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HomeMy WebLinkAbout903739Return To: WYOMING EMPLOYEES FEDERAL CREDIT UNION 2223 Warren Avenue Cheyenne, WY 82001 903739 Prepared By: WYOMING EMPLOYEES FEDERAL CREDIT UNION 2223 Warren Avenue Cheyenne. WY 82001 RECEIVED LINCOLN COUNTY CLERK 0t.,0CTlh ~HIl:hl O57O 0 C 6 8 Loan Number: 48678 [Space Above This Line For Rcro,',ling Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are dcl'inc~ below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding file usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is d;ncd together with all Riders to this document. 01) "Borrower" is Chert Hooper. A SINGLE PERSON September 21. 2004 Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WYOMING EMPLOYEES FEDERAL CREDIT UNION Lender is a , organized and existing under the laws of Wyomi n9 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6(WYI [0005) Page 1 of 15 Initials: ~ VMP MORTGAGE FORMS - 1800)521-7291 DDS-WY4 Form 3051 1/01 0903?39 Lender's address is 2223 Warren Avenue Cheyenne, WY 82001 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Bm'rower and dated September 21, 2004 The Note states that Borrower owes Lender Forty-lwo Thousand & 00/100 Dollars (U.S $ 42,000.00 ) plus interest. Borrower has lin)raised to pay this debt in regular Periodic Payments and to pay the debt in full not later than September 2.5. 2016 (E) "Property" means the property that is described below llndcr the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus intcrcsl, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrmncn[, plus interest. (G) "Riders" means all Riders to this Security Instrument th:d are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicablcl: ~ Adjustable Rate Rider [---] Condominium Rider [~ Second Home Rider [-~ Balloon Rider [--] Planned Unit Development Rider [] 1-4 Family Rider [---] VA Rider ~] Biweekly Payment Rider [] Other(s) [specify] (It) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have thc ct'l'cct of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property bx ,, condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of l'ttnd~, other than a transaction originated by check, draft, or similar paper instrument, which is initiatc~d dlrough an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, t~r authorize a financial institution to debit or credit an account. Such term includes, but is not limited m, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, setdcmcnt, award of damages, or proceeds paid by any third party(other than insurance proceeds paid under thc coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnatitm or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) mtsrcpresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amoul~t duc for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security h~.~trument. (O) "RESPA" means the Real Estate Settlement Procedures :,,ct ~12 U.S.C. Section 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 reqmremcnts and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan docs nt~t qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) (00051 DDS-WY4 Page 2 of 15 Form 3051 1/01 (0( 70 (P) "Successor in Interest of Borrower" means any party tha~ has taken title to the Property, whether or not that party has assumed Borrower's obligations under the N~lc and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment ,~t thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrmvcr's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower docs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale. the following described property located in the County of kincol n : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Lot 5 Rocky Mountain Ranches, kJncoln County, Wyoming accordSng to that plat f~led ~n the 0ff~ce of [~ncoln County as Plat No. 2aS-E Parcel ID Number: Rock Farm Road Etna ("Property Address"): which currently has the address of [Streetl l('ityl , Wyoming 83118 [Zip Code] TOGETHER WITH all the improvements now or hc,'t'aftcr erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. Ali replacements and additions shall also be covered by this Security Instrument. ,,\11 t)f the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully sciscd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and th'at thc Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend gcncrally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform c~,xcnants for national use and non-uniform covenants with limited variations by jurisdiction to constitute ,, uniforln security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenam and agree as follows: 1. Payment of Principal, Interest, Escrow Items, I'repa)ment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest un, tile debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bo,'r,~wcr shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this 5;ccurity Instrument shall be made in U.S. currency. However, if any check or other instrument received hv I_ender as payment under the Note or this (~)~-6(WY) 100051 Page 3 of 15 Form 3051 1/01 DDS-WY4 0903789 i. 0071 Security Instrument is returned to Lender unpaid, Lender ma~ require that any or all subsequent payments due under the Note and this Security Instrument be made m m~e 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 Ftmds Transfer. Payments are deemed received by Lender when received ',it Iht location designated in the Note or at such other location as may be designated by Lender in accord',mcc 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 the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice m its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied l'tmds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reason',d% period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to forcc:lt~surc. No offset or claim which Borrower might have now or in the future against Lender shall relieve llt)rrower from making payments due under the Note and this Security Instrument or performing the covcmmts and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in thc following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied 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 Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nmy be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, [.cnder may apply any payment received