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HomeMy WebLinkAbout9038066943823 FULP Return To: WACHOVIA MORTGAGE CORPORATIO~ 0 3 8 0 I!; 1100 CORPORATE CENTER DRIVE-NC4723 RALEIGH, NC 27607-5066 RECEIVED LINCOLN COUNTY CLERK [Space Above Tiffs Line For Recto'ding Dnta] MORTGAGE 100013700069438230 DEFINITIONS Words used in multiple sections of this document are defined hchm and ofl~er words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage ()f words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated September together with all Riders to this document. (B) "Borrower" is REGINA FULP AN UNMARRIED WOMAN MARGARET JENKINS AN UNMARRIED WOMAN 30 2004 , Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, I~c. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's success,,rs .'tnd assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existi]~g trader the laws of Delaware, and has an address and telephone of P.O. Box 2026, Flint, MI 48501-2026, tot. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRI ,MI, \T WITII MERS Form 3051 1/01 242818 (rev03 11/00) [28181] Page 1 of 15 CAC 6943823 FULP (D) "Lender" is WACHOVIA MORTGAGE CORPORATION t 0142 Lenderis a CORPORATION organized and existing under the laws of NORTH CAROLINA Lender's address is 1100 CORPORATE CENTER DRIVE RALEIGH, NC 27607-5066 (E) "Note" means the promissory note signed by Borrower a~d d:tt~'d September 30 2004 The Note states that Borrower owes Lender One Hundred Forty Eight Thousand and no/100 Dollars (U.S, $ 146,000.00 ) plus interest. Borrower has m,.fiscd to pay this debt in regular Periodic Payments and to pay the debt in full not later than October 1 2034 (F) "Property" means the property that is described below .~dcr the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus intcrc~i any prepayment charges and late charges due under the Note, and all sums due under this Security Instrtmlcnt. plus interest. (H) "Riders" means all Riders to this Security Instrument Ih:it :tic executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable): ~-~ Adjustable Rate Rider [---] Balloon Rider [--] VA Rider [-~ Condominium Rider [-~ Planned Unit Developmcm ~ Biweekly Payment Rider [~ Second Home Rider ~ 1-4 Family Rider ~-] Other(s) [specify] (1) "Applicable Law" means all controlling applicable IL, clc~'~ll state and local statutes, regulations, ordinances and adnfinistrative rules and orders (that have fl~ el'loot of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by , c(mdonfinium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of t'tmcls, other than a transaction originated by check, draft, or similar paper instrument, which is initiated thr()ugh an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, t.' :mthorize a financial institution to debit or credit an account. Such term includes, but is not limited ~(). p()int-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, xvirc transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Sc~'tim~ 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc c()x erages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmati(m m' other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lendc~ :~gainst the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled am(),~, duc for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security lll~lrument. (P) "RESPA" means the Real Estate Settlement Procedures Ac~ , 12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 35()(~t ;~s they might be amended from time to time, or auy additional or successor legislation or regulation thztt governs [lie same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremems :tnd restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan docs ~t qt~alit'y as a "federally related mortgage loan" under RESPA. 242818 (rev03 11/00) [28182] Page 2 of 15 Fonn 3051 1/01 CAC 6943823 FULP 0 43 (Q) "Successor in Interest of Borrower" means any party th:~t has taken title to the Property, whether or not that party has assumed Borrower's obligations under thc N ~le ,'t nd/or tlfis Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repa3 ~'~tt ~d' the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of B~mm'c r's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrowc~ tl(~es hereby mortgage, grant and c6nvey to MERS (solely as nominee for Lender and Lender's succ'css~rs and assigns) and to the successors and assigns of MERS, with power of sale, the following described im~pcrty located in the COUNTY of LINCOLN : [Type of Recording lurisdiction] [Nalne of Recording lurisdiction] LOT 83 OF RIVER VIEW MEADOWS SECOND ADDITION TO THE TOWN OF ALPINE, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT FILED FEBRUARY 11, 1994 AS INSTRUMENT NO. 778568 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. Parcel ID Number: 605 SNAKE RIVER DR ALPINE ("Property Address"): which currently has the address of [Street] [cit.x I, \Vyoming 83128 [Zip Code] TOGETHER WITH all the improvements now or hereahc~ erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the lm~pcrty. 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 understands and agrees that NI]~R$ holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) ha.s the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose ~t sell the Property; and to take any action required of Lender including, but not limited to, releasing a~ ~d cancel lng this Security Instrument. BORROWER COVENANTS that Borrower is lawfulh, sciscct of the estate hereby conveyed and has the right to mortgage, grant and convey the Prol~erty and tllztl dim Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend ~cncrally the title to the Property ~gainst all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines un/form c'~)x'cn:tnts Ibr national use and non-uniform covenants with limited variations by jurisdiction to constitmc :~ tmiflmn security instrument covering real property. 