HomeMy WebLinkAbout903248Prepared by and When Recorded Return To:
PENNY JONES
FI S ' NA ION £J 3 2 8
PO BOX 3110
ALPINE, WY 83128
RECFIVED
' II'.J00I_N 00Ur, ITY
............................ [Space Above This Line For Recording Data] ...........................
LO_~I NO. 12626051084
MORTGAGE
DEFINITION S
Words used in multiple sections of this document are defined bdow and other words are defined in Sections 3,
11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in
Section 16.
(A) "Security Instrument" means this document, which is dated
together with all Riders to this document.
(B) "Borrower" is
Wayne Hunter Neal AND Clarissa M. Neal,
SEPTEMBER 27, 2004
husband and wife
Borrower is the mortgagor under this Security Instrument.
(C) "Lender" is
FIRST NATIONAL BANK - WEST (ALPINE BRANCH)
Lender isa A NATIONAL BANKING ASSOCIATION
under the laws of THE UNITED STATES
Lender' s address is
100 GREYS RIVER ROAD
ALPINE, WY 83128
Lender is the mortgagee under this Security Instrument.
organized and existing
(D) "Note" means the promissory note signed by Borrower and dated SEPTEMBER 27, 2004
The Note states that Borrower owes Lender
ONE HUNDRED THIRTY-NINE THOUSAND NINE HUNDRED AND 00/100
Dollars (U.S. $ 139,900.00 ) plus interest. Borrower has promised to pay this debt in regular
Periodic Payments and to pay the debt in full not later than OCTOBER 1, 2034
(E) "Property" means the property that is described below under the heading "Transfer of Rights in the
Property."
(17) "Loan" means the debt evidenced by the Note, plus interest, an3 prepayment charges and late charges due
under the Note, and all sums due under this Security Instrument, p~us interest.
(G) "Riders" means all riders to this Security Instrument that utc cxccuted by Borrower. The following riders
are to be executed by Borrower [check box as applicable]:
[~] Adjustable Rate Rider
[~ 1-4 Family Rider
----] Balloon Rider
Condominium Rider
Second ttome Rider
Other(s) [specify]
Planned Unit Development Rider
Biweekly Payment Rider
TAX EXEMPT
WYOMING - Single Family - Fannie Mae/Freddie Mac [INIFORM INSTRUMEN I'
Page I of 12
Form 3051 (01/01)
and administrative rules and orders (that have the effect of laxv~ ,~.~ x~cll as all applicable final, non-appealable
judicial opinions.
(l) "Community Association Dues, Fees and Assessments" means all dues. fees, assessments and other charges
that are imposed on Borrower or the Property by a condominium ass~}c~ation, homeowners association or similar
organization.
(J) "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 authori;,c ~ financial institution to debit or credit an
account. Such term includes, but is not limited to, point-of-sale trunsl'~rs, automated teller machine transactions,
transfers initiated by telephone, wire transfers, and automated clear nghouse transfers.
CK) "Escrow Items" mean those items that are described in Section 3
(L) "Miscellaneous Proceeds" means any compensation, settlement, axx. ard of damages, or proceeds paid by any
third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or
destruction of, the Property; (ii) condemnation or other taking of all t~r a~q> part of the Property; (iii) conveyance
in lieu of condemnation; or (iv) misrepresentations of, or omissitm~ as to, the value and/or condition of the
Property.
0VI) "Mortgage Insurance" means insurance protecting Lender ;tgmast the nonpayment of, or default on, the
Loan.
(N) "Periodic Payment" means the regularly scheduled amount dm: l'or (i) principal and interest under the Note,
plus (ii) any amounts under Section 3 of this Security Instrument.
(O) "RESPA" means the Real Estate Settlement Procedures Act t 12 U. S.C. §2601 et seq.) and its implementing
regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended fi'om 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.
(P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that
party has assumed Borrower's obligations under the Note and/or this 5ecurity 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 does hereby mortgage, grant and convey to Lender and
Lender's successors and assigns, with power of sale, the following described property located in the
COUNTY [Type of Recording Jurisdiction]
of Lincoln :
[Name of Recording Jurisdiction]
LOT 60 OF STAR VALLEY RANCH PLAT 3, LINCOLN COUNTY, WYOMING AS DESCRIBED ON
THE OFFICIAL PLAT THEREOF.
WYOMING - Single Fmnily - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 (01/01)
Page 2 of 12
which currently has the address of
Wyoming 83127
(Zip Code]
,-' 06'39
51 Pine Drive, Thayne ,
tS~r~q [Ci~,]
C Property .'\ddrcss" ):
TOGETHER WITH all the improvements now or 'hereafter erected on the.property, and alt easements,
appurtenances, and fixtures now or hereafter a part of the propcrt3. All replacements and additions shall also be
covered by this Security Instrument. All of the foregoing is rclcrrcd to in this Security Instrument as the
"Property."
