Loading...
HomeMy WebLinkAbout903675WHEN 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 Recording Dalai MORTGAGE THIS MORTGAGE ("Security Instrument") is given on October SANDRA NOXON GORBUTT 07, 2004 . The mortgagor is ("Borrower"). This Security Instrument is given to Option One Mortgage Corporation, a CaliFc~rnia Corporation , which is organized and existing under the laws of CALI FORH IA , and whose address is 3 Ada, Irvine, CA 92618 ("Lender"). Borrower owes Lender the principal sum of ONE HUNDRED FORTY THOUSAND ONE HUNDRED TWENTY FIVE · . .g2qD NO/100THs Dollars (U.S. $140,125.00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrun~ent ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on Nc~vember 01, 2034 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Nutc, with imerest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant, convey and warrant to Lender, with power of sale, the following described property located in Lincoln County, Wyoming: 32191240011500 SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART TIIEREOF. NOTE: which has the address of 903675 RECEIVED This serves to correct that certain Mortgage recorded October 8, 2004 in Book 569PR on page 542 of the records of the Lincoln County:Clerk to correct the acknowledgement. 88171 HWY 89, GROVER Wymning 83122 - ("Property Address "); [Zip Code] [Street, City], TOGETHER WITH all the improvements now or hereafter erected on thc property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except fi,- encumbrances of record. Borrower warrants and will defend generally the title to the Property against ali claims and demands, sutWct to any encumbrances of record. COVENANTS. Borrower and Lender covenant and agree as follows: 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 late ch:trges due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a x~ rittm~ wawer by Lender, Borrower shall pay to ~/YOMING - Single Family Page 1 of 6 WYD1001] (06-23-98) oa{[~.~21245 Servicing Number: 001443705-.7/i. 081 7 Date: 10/0'7/04 .?r54 3 Lender on the day monthly payments are due under the Note, until the Note is p:fid iu full, a sum ("Funds") for: (a) y a ly taxes and assessments which may attain priority over this Security Instrument as a lic~x on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premimns; (d) yearly flood insurance premimns, if any; (e) yearly mortgage insurance premiums, if any; and (t) any sums pa3'~d31c by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance premi u~s. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maxi mum amount a lender for a federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate Settlement Procedures Act of 1974 as amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless another law th:~t applies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to exceed thc lesser amount. Lender may estimate the amount of Funds due on the basis of current data and reasonable estimates of expcnditmes of future Escrow Items Or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Home l-~an ~3ank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Utmds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. However, Lender nmy require Borrower to pay a one-time charge for :m independent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otherwise. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrower any imerest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on the Fund~. l.ender shall give to Borrower, without charge, an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as addiiional security for all sums secured by this Security Instrument. If the Funds held by Lender exceed the amounts permitted to be held by applicable law, Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable law. If the amount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in writing, .and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrower shall make np the 'deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Instrument, Lc~lder shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisition or sale as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, zdl payments received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under rile Note; sectmd, to amouuts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges due under the Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments m' gnmnd rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Bm'rower shall pay them on time directly to the owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If makes these payments directly, Borrower shall promptly furnish to l~c~ctcr receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner accept:tble to Lender; (b) contests in good faith the lien 5y, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the ~nforcexnent of the lien; or (c) secures from the holder of the lien an agreement s~tisi'actory to Lender subordinating the lien to this ~ecurity Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this ;ecurity Instrument, Lender may give Borrower a notice identifying the lien. Bm'rower shall satisfy the lien or take one or more )f the actions set forth above within 10 days of the giving of notice. 