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HomeMy WebLinkAbout874678A tier Recording Return COUNTRYWIDE HONE LOANS INC. MS SV-79 DOCUMENT PROCESSING 1800 Tapo Canyon Simi Valley, CA 93063-6712 [Space Above This Line For Recording Data} FA7912M 000567512838317 [Escrow/Closing #] [Doc ID #] MORTGAGE DEFINITIONS Words used in multiple sections of' this document are defined below and other wards are defined in Sections 3, 11, 13, 18~ 20 and 21. Certain rules regard~i~g the usage of words used in this document are also provided in Section 16. (A) "Security Instrumeni" means this document, which is dated JULY 16, 2001 ,together with all Riders to this document. (B) "Borrower" is ALLAN d SCHOONOVER, AND DELORES C SCHOONOVER, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument, (C) "Lender" is COUNTRYWIDE HOME LOANS, INC. Lender is a CORPORATION orgm~ized and existing under the laws of NEW YORK Lender's address is 4500 PARK GRA'NADA, CALABASAS, CA 91302-1613 Lender is the mortgagee under this Security Instrument, (D) "Note" means the promissory note signed by Borrower and dated dULY 16, 2001 . The Note states that Borrower owes Lender ONE HUNDRED THIRTY SIX THOUSAND EIGHT HUNDRED and 00/100 Dollars (U,S. $ 136,800.00 ) plus interest. Borrower has prmnised to pay this debt in regular Periodic Payments and to pay the debt in full not later than AUGUST 01, 2031 (E) "'Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "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. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~®-6(WY) (oao5) CHL (08/00) VM~, MORTGAGE FORMS ~ (800)521-7291 ~ ,,',"F~fm 3051 1/01 CONV/VA '23991" *005675128000002006 DOC ID f~ 000567512838317 (G) "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 applicable]: [] Adjustable Rate Rider ~ Condominium l~ider ~] Second Home Rider [~ Balloon Rider (~, [~]] Planned Unit Development Rider _~ 1-4 Family Rider [] VA Rider ~,~..~"~'. '~'] Biweekly Payment Rider [--~.-] Other(s) [specify] (II) "Applicable Law" means all controlling applicable federal, state anti local statutes, regulationS, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Commnnity Association Dues, Fees and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by cbeck, draft, or similar paper instrument, which is initiated through au electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and antomated clearinghouse transfers. (K) "Escrow Items" means those items lhat are described in Section 3.. (L) "Miscellaneous Proceeds" means any compensation, settiement, award 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 or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means 'insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly, scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means thc, Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its imPlementing regulation, Regulation X (24 C.F.R, Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposexl 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 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 does hereby mortgage, grant anti convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : /Type of Recording Jurisdiction] [Name of Recording Jt~risdiction] LOT 51 OF STAR VALLEY RANCH PLAT 2 LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEROF. Parcel ID Number: which currently has the address of 441 ASPEN WAY, THAYNE [Street/Cityt Wyoming 83127- CProperty Address"): [Zip Code} Dog ID :{) 000567512838317 TOGETHER WITH' all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument: All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except fl0r 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~:{miform 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, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be marie 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, Leuder may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the R}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 the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to reflise such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic payment is applied as of its scheduled due date, then Lender ne.ed not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan cra-rent. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds willlbe applied to die outstanding principal balauce under the Note immediately prior to foreclosure. No offset or claiin which Borrower might have now or in file fliture against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) i,nterest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such paymbn~ shall be applied to each Periodic Pay~nent 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 may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, eacli payment can be paid in full. To the extent that any excess exists after the payment is applied to the fi~ll payment of one or more Periodic Payments, such excess may be applied to any late charges clue. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note, Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, 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 mnounts due for: (a) taxes and assessments and other items which can attain prio. rity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender 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 and assessments shall be an Escrow Item. Borrower shall promptly fufifish to Lender all notices of amounts to 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 all Escrow 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 amounts due for any Escrow Items for which payment of Funds has been waived l~y Lender and, if "40 DOC ID ~'~ 000567512838317 Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is'oi)ligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails m pay the amount due tbr 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 mid, upon such revocat!0n, 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 (13) 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 are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are st) 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 fi)r holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on file 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 Fumls. Borrower and Lender can agree iu writing, however, that interest shall be paid on the Fnnds. 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 tinder 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 tinder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make lip 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 trader RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary m 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 tax~es, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and 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 only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security 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. 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 for 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 how existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and 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. Lender 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 (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 snch 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 deter~nination res'ulting 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 tinder no obligation to purchase any particular type or amonnt 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 [isk, hazard or (~®-8(WY) (ooo~) CHL (08/00) .=a~ ~ ~* ~ ~/' ,.l~)rm ~'0,51 1/01 DOC ID ~',~ 000567512838317 liability and might provide greater or lesser coverage than was previously iu effect. Borrower acknowledges that tile cost of the insurance coverage so obtgined might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts d'isbursed by Lender under this Sectiou 5 shall become additional debt of Borrower sec;ired by this Security Instrument. These amounts shall bear interest at the Note rate fi'om ihe date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a slaudard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall havre :ttie right to hold tile pr)licies and renewal 'certificates. If Lender requires, Borrower shall promptly give to Lender alt receipts of paid premiums and renewal notices. If Borrower obtains rely form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender tis mortgagee anti/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and 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 arid restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower arty interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower sh~l not he paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoratitm o~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 due, with the excess, it' any, pakl 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 anti settle any available insurance claim and related matters. If B, orrower does not respond within 30 d'ays to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender~may negotiate and settle tile claim, The 30-day period will begin when the notice is given. In either eveni; 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 ammmt . not to exceed the mnounts unpaid under lite Note or this Security Instrument, anti (b) any other of Borrower's rights (other than the right to any