BORROWER COVENANTS that Borrower is lawfully seiscd o1' thc estate hereby conveyed and has the right
to mortgage, grant and convey the Property and that the Propert3 is unencumbered, except for encumbrances of
record. Borrower warrants and will defend generally the title t~, thc I'roperty against all claims and demands,
subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants f~,- national use and non-uniform covenants
with limited variations by jurisdiction to constitute a uniform securit3 instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower
shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges
and late charges due under the Note. Borrower shall also pa) I'Lmds lk)r l:'.scrow Items pursuant to Section 3.
Payments due under the Note and this Security Instrument shall bc 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 p:Lx mcnts due under the Note and this Security
Instrument be made in one or more of the following forms, as sclcctctl by Lender: Ca)cash; Cb)money order; Cc)
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, instrtm)cntality, or entity; or Cd) Electronic Funds
Transfer.
Payments are deemed received by Lender when received at thc location designated in the Note or at such
other location as may be designated by Lender in accordance with tln~ notice provisions in Section 15. Lender
may return any payment(s) or partial payment(s) if the payment(s) t~r partial payments are insufficient to bring the
Loan current. Lender may accept any payment(s) or partial pa)taunt(s) insufficient to bring the Loan current,
without waiver of any rights hereunder or prejudice to its rights to refuse sLich payment(s) or partial payments in
the future, but Lender is not obligated to apply such payments at thc time such payments are accepted. If each
Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds.
Lender may hold such unapplied funds until Borrower makes pa3 mom(s) to bring the Loan current. If Borrower
does not do so within a reasonable period of time, Lender sh~tl[ tither apply such funds or return them to
Borrower. If not applied earlier, such funds will be applied to thc 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 due ut'idol thc Note and this Security Instrument or
performing the covenants and agreements secured by this Securit3 In~LrLtmcnt.
2. Application of Payments or Proceeds. Except as othcrxxisc described in this Section 2, all payments
accepted and applied by Lender shall be applied in the following order ol' priority: Ca) interest due under the Note;
Cb) principal due under the Note; Cc) amounts due under Sectio~ 3. 5-;uch 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 In.~[rt,~ncnt. and then to reduce the principal balance
of the Note.
If Lender receives a payment from Borrower for a delinqucm I'criodic Payment which includes a sufficient
amount to pay any late charge due, the payment may be applied t,, tt,c delinquent payment and the late charge. If
more than one Periodic Payment is outstanding, Lender may apl',l.x any payment received from Borrower to the
repayment of the Periodic Payments if, and to the extent that, each i~a3 mcnt can be paid in full. To the extent that
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRt~Xlt-i \1
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Form 3051 (01/01)
any excess exists after the payment is applied to the full paymcnl ~,1' one or more Periodic Payments, such excess
may be applied to any late charges due. Voluntary prepayment~ ?,hal be applied first to any prepayment charges
and then as described in the Note.
Any application of payments, insurance proceeds, or Misccli:tnc,~,s Proceeds to principal due under the Note
shall not extend or postpone the due date, or change the amount, t~ thc Periodic Payments.
3. Funds for Escrow Items. Borrower shall pay to Lender ~m the da)' Periodic Payments are due under the
Note, until the Note is paid in full, a sum (the "Funds") to pros idc I'~r payment of amounts due for: (a) taxes and
assessments and other items which can attain priority over this .'qccm'it) Instrument as a lien or encumbrance on
the Property; (b) leasehold payments or ground rents on the Pr~pcrt.,,', if any; (c) premiums for any and all
insurance required by Lender under Section 5; and (d) Mortgage lnsm'ance premiums, if any, or any sums payable
by Borrower to Lender in lieu of the payment of Mortgage lnstu-ancc 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 ,\sscssments, if any, be escrowed by Borrower,
and such dues, fees and assessments shall be an Escrow Itcm. I/~,rrower shall promptly furnish to Lender all
notices of amounts to be paid under this Section. Borrower shall pa5 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 all l:-iscrmx Items at any time. Any such waiver may
only be in writing. In the event of such waiver, Borrower shall pzO directly, when and where payable, the
amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender
requires, shall furnish to Lender receipts evidencing such payment xx ithin such time period as Lender may require.
Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a
covenant and agreement contained in this Security Instrument, a~ thc phrase "covenant and agreement" is used in
Section 9. If Borrower is obligated to pay Escrow Items directl), pursuant to a waiver, and Borrower fails to pay
the amount due for an Escrow Item, Lender may exercise its rights trader 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 gixcn itl accordance with Section 15 and, upon such
revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this
Section 3.
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the
Funds at the time specified under RESPA, and Co) not to exceed thc ma×imum amount a lender can require under
RESPA. Lender shall estimate the amount of Funds due on thc busis or' current data and reasonable estimates of
expenditures of future Escrow Items or otherwise in accordance xx ith Applicable Law.
