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HomeMy WebLinkAbout903093#31075(02) A~er Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: KIMBERLY MONTEZ 903093 RECEIVED LINCOLN COUNTY CLERI~('p [Space Above This Line For Rec,,,-di~,g Dalai ROBERTS [Escrow/Closing ~] MORTGAGE MIN 1000157-0004195521-8 0008335270409004 [Doc ID #] DEFINITIONS Words used in multiple sections of this document are defined beh)w and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words .sed in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is th,cd with all Riders to this document. (B) "Borrower" is ALISON A ROBERTS, A SINGLE WOMAN SEPTEMBER 17, 2004 , together Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under thc htws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is AMERICA'S WHOLESALE LENDER Lender is a CORPORATION organized and existing under the laws of NEW YORK Lender's address is P.O. Box 660694, Dallas, TX 75266-0694 0g) "Note" means the promissory note signed by Borrower and deled SEPTEMBER 17, 2004 . The Note states that Borrower owes Lender ONE HUNDRED ELEVEN THOUSAND TWO HUNDRED and 00/100 * Dollars(U.s. $ 111,200.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Paymenm and to pay the debt in full not later than OCTOBER 01, 2034 (17) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." WYOMING-SIngle Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Page 1 of 11 initials: ~ ¥"'" (~-6A(WY) (ooo5) CHL (08/00)(d) VUP MORTGAGE FORMS- (8oo)52~ 7291 Form 30511/01 CONVNA *23991* * 0833 52704000002006A* *This is a First Real Estate Mortgage recording concurrently with a Second Real Estate Mortgage in favor of America's Wholesale Lender dated September 17, 2004 irt the original amount of $27,800.00. 0903093 DOC ID #: 0008335270409004 (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicablel: Adjustable Rate Rider [~ Condominium Rider [---] Second Home Rider Balloon Rider [~] Planned Unit Development Rider ~-~ 1-4 Family Rider VA Rider ~ Biweekly Payment Rider ~ Other(s) [specifyl (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative roles and orders (that have the cf feet of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means ,dl dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condomi n i um association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, t~thcr 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-~ff-sale traiisfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and aulomated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlelnent, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the covcrages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the ProPerty; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations o1', or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lende,' against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due For (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Acl (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), tis they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and 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. (Q) "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 of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower th~cs hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property located in the COUNTY of L I NCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Lot Forty-Two (42) in Star Valley Ranch Plat Twelve (12) as platted and recorded in the official records of Lincoln County, Wyoming. Parcel IDNumber: 35183111106300 137 SOLITUDE LANE, [Street/City] Wyoming 83127 ("Property Address"): [Zip Code] (~}~-6A(WY) (ooos) CHL (08/00) Page 2 of 11 TitAYNE which currently has the address of Initials: Form 3051 1/01 DOC ID #: 0008335270409004 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 ,'cl'e,'red to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seiscd ol' the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that tile 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 encumbrances 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, Interest, Escrow Items, Prepayn,e,,t 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 l,,smm~ent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this 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 one or more tff tile fi)llowing forms, 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 file location designated in the Note or at such other location as may be designated by Lender in accordance wifil Ibc 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 payment or partial payments in the future, but Lender is not obligated to apply such payments at Ibc time such payments are accepted. If each Periodic Payment is applied a~s of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lcmler 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 immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments duc trader 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 otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following t~rder of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security 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 applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender ~nay apply any payment received from Borrower to the repayment of the Periodic Payments if, and to thc extent that, each payment can be paid in full. To the extent that any excess exists after the payment is apl)lied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscclhm¢ous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the am(rant, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority 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 (ti) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in 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 that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees aild assessmen[s shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts t(i be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or ail Escrow Initials: ~ (~®-6A(WY) (0005) CHL (08/00) Page 3 of 11 Form 3051 1/01 DOC ID #: 0008335270409004 Items at any time. Any such waiver may only be in writing. In tile event of such waiver, Borrower shall pay directly, when and where payable, the mounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall fumish lo Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to m~e such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used ill Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails