HomeMy WebLinkAbout9034869031486
RECEIVED
LINCOLN COUNTY CLERK
OCT -[:, ?]~, 3:55
[Space Above This Line For Recording Data]
MORTGAGE
THIS MORTGAGE CSec. urity, Instrument") is given on. 9.~.1.2.8.1.q4 .................................. The mortgagor is
.kY.k( .~.....~.O.R.~.~N...~.~O.'.L~.~.'~.R..~i .~.O.R.~.~ i'. i .... '...'..:~...: ...... :.- ....................... :. ..... . .........................
....................................................................................................... ("Borrower").
This Security Instrument is given to Wells Fargo Financial Wyoming Inc., which is organized and existing under the laws of
Wyoming, and whose address is ..... .8.09. ?.0.~T.H. ?.~.D.[~. ~. L..~.L.V.q.. ........................................................
.fiI.¥[.~.T.0~,..~y .......... .~.~5. Q ! ............................................................................. ("Lender").
Borrower owes Lender the principal sum ofS..E¥.E~yy..s. EyE..~..I.H.O. HS. ~. ~ .0..~.H.R.(E.. ~ .U.Np.~.E.q .~ I. ~.E.Ty..~?.~...2.3/.1.0.q ................
............................................ Dollars (U.S. $. 7. 7. .3 .9.0, .2.3 ........ ). This debt is evidenced by Borrower's note
dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid
earlier, due and payableon.. ] .0/.OJ./.l.4. ....................................... This Security Instrument secures to Lender:
(a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the
Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security
Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note.
For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the following described
property located in .......... .L.I.N.C.O..L.~ ........... County, Wyoming:
LOTS 1, 2 ANO 3 OF BLOCK 2 OF THE ~/EST VALLEY SU[3OIVISION TO THE TO~/N
OV LABARfiE, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL
PLAT THEREOF.
which has the address of .............. 1.2.1.3...I/.E.S.T..E.I. 6..HT.H..A.V.E.~.U.E. .............. , ............. L.A...B.A.R.fi.E. ............... ,
[Street] [City]
Wyoming .......... 8.3.! .2.3 ............ ("Property Address");
[Zip Code]
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 for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encumbrances of record.
Page 1 of O WY-2040-0904
,-0 ;56
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrument covering real property.
~...UN~..,,.ORM COVENANTS. Borrower and Lender covenant and agree as follows
.... ~" 1.-;:Payment of Principal and Interest; Prepayment and Lai~ Charges. Borrower shall promptly pay when due the
principal of and interest on the debt evidenced by the Note and any prepayment and late charg.es due under the Note.
2. Funds for Taxes and Insurance. If requested by Lender in writing, and subject to applicable law, Borrower shall
pay to Lender on the day monthly payments are due under the Note, until thc Note is paid in full, ~ sum ("Funds") for: (a)
yearly taxes and assessments which may attain priority over this Security h~strument as a lien o'n ~h6 Property; (b) yearly
leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly
flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to
Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premiums. These
items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum
mount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real
Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. § 2601 et seq. ("RESPA"), unless another
law that applies to the Funds sets a lesser amount. If So, Lender may, at any tim% collect and hold Funds in an amount not to
exceed the lesser amount. Lender may estimate the amount of Funds due on thc basis of curren! 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 such an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay
the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually analyzing the escrow
account, or verifying the Escrow Items, unless Lender pays Borrower intcrcst on the Funds and applicable law permits
Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge for an independent real
estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an
agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any interest or
earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured by
this Security Instrument.
ff the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to
Borrower for the excess Funds in accordance with the requirements of applicablc law. If the amount of the Funds held by
Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, and, in
such case Borrower shall pay to Lender the amount necessary to make up thc deficiency. Borrower shall make up the
deficiency in no more than twelve monthly payments, at Lender's sole discretion.
Upon payment in full of all sums secured by this Security Instrument, Lcndcr shall promptly refund to Borrower any
Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell thc Property, Lender, prior to the acquisition or
sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums
secured by this Security Instrument.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under
paragraphs 1 and 2 shall be applied: fLrst, to any prepayment charges due under thc Note; second, to amounts payable if any
under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
Property which may attain priority over this Security Instrument, and leasehold payments, or ground rents, if any. If
applicable Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner,
Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices
of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to
Lender receipts evidencing the payments.