The Funds shall be held in an institution whose deposits arc insut'cd by a federal agency, instrumentality, or
entity (including Lender, if Lender is an institution whose depo.qt~ arc so insured) or in any Federal Home Loan
Bank. Lender shall apply the Funds to pay the Escrow Items m, latcr 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 Borrower inter'cst on the Funds and Applicable Law permits
Lender to make such a charge. Unless an agreement is made in xxriting or Applicable Law requires interest to be
paid on the Funds, Lender shall not be required to pay Borrower anx interest or earnings on the Funds. Borrower
and Lender can agree in writing, however, that interest shall bc 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 undcl- R[-iSPA, Lender shall account to Borrower for
the excess funds in accordance with RESPA. If there is a shortztgc of Funds held in escrow, as defined under
RESPA, Lender shall notify Borrower as required by RESPA. dm.I Borrower shall pay to Lender the amount
necessaD' to make up the shortage in accordance with RESPA. but in m, more than twelve monthly payments. If
there is a deficiency of Funds held in escrow, as defined under RI:t-;P.\. Lender shall notify Borrower as required
by RESPA, and Borrower shall pay to Lender the amount neces,~a? t~ make up the deficiency in accordance with
RESPA, but in no more than twelve monthly payments.
Upon payment in full of all sums secured by this Securitx Instrument, Lender shall promptly refund to
Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessmcnt~, ch~u'ges, fines, and impositions attributable to
the Property which can attain priority over this Security lnstrun~ctlt. Icasdlold payments or ground rents on the
WYOMdNG - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRI \11 \ I Form 3051 (01/01)
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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 5;cction 3.
Borrower shall promptly discharge any lien which has priorit3 mcr this Security Instrument unless Borrower:
(a) agrees in writing to the payment of the obligation secured b3 thc lien in a manner acceptable to Lender, but
only so long as Borrower is performing such agreement; (b.) conk'sts the lien in good faith by, or defends against
enforcement of the lien in, legal proceedings which in Lender's opinitm operate to prevent the enforcement of the
lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures fi.om 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 can attain priority over this Security
Instrument, Lender may give Borrower a notice identifying the lien. \Vithin 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 oneqime charge Ik3r a real estate tax verification and/or reporting
service used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within thc term "extended coverage," and any other
hazards including, but not limited to, earthquakes and floods, 1~,' which Lender requires insurance. This
insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender
requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The
insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove
Borrower's choice, which right shall not be exercised unreasonably. Leuder may require Borrower to pay, in
connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking
services; or Co) a one-time charge for flood zone determination and certification services and subsequent charges
each time remappings or similar changes occur which reasonably might afl'ect 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 the 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 under no ~bligation to purchase any particular type or
amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower,
Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might
provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the
insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have
obtained. Any amounts disbursed by Lender under this Sectkm 5 shall become additional debt of Borrower
secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of
disbursement and shall be payable, with such interest, upon notice Ii'om Lender to Borrower requesting payment.
All insurance policies required by Lender and renewals of such p, licies shall be subject to Lender's right to
disapprove such policies, shall include a standard mortgage clause, arid shall name Lender as mortgagee and/or as
an additional loss payee. Lender shall have the right to hold thc pt)licies and renewal certificates. If Lender
requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower
obtains any form of insurance coverage, not otherwise required b3 l.ender, for damage to, or destruction of, the
Property, such policy shall include a standard mortgage clause and shall uame Lender as mortgagee and/or as an
additional loss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing,
any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to
restoration or repair of the Property, if the restoration or repair is cctmomically 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 Propct'ty to c~sure the work has been completed to
Lender' s satisfaction, provided that such inspection shall be undert~kcn promptly. Lender may disburse proceeds
for the repairs and restoration in a single payment or in a series ol' pt'ogress payments as the work is completed.
Unless an agreement is made in writing or Applicable Law rcquircs interest to be paid on such insurance
proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public
adjusters, or other third parties, retained by Borrower shall not be p~fid out ot' the insurance proceeds and shall be
WYOMING - Single Family - Fannie Mae/Freddie !M~c UNIFORM INSTRUMI.:N'I'
Page 5 of 12
Form 3051 (01/01)
the sole obligation of Borrower. If the restoration or repair is m'u economically feasible or Lender's security
would be lessened, the insurance proceeds shall be applied to thc sums secured by this Security lnst,-ument,
whether or not then due, with the excess, if any, paid to Borrower Such insurance proceeds shall be applied in
the order provided for in Section 2.
If Borrower abandons the Property, Lender may file, .negotiate and settle any available insurance claim and
related matters. If Borrower does not respond within 30 days to a noBcc ii'om Len'der that the insurance carrier
has offered to settle a claim, then Lender may negotiate and settle thc claim. The 30-day period will begin when
the notice is given. In either event, or if Lender acquires the Property unde,' Section 22 or otherwise, Borrower
hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts
unpaid under the Note or this Security Instrument, and (b) any other ¢~1' Borrower' s rights (other than the right to
any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as
such rights are applicable to the coverage of the Property. Lender ma~ use the insurance proceeds either to repair
or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then
due.