t~l pay the amount due for an Escrow Item, Lender may exercise its rights under 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 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 (it) 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 arc insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose dcp{~sits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender.pays Bo,'rower 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 shorlage 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 Instrument, Lender shall promptly refund 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 Instn,ment, leasehold payments or ground rents on the Property, if any, and Community 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 lien which has priority over this Security Instrument 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 performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but truly until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfi~ctory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this SecuriW Instrument, Lender may give Borrower a notice identifying the lien· Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge fo,' ti 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 lem~ "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, l'or 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 c:m change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's fight to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for llood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification· Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with thc review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is nndcr no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall c{~vcr Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents ~ff the Property, against any risk, hazard Initials ~ (~®-6A(WY) (0005) CHL (08/00) Page 4 of 11 Form 3051 1/01 DOC rD #: 00083352?0409004 or liability and might provide greater or lesser coverage than 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 amounts disbursed by Lender trader this Section $ shall become additional debt of Borrower secured by this Security Instrument. These am:rants shall bear interest at the Note rate from the date of disbursement and shall be payable, with such inlcrest, 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 Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all reccipls of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a stand:mi 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 restoralitm 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 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 restoration in a single payment or in a 'seres 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 tt~ pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, relaincd by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Btm'myer. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then title, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided fin' ill 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 lo a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate mid 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 lnsmm~ent, 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 thc coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or lt~ pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the ti:de of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withhchl, or unless extenuating circumstances exist which are beyond Borrower's control. 7, Preservation, Maintenance and Protection of the l'rnperty; Inspections. Borrower 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 in value due to its c~mdition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Btlrrmver shall promptly repair the Property if damaged to avoid further deterioration 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 if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or rest°re the Property, Borrower is not relieved of Borrower's obligation for the complelitm 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 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 defimlt if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with tile Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. Initials: ~ 11~-6A(WY) (0005) CHL (oB/00) Page 5 of 11 Form 3051 1/01 090 09 ',,0158 DOC ID #: 0008335270409004 9. Protection of Lender's Interest in the Property and Righls Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's intercsl in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, pmbaie, for condemnation 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 Property and rights under this Security Instrument, including protecting and/or assessing the value of the 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 attorneys' fees to protect its interest in the Property and/or rights under this Security h~sh'ument, 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, Lender 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 aclions 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 thc Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lendei- to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and tile fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Ii~sur,'mce in effect. If, for 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 lhe premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in cf feet, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from 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 of the separately designated paymems that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by a, i,surer 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 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 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 p,rchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is m)t a party to the 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 inch,lc 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) amounts 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 excha.ge for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts fl~ai Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will uot increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower lo auy refund. (~®-6A(WY) (ooos) CHL (08/00) Page 6ofll Initials: ~ Form 3051 1/01 DOC ID #: 0008335270409004 (b) Any such agreements will not affect the rights B,,rr~mer has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act ~fl' 1998 or any other law. These rights may include the right to receive certain disclosures, to requesl and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated autotmd ic.'dly, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically fea~sible 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 ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lemlcr m.'