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HomeMy WebLinkAbout90213530,87 Return To: THE JACKSON STATE BANK & 1-RUST 112 CENTER ST.. P 0 BOX 1788, JACKSON. WY 83001 Prepared By: Lorene Carter 902135 F;E,.,,: IVED ~ ' ~ I':,",t ~.. T,( Ct_LI-,K ._INCUL~ [Space Above Tiffs Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words arc defined m Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of ~vords used in this docnme,u are also provided in Section 16. (A) "Security Instrument" means this docnment, which is dated together with all Riders to this document. (B) "Borrower" is Donald E. Goetz, A Single Man August 9. 2004 Borrower is the mortgagor under this Security Instrnment. (C) "Lender" is THE JACKSON STATE BANK & TRUST Lender is a State Bank org~fized and existing under the laws of l-liE STATE OF WYOMING GOETZ- REF I 59897900 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WY) (0005) Page 1 of 15 MW 05/0001 Initials: VMP MORTGAGE FORMS - 1800)521-7291 Form 3051 1/01 Lender's address is 112 CENTER ST., P 0 BOX 1788, ,]ACKSON, WY 83001 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Bor¥~.)wer and dated August; 9. 2004 The Note states that Borrower owes Lender Three Hundred -I-wellty Thousand and no/100 Dollars (u.s. $ 320,000.00 ) plus interest. Borrower has proufised to pay this debt in regular Periodic Payments and to pay the debt in full not later than Sept~ember 1. 2034 (E) "Property" means the property that is described below under die heading "Transfer of Rights in the Property." (F) "Loan" means the debt evideuced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrun~eut, plus interest. (G) "Riders" means all Riders to this Security Instrument thvl are executed by Borrower. The fidlowing Riders are to be executed by Borrower [check box as applicablcl: ~ Adjustable Rate Rider F-~ Condominium Rider ~ Second tlome Rider [--] Balloon Rider [~]~]] Planned Unit Development Rider ~ 1-4 Family Rider [--] VA Rider [] Biweekly Payment Rider ~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable ffderal, state and local statutes, regulations, ordinances and administrative rules and orders (that bare die eflkct of law) as well as all applicable final, non-appealable judicial opinions. (11 "Conmrmfity Association Dues, Fees, ami Assessments" means all dues, fees, assessnrents and other charges that are imposed on Borrower or the Property by a condominium association, ho,neowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of fuuds, other than a transaction originated by check, &afl, or similar paper instrument, wMch is initiated thrt. mgh an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial iuslitution to debit or credit an account. Such term includes, but is not limited to. point-of-sale transfers, attlomated teller machine transactions, trausfers initiated by telephoue, wire transfers, and automated cleariughonse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, setth:,neut, 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 destrnction of, the Property; (ii) condemnatiou or odrer taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentatious of, or omissions as lo, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amouut tluc: for (i) principal and interest trader tl~e Note, plus (ii) any an~ounts under Section 3 of this Security l,~strmnt:ut. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) al~d its implementing regulation, Regulation X (24 C.F.R. Part 35001, as they might be amended fi-om time to time, or any additional or successor legislation or regulation that governs the same subject nratter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed iu regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. GOETZ-REF I 59897900 0 ~-6(WY) 1ooo51 Page 2 of ~5 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party dmt has taken titl~ to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security lnstrmnent. TRANSFER OF RIGHTS IN THE PROPERTY ' ' This Security Instrument secures to Lender: (i) the repayment of die Loan, and all renewals, extensioos and modifications of the Note; and (ii) the performance of Borrower's covenants arid agreements under this Security Instrument and the Note. For this purpose, Borrowe,' 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 of Recording Jurisdiction] Lot 6, Block 1, Nordic Ranches Subdivision No. 1, Lincoln County, Wyoming, according to the recorded plat thereof. Parcel ID Number: 120 Saddle Circle Etna ("Property Address"): xvhich currently has the address of [S,eeq ICityl , Wyoming 831 ] 8 lZip Codei TOGETHER WITtt all the improvements now or hereafter erected on tim property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements anti additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrmnent as the "Property." BORROWER COVENANTS that Borrower is lawfully seiscd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and ttmt Ibc Property is nuencumbered, except for encumbrances of record. Borrower warrants aud will defend gcuerally the title to the Property againsl all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uni/brm covenants for national use and non-unifi~rm covenants with limited variatious by jurisdiction to constitnte a uriil~mn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender coven;mt aud agree as follows: 1. Payment of lhrincipal, Interest, Escrow Items, l'reF, ayment Charges, ami I~ate Clmrges. Borrower shall pay when due the priucipal of, and interest on, the debt evidenced by the Note and auy prepaymeut charges and late charges due under the Note. Borrower shall als() pay funds for Escrow Items pursum~t to Section 3. Payments due tinder the Note m~d Ihis Security I,~slrt, ment shall be made in U.S. currency. However, if' any check or other instrument received by I~c,der as payment nnder ihe Note or this GOETZ- REF I 59897900 0 (~-6{WY) Iooo51 Paoe 3 of ]5 Form 3051 1/01 Security Instrument is returned to Lender nnpaid, Lender may require that any or all suhsequent payments due