242818 (rev03 11/00) [28183] Page 3 of 15 Form 3051 1/01 CAC o o so ; 6943823 FULP ,i' 0144 UNIFORM COVENANTS. Borrower and Lender covenant :~d :tgi'cc as follows: 1. Payment of Principal, Interest, Escrow Items, P,'clmymeut Charges, and Late Charges. Borrower shall pay when due the principal of, and interest {~, thc debt evidenced by the Note and any prepayment charges and late charges due under the Nbte. Borr{~x~cr shall also.pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Nccurity Instrument shall be made in U.S. currency. However, if any check or other instrument received b,, l.cnder as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender ma5 ~cquire that any or all subsequent payments due under the Note and this Security Instrument be made in o,c tn' mm'e of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank c'hcck, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose aleph,sits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received :~l the location designated in the Note or at such other location as may be designated by Lender in accord:moo with the notice provisions in Section 15. Lender may return any payment or partial payment if the pa~ mcnt m' partial payments are insufficient to bring the Loan current. Lender may accept any payment or p:t~ti:tl payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice t,~ its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply ,u~l~ pa.~ ments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled duc date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied fullds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable pcri¢~d of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, ~t~ch funds will be applied to the outstanding principal balance under the Note immediately prior to forech,sm'c. No offset or claim which Borrower might have now or in the future against Lender shall relieve B,~rrtnvcr from making payments due under the Note and this Security Instrument or performing the coven:tm~ altd agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as ~nhcrwise described in this Section 2, all payments accepted and applied by Lender shall be applied in thc h~l lowing order of priority: (a) interest due under the Note; Co) principal due under the Note; (c) amounts duc under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it bce:fmc due. Any renkaining amounts shall be applied first to late charges, second to any other amounts duc trader this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a deli~qucnt Periodic Payment which includes a sufficient amount to pay any late charge due, the payment m:~ be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstandi~g, l.c~lder may apply any payment received from Borrower to the repayment of the Periodic Payments ii', :md t~l the extent that, each payment can be paid in full. To the extent that any excess exists after the paymcm is ;tpplied to the full payment of one or more Periodic Payments, such excess may be applied to any l:~tc charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in thc Note. Any application of payments, insurance proceeds, or l¥1i~'ctlat~cous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc ;mi:mn:, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender mt the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Fumls") t~, provide for payment of amounts due for: (a) taxes and assessments and other items which can attaint i,rim'ity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments tn .~rmtnd rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Scctiou 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lc~dcr iu lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of $cui,m 10. These items are called :'Escrow Items." At origination or at any time during the term of thc I.,,:m, I.euder may require that Community Association Dues, Fees, and Assessments, if any, be escrow cd by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly t'tn'nish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Ftmds fin' Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Esc~w ltcms. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items :~t :my time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directl5 . x~ hen and where payable, the amounts 242818 (rev03 11/00) [28184] Page 4 of 15 Form 3051 1/01 CAC 6943823 FULP 0!45 due for the Escrow Items for which payment of Funds has been xx aix. cd by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withi~ stroh 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 Security Instrume,.. a~ thc phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow I~cms directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lc.der n%, exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated u~clc~ ~qcction 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrt,xx Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borr~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 am~u~t ~a~ sufficient to permit Lender to apply the Funds at the time specified under RESPA, and Co) not to cxcccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funnels due on the basis of current data and reasonable estimates of expenditures of future Escrow Items {,r ,,thcrwise in accordance with Applicable Law. The Funds shall be held in an institution whose dcp, si~s are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an in.,~uuti,m whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds tt~ I~a: the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower fl~ I,~lcli~g and applying the Funds, annually analyzing the escrow accoum, or verifying the Escrow Items, t~lcs~ Leader pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lc~dcr shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender c',~ agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, x~ ith,n~t charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined m~der ILESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If thc~c is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as recluircd by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accord:.