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HomeMy WebLinkAbout903597WHEN RECORDEDMAILTO: OPTION ONE MORTGAGE CORPORATION P.O. BOX 57096 IRVINE, CA 92619-7096 ATTN: RECORDS MANAGEMENT Loan Number: 321021245 Servicing Number: 001443705-7 [Space Above This Line For Record i.g Data[ RECEIVED LINCOLN COUNTY CLERI( Ol , OCT - 8 ?H 3:0 J£ANNE W,AGN£R MORTGAGE ' ,, .......0 5 6 ,epa 5. 4 THIS MORTGAGE ("Security Instrument") is given on (~ 'l~ober 07, 2004 . The mortgagor is SANDI:~ NOXON GORBUTT ("Borrower"). This Security Instrument is given to Option One Mortgage Corporation, a California Corporation which is organized and existing under the laws of C_ALI }.'()RNIA , and whose address is 3 Ada, Irvine, CA 9,~(;~8 ("Lender"). Borrower owes Lender the principal sum of ONE HUNDRED FORTY THOUSAND ONE HUNDRED TWENTY FIVE · . .AND NO/10(,TI!,s Dollars (U.S. $140,125.00 ). This debt is evidenced by Borrower's note dated the same date as this Sccu,-ity Instrmnent ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on liovember 01, 2034 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by H~c Nt~te, xvifl~ interest, and all renewals, extensions and modifications of the Note; Co) the payment of all other sums, with intercs~ advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenant~ and agreements under this Security Instrument and the Note· For this purpose, Borrower does hereby mortgage, grant, convey :md w:trrant to Lender, with power of sale, the following described property located in Linco 1 n County, Wyoming: 32191240011500 SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A P/..i,'J FHEREOF. which has the address of 88171 HWY 89, GROVER Wyoming 83122 - ("Property Address [Zip Code] [Street, City], TOGETHER WITH all the improvements now or hereafter erectc-d ,m the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and addili,ms shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of tl~c cstat~ hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencmnbered, excq)t Fro- encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands subject to any encumbrances of record. COVENANTS. Borrower and Lender covenant and agree as folh~ws: 1. Payment of Principal and Interest; Prepayment and Late Charges. Bm'rower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and I:m: charges due under the Note. 2. Fnnrls for Taxes and Instmmce. Subject to applicable law or [,}, written waiver by Lender, Borrower shall pay to WYOMING - Single Family Page I of 6 WYD10011 (06-23-98) Loan Number: 321021245 Servicing Number: 0014437(~!~ '7 Date: 10/07/04 0543 Lender on the day monthly payments are due under the Note, until the N~tc is paid in full, a stun ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as, lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insu~t~c premiums; (d) yearly flood insurance prenfiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums I~,)',,blc by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance prc~,~it,,l~s. These items are called "Escrow Iteins." Lender may, at any time, collect and hold Funds in an amount not to exceed the m:t×i~,tm~ amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Est;,tc ~ettlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless another law th:tt applies to the Funds sets a lesser amount. If so, Lender nmy, at any time, collect and hold Funds in an amount not to exceed thc lesser amount. Lender may estinmte the amount of Funds due on the basis of current data and reasonable esti~nates of c×pcnciitures of future Escrow Items Or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are i,,st,,'cd by a t%deral agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home l.~;m Bank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying tire Vtmds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on thc Irtmd~ and applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one-time charge I',,r ',m i~dependent real estate tax reporting service used by Lender in connection with this loan. unless applicable law provides othcrxx ise. Unless an agreement is nmde or applicable law requires interest to be paid, Lender shall not be required to pay Borrower ""3 imc,-est or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Ft,,,ds. l_cnder shall give to Borrower, without charge, an annual accounting of the Funds, shgwing credits and debits to the Funds and thc pm-pose for which each debit to the Funds was made. The Funds are pledged as additional security for all sums secured b) tltis ~qccurity Instrument. If the Funds held by Lender exceed the amounts pernfitted to be held by applicable law, Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law. If thc amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so 'noti/), B,~m~wer in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower sh:dl make up fl~e deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrumc,t ~ l.cndcr shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the ['r~pcrty, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisitim~ t~r s,le as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides othe,'xvi sc, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Note; sec(md, to amounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due u,,dcr thc Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, char,2cs, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments m' ground rents, if any. Borrower shall pay these obligations in the nmnner provided in paragraph 2, or if not paid in that m:tm~cr, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all n{~iccs ~t' amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish l~ l~c~dcr ,'eceipts evidencing the payments. Borrower shall promptly discharge any lien which has priority ovc~ this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner :,ccc?table to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings x~hicl~ in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agrecmc~l satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property i~ subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lie,. Bm¥ower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard or Property Insurance. Borrower shall keep the improve,hems mm.' existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended c:~xcr',~ge" and any other hazards, includiug floods or flooding, for which Lender requires insurance. This insurance shall be maim',i.cd id the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by B,~,'mwer subject to Lender's approval which shall not be unreasonably wifl~held. If Borrower fails to maintain coverage described ,b, ~xc, I.cnder may, at Lender's option, obtain coverage to protect Lender's fights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and sh',ll iuclude a standard mortgage clause. Lender shall have the fight to hold the policies and renewals. If Lender requires, Bommcr shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prm~l)t notice to the insurance carrier and Lender. Lender may lnake proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, or applic',,blc l_aw otherwise requires, insurance proceeds shall be applied first to reimburse Lender for costs and expenses incurred in con,tccti~m with obtai~fing any such insurance proceeds, and then, at Lender's option, in such order and proportion as Lender may detcrmi,e in its sole and absolute discretion, and regardless of any impairment of security or lack thereof: (i) to the sums secured by tlfi~ ~qccm'ity Iustrument, whether or not then due, and to such components thereof as Lender may determine in its sole and absolulc discretion; and/or (ii) to Borrower to pay the costs and expenses of necessary repairs or restoration of the Property to a concliti~m satisfactory to Lender. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that thc i,~surance carrier has offered to settle a claim, Lender may collect the insurance proceeds. Lender may, in its sole and absolute cli~crctim~, and regardless of any impairment of security or lack thereof, use the proceeds to repair or restore the Property or to pay tl~e sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any al9plic:~titm of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 :md 2 or change the amount of the payments. If under paragraph 21 the Property is acquired by Lender, Borrower's right to any in~tmtnce policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of thc stuns secured by this Security Instrument immediately prior to the acquisition. If Borrower obtains ear.thquake insurance, any other hazard insur:,~cc, m- any other insurance on the Property and such insurance is not specifically required by Lender, then such insurance shall {i) ~:tme Lender as loss payee thereunder, and (ii) be subject to the provisions of this paragraph 5. of 6 Page 2~ WYD10012 (06-23-98) Loan Number: 3210212450~O~e~yicingNumber: 001442'7('~.-?. 054 '~ '.. /~rDate: 10/07/04 6. O~u~y, ~e~mafion, Maimemnce ~ ~o~fion of fl~c I'ro~ny; ~aower's ~ Appfimfion; ~hol~. Bo~ower ac~owledges ~at fl~e Lender does not desire to rake a loan to B,,,','t~wcr secured by ~is property on fl~e ternu contained in fl~e Note u~ess ae property is to be occupied by Borrower as Borrox~c~'s primary/secondary residence. Lender xmkes non- owner residence loans of different ter~. Borrower pro~ses and assures l_cmlcr that Borrower intends to occupy ais property as Bo~ower's primry/secondary residence and ~at Borrower will so occup3 this property as its sole primry/secondary residence wi~in sixty (60) days after ~e date of ae Security Instrument. If Bom,wet breaches tiffs pro,se to occupy fl~e property as Bo~ower's pfimry/secondary residence, aen Lender my invoke any ~,~' ~he fi~llowing remedies, in addition to fl~e remedies provided in ~e Security I~tmment; (1) Declare all su~ secured by fl~c Nccurity Instrument due and payable and foreclose ~e Security I~tmment, (2) Decrease fl~e tern of ae loan and adjust ~e monthly p',~yments under ae Note accordingly, increase ae interest rate and adjust fl~e mon~ly payments under ~e Note accordingly, ~,, (3) require fl~at ae principal balance be reduced to a percentage of eiaer ~e origiml purchase price or ~e appraised value tl,c.