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HomeMy WebLinkAbout875410 Li,'qO0t.3,1 COUNTY CLERK FIRST NATIONAL BANK-WEST PO BOX 1620 AFTON, WY 83110 [Space Above This Line For Recording Data] MORTGAGE ' BOoK.-.~.-71-__Pt~ PAGE 1 5 -[ LOAN NO. 03426042492 THIS MORTGAGE ("Security Instrument") is given on AUGUST 18, 2001 . The mortgagor is KURT EDWARD SAND AND SHERRI LYNNE SAND, husband and wife This Security Instrument is given to ("Borrower"). FIRS~ NATIONAL BANK-WEST, A NATIONAL BANKING ASSOCIATIO which is organized and existing under the laws of U. S. OF AMERICA and whose address is ' 1001 MAIN ST.' ' EVAN.qTON, WY 82930 Borrower owes Lender the principal sum of ONE HUNDRED TWELVE THOUSAND AND 00/100 ("Lender"). Dollars (U.S. $ 1 12,0 0 0.0 0 ), This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on SEPTEMBER 1, 2 0 3 1 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described property located in LINCOLN County, Wyoming: Lot 29 of Block 37 of the Glen Kennington EtA1 Addition to the Toga of Af'ton, Lincoln County, Wyoming as described on the official plat thereof. which has the address of 2 7 0 E 8TH AVENUE, AFTON [Street] [City] Wyoming 8 3 1 1 0 ("Property Address"); [Zip Code] WYOMING. Shr~gle Family Fannie Mae/Freddie Mae UNIFORM INSTRUMENT j~ .i '~ FNMA3051 Initials: Page 1 of 7 152 TOGETHER WITH all the improvements now or hereafter ercctcd on thc property, and all easements, appurtenances, and fixtures now or hereafter a pan of the property. All replacements and additions sh~l also be covered by this Security Instrument. All of thc foregoing is referred to in this Security Instrument as thc "Property." BORROWER COVENANTS that Borrower is lawfully seised 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 generally the title to the Property against all claims and demands, subject to any encumbnmces of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is pa~d in full, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, iin accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. § 2601 et seq. ("RESPA"), unless another law that applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed the lesser amount. Lender may estimate the amount of Funds due on the basis of current d,ata 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 are insured by a :[ederal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing 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. However, Lender may require Borrower to pay a. one-time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any !tnterest or earnings on the Funds. Borrower and Lender may 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, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable la~), Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender al: any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall·apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; second, to amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these oblJ[gations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall pro~nptly furnish to Lender receipts evidencing the payments. Page 2 of 7 153 Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (al) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard or 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 floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods tlhat Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain (:overage described above, Lender may, 'at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all :receipts of paid premiums and renewal notices. 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, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds ,';hall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower' abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender :may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Lender, Borrower's right to any :insurance policies and proceeds resulting from damtage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or cornmit waste on the Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith juctgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by caus:ing the action or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. WYOMING- Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ¢~ m~A~0~l Initial Page 3 of 7 Any amounts disbursed by Lender under this paragraph ? shall become additional debt of Borrower secured by this Security ]Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear intere~;t from the date of disbursement at ~h~ No~ ra~ ~d shall b~ payable, with ~nt~r~s~, upon no~ic~ from L~nder ~o Borrower requesting payment. 8. M[omgage Insurance. If Len~er requireO mortgage insur~ce as a condition of m~ing the lo~ secured by this Security ~[nstmment, Borrower shall pay the premiums required to maintain the mortgage insur~ce in effect. If, for ~y reason, tl~e mortgage insur~ce coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage insur~ce previously in effect, at a cost subst~tially equivalent to the cost to Borrower of the mo~gage insur~ce previously in effect, from ~ alternate mortgage insurer approved by Lender. If subst~tially equivalent mortgage insur~ce coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelRh of the yearly mortgage insurm~ce premium being paid by Borrower when the insur~ce coverage lapsed or ceased to be in effect. Lender will accept, use ~d retain these payments as a loss reserve in lieu of mo~gage insur~ce. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insur~ce coverage (in the amount ~d for the period that Lender requires) provided by ~ insurer approved by Lender again becomes available ~d is obtained. Borrower shall pay the premiums required to maintain mortgage insur~ce in effect, or to provide a loss rescue, until the requirement for mortgage insur~ce ends in accord~ce with ~y written agreement between Borrower ~d Lender or applicable law. 9. Inspection. Lender or its agent may m~e reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to ~ inspection speci~ing reasonable cause for the inspection. 10. Condemnation. The proceeds of ~y award or claim for damages, direct or consequential, in co~ection with ~y condemation or other t~ing of ~y part of the Property, or for convey~ce in lieu of condemation, are hereby a~;signed ~d shall be paid to Lender. In the event of a total t~ing of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial t~ing of the Property in which the hir market value of the Property i~ediately before the t~ing is equal to or greater th~ the amount of the sums secured by this Security Instrument i~ediately before the t~ing, unless Borrower ~d Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of ~.he proceeds multiplied by the following fraction: (a) the total amount of the sums secured i~ediately before the t~ing, divided by (b) the fair market value of the Prope~y immediately before the t~ing. Any bal~ce shall be paid to Borrower. In the event of a partial t~ing of the Property in which the hir market value of the Property immediately before the taking is less th~ the amount of the sums secured i~mediately before the t~ing, unless Borrower ~d Lender othe~ise agree in writing or unless applica~,le law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is ab~doned by Borrower, or if, after notice by Lender to Borrower that the condemor offers to m~e ~ award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect ~d apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender ~d Borrower otherwise agree in writing, ~y application of proceeds to principal shall not extend or postpone ~the due date of the monthly payments referred to in paragraphs 1 ~d 2 or ch~ge the amount of such payments. 