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HomeMy WebLinkAbout90349403016888 Return To: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUTT~ 200 BLOOMINGTON, MN 55435 903h9g Prepared By: WELLS FARGO HOME MORTGAGE RECEIVED LINCOLN COUNTY 0LERK OCT -7 ¢:" ,~,i I0:I0 DEFINITIONS Word.q used in nmltiple secdons of this docummat are defined below and other word~ are defined in Sectiomq 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated NOVEMBER 0 4, 200 2 toge~er with all Riders to tlds document. (B) "Borrower"is BERNIE R. MIETCHEN AND HARY K. MIETCHEN HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender"is NELLS FARGO HOME MORTG~GE~ INC Lender is a CORPORATION organ/zed and existing under the laws of THE STATE OF CALIFORNIA ~'vYfO~l--O'-~rfg~ FomilV~Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Fearn 3051 1/ol o9oa4 4 Lender's address is [.,,P..-.._O BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instnmmnt. (D) "Note" means the promissory note si §ned by Borrower and dated NOVEIMBEIR 0 4 t 2 0 0 2 The Note states that Borrower owes Len~rsI-XTY FTVEl TH©USAHD FI'VEl HUNDRElD .o o / 1 0 0 . Dollars ~ ' ' a * ~.** 6 5 ._5 0 0.0 0 ) plus interest. Borrower has promised to pay this debt in regular Periodic vayments an0 to pay ~e debt m f~l not later than (E) "Property" means the property that is described below under the heading "?rarusfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus imeresr, any prepayment charges and late charges due under ~e Note, and all sums due under this Securib, Instrument, plus interest. (G) "Riders" means all Riders to this S~curity Instrument tha~ are executed by Borrower. The following Riders are to be executed by Borrows' [che~k box as applicablet: ~ ['-] Adjustable Rate Rider [--'] Condominium Rider ~ Second Home Rider ~ Balloon Rider [-'] Planned Unit Development Rider [] 1 o4 .Family Rider [--'] VA Rider [--] Biweekly Payment Rider ~ Other(s) [specify] (ID "Applicable Law" means all controlling applicable federal, state and 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. (D "Conununity Association Dues, Fees, and Assessments" means nj1 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" m~ans any transfer of funds, other than a tran.~aetion originated by check, draft, or similar paper inqtrumem, which is initiated throug,h an electrode ternfinal, telephonic insmunent, 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 trans~fers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3.. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coveia~es 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) eonve3,ance in lieu of condenmation; or (iv) misrepres~tations of, or omissions as to, the value and/or condition of the Property. 0VI) "Mortgage Insurance" means insurance protecting Lender again'st ~e nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due f;r 6) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Inqtmumnt. (O) "RESPA" means the 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 ~ey might be amended from time to time, or any additional or Successor legislation or regulation that govei"ns the same subject matter. As used in this Security In,~trument, "RESPA" refers to all requirements and rdst-fction8 that are imposed in regard to a "federally related mortgage loan" even if :.he Loan does not quaiify as a "federally related mortgage loan" under RESPA. (~,~-6{WY} (ooo~l Pag~ 2 o! ~S Form 3051 1/01 0372 (Fi "Successor in Interest of Borrower" means any pa_ny that has taken tide to the Property, wl~ether or not that party has assumed Borrower's obligafion~ under thc Note aM/or this Security In.stnunent. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all r~x~ewals, extension~ and modificaforkq of the Not~; and (ii) the performance of Borrower's covenants and agreements under this Security In,m-ument and the Note. For this purpose, Borrower docs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNT[¥yp: ofRecorfllng lurisdiction] °fLINCOLN [Name of Recording Yuri.'dictionl : PLEASE SEE LEGAL DESCRIPTION ATTACHED Pa<ellD Number: 700 SUNSET DRIVE ALPINE ("PropertyAddress"): which cun-ently has the address of [ci~yl , .Wyoming 83128 {Zip Coa¢l TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtm'es now or hereafter a part of the property. All replacements and additions shall also b, covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Bon~ower is lawfully seiscd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encmnbrances 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 INgTRUMENT combines uniform co'~enants for national use and non-unifbrm covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and l. xndcr covenant and agree as follows: 1. Paymen~ of Prlnclpal~ Interest, Escrow I~en~, Prepaymem Charges, and Late Charges. Borrower ~all pay when due the principal of, and interest on, the debt evidenced by the Note aud any prepayment charges and late charge~ due under thc Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments dm: under the Note and this Secuhty Instrument .