from Borrower to the repayment of the Periodic Payments il', 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 applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described m the Note. Any application of payments, insurance proceeds, or M iwcllan¢ous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to I.cndcr on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments tn' ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to l.cmlcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Scctitnl 10. These items are called "Escrow Items." At origination or at any time during the term of thc koan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly I'urnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Ftmds l'or Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrt~w Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items git any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~-6(WY) Iooo5) DDS-WY4 Initials: Page 4 of 15 Form 3051 1/01 0072 due for any Escrow Items for which payment of Funds has bccn x~aived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to.provide receIpts shall for all purposes be deemed to be a covenant and agreement contained in this Securi'ty Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escr~x~ Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, I.cndcr may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated trader Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escruw ltcms at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrt~wcr shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an anlOtlll[ (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not ~,~ exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount oi I:tmds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items ,,r od~erw~se in accordance with Applicable Law. The Funds shall be held in an institution whose aleph,sits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an mh~tlu[ion whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds t~ [*~0 the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower fi,r h~dding and applying the Funds, annually 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 ch,rgc. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, l.cnder shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender c,n agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds 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. II' thcr~ is a shortage of Funds held in escrow, 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 acct~rd',tucc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escro\~ as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall p:ty to Lender the 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 Securit) Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, a~cSSlnents, charges, fines, and impositions attributable to the Property which can attain priority over thi~ Nccurity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associzttitm Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall 1):0 them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has pru~rity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati,m secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such ,grccn~ent; (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 of the lien while those proceedings ,,u'c pending, but only until such prbceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lendc~ may give Borrower a notice identifying the (~-6(WY) DDS-WY4 nit~als:'"'~ PageSof~5 Form 3051 1/01 0073 lien. Within l0 days of the date on which that notice is given, B~)rrower shall satisfy ~he lien or t~e one or more of the actions se~ fo~h above in ~his Section 4. Lender may require Borrower ~o pay a one-time ch~,'~c ~b~ a ~eal estate [~ verification ~d/or repo~inE se~ice used by Lender in co~ecfion wi~h'~his Loan 5. ~operty Insurance. Borrower sh~l keep ~he impr,~vcmcms now existin~ or hereafter erected on the Prope~y insured a~ainst loss by fire, h~ards included widfin d~e ~erm "extended coverage," ~d ~y o~er h~ds including, bu~ no~ li~ed to, ear~hqu~es and ~]~ods. tb~ which Lender requires insu~ce. ~is insur~ce shall be maintained in ~he ~oun~s (includin~ deductible levels) ~d for ~he periods tha~ Lender requires. ~a~ ~nder requires pursuit to ~he prcccd~n~ sentences c~ ch~ge durin~ [he ~erm of · e Lo~. ~e insur~ce carrier providin~ the insur~ce shall bc chosen by Borrower subjec~ ~o Lender's ri~h~ to disapprove Borrower's choice, which right shall no~ bc exercised unreasonably. ~nder may require Borrower ~o pay, in co~ecfion wi~h this Lo~, chhcr: (a) a one-time ch~ge for flood zone de~e~nafion, certification ~d ~rackin~ se~ices; or (b) a ,mc4imc charge for flood zone de~e~nafion ~d ce~ificafion services ~d subsequen~ charges each time rcmappin~s or si~lar ch~es occur which reasonably ~ght affect such de~e~nafion or certification. ~)rrowe~ shall also be responsible for the paymen~ of ~y fees imposed by the Federal Emergency ,~hma~emen~ A~ency in co~ection with [he review of ~y flood zone de~e~ation resulting from ~ objection by Borrower. If Bo~ower hils ~o maintain ~y of the coverages described above, Lender may obtain insur~ce coverage, at Lender's option ~d Borrower's expense, kcndcr is under no obligation to purchase ~y p~icul~ type or ~ount of coverage. ~erefore, such coverage shall cover Lender, but ~h~ or ~h~ no~ protec~ Borrower, Borrower's equity in ~he Prope~y, o~ d~c con~cn~s of ~he Prope~y, a~ains~ ~y risk, h~ard or liability ~d ~ght provide greater or lesser covcr',,~c titan was previously in effecL Borrower ac~owledges that the cost of the insur~ce coverage so obtztincd might signific~tly exceed the cost of insur~ce that Bo~ower could have obtained. Any ~ounts disbursed by Lender under this Section 5 shall become additional debt of Bo~ower secured by this Security h~strument. ~ese mounts shill bern interest at the Note rate from the date of disbursement ~d shall be l~yat)lc, with such interest, upon notice from ~nder to Bo~ower requesting payment. All insur~ce policies required by Lender ~d renewals rd' such policies shall be subject to Lender's right to disapprove such policies, shall include a st~dard mt~rtgage clause, ~d shill nme Lender as moagagee ~d/or as ~ additionfl loss payee. Lender shall h:tvc the right to hold the policies ~d renewal certificates. If Lender requires, Borrower shall promptly give .