refnnd of unearned premituns paid by Borrower) nnder all insurance policies covering file Property, insofar as such rights are applicable to the coverage of the Property. Lender may use tile insurance proceeds either to repair or restore the Property or to pay amounts unpaid ,ur~de~r 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 stroll continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, tmless Lender oflmrwise agrees in writing, which consent shall not be unreasonably withheld, or nnless extenuating circumstan, ces exist which m'e 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 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 Iht repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs anti restoration in a single payment or in a series of progress payments as the work is completed. If file insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration, Lender or its agent may make reasonable entries upon anti inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Leader shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if', during the Loan application process, Borrower or any persons or entities acting at the direction of' Borrower or with Borrower's knowledge or codsent 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 cdncerning Borrower's occupancy of the Property as Borrower's principal residence. DOC Itl # 000567512838317 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrmnent, th) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, 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 t.ender'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) payink 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 Iiistrument. including'its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to m'~e repairs, change locks, replace or board tip doors and windows, drain water /'rom 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 actions authorized tinder this Section 9. Any amounts disbursed by Lender tinder this Section 9 shall become additional debt of Borrower secured by this Security Instrument, These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from I.ender 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 thc Property, the leasehold and the fee title shall not merge unless Lender agrees Ir} the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, fi:om 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 payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use andretain 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 an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to pro~,ide 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 for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note)for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to 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 hinds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive Rom (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses: If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mnrtgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will ow~ for Mortgage Insurance, and they will not entitle Borrower to any refund. DOC ID ~ 000567512838317 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were 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 ~e Property is damaged, such Miscellaneou5 Proceeds shall be applied m restoration or repair of ~e Property, if fl~e restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have fl~e right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to edsure fl~e work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay fi)r ~e 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 ~y interest or earnings on such Miscellaneous Proce~ts. If the restoration or repair is not economically feasible or Lender's security would be lessened, ~e Miscellaneous Proceeds shall be applied to the sums secured by this Security Instalment, whefl~er or not fl~en due, wi~ fl~e excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in fl~e order provided for in Section 2. In fl~e event of a to~ ~ing, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be appli~ to the sums secured by ~is Security Ins~ument, whether or not then due, with the excess, if any, p~d to Bogower. In ~e event of a par¢al raking, des~nction, or loss in value of ~e Property in which ~e fair market value of fl~e Property immediately before ~e p~ti~ ~ing, des~uc~on, or loss in value is equal to or greater than the amount of fl~e sums secured by ~is Security Ins~ument immediately before the partial taking, desm~ction, or loss in value, unless Borrower and Lender oCerwise agr~ in writing, ~e sums secured by this Security lns~ument shall be reduced by the mount of ~e Miscell~eous