~c:c with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in c~crow, 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 deficiency in accordance with RESPA, but in no l ll(H c {IHllt 12 monthly payments. Upon payment in full of all sums secured by this Security l~lstrumcnt, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assc~.cnts, charges, fines, and impositions attributable to the Property which can attain priority over this Ncc'urity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associati~,n Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall p:ty them in the maimer provided in Section 3. Borrower shall promptly discharge any lien which has pri{~rity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati~.~ secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agrcc.~:nt; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal procecd i~gs which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc pc~cling, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agrcc.~cnt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that :"~3 part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender '~:~3 give Borrower a notice identifying the 242818 (rev03 11/00) [28185] Page 5 of 15 Form 3051 1/01 CAC 6943823 FULP 0i,IG lien. Within 10 days of the date on which that notice is given, ll~rmwcr shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time cha~,,c t'm- a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included x~ itltin the term "extended coverage," and any other hazards including, but not limited to, earthquakes and Ih~{ s, fi~r which Lender requires insurance. This insurance shall be maintained in the amounts (includi~g deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance sh:dl I~c chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall n{n bc exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan. ~ithcr: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one t into charge tbr flood zone determination and certification services and subsequent charges each time ~cm:q~pings or similar changes occur which reasonably might affect such determination or certification, ll,n'rower shall also be responsible for the payment of any fees imposed by the Federal Emergency NI'.nlagcment Agency in connection with the review of any flood zone determination resulting from an objc~'~ i~ m by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense, kcn&.~ is under no obligation to purchase any particular type or amount of coverage. Therefore, such cover:igc shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or ~hc cmttcnts of the Property, against any risk, hazard or liability and might provide greater or lesser covcr',~gc th:tn was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obt:ti~lcd might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts cliq~tn'scd by Lender under this Section 5 shall become additional debt of Borrower secured by this Security I~qtrmn~nt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be IxtY:lblc. with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ,,t' such policies shall be subject to Lender's right to disapprove such policies, shall include a standard m~rtgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall h:tvc the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give t~ Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance ct~vcrage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy sh.,tll include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss p:t.~ cc. In the event of loss, Borrower shall give prompt notice ~,~ d~c insurance carrier and Lender. Lender may nmke proof of loss if not made promptly by Borrower. t'nlcss kcnder and Borrower otherwise agree in writing, any insurance proceeds, whether or not the undcrlx i~g insurance was required by Lender, shall be applied to restoration or repair of the Property, if the rest{~l:tti{m or repair is economically feasible and Lender's security is not lessened. During such repair and rest, n':ni[m period, Lender shall have the right to hold such insurance proceeds until Lender has had an opporttn~ity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rc~t~n'ation in a single payment or in a series of progress payments as the work is completed. Unless an agrcc~ncnt is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lendc~ shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public acljustcrs, or other third parties, reiained by Borrower shall not be paid out of the insurance proceeds and NIl:tll be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's ~cc'uri[y would be lessened, the insurance 242818 (rev03 11/00) [28186] Page 6 of 15 Form 3051 1/01 CAC 6943823 FULP .-0147 osoaso,g proceeds shall be applied to the sums secured by this Security h~sl ru~l~e n l, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may fil~, neg(~[iatc and settle any available insurance claim and related matters. If Borrower does not respond within 30 days Io a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate ami settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender a~quires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair ~,r restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or ~t then due. 6. Occupancy. Borrower shall occupy, establish, and t,sc thc Property as Borrower's principal residence within 60 days after the execution of this Security Ii~strument and shall continue to occupy the Property as Borrower's principal residence for at least one yea~ afro' the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be u]n'cas(mably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the I'~'Ol)erl),; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to dclerit)ratc or corm-nit waste on the Property. Whether or not Borrower is residing in the Property, Bor]'ox~cr shall maiutain the Property in order to prevent the Property from deteriorating or decreasing in value duc t() its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economic:ti I.~ feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condennmtion proceeds are paid in connection with damage to, or the taking of, the P~(qwrty, Borrower shall be responsible for repairing or restoring the Property only if Lender has released l)r()ceeds Ibr such purposes. Lender may disburse proceeds for the repairs and restoration in a single p;ty=~cut or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds arc not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligati~m f,)r the co~npletion of such repair or restoration. Lender or its agent may make reasonable entries upon ami inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the impr()x'c~e~ts ou the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspecti< m specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in del'ault if, dr, ring the Loan application process, Borrower or any persons or entities acting at the direction of N~r~)wcr or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate informa~i(m or statements to Lender (or failed to provide Lender with material information) in cormection with (he l.()an. Material representations include, but are not limited to, representations 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(m[ai~cd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's intc~cst in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, pr()batc, tbr condenmation or forfeittlre, for enforcement of a lien which may attain priority over this Security lustrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, fl~ct~ l.cmler may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc t'r()perty and rights under this Security Instrument, including protecthzg and/or assessing the value oi' tl)~ Property, and securing and/or repairing the Property. Lender's actions can include, but are not linfitcd t,~: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appeari~g in court; and (c) paying reasonable 242818 (rev03 11/00) [28187] Page 7 of 15 Form 3051 1/01 CAC 6943823 FULP 090 80 0!48 attorneys' fees to protect its interest in the Property and/or ri~lH~ un¢lcr tiffs Security Instrument, including its secured position in a bankruptcy proceeding. Securing tl~c I'rt~pcrty includes, but is not limited to, entering the Property to make repairs, change locks, r.eplace ~ h~ard up doors and windows, drain water from pipes, eliminate building or other code violations'or dan~c~m~s cm~ditions, and have utilities turned on or off. Although Lender may take action under this Section '~ l~cndcr 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 ~h:dl become additional debt of Borrower secured by this Security Instrument. These amounts shall bc:~ itttcrcst at the Note rate from the date of disbursement and shall be payable, with such interest, upon ~t~,tic~: from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall c~m~ply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and Iht l'ce title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage I~tmmce as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mm tg:~ Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases t,~ he ;~vaihtble frotn the mortgage insurer that previously provided such insurance and Borrower was requi~cd t~ make separately designated payments toward the premiums for Mortgage Insurance, Borrower ~h:tll pa5 the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance prcvim~sly in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insur:m~'c previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equiv:dcm Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount .ff the separately designated payments that were due when the insurance coverage ceased to be in effcc'~ I.cn¢ier will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage [nstmtnce. Such loss reserve shall be non- refundable, notwithstanding the fact that the Loan is ultim:~tcl paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such los~ ~c~crvc. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the am{~ul~l :md for the period that Lender requires) provided by an insurer selected by Lender again becomes :txztilable, is obtained, and Lender requires separately designated payments toward the premiums for Mor[~4:lgc Insurauce. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower w:~s required to make separately designated payments toward the premiums for Mortgage Insurance, Borrmvcr shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a m,~rcfimdable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with a~' written agreement between Borrower and Lender providing for such termination or until termination is i'cquircd by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the r:~tc provided in the Note. M6rtgage Insurance reimburses Lender (or any entity that pt. chases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower i~ n{~t z~ party to the Mortgage Insurance Mortgage insurers evaluate their total risk on all such insur:tncc in force from time to time, and may enter into agreements with other parties that share or modify thci risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mort~;[~c i~sm'er and the other party (or parties) to these agreements. These agreements may require the mortgage i iistH'~r to make payments using any source of funds that the mortgage insurer may have available (which .