~ull be made in U.S. currency. However, if any check or other instrument received by L~nder as paymem under the Note or this (~-fl(WY) moosl p~o a ~,~ ~l; t Form 3081 1101 '- "73 Security Instruraent is retrained to Lender unpaid, Lender may requir= that any or all subsequent payn~nts due under me Note and this Security Instrument be made in one br more of thc following form.a, as selected by l_~der: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any .tach check is drawn upon an in.~dtudon, whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments ~tre deemed received by Lender when ~ec~ived at the location designated in the Note or at ~,'ach other location as may be designated by Lc~der in accordance with the notice provislo~ in Section 15, Lender may renma any payment or partial payment if the payment or partial payments are insufficient to bring thc Loan current. Lender ma), accept any payment or partial payment imaflicient to bring the Loan current, without waiver of any riglxtS her~nder or prejudice to its rights to refuse such payra~nt or partial paymem.~ in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Pcn-iodic Payment is applied as of its scheduled due date, th~n Lender need not pay interest on unapplied funds. Leader m~y hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within, a reasonable period of time, I. mad,r shall either apply such funds or remm them to Borrower. If not applied earlier, such fufids will be applied to the outstanding principal balance und~ the Note imraediately prior to foreclosure. 'No offset or claim which Borrower might have now or in the fum.re against Lender shall relieve Borrowkr from making payments due under the Note and this Secu~ty Instrument or performing the covenanks and agreements se~mred by this Security Instrument. 2, Application of Pa~,ments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender ~hall be applied in the Ibllowing order of priority: (a) ime~est due under the Note; Co) principal du~ under the Note; (c) amounts due under Section 3. Such payment; shall be applied m each Periodic Payment in the order in which it became due. Any remaining mounts shall be applied first to late charges, second to any other amounts due under this Security Iasm~me~at, 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 mount to pay any late charge due. the payment may be ap~plied to the delinquent payment and th~ late charge. If mor~ than one Periodic Payment is oukCtanding, Lefider may apply any payraent ~ceived from Borrower to the repayment of the Per/odic Payments if, and to the extent that, each payment can be paid in flail. To th~ extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, stroh excess may be applied to any late ch:,rg,s due. Voluntary larepayments ~all be applied first to any prepayment charges and then as described in the, Note. Any application of payments, imqurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpon~ th~ due date, or change the amount, of the Periodic Payments. 3. Fund~ for Escrow Items, Borrower ~all pay to Lender on: the day Pc'riodic Payments are due under the Note, until the Note is paid in full, a sum (the 'Funds") to Drovide for payment of amounts du~ for: (a) tax~s and assessments and other items which can attain priori{y over this Security Instntment as a lien or encumbrance on the Property; CO) leasehold payments or grouhd rents on the Property. if any; (c) premiums for any and all immrance 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 p~emiuras in accordance with the provisions of Section f0. These itcras are called "Escrow Items." At origination or at any dine during the term of the Loan, Leader may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by ~orrower, and such dues, fees and assessments shall be an Bscmw Item. Borrower shall promptly furnish to Lender all notices of amoun~ to 'be paid under this Sect/on. Borrower shall pay Lender the Funds [or Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow hems. Lender may waive Borrower'S obligation to pay to Lender l~uncls Ir'or any or all E. scrow Items at an), [time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts ~,."o*~l~ Form 3051 1/01 .... 0374 due for any Escrow Items for which payment of Funds has been wzived by Lender and, if Lender requires, shall furnish to Lender receipt.g eviflenelng such payment within such time period as Lender may require. Borrower's obligation to m~ke .~uch payments and to provide receipts shall for all pm'poses be deemed to be a covenant and agreement contained in this Seoarity Instrument, as ~e phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay .Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount tine for an Escrow Item, Lender may e×erciseits rights tmd~ Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay m Lender any such amount. Lender may revoke the waiver as to any or all Escrow Iterm~ at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay m Lender all Funds, and in such amounts, that ate then required under this Section 3. LeMer may, at any time, collect and hold Funds m an amotmt (a) sufficient to permit Lender to apply the Ftmds at the dine specified under RESPA, and (b) not to exceed the n~ximum amount a lender can require under RESPA, Lender 8hall estirl~te the amortat of Ftmda due on the basis of currem data and reasonable estimates of expe. nditures of future Escrow Item~ or otherwise in accordaru:e with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency. instrumentality, or entity (including I.~nder, if Lender is an institadori whose dq)osits are so insured) or in a~y Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Itellkq no later than the time specified under RESPA. Leader shall not charge Borrower for holding and applying the Funds, auto,ally attalyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower imerest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicabl. c Law requires interest to be paid on the Funds, Lender .q~all not be required to pay Borrower a~y interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that intetest ~all be paid on the Funds. Lender shall give to Borrower, without ;charge, an aanmd accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defiru:d m~der RESPA, Lender sh',dl account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrow~ shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by R.~SPA, and Borrower shall pay to Lender the amount necessary [o 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, Leader .~dl prompt/y refund to Borrower any Funds held by Lender. 4. Charges; Liens, Borrower shall pay all taxes, assessments, ch~ges, rims, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground renls on the Property, if any, and Corranuni[y Association Dues, Fees, and Assessraents, ff any. To the extent that these items are Escrow Items, Borrower shall pay them in the mariner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Imm~ment 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 enforcem~mt of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the li~ while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of die lien an agreement'satisfactory to Leader subordinating the lien [o this Security hkqtramem. If Lender determine~ that any par't of the Property/ts subject to a lien which can attain priority over this Security Instrument, Lender may give Bon'ower a notice identifying the Form 3061 1/01 o9oa4 4 -: -0375 lien. Within 10 days of the date on which that nodce is given, Borrower shall satislS' 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-6me 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'iinprove~nents now existng or hereafter erected on the Property irkqured against loss by fire, hazards included widain the term "extended coverage," and any other haz. ards including, but not limited to, earthquakes and floods for which Lender requires im'urance. This insurance shall be maintained in the amountS (including deductible levels) and for the pefio&~ 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 fight ~all not be exercised unreasonably. Leader may requi're Borrower to pay, in connection with this Loan, either: (a) a one-dine charge for flood zone determination, certification and tracking services; or Co) a one-time charge for flood zone de~'Ininafion and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect ~ch determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, ~ch coverage ska[,1 cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previo~ly in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounk~ disbursed ~.by Leader under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These mounts shall bear interest at the Note rate from the date of disbttrsement and ~all be payable, with sxtch interest, upon notice from Lender to Borrower ~cquesting payrm:nt. All insurance policies required by Lender and renewals of such 'policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage, clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower ~all promptly give to Lcn.&r all receipts of paid preminmx and renewal notices. If Borrower obtains any form of insurance coverage, not otherwi~ required by Lender, for damage to, or destruction of, the Property, such policy shall it~clude a stanchtrd mortgage clause and shall name Lerner as mortgagee and/or as an additional loss payee. In the event of loss, Borrower ~all 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 irkqU, rance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically fea,qible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such immrance proceeds until l.