Proceeds multiplied by the following fraction: (a) the Dml amount of the sums secured immediately before fl~e partial taking, des=uction, or loss in value divided by (b) fl~e fair market value of ~e Property immediately before the partial raking, des~uction, or loss in value. Any balance shall be paid to Borrower. ' In ~e event of a p~fial raking, des=notion, or loss in value of ~e Property in which the fair m~ket value of the Property immediately befl~re ~e partial raking, des~uction, or loss in value is less ~an fl~e mnount of the sums secured immediately before the partial raking, des=ucfion, or loss in value, unless Borrower and Lender o~erwise agree in writing, the Miscellaneous Proceeds shall be applied to ~e sums secured by ~is Security Ins~ument wbe~er or not the sums ~e then due. If ~e Property is ab~doned by Bogower, or if, alter notice by Lender to Bo~ower fl~at ~e Opposing P~ty (as defined in ~e next senmnce) offers to make an awt~d to settle a claim for damages, Borrower fails to respond to Lender wi~in 30 days after ~e dam ~e notice is given, Lender is authorized to.collect and apply ~e Miscell~eous Proceeds eider to restoration or rep~r of fl~e Property or to fl~e sums sechmd by this Security InsUument, whe~er or not ~en due. "Opposing P~ty" me~s ~e ~ird party ~at owes Borrower Miscellaneous Proceeds or ~e p~ty against whom Borrower has a right of actim! in reg~d to Miscell~eous Proceeds. Borrower shall be in default if any action or proceeding, wheflmr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of ~e Property or o~er material impairment of Lender's interest in the Property or rights under ~is Security Instalment. Bo~ower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing ~e action or proceeding to be dismissed wi~ a ruling ~at, in Lender's judgment, precludes forfeiture of ~e Property or other material imp~rment of Lender's inmrest in ~e Property or rights under ~is S~urity Ins~ument, The proceeds of any awed or claim for dmages O~at are at~ibnmble to tim imp~rment of Lender's interest in the Property ~e hereby assigned and shall be paid to Lender. All Miscell~eous Proceeds fl~at are not applied to restoration or repair of the Property shall be applied in · e 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 fids Security Insuument granted by Lender to Bogower or any Successor in Interest of Borrower shall not operate to release ~e liability of Borrower or any Successors in Inmrest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Bo~ower or to refuse to exmnd time for payment or oCerwise modify ~orfization of the sums secured by fl~is Security Instalment by reason of any demand made by fl~e original Borrower or any Successors in Inmrest of Bo~ower. Any forbearance by Lender in exercising m~y right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Bo~ower B('in amounts less than O~e mnonnt then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound, Borrower covenants and agrees ~at Borrower's obligations m~d liability shall be joint and several. However, ~y Borrower who co-signs fids Security Ins~nment but does not execum the Note (a "co-signer"): (a) is co-signing this Security Ins~nment . ~-8(wv)(ooosl OHk (o8/0o) ~aga -/o,~ -~~51 '1/01 DOg ID # 000567512838317 only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay 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 Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's r!ghts an'd benefits under this 'Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (ex~ept as provided in Section 20) anti benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower tees for services performed in connection with Borrower's default, for file purpose of protecting Lender's interest in the Property anti 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 maximmn loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with file 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 Borrow/er which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a retired reduces 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 arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Scct]rity 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 pro~nptly 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. There may be only one designated notice address under this Security Instrument at an), one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Securi[y Instrument is also required under Applicable Law, the 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 to 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 lite conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of tile feminine gender; th) words in the singular shall mean and include the plural and vice versa; and (c) lite word "may" gives sole discretion without any obligation to take any action. 