6. Occupancy. Borrower shall occupy, establish, and use tile Property as Borrower's prinmpal residence
within sixty days after the execution of this Security Instrument m~d shall continue to occupy the Property as
Borrower's principal residence for at least one year after the date o1' occupancy, unless Lender otherwise agrees in
writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are
beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy,
damage or impair the Property, allow the Property to deteriorate or commit waste on 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 condition. Unless it is determined pursuant to Section 5 that
repair or restoration is not economically feasible, Borrower shall p,'tm~ptl.5 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 repttMng or restoring the Property only if Lender
has released proceeds for such purposes. Lender may disburse pn~cccds 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 restore the Property, Borrower is m~t relieved of Borrower's obligation for the
completion of such repair or restoration.
Lender or its agent may make reasonable entries upon and insp~:ctions of the Property. If it has reasonable
cause, Lender may inspect the interior of the improvements on the I'roperty. Lender shall give Borrower notice at
the time of or prior to such an interior inspection specifying such rcason,'lble cause.
8. Borrower's Loan Application. Borrower shall be in dcl'auh il~ during the Loan application process,
Borrower or any persons or entities acting at the direction of Borroxxcr 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 the Loan. Material representations include, but are not limited to,
representations concerning Borrower's occupancy of the Property as Borrower's principal residence.
9. Protection of Lender's Interest in the Property and Rights U,ider this Security Instrument. If (a)
Borrower fails to pertbrm the covenants and agreements contained in this Security Instrument, (b) there is a legal
proceeding that might significantly affect Lender's interest in thc Prt)perty and/or rights nnder this Security
Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeitm'e, for enforcement of a lien
which may attain priority over this Security Instrument or to enflwcc laws or regulations), or (c) Borrower has
abandoned the Property, then Lender may do and pay for whutc\'er is reasonable or appropriate to protect
Lender's interest in the Property and rights under this Security lnstrtm~cnt, including protecting and/or assessing
the value of the Property, and securing and/or repairing the Property. l.ender's actions can include, but are not
limited to: (a) paying any sums secured by a lien which has priorib t}x cr this Security Instrument; (b) appearing
in court; and (c) paying reasonable attorney's fees to protect its interest in the Property and/or rights under this
Security Instrument, including its secured position in a bankruptc) procc'eding. Securing the Property includes,
but is not limited to, entering the Property to make repairs, change h,d<s, replace or board up doors and windows,
drain water fi-om 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. I.ender does not have to do so and is not
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIlVORM INSTRtIMI(?~' I' Form 3051 (01/01)
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under any duty or obligation to do so. It is agreed that Lender- incurs ilo liability for not taking any or all actions
authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shal t>~:ctml:: 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 Lender. to BorroxYer requesting payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all .the provisions of the lease. If
Borrower acquires fee title to the Property, the leasehold and the fcc 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 Insurance in effect. If, for any reason, the
Mortgage Insurance coverage required by Lender ceases to be available Ii'om the mortgage insurer that previously
provided such insurance and Borrower was required to make separatel) designated payments toward the premiums
for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalem to
the Mortgage Insurance previously in effect, at a cost substantiall~ equivalent to the cost to Borrower of the
Mortgage Insurance previously in effect, from an alternate mortga,2c_ insurer selected by Lender. If substantially
equivalent Mortgage Insurance coverage is not available, Borrower shal continue to pay to Lender the amount of
the separately designated payments 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 ,'eserve in lieu of Mortgage Insurance. Such loss
reserve shall be non-refundable, notwithstanding the fact that the lxmn is ultimately paid in full, and Lender shall
not be required to pay Borrower any interest or earnings on such loss rese,'ve. Lender can no longer require loss
reserve payments if Mortgage Insurance coverage (in the amount and ibr the period that Lender requires) provided
by an insurer selected by Lender again becomes available, is obtaincd, and Lender requires separately designated
payments toward the premiums for Mortgage Insurance. [f Lender required Mortgage Insurance as a condition of
making the Loan and Borrower was required to make separateb 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 the Lender's requirement for Mortgage Insurance ends in accordance
with any written agreement between Borrower and Lender providing t'c)r such termination or until termination is
required by Applicable Law. Nothing in this Section 10 affects Borrower' s obligation to pay interest at the rate
provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur'
if Borrower does not repay the Loan as agreed. Borrower is not a party to 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 modif5, their risk, or reduce losses. These agreements are on terms and
conditions that are satisfactory to the mortgage insurer and the other p:trty (or parties) to these agreements. These
agreements may require the mortgage insurer to make payments using any source of funds that the mortgage
insurer may have available (which may include funds obtained from Mortgage Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other
entity, or any affiliate of any of the foregoing, may receive (directl> or indirectly) amounts that derive from (or
might be characterized as) a potTtion of Borrower's payments for Mt~rtgage Insurance, in exchange for sharing or
modifying the mortgage insurer' s risk, or reducing losses. If such agreement provides that an affiliate of Lender
takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is
often termed "captive reinsurance." Further:
(a) Any such agreements will not affect the amounts that Burrower has agreed to pay for Mortgage
Insurance, or any other terms of the Loan. Such agreements will out increase the amount Borrower will
owe for Mortgage Insurance, and they will not entitle Borrower to any refund.