~ Lender all receipts of paid pre~u~ ~d renewal notices. If Borrower obtains ~y fo~ of insurm~cc c{~vcrage, not othe~ise required by Lender, for dmage to, or destruction of, the Propeffy, such policy shall include a st~dard mortgage clause ~d shall n~e Lender ~ mortgagee ~d/or as ~ additionfl loss payee. In the event of loss, Borrower shill give prompt notice tt~ th~ insur~ce c~rier ~d Lender. Lender may m~e proof of loss if not made promptly by Borrower. Unless Lender m~d Borrower otherwise agree in writing, ~y insur~ce proceeds, whether or not the underlying insur~ce was required by Lender, shill be applied to restoration or repair of the Property, if the rest~ra~ion or repair is econo~cflly feasible ~d Lender's security is not lessened. During such repair ~d res.~r~ttion period, Lender shill have the right to hold such insur~ce proceeds until Lender has had ~ opportunity to inspect such Propeny to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undert~en promptly. Lender may disburse proceeds for the repairs m~d tcstt)ration in a single payment or in, a series of progress payments ~ the work is completed. UNess ~ agreement is made in writing or Applikable Law requires interest to be paid on such insur~ce proceeds, Lender shall not be required to pay Borrower ~y interest or earnings on such proceeds. Fees for public adjusters, or other third pa~ies, retained by Borrower shill not be paid out of the insur~ce proceeds and shall be the sole obligation of Bogower. If the restoration or repair is not econo~cflly feasible or Lender's security would be lessened, the insur~ce proceeds shall be applied to the su~ secured by this Security Instrument, whether or not then due, with (~-6(WY) (0005) DDS-WY4 Initials."~ Page 6 of 15 Form 3051 1/01 0¢;74 the excess, if any, paid to Borrower. Such insurance procecd,s ~h:(ll be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file ,cgotiate and settle any available insurance claim and related matters. If Borrower does not re~pond withul 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender m: ~ negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, t~r if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lc,der (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid trader thc Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right t,~ any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, i~lsofar as such rights are applicable to the coverage of the Property. Lender may use the insurance procccd,s either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, ami usc the Property as Borrower's principal residence within 60 days after the execution of this Securit3 Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one yea,' after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be um'casonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of thc Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property It) deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Propct'ty, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasi,~g in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration i, not cconoxnically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage t., or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property t,dy if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and rcstt)ration in a single payment or in a series of progress payments as the work is completed. If the insurm~cc or condexnnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved ~)l' llt.'rower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries up,,n ami inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the inwt)vcments on the Property. Lender shall give Borrower notice at the time of or prior to such an interior insl)cct ion specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall bc in default if, during the Loan application process, Borrower or any persons or entities acting at thc direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representati,,~s concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to Perform the covenants and agreements c~.,aincd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's i~xtcrcst in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, l~r,)bate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this 5;ccurity Instrument or to enforc'e laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc Property and rights under this Security Instrument, including protecting and/or assessing the value t,l' thc Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) al)pc:tring in court; and (c) paying reasonable (~-6(WY) (0005) DDS-WY4 Initials: Page 7 of 15 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing ~l~c Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dlmgcrous conditio, ns, and have utilities turned on or off. Although Lender may take action under this Sectitm 0, kender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bcltr interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon nt)tic~ from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mt,rtgagc Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to bc available from the mortgage insurer that previously provided such insurance and Borrower was reqt~ircd to make separately designated payments toward the premiums for Mortgage' Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amtmnt of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the an~tmt and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Bt~rrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at thc rate provided in the Note. Mortgage Insurance reimburses Lender (or any entit3~ that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify thc ir risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser t~f the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Bom)wcr's payments for Mortgage Inshrance, in exchange for sharing or modifying the mortgage 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 the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower ,,'rill owe for Mortgage Insurance, and they will n,t entitle Borrower to any refund. Initials: ~ (~I~-6(WY} (0005) Page 8 of ~5 Form 3051 1/01 DDS-WY4 ' ' ' ,- 0 76 (b) Any such agreements will not affect the rights Ih~rrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act or 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance tc,'minatcd automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Procccd~ ~hall De applied to restoration or repair of the Property, if the restoration or repair is economically Ik:lNiblc and Lender's security is not lessened. During such repair and restoration period, Lender shall have thc right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propcrt5 to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall bc tmdcrtaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a ~,c~ its of progress payments as the work is completed. Unless an agreement is made in writing or Apphc;tblc Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to p% llorrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ec~,m~mically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to II~c Slims secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bcr~',,wcr Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in v;tluc of the Property. the Miscellaneous Proceeds shall be applied to ;he sums secured by this SecuriLv Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in v~tluc of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and kcndcr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount o~' the sums secured immediately before the partial taking, destruction, or loss in value divided by (h) thc fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial laking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Misccllancotis Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums a,'c then due. If the Property is abandoned by Borrower, or if, ;flier notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after thc date thc notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums 'secured by this Security Instrument, whether or not then duc. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludc~ ft)rfciture of the Property or oth6r material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the iml~ail-ment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to rcst~x'ation or repair of the Property shall be applied in the order provided for in Section 2. (~I~-6(WY) (ooo5) DDS-WY4 Page 9 of 15 Form 3051 1/01 0077 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured I~? this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall m,I ~l)ex'ate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not I~c required to commence proceedings against any Successor in Interest of Borrower or to refuse to e×tc~ld time for payment or otherwise modify amortization of the sums secured by this Security Instrument h3~ reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forl)carance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ~[ payments from third persons, entities or Successors in Interest of Borrower or in amounts less than tl~c amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be jr,ira al~d several. However, any Borrower who co-signs this Security Instrument but does not execute thc N~tc (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey thc c~ signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligalcd to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bom,wet can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Nccurity Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Succc~s~r in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writi~g, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security h~.~r,mcnt. 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 agreements of this Security h~trtm~cnt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fcc~ f~r services performed in connection with Borrower's default, for the purpose of protecting Lender's imcrcst in the Property and rights under this Security Instrument, including, but not limited to, attorneys' tL'es, property inspection and valuation fees. In regard to any other fees, the absence of express authority i. Ihis Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on thc charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument ,~r by Applicable Law. If the Loan is subject to a law which sets maximum loat~ charges, and that law is finally interpreted so that the interest or other loan charges collected or to be colh.clcd in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be tab,ccd by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collc~ctcd from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose t,, make this refund by reducing the principal owed under the Note or by making a direct payment to I~,,rrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without :.~y 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 righl ~l' action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender i~ connection with this Security Instrument must be in writing. Any notice to Borrower in connection wilh this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail ,~r when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The ,,~ticc :~ddress shall be the Property Address unless Borrower has designated a substitute notice address by l,)tice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender Sl~CdI'ics a procedure for reporting Borrower's change of address, then Borrower shall only report a change ~4' address through that specified prbcedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by maili~g 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 t,, have been given to Lender until actually received by Lender. If any notice required by this Security h~strument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (~)~-6(WY) (ooo51 DDS-WY4 Page 10 of 15 Form 3051 1/01 ' c. 0C, 78 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in x~ hich the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly zdlow the parries to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc masculine gender shall mean '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" gixcs sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy m' tl~e Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interesi in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial intercs~ in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, c,,ntract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title b5 B~rrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Prt~pcrty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is st~lcl or transferred) without Lender's prior written consent, Lender may require immediate payment in hdl of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date thc nt)ticc is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrnment. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrmvcr. 19. Borrower's Right to Reinstate After Acceleralion. If Borrower 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 Properly pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable l.aw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment cnlbrcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valu:ttim~ 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 assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligatitm to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require th'at Borrower pay such reinstatement sums and expenses in one or more of the following fOrms, as selected hy l.ender: (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 agen%, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred, l lowever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice or ¢;rievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior nbtice to Borrower. A sale might result in a change in the entity (km~wn as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrumem, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale ,~I' thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change ~ hich will state the name and address of the new Loan Servicer, the address to which payments should Iw made and any other information RESPA (~-6[WY) Iooo~ DDS-WY4 Page 11 of 15 Form 3051 1/01 00?9 requires in connection with a notice of transfer of servicing. Il' thc Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the N~)tc, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transfc'rrcd lo a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc Note purchaser. Neither Borrower nor Lender may commence, join, or hc joined to any judicial action (as either an individual litigant or the member of a class) that arises from thc other party's actions pursuant to this 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 kclMcr has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving or such notice to take corrective action. If Applicable Law provides a time period which must elapse hcI',~rc certain action can be taken, that 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 Sectiou 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy tile ~otice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, t~r wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or t~×ic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the j ur isdiction where the Property is located that relate to health, safety or environmental protection; (c) "Enviroumcntal Cleanup" includes any response action, remedial action, or removal action, as defined in Environ,mental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute t., or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permfit the presence, use, diN3osal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on t~r in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) cleat is in violation of any En,/,ironmental Law, (b) which creates an Environmental Condition, or (c) which, clue to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects thc value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be aplm)priate to normal residential uses and to maintenance of the Property (including, but not limited to, ha×ardt~us substances in consumer products). Borrower shall promptly give Lender written notice of (~) a~y 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 t3.rrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any si)ill lng, 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 I'ropcrty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other re~ediation of any Hazardous Substance affecting the Property is necessary, Bt,rrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothi~g herein shall create any obligation on Lender for an Environmental Cleanup. {~1~-6!?~ Y)(00o5) DDS-WY4 Initials: Page 12 of 15 Form 3051 1/01 0680 NON-UNIFORM COVENANTS. Borrower and Lender I'urther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give.notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in Ihis Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law prox i(les otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c), date, not less than 30 days from the date the notice is given to Borrower, by which the default must he cured; and (d) that failure to cure the default on or before the date specified in the notice may resul! in acceleration of the sums secured by this Security Instrument and sale of the Property. The n.tice shall further inform Borrower of the right to reinstate after acceleration and the right to bring ~, court action to assert the non-existence of a default or any other defense of Borrower to acceleration ami sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without furlher demand and may invoke the power of sale and any other remedies permitted by Applicable L~m. i~ender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give re)rice of intent to foreclose to Borrower and to the person in possession of the Property, if diffcre,d, in accordance with Applicable 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 sohl in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at ~,,~3 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 Secm'ity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Nccurity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation ousts. I.cnder may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid t,), third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all righls under and by virtue of the homestead exemption laws of Wyoming. I~-6{WY) DDS-WY4 Page 13 of 15 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees [o [l{c ic,'ms and covenants contained in this Security Instmmen! and in any Rider executed by Borrower ami ,'ccordcd with it. Witnesses: (Seal> -Bo~ower Chert Hooper (Se~) -Bo~ower (SeM) -Bo~ower (Seal) -Bo~ower (Seal) -Bo~ower (Seal) -Bo~ower (Seal) -Bo~ower (Seal) -Borrower (~)~6(WY) DDS-WY4 Page 14 of 1 § Form 3051 1/01 STATE OF WYOMING, ,Lincoln-- The foregoing instrument was acknowledged before mc this September 21, 2004 by Chett Hooper. A SINGLE PERSON County ss: (~-6(WY) {ooo5) DDS-WY4 Page 15 of 15 Form 3051 1/01