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HomeMy WebLinkAbout903514903511 After Recording Return To: FIRST NATIONAL BANK-WEST PO BOX 3110, 100 GREYS RIVER ALPINE, WYOMING 83128 RECEIVED LI/'~tCOLN COUNTY CLERK OCT-7 h: 12 DEFINITIONS [Space Above This Line For Reco,-diug Data] MORTGAGE Loan Number 78178795 MERS Number 100015700042232930 Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13. 18, 20 and 21. Certain roles regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated OCTOBER 6, 2004, together with all Riders to this document. (B) "Borrower" is DARREN ROSENBAUM, A MARRIED MAN. Borrower ~s the mortgagor under this Security Instrument. (C) "M]gRS" is Mortgage Electronic Registration Systems, Inc. MERS ts a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is FIRST NATIONAL BANK-WEST. Lender is a COl,' PORATION organized and existing under the laws of WYOMING. Lender's address is PO BOX 3110, 100 GREYS RIVER R()AI), ALPINE, WYOMING 83128. (E) "Note" means the promissory note signed by Borrower and dated O('TOBER 6, 2004. The Note states that Borrower owes Lender NINETY-FIVE THOUSAND AND 00/100ths Dollars (U.S.$95,000.00) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later th:m NOVEiVlBER 1, 2019. (Iv) "Property" means the property that is described below under the he:Mn~g "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayn~ent charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominium Rider []Second Home Rider [] Balloon Rider [] Planned Unit Development Rider [] Other [Specify] [] 1-4 Family Rider [--J Biweekly Payment Rider WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTR [ I:\ I I,iNT Borrower Initials ~/~ Form 3051 1/01 (page 1 of l l pages) (I) "Applicable Law" means all controlling applicable federal, stmc and local statutes, regulations, ~'i-d nd administrative roles and orders (that have the effect of law) as well as all al)plicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" meat]- :ti dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homc~wncrs association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, othc~ thm~ a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telcl~houic mstrumem, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit o'r credit :m account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, 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) condenmation 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 thc I'rop~rty. (N) "Mortgage Insurance" means insurance protecting Lender against thc noupayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due fi~r (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 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 imposed in regard to a "federally related mortgage h~an" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (00 "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 Instrmncnt. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (stalely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power r~f sale, the following described property located in the County of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdictitm] SEE ATTACHED SCHEDULE C which currently has the address of GROVER , Wyoming [City] 853 GROVER NORTIt COUNTY I,'()A D 129 83122 ("l'n ~pc'l'ty Address"): [Zip Code] Borrower lnilials WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTR L!i\IHNT Form 3051 1/01 (page 2 of l l pages) 041'? TOGETHER WITH all the improvements now or hereafter erected ~m tilt: property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and addititms sllall also be covered by this Security Instrument. All of the foregoing is referred to in this Security lnstrnment as the "l~t',~pcrty.'' Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Seem it3 Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell Ibc Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security. .Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the c~latc hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, c,:~:t:l)t for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and d~:imtnds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants ft,t' national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covc~'i~g ,'cai property. UNIFORM COVENANTS. Borrower and Lender covenant and ag,'cc :ts follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment (-;harges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note arid any in'epayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to $ccti(m 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may ~'cqt~i,'e that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the folloxving 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; ~,r (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the Iocatitm 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 thc l.,,an current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of an}, ~'ishts hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated tt~ ~tpply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled duc date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes pa5 mC:hr to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either appl}' such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance tmd~:r the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future agains~ l.cnder shall relieve Borrower from making payments due under the Note and this Security Instrument or pertbrming thc ct~vcnants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwist: described iu this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) i~k~'cst dne under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be apl,li~:d to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Peri~dic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent p'%ment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from B~,n'ower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be :tl~plicd to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in thc Note. Any application of payments, insurance proceeds, or Miscella~t.t,us Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Pa? ments. 