1.7. Borrower's Copy. Borrower shall be given one copy of the 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" memos any legal or beneficial interest in the 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 rifle 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 natu'ral 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 Insmnnent. Hdwever, 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/'rom the date the notice is given in accordance with Section 15 within w!~ich Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of Otis period, Lender may invoke any remedies permitted by this Secutity In.~]rument without further notice or demand on Borrower. ///'~// ~ -6(WY) (dads) ertL (08/00) .a0o a o~ ~E-o-~ 3051 1/01 DOC ID # 000567512838317 19. Borrower's Right to Reinstate Alter Acceleration. If Borrower meets certmn 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 stile contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination 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' fe. es, property inspection and valuation fees, and other fees incurred for the purpose et' protecting Lender's interest in the Property anti 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 ~is Security Insmm~ent. and Borrower's obligauon to pay the sums secured by this Security Ins~ument, shall continue unch~ged. Lender may requ=e that Borrower pay such reinstatement sums ~d expenses in one or more of fl~e following forms, as selected by Lender: (a) cash; (b) money order; (c) cer~fied check, bank check, ~easurer's check or cashier's check, provided any such check is drawn upon an ins~mfion whose deposits are insur~l by a federal agency, ins~umenmlity or entity; or (d) Elec~onic Funds Tr~sfer. Upon reinstatement by Bogower, this Security Ins~ument and obligations secured hereby shall remain fully effec~ve as if no accelera¢on had occuged. However, ~is right to reinsmm shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a pgtial interest in the Note (together with this Security Ins~ument) can be sold one or more times wi~out prior notice to Borrower. A sale might result in a ch~ge in the entity (known as ~e "Lom~ Servicer") that collects Periodic Payments due under the Note and ~is Security Ins~mnent and performs other mortgage loan serviciug obligations under ~e Note, ~is Security Instalment, and Applicable Law. There also might be one or more ch~ges of ~e Lo~ Servicer unrelated to a sale of ~e Note. If there is a change of the Loan Servicer, Borrower will be given written notice of ~e change which will sate the name and address of the new Loan Servicer, the address m which payments should be made ~d ~y other infomation RESPA requires in connection with a notice of ~ansfer of servicing. If tim Note is sold and ~ereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage lo~ servicing obligations to Borrower will rem~n with the Loan Servicer or be ~ansfe~ed to a successor Loan Servicer and are not assumed by ~e Note purchaser unless otherwise provided by ~e Note purchaser. Nei~er Borrower nor Lender may commence, join, or be joined m any judicial action (as eiaer an individual litigant or the member of a class) ~at mines from the other p~ty's actions pursuant to this Security Ins~ument or that alleges that ~e o~er p~ty has breached any provision of, or any duty owed by reason of, this Securiw Ins~ument, until such Borrower or Lender has notified the o~er p~ty (wi~ such notice given in compliance with ~e requkements of Section 15) of such alleged breach and aftBrded ~e o~er pmty hereto a reasonable period after the giving of such notice to ~e correchve action. If Applicable Law provides a time period which must elapse before certain action can be ~en, that time period will be deemed to be reasonable for pu~0ses of tiffs pmagraph. The notice of acceleration and opportunity to cure given t0 Borrower pursuant to Section 22 and the notice of acceleration given m Borrower pursuant m Section 18 shall be deemed to safis~ the notice ~d opportunity to rake coxective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) 'Haz~dous Substances" are those substances defined as toxic or h~dous substances, pollutants, or wasms by Environmental Law and ~e following substances: gasoline, kerosene, other flammable or toxic pexoleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located ~at relate to health, safety or environmental promction; (c) "Environmental Cleanup" includes m~y response action, remedial action, or removal action, as defined in Envkonmenml Law; m~d (d) an "Environmental Condition" means a condition that cm~ cause, con~ibnte