~y pay for the repairs and restoration in a single disbursement or in a series of progress payments as thc 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 fea~sible or Lender's security would he lessened, 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. 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 value {)1' thc Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security In.strument, 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 ol' thc Property in which the fair market value of the Property immediately before the partial taking, destructitm, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before thc partial taking, destruction, 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 tile Property in which the fair market value of the Property immediately 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 make an award to seltle 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 and apply the Miscellaneous Proceeds either to restoration or repair of th~ Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or odtcr material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing thc 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 this Security Instrumcm. 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. 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 ~o release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any dcmaml 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 from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not he a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability;' Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be join~ ami 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 (~®-6A(WY) (ooo5) CH/(08/00) Page 7 of 11 Initials: ~ Form 3051 1/01 0908098 ,, 0160 DOC ID #: 00083352'/0409004 Instrument only to mortgage, grant and convey the co-signer's inlcrcst in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Insmm~ent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in lmercst 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 Instalment. Borrower shall nol be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees ~o such release in writing. The covenants and agreements of this Security Instrument 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 services performed in connection with Borrower's defaulh for the purpose of protecting Lender's imcresl in 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 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 fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collcclcd in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be .reduced by ~l~e amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from B(m'mver which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this retired by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund r~duces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have m'ising om of such overcharge. 15. Notices. All notices given by Borrower or Lender in c(mnecfion with this Security Instrument 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 Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address Ihrough flint specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lcmlcr's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in counection 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 Instrument is also required under Applicable Law, Ibc Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Construction. 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 m agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note 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 and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy, Borrower shall be given one copy of thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in tile Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or 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 full 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 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 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 inw~ke any remedies permitted by this Security Instrument without further notice or demand on Borrower. Initials ~ {~}®-6A(WY) (0005) CHL (08/00) Page 8 of 11 Form 3051 1/01 DOC ID #: 0008335270409004 19. Borrower's Right to Reinstate After Acceleration. If Bt~rrt)wer meets certain conditions, Borrower shall have the right to have enforcement of this Securi~ Inslrl~c~l discontinued at any time prior to the e~liest of: (a) five days before sale of the Proper~ pursuant to a.y power of sale confined in this Inst~ent; (b) such other period as Applicable Law might specil'y l'or the termination of Bo~ower's right to reinstate; or (c) ent~ of a judgment enforcing this Secufi~ Instrume~t. Those conditions ~e that Borrower: (a) pays Lender ~1 sums which then would be due under this ~ccuri~y Instrument and the Note as if no acceleration had occurred; ~) cures my default of any other covc~at~ts or agreements; (c) pays ~1 expenses incurred in enforcing this Security Ins~ment, including, bul .~t limited to, reasonable attorneys' fees, proper~ inspection and v~uation fees, and other fees incurred fi~r ~he purpose of protecting Lender's interest in the Proper~ and rights under this Secufi~ Instrument; and (d) ~.kes such action as Lender may reasonably req~m to assure that ~nder's interest in the Proper~ and fights under this 5ecufi~ Ins~ment, and Borrower's obligation to pay the sums secured by this ~ecuri~ h~slrumcnt, shall continue ~changed. Lender may require that Borrower pay such reins~tement sums and expc~scs in one or more of the following fo~s, as selected by Lender: (a) czsh; ~) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided ~y such check is drawn upon ~ institution wl.~c deposits are insured by a federal agency, inst~entali~ or entity; or (d) ~lectronic Funds Tr~sfer. Upu. reinstatement by Borrower, this Secufi~ Instrument ~d obligations secured hereby sh~l remain ~lly cl'l~cfive as if no acceleration had occurred. However, this right to reinstate sh~l not apply in the c~se of accclcrafi~m under ~ection 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance, The Note or a p~tial interest in the Note (together with this Securi~ Instrument) c~ be sold. one or more times without prior notice to Borrower. A s~e might result in a ch~ge in the entity (~own as the "Lo.