5. Hazard or Property Insan'ance. Borrower shall keep the improvements nmv existing or hereafter erected on the Property nsured against loss by fire, hazards included within the term "extended coverage" and any other hazards, including floods or looding, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender equires. The insurance carrier providing the insurance shall be chosen by Bor,'t)wer subject to Lender's approval which shall not ~e unreasonably withheld. If Borrower fails to maintain coverage described above, l~cnder may, at Lender's option, obtain coverage > protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall ave the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid remiums and renewal notices. In the event of loss, Borrower shall give prompt n(~tice to the insurance carrier and Lender. Lender ~ay make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, or applicable [xm.' otherwise requires, insurance proceeds shall e applied first to reimburse Lender for costs and expenses incurred in connection with obtaining any such insurance proceeds, and ten, at Lender's option', in such order and proportion as Lender may deternfine in its sole and absolute discretion, and regardless f any impairment of security or lack thereof: (i) to the sums secured by this Security Instrument, whether or not then due, and ' ~ such components thereof as Lender may determine in its sole and absolute discretion; and/or (ii) to Borrower to pay the costs ~d expenses of necessary repairs or restoration of the ProPerty to a condition s~ltisfactory to Lender. If Borrower abandons the roperty, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, Lender ray collect the insurance proceeds. Lender may, in its sole and absolute discretim~, and regardless of any impairment of security lack thereof, use the proceeds to repair or restore the Property or to pay the sums secured by this Security Instrument, whether not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any applicati(m of proceeds to principal shall not extend or stpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under tragraph 21 the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument innnediately /or to the acquisition. If Borrower obtains ear.thquake insurance, any other hazard insurance, or ;my other insurance on the Property and such surance is not specifically required by Lender, then such insurance shall (i) name l.ender as loss payee thereunder, and (ii) be bject to the provisions of this paragraph 5. WYD 10012 (06-23-98) Loan Number: 32102t245OgO~5~l~e~r. yicing Number: 0014437~4~.. ], ". 054/1Date: 10/07/04 6. O~up~y, ~e~afion, ~em and ~o~fion of ~e Prowny; ~ower's ~ Appfimfion; ~hol~. Bo~ower acknowledges fl~at ~e Lender does not desire to nmke a loan to Borrower secured by ~is property on ~e terns contained in ~e Note u~ess ~e property is to be occupied by Borrower as Borrower's primary/secondary residence. Lender ~kes non- owner residence loans of different ter~. Bo~ower pro~ses and assures Lender that Borrower intends to occupy ~is property as Borrower's prinmry/secondary residence and ~at Bo~ower will so occupy this pr()perty as its sole priory/secondary residence wi~in sixty (60) days after ~e date of ~e Security Instrument. If Borrower breaches tiffs pro,se to occupy ~e property as Borrower's prinmry/secondary residence, ~en Lender ~y invoke any of thc R)llowing remedies, in addition to ~e remedies provided in fl~e Security Instrument; (1) Declare all su~ secured by ~e Security Instrument due and payable and foreclose ~e Security I~tmment, (2) Decrease ~e tern of ~e loan and adjust ~e monfl~ly p:~ymcnts uuder ~e Note accordingly, increase ~e interest rate and adjust ~e mon~ly payments under fl~e Note accordingly, m' (3) require ~at ~e principal balance be reduced to a percentage of eider fl~e ofigiml purchase price or ~e appraised value fl~en bring offered on non-owner occupied loa~. Borrower shall not destroy, damge or impair ~e Property, allow thc Property to deteriorate, or con~t waste on ~e Property. Borrower shall be in default if any forfeiture action or proceeding, whether civil or cfi~ml, is begun ~at in Lender's good fai~ judgment could result in forfeiture of ~e Property or o~erwis¢ materially impair fl~e lien created by ~is Security Instrument or Lender's security interest. Borrower my cure such a dehult and reinstate, as provided in paragraph ! 