under the Note and this Security Instrument be made in one or more of tile fi)llowing Ibrms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn'upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at tile location designated in the Note or at such other location as may be designated by Lender in accordance witli tile notice provisions in Secdou 15. Lender may return any payment or partial payment if the paymeut or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring tile Loan current, without waiver of any rights hereunder or prejudice to ils rights to refuse snch payment or partial payments in tile furore, 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 Glue date, then Lender need uot pay imerest on unapplied funds. Lender may hold such unapplied fuuds until Borrower makes paymeut Io bring the Loan current. If Borrower does not do so within a reasonable period of time, Leuder shall tidier apply such funds or return them to Borrower. If not applied earlier, such fuuds will he applied lo tile outstanding principal balance under the Note ilmnediately prior to tbrech)sure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments clue tinder the Note and this Security Instrument or performing tile covenauts and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as odlcrwise described iii dlis Secdon 2, all payments' accepted and applied by Leuder shall be applied iu llle Ibllowing order of priority: (a) inlerest due under tile Note; (b) principal due under the Note; (c) nmouuls due under Section 3. Such payments sball be applied to each Periodic Payment in the order in which it becmne due. Any remaining amom, s shall be applied first to late charges, second to any other amot,uts title under this SecuriW Instrument, and then to reduce tile principa! balance of tile 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 bt applied to tile 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 il', aud to lbe exlent that, each payment can be paid in full. To the extent that any excess exists after the paymem is applied to the full payment of one or more Periodic Payments, such excess may be applied to any lale charges due. Vohmtary prepayments shall be applied first to any prepayment charges and then as described in die Note. Any application of payments, insurance proceeds, or Miscellaueous Proceeds to principal clue under the Note shall not extend or postpone tile due date, or change llle amount, of ~he Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on thc day Periodic Payments are due under the Note, until the Note is paid in full, a slnn (the "Funds") to provide lbr payment of amounls due lbr: (a) taxes and assessments and other items which can attain priority over this Security lnstnnncnt 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 lnsnrance premiums, if any, or any snms payable by Borrower to Lender ill lieu of the'payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require ihat Conmmnity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and snch dues, l~es and assessments shall be ail Escrow Item. Borrower shall promptly furnish to Lender all notices of amouuts to be paid tinder this Section· Borrower shall pay Lender the Funds fi)r Escrow hems unless Leuder 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 for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay dirccdy, when and where payahle, lhe amounts GOETZ-REFI 59897900 0 Initials: (~-6(WY) 1ooo,51 Page 4 of ~5 Form 3051 1/01 04 4 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender rcqmres, shall furnish to Lender receipts evidencing such payment within such time period as Lender )nay req.ire. 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 ins)rum,mt, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow lie,ns directly, pursuant to a waiver, and Borrower fails to pay the amount due lbr an Escrow Item, Lender may exercise its rights under Sectiou 9 and pay such amount and Borrower shall then be obligated trader Section 9 to repay to Lender any such mnount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to al)ply the Funds at the time specified under RESPA, and (b) not to exceed thc maximum amoum a louder can require under RESPA. Lender shall estimate the amount of Irul'tds due on the bas)} or' current data and reasouable estimates of expenditures of future Escrow hems or otherwise in accordance wilh Applicable Law. The Funds shall be held in an institution whose deposits are i,~sured by a federal agency, instrnmentality, or entity (including Lender, if Lender is an insult)trion whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pti3, thc Escrow Items no later titan thc time specified under RESPA. Lender shall not charge Borrower )be hohling and applyiug tl~e Funds, annually analyzing the escrow account, or verifying the Escrow Items, uuless Lender pays Borrower )merest on the Funds and Applicable Law permits Lender to make such a charge. Unless au agreement is rnade in writiug or Applicable Law requires interest to be paid on the Funds, Lc,der shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender cat~ agree in writing, however, that iuterest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accot,miug of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined trader RESPA, Lender shall account to Borrower tbr the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defiued 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 escrt~w, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to ~nake up the deficiency in accordance with RESPA, but in no more lh~lll 12 monthly payments. Upon payment in full of all sums secured by this Security h~strmnent, Lender shall prompdy retired to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, tines, and impositions attributable lo the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Conmmnity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lieu which has priority over this Security Instrument unless Borrower: (a) agrees in writing to lhe