and restoration in a single disbursement or in a series ol' progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security lnstruinent, 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 in wdue 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 in value of the Property in which the /'air market 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 Instrument i~mnediately before the partial taking, destruction, or loss in value, unless Borrower and Leuder otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc amouut of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of th~: sums secured immediately before the partial taking, destructiou, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower, In the event of a partial taking, destruction, or loss in value or' the Property in which the fair market value of the Property in~nediately before the partial taking, destruction, or loss in value is less than 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 Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to n-lake an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the uotice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellm~eous 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, whdher civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Bo,'rower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forl~iture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. LEFEVRE PATRICK 1765381142 0 ~-6(WY) 1ooo51 Page 9 of ~§ Form 3051 1/01 0 3 7 9 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall no~ be required to conmnence proceedings against any Successor in Interest of Borrower or to refuse to extend time For payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand inade by the original Borrower or any Successors in Interest of Borrower. Any forbcanmce by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts 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 Bonnd. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property nndcr 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 accormnodations with regard to the terms of this Security Instruinent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Intex'est of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instx-umeut. Borrower shall not be released from Borrower's obligations and liability under this Security Instrumeut unless Lender agrees to such release in writing. The covenants and agreements of this Security Instmlncnt 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 sex'vices performed in connection with Borrower's default, for the puq)ose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' Ices, property inspection and valuation tees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such lee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally inteq)reted so that the interest or other loan charges collected or to be collccictl in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amonnt necessary to reduce the charge to the permitted limit; and (b) any sums already collected Ii-om Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this ret\md by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prcpayxnent 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 righl of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instx'ument must be in writing. Any notice to Borrower 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 unless Applicable Law expressly requires otherwise The notice address shall be the Property Addx-css unless Borrower has designated a substitute notice address by nc)lice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure ibr reporting Borx-ower'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 mailing it by first class mail to Lender's address 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 Insmm~cnt is also required under Applicable .Law, the Applicable Law requirement will satisfy the corrcspondix~g requirement under this Security Instrument. LEFEVRE PATRICK 1765381142 ,o,,~,~:~P~.F/rF~.._~_ 0 (~)~-6{WY) (ooos~ Pa9. ,o of ~s /,~-~_.,L.. Form 3051 1/01 0 02118 16. Governing Law; Severability; Rules of Constructiun. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it 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 h~strument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean aud 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 thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest iu Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract tbr deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a fi~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, Lender may require immediate payment in l'ull of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises tiffs option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. 11' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security lnstrurnent discontinued at any time prior to the earliest of: (a) five days before sale of the Property pmsuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable l.aw might specify tbr the ternfination of Borrower's right to reinstate; or (c) entry of a judgment cnl'orcing 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 default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrunrent, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other tees incurred t'or the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligatiou to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require Ihat B~'rower pay such reinstatement sums and expenses in one or more of the following tbnns, as selected by Lender: (a) cash; (b) money order; (c) certified check, baak check, treasurer's check or cashier's check, provided m~y such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or dntity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security htstrttment and obligations secnred hereby shall remain fully effective as if no acceleration had occurred. IIowevcr, 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 Grievauce. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security lnst~u,nent 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 Loan Servicer, Borrower will be given written notice of the change which will state the name aud address of the new Loan Servicer, the address to which payments should be made and any other information RESPA LEFEVRE PATRICK 1765381142 0 tnitial:~:~ requires in connection with a nonce of transfer of servicing. 11' thc Note is sold and thereafter the koan is serviced by a Loan Servicer other than the purchaser of the Note, thc mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc Note purchaser. Neither Borrower nor Lender may commence, join, or bc joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) t~f such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse bet'orc certain action can be laken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 ;tlld the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc 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 petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fi)rmaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Envirtmmental 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 t~therwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any ltazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) whit'h, tl,e to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not linfited to, hazardous substances in consmner products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the 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 Prol)erty. 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 actions in accordance with Environmental Law. Nolhing herein shall create any obligation on Lender for an Enviromnental Cleanup. LEFEVRE PATRICK 1765381142 ,,,,,~,~: ~ 0 (~-6(WY) 10005} Page 12 of t5 ,~ Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to llorrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default taus! be cored; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the stuns secured by this Security Instrmnent and sale of the Property. The notice shall Further inform Borrower of the right to reinstate after acceleration and the right to bring a Cotlrl action to assert the non-existence of a default or any other defense of Borrower to acceleration and stile. 11' the default is not cured on or before the date specified in the notice, Lender at its option may require itmnediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. l.ender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited lo, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and tbe 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 all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Sccm-ity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Scct,'ity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a tee for releasing this Security h~strument, but only if the fee is paid to a third party for services rendered and 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. LEFEVRE PATRICK 1765381142 0 (~-6{WY) 1o005} Page 13 of 15 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower ant] recorded with it. Witnesses: Patrick G. LeFEVRE (Seal) -Borrower . '~. ~_~_//L.- ~ (Seal) Lin . LeFEVRE -Bo,'rower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower LEFEVRE PATRICK 1765381142 0 ~6(WY) (ooo!i) Page 14 ot 15 Form 3051 1/01 0,-, 34 STATE OF VfYOM]NG, Teton County ss: The foregoing instrument was acknowledged before me tiffs Auqust 18. 2004 byPatrick G. LeFEVRE and kinda a. LeFEVRE, Itusband and wife My Commission Expires: Notary Public LEFEVRE PATRICK (~-6(WY) Iooo,5) 1765381142 Page 15 of 15 Form 3051 0 1/01