~ t~cing of/kred on non-owner occupied loa~. Borrower shall not destroy, damge or impair ~e Property, alh~x~ ~hc Property to deteriorate, or con~t waste on ~e Property. Borrower shall be in default if any forfeiture action or proceeding, wh~ther civil or cri~ml, is begun aat in Lender's good faia judgment could result in forfeiture of ae Property or oaerx~ i~c materially impair ae lien created by ~is Security Instrument or Lender's security interest. Borrower my cure such a defauh :md reinstate, as provided in paragraph 18, by causing · e action or proceeding to be disnfissed wi~ a ruling ~at, in Lender's ?t~d lhith deterioration, precludes forfeiture of fl~e Borrower's interest in ~e Property or o~er mterial impaiment of fl~e lien created by tiffs Security I~tmment or Lender's security interest. Bo~ower shall also be in default if Borrower, during ~e loan al)lflication process, gave mterially false or i~uccurate informtion or statements to Lender (or failed to provide Lender wifl~ a,~)' n~atcrial infonmtion) in co~ection wia ~e loan evidenced by ~e Note, including, but not li~ted to, representatio~ concer~i ~g B~m'ower's occupancy of ~e Property as a principal residence. If ~is Security I~tmment is on a leasehold, Borrower shall cm,~pl3 with all fl~e provisio~ of ~e lease. If Borrower acquires fee title to ~e Property, ae leasehold and ~e fee title shall not merge unless Lender agrees to fl~e merger in writing. Bo~ower ~all, at Bo~ower's own expe~e, appear in aM defend a, ~) action or proceeding pu~orting to affect ae Property or any portion ~ereof or Borrower's title flwreto, ae validity or pfi6rity o f tl~c lien created by tiffs Security Instrument, or ~e rights or powers of Lender wifl~ respect to ~is Security Instrument or ~e Propcrt3. All causes 0f action of Borrower, whe~er accrued before or after ~e date of ~is Security I~tmment, for damge or injury t~ tl,c l'rc)perty or any pan ~ereof, or in coxmection wia any transaction fimnced in whole or in part by ~e proceeds of ~e Note o,' a,,y {)thor note secured by ~is Security hutmment, by Lender, or in co~ection wi~ or affecting ~e Property or any part ~erc,,l, including causes of action arising in tort or contract and causes of action for fraud or concealment of a mtefial fact, are, at l~cllClCl"S option, assigned to Lender, and ~e proceeds ~ereof shall be paid directly to Lender who, after deducting ~erefrom all i~, expenses, including reasomble attorneys' fees, my apply such proceeds to ~e su~ secured by ~is Security I~tmment or t~ :my deficiency under tiffs Security Instrument or ~my release any mo~es so received by it or any part ~ereof, as Lender xmy elect, t_cnder nmy, at its option, appear in and prosecute in its own ~me any action or proceeding to efforce any such cause of acti,~, ',iud may make any comproMse or settlement aereof. Bo~ower agrees to execute such hraer assigments and any ofl~er i~tmlnCms as fi-om time to time my be necessary to effectuate · e foregoing provisio~ and as Lender shall request. 7. ~ot~fion of MMer's ~ h ~e ~o~. If Bo~ower lhil5 tt~ [~Cl'Ik)l'ln file covemnts and agreements contained in ~is Security Instrument, or ~ere is a legal proceeding aat nmy sig~fific..mtly afIkct Leuder's rights in ae Property (such as a proceeding in ba~mptcy, probae, for condemtion or forfeiture or to en[,~rcc laws or regulations), ~en Lender my do and pay for whatever is necessary to protect ae value of ~e Property and Len&r'~ ~ights in fl~e Property. Lender's actions n~y include paying any su~ secured by a lien which has priority over ais Security Inst m,,,cm, appearing in court, paying reasomble attorneys' fees and entering on ~e Property to rake repairs. Al~ough Lender my take action under ~is paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under ~is paragraph 7 shall becm~ ~c add iti(mal debt of Borrower secured by ~is Security I~tmment. U~ess Borrower and Lender agree to o~er terms of paymcm, these alnounts shall bear interest from fl~e date of disbursement at ~e Note rote in effect from time to time and shall be payable, xx ith interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage ~. If Lender required mortgage imurance as a c(mdition of nmking &e loan secured by ~s Security I~tmment, Bo~ower shall pay ~e pre~u~ required to imintain ~e mortg, tgc insurance in effect. If, for any reason, file mortgage insurance coverage required by Lender lapses or ceases to be in effect, Bomm cr shall pay fl~e prenfiu~ required to obtain coverage substantially equivalent to ~e mortgage i~urance previously in effect, at a c'~t ~ubstautially equivalent to ~e cost to Borrower of ae mortgage i~urance previously in effect, from an alte~te mortgage i~surcr approved by Lender. If substantially equivalent mortgage i~urance coverage is not available, Bo~ower shall pay to Lender c;tch mon~ a sum equal to one-twelffl~ of fl~e yearly mongage imurance pre~um being paid by Borrower when ~e i~urancc c~vcragc lapsed or ceased to be in effect. Lender will accept, use and retain ~ese payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments ~y no longer be required, at file option of Lender, if mortgage i~urance coverage (in ~e al~lmllt and tbr ~e period ~at Lender requires) provided by an insurer approved by Lender again becomes available and is obtained. 