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; (b) contests in good
faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to
prevent the enforcement of the lien; or (c) secures from the holder of thc lien an agreement satisfactory to Lender
subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which
may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall
satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice.
5. Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including
floods or flooding, for which Lender requires insurance. This insurance shall bc maintained in the amounts and for the
periods that Lender requires. The insurance carrier providing the insurance shall bc chosen by Borrower subject to Lender's
approval which shall not be unreasonably withheld, ff Borrower fails to maintain coverage described above, Lender may, at
Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7.
Page 2 of 6
o oa4s ... 0 o 5 7
All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all
receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance
carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, if the restoration or repair is economically feasible and lender's security is not lessened. If the
restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be
applied to the sums secured by this Security Instrument, whether or not then clue, with any excess paid to Borrower. If
Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has
offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the
Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the
notice is given.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs I and 2 or change the amount of the payments. If
under paragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
from damage to the Property prior to the acquisition shall pass to Lender to thc extent of the sums secured by this Security
Instnunent immediately prior to the acquisition.
6. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after
the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at
least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be
unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall not
destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall
be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in Lender's good faith judgment
could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or
Lender's security interest. Borrower may cure such a default and reinstate, as provided in paragraph 18, by causing the action
or proceeding to be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's
interest in the Property or other material impairment of the lien created by this Security Instrument or Lender's security
interest. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate
information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan
evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a
principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease.
If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the
merger in writing.
7. Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the
Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then
Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property.
Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing
in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action
under this paragraph 7, Lender does not have to do so.
Any amounts disbursed by lender under this paragraph 7 shall become additional debt of Borrower secured by this
Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the
date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting
payment.
8. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this
Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any
reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the
premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost
substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage
insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to
Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the
insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu
of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance
coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Lender again becomes
available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a
loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower
and Lender or applicable law.
P~;ge 3 of 6 WY-20,40-0904
9. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
10. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and
shall be paid to Lender.
In the event of a total taking of the Property, the proc~ed~ shall be applied to .the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property in which
the fair market value of the Property immediately before the taking is equal to or greater than the amount of the sums secured
by this Security Instnunent immediatelY before the taking, unless Borrower and Lender otherwise agree in writing, the sums
secured by this Security Instrument shall be reduced by the amount of thc proceeds multiplied by the following fraction: (a)
the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property
immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which
the fair market value of the Property immediately before the taking is less than the amount of the sums secured immediately
before the taking, unless Borrower and Lender otherwise agree in writing or unless applicable law otherwise provides, the
proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given,
Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the
sums secured by this Security Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or
postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments.
Il. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time for payment or
modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of
Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall
not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise
modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower
or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or
preclude the exercise'of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this
Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of
paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not execute the Note: (a) is co-signing this Security h~strument only to mortgage, grant and convey that
Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums
secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear
or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent.
13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan
charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection
with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessa~ to reduce
the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be
refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a
direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
prepayment charge Under the Note.
14. Notices. Any notice to Borrower provided for in .this Security Instrument shall be given by delivering it or by
mailing it by fLrSt class mail unless applicable law requires use of another method. The notice shall be directed to the Property
Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail
to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in
this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
15. Governing Law; Severability. This Security Instrument shall he governed by federal law and the law of the
jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note
conflicts with applicable law, such conflict shall not affect other provisions of this Security Instnnnent or the Note which can
be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are
declared to be severable.
16. Borrower's Copy. Borrower shall be given one conformed copy of lhe Note and of this Security Instrument.
Page 4 of 6
WY-2040q]904
"-l'/f. l~ansfer of the Proper~ or a Beneficial Interest in Borrower. If all or any part of ~c ~opcrty or ~y interest ~
it is sold or ~a~fc~cd (or if a bcncficiM ~tcres[ ~ Bo~owcr is sold or transf~ed ~d Bo~owcr is not a hat.al pe~on)
wi~out ~nder's prior ~ittcn cogent, ~ndcr may, at im option, require immediate payment ~ ~11 of all sums sec~ed by
~s Sec~ ~enL However, ~s option shall not be exercised by ~ndcr if exercise is prohibited by federal law ~ of
· e date of ~ Sec~ ~ent.