~ ~crvicer") that' collects Periodic Paymen~ due under the Note and ~is Secufi~ Instrument and perfo~s o~hcr mortgage lo~ servicing obligations under the Note, this Secufi~ Ins~ment, ~d Applicable Law. There alst~ might be one or more changes of the Loan Se~icer unrelated to a sale of the Note. If them is a ch~ge ~)f thc Lo,iii Servicer, Borrower will be given written notice of the change which will state the n~e and address o~ the new Loan Servicer, the address to which payments should be made ~d any other info~ation RESI'A requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other th~ the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be tr~sferr~ to a successor Loan Servicer ~d ~e not asstm~cd hy the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that ~ises from the olhcr party's actions pursuit to this Securi~ Instrument or that ~leges that the other p~ has breached ~y pr~vision of, or ~y duty owed by re~son of, this Security Instrument, until such Borrower or Lender has notified tl~e other p~ty (with such notice given in compliance with the requirements of Section 15) of such alleged breach a~ld ~forded the other pmty hereto a reasonable period after the giving of such notice to take cogectivc atction. If Applicable Law provides a time period which must elapse before certain action can be token, thai ti mc period will be deemed to be reasonable for pu~oses of this p~agraph. ~e notice of acceleration and Ol,p~rttmity to cure given to Bo~ower pursuit to Section 22 ~d the notice of acceleration given to Borrower pt~rsoant to Section 18 shall be deemed to safis~ the notice ~d opponuniw to take co~ective action provisi~s ot' this Section 20. 21. Hazardous Substance. As used in this Section 21: (a) "llazardous Subst~ces" ~e those subst~ces defined as toxic or h~dous substances, pollu~nts, or wastes by Environmen~l Law and the following substances: gasoline, kerosene, other fl~mable or toxic petrolc.m products, toxic pesticides and herbicides, volatile solvents, materials cont~ning asbestos or fom~ddchytle, and radioactive materifls; "Environment~ Law" me~s feder~ laws and laws of the jurisdictio, where the Proper~ is located that relate to health, s~eW or envkonment~ protection; (c) "Environmc~l~d Cleannp" includes any response action, remedial action, or remov~ action, ~s defined in Environmental L~tw; and (d) ~ "Environmen~l Condition" means a condition that c~ cause, contribute to, or othe~ise trigger a~ E~vironmenml Cleanup. Borrower shall not cause or pe~it the presence, use, disposal, storage, or release of ~y H~dous Substances, or threaten to release any Haz~dous Substances, on or i~ lhe ProperS. Borrower sh~l not do, nor allow anyone else to do, anything ~fecting the Proper~ (a) that is i. violation of any Environmental Law, which creates an Environmental Condition, or (c) which, due t~ ~ presence, use, or release of a H~gdous Substance, creates a condition that adversely affecm the v~ue of th~ Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Haz~dous Subs~nces that ~e generally recognized to be appropriate to no~al residential uses and to maintenance of the Property (including, but not limited to, haz~dous subs~nces in consumer l~roducts). Borrower sh~l promptly give Lender written notice of (a) a~y i~vestigation, cl~m, dem~d, lawsuit or other action by any govemment~ or regulato~ agency or priv~lte party involving the ProperW and ~y Haz~dous Substance or Environmental Law of which Borrower h,s actu~ knowledge, (b) any Environment~ Condition, including but not li~ted to, ~y spilling, le~ing, tlischarga, release or threat of release of Haz~dous Substance, and (c) any condition caused by the presc~cc, use or release of a Haz~dous Substance which adversely ~fects the vflue of the Prope~. If Borrower lear,s, or ~s notified by ~y govemment~ or regulato~ authofi~, or ~y private pg~, that ~y removal or other rcmediation of ~y Haz~dous Subst~ce affecting the Proper~ is necess~, Borrower shall promptly take .Il ~cccss~ remedi~ actions in accordance wi~ Environment~ Law. Nothing herein sh~l create ~y obligati~ .. Lender for an Environmental Cleanup. ~e-6A(WY) (0005) CHL (08/00) Page 9 of 11 Initials: ~ Form 3051 1/01 090309'8 0162 DOC ID #: 0008335270409004. NON-UNIFORM COVENANTS. Borrower and Lender furthcr covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice lo Bm'rower 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 olherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dale, 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 rurther inform Borrower of the fight to reinstate after acceleration and the right to bring a court aclion lo 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 all expenses incurred in pursuing the remedies provided in this Section 22, including, I)ul 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 Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescri hed 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, bu! ,m! limited to, eeasonable attorneys' fees; (b) to all sums secured by this Security 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 Instrument, Lender shall release this Security Instnmaent. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for 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 and waives all rights under and by virtue of the homestead exemption laws of Wyoming. 