(b) Any such agreements will not affect the rights Borrowe,- has - it' an), - with respect to the Mortgage
Insurance under the Homeowners Protection Act of 1998 or an) olher law. These rights may include the
right to receive certain disclosures, to request and obtain cn,~ct, llation of the Mortgage Insurance, to have
the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance
premiums that were unearned at the time of such cancellation or lermination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to
and shall be paid to Lender.
WYOMING - Single Family - Fannie Mae/Fretldie Mac UNIFORM 1NSTRUMEzX I
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Form 3051 (01/01)
If the Property is damaged, such Miscellaneous Proceeds sh,dl bc applied to restoration or repair of the
Property, if the restoration or repair is economically feasible and l.cndcr' ~ 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. Lender ma2. pay for the repairs and restoration in a
single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in
writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be
required to pay Borrower any interest or earnings on such MiscellLm¢ous Proceeds. If the restoration or repair is
not economically feasible or Lender's security would be lessened, the lVliscellaneous Proceeds shall be applied to
the sums secured by this Security Instrument, whether or not then duc. with the excess, if any, paid to Borrower.
Such Miscellaneous Proceeds shall be applied in the order provided l'or in Section 2.
In the event of a total taking, destruction, or loss in value of thc Property, the Miscellaneous Proceeds shall
be applied to the sums secured by this Security Instrument, whether- or not then due, with the excess, if any, paid
to Borrower.
In the event ora partial taking, destruction, or loss in value o1' thc Property tn which the fair market value of
the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the
amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss
in value, unless Borrower and Lender otherwise agree in writing, thc 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 the 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 of the 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 upplied 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 settle ~ claim for damages, Borrower fails to respond
to Lender within 30 days after the date the notice is given, l.cndcr is authorized to collect and apply the
Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security
Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower 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 other material impairment of Lender's interest in the
Property or rights under this Security Instrument. Borrowe,- calq cure such a default and, if acceleration has
occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling
that, in Lender's judgment, precludes forfeiture of the Property or other matsrial impairment of Lender's interest
in the Property or rights under this Security Instrument. The proceeds or' any award or claim for damages that are
attributable to the impairment of Lender' s interest in the Property arc hereby' assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration t~t' 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. Exlension of the time for payment or
modification of anaortization of the sums secured by this Security Instt'ument granted by Lender to Borrower or
any Successor in Interest of Borrower shall not operate to release tine li:;bility of Borrower or any Successors in
Interest of Borrower. Lender shall not be required to commence prt)ccedings against any Successor in Interest of
Borrower or to refuse to extend time for payment or otherwise modit',, amortizat on of the sums secured by this
Security Instrument by reason of any demand made by the original Borrower or any Successors tn Interest of
Borrower Any forbearance by Lender in exercising any right or 'cmcdy inch~ding, without limitation, Lender's
acceptance ol' payments fi'om third persons, entities or Successors in Int~zrest or' Borro,,ver or in amounts less than
the amount then due, shall not be a waiver of or preclude the exercise ot' any' right or remedy.
13. Joint and Several Liability; Co-signers; Successors nmi Assigns Bound. Borrower covenants and
WYOMING - Single Family - Fannie Mae/Fredflie Mac UNIFORtM INSTRUMEN'I'
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Form 3051 (01/01)
agrees that Borrower' s obligations and liability shall be .joint and .~c~ cl'Ld. I lowever, an), Borrower who co-signs
this Security Instrument but does not execute the Note (a "co-signer" ): (a) is co-signing this Security Instrument
only to mortgage, grant and convey the co-signer's interest in thc I'roperty under the terms of this Security
Instrument; (b) is not personally obligated to pay the sums secured h) this Security Instrument; and (c) agrees that
Lender and any other Borrower can agree to extend, modil~,, forbear or make any accommodations with regard to
the terms of this Security Instrument or the Note without }he co-signer' s consent.