to, or o~erwise ~igger m~ Environmental Cleanup. Bo~ower shall not cause or permit ~e presence, use, disposal, storage, or release of any Hazardous Substances, or ~reaten to release ~y ttaz~dous Substances, on or in ~e Property. Borrower shall not do, nor allow anyone else to do, ~ything altering ~e Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a H~ardous Substance, creates a condition ~at adversely ~fects the value of the Property. The preceding two sentences shall not apply to ~e presence, use, or storage on the Property of small quantities of H~ardous Substances ~at ge generally recognized to be appropriate to normal residential uses and to mainten~ce of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give'Lender written notice of (a) any investigation, cl~m, demand, lawsuit or o~er action by any governmental or regulatory agency or private .party involving ~e Property and any Hardens Substance or Environmental Law of which Bo~ower has actual knowledge, (b) any Environmental C(ndifion, including but not limited to, ay spilling, leaking, disch~ge, release or ~reat of release of any ttaz~dous Substance, ~d (c) any condition caused by the presence, use or release of a }t~dous Substance which adversely affects ~e value of the Property. If Bo~ower leans, or is notified by ~y governmental or regulatory authority, or ~y private p~ty, ~at any removal or other remediation of any Haz~dous Substance affecting the Property is necess~y, Borrower sh~l promptly ~e all necess~y remedial actions in accordance with Environmental Law. Netting herein stOl create any oblig orion on Lender for~ Envirol~l~anup. DOC ID J~ 000567512838317 NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior.to acceleration following Borrower's breach of any covenant or agreement in this Security Instrnn~ent (hut not prior to acceleration under Section 18 unless Appllcabl~ Law provides otherwise). The notice shall specit3: (a) the dethult; (b) the action required to cure the default; (c) a date, not less than 30 days t?om the date the notice is given to Borrower, by which the delhult must be cured; and (d) tbat lhilnre 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 intbrm Borrower of the right to reinstate after accelerathm and the right to bring a court action to assert the non-existence of a det~mlt or any other det~nse of Borrower to acceleration and sale. If the delhult is not cured on or bell}re 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 fl~rther 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, but not limited to, reasonable attorneys' t~es 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 prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys i~es; (b) to all sums secured by this Security Instrument; and (c) any excess to the persnn or persons legally entitled to it. 23. Release. Upon payment of all sums secured by ~is Security Instalment, Lender shall release this Security Instalment. Bo=ower shall pay any recordation costs. Lender may ch~ge Borrower a fee for releasing ~is Security Ins~ument, but only if ~e fee is paid to a ~ird p~ty for services rendered and fl~e charging of ~e fee is permitmd under Applicable Law. 24. Waivers. Borrower rele~es and w~ves all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts~ and agr~s to ~e terms ~d covenants contained in ~is Security Instalment and in ~y Rider executed by Bo~ower and recorded with it. Wimesses: / ,,'!,i .' /' / ,~ t ALt. A~d SCHOONg. VffR/~.~ ~ower DELORES C SCHOONOVER -Borrower _!~Seal) -Borrower _(Seal) -Borrower (~®-6(WY) (ooos) CHL (08/00) F~g~ Jo of ~1 Form 3051 1/01 DOC ID # 000567512838317 STATE OF WYOMING, Lincol_n Countyss: The ~regoingins~umentwasacknowledgedbe~re me Sis 16th day of July, 2001 by Allan J. Schoonover and Delores C. SchoonoYer My Commission Expires: February 2, 2002 "x ' ~8~I.D{ SAhl)ALL. NOTAflYPU~UO Notary Public I [Space Above This Line For Recording Data] SECOND HOME RIDER AflerRecording ReturnTo: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSING 1800 Tapo Canyon Simi Valley, CA 93063-6712 Prepped By: P. REAGH FA7912M 00056.7512838317 [Escrow/Closing #] [Doc ID ~)] THIS SECOND HOME RIDER is made this S I XTE E NTH day of JULY, 2 0 01 , 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 undersigned (the "Borrower," whether there are one or more persons undersigned) to secure Borrower's Note to COUNTRYWIDE HOME LOANS, INC. (the "Lender") of the same date and covering the Property described in the Security Instrument (the "Property"), which is located at: 441 ASPEN WAY, THAYNE, WY 83127- [Property Address] Initials' /' '//' Page 1 of 2 ~11~1 ~®-3651t(0011) OHL(11/00) VMP MORTGAGE FORMS - (800)521-7291 F '2399'1 ~ ~ OO5 fi75 1 280OOOO23 