~nder has had an opportunity to'Jns~peet ~uch Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restor~ti0n 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 Sot be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. 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 tiffs Security Instrument, whether or not then due, with Form 3051 1101 n,. I --) C:~ CJ n_ r'~ -) o '~ r-. c, I .'", I C", 3 ~ ! i'" ri~ cl ) '~c'~ I I,I ~ I.I i"lIl i% ~ ~Ll J.q ..I C: '-'J --I '~J fYI ~-I .-I ~c:~ ~' : ["211 bi?It?l? ,C. IT ['.J J"l C 0376 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandon~ the Property, Lender may file, negotiate and settle any available im-urance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that &e insurance comer has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or it' Lender acquires the Property under Section 22 or otherwise, Borrower hereby asmgns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and fo) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies cove'ring the Property, insofar as such fights are applicable to the coverage of the Property, Lender may use the insurance proceeds either to repair or restore the Property or lo pay amounts unpaid under the Note or this Security IrtsLrument, 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 Imtrument 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 unreasombly withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is mt 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 taldng of, ~e Property, Borrower shall be respo~'ible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a ~ngle payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation tbr the completion of such repair or restoration. Lender or its agemt may make reasonable entries upon and inspections of the Property. If it has ~easonable cause, Lender may i~spect the interior of ~e improvements on the Property. Lender shall give Borrower notice at the dine of or prior to .~'uch an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application, Borrower ~all be in default if, during the Loan application process, Borrower or any persons or endues 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 tailed m provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations con~ermng Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Inter~.-'t in the Property and Rights Under this Security Instrument, If (a) Borrower fails to pertbrm the covenants and agreemems con. ned in th_is Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights undm' th. is Security Instrument (such as a proceeding in bankruptcy, probate, t0r condenmation or forfeiture, for enforcement of a lien which may attain priority over this Security In_m-ument or to enforce laws or regulations), or (0 Borrower has abandoned the Property~ then Lend~ may do ~d pay for whatever is reamnable or appropri:~te to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. 1.2~dcr's actions can inclnde, but axe not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable II[~r~-elVV'Y} [O001il P,~. ? .~ ~S Form 3051 1101 .¥4?,?. atmmey.q f~e~ to pro[ecl its in~s~ i~ ~e Prop~y ~lor fig~t~ under this Se~ty l~t, i~lu~ng its s~md ~sifion in a ba~mptry proceeding. Secufin~ ~e Property i~udes, bm is not li~te~ to, entering ~e Propmy ~ ~ke repots, ~m~ge locks, rephoe or bo~d ~p ~oors ~d windows, ~n ~ater ~om pipes, eli~mm b~lding or o~er code viohfiom~ or ~ngerous~ con~fio~, ~d have utilities t~ed on or off. Al~ough ~nder ~y ~e action under ~s Section 9, L~der does not have to do ~ aM is not under any duty or obligation to do ~. It is agreed ~at.~der incms, no liability for not ~ng ~y or all acfiom~ au~ofized under ~s Section 9. Any amo~k~ di~b~sed by ~Mer ~der ~is Section 9 ~MI beco~ ad,riehl debt of Bo~ower ~ec~ed by ~is Security I~ment. These amounts ~al ~ar inter,st at ~e Note ~te ~om ~e date of ~sb~ment ~d shall be payable, wi~ mcr interest, upon notice ~om L~d~ ~ Bo~ow~ requesting payment. If ~i~ S~urity I~ment is on a leasehold, Bo~ow~ shall comply wi& fll ~e pro~om of ~e lease. If Bo~ow~ acquires fee 6fie to ~e Prepay, ~e leasehold and ~e fee rifle ~11 ~t m~ge ~ess Le~er agrees to ~e m~ger in writing. 10. Mo~ Instance. If ~nd~ required Mortgage I~ur~ce ~ a condition of ~ng ~e Lo~, Bo~ower ~11 pay ~e pre~u~ ~equi~ed to ~nain ~e Mortgage l~e in effect. IL fo~ any ~son, · e Mortgage I~ura~e coverage req~red by Center ceases to be av~lable ~om ~e mortgage i~er ~t p~e~ously provided such i~r~e ~d Bo~ow~ was ~quired to ~e s~ately &~g~ted paymen~ toward ~.e p~e~u~ for Mortgage lnsura~e, Bonower ~fll pay ~e p~.