Subject to the provisions of Section 18, any Successor in Interest uf Borrower who assumes Borrower's
obligations under this Security Instrument in writing, and is apprux t:d by Lender, shall obtain all of Borrower' s
rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations
and liability under this Security Instrument unless Lender agrees I{~ 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 scrx ices performed in connection with Borrower' s
default, for the purpose of protecting Lender's interest in the Pn~pcrt) and rights under this Security Instrument,
including, but not limited to, attorneys fees, property inspection und valuation fees. In regard to any other fees,
the absence of express authority in this Security Instrument to clnm'ee a specific fee to Borrower shall not be
construed as a prohibition on the charging of such fee. Lende,' nm~ 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 charucs, 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 thc 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 (whether or not a prepayment charec is provided for under the Note). Borrower' s
acceptance of any such refund made by direct pay ment to Borroxvcr will constitute a waiver of any right of action
Borrower might have arising out of such overcharge.
15. Notices. All notices given by Borrower or Lender in c~}nncction with this Security Instrument must be
in writing. Any notice to Borrower in connection with this Securit~ Instrument shall be deemed to have been
given to Borrower when mailed by first class mail or when actuall3 delivered to Borrower's notice address if sent
by other means. Notice to any one Borrower shall constitute nt~nce to all Borrowers unless Applicable Law
expressly requires otherwise. The notice address shall be the Propcrt) 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 through that specified procedure. 1'here ma) be only one designated notice address
under this Security Instrument at any one time. Any notice to Lenc~cr snail be given by delivering it or by mailing
it by first class mail to Lender' s address stated herein unless Lender ~as designated another address by notice to
Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to
Lender until actually received by Lender. If any notice required m thi~ Security Instrument is also required under
Applicable Law, the Applicable Law requirement will satisfy thc o,rrcsponding requirement under this Security
Instrument.
16. Governing Law; Severability; Rules of Construction. '1 his Security Instrument shall be governed by
federal lax,/ and the law of the jurisdiction in which the Property s h~cated All rights and obligations contained
in this Security Instrument are subject to any requirements and lira t:ttions oF AppliCable Law. Applicable Law
might explicitly or implicitly allow the parties to agree by contracl ~r il might be silent, but such silence shall not
be construed as a prohibition against agreement by contract. ]n mc event that any provision or clause of this
Security Instrument or the Note conflicts with Applicable Law, ~uch ctmlqict shall not affect other provisions of
this Security Instrument or the Note which can be given et'fi~ct XviLht)ul tile conflicting provision.
As used in this Security Instrument: (a) words of the masculine ~cndcr shall mean and include corresponding
neuter words or words of the feminine gender; (b) words in thc sin~Lnar shal mean and include the plural and
vice versa; and (c) the word "may" gives sole discretion without :m,. t~blimMon to take any action.
17. Borrower's Copy. Borrower shall be given one copy oI' tl~c Note and o['this Security Instrument.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRLI\IiSN 1
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18. Transfer of the Property or a Beneficial Interest in Bo,'rower. As used in this Section 18, "Interest in
the Property" means any legal or beneficial interest ill the Propcrt), including, but not limited to, those beneficial
interests transferred in a bond for deed, contract for deed, installm,:ut sales contract or escrow agreement, the
intent of which is the transfer of title by Borrower at a future date to ;t purchaser.
If all or any part of the Property or any Interest in the. Propcrt) is sold or transferred (or if Borrower is not a
natural person and a beneficial interest in Borrower is soid or transllzrrccl) 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 l?,orrower tails to pay these sums prior to the
expiration of this period, Lender may invoke any remedies permittccl by this Security Instrument without further
notice or demand on Borrower:
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower
shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest
of: (a) five days before sale of the Property pursuant to any power of sate contained in this Security Instrument;
(b) such other period as Applicable Law might specify for the term ination of Borrower's right to reinstate; or (c)
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, property inspection and valuation fees, and
other fees incurred for the purpose of protecting Lender's interest in tile Property and rights under this Security
Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the
Property and rights under this Security Instrument, and Borro~ver's obligation to pay the sums secured by this
Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums
and expenses in one or more of the following forms, as selected hy 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. Upon reinstatement by Borrower, this Security Instrument and 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 Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of G,-iev:mce. The Note or a partial interest in the
Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A
sale might result in a change in the entity (known as the "Loan .'-;ervicer") that collects Periodic Payments due
under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the
Note, this Security Instrument, and Applicable Law. There also migi]t be one or more changes of the Loan
Servicer unrelated to a sale of the Note. If there is a change of thc Loan Servicer, Borrower will be given written
notice of the change which will state the name and address of thc aew Loan Servicer, the address to which
payments should be made and any other information RESPA 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 than the purchaser of
the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be
transferred to a successor Loan Servicer(s) and are not assumed by the Note purchaser unless otherwise provided
by the Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual
litigant or the member of a class) that arises fi.om the other party' s actions pursuant to this Security Instrument or
that alleges that the other party has breached any provision of, (,r an3 duty owed by reason of, this Security
Instrument, until such Borrower or Lender has notified the other pm't)' (with such notice given in compliance with
the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period
after the giving of such notice to take cor,-ective action. If Applicable Law provides a time period which must
elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this
paragraph. The notice of acceleration and opportunity to cure given to Bor,'ower pursuant to Section 22 and the
notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and
WYOMING - Single Family - Fa nnie Mae/Freddie Mac tin IFORM 1NSTRU~,I E NT Form 3051 (01/01 )
Page I0 of 12
"0 6 2 7
oppo~.~. ~ective action provisions of this Section 20.