1~, m'~ ~wer shall pay ~e prenfiu~ required to mintain mortgage insurance in effect, or to provide a loss reserve, until ~e requircmcm fro' mortgage i~urance ends in accordance wi& any written agreement between Bo~ower and Lender or applicable law. 9. ~fion. Lender or its agem my rake reasomble entries Ul)~m ~md inspectio~ of ~e Property Lender shall give Bo~ower notice at ~e time of or prior to an i~pection specifying reasonable catts~ tbr fl~e inspection. 10. ~Memmfion. The proceeds of any award or claim for damztgcs, direct or consequential, in com~ection wi~ any condemtion or o~er taking of any part of ~e Property, or for conveyance i~ lieu of conde~mmtion, are hereby assigned and shall be paid to Lender. Lender my apply, use or release &e condemtion pr~ccccls in file same ~er as provided ~n paragraph 5 hereof wi& respect to i~urance proceeds. If ~e Property is abandoned by Bo~ower, or if, after notice by l.c~clcr to Borrower ~at ~e conde~lor of/Ers to rake an award or settle a claim for damges, Borrower fails to respond to Lender xx iflfin B0 days after ~e date ~e notice is given, Lender is au~orized to collect and apply ~e proceeds, at its option, eider to restma~itm or repair of ~e Property or to ~e su~ secured by ~is Security Instrument, whe~er or not ~en due. U~ess Lender and Bo~ower o~erwise agree in writing, any al)l)licatim~ of proceeds to principal shall not extend or pos~one ~e due date of &e money payments referred to in paragraphs I ;.,I 2 or change fl~e amount of such payments. 11. ~ower Not ~1~; For~ By M~er Not a W~vcr. [~xtcnsiou of ~e time for payment or modification of amortization of &e su~ secured by ~is Security I~tmment grained by l_cnclcr to any successor in interest of Borrower shall Page 3 of 6 WYD10013 (06-23-98) Loan Number: 321021245 OgOa~,~ticing Number: 00t443v~,'~ '? ' 054 ate: z0/ov/o4 not operate to release the liability of ~e ofigiml Bo~ower or Bo~ower'~ st~cccssors in imerest. Lender shall not be required to co~ence proceedings agai~t any successor in interest or re~se to extend ~imc'fi~r payment or o~erwise modify amortization of &e sums secured by ~is Security Instrument by reason of any denmnd maclc by the origiml Borrower or Bo~ower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude ~e exercise of any fight or remedy. 12. ~smm and ~ig~ ~nd; Jo~ ~ ~ve~ ~b~; C~-signcrs. The covemnts and agreements of ~is Security Instrument shall bind and benefit ~e successors and assig~ of Lender and lt(~rrower, subject to the provisio~ of paragraph 17. Bo~ower's covemnts and agreements shall be joint and several. Any Bomm cr x¥'h~ co-signs ~is Security I~tmment but does not execute the Note: (a) is co-sigffing ~s Security Instrument o~y to mortg:~gc, grant and convey ~at Borrower's interest in ~e Property under ~e te~ of ~s Security I~tmment; ¢) is not personall) ~bligated to pay ~e su~ secured by tiffs Security I~tmment; and (c) agrees ~at Lender and any o~er Borrower ~y agree tt, cx~c~d, modify, forbear or rake any accon~odations with regard to the terms of ~is Security I~tmment or ~e Note wi~out th:~t B~rmwer's cm~ent. 13. ~ ~ges. If ~e loan secured by ~is Security Instrument is subject to a law which sets ~ximum loan charges, and ~at law is fimlly inte~reted so that ~e interest or o~er loan charges ~,,ll~-ct~d or to be collected in com~ection wi~ ~e loan exceed ~e perMtted liMts, ~en: (a) any such loan charge shall be reduced by the anmunt necessary to reduce ~e charge to the per~tted li~t; and ¢) any su~ already collected from Borrower which exceeded pernfitted li~ts will be re~nded to Borrower. Lender my choose to nmke ~s re,nd by reducing ~e principal owed under thc Note or by raking a direct paynmm to Borrower. If a re,nd reduces principal, the reduction will be treated as a partial prep:~)~cnt wifl~out any prepayment charge under ~e Note. 14. Nofi~s. Any notice to Bo~ower provided for in ~is Security [~strument shall be given by delivering it or by nmiling it by first class mil u~ess applicable law requires use of ano~er method. Thc n~)ticc shall be directed to the Property Address or any o~er address Borrower desigmtes by notice to Lender. Any notice t~ [~cl~clcl' shall be given by first class mil to Lender's address stated herein or any o~er address Lender desigmtes by notice it) I~m'mwer. Any notice provided for in ~is Security I~tmment shall be deemed to have been given to Bo~ower or Lender when gixcn as provided in ~is paragraph. 