If ~nder exercises ~s option, ~nder shall give Bo~ow~r notice of acceleration. ~e notice shall provide a period of
not less ~ 30 ~ys from ~e date the notice is delivered or mailed within which Bo~ower mint pay all su~ sec~ed by this
Sec~i~ ~ent. If Bo~ower fails to pay ~ese s~ prior to ~e expiration of this period, ~nder may invoke ~y remedies
pe~tted by ~is Sec~ ~ment without ~er notice or dem~d on Borrower.
18. Borrower's Right to Rei~tate. If Bo~ower mee~ certain conditions, Bo~ower shall have the right to have
e~orcement of ~is Secu~W ~ment discontinued at ~y t~e pdor to the earlier of: (a) 5 days (or such o~er period ~
applicable law may speci~ for re~tement) before sale of ~e ~operty pursuant to any power of sale contained ~ ~s
Sec~iW ~ent; or ~) en~ of a judgment eMorcing ~is Security Instrument. ~ose conditio~ are ~at Bo~ower: (a)
pays ~nder all su~ wMch ~en would be due under ~s Sec~ ~ment and the Note ~ if no acceleration had occ~ed;
~) c~es ~y default of ~y o~er coven~ or agreemenB; (c) pays all expenses Me,ed M e~orcMg ~s Secufi~
~ent, Mcluding, but not l~ted to, re~onable attorneys' fees; and (d) takes such action ~ ~nder may re~onably
require to ~s~e ~at ~e lien of this Secufi~ ~ent, ~nder's rights in thc ~operty ~d Bo~ower's obligation to pay ~e
su~ secured by ~is Sec~ty ~ent shall contMue ~ch~ged. Upon reinstatement by Bo~ower, ~is Sec~W ~tmment
~d ~e obligatiom sec~ed hereby shall remaM ~lly effective ~ if no acceleration had 6ceded. However,' ~is right to
re~tate shall not apply M the c~e of acceleration under p~agraph 17.
19. Sale of Note; Change of Loan Servicer. %e Note or a partial interest in the Note (toge~er wi~ tMs Securi~
~men0 may be sold one or more times without prior notice to Bo~owcr. A sale may result in a change in ~e enti~
(~om ~ ~e "~an Se~icer") ~at collecB mon~ly paymenU due under thc Note and ~is Sec~i~ ~ment. %ere also
may be one or more changes of ~e ~ Se~icer u~elated to a sale of the Note. If there is a ch~ge of ~e ~an Se~icer,
Bo~ower will be given ~itten notice of ~e ch~ge in accord~ce with paragraph 14 above and applicable law. %e notice
will state ~e name ~d address of ~e new ~ Se~icer and ~e address to which paymenB should be made. %e notice will
also conmM ~y other ~omation requked by applicable law.
20. Hazardous Substances. Bo~ower shall not came or pemit the presence, ~e, disposal, storage, or rele~e of ~y
Hazardo~ Subsmces on or in ~e ~oper~. Bo~ower shall not do, nor allow anyone else to do, ~y~Mg affectMg ~e
~oper~ ~at is M violation of ~y ~vkomenml ~w. %e preceding two sentences shall not apply to ~e presence, ~e, or
storage on ~e ~operty of small qu~tities of Haz~dom Substances that are generally recogMzed to be appropriate to nomal
residential roes ~d to maMten~ce of ~e ~operW.
Bo~ower shall promptly give ~nder ~tten notice of ~y investigation, claim, dem~d, lawsuit or o~er action by ~y
gove~en~l or regulato~ agency or private p~W involvMg ~e ~operty and any Hazardo~ Subs~ce or ~viromenml
~w of which Bo~ower h~ acml ~owledge. ~ Bo~ower leto, or is notified by ~y gove~enml or regulato~ au~ofity,
· at ~y removal or o~er remediation of ~y Haz~do~ Subsmce affecting the ~operW is necess~, Bo~ower shall
promptly rake all necessa~ remedial actiom in accord~ce wi~ ~viromnental ~w.