2I. Haza'rd:ous Substances. As used in this Section 21: (a) "[la~'ardous Substances" are those substances
defined as toxic or hazardous substances, pollutants, or wastes h) ~h~vironmental Law and the following
substances: gasoline, kerosene, other fiammable or toxic petroleum pre,ducts, toxic pesticides and herbicides,
volatile solvents, materials containing asbestos or forma!dehyde, and radioactive materials; (b) "Environmental
Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or
environmental protection; (c) "Environmental Cleanup" includes anx response action, remedial action, or removal
action, as defined in Environmental Law; and (d) an "Environment:ti Condition" means a condition that can cause,
contribute to, or otherwise trigger an Environmental Cleanup.
Borrower shall not cause or permit the presence, use, disp,~sal, storage, or release of any Hazardous
Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor
allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b)
which creates an Environmental Condition, or (c) which, due tt~ Iht presence, use, or release of a Hazardous
Substance, creates a condition that adversely affects the value of thc l'ropcrty. ]'he 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 1o maintenance of the Property (including,
but not limited to, hazardous substances in consumer products).
Borrower shall promptly give Lender written notice of (a) an> inxestiganon, claim, demand, lawsuit or other
action by any governmental or regulatory agency or private party in¥oh'ing the Property and any Hazardous
Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition,
including but not limited to, any spilling, leaking, discharge, rclcuse or threat of release of any Hazardous
Substance, and (c) any condition caused by the presence, use or release ot'a kl azardous Substance which adversely
affects the value of the Property. If Borrower learns, or is notified hx an) governmental or regulatory authority,
or any private party, that any removal or other remediation of an.~ t lttzardous Substance affecting the Property is
necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law
Nothing herein shall create any obligation on Lender for an Environmental Cleanup.
NON-UNIF ORM COVENANTS. Borrower and Lender further co¥cnant and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to 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 otherwise). The notice shall specify: (a) the default; (b) the
action required to cure the default; (c) a date, not less than 311 {h~ys fro,n 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 olher remedies permitted by Applicable Law.
Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22,
including, but not limited to, reasonable attorneys' fees and costs of title evidence.
If Lender invokes the power of sale, Lender shall give notice ~1' 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 Secti{m 15. Lender shall publish the notice of sale,
and the Property shall be sold in the manner prescribed by :~pplicable 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' l'ees:, (b) to all sums secured by this
Security Instrument; and (c) any excess to the person or persons leg:ally entitled to it.
23. Release. Upon payment of all sums secured by this Securit) ht~trtmlci'~t. Lender shall release this Security
Instrument. Borrower shall pay any recordation costs. Lender m[~ ch:u'ge Borrower a tee for releasing this
Security Instrument, but only if the fee is paid to a third party tot' ~c. t x ,cc.s rendered and the charging of the fee is
WYOMING - Single Family- Fannie Mae/Freddie .Mac UNIFORM INSTRUMF \1
Page 11 of 12
Form 3051 (01/01)
0818
permitted under Applicable Law.
24. Waivers. Borrower releases and waives all rights under and b3 virtue of the homestead exemption laws of
Wyoming.
BY SIGNING BELOW, Borrower accepts and agrees, to the terms and covenants contained in this Security
Instrument and in any rider(s) executed by Borrower and recorded x~ ith it.
Wayne Hunter Neal
C~a-r~ssa M. NeaI _~S~oa~,l~)
Socia, Seou,'it , N ,n be,- 5,20'/23' "73<//
Social Security Number
(Seal)
(Seal)
- Borrower
Social Security Number
............................. -[Space Below This Line For Acknowledgment] ............................
STATE OF W¥OM'I;NG )
) SS:
COUNTY OF LINCOLN )
The foregoing instrument was acknowledged before me, a Notary ?ublic, on SEPTEMBER 27, 2004
Date
by: Wayne Hunter Neal AND husband and wife
Clarissa M. Neal,
Person(s) Acknowledging
In WITNESS WHEREOF, I have hereunto set my hand and official seaL.