~ ~eq~red to obtain coverage subsmn~lly eq~v~ent to ae Mortgage ln~mrance pre~o~y in effect, at a cost ~bsmntially eq~valent to ~e cost ~o ~ow~ of ~e Mortgage Im~e pre,iously in effect, ~om ~ flte~te mortgage insur~ ~elected by ~er. If ~bs~dflly equivalent Mortgage ~e cov~age is not avfilable, Bo~ower sh~ continue to pay to ~nd~ &e amount of ~e sep~ately defig~ted paym~u ~at w~e due when ~e i~e ~ve~ge ceased ~ be in effect. ~nder will accel, use ~d te~n ~ese payments a~ a non-~e~n~ble loss re,rye in lieu of Mortgage l~ce. ~ loss rede s~ll be non-re~Mable, notwi~mn~ng ~e fact ~at ~e ~ is ~fi~tely p~d in ~11, and ~ s~l not ~ ~equired to pay Bonow~ any inte~st or e~ngs on such lo~ rc~e~e. L~der can no longer req~re loss rese~c pay~enU if Mortgage Im~e coverage (in ae amount ~d for ~e ~fiod ~at ~nder requires) pro~&d by ~ i~er ~elected by ~n~ agfin becomes available, is obuined, ~d ~ndcr teq~res separately de~gmted payments towed ~e pre~u~ for Mortgage I~ce. If ~der required Mortgage l~ance as a condition of m~ng ~e ~ and Borrow~ was required to make sep~a~ly desigmted pay~nts towar~ ~e pre~u~ for Mon~age I~r~ce, B~now~ ~all pay the pr~ required to minmin Moggage Im~rance in effect, or m provide a Boa-refundable loss rescue, ~fil ~nder'S requirement tbr Moagage l~ra~e en&q in accordame wi~ any wfiti~ agreement between Borrower ~d Lender provi~ng for mcr tmmfion or until te~fion is required by Applicable ~w. No.rig in ~s Section 10 affects Bo~ower's obligation to pay inmrest at ~e rate pro~ided in ~e Note. Moggage Im~mnce reimb~ses Lender (or any entity that purchases ~e Note) for c~in losses it may i~u~ if Borrower does not r~ay ~e ~an as agxeed. Bo~ower is ~t a p~ty to ~e Mortgage Immrance. Mortgage imqurers evaluate ~eir total risk on all ~ch im~ce in force from time to dine, and my enter imo agrem~t$ wi~ o~r parties ~at ~re or re&fy ~cir risk, or reduce losses. These agreements are on tern and coadifiom ~at ~e 5afisfacto~ to ~e mortgage insurer and ~e o~er p~t7 (or p~es) m ~ese a~eements. ~ese agreements ~y require ~e mongage insur~ ~ make pay~nts u~ng ~y so.ce of ~nds ~at ~e mortgage i~ ~y have available (which n~y include hms ob~ned from Mongage l~rance pre~u~q). As a result of fl~ese agreements, ~nder, any purchaser of ~e Note, anent i~rer, m~y rei~urer, any oth~ entity, or any affiliate of any of ~e foregoing, my rcccive:(direcdy or indlre~y) am.oua~ ~t derive from (or ~ght be characted~d a0 a poffion of Bonower's payments for Mongage I~mce, in exchange for sharing or modiI~ ~e moggage i~er's risk, or reducing losses. If s~ agreement pm~des ~at an affiliate of ~nder t~es a ~are of ~e imurer's risk in exch~ge Ibr a sMre of ~.e pre~u~ phd to ~e i~er, ~e ~gement i$ ohen t~ed "captive~rd~ra~e." Fu~: (a) Any su~ agr~ment$ will not aff~t the amoun~ that :Bo~ower h~ a~d to pay for Mortgage Insurance, or any other terns of ~e Loan. Such a~e~ will not incr~e ~e amount Bo~ower will owe for Mo~ga~ Inm~ce, and ~ey will not entltl~ Bo~wer to any refund. 0378 kb) Any such agreements will not aff~t 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 Proceed,s are hereby assigned to and shall be paid to Lender. If the Property i$ damaged, such Miscellaneous Proceeds 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. Dur/ng ~'uch repair and restoration period, Lender shall have the right to hold .mcr Miscellaneous Proceeds until Lender has had an opportunity to irk~pect such Property to ensure the work has been comp}eted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disburs~nent 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 a.uy interest or earnings on such Miscellaneous Proceeds, If the restoration or repair is not economically feasible or Lender's Security would be lessened, the Miscellaneous Proceeds shall be applied to the sums.secured by this Security Instrument, whether or not then due, with the excess, if any. paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2, In the event of a total taking, destruction, Or loss in value of the Property, the Miscellaneotcq Proceeds shall b, applied to the sums secured by this Security lu.~u-ument, whether or not them due, with ,he excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of ,he Property in which the fair market value of the Property immediately before the part. iai taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument inuuediately before the partial taking, destruction, or loss in value, unless Borro-,ve~ and Lender o~eru*ise agree in writing, the secured by this Security Iustrumemt .shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: .