payment of the obligatiol~ secured by tl~e lien in a manner acceptable to Lender, but only so tong as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal procecdi~)gs which in Lender's opinion operate to prevent the entbrcement of the lien while those proceedings are pcndiug, but only until such proceediugs are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender detemfines that a~y part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the GOETZ- REF I 59897900 0 h~itials: (~-6(WY) (ooo~ P~'a~ s o~ ~ Form 3051 1/01 0445 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 se~ forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting servtce used by Lender in connection with this Loan 5. Property Insurance. Borrower shall keep the improvements uow existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and roi' the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change tluriug die tern! of the Loan. The insurance carrier providing the insurance shall be chosen by Borrqwer subject to l~endcr's right to disapprove Borrower's choice, which right shall not be exercised unre~somlbly. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for fiood zone determination, certification and tracking services; or (b) a one-.time charge tbr flood zone determination and certification services and subsequent charges each time rcmappings or similar changes occur which reasonably might affect such determination or certification. B,~rrowcr shall also be responsible fin' the payment of any fees imposed by the Federal Emergency Management Ageucy in connection with the review of any flood zone determination resulting from an objcctkm by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligafion to pm'chase any particular type or mnount of coverage. Thcrelbre, such coverage shall covet' Lender, but might or might not protect Borrower, Borrower's equity in the Property, or d~c contents of the Property. against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of ibc insurance coverage so obtained might significantly exceed thc cost of insnrance that Borrower could have obtained. Any amounts disbursed by Lender under riffs Section 5 shall become additional debt of Borrower secured by this Security luslrm-ncnt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lertder as mortgagee and/or as an additional loss payee. Lender shall have the right to bold tl~e policies and renewal certificates. If Lender requires, Borrower shall promptly give tt~ Lender all receipts of paid premimns and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, lbr danmge to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to thc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower odierwise agree iu writing, any insurance proceeds, whether or not the underlyittg insurance was required by Lender, shall be applied to restoratiou or repair of the Property, if the restm-atitm 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 insurance proceeds until Lender has had an opportunity to inspect such Property to ensm-e the work has been completed to Lender's satisfaction, provided that such inspection shall be undertakeu promptly. Lender may disburse proceeds for the repairs aud restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is inade iu writing or Applicable l,aw 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 panics, 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 l,~strmnent, whether or not then due, with 60£TZ-It£FI 59897900 0 Initials: (~-6(WY) {ooo5) Page 6 of ~s Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be al)plied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate aud settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from I.euder 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 giveu. In either event, or if Lender acquires thc Property uuder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any i,mnrance proceeds in an amount not to exceed the amounts unpaid under tl~c Note or this Security h~strument, and (b) any other of Borrower's rights (other than the right to auy retired of unearned premiums paid by Borrower) under all insurance policies covering the Property, iusofar 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 nnder the Note or this Security Instrument, whether 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 lnstrumeut aud shall cominue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be tmreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Bt)rrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the 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 ill value due to its conditiou. Unless it is determined pursuant to Section 5 that repair or restoration is n~}t ccononfically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condenmation proceeds are paid in connection with dmnage to, or Ihe taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only il' 1.cnder has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoratiou in a single payment or iu a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvcmeuts 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 dclhult if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connectiou with the Loan. Material representations include, but are not limited to, representations coucerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security lnstrmnent, if (a) Borrower fails to perfo~Tn the covenants and agreements ctmtaiucd in this Security Instrttment, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property ami/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, fi)r enforcement of a lien which may attain priority over this Security Instnnnent or to euforce laws or regulations), or (c) Borrower has abmtdoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights trader this Security Instrument, including protecting and/or assessing the value of tile Property, and securing and/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 GOETZ- REV I 59897900 0 Inidals: (~-6(WY} 1o0051 Page ? of 15 Foml 