8, by causing · e action or proceeding to be dis~ssed wi~ a ruling ~at, in Lender's e,~d faith deternfimtion, precludes tbrfeiture of ~e Bo~ower's interest in ~e Property or o~er ~terial impaiment of ~e lien created by this Security I~tmment or Lender's security interest. Borrower shall also be in default if Borrower, during ~e loan applicatim~ process, gave ~tefially false or inaccurate infomtion or statements to Lender (or failed to provide Lender wi~ any material infornmtion) in co~ection wi~ fl~e loan evidenced by ~e Note, including, but not li~ted to, representations concer~ng Bm'tower's occupancy of ~e Property as a principal residence. If ~is Security Instrument is on a leasehold, Borrower shall comply with all fl~e provisio~ of ~e lease. If Bo~ower acquires fee title to ~e Property, ~e leasehold and ~e fee title shall not merge unless Lender agrees to ~e merger in writing. Borrower shall, at Bo~ower's own expe~e, appear in and defend any action or proceeding pu~orting to affect ~e Property or any portion ~ereof or Borrower's title fl~ereto, ~e validity or priority of fl~e lien created by tiffs Security Instrument, or ~e rights 0r powers of Lender wifl~ respect to ~is Security Instrument or ~e Property. AIl causes of ae~ion of Borrower, whe~er accrued before or after ~e date of ~is Security I~tmment, for damge or injury to thc Property or any part ~ereof, or in co~ection wi~ any transaction fimnced in whole or in part by ~e proceeds of ~e Note or any other note secured by ~is Security I~tmment, by Lender, or in co~ection wi~ or affecting ~e Property or any 'part ~ereof, includin~ causes of action arising in tort or contract and causes of action for fraud or concealment of a mterial hct, are, at Lender's option, assigned to Lender, and ~e proceeds · ereof shall be paid directly to Lender who, after deducting ~erefrom all its expenses, including reasomble attorneys' fees, my apply such proceeds to ~e sums secured by ~is Security I~tmment or to any deficiency under ~is Security Instrument or my release any rotaries so received by it or any part ~ereof, as Lender my elect. Lender may, at its option, appear in and prosecute in its own mine any action or proceeding to enforce any such cause of action and may make any compro~se or settlement ~ereof. Bo~ower agrees to execute such ~r~er assigments and any o~er instruments as fi'om time to time my be necessary to effectuate · e foregoing provisio~ and as Lender shall request. 7. ~ot~fion of ~er's ~m h ~e ~o~. If Borrower fails to perform the cove~nts and agreements contained in · is Security Instrument, or ~ere is a legal proceeding ~at my sig~ficantly afl, ct Lender's rights in fl~e Property (such as a proceeding in ba~mptcy, probate, for condemtion or forfeiture or to enforce Izm's or regulations), fl~en Lender my do and pay for whatever is necessary to protect ~e value of ~e Property and Lender's rights in the Property. Lender's actim~ my include paying any sums secured by a lien which has priority over ~is Security I~tmmcm, appeariug in court, paying reasomble attorneys' fees and entering on ~e Property to rake repairs. Al~ough Lender my take actim~ under tiffs paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under ~is paragraph 7 shall become add iti~mal debt of Borrower secured by ~is Security Instrument. U~ess Borrower and Lender agree to o~er ter~ of payment, these amounts shall bear interest from ~e date of disbursement at ~e Note rate in effect from time to time and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage ~e. If Lender required mortgage insurance as a cm~dition of nmking fl~e loan secured by ~is Security Instrument, Borrower shall pay ~e pre~u~ required to mintain ~e mortgage i~s ura nce in ef/kct. If, for any reason, fl~e mortgage i~urance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the pre~u~ required to obtain coverage substantially equivalent to ~e mortgage insurance previously in effect, at a cost s,bstantially equivalent to ~e cost to Borrower of fl~e mortgage insurance previously in effect, from an altermte mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Bo~ower shall pay to Lender each month a smu equal to one-twelf~ of ~e yearly mortgage i~urance pre~um being paid by Borrower when ~e insurance covcra~ae lapsed or ceased to be in effect. Lender will accept, use and retain ~ese payments as a loss reserve in lieu of mortgage insur;mce. Loss reserve payments my no longer be required, at ~e option of Lender, if mortgage i~urance coverage (in ~e amount and fi)r the period fl~at Lender requires) provided by an i~urer approved by Lender again becomes available and is obtained. Bm'rower shall pay ~e prenfiums required to mintain mortgage insurance in effect, or to provide a loss reserve, until ~e requirement fi~r mortgage insurance ends in accordance wi~ any written agreement between Borrower and Lender or applicable law. 9. ~fion. Lender or its agent my ~ke reasomble entries upon and inspections of fl~e Property Lender shall give Borrower notice at ~e time of or prior to an i~pection speci~ing reasomble czms¢ for the inspection. 