~:tx include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of thc N{~te, 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 Borrox~ cr's payments for Mortgage Insurance, in 242818 (rev03 11/00) [28188] Page 8 of 15 Form 3051 1/01 CAC 6943823 0 ~ '4t 9FULP exchange for sharing or modifying the mortgage insurer's isk. ()r reducing losses. If such agreemem provides that an affiliate of Lender takes a share of the inNurcl s risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed ,,lmVC 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. Surh :lgreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Bo,'rower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Art 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 terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were u,warned 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 Proceeds Nh:dl bc applied to restoration or repair of the Property, if the restoration or repair is economically feasible ~tlld I.cnder's security is not lessened. During such repair and restoration period, Lender shall have the right t~ hCdd such Miscellaneous Proceeds until Lender has had an opportunity to inspect such PropertY to eh,suit tll¢ work has been completed to Lender's satisfaction, provided that such inspection shall be undertake~ ira)raptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of pr,,grcss payments as the work is completed. Unless an agreement is made in writing or Applicable I.:lw requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Ilm'rower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ectm~mfically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc Ntm~s secured by this Security Instrument whether or not then due, with the excess, if any, paid to Bm'r~xx ct. 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 vah,c ~1~ tile Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrumcm, x~'hcther or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in x,:lluc ~f 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 Securit3 Instrument iunnediately before the partial taking, destruction, or loss in value, unless Borrower and l.c't~dcr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by tl~c :m~ount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of tl~c ~ums secured immediately before ~the partial taking,.destruction, or loss in value divided by (b) the fair m:, t, ct x'aluc of the Property immediately before the partial taking, destruction, or loss in value. Any balance shzdl bc paid to Borrower. In the event of a partial taking, destruction, or loss in v',duc (d' tl~e 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 taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscelkt~c~ms Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc then due. If the Property is abandoned by Borrower, or if, after notic, c by Lender to Borrower that the OPposing Party (as defined in the next sentence) offers to make an aw;mi tt~ settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the nt~ticc is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or ~cp'air rd' the Property or to the sums secured by this Security Instrument, whether or not then due. "Opp~ing P',trty" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom B~rrower has a right of action in regard to Miscellaneous Proceeds. 242818 (rev03 11/00) [28189] Page 9 of 15 Form 3051 1/01 CAC 6943823 FULP Borrower shall be in default if any action or proceedin~ l/hcthcr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propel't3 ~r ()tiler umterial impairment of Lender's interest in the Property or rights under this Security .Instmmcm Bm'rower can cure such a default and, if acceleration has occurred, reinstate as provided in Section I,) by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludc~ l'mt'citure of the Property or other 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 impzdrment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restor:~lt~m m' repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lemler Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured bx this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall n,,t tq)erate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not t~c required to commence proceedings against any Successor in Interest of Borrower or to refuse to ex~cnd time lbr payment or otherwise modify amortization of the sums secured by this Security Instrument bx ,cason of auy demand made by the original Borrower or any Successors in Interest of Borrower. Any fm I)c~rztnce by Lender in exercising any right or remedy including, without limitation, Lender's acceptance . ~' pa3 meuts from third persons, entities or Successors in Interest of Borrower or in amounts less than thc :m~tmnt theu 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 j{~itlt ztnd several. However, any Borrower who co-signs this Security Instrument but does not execute the N~tc ta "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the c~-~i~,ner's interest in the Property under the terms of this Security Instrument; (b) is not personally oblie:~tcd m pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrtmcr can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Sc~:tirity Instrument or the Note without the co- signer' s consent. Subject to the provisions of Section 18, any Successor in l~ltc|'est of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and s ~q)proved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrumcm. Borrower shall not be released from Borrower's obligations and liability under this Security Instrm,~cnt unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrt~cnt shall b iud (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fec.