3051 1/01 attorneys' fees to protect its interest in the Property and/or righls under this Security Insmnnent, including .its secured position in a bankruptcy proceeding. Securing the Property includes, bul is not limited to, entering the Property lo make repairs, change locks, replace or board tip 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 lmder this Section 9, Lender does not have lo 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 fi'om the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower reqt,esting 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, tile leascht)hl and thc l~e title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making tl~e l.oan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, tbr any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premimns required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of tile Mortgage Insurance previously in effect, t¥om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount t}t' the separately designated paymcms that were due when the insurance coverage ceased to be in effect, l.ender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such toss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in fidl, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer reqt,ire loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again beco~nes available, is obtained, and t. endcr requires separately designated payments toward the premiums/hr 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, Borrt~wer shall pay the premiums required to maintain Mortgage lnst~rance in effect, or to provide a non refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such ternfination or until ternfination is required by Applicable kaw. Nothing in this Section 10 affects Borrower's obligation to pay interest at the talc provided iu the Note. Mortgage Insurance reimburses Lender (or any entity thai purchases the Note) for certain losses it may incur if Borrower does :lot repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate tbeir total risk on all such insu:'al~CC in force fi'om time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on ten'ns and conditions that are satisihctory to the mortgage insurer and the other party (or parlics) 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 t¥om Mortgage Insurance premimns). 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 indirecdy) amounts that derive from (or might be characterized as) a portion of Borrower's payments tbr Mortgage Insurance, ill exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreemem provides that an affiliate of Lender takes a share of the lust:fee's risk in exchange tbr a share of die premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the annmnt Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refnnd. GOETZIREF I 59897900 0 (~-6{WY) Iooos} P~e 8 of 15 Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - il' any - with respect to the Mortgage Insurance under the Homeowners Ih'otection Act of 1998 or any oilier law. These rights may include the right to receive certain disclosures, to request and obtaiu caocellation of the Mortgage Iusurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premimns that were unearned at the time of snch cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeitnre. 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 tile Property, if the restoration or repair is econonfically feasible and Lender's security is not lesseoed. During such repair and restoration period, Lender shall have tllc right ~o hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been compleied lo Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay t'or the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest ~o be paid ou such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings ou 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 lusmnnent, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneoos Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in vahme of the Property, die Miscellaneous Proceeds shall be applied to the sums secured by this Security lnslrmnent, whether or not limn due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in val,e of the Property .in which d~e fair market Value of the Property i~mnediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security lnslrtuncnt immediately bct'orc d~e partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writiug, the sums secured by this Security Instrument shall be reduced by thc amount of the Miscellaueous Proceeds multiplied by the following fraction: (a) the total amount of thc stnns secured immediately beFm'e the partial taking, destruction, or loss in value divided by (b) tl~e fair market value of die Property immediately before the partial taking, destruction, or loss in value. Auy balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which tile fair market value of the Property immediately before the partial taking, dcstrucdou, or loss in value is less than ll~e amount of the sums secured imanediately before the partial taking, destruction, or loss iu value, unless Borrower and Lender otherwise agree in writing, tile 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 re)lice by Lender to Borrower ihat the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim lt)r damages, Borrower/'ails to respond to Lender within 30 days after the dale thc uotice is given, Lender is amhorized to collect and apply the Miscellaneous Proceeds either to restmmiou or repair of the Property or Io the sums secured by this Security Instrument, whether or not then due. "Ol)posing Party" means the third pariy that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of actiou in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whclher civil or criminal, is beguu that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in tile Property or rights under this Secnrity Instrument. Borrower can cure such a del~ult and, if acceleration has occurred,, reinstate as provided