10. ~Memfion. The proceeds of any award or claim for damges, direct or consequential, in co~ection wi~ any condemtion or o~er taking of any part of ~e Property, or for conveyance iu lieu o f condennmtion, are hereby assigned and shall be paid to Lender. Lender my apply, use or release ~e condemtion proceeds in the same ~er as provided in.paragraph 5 hereof wi~ respect to insurance proceeds. If ~e Property is abandoned by Borrower, or if, after notice by Lender to Borrower ~at ~e condemor 0ftbrs to rake an award or settle a claim for damges, Bo~ower fails to respond to Lender within 30 days after fl~e date ~e notice is given, Lender is aufl~orized to collect and apply ~e proceeds, at its option, eider to restoration or repair of ~e Property or to ~e su~ secured by ~is Security I~tmment, whe~er or not ~en due. U~ess Lender and Bo~ower o~erwise agree in writing, any applicatim~ of proceeds to principal shall not extend or postpone ~e due date of ~e money payments refe~ed to in paragraphs 1 and 2 m' change fl~e amount of such paymems. 11. ~ower Not ~1~; For~ By ~Mer Not a W~ver. Extension of flae time for payment or modification of amortization of ~e sums secured by tiffs Security Instrument granted by Lender to any successor in interest of Bo~ower shall Page 3 of 6 ~t~ WYD10013 (06-23-98) ....... · 1 i:'. ':;:.11~,'I~:::, ': Loan lx~[~.:~245 O~Oa~-~eticing Number: 0014~43~70.8~,~_ ~' 054 l~ate: 10/o7/04 not operate to release the liability of the original Borrower or Borrower's successors ill interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time l~r payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by tile original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall ~lot be a waiver of or preclude the exercise of any fight or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Borrower x~hll co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, gr:mt and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extcltd, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maxinmm 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 tile amount necessary to reduce the charge to the pernfitted limit; and (b) any stuns 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 thc Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayme~t without any prepayment charge under the Note. 14. Notices. Any notice to Borrower provided for in this Security hlstrumem shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The ~lotice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to l_c~der shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Bm'rllwer. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when givel~ as provided in this paragraph. 15. Governing Law; Severability. This Security Instrument shall be gl/retried by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of tl~ig Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security h~strument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security hlstrtmlel~t and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one conformed copy tff the Note and of this Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transffrrcd and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require irmnediate payment in full of all stuns secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed wiflfin which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of tiffs period, Lender ~nay invoke auy remedies permitted by this Security Instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate. If Borrower meets certain condititms, Borrower shall have the right tO have enforcement of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law may specify for reinstatemen0 before sale of the Property pursuant to any power ~1' sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions arc that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleratio~l had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action as Lender may reasollably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay thc sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrumel~ :md the 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 paragraph 17. 19. Sale of Note; Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security Instrumen0 may be sold one or more times without prior notice to Borrower. A sale may result in a change in the entity (known as the "Loan Servicer") that collects monthly payments due under the Note zmd this Security Instrument. There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change in accordance with paragraph 14 above a~ld applicable law. The notice will state the name and address of the new Loan Servicer and the address to which payments shot, Id be made. The notice will also contain any other information required by applicable law. The holder of the Note and this Security Instrument shall be deemed to be the Lender hereunder. 