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. Witnesses: ALISON A. ROBER'IS (Se~) -Bo~ower (Se~) -Bo~ower (Se~) -Bo~ower (Se~) -Bo~ower (~)®-6A(WY) (0005) CHL (08/00) Page 10 of 11 Form 3051 1/01 STATE OF WYOMING, The foregoing instrument wa~s acknowledged before me this by Al±son A. Roberts DOC ID #: Teton 17th day of 0163 00083352?0409004 County ss: September, 200/4 My Commission Expires: 9-15-07 (~®-6A(WY) (0005) CHL (08/00) Pagell of 11 Initials: ~ Form 3051 1/01 '0164 [Space Above This Line For Rec.rdi~,g Data] ADJUSTABLE RATE RIDER (LIBOR Index - Rate Caps) After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING .' P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: KIMBERLY MONTEZ ROBERTS 0008335270409004 [Escrow/Closing #] [Doc ID #] THIS ADJUSTABLE RATE RIDER is made this SEVENTEENTH day of SEPTEMBER, 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security lnstm~nent") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to AMERICA'S WHOLESALE LENDER (the"Lender")ofthesamedateandcoveringtheprope~ describedintheSecuri~Ins~mentandlocatedat: 137 SOLITUDE LANE THAYNE, WY 83127 [~openy Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY, MULTISTATE ADJUSTABLE RATE RIDER - LIBOR INDEX - Single Family CONV · BC- ARM Rider 2U193-XX (01/01)(d) Page I of 3 Initials: ~-~ *23991* * 083352704000002U193' DOC ID ADDITIONAL COVENANTS. In addition to the covcmmts and Instrument, Borrower and Lender further covenant and agree a~s fid lows: #: 0008335270409004 agreements made in the Security A. INTEREST RATE AND MONTHLY PAYMENT CHANC ES The Note provides for an initial interest rate of 6.5 5 0 the interest rate and the monthly payments, as follows: %. The Note provides for changes in 4. INTEREST RATE AND MONTHLY PAYMENT CHANG ES (A) Change Dates The interest rate I will pay may change on the first day of OCTOBER, 2 00 7 , and on that day every sixth month thereafter. Each date on which my interest rate could change is called a "Change Date." 01) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered rates for six-month U.S. dollar-dc,ominated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate ,ny new interest rate by adding FIVE & 55/100 percentagepoint(s)( 5.550 %) to the Current Index. The Note Holder will then round the result of this addition to thc nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this ,'oumled ,amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Daic in f, ll on the maturity date at my new interest rate in substantially equal payments. The result of this calculalio, will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Da~c will not be greater than 8.050 % or less than 6. 550 %. Thereafter, my interest rate will never be increased or decreased on any Change Date by more than single ONE & ONE-HALF percentage point(s) ( 1.5 0 0 %) from the rate of interest. I have been payi,g lbr the preceding six months. My interest rate will never be greater than 13.5 5 0 % or less than 6.5 50 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date al'ter the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes '. The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of :t person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEllEST IN BORROWER Uniform Covenant 18 of the Security Instrument is amended to ,'cad as follows: Transfer of the Property or a Beneficial Interest in Bm'rower. As used in this Section 18, "Interest in the Property" means any legal or beneficial intc,'cst in the Property, including, but not limited to, those beneficial interests transferred in a bond fi/r deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. CONV · BC - ARM Rider 2U193-XX (01/01) Page 2 of 3 Initials: O O,.qOgh 0166 DOC ID #: 0008335270409004 If all or any part of the Property or any Interest in Ibc Property is sold or transferred (or if a Borrower is not a natural pemon and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not bc exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that thc risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a rea~sonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and lhat obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instn:ment. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full, 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 Sect, rity Instrument without further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the Adjustable Rate Rider. ALISON A. ROBERTS terms and covenants contained in this (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower (Seal) - Borrower CONV · BC- ARM Rider 2U 193-XX (01/01) Page 3 of 3 090 0: '0!67 [Space Above This Line For Rct'm'di.g Data] PLANNED UNIT DEVELOPMENT RIDER Aft~RecordingRemmTo: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: KIMBERLY MONTEZ ROBERTS [Escrow/Closing # ] 0008335270409004 [Doc ID #1 TI{IS PLANqxlED UNIT DEVELOPMENT RIDER is made this SEVENTEENTH day of SEPTEMBER, 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security h~strument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to AMERICA'S WHOLESALE LENDER (the~nder~)~fthesamedateandc~veringthePr~per~describcdintheSecurity~ns~mentand~catedat: 137 SOLITUDE LANE THAYNE, WY 83]27 [Prop~yAddress] MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 3 I,~7R (0008).O1 CHL (09/01)(d) VMP MORTGAGE FORMS - (800)521-7291 CONV/VA Initials: ~ Form 31501/01 *23991* * 083352704000002007R* .. ,..0168 DOC ID #: 0008335270409004 ThePr~pertyin~udes~butisn~t~imitedt~aparce]~f]andimpr~v~dwhhadwe~ing~t~e[herwith~thersuch parcelsandc~taincommonareasand~cilities, asdescribedin THE COVENANTS, CONDITIONS, AND RESTRICTIONS FILED OF RECORD THAT AFFECT THE PROPERTY (the "Declaration"). The Property is a part of a planned unit devel.pment known as STAR VALLEY RANCH [Name of Planned Unit Devch,lmmm] · ' (the "PUD"). The Property also includes Borrower's interest in thc homeowners association or equivalent entity owning or managing the common areas and facilities of the PtID uhe "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaratio,; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay. when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other h~ards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium insmlhnc,ts for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change dm'lng the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds i. lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, a,y proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid tu Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to thc sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or co.sent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condenmation or cmi,ent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination Initials: ~ (~®-7R (0008),01 CHL (09/01) Page 2 of 3 Form 3150.1/01 0169 DOC ID #: 0008335270409004 of professional management and assumption of self-managemem of the Owners Association; or (iv) any action which would have the effect of rendering the public liability i,~suranc¢ coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and asscssmcnts when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. ALISON A. ROBERTS ' -Borrower (Seal) - B on'ow e.r (Seal) - Borrower (Seal) - Borrower ~®-7R (0008).01 CHL (09/01) Page 3 of 3 Form 3150 1/01