(a) the total amotmt of the suukq secured immediately before the partial taking, destruction, or loss in valuc divided by (b) the fair market value of the Property immediately befm'e the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which ~e fair market value of the Property imanediatcly before the partial taking, destrucfion~ or loss in value is less than the amount of the sums secured immediately before the partial talcing, destruction, or loss in value, tmless Borrower and Lender otb, m-wise agree in writing, the Miscellaueous Proceeds shall be applied to ,he sums secured by tiffs Security Insmxment whether or not the stuns are then di~e. If the Property is abandoned by Borrower, or if, after notic'e by Lender to Borrower that the Oppo.qng Party (as defined in the next sentence) offers to make a.a award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorir~d to collect aud apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the Sunkq secured by this Sectafty Instrument, whether or not then due. "Opposing Party' means the third parry that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard tO Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether ci¼1 or criminal, is begun that, in Lender's judgment, could result in lbrfeiture of the Property or other material impairment of Lender's interest iu the Property or rights under this Security Instrument. Borrower can cu~e such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairmem of Lender's interest in the Property or rights under this Security Instrument. The proceeds of auy award or claim for damages that are attributable to the impairment of Lm~der's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are r~ot applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. (~}~-61WY} ~ooo~{ p,,~o s o~ ~'~ Form 3051 1/01 ,- 0379 0 0a4 4 1;l. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time for payment or modification of amortization of the sans secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not bt required to commence proceedings again.at any Successor in Interest of Borrower or to refuse to. extend time for payment or otherwLce modify amortization of the .~m.,~ secured by this Security Iaswament by reason of any demand made by the original Borrower or any Saccessors in Interest of Borrower. Any forb'earance by L~tder in exercising any right or remedy including, without limitation, Lender's acceptance of payments from ~rd persons, entites or ~ccessors in Interest of Borrower or in amounu~ less than the amount then due, .*,hall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liabilityi Co-signers; Successors and Assigns Bound, Borrower ¢ovcnanr..s and agrees that Borrower's obligations and liability shall bc joint and several. However, any Borrower who co-signs thi.s Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Seku.rity lnstrtunent; ('o) is not personally obligated to pay the sums sect~ed by tiffs Security Instnmmnt; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the ternka of this Security'. Instrument or the Note without the co-signer's consent. Subject to thc provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Scct~rity Instrument in writing, and] is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. ;Sorrower shall not be released kern Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and. agreements of this Security lnsmnnent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees Ibr services performed in connection with Borrower's default, for the purpose 9f protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' lees, 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 fl~all not be construed as a prohibition on the charging of Such fee. Lender may not charge tees that a~e expressly prohibited by this Security InStrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in ~onnection with the Loan exceed the permitted limits, then: (a) any such loan charge .shall be reduced by'the amount necessary to reduce the charge to the permitted limit; and (b) any sunkq already collected from Borrower wlaich exceeded permitted limir~ 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 BorrowerI If a refund 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 acted Bonower might have arising out of ~ch overcharge. 