~ ~ed M ~s p~agraph 20, "Haz~do~ Subs~ces" ~e those substances defined ~ toxic or haz~do~ subsmces by
~vkomen~l ~w ~d ~e followMg subsmces: g~oline, kerosene, other flammable or toxic pe~olem produc~, toxic
pesticides ~d herbicides, volatile solvent, materials conm~g ~bestos or l~)nnaldehyde, ~d radioactive materials. ~ ~ed
M ~is p~agraph 20, "~vkomenml ~w" me~ federal laws ~d laws of the jurisdiction where ~e ~operty is located that
relate to heal~, safety or envkomenml protection.
NON-~O~ COVEN~TS. Bo~ower ~d ~nder ~er covenant and agree ~ follows:
21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in this Securi~ I~trument (but not prior to acceleration under paragraph 17
unless applicable law provides otherwise). The notice shall specie: (a) the default; (b) the action required to cure the
default; (c) a dar% not less than 30 days from the date the notice is given to Borrower~ by which the default must be
cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of
the sums secured by this Seeuri~ Imtrument and sale of the Property. The notice shall further inform Borrower of the
right to reimtate after acceleration and the right to bring a court action to assert the non-existence of a default or any
other referee of Borrower to acceleration and sale. ~ the default is not cured on or before the date specified i~the
notice, Lender at i~ option may require immediate pa~ent in full of all sums secured by this Seeuri~ Imtrument
without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender
shall be entitled to collect all expe~es incurred in pursuing the remedies provided in this paragraph 21, including, but
not limited to, reportable attorneys' fees and costs of title evidence.
PaOe 5 of 6 WY-2040-0904
If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person
in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to
Borrower in the manner provided in paragraph 14. Lender shall publish thc notice of sale, and the Property shall be
sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The
proceeds of the sale shall be applied in the following order: (a) 'to all expenses of the sale, including, but not limited to,
reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or
persons legally entitled to it.
22. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument without charge to Borrower, except for those charges authorized by law. Borrower shall pay any recordation costs.
23. Waivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy
and dower in the property.
24. Riders to this Security Instrument. If one or more riders arc executed by Borrower and recorded together with
this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Security Instrument as if thc rider(s) were a part of this Security Instrument.
[Check applicable box(es)]
~-] Adjustable Rate Rider
[~] Graduated Payment Rider
[--] Balloon Rider
[~] Other(s) [specify]
['-'] Condominium Rider
[--] Planned Unit Development Rider
[~ Rate Improvement Rider
[~ 1 - 4 Family Rider
[~] Biweekly Payment Rider
[~ Second Home Rider
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 with it.
Borro~ , ~
°q,~vEE W. MORGAN
o~rrower
.............. (Seal)
[Space Below This Line For Acknmvlcdgment]
STATE OF WYOMING
County of
The foregoing instrument was acknowledged before me this
(SEAL)
Notary Public
PaGe 6 of 6
WY-2040-0904
0.9034 6
ADJUSTABLE RATE RIDER
THIS ADJUSTABLE RATE RIDER is made on 09/28/04 and is incorporated into and shall be
deemed to amend and supplement the Mortgage, Deed of '~r~t] ~ §~t/rit~, 'be'eh'(ih'e"Security Instrument") of the same date
given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Wells Fargo Financial
Wyoming, Inc. (the "Lender") of the same date and covering the property described in the security Instrument and located at:
.............................. .1.213. WEST EIGHTH AVENUE,..L.A..B./!RG.E.,..W.Y..8.3.1..2.2 ................................
[Property Addrcs.s]
NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH
CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE
INTEREST RATE. INCREASES IN THE INTEREST RATE WILL
RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST
RATE WILL RESULT IN LOWER PAYMENTS. THE NOTE LIMITS
THE AMOUNT MY INTEREST RATE CAN CHANGE AT ANY ONE
TIME AND THE MAXIMUM RATE I MUST PAY,
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
and Lender further covenant and agree as follows:
2. INTEREST RATE AND PERIODIC PAYMENT CHANGES
The Note provides for an initial interest rate of ..... .9 ..9.6.%. The Note provides for changes in the interest rate and the
payments, as follows:
3. PAYMENTS
(A) Scheduled Payments
I will pay principal and interest by making payments when scheduled. I will make my scheduled payments each month
beginning on..1 ]./.Q1. /. .0.4 ........................... · (B) Maturity Date and Place of Payments
I will make these payments as scheduled until I have paid all of the principal and interest and any other charges described
below that I may owe under this Note.