3. Funds for Escrow Items. Borrower shall pay to Lender on thc' d:% h'riodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of am,,tmts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien o~' cnctm~brance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and ',rtl mstw, mcc required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower- I,, [.hider in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These itc~s :~re called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Commtmit,, Association Dues, Fees, and Assessments, if any, be Borrower Initials hA WYOMING--Single Family--Fmmie Mae/Freddie Mac UNIFORM INSTI~USII{NT Form 3051 1/01 (page 5~ofll pages) 0 0L 5 4 escrowed by Borrower, and such dues, fees and Lender all notices of amounts to be paid under assessments shall bt: an Escrow Item. Borrower shall promptly furnish to this Section. Borro~vcr shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow ltClllS. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such xxaivtCr may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the am(mnts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish tt) I.ender rec.eipts evidencing such payment within such time period as Lender may require. Borrower's obligation to m:tkc such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contair~ed in Iris Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow hot ns directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such ',unount. Lender may revoke the waiver as to any or alt Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, BOrrower shall pay to Lender all Funds, and in such amounts, that are then required under this Scctitm 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 (b) not to exceed the maximum amount a lcmM' 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 so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified umlcr RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow acconm, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, howc~cr, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in cscrt)w, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender ihe amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, l_cnder shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the cx~c~tl 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 Secnrity 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 t)l' the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the ht~ltler of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deterum~cs that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borroxvcr a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or t:~kc 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 esl'ate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements nox~ existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage." and auy other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insul'ance shall be maintained in the amounts (including deductible levels) and tbr the periods that Lender requires. What I t:~lci' requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing thc insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be c,xct'ciscd unreasonably. Lender may require Borrower Borrower Initials ]~) ~ ~vVYONIlNG--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 4 ofll pages) o oa51.4 to pay, in connection with this Loan, either: (a) a one-time charge fi~r fit~od zone detem-fination, certification and tracking services; or (b) a one-time charge for flood zone determination and ccrtit'icatiau services and subsequent charges each time remappings or similar changes occur which reasonably might affect such dctcxmination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergent3 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, l.cnder 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, such coverage shall cover Lender, but might or might not protect Bm'roxver, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by l.cnder under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lcmlcr to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name kcmlcr as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. It' kender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, snch policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to ,'cstoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. Dm-lng such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to bc paid ou such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees l't~r 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 this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that thc insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begiu wbcn the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b)any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower)under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid trader the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy thc 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. 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 thc Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the l"ml)c,'ty from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair o,' restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioraticm ;~r damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, B,,rmwcr shall be responsible tbr repairing or restoring the Property only if Lender has released proceeds lbr such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the x;t~rk is completed. If the insurance or condenmation proceeds are not sufficient to repair or restore the Property, Borrower is m~l relieved of Borrower's. obligation for the completion of such repair or resforation. Borrower tnitials h ~ ~VVYOMING--Singlc Family--Fannie Mae/Freddie Mac UNIFORM 1NSTRU~IENT Form 3051 1/01 (page 5 ofll pages) Lender or its agent may make reasonable entries upon and inspecti,ms ~,f thc Property. If it has reasonable cause, Lender mW inspect the interior of the improvements on the Property. Lender shall give ~orrower notice at the time of or prior [o such an interior inspection specfl~ing such reasonable cause. S. Borrower's Loan Application. Bo~ower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Bo~ower or with Borrower's knowledge or consem gave materially false, ~sleading, or inaccurate information or statements to Lender (or fidlcd to provide Lender wi~h material in~brmation)in connection with the Lo~. Material representations include, but are not limited to, represemations concerning Borrower's occup~cy of the Property as Borrower's principal residence. 