~ I'~ s~:rvices performed in connection with Borrower's default, for the purpose of protecting Lender's imc|'est m the Property and rights under this Security Instrument, including, but not limited to, attorneys' IT. cs. property inspection and valuation fees. In regard to any other fees, the absence of express authority ~ this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on thc c'h:t,'ging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument ,,x bx Applicable Law. If the Loan is subject to a law which sets maximum loan ch:~rgcs and that law is finally interpreted so that the interest or other loan charges collected or to be collcc'tccl in colmection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be rcclu~'~:d by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collcctctl Imm Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose t(~ ill:tko this refund by reducing the principal owed under the Note or by making a direct payment to lh~lrt}wcr. If a refund reduces principal, the reduction will be treated as a partial prepayment without :m,. prepayment charge (whether or not a 242818 (rev03 11/00) [281810] Page 10 of 15 Form 3051 1/01 GAG 6943823 FULP prepayment charge is provided for under the Note). Borrowc~ s acceptance of any such refund made by direct payment to Borrower will constitute a waiver, of any right t~t' actiou Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lefider in c~tmcction with tkis Security Instrument must be in writing. Any notice to Borrower in connection with this ~qccurity Instrument shall be deemed to have been given to Borrower when mailed by first class mail or x~ I~cn actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower sl~:~ll constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice t~ l~cnder. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies :~ im}ccdurc for reporting Borrower's change of address, then Borrower shall only report a change of add~css through that specified procedure. There may be only one designated notice address under this Securit3 [l~strumcnt at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first ~l',~ss mail to Lender's address stated herein unless Lender has designated another address by notice to Bm'r,~WCl'. Any notice in connection with this Security Instrument shall not be deemed to have been given t{~ I.c~tlcr until actually received by Lender. If any notice required by this Security Instrument is also required u llclcr Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under till, Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the lh'opcrty is located. All rights and obligations contained in this Security Instrument are subject to any reqtm'cmcnts and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties m agree by contract or it might be silent, but such silence shall not be construed as a prohibition against a,,~ cement by contract. In the event that any provision or clause of this Security Instrument or the Note co~ll] i cls /i i lh Applicable Law, such conflict shall not affect other provisions of this Security Instrument or thc Note which c~m be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the ~',tsculine 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" give, sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy ~)1 thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in IIorrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest ia thc Property, including, but not limited to, those beneficial interests transferred in a bond for deed, c'~mt~;tct fin' deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by B~,mm'cr tit a future date to a purchaser. If all or any part of the Property or any Interest in the Property is Eold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower ix ~t~ltl m' trausferred) without Lender's prior written consent, Lender may require immediate payment in I'ull of all sums secured by this Security Instrument. However, this option shall not be exercised b3 l_cntlcr 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 the nt~ticc is given in accordance with Section 15 wiflfin which Borrower must pay all sums secured by this Sc~u~ity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender n~:tx invoke any remedies permitted 'by this Security Instrument without further notice or demand on Borrmvc 19. Borrower's Right to Reinstate After Acceleratim,. It' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this .qcc'ulity Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Propen.~ lmrSUant to any power of sale contained in this Security Instrument; (b) such other period as Applicable I.,m might specify for the termination of 242818 (rev03 11/00) [281811] Page 11 of 15 Fonn 3051 1/01 CAC 6943823 FULP 0_ 52 Borrower's right to reinstate; or (c) entry of a judgment c~l'm'cing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums xvl~id~ then would be due under this Security Instrument and the Note as if no acceleration had occurred; (h) ~'m'cs any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Scc tHqty Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and vah~:~i~m l'ecs, 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 obliga~it~ ~{~ pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require th:~ lire'rower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, i~stmmentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Insmm~ent and obligations secured hereby shall remain fully effective as if no acceleration had occum, d. Ihm, cver, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of (;ricvance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one o~ ~ ~t~rc times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due trader the Note and this Security Instrument and performs olhcr mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law There also migta