My scheduled payments will be applied to interest before principal. If, on. !0./9!/. 1.4 ..........................
I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "maturity date."
I will make my scheduled payments at..8Q0..N.0R. T.H. ?.ED.E.R.^.L.B.L.¥.D.. ......................................
.R.IV.E.R.T.0N.,. ~.Y .......0.25.0.1 ....................................................... or at a different
place if required by the Note Holder.
(C) Amount of My Initial Scheduled Payments
Each of my initial scheduled payments will be in the amount of U.S. $. ] .02.1...0.0 ........ . This amount may change.
(D) Scheduled Payment Changes
Changes in' my scheduled payments will reflect changes in the unpaid principal of my loan and in the interest rate that I
must pay. The Note Holder will determine my new interest rate and the changed amount of my scheduled payment in
accordance with Section 4 of this Note. (E) Late Charge
If the Note Holder has not received the full amount of any monthly paymcm by the end of 10 calendar days after the date
it is due, I will pay a late charge to the Note Holder. The amount of the charge will be the greater of 5 % of that portion of my
payment of principal and interest that is late or $10. I will pay this late charge promptly but only once on each late payment.
4. INTEREST RATE AND SCHEDULED PAYMENT CHANGES
(A) Change Dates
Each date on which my interest rate could change is called a "Change Date." The interest rate I will pay may change on
....... l 0/.0.1 ./07. .......... and on every sixth month anniversary date thereafter that is before the maturity date. There
will be no Change Dates on or after the maturity date. The interest rate in effect on the maturity date will remain in effect
after the maturity date until the full amount of principal has been paid, 01) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the highest "Prime
Rate" as published by the The Wall Street Journal.
The Index figure published in The Wall Street Journal on the last business day of the month corresponding to one day
preceding one month prior to the Change Date is called the "Current Index."
WY-2040-0904 Page I of 2
?.!;;' :...., ¢;:..
If the Index is no longer available, the Note Holder will choose a
information. The Note Holder will give me notice of this choice. (C) Calculation of Changes
Beforeeach Change Date, the Note Holder will calculate my new interest rate by adding FIVE AND 46/100
percentage points ( ....... .0.5...4.6.% this number is referred to hereafter as the "Margin") to the Curr~h't'I~e'~.
this calculation will be rounded off by the Note Holder to the nearest 0.125 %. Subject to the limitations stated in Section
4(D) below, this amount will be my new interest rate until the next Change Date.
The Note Holder will then determine the amount of the scheduled payment that would be sufficient to repay the unpaid
principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially
equal payments. The result of this calculation will be the new amount of my scheduled payment. (D) Limits on Interest Rate Changes
My interest rate will never be increased or decreased on the first Change Date by more than three (3 %) percentage
points. For all Change Dates thereafter, my interest rate will never be increased or decreased by more than (1%) percentage
point. Subject to any limitation set forth in Section 6 of the Note, my interest rate will never be more than six (6%)
percentage points greater than the initial interest rate set forth in Section 2 above. Notwithstanding anything to the contrary
in this Note, my interest rate will never decrease below the Margin. (E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new scheduled payment
beginning on the first scheduled payment date after the Change Date until the amount of my scheduled payment changes
again.
(F) Notice of Changes
At least 25 days, but not more than 120 days, before the effective date of any payment change, the Note Holder will
deliver or mail to me a notice of any changes in my interest rate and the amount of my scheduled payment. The notice will
include information required by law to be given to me and also the telephone number of a person who will answer any
question I may have regarding the notice.
[] FUNDS FOR TAXES AND INSURANCE
Uniform Covenant 2 of the Security Instrument is waived by the Lender.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate
,_ 0.:'-,62
new index which is based upon comparable
WY-2040-0904 Page 2 of 2