9. ~oteetion of Lender's Inter~t in the ~operty and ~ghts Under this Security Instrument. If (a) Borrower fails to perfo~ the covenants and agreements contained in [his Security h~rnmcn[, (b) there is a legal proceeding thru might signific~tly affec[ Lender's interest in the Property ~d/or rights under tiffs Security Inst~mem (such as a proceeding in b~mptcy, probate, for conde~ation or forfeiture, for enforcement ~1' a lien which may attain priori'~y over this Security Instmmem or [o enforce laws or regulations), or (c) Bo~ower has abm~doncd the Property, [hen Lender may do ~d pay for whatever is reasonable or appropriate to protect Lender's interest in ll~c Property and rights under this Security Instrumem, including protecting and/or ~sessing the value of the Prope~y, ~d securing m~d/or repairing the Prope~y. Lender's actions c~ include, but ~e not limited [o: (a) paying ~y sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to pro[cc~ its interest in the ~openy and/or rights under this Security Instrument, including its secured position in a bankruptcy pro~ccding. Securing the Prope~y includes, but is not li~ted to, entering the Property [o make repairs, ch~ge locks, replace or board up doors and windows, drain water from pipes, eliminate building o~ other code violations or d~gerous conditions~ and lmvc utilities turned on or off. Although Lender m t~e action under ~his Section 9, Lender does not have to do so ~d is no[ under any duty or obligation [o do so. I~ is agreed that Lender incurs no liability for not taking ~y or all actions authorized under this Section 9. Any ~oun[s disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by ~his Security Instmmem. ~ese ~oun[s shall bear interest m the Note rate from il~c dam of disbursement ~d shall be payable, with such interest, upon notice from Lender ~o Borrowe~ requesting payment If this Security Instrument is on a leasehold, Bo~ower shall comply with all ~he provisions of the lease. If Bo~ower acquires fee title ~o the ProperW, the leasehold ~d the fee rifle shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insur~cc as a condition of m~ing the Lo~, Bo~ower shall the pre~ums required ~o maintain the Mortgage Insur~ce in eft%ct, lf, ~br any reason, the Mortgage Insur~ce coverage required by Lender ceases [o be available from the mortgage insurer that previously provided such insurance ~d Borrower was required to m~e separately designmed pwments toward the pre,urns lbr Mortgage Insurance, Borrower shall pay the pre~u~ required to obtain coverage subst~tially equivalent to ~hc Mortgage Insurance previously in effect, at a cost subst~ti~ly equivalem ~o the cost to Bo~ower of the Mortgage Insurance previously in effect from ~ alternate mo~gagc insurer selected by Lender. If subst~fially equivalent Mo~gage Insurance coverage is no~ available, Bo~ower shall continue to pay ~o Lender the amount of the sep~ately designamd payments tirol wcrc due when the insurance coverage ceased to be in effect. Lender will accept, use ~d retain these payments as a non-refundable loss rese~e in lieu of Mortgage Insurance. Such loss rese~e shall be non-refundable, notwithst~ding the fact that thc [.oan is ulfimamly paid in ~ll. ~d Lender shall not be required to pay Borrower ~y interest or earnings on such loss reservc. [.cndcr can no longer require loss reserve payments if Mo~gage Insur~ce coverage (in the ~oum and for the period that Lm]dcr requires) provided by an insurer selected by Lender again becomes available, is obtained, ~d Lender requires separately dcsi~nntcd payments toward the premiu~ for Mortgage Insur~ce. If Lender required Mo~gage Insur~ce as a condition of m;,king the Loan ~d Bo~ower was ~equired separately designated paymcms toward the pre~u~ for Mortgage h~sm'ancc, Borrower shall pay the pre~ums required ~o maintain Mo~gage Insurance in effect, or to provide a non-re~ndablc loss reserve, until Lender's requiremem for Mortgage Insur~ce ends in accordance with ~y written agreement between Borrower m~d Lender providing for such termination or until re,nation is required by Applicable Law. Nothing in this Section l0 a fibres Borrower's obligation ~o pay interest at the rate provided in the No~e. Mo~gage Insur~ce reimburses Lender (or ~y entity that purchases thc No~e) for certain losses it may incur if Borrower does not ~epay the Loan as agreed. Borrower is not a pa~y to the Mortgage Insurance. Mo~gage insurers evaluate their total risk on ~l such insurance in force from time ~o time, and may enter into agreements with other p~ties thai share or modi~ their risk, or reduce losses. Thc~c agrcemems arc on terms and conditions that are satisfactow to the mortgage insurer ~d the other party (or parties)i~, these agreements. These agreements may require the mortgage insurer to make payments using any source of fitnds that the m,~rtgage insurer may have available (which may include ~nds obtained I~om Mortgage Insurance premiums). WYOMING--Single Family-~Fannie Mae/Freddie Mac UNIFORM INSTRU~II~.NT 2orrower Ini,ials Form 3051 1/01 (page 6 of ll pages) As a result of these agreements, Lender, any purchaser of the Not,z, ~:llltllher insurer, any reinsurer, ~y other entity, or ~y affiliate of any of the foregoing, may receive (directly or indirectly) am{~tmts that derive from (or might be ch~acterized as) a po~ion of Bo~ower's payments for Mortgage Insurance, in exch~ge for sharing or modi~ing the me,gage 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 ~e premiu~ paid to the insurer, the a~gement is often te~ed "captive reinsurance." Further: (a) Any such agreements x~ll not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements MI! not increase the anmtmt Borrower will owe for Me,gage Insurance, and they ~11 not entitle Borrower to any refund. ~) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeo~ers ~otection Act of 1998 or any other law. These rights may include the right to r~eive