20. Ha?ardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow :myone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall n~t apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recogldzcd to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigatitm, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property ;md a%, Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by a%, govermnental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall pr6mptly take all necessary remedial actions in accordance with Environmental Law. Borrower shall be solely responsible for, shall indennfify, defend :md hold harmless Lender, its directors, officers, employees, attorneys, agents, and their respective successors and assigns, fi'om and against any and all claims, demands, causes of action, loss, damage, cost (including actual attorneys' fees and court costs a~d costs of any required or necessary repair, cleanup or detoxification of the Property and the preparation and implementation of any closure, abatement, containment, remedial or other required plan), expenses and liability directly or indirectly arising out of or attributable to (a) the use, generation, storage, release, threatened release, discharge, disposal, abatement or presence of Hazardous Sl~bstances on, under or about the Property, (b) the transport to or from the Property of any Hazardous Substances, (c) the violati~ll of any Hazardous Substances law, and (d) any Hazardous Substances claims. Page 4 of 6 WYD10014 (06-23-98) Loa~~e'fl~1245 0903,~:ing Number: 0014437.a~-~'~.. '- 0~i~{.) As used in ~is paragraph 20, "Hazardous Substances" are ~ose StlbStallCCS defined as toxic or ha~rdous substances by Enviromental Law and fl~e following substances: gasoline, kerosene, o~er flammable or toxic petroleum products, toxic pesticides aM herbicides, volatile solvents, mtefials contaiffing asbestos or fon~ldehydc, and radioactive mterials. As used in ~is paragraph 20, "Enviromnental Law" means federal laws and laws of ~e jurisdiction where thc Property is located ~at relate to heal~, safety ' or enviro~ental protection. ADDITIONAL COVENANTS. Bo~ower and Lender brier coven',tnt and agree as follows: 21. A~lemfion; ~es. Iffy ~lmemnnder ~e No~ or notes ~cured hereby is not p~d when due, or if~ower ~o~d ~ ~ defa~t ~er ~y pro.ion of ~s ~ ~mimem, or if ~rrowcr is in defa~t under ~y o~er mngage or o~er ~me~ ~ by ~e Pro~, ~ ~ ~ by ~s ~ ~mcnt and accm~ ~rest ~er~n ~ at o~e ~o~ due ~ ~yable at ~e option of ~Mer ~out prior ~fi~, ex,pt ~ o~e~i~ required by appfi~ble hw, ~ reg~ess of ~y prior for~. h tach evem, ~Mer, at i~ option, and ~bj~t to app~blc law, ~my ~en or ~e~er for~lo~ ~s ~ ~m~mem eider by adveffi~ ~ ~e of ~e ~o~ ~ pro~d~ by statute (fl~e ~wer of ~e provid~ for by statute ~g hereby e~ressly g~ m ~er by ~ower) or by ~ action ~ ~, and nmy invoke ~y o~er re~es or ~e ~y o~er acfiom ~a~ by a~ble hw. ~Mer ~ mH~t ~ e~s ~ed in pursuing ~e re~es demfi~ ~s Prograph 21, ~luding, but not ~t~ to, ~mble aflo~ys' f~s ~ ~s~ of title evidence: If ~Mer ~vokes ~e ~wer of ~e, ~Mer shall give nofi~ of i,tcnt to for~lom to ~ower and m ~e ~n ~ ~s~ssion of ~e ~o~, if ~ffere~, ~ a~rdance M~ appli~ble hw. I~ndcr slmll give nofi~ of i~ ~em m for~lo~ m ~ower by ~ffifi~ mil, re~ r~ipt, ~ ~e runner pro~d~ ~ ~agraph 14. ~Mer ~ pub~ ~e nofi~ of ~e, ~ · e ~o~ shall ~ told ~ ~e runner pre~fi~ by app~ble hw. ~Mer or its design~ my p~c~ ~e ~o~ at ~y ~e. ~e proc~ of ~e ~e shall ~ appfi~ ~ ~e foflo~ order: (a) to all cx~[ms of ~e ~e, ~luding, but not limit~ to, r~mble a~o~ys' f~s; ~) to ~ m~mq ~ by ~s ~ ~ent; and (c) ~y ex, ss to ~e ~n or ~m leggy e~fl~ m it. 22. ~1~. Upon payment of all su~ secured by ~is Security Instrument, Lender shall release ~is property wi~out wa~anty to ~e person or perso~ legally entitled to it. Such person or'persons shall pay any recordation costs. Lender ~y charge such person or persmu a fee for releasing ~e Property for services rendered if tl~c charging of fl~e fee is per~tted under applicable law. 23. W~vem. Borrower hereby releases and waives all rights in ~e Property under and vimre of ~e homestead exemption laws of ~e State of Wyo~ng and hereby relinquishes all rights of cunesy and dower in ~e Property. 24. ~sr~re~nmfion and No~mlo~e. Bo~ower has rode certai~ written representations and disclosures in order to induce Lender to rake ~e loan evidenced by ~e Note or notes which tiffs Security Instrument secures, and in ~e event ~at Borrower has rode any mtefial ~srepresentation or hiled to disclose any m:ttcrial fact, Lender, at its option and wi~out prior notice or de~mnd, shall have fl~e right to declare ~e indebtedness secured by this Security Instrument, irrespective of fl~e mturity date specified in ~e Note or notes secured by ~is Security I~tmment, imlncdiatcly due and payable. 