fiSR* DOC ID # 000567512838317 In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and: 'shall only use, the Property as Borrower's second home. Borrower shall keel) the Property available for Borrower's exclusive use and enjoyment at all times, and shall not subject the Property to any timesharing or other shared ownership arrangement or to any rental pool or agreement that requires Borrower either to rent the Property or give a management firm or any other person any control over the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower shall be in default if, {luring 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 wilh the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's second home. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Second Home Rider. ~' :' / At_LAN d SCItOONOVE,~' /' -Borrower '- ~ ~0-,---~ c ~ ~',.~ .": (Seal) BELO~[S C SCHOONOYER -Borrower (Seal) ,,. - Borrower (Seal) - Borrower (~®.365R (0011) CHL (11/00) Page 2of2 Form 3890 1/01 PLANNED UNIT DEVELOPMENT RIDER COUNTRYWIO~ 80ME LOAN~, INC. Mg SV-Tg DOCUMENT PROCESSING 1800 Tipo Can~on Siml Valley, CA 9~063-67~2 P. R~ASH FA7912bl DD0567512838317 [EscrowtClu~ing ~.1 LD~e iii] ~] _ .T~S CL~D ~T 5EV~LOP~ B°=ower'') ~ ~c COUNT~YWIDE H~flE cOAflS, INC. 441 ASPEN way, MULTISTATE PUD RIDER- 5ingle Farads, - Fannio Mae/Fr#~die Mac UNIFORM INSTRUMENT DOC IO ~ 000567512B38317 p~cels ~a c~n common ~c~ ~d f~il~s, ~ &~nbcd m THE COVENANTS, CONDITIONS, AND RESTRIETIONS FILED OF RECOR~ T~AT AFFECT THE PROPERTY STAR VALLEY RANCH (~c "PUD"). ~e ~op~ ~so inclodc~ Bo~ower'~ m~me~ in ~he hom~wnc~ ~on m ~uivalen~ ~nd~y owning or managing ~z common ~ ~d f~ll~s of ~e PUD (~c "Own~ A~a~on") ~d the ~aefi~ ~d pr~s of Bonowg's PUD COVENANTS. In ~d~on ~ '~e cawn~ ~d ~menm m~e · me S~un~ Ins~nment, A. PUD Obli~lions. B~owcr sh~l ~rfom{ ~1 of Bo~awcr's obhganons un~r ~e PUD's ~ ~uw~nt ~.ment whic~ creates ~e Own~ Ass~fian; ~d (~) ~y by-l.w~ or o~er ruks or rugulauons of ~e Own~ ASS~mn, Boffowzr fl~ ~ompfly pay, when flue, ~l dues ~d ~m~d p~su~ m ~e Consu~em ~umen~. B, ~O~rty lnsuran~. So long ~s ~e Own&~ A~m~n m~a~s, wi~ ~ gener~l~ ~cc~ e~, a "mm~r" or "b~ket" pohcy u~ng ~e ~o~rt~ wh~h is ~sf~mtV m ~n&r ~d wl{~h proven ms--ce coverage in ~e moun~ (inc{udmg ~ucfib~ ~vels). for ~e ~n~s, md ~ns~ loss b~ t~e, mclod~ wi~in ~e ~ "ex~ ~vemge," ~d ~y olher h89~rds, including, bu~ nm hm~ m. ~lhqu~s and fl~s, the wn~cn ~nd~ t~u~e~ insurmc~, ~cn: (0 Lender w~ves ~e provismn in SecUon 3 for P~xu ~aymem m Len~ of ~e ye~ly premium tns~lmen~ for pro~r~ ma~ on ~ ~{y; ~d no~o~ee's o~lig~on under S~Uon 5 m mma~ ~ro~, ms~ corette on ~e ~o~rty ~s ~m~ ~uslied m ~e cxmn~ ~ ~e r~uu~ coverage ~ ~ov~d~ by ~he Own~s As~on ~}icy. W~ ~nder r~u~s as a condiuon of ~{s wmv~ c~ ch~g~ d~ng ~ ~ of &~ I~. Borrow~ sh~l give ~nder promp~ nonce of ~y ~p~ ~l r~u~ pm~y insure cove~ge provid~ by ~e m~mr or bl~e~ ~ ~e even~ of u dls~buuon of pro. ny insm~ pr~s m ~eu of xesmt~on or ~ep~ following a ~ ~c ~o~, or ~ ~mmon ~ ~d f~lmes of ~e PUD, ~y pr~s pay~lc ~ $~wer ~e h~eby ~sign~ ~a s~l ~ p~d m ~nd~. ~n&r shill apply ~e ~s m ~e sums ~ by fl~e In~umenI, w~e~ or nn~ ~e~ due, wi~ ~e excess, If ~y, prod m C. ~blic L~bH~y Insura:ce. Bo~ow~ ~l ~e such ~non~ ~ may ~ r~onable ~ ms~e flint Owner~ As~l~on ~n~ns a Pubic ~i~y hls~ ~y ~cep~ble ~ fo~, ~ount, ~d exam of cove~ge m ~. Condemnation. The pr~s of ~y awed or r~m {~ ~e~, ~{ or con~uen~, p~y~ Bo~ow~ in conn~aon ~{m ~y condnm~non or o~x ~mg of ~l} or ~y pm of ~e ~o~a~ or ~e common ~ ~d f~ill~em of ~e PUD, or for ~y convey~ce m lmu of condem~on, ~e hereby ~gn~ ~d s{~fll ~ prod m Len~t. Such pr~s ~1 ~ app~ by ~nder m ~e sums ~ured b~ tim S~ In~umenl provi~ in S~on ~ 1. E. Lender'a ~ior Co~n~, B~ shill noL except ~mr no~e m ~nd~ ~d wi~ ~nd~'s prior wn~mn con~n~ e~0~ p~fifion or suMiv~ ~e ~o~ or ~nseni m: (i) ~e ab~donmen~ or ~fion of PUD, execp~ [or ~donm~ ~ ~a~on r~u~ by ~w ~ ~e c~ of suUs~ des~uc~n by fire or o~cr c~u~ty ~ m ~ c~ of a ~ing by con~mna~n or eminent aoe~; (ii) ~y ~endmen~ m provision of ~e "Consumem D~umeu~" ff ~c ~ovismn {s f~ ~e expres~ ~nefi~ of ~nd~; (iii) of pr~e~ m~ement ~d ~sumpuun of ~lf-~gemenl of ~e Own~s A~On; or 0v) ~y ~n which wou~ have file ~f~c of ~en~ing ~e publ~ {~Hi~y ins~ cove~e ~n~l~ by ~e Own~s " ~on un~ep~ble m ~n~r. , ~-7R(ODOS} CHL(Oil~D).01 ~afl~2ot3 mrm31~O DOC ID # 000567512838317 F. ]%emedie~. II' Bormw~ ~ ~o[ pay PUD do¢~ ~d ~cs~n~ when du~, ~n ~n~ may pay ~e Sec~i~ Inseument Unless Bo~ower ~d ~nder a~ m o~ ~s of p~yment, ~e~ ~oun~ shill in.rest from ~ ~ of disbur~mem ai ~e No~ ~ ~d sh~ ~ puyab~, wi~ ~esi, u~n no~e BY SIG~NG BE~W, Banowcr ~c~ ~d OELORE$ C 5CHOONOVE~ -Borrower =(Seal) ~-7R {O001{} CHL {{~8200).t{1 PaOe 3 o! 3 Farm a160 1/01