15. ~veming Mw; ~vemb~. This Security Instrument Shall bc ?vcrncd by federal law and ~e law of ~e jurisdiction in which ~e Property is located. In ~e event ~at any provision or clause ~1 ~his Security I~tmment or ~e Note conflicts wi~ applicable law, such conflict shall not affect o~er provisio~ of ~is Security lastrument or ~e Note w~ch can be given effect wi~out ~e conflicting provision. To ~is end ~e provisio~ of ~is Security Instrument and ~e Note are declared to be severable. 16. ~ower's ~py. Bo~ower shall be given one conformed ct~py ~t' thc Note and of ~is Security Instrument. 17. T~fer of ~e ~o~ or a ~mfic~ ~erest ~ ~ower. If ~tll or auy part of the Property or any interest in it is sold or trailered (or if a beneficial interest in Borrower is sold or tran~'c~lcd and Borrower is not a ~mtural person) wi~out Lender's prior written consent, Lender my, at its option, require i~edi;tic patymcnt in hll of all sums secured by ~is Security Instrument. However, ~is option shall not be exercised by Lender if excr~'isc is prohibited by federal law as of ~e date of ~is Security Instrument. If Lender exercises ~is option, Lender shall give Borrower notice ~1' acceleration. The notice shall provide a period of not less ~an 30 days from ~e date the notice is delivered or roiled wi~n which l/m-rower must pay all sums secured by ~is Security Instrument. If Borrower fails to pay ~ese sums prior to ~e expiration of t-hi~ 13criod, Lender n~y invoke any remedies pernfitted by ~is Security Instrument wi~out ~r~er notice or de,nd on Bo~owcr. 18. ~ower's ~t m ~te. If Borrower meets cerain condititms, Borrower shall have the right to have enforcement of ~is Security Instrument discontinued at any time prior to ~e earlier of: t',t) 5 days (or such o~er period as applicable law my specify for rei~tatemen0 before sale of ~e Property pursuam to any powc~ ~1' s;tlc contained in ~is Security Instrument; or (b) emry of a judgment enforcing ~is Security I~tmment. Those conditions arc that Borrower: (a) pays Lender all sums which ~en would be due under ~is Security Instrument and ~e Note as if no accele~tti,)n had occurred; (b) cures any dehult of any o~er covemnts or agreements; (c) pays all expe~es incurred in enforcing this Security Instrument, including, but not li~ted to, reasomble attorneys' fees; and (d) takes such action as Lender my reas~:~bly require to assure that ~e lien of ~is Security Instrument, Lender's rights in ~e Prope~y and Borrower's obligation to p',ty thc sums secured by ~is Security I~tmment shall continue unchanged. Upon reinstatement by Borrower, ~is Security I~tmmc~t a nd the obligations secured hereby shall rmmin ~lly effective as if no acceleration had occurred. However, ~is right to reinst:~tc shall not apply in the case of acceleration under paragraph 17. 19. ~e of Nora; ~ange of ~ ~r. The Note or a partial interest in ~e Note (toge~er with ~is Security I~tmmen0 xmy be sold one or more times wi~out prior notice to Borrower..,k sale nmy result in a change in ~e entity (known as ~e "Loan Servicer") ~at collects mon~ly payments due under ~e N(~tc and this Security hmtmment. There also my be one or more changes of ~e Loan Servicer u~elated to a sale of ~e Note. If thc~'c is a change of ~e Loan Servicer, Borrower will be given written notice of ~e change in accordance wi~ paragraph 14 above ~md ~pplicable law. The notice will state ~e mine and address of ~e new Loan Servicer and ~e address to which payments sht~tlld bc made. The notice will also contain any o~er infomtion required by applicable law. The holder of ~e Note and this Scctirity Instrument shall be deemed to be ~e Lender hereunder. 20. Ha~ardo~ Substances. Borrower shall not cause or pernfit thc presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Bo~ower shall not do, nor alhm, anyone else to do, any~ing affecting ~e Propeny · at is in violation of any Enviromnental Law. The preceding two sentences ~l~all not apply to ae presence, use, or storage on ~e Property of s~mll quantities of Hazardous Substances ~at are generally rec~gni zed to be appropriate to norml residential uses and to nmintemnce of ~e Property. Borrower shall promptly give Lender written notice of any investig:ttim~, claim, demnd, lawsuit or o&er action by any govermental or regulatory agency or private party involving ~e Property and any Hazardous Substance or Environmental Law of w~ch Bo~ower has actual ~owledge. If Borrower lear~, or is notified b) any govermnental or regulatory au~ofity, ~at any removal or other remediation of any Hazardous Substance affecting the Pr~pcrty is necessary, Borrower shall promptly take all necessary remedial actio~m in accordance with Enviromental Law. Borrower shall be solely responsible for, shall inde~fy, delgnd and hold han~ess Lender, its directors, officers, employees, attorneys, agents, and ~eir respective successors and assigns, I)'~m~ :md against any and all clain~, demnds, causes