in Sectiou 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under Ihis Security Instnunem. The proceeds of auy award or claim tbr damages that are attributable to the impairnicnt of Lender's interest iii the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoratiou or repair of the Property shall be applied in the order provided for in Section 2. GOETZ-REFI 59897900 0 (~-6{WY) iooos~ Page 9 of 15 Form 3051 1101 04, 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 dfis Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not ,,perate to release the liability of Borrower or any Successors in Interest of Borrower. Lender sh.all ]lot be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower 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 fi'om third persons, entities or Successors in Iuterest of Borrower or in mnounts less than thc amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower coveuants 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~siguer"): (a) is co-siguing this Security Instrmnent only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay thc sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to exteud, modify, forbear or make any accommodations with regard to the terms of this Security lnstmn~ent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor iu Interest of Borrower who assmnes 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 Insm, ment. Borrower shall not be released l]'om Borrower's obligations and liability under this Security Instrmncnt unless Lender agrees lo such release in writing. The covenants and agreements of this Security Instrument shall biud (except as provided in Section 20) and benefit the successors and assigns of Lender. 14, Loan Charges. Lender may charge Borrower tees for services per/brined in connection with Borrower's default, for the purpose of protecting Lender's interest iu the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other tees, the absence of express authority in dfis Security Instrument to charge a specific tee to Borrower shall not be construed as a prohibition on thc charging of such tee. Lender may ut~t charge tees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in conuection with ihe Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by tile amount, necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded pcrmiUed limits will be refunded to Borrower. Lender may choose to make Ibis retired by reducing the priucipal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, d~e reduction will be treated as a partial prepaynrent without any prepaymeut charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refuml made by direct payment to Borrower will constitute a waiver of any right oI: actiou Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in c, muection with this Security htstrulnent must be in writing. Any notice to Borrower in connection with this Security lnstrmnent 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 Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If I_.ender specifies a procedure ['or reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedm-e. There may be only one designated notice address under this St:curity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class ~nail to Lender's address stated herein unless Lender has designated another address by nolice to Borrower. Any notice in com~ection will] this Security Instrument shall not be deemed to have bee]] given to Lender until actually received by Lender. If any notice required by this Security InstrUmCl~t is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. GOETZ- REF I 59897900 0 Initials: ~-6(WY) tooo5) Page ~0 ot ~,~ Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security. lnstrnment shall be goverued by federal law and the law of the jurisdiction in which the Property is lo(~ated. All rights and obligations contained in this Secmity Instrument are subject to auy requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibitiou agaiust 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 [nstrmnent 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 iuclude 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 the Note and of this Security lusmnnent. 18. Transfer of the Property or a Beneficial Iuterest in 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, comract for deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a lhture 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 sohl or lransferred) withont Lender's l)rior written consent, Lender may require inm~ediate payment in Fnll of all sums secured by this Security lustrument. However, this option shall not be exercised by l.cndcr il' such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower nolice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Sectiou 15 within which Borrower must pay all sums secured by this Security lnstrumeut. If Borrower tails to pay these sums prior to the expiration of this period, Lender may i,voke any remedies permitted by tMs Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certaiu conditions, Borrower shall have the right to have enforcement of this Security hmtrument discontiuued at any lime prior to the earliest of: (a) five days before sale of the Property pursuaut to any power of sale contained m this Security Instrument; (b) such other period as Applicable Imw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment cnR)rciug 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; (h) cra'cs auy default of any other covenants or agreements; (c) pays all expenses incurred iu enforcing this Security fustrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation /'ecs, aud other tees incnrrcd fur the purpose of protecting Lender's interest in the Property and rights under this Security lnstrunaent; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by dfis Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the tbllowing forms, as selected by l.cnder: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insnred