15. Notices. All notices given by Borrower or Lender in com~¢cuon with this Security Instrument must be in writing. Any notice to Borrower in connection with this Sekurity Instrument shall be deemed to have been given to Borrower when mailed by first class mail-or when actually delivered to Borrower's notice adctress if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expresfly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a'procedu.re for reporting Borrower's change of address, then Borrower shall only report a change of address through that sp~cilSed procedure. There may be only one designated notice address under this Security Instrumem at any one time. Any notice to Lender shall be given by delivering it or by mailing it by 'first class ma.il to Lender's address sated 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 Leader until actu',dly received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security In~mm~nt. (~-fl{WY} Iooor,) P~, 1o ~, 16 Form 30'$1 1 I01 0380 0 }O34D4 16. Goming Law; Sever'ab{llty; Rules of Construction.I This Security lustnunent 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 Imstmment are subject to any requirements and limitations of Applicable Law. Applicable Law nfight explicitly or implicidy allow the parties to agree by contract or it might be silent, but such silence ~all not be construed.a.s a prohibition against agreement by contract. In the event that any provision or clause of this Security lnstrumcnt o7 the Note.conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision.. As used in this Security Instrument: (a) words of the masculine gender shall n.~an and include corresponding neuter words or words of the feminism gender; Cb) ,x, ords in the singular ~,hall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17, Borrower's Copy. Borrower shall be given orm copy of the Note and of this Security Instrument. 15. Transfer of the Property or a B~neficial l. nter~t in Borrow,r. As used in this Section 18, "lntearest in the Property" m~ans any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond lbr deed, conuact for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sum~ secured by this Seem'try Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a pc'-riod of not less than 30 days f~om thc date the notice is gtven ia accordance with Section 15 within which Borrower must pay all sums secured by this Security Immanent. If Borrower l~ls to pay these ~'ums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security lastrumeut without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. It' Borrower meets certzan condition.q, Borrower shall have the right to have enforcement of this Security Instrument Oiscontinued at any time prior to the earliest of: (a) five days before sale of the Property pm'suant to any power of ,qa.le contained in this Security instrument; (b) such. other period as Applicable Law might specify for the termination of Borrower's right to reirkqtate; or (c) entry of a judgment enfi~rciiag this Security Instrument. Those conditions are that Borrower: (id) pays Ltmder all roms 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 Ii~strument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation re'es, and other fees incurred for the purpose of protecting Lender's interest itt the Property and righkq under this Security Instrument; and (d) takes tach action as Lender may reasor~bly require to ass'are that Lender's interest in the Property and rights under this Security In.qtrument, and Borrower's obligation to pay the sums secured by this Security Imtrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement snmq a.nd expenses in one or more of the tbllowing Ibrms, as selected by Lemder: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or ca~ier's check, proyided any such check is drawn upon - an imqitutlon whose deposits are insured by a red,al agency, instrum~mlJty or eotity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securit2, In.~truknent a~d obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Sen'icer; Notice of Grievance. The Note or a partial interest Jn the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known a§ the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performg other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA ~-6(WY) Iooo~1 P~o ~ ~ ~,f '~tl Form 3061 1101 :: :i," '.::; 0903494 (~-6{WY) (ooo5) Pad. ~Z ~f 1~ Form 3051 1/01 requires in connection with a notice of transl'es of servicing. If the Note is sold and thereafter ac Loan is serviced by a Loan Servicer other than the purdaaser of me Note. the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to ~ ~cces~r Loan Servicer and are not assumed by the Note purclmser unless odaerwise provided, by the Note purchaser. Neitlaer Borrower nor Lender may ~;onunence, join, or be joined to any judicial action (as either an individual litigant or the member of a Class) that arises from the other party's actions purs~Lqnt to this Security Instrument or that alleges that the other party has breached any pro¼sion of, or any duty owed by reason of, this Security lnsu'ument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section ~5) of Such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice ~o raze corrective action. If Applicable Law provides a time period which must elapse bet'ore ceruaJ, n action can be tat:eh, that time period will be deemed to be rea.,onable for purposes of this paragraph. The nodce of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant ~o Section 18 .