of action, loss, damge, cost (including actual attorneys' fees and court costs arid costs of any required or necessary repair, cleanup or detoxification of the Property and fl~e preparation and implementation of' any ch ~Sul'e, abatement, contaimnent, remedial or o~er required plan), expenses and liability directly or indirectly arising out of or :~ttl'ibutable to (a) ~e use, generation, storage, release, ~reatened release, discharge, disposal, abatement or presence of Hazardous Substances on, under or about ~e Property, (b) ~e tra~port to or from ~e Property of any Hazardous Substances, (c) the x,i~>l:~tit)l~ of any Hazardous Substances law, and (d) any Hazardous Substances clai~. Page4 of 6 ~D10014 (06-23-98) Loan Number: 321021245 OgO~,~.~3cingNumber: 001443'",.'.~-7 '~ 051~ 10/07/04 AS used in this paragraph 20, "Hazardous Substances" are those ~,l*~tances defined as toxic or hazardous substances by Enviromental Law and ~e following substances: gasoline, kerosene, ofl~c~ i]:~able or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, mtefials contai~ng asbestos or fomldch3'dc, a~d radioactive mterials. As used in ~is paragraph 20, "Enviromnental Law" mea~ federal laws and laws of ~e jurisdiction x~ hcrc the Property is located ~at relate to health, safety ' or enviromental protection. ADDITIONAL COVENANTS. Bo~ower and Lender h~er covc~t:~m and agree as follows: 21. A~lemfion; ~es. Iffy ~m~er ~e No~ or notes ~cur~ hereby is not p~d when d~, or if ~ower ~o~d ~ ~ &fa~t under ~y pro,ion of ~s ~ ~m~m, or if I~rrowcr is in defa~t under ~y o~er ~ngage or o~er ~me~ ~ by ~e ~o~, ~ ~ ~ by ~s ~ ~gtnm~cnt and accm~ ~rest ~er~n ~hall at o~e ~ due and payable at ~e option of ~Mer ~out prior nofi~, ex,pt ~ ofl~crwi~ requir~ by a~ble ~w, ~ regm~ess of ~y prior for~. ~ ~ch evem, ~Mer. at i~ option, and ~bj~t to applicable law, nmy ~en or ~e~er for~lo~ ~s ~ ~m~mem d~er by adve~m and ~e of ~e ~o~ ~ provid~ by s~atutc (the ~wer of ~e pro~d~ for by statute ~g hereby e~ressly g~ to ~Mer by ~ower) or by ~ action ~ ~uity, :md n~y invoke ~y o~er re--es or ~e ~y o~er acfio~ ~n~ by a~fi~ble ~w. ~Mer ~ ~t ~ e~s ~urrcd in pursing ~e re~es &~fi~ ~ ~s P~graph 21, ~luding, but ~t limit~ ~, r~ble a~ys' f~s ~ ~s~ of title evidence. If ~Mer ~vokes ~e ~wer of ~e, ~Mer s~ll give ~fice ol' imcnt to for~lo~ to ~ower ~ m ~e ~n ~ ~smssion of ~e ~o~, if differem, ~ a~r~ M~ app~ble law. I~ndcr s~ give nofi~ of i~ ~em m for~lo~ to ~ower by ~fi~ ~il, re~ r~ipt, ~ ~e ~nner pro~d~ ~ paragraph 14. ~Mer shall publish ~e nofi~ of ~e, and · e ~o~ shall ~ ~ld ~ ~e ~nner p~fi~ by a~ble ~w. ~ndcr or its desig~ ~y p~c~ ~e ~o~ at ~y ~e. ~e pro~ of ~e ~e ~hall ~ app~ ~ ~e foflo~ order: (a) to all cx~s of ~e ~e, ~luding, but not iimit~ ~, r~ble a~ys' f~s; ~) to ~ ~m~ ~ by ~ ~ ~mcnt; and (c) ~y ex,ss to ~e ~n or ~ leggy e~fl~ to it. 22. ~1~. Upon payment of all sums secured by ~is Securit) I~trumeut, Lender shall release ~is property without wa~anty to the person or perso~ legally entitled to it. Such person'or per~,,~ ~hall pay any.recordation costs. Lender ~y charge such person or perso~ a fee for releasing ~e Property for services rendered it' thc charging of ~e fee is pen~tted under applicable law. 23. Wfive~. Borrower hereby releases and waives all rights in fl~c I'r~pcrty under and vimre of ~e homestead exemption laws of ~e State of Wyo~ng and hereby relinquishes all rights of curtesy ~tl dower in fl~e Property. 24. ~pre~fion an~ No~lo~e. Bo~ower has ~de cc~t',d~ writteu representations and disclosures in order to induce Lender to ~ke ~e loan evidenced by the Note or notes which t1~i~ ~ccurity Instrument secures, and in ~e event ~at Bonower has ~de any ~terial ~srepresentation or failed to disclose as~)~ ~at~rial fact, Lender, at its option and wi~out prior notice or de,nd, shall have ~e right to declare ~e indebtedness secured ~)3' this Security h~tmment, irrespective of the ~tufity date specified in ~e Note or notes secured by ~s Security Instrument, i~t~cdiatcly due and payable. 25. T~ is of ~e ~. Time is of ~e essence in ~e perfor~a~cc t~l' each provision of ~s Security Inst~ment. 26. Wfiver of S~mm of l Jmi~fio~. The pleading of ~e statute ~t' li~itations as a defe~e to enforcement of ~is Security Inst~ment, or any and all obligations refe~ed to herein or secured hercb3 ~ i~ hereby waived to ~e ~llest extent pe~tted by applicable law. 27. Mo~fi~fion. T~s Security I~t~ment ~y be modified or a~c~ded o~fly by an agreement in writing signed by Borrower aM Lender. 28. ~imh~. To ~e extent pe~tted by applicable law, B,.-~wcr shall reimburse T~stee and Lender for any and all costs~ fees and expenses which eider ~y incur, expend or sustain i. ~hc execution of ~e t~st created hereunder or in ~e perfo~nce of any act required or per~tted hereunder or by law or in cq~it3~ ()r otherwise arising out of or in co~mection wi~ ~is Security Instrument, ~e Note, any o~er note secured by ~is Security I.