25. T~ is of ~e ~. Time is of ~e essence in ~e performance of each provision of ~is Security Instrument. 26. W~ver of Smm~ of L~mfiom. The pleading of ~e statute of Ii mi rations as a defense to enforcement of ~is Security I~tmment, or any and all obligatio~ referred to herein or secured hereby, is hereby waived to ~e ~llest extent per~tted by applicable law. 27. Mo~fi~fion. This Security Instrument ~y be modified or amended o~fly by an agreement in writing signed by Borrower and Lender. 28. ~~m. To ~e extent per~tted by applicable law, Borr, wcr shall reimburse Trustee and Lender for any and all costs; fees and expenses which eider my incur, expend or sustain in thc cxccutiou of fl~e trust created hereunder or in ~e perfor~nce of any act required or pernfitted hereunder or by law or in equity or otherwise arising out of or in co~ection wi~ tiffs Security Instrument, ~e Note, any o~er note secured by ~is Security Instrmnent or any o~er i~tmment executed by Borrower in co~ection wi~ ~e Note or Security Instrument. To ~e extent pe~tted by applicable law, Bo~ower shall pay to Trustee and Lender ~eir fees in co~ection wi~ Trustee and Leader including, but not li,dtcd to assumption application fees; fees for payoff de~nds and, statements of loan balance; fees for raking, tra~ffitting and transporting copies of loan documents, verifications, ~11 or partial lien releases and o~er documents requested by borrower or necessary tbr performnce of Lender's rights or duties under ~is Security I~tmment; fees arising from a returned or dishonored check; fees to deter~ne whe~er fl~e Property is occupied, prOtected, ~intained or i~ured or related pu~oses; appraisal tkcs, inspection fees, legal fees, broker fees, i~urance ~d-term substitution, repair expe~es, foreclosure fees and costs arising fi-om fi)reclosure of ~e Property and protection of ~e security for ~s Security I~tmment; and all o~er fees and costs of a similar natur~ not otherwise prohibited by law. 29. ~efi~ E~or. In ~e event Lender at any time discovers fl~at thc Note, any ofl~er note secured by ~is Security Instrument, ~e Security I~tmment, or any o~er document or instrument exgcutcd in cmmection wi~ ~e Security Instrument, Note or notes contai~ an error ~at was caused by a clerical ~stake, calculation crrm', computer ~ml~nction, printing error or si~lar error, Bo~ower agrees, upon notice from Lender, to reexecute any documcms that are necessary to correct any such error(s). Borrower h~er agrees fl~at Lender will not be liable to Borrower for any damages incurred by Borrower ~at are directly or indirectly caused by. any such e~or. 30. ~st Stolen, Desffoy~ or Mu~t~ ~ ~m~mem ~d Other Doc~. In fl~e event of ~e loss, ~eft or destruction of fl~e Note, any o~er note secured by ~is Security hutmment, thc Security Instrument or any o~er documents or i~tmments executed in com~ection wi~ ~e Security Instrument, Note m' notes (collectively, ~e "Loan Documents"), upon Borrower's receipt of an inde~fication executed in hvor of Borrower by Lcndcl', or, in ~e event of ~e mutilation of any of ~e Loan Documents, upon Lender's su~ender to Bo~ower of ~e mutilated Loan Document, Borrower shall execute and deliver to Lender a Loan Document in fo~ and content identical to, and to serve as a replacement of, ~e lost, stolen, destroyed, or mutilated Loan Document, and such replacement shall have ~e same force and efikct as thc lost, stolen, destroyed, or mutilated Loan Documents, and my be treated for all pu~oses as ~e ofigiml copy of such l.{~an Docmnent. · - 31. Assignmem of ~. AS additioml security hereunder, Bo~owcr hereby assigns to Lender ~e rents of ~e Property. Borrower shall have ~e right to collect and retain ~e rents of ~e Property as they become due and payable provided Lender has not exercised its rights to require i~ediate payment in hll of ~e su~ secured by tiffs Security i~tmment and Borrower has not abandoned ~e Property. 32. ~dem ~ ~ ~ ~m~mem. If one or more riders are executed by Borrower and recorded toge~er wi~ ~is Security Instrument, ~e covemnts and agreements of each such rider sMll bc incorporated into and shall amend and supplement Page 5 of 6 ~D10015 (06-23-98) 054 7 Loan Number; 32102124sO~O~~cLrlg Number: 001443705-? D~e: 10/07/04 · e covcn~u ~d agr~n~ of ~is $ec~ty ~nt ~ if ~c rider(s) were a pm of ~s S~i~ Inset. [~k applicabl~ P. 8? [] Adjustable Rate Rider [] No Prepaymeat Penalty Option Rider [] Other(s) (;pcclfy) [] Condominium Rider [] Planned Unit Developmen~ Rider [] 1-4 Family Rider [] Occupancy Rider BY SIGNING BELOW, Borrower accepts and agrees to the r~m'ns and covenants contained in this Security Instrument and in any rider(s) executed by