~zll be deemed to satisfy the notice and opportunity to tale corrective action provisions of this Section 20. 21. Hazardous Substances. AS used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or laazardous substances, pollutants, or wastes by Environmental Law and fine following substances: gasoline, lcerosene, o~er flammable or ~oxic petroleum products, toxic pesticides and herbicides, volatile solvent.g, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the juriscticdon where the Property is located that relate to health, safety or environ.mental protection; (c) "Environmental Cleanup" includes any response acdon, remedial action, or removal acfiert, as defined in Environmental Law; and (d) an "Environmental CoMifion" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any H=;'arflous Substances, or threaten to release any Hazardous Subatances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects dxe value of the Property. The Freceding two sentences shall not apply to the presence, use, or storage on ;the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of tlxe Property (including, but not limited to, hazaxdous substances in con.miner produck~). Borrower ~all prompdy give Lender written notice of (a) any i.hvesfigadon, etaim, demand, lawmit or other action by any govermnental or regulatory agency or private l~arty involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual lcnowledge, (b) any Environmen~ Condition, including but not limited to, any spiUiug, lc. airing, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused By the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is nodded by an3' governmental or regulatory authority, or any private party, th:at any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borro't'er shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing hkrein shall create ;my obligation on Lender for an Environmental Cleanup. '. NON-UNIFORM COVENANTS, Borrower aaa Lender I'urther 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 SecuNty Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides othe~vise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dare, not less than 30 days from the date the notice is given to Borrower, by svhich the default must be cured; and (d) that failure to cure the default on or before the date specified In the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the'right to bring a coun action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at Its option may require inunediate payment in full of ali sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lea'der shall be entitled to collect all ~xpeuses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. ff Leader invokes the power of sale, Lender shall gnve 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 la Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the m;mner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied ia thc following order: (a) to all expenses of the sale, including, but not limlttd 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. 23, Release, Upon paymeat of all sums secured by this Security .Instrument, Lender shall relea~ this Security Iastrument. Borrower shall pay a~y recordation costs. Lender may charge Borrower a fee for releasing this Security In.strnmeat, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted uader Applicable Law. 24. Waivers. Borrower releases and waives all fights under and by virtue of the homestead exemption laws of Wyoming. (~®-6{WY) IoO0~;I Paoo t3 o~ tS Form 3051 1101 PI ',-I .:.;;.. :. . .... i..:., ' '":" .' '" "'-'"~" :.: .:!!,:; · . . ::!fi,';'"': ' 0:903494 BY SIGNING BELOW, Borrower accepts and agrees to 0xe terms ancl covemmtS con--ned Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: 0'3,g,., ° in this ~~' (Seal) -Borrower (Seal) -l~orrowcr (Seal) (Seal) -Borrower -Borrower (S~al) (Seal) -Borrower -]~orrowcr (Seal) (Seal) -Borrower -Borrower (~6(WY) Iooosl ~ ~a o* ~S Form 30.~1 1/01 o~oa4~34 STAT~ OF ~ by The foregoing instrument was acknowledged before me th~s County ss: My Commission Expires: TAU~Y GOUDY 1032 WEST 1400 80UTH co,,. ~<, .,-o~-~, Nb'lal3,-Public ( ~ x. 1~®-6G(WY) Iooos] P~or~ Form 3051 1/01 OrargrWurnber: 03 oz SCHEDULE A LEGAL DESCRIPTION 0285 Lot 263 of Lake View Estate Incorporated. *Tract A, Lincoln .County, Wyoming as described in the official plat thereof. TOGETHER with additional ffround contained in the Sl/2SE1/4 of Section 29, T37N, Rll8W of the 6th P.M., lying between the West lot line and the South lot line of said Lot 263 and the existing road, the total property having a North line of approximately 155 feet and East line of 130 feet, the respective lines at a 90° angle from each other and connected by following the curve of the existing road to closure.