~ umc~t or any o~er i~tmment executed by Borrower in co~ection wi~ ~e Note or Security I~t~ment. To ~e extent pernfitwd b3 apl)licable law, Borrower shall pay to T~stee and Lender ~eir fees in co~ection wi~ T~stee and Lender including, but n~,~ lit~xitccl to assumption application fees; fees for payoff de~nds and, statements of loan balance; fees for ~king, tra~tting a~d tr',~sportiug copies of loan documents, verifications, ~11 or partial lien releases and o~er documents requested by borrower or ~ccc~sary tbr perfor~nce of Lender's rights or duties under ~is Security I~tmment; fees arising from a returned or dishont~rcd check; fees to deter~ne whe~er ~e Property is occupied, protected, ~intained or i~ured or related pu~oses; appraisal f~.s, i~spection fees, legal fees, broker fees, i~urance ~d-term substitutions, repair expe~es, foreclosure fees and costs arising f~,,~ fl~reclosure of ~e Property and protection of the security for ~is Security Instrument; and all o~er fees and costs of a similar ~ature not o~erwise prohibited by law. 29. ~efi~ E~or. In ~e event Lender at any time discovers th',, the Note, any o~er note secured by ~is Security I~t~ment, ~e Security I~tmment, or any o~er document or i~tmment executed in com~ection wi~ the Security I~tmment, Note or notes contains an e~or ~at was caused by a clerical ~stake, calculatit~s~ errs)r, computer nml~nction, printing error or six~lar error, Bo~ower agrees, upon notice from Lender, to reexecute any docu~ct~t~ that are necessa~ to correct any such error(s). Bo~ower ~r~er agrees ~at Lender will not be liable to Bo~ower for a~¥ da~ages incurred by Borrower ~at are directly or indirectly caused by any such e~or. 30. ~st Stolen. Des~oy~ or Mu~ ~ ~m and Other Docu~. In the event of ~e loss, ~eft or destruction of ~e Note, any o~er note secured by ~is Security I~tmn~c~ ~l~e Security Instrument or any o~er documents or i~t~ments executed in co~ection wi~ ~e Security Instrument, Note ~' ~tes (collectively, ~e "Loan Documents"), upon Borrower's receipt of an inde~fication executed in favor of Bo~ower bx l.c~der, or, in ~e event of ~e mutilation of any of ~e Loan Documents, upon Lender's su~ender to Bo~ower of ~e mutilated 1~,,:~ Dc)cument, Borrower shall execute and deliver to Lender a Loan Document in fo~ and content identical to~ and to serve as ;~ ~cl~lacement of, ~e lost, stolen, destroyed, or mutilated Loan Document, and such replacement shall have ~e same force and ct'fcc~ as the lost, stolen, destroyed, or mutilated Loan Documents, and x~y be treated for all pu~oses as the ofigi~l copy of such [.<)a~ Document. 31. ~si~mem of ~. AS additio~l security hereunder, Borr~wcr I~creby assig ns to Lender ~e rents of ~e Property. Borrower shall have ~e right to collect and retain ~e rents of ~e Propert3 ',~s they become due and payable provided Lender has not exercised its rights to require i~nediate payment in ~I1 of ~e sums secured by this Security instrument and Borrower has not abandoned ~e Property. 32. ~&~ m ~s ~ ~m~mem. If one or more riders arc cx~'cutzd by Borrower and recorded toge~er wi~ ~is Security I~tmment, ~e cove~nts and agreements of each such rider shall I~c i~ct~rporated into and shall amend and supplement Pa~e 5 of 6 ~D10015 ~06-23-98) 0CT-07-2004 08:03 0547 Lo. Number: 32102124~90~~chgNumbcr:~'~-' 001443705-7 io/o7/o~ P. 07 the covenants ~ud agre, emenls of this Security Instrument as if the rider(s) were a put of ~s Security Inetnmmut. [Ch~zk applicable box(~)] [] Adjustable Rate Rider [--] No Prepayment Penalty Option Rider [] Other(s) (apecifT) [] Condominium Rider [] Planned Unit Developmen~ Rider [] 1-4 Family Rider [] Occupancy Rider BY SIGNING BELOW, Borrower ar. cepts and agrees to the ,~was and covenants contained in this Securky Ius[rumem and in any rider(s) executed by Borrower and recorded with it. Wime~es: .Borto~el SANDKA NOXON -Borrower 'i~ereby r~eastng and ~atviag all rtga~snwu under ao~ by virtue of the homestead laws of this state." .($~1) -B0rrow¢~ -~orfow,,.f -Borrower STATE OF WYOMING. Cem~ ~: The foregoing instmmem was acknowledged before rtz tki~ ~/i" by My Commission Expire~: hg; ~t et' ~ WYDI0016 (06-23-98) '<'Zq:} . .;,, ;:;.:::, ::2;. 0 035 ? ,05:18 Legal Descripulon Part of the SE~SE~ of Section 12, T32N Rll9W of the 6th P.M., Lincoln County, Wyoming being more particularly described as follows: Beginning at a point 856.0 feet North of the Southeast Corner of said Section 12 and running thence North 214.0 feet; thence West 407.10 feet; thence South 214.0 feet; thence East 407.10 feet to the point of beginning. Loan Number: 321021245 ADJUSTABLE RATE RIDER Servicing Number: 00144 -~ .'o5-7 Date: 10/07/04 (LIBOR Index' Rate Caps) THIS ADJUSTABLE RATE RIDERis made Octol'~r' 07, 2004 and is incorporated into and shall be deemed to amend and ~upplc,nent the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date g,xc, Iix, the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Option One Mortgage Corporation, a C.,llfornia Corpora~zon (the "Lender") of the same date