Borrowcr and recorded with it. Wimeis~s: -B0rtowet SANDRA NOXON -Borrow-r SI'ATE OF WYOMING, Cotm~ .: 'i bY~' ' S~D~ NOXON GORBU~ ~D VEE GORBUTT -BOrrower _(S~l) -Borrow er _C$¢~1) -Borrower WYD 10016 (06-';3 -98) 0 035 7 ,05.18 Legal Description Part of the SE~SE~ of Section 12, T32N RllgW of the 6th P.M., Lincoln County, Wyoming being more parnicularly described as follows: Beginnmng 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 Servicing Number: 001443705_-, ADJUSTABLE RATE RIDER (LIBOR Index -.Rate Caps) 0823 Date: 10/07/04 THIS ADJUSTABLE RATE RIDER is made October 07, 2004 , and is incorporated into and shall be deemed to amend and supplcmcut the Mortgage, Deed of TrUst or Security Deed (the "Security InstrUment") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Option One MorEgage Corporat±on, a California Corporat±on (the "Lender") of the same date and covering the property described iii tile Security Instrument and located at: 88171 HNY 89, GROVER, NY 83122- [Property Address] TI-~ NOTE CONTAINS PROVISIONS ALLOWING FOR CI IANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREgF RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants aud agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: The Note provides for an initial interest rate of 6 I 300 ~ ' The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGI~ (A) Change Dates The interest rate I will pay may change on the first day of ~Jovember 0l 2006, and on that day every sixth month thereafter. Each date on which m3 interest rate could change is called a "Change Date." 0t) The Index Beginning with the first Change Date, my interest rate will be based on an Index The "Index" is the average of interbank offered rates for six-month U.S. dollar-denomi.ated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most rece.t l.dex figure available as of the first businesS,,current daYindex.Of.the month immediately preceding the month in which the Change Date occurs is called the If the Index is no longer available, the Note Holder will cho~lse a uew index that is based upon comparable information, The Note Holder will give me notice of this choice, (C) Calculation of (~anges Before each Change Date, the Note Holder will calculate my .ew interest rate by adding FIVE 3ZID 10/100 percentage point(s) ( 5. 100% ) to the Current Index. The Note Holder will then round the result of tbi- addition to the next higher one-eighth of one percentage point (0.125 %). Subject to the limits stated in Section 4 ~lT)j below, this rounded amount will MULTISTATE ADIUSTABLE RATE RIDER-LIBOR INDEX - Single Family Page 1 of 3 USRI0021 (02-23-99) 0824 ,0550 Loan Number: 321021245 Servicing Number: 001443705-7 Date: 10/07/04 be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the ,nm~d~ly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the' Chan~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 Change Date will not be greater than 9.3 00 % or less than 6.3 0 9 % Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than one percentage point (1.0%) from the rate of interest I have been paying for the preceding six months. In no cvem will my interest rate be greater than 12.3 00 % or less than 6.3 00 % (E) Effective Date of Changes My new interest rate will become effective on each Cham,c Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date afte~- 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 any chan~es in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a pcrsml who will answer any question I may have regarding the notice. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Covenant 17 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borro~ cr is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. How ever, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of th i < Scc tu'i ty Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to tile transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumptio~ and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condinon 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 continue [o be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full. Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days fi'om the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Scctu'ity Instrument If Borrower fails to pay these sums prior to the expiration of this period, Lender may revoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. MULTISTATE ADJUSTABLE RATE RIDER-LIteR INDEX-Single Family Page 2 of 3 USRI0022 (02-23-99) 055 0CT-07-2004 08:04 P. 08 Loan Number: 32102124S S~rvicing Number: 001443705--~ Dai¢: 10/07/0~ BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Adju~le Rate Rider. ~ ~~---'/~ {sc, id) ereby releaslng and waiving all ' rights undmr mn~ by virtue of the homestead laws of this state." _($~1) .{Seal) Page .~ of ~ USRIO~3 (02-25.~)