by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security hmtrument and obligations secured hereby shall remain fidly effective as if no acceleration had occurred, tlowever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Secu. rity 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 Paymcuts due under the Note and this Secnrity lnstrmncnt and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more chauges of the Loan Servicer uurelated to a sale of Ihe Note. If there is a change of thc l.oan Servicer, Borrower will be given written notice of the change which will state the name and address of thc new Loan Servicer, the address to which payments should be made and any other int'ormation RESPA GOETZ- RE F I 59897900 0 (~-6(WY) 10005) Pag~ ~ ~ of ~ 5 Fo.n 3051 1/01 r~ requires m colmection with a notice of transfer of servicing. If thc Note is sold and thereafter tile l,oan is serviced by a Loan Servicer other than the purchaser of tile Nt)le, thc mortgage loan servicing obliga[ions 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 tile Note purchaser.' Neither Borrower nor Lender may cormnence, join, or bc joiucd to any judicial action (as either an individual litigant or the member of a class) that arises from tlte other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or auy duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with st,ch notice given in compliance with the requirements of Section 15) of such alleged breach and air'forded the other party hereto a reasonable period airier tile giving of such notice to take corrective action, if Applicable Law provides a time period which must elapse bcl'orc certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy tile notice and opportunity to take corrective action provisions of this Section 20. 21. lIazardous Substances. As used in this Section 21: (a) "ttazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flannnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or lk~rmaldchyde, 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) "Environlncntal Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmeutal Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) thai is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, nsc, or release of a ttazardous Substance, creates a condition that adversely affects thc value ut' the Property. The preceding two sentences shall not apply tO the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be approl)riate to normal residential uses and ~o maintenance of the Property (including, but not limited to, hazardous substances in consumer 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 l][azardous Substance or Enviromnental Law of which Borrower has actual knowledge, (h) any Environmental Condition, including but not limited to, any spilli,g, leaking, discharge, release or tl~reat of release of any ltazardous Substance, and (c) any condition cattsed by the presence, use or release of a Hazardous Substance which adversely affects the value of thc Property. If Borrower learus, or is notified by any governmental or regulatory authority, or any private party, that any removal o,' other rcmediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nodfing herein shall create any obligation on Lender for an Enviromnental Cleanup. GOETZ- RE F I 59897900 0 Irlitials: (~_-6(WY) 1ooo51 Page 12 of t5 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender tin'thor covenant mid agree as fi)llows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration followiug Borrower's breach of any covenaut or agreement-in this Security lustrument (but not prior to acceleration under Section 18 mfless Applicable l,aw provides otherwise). Tlie notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dale, not less than 30 days l¥om tile date the notice is given to Borrower, by wlfich the default must be ctu'ed; ami (d) that failure to cure the default on or before the date specified in the notice may result in accele,'ation of the sums secm-ed by this Security Instrument and sale of the Property. The notice shall further inform Borrower of tile right to reinstate after acceleration and the right to bring a com't action to assert the non-existence of a defatdt or any other defense of Borrower to acceleration and sale. If the defatdt is not cra'ed ou or before the date specified iu the notice, Lender at its option nmy require im~nediate payment in full of all sums secured by this Security lustrument without further demand and nmy invoke the power of sale anti any other remedies permitted by Applicable Law. Leuder shall be entilled to collect all expenses incurred in pursuing the remedies provided in this Secdon 22, inclndiug, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice or intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. L'ender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. Tbe proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not liufited to, reasonable attorneys' fees; (b} to all sums secured by this Sect,rity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security tnstrmnent, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Bon'ower a fee tbr releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases aud waives all rights under and by virtue of tile homestead exemption laws of Wyoming. GOETZ-REFI 59897900 0 h~itials: {~-6(WY) ~ooo5) Pa~ ~3 ot ~s Form 3051 1/01 0 BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. __ _ u-"'_' ~ Donald E Goetz (Seal) -~(')l'rO w~r (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower --Borrower (Seal) (Seat) -Borrower -Borrower GOETZ-REFI 59897900 0 ~6(WY) IooosI Page 14 at 15 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument was acknowledged before me this byDonald E. Goetz. A Single Man Teton Courtly August 9, 2004 My Commission Expires: //-/~ ,4,~arina L. Vandeabro~k,,~,~OTARY PUI3L COUNTY OF ~$~ STATE ~ETON ~IY COMMISSIO~RE8 NOVEMBER ~a. Public GOETZ-REFI (~-6(WY) Iooos) 59897900 Page 15 of 15 Form 3051 0 1/01