and covering the property dc~c,'ibcd in tile Security Instrument and located at: 88171 HWY 89, GROVER. ','iY 83122- [Property Addressl THE NOTE CONTAINS PROVISIONS A l J OWING F() R CI IANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NO'I'I~ [.IMITS THE AMOIJNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the cmc,~:mts and agreements nmde in the Security Instrument, Borrower and Lender further covenant and agree ~t~ The Note provides for an initial interest rate of 6 300 % Note provides for changes in the interest rate and the monthl~ P:b ments, as follows: · The 4. INTEREST RATE AND MONTHLY PAYMENT C I IA N GFS (A) Change Dates The interest rate I will pay nmy change on the first d:t,. ~t' November 01 2006 , and on that day every sixth month thereafter. Each date on whir my iuterest rate could change is called a ~' Change Date." 0t) The Index Beginning with the first Change Date, my interest rate xx ill tlc based on an Index. The "Index" is the average of interbank offered rates for six-month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most tcccm Index figure available as of the first business day of the month immediately preceding the month i, whidt the Change Date occurs is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice ,, r this choice. (C) Calculation of (qhanges Before each Change Date, the Note Holder will calculate my new interest rate by adding PIVE AND 10/100 percentage point(s) ( 5. 100% ) to the Current Index. The Note Holder will then round the resuh of this addition to the next higher one-eighth of one percentage point (0.125 %). Subject to the limits stated in Scctit)n 4(D) below, this rounded amount will MULTISTATE ADJUSTABLE RATE RIDER-I/BOR INDEX - Single Family Page 1 of 3 USRI002i (02-23-99) . 0550 Loan Number: 321021245 Servicing Number: 00144 · ' )5-7 Date: 10/07/04 be my new interest rate until the next Change Date. The Note Holder will then determine the amount of thc mmlthl.~ payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Chtm~c Date in full'on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Ch:mec Date will not be greater than 9.3 00 % or less than 6.3 00 % . Thereafter, my interest rate will never be increased or decreased on any single Change Date by more th:ti one percentage point (1.0%) from the rate of interest I have been paying for the preceding six months. In to event will my interest rate be greater than 12.30O% or less than (E) Effective Date of Changes My new interest rate will become effective on each Ch:~wc Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date ',tltcr the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of :t~v changes in my interest rate and the amount of my monthly payment before the effective date of any change Thc notice will include information required by law to be given me and also the title and telephone number of :t person who will answer any question I may have regarding the notice. TRANSFER OF THE PROPERTY OR A BENEFICIAI~ INTEREST IN BORROWER Covenant 17 of the Security Instrument is amended to read as fiflh>x~ s: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or auy interest in it is sold or transferred (or if a beneficial interest in II,,'rower ~s sold or transferred and Borrower is not a natural person) without Lender's prior written consent, l~cndcr may, at its option, require inm~ediate payment in full of all sums secured by this Security Instrument ~lowevcr, fids option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of ihis Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted l~ I.cnder information required by Lender to evaluate the intended transferee as if a new loan were being nnltlc to tl~e transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the h~:m assumption and that the risk ora breach of any covenant or agreement in this Security Instrument is accept:thio to l.ender. To the extent permitted by applicable law, Lender m:~x cha,-ge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will c~mdnt,e to be obligated under the Note and this Security Instrument unless Lender releases Borrower in wriling. If Lender exercises the option to require innnediate payn~cnt in fi~ll, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than .~{) days fi'om the date the notice is delivered or mailed within which Borrower must pay all sums secured by tiff s Sec urity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ~n:~y invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. MULTISTATE ADJUSTABLE RATE RIDER-LIBOR INDEX-Single Family Page 2 of 3 USRI0022 (02-23-99) 055 0CT-07-2004 88:84 Loan Number: 32102124g Servicing Number: 001443705-7 Da/c: 10/07/04 BY SIGNING BELOW, Borrower ar.x.~pts and agrees to thc tcrnu and covenants containc, d in this Adju~f~l, R~e hid~. ~hereby releasing and waiving all rl~h~s under ar~l by virtue of the homestead lm~s of Chis state," _(Seal) (Seal) MULx ~ rAl~ ADrO~TA~I~ RATB P~D~R-LI~OR g~DEX.~-I~c P~mly Pale 3 of 3 U$1K~3 (02-25.99)