11. 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 grated by Lender to ~y successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not 'be required to commence proceedings against ~y successors in interest or re,se to extend time for payment or otherwise modi~ amortization of the sums secured by this Security Instrument by reason of ~y dem~d made by the original Borrower or Borrower's successors in interest. Any forbear~ce by Lender in exercising ~y right or remedy shall not be a waiver of or preclude the exercise of ~y right or remedy. ' 12. Suce~sors and Assigns Bound; Joint and Severable Liability; Co-signers. The covenants ~d agreements of this Security Instrument shall bind ~d benefit the successors ~d assigns of Lender ~.d Borrower, subject to the provisions of paragraph 17. Borrower's coven~ts ~d agreements shall be joint ~d several. Any Borrower who co-signs this Security Instrument but does not execute the note: (a) is co-signing this Security Instrument only to mortgage, gr~t ~d conw~y that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; ~d (c) agrees that Lender ~d ~y other' Borrower may agree to extend, modi~, forbear or m&e any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. WYOMING - Sl~ngle F~lly Fannie Mae/Freddie Mae ~IFO~M INSTRUMENT : ~IA3OSl Initials Page 4 of 7 13. I,oan Charges. If the loan secured by this Security Instrument 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 connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced, by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits 'will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it: or by mailing il: by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is s01d or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed 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. 18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraph 17. 19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security Instrument) may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known as. the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also may 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 in accordance with paragraph 14 above and applicable law. The, notice will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice will also contain any other information required by applicable law. 20. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property t'hat is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. WYOMING - SI,nile Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT initials: ~,~///~ "' ~ FNMA30$1 Page 5 of 7 Borrower shall promptly give Lender written notice of 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 Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, 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. As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances 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 formaldehyde, and radioactive materials. As used in t]~is paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraph 17 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 must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect ali expenses incurred in pursuing the rernedies provided in this paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Borrower in the manner provided in paragraph 14. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 22. ]Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtsey and dower in the Property. 24. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] U-I Adjustable Rate Rider ~--~ Condominium Rider [~ Planned Unit Development Rider ~---- 1-4 Family Rider [-'~ Graduated Payment Rider [-~ l:tiweekly Payment Rider ~'--I Banoon ~ider [---~ Rate Improvement Rider [--~ S:econd Home Rider  Other(s)[specify] HIGH COST AREA SET-ASIDE RIDEI~: WYOMING - ~ilngle Family Fannie Mae/Freddie Mac UNIFOILM iNSTRUMENT Initials: FN'MA30.~ 1 /~- Page 6 of 7 O87541.O 157 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in ~his Security Ins~mmem ~d in any rider(s) executed by Borrower ~d r~cord~d with it. Witnesses: KURT EDWARD S~ - Borrow,r (Seal) - Borrower .(Seal) Borrower STATE ,OF Wyoming ) ) 'SS: COUNTY OF Lincoln ) The :foregoing instrument was acknowledged before me, a Notary Public, on August 18, 2001 Date by: Kurt Edward sand & Sherri Lynne Sand Person(s) Acknowledging In WITNESS WHEREOF, I have hereunto set my hand and official seal. My Comraission expires: 9/18/03 /I LIncoln ~ Wyoming WYOMING - Single Family Fannie Mac/Freddie Mac UNIFORM INSTRUMENT FNMA30$1 Page 7 of 7 1.58 O 'TG 3LO VVYOMING COMMUNITY DEVELOPMENT. HIGH COST AREA SET-ASIDE RIDER As long as this mortgage is held by Wyoming Community Development AuthOrity, Casper, Wyoming, tile Mortgage Lender may declare all sums secured by this mortgage to be immediately due and payable if: ' (a) all or part of the property is sold or otherwise transferred (other than by devise, descent or operation'of law) by Borrower to a purchaser or other transferee: (i) who cannot reasonably be expected to occupy the property as a principal residence within a reasonable time alter the sale or transfer', or (ii) who. has had a present ownership interest in a principal residence during any part of the three-year period ending on the date of the sale or transfer; or (iii) at an acquisition cost which is in excess of that established by the' Wyoming Community Development Authority under its applicable regulations or program guidelines in effect on the date of the sale; or (iv) who has an income in excess of that established by the Wyoming Community Development Authority under its applicable regulations or program guidelines in effect on the date of the sale; or; (b) Borrower fails tO occupy the property described in the mortgage without Mortgage Lender's prior written consent; or (c)' Borrower omits or misrepresents a material fact in an application for this mortgage. NOT1CE TO MORTGAGO.R: This document substantially modifies the terms of this Loan. Do not sign it unless you have read and understand it. I hereby.consent to the modifications of the terms of the Mortgage and Note which are contained in the Rider. Dated this 18~ day ofAtlGusT , Xl~..2001 . Kt~nt~ SAh'I> i Signatur~ - SHERRI I,YNNE SAND Printed Printed MPP-208