My Commission exoires: 09/18/07
COUNTY OF ll~l.v~ STATE OF
LINCOLN ~ WYOMING
WYOMING -Single Family- Fannie Mae/Freddie 'Mac UNIFORM INSTRUsII{N 1'
Page 12 of 12
Notary Public
Form 3051 (01/01)
0 90 24S
0619
PLANNED UNIT DEVELOPMENT RIDER
LOAN NO. 12626051084
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 27TH 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 Instrument") of the same date given by the nndersigned (the "Borrower") to secure
Borrower's Note to
FIRST NATIONAL BANK - WEST (ALPINE BRANCH)
A NATIONAL BANKING ASSOCI (the "Lender") of the same
date and covering the Property described in the Security Instrmncnt and located at:
51 Pine Drive
Thayne, WY 83127
[Property Address]
The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such
parcels and certain common areas and facilities, as described in DECLARATIONS · CONVgl~lq'rs ·
CONDITIONS, AlqD?:RESTRICTIONS
(the "Declaration"). The Property is part of a planned unit development known as
STAR VALLEY RANCH
[Name of Planned Unit Devcloim~cn£]
(the "PUD"). Thc Property also includes Borrower's interest in thc homeowners association or equivalent entity
owning or managing the common areas and facilities of the PUD (the "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) Declaration: (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 thc 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 "~naster" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides
insurance coverage in the amounts (including deductible levels), for Ibc periods, and against loss by fire, hazards
included within thc term "extended coverage," and any other hazmds, including, but not limited to, earthquakes
and floods, for which Lender requires insurance, then: (i) kcmlcr waives the provision in Section 3 for the
Periodic Pay~ncnt to Lender of thc yearly premium instalhnents I't~r property insurance on thc Property; and (ii)
MULTISTATE PUl) RIDER Single Family Fannie Mae/Ih'eddie Mac UNIFORJVI [NSTRUMENT
FNMA3150 (10/00) Page I of 2 FORM 3150 1/01
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,_ 0(;'20
Borrower's obligation undcr Section 5 to maintain property insurance coverage on thc Property is deemed
satisfied to the extent that the required coverage is provided by thc Owners Association policy. What Lender requires as a condition of this waiver can change during thc term of thc loan.
Borrower shall gtve 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 in lieu of restoration or repair following a loss to
the Property, or to common areas and facilities of the PUD, any 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 to 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 tn lieu of coudcmnation, are hereby assigned and shall be
paid to the 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 consent to: (i) the adandonment or termination of
the PUD, except for abandonment or termination required by law in thc case of substantial destruction by fire or
other casualty or in the case of taking by condemnation or eminent domain; (ii) any amendment to any provision
of the "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of
professional management and assumption of self-management of thc Owners Association; or (iv) any action
which would have the effect of rendering the public liability insurance coverage maintained by the Owners
Association unacceptable to Lender.
F. Remedies. If Borrower does not pay PUD dues and assessments ~vhen 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.
Wayne Hunter Neal
(S al) 'il (Seal)
-Borrower ~/S -Borrower
Cia sa M. Neal
(Seal) (Seal)
-Borrower -Borrower
[Sign Original Only]
MULTISTATE PUD RIDER
FNMA3150 (10/00)
Single Family Fannie Mac/Freddie Mac UNIFORM INSTRUMENT
Page 2 of 2 FORM 3150 1/01
0:9032.4
MORTGAGE ADDENDUM
The following is an Addendum to the Mortgagt~ The addendum shall be
incorporated into and recorded with, the Mortgage.
TAX EXEMPT FINANCING RIDER
This Tax-Exempt Financing Rider is incorporated toro and shall be deemed to
amend the terms of the Mortgage to which it is attached.
In addition to the covenants and agreements made in the Security instrument,
Borrower and Lender further covenant and agree as follows:
Lender, or such of its successors or assigns as may, by separate instrument,
assume responsibility for assuring compliance by the Borrower with the
provisions of this Tax Exempt Financing Rider, may require immediate
payment in full of all sums secured by this Security Instrument if:
a}
All of part of the Property sold or othcrxvise transferred (other than
by devise, descent or operation of law} by Borrower to a purchaser
or other transferee:
Who cannot reasonably be expected to occupy the property
as a principal resident within a reasonable time after the sale
or transfer, all as provided in Section 143(c} and (i} (2} of the
Internal Revenue Code; 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, all as provided in Section
143[d} and (i) (2} of the Internal Revenue Code; or
iii)
At an acquisition cost which is greater than 90 percent of the
average area purchase price (greater than 110 percent for
targeted area residences}, all as provided in Section 143(e}
and (i} (2} of the Internal Revenue Code; or
ivl
Whose family income exceeds applicable income limits as
provided in Section 143(t) and IU (2) of the Internal Revenue
Code.
b}
Borrower fails to occupy the property described in the Security
Instrument without prior written consent of the lender or its
successors or assigns described at the beginmng of this Tax
Exempt Financing Rider, or
c}
Borrower omits or misrepresents a fact that m materia] with
respect to the provisions of Section 143 of the Internal Revenue
Code in an application for the loan secr~red by this Security
Instrument.
References are to the Internal Revenue Code as amended, in effect on the date
of execution of the Security Instrument and arc deemed to include the
implementing regulations.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions
in this Tax-Exempt Financing R_ider.
WAYNE ltUNTER NEAL
MPP 210-B (Revised 12/95)
CLARISSA M. NEAL
' /0621