certain disclosure, 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 ~scellaneous ~oceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to ~d shall be paid to Lender. If the Property is dmaged, such Miscell~eous Proceeds shall bc applied to restoration or repair of the Property, if the restoration or repair is econo~caly feasible and Lender's security is not lessened. During such repair and restoration period, Lender sh~l have the right to hold such Miscellaneous Proceeds until Lender has had an oppo~unity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undert~en promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless ~ 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 Proceeds. If the restoration or repair is not economically feasible or Lender's security would bc lessened, the Miscell~eous Proceeds shal be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if ~y, paid to Borrower. Such Miscell~eous Proceeds shall be applied in the order provided for in Section 2. In the event of a total t~ing, destruction, or loss in value of the Property, the Miscell~eous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if ~y, paid to Bo~ower. In the event of a partial t~ing, destruction, or loss in v~ue of the Property in which the fair m~ket value of the Property i~ediately before the partial t~ing, destruction, or loss in value is equal to or greater than the mount of the sums secured by this Security Instrument i~ediately before the partial t~ing, destruction, or loss in value, unless Bo~ower ~d Lender othe~ise agree in writing, the sums secured by this Security Instmmeut shall be reduced by the amount of the Miscell~eous Proceeds multiplied by the following fraction: (a) the total mount of thc sulns secured i~ediately before the pa~ial t~ing, destruction, or loss in value divided by (b) the fair market value o~' thc Property i~ediately before the partial t~ing, destruction, or loss in value. Any b~ce shall be paid to Borrower. In the event of a pmial taking, destruction, or loss in vaue of the Prt~pel'ty in which the fair m~ket value of the Property i~ediately before the patial taking, destruction, or loss in value is less than the amount of the sums secured i~ediately before the pa~ial t~ing, destruction, or loss in value, unless Bo~ower and Lcudcr othe~ise agree in writing, the Miscell~eous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Prope~y is abandoned by Bo~ower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to m~e ~ awed to 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 m~d apply the Miscell~eous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Pany" me~s the third pa~y that owes Borrower Miscell~eous Proceeds or the p~ty agaiust whom Borrower has a right of action in reg~d to Miscell~eous Proceeds. Borrower shall be in default if ~y action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Prope~y or other material impatient el' l~cnder's interest in the Property or rights under this Security Instrument. Boxower c~ cure such a default ~d, if acceleratiou has occurred, reinstate as provided in Section 19, by cauhng the action or proceeding to be dismissed with a ruling that, in Lcudcr's judgment, precludes tBrfeiture of the Property or other material impai~ent of Lender's interest in the Prope~y or rights under this Security Instrument. ~e proceeds of ~y award or claim for d~ages that ~e attributable to the impairment of Lcudcr's interest in the Prope~y are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds provided for in Section 2. that are not applied to restoration or repair of the Property shall be applied in the order VeYOh4ING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Borrower Inid:ds p~ Form3051 1/01 (page 7 of ll pages) 0 0a51.4 - 0 4 ;.? 2 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extwnsmn of Ire time for payment or modification of amortization of the sums secured by this Security Instrument granted by l.cnder to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors tn Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest iff' l~rrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrtm~wnt by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by l.cnder in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude thc c×ercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Seem'ltv. Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrmncnt; (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 ol' Bm'rower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security 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 agrecmcms of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower tees tbr services perlbrmcd ill connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other tees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be ctmstrued as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security lnstrtmacnt 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 connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct paymcm to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment 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 Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if scut 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 I.cnder. Borrower shall promptly notifT Lender of Borrower's change of address. If Lender specifies a procedure for ri. pm'ting 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 any one time. Any notice to Lender shall be given hy 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 uutil actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, th~ 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 Iocated. All rights and t~bligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable l.aw might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed ,ns a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or II~c 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 meau and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without 'any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and ~,1' this Security Instrument. Borrower Initials ~ WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 8 of 11 pages) 09035 ..4 -2 18. Transfer of the Property or a Beneficial Interest in Borro~ver. :\s used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but nt,l limited to, those beneficial interests transferred in a bond tbr deed, contract for deed, installment sales contract or escrow a?