be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a ch:H~gc of the Loan Servicer, Borrower will be given written notice of the change which will state the name ',md address of the new Loan Servicer, the address to which payments should be made and any other inl~}~ m'alion RESPA requires in cmmection with a notice of transfer of servicing. If the Note is sold and there:filer the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servici~g obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or hc j&ncd to any judicial action (as either an individual litigant or the member of a class) that arises fi'om thc other party's actions pursuant to this Security Instrument or that alleges that the other party has brc:~d~cd any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or l~cmlcr has notified the other party (with such notice given in compliance with the requirements of Section 15) (~f such alleged breach and afforded the other party hereto a reasonable period after the giving of such ~ticc t~ take corrective action. If Applicable Law provides a time period which must elapse before certain ~lctim~ eau be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The n{~ficc of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of a,'cdcration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunil.~ t~ fake corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "ttazardous Substances" are those substances defined as toxic or hazardous substances, pollutams, m' wasms by Environmental Law and the following substances: gasoline, kerosene, other flammable or tt~x ic petrolemn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos oi I't~r~n:ddd~yde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of the jul i~diction where the Property is located that relate to health, safety or environmental protection; (c) "Em ir~mmcntal Cleanup" includes any response action, remedial action, or removal action, as defined in Envir, mmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or ~d~crwise trigger an Environmental Cleanup. 242818 (rev03 11/00) [281812] Page 12 of 15 Form 3051 1/01 CAC 0z53 6943823 FULP Borrower shall not cause or permit the presence, use, di~l)t~s',tl, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substance..,. ,,. or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Propen> ,~l, that ts in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) x~ I,ch. due to the .presence, use, or release of a Hazardous Substance, creates a condition that adversely affc~ls thc value of the Property. The preceding two sentences shall not apply to the presence, use, or s,~t,,2c on the Property of small quantities of Hazardous Substances that are generally recognized to be :~l~l)t~l,l'tate to normal residential uses and to maintenance of the Property (including, but not limited to, ha/,~dous substances in consumer products). Borrower shall promptly give Lender written notice of {a) :my ~vestigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or plixat~ party involving the Property and any Hazardous Substance or Environmental Law of which II~rr()wcr has actual knowledge, Co) any Environmental Condition, including but not limited to, any spilli~g, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition c:mscd by the presence, use or release of a Hazardous Substance which adversely affects the value of thc h'(>perty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private p:,ty, thal any removal or other remediation of any Hazardous Substance affecting the Property is necessar.~, ll.rrower shall promptly take all necessary remedial actions in accordance with Environmental Law. NothmE herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender h~rthcr cove~ant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Ilorrower prior to acceleration following Borrower's breach of any covenant or agreement in II~is Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law providt,s olherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default musl he cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The n.fice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option tna~ require immediate payment in full of all sums secured by this Security Instrument without furlhrr demand and may invoke the power of sale and any other remedies permitted by Applicable I:,m. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in Iliis 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 notice of intent to foreclose to Borrower and to the person in possession of the Property, if diffrrr,n, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the rammer 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 tit im~ sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the s:~lc, inch.liug, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security h~,t,'umem; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Nccm'ity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation c,~sts. Lender may charge Borrower a fee for releasing tiffs Security Instrument, but only if the fee is paid ,, . third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights trader and by virtue of the homestead exemption laws of Wyoming. 242818 (rev03 11/00) [281813] Page 13 of 15 Form 3051 1/01 CAC 6943823 FULP o o so ; 5 4 BY SIGNING BELOW, Borrower accepts and agrees t~, tl~c terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and rccm'clccl xvith it. Witnesses: R E~_'!.N A FULP %~ (Seal) -Borrower MARGARL~- d EN KI{~,/ -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower 242818 (rev03 11/00) [281814] Page 14 of 15 Form 3051 1/01 CAC 6943823 FULP 0'~03S0¢; ,~ . STATE OF WYOMING, /-1'~Q ~2~]F-~ County ss:~/~ Th~o~ent was acknowled~ed before me tiffs ~-~~ ~~ 242818 (rev03 11/00) [281815] Page 15 of 15 Form 3051 1/01 CAC 6943823 FULP 1-4 FAMILY RIDER (Assignment of Rems) THIS 1-4 FAMILY RIDER is made this 30th d;,v ()t' September 2004 , and is incorporated into and shall be deemed to amend and st,l~l~lcment the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date gkc,{ I)3' the undersigned (the "Borrower") to secure Borrower's Note to WACHOVIA MORTGAGE CORPORATION (the "Lender") of the same date and covering the Property desc, il~cd in the Security Instrument and located at: 605 SNAKE RIVER DR ALPINE, WY 83128 [Property Address] 1-4 FAMILY COVENANTS. In addition to the coven:,ms and agreement~ made in the Security Instrument, Borrower and Lender further covenant and agree as A. ADDITIONAL PROPERTY SUBJECT TO THE SI.;t '1 {RITY INSTRUMENT. In addition to the Property described in the Security Instrument, the folloxvi~g items now or hereafter attached to the Property to the extent they are fixtures are added to the Propc~ ~.~ description, and shall also constitute the Property covered by the Security Instrument: building matc~ i;ds, appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intcmlc~cl to be used in connection with the Property, including, but not limited to, those for the purposes ~)1' ~upplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and cxti~,~tfishing apparatus, security and access control apparatus, plumbing, bath tubs, water heaters, water ch)~cts, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, storm winchm's, storm doors, screens, blinds, shades, curtains and curtain rods, attached mirrors, cabinets, paneling :md attached floor coverings, all of which, including replacements and additions thereto, shall be deemed I(~ be and remain a part of the Property covered by the Security Instrument. All of the foregoing t()gcthcr with the Property described in the Security Instrument (or the leasehold estate if the Security Instrtm~cnt is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property." MULTISTATE 1-4 FAMILY RIDER - Famfie Mae/Freddie Mac UJfiform h~,trmm, tlt 241496 (rev03 11/00) [14961] Page 1 of 4 Form 3170 1/01 CAC 6943823 B. USE OF PROPERTY; COMPLIANCE WITH LAW. B()rmwer shall not seek, agree to or make a change in the use of the Property or its zoning classificati(m, tmlcss Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by fcckq':d law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against tl~c I'r(q)erty without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain i~st,r',mce against rent loss in addition to the other hazards for which insurance is required by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DELETE I). Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and ll~rrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's requcsl after default, Borrower shall assign to Lender all leases of the Property and all security deposits made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, c×lcnd m' terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF III.~('EIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transk, rs m Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rems ~d' the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and ;tgrccs that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrtmcr shall receive the Rents until: (i) Lender has given Borrower notice of default pursuant to Section 22 o~' thc Security Instrument; and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to I~c,~tlcr m' Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignmem fi~r .additional security only. If Lender gives notice of default to Borrower: (i) all Rc~is received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii)Lender shall be entitled to collect and receive all t>t' the Rents of the Property; (iii) 241496 (rev03 11/00) [14962] Page 2 of 4 Form 3170 1/01 CAC 090.3 0 0 58 6943823 FULP Borrower agrees that each tenant of the Property shall pay all {~,c~s due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless ~u~plicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first mtllc c~)sts of taking control of and managing the Property and collecting the Rents, including, but not li,,~itcd to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, i~t~t~ranc~ pl'enfiums, taxes, assessments and other charges on the Property, and then to the sums secm-cd bx thc Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be li',d)lc t{) account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver app~,i,~tccl to take possession of and manage the Property and collect the Rents and profits derived from thc l'n~pcrty without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover thc .,~s~s (~t' taking control of and managing the Property and of collecting the Rents any funds expended bx I_cncler tbr such purposes shall become indebtedness of Borrower to Lender secured by the Security Inst,u,nc,, pursuant to Section 9. Borrower represents and warrants that Borrower has not c'<cct{tcd any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed rece~x ct, sllall not be required to enter upon, take control of or maintain the Property before or after giving notice ,,1' dcl'ault to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may dt~ ,,~ at .'my time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate x~hcn all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default ~,' breach under any note or agreement in which Lender has an interest shall be a breach under the Securit> l~st,-umeut and Lender may invoke any of the remedies permitted by the Security Instrument. 241496 (rev03 11/00) [14963] Page 3 of 4 Form 3170 1/01 CAC 0903S0fi 6943823 FULP BY SIGNING BELOW, Borrower accepts and agrees to thc terms and provisions contained in this 1-4 Family Rider. L -Borrower MARGARET d EN K'fNS -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower 241496 (rev03 11/00) [14964] Page 4 of 4 Form 3170 1/01 CAC