-ccment, 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 ~x' transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) withom l.cnder's prior written consent, Lender may reqnire immediate payment in full of all sums secured by this Security lnstrumcnl However, this option shall not be exercised by Lender if such exerci se is prohibited by Applicable law. If Lender exercises this option, Lender shall give Borrower notice or acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with %ccticm 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these stm~s prior to the expiration of this Period, Lender may invoke any remedies permitted by this Security Instrument without further m~icc or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrc~wcr meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrtmlcnt; (b) such other period as Applicable Law might specify tbr the termination of Borrower's right to reinstate; or (c) entry of 'a judgn~ent enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would bc duc under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other coven',mrs or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to :tssure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sum~ secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected 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. Upon reinstatement by Borrower, this Sccnrity Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. Thc Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments duc under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this ,qecurity Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale or thc 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 requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a L,r,m Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with thc l.~an Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant ,,Ihis Security Instrument or that alleges that the other party has breached'any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with thc rc'qui,'ements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, d~at time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall hc deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazard,ms Snbstauces" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and ftc following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means t'cdcral laws and laws of the jurisdiction where the Property is located that relate to health, safety or enviromnental protecti~,n; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental l.aw; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Rot'rower Initials WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 (page 9 of 11 pages) Borrower to release any 0:2035:1..,:1. 0494 shall not cause or permit the presence, use, disposal, stora¢c, ~r rdease of any Hazardous Substances, or threaten Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (h) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, cr~-',~t¢s a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, usc, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be apprgpriatc t,~ normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in cohsumer l)rt~ducts). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Conditit,n, including but not limited to, any spilling, leaking, 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 l'ropcrty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any rem,~v~l or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender fi ~i' an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further coven:mi and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrmve,' prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleratim~ under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, hy which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate pay~nent in full of all sums secured by this Secm'ity Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applica/fie Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Sectim~ 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of iment to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicahle 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 ma)' purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses or 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. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower ~ fcc for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of thc l'cc is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue or the homestead exemption laws of Wyoming. WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT }torrower Initials ~)l~ Form 3051 1/01 (page 10 of ll pages) in any Rider executed by Borrower and recorded with it. (Seal) -Borrower _(Seal) (Seal) [Space Below This Line For Acknowledgment] State of WYOMING ) ss County of LINCOLN ) The foregoing instrument was acknowledged before me by DARREN R()SF. NBAUM, A MARRIED MAN this 6TH day of OCTOBER, 2004. / (Seal My Commission Expires: Public (Print or type name) WYOMrlNG--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form3051 1/01 (page II ofllpages) 0426 SCHEDULE C Parcel 1 That part of the NE¼NE¼ of Section 32, T33N R118\¥ of the 6th P.M., Lincoln County, Wyoming, being part of that tract of record in 'the Oft'icc of the Clerk of Lincoln County in Book 298PR on page 229, described as follows: Commencing at the southeast corner of said tract of record, N 45018'30" W, 551.56 feet, from the southeast corner of said NE ¼ NE ¼; thence N 45° 18'30" W, 332.56 feet, along the easterly linc of said tract, to a point; thence N 89°52'13" W, 303.82 feet, to a point; thence S 57o14'25'' W, 48.66 feet, to a point; thence S 31°55'14'' E, 244.15 feet, to a point on the south line of said tract; thence S 89°52'18" E, 452.07 feet, along said south line, to the point of beginning. Parcel 2 The right of access as provided for in instrument recorded February 11, 1970 in Book 89PR on page 262 of the records of the Lincoln County Clerk.