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HomeMy WebLinkAbout904103103 ,,ECEIVED !..I '!COLi'4 COUNTY CLERK After Recording Please Return To InterFirst Wholesale Mortgage Lending Construction Lending Center 81 West Main Street, 8th Floor Waterbury, CT 06702 Space above this line fm I~.'c.rdmg Data MORTGA (; E DEFINITIONS Words used in multiple sections of this document are defined hd,,x~ and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of xx.~,t~ u,cd in this document are also provided in Section 16 (A) "Security Instrument" means this document, which ~ dated together with all Riders to this document. (B) "Borrower" is September 23, 2004 JON D CALDWELL and ~,1 XRNIIA L CALDWELL Borrower is the mortgagor under this Security Instrument. (C) "Lender" is ABN AMRO MORTGAGE GROIII', IN('. Lender is a corporation organized and existing under the laws of Delaware. Lender's address is 260(t \V. l lig Beaver Road, Troy, MI 48084. Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower :tttd dated September 23, 2004 . The Note states that Borrower owes Lender TWO HUNDRED SIXTEEN THOUSANI~ I:IVE tlUNDRED AND 00/100 Dollars (U.S. $ 216,500.00 ) plus interest. Bor[',)xxct- has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than { ~ c ~ o b e r 1, 2 0 3 4 (E) "Property" means the property that is described belmx ureter the heading "Transfer of Rights in the Property," (F) "Loan" means the debt evidenced by the Note, plus tntercsh any prepayment charges and late charges due under the Note, and all sums due under this Security Instrumem. pi us interest. (G) "Riders" means all Riders to this Security Instrument th,i are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable] [] Adjustable Rate Rider [] Balloon Rider ~ 1-4 Family Rider [~ Fixed/Adjustable Rider [] Condominium Rider [] Second Home Rider ~- Planned Unit Deveh Iml,:nt Rider [] Trust Rider [] Biweekly Payment Ri&,r [] V. A. Rider [~ Other(s) [specify] I t( ;:\ t_ DESCRIPTION and CONSTRUCTION RIDER '1 (~ NOTE AND SECURITY INSTRUMENT WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFO R .~ I I N S'I' R U M ENT Page 1 of 15 646136218 Initials_~ Form 3 0 5-1~/ri~'~ 076 tH) "Applicable Law" means all controlling applicable I'~.{lcr:d, state and local statutes, regulations, ordinances and administrative rules and orders (that have the eli~'~'I ,~1' 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 Iix a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of fuml~, ~d~cr than a transaction originated by check, draft, or similar paper instrument, which is initiated through :m dcctronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authori/~, a financial institution to debit or credit an account. Such term includes, but is not limited to, point~of-sale t~ :~,~sfcrs, atttomated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clem m~houst: n'ansfers. (K) "Escrow Items" means those items that are described in ~cclion 3. (L) "Miscellaneous Proceeds" means any compensation, ~cttlcmcnt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the ct~x t'r:~ges described in Section 5) for: ti) damage to, or destruction of, the Property; (ii) condemnation or other takillg of all or any part of the Properly; (iii) conveyance in lieu of condemnation; or (iv) misrepresentati,,~ ~,f, or omissions as to, the value and/or condition of the Property. tM) "Mortgage Insurance" means insurance protecting kcmtc~ against the nonpayment of, or default on, the Loan. tN) "Periodic Payment" means the regularly scheduled am~,tmt duc t'or ti) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Insl~ mncnt. (O) "RESPA" means the Real Estate Settlement Procedmcs Act (12 U.S.C. {}2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), :~s they might be amended from time to time, or any additional or successor legislation or regulation that goxcm,, tl~¢ same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and ~c~'ictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not quali t'3 ~ts a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any p:~t'b Ihat has taken title to the Property, whether or not that party has assumed Borrower's obligations under the N, ~Ic ',md/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: ti) the repaymem t,t' thc Loan, and all renewals, extensions and modifications of the Note; and (ii)the performance of Borrower's ct~vcnants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hcrcb~ mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the followin~ described properly located in the County of LIN ¢ '¢ } l, N [Type of Recording Jurisdiction] [Name of Rocor'ding Jurisdiction] WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFO R ~ I I N S'I' R U M ENT Page 2 of 15 646136218 I n itial ~'~~ Form 305~]'1/~01 076 ° SEE LEGAL DESCRIPTION ATTACHED which currently has the address of 19 EVERGREEN DRIV..E, TIIAVNE, WY 83127 ( Property Address ): TOGETHER WITH all the improvements now or here:thc~ erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the propert~. All replacements and additions shall also be coveredby this Security Instrument. All of the foregoing is i'ct'ct-rcd to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully ~ci~cd ol' the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that thc l'~'operty is unencumbered, except for encumbrances of record. Borrower warrants and will defend genc~:tll5 thc title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform c~vcnants for national use and non uniform covenants with limited variations by jurisdiction to constitute a tlllit~ornl security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenam :md agree as follows: 1. Payment of Principal, Interest, Escrow Ittqlt% I'repayment Charges, and Late Charges. Borrower shall pay when due the principal of, and intc~c~t tm, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bo~t,xxcr shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this .qccm'ity Instrument shall be made in U.S. currency. However, if any check or other instrument received bx I.cnder as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may rc}lmrc that any or all subsequent payments due under the Note and this Security Instrument be made in one or m,)rc ol' the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, t~'casurcr's check or cashier's check, provided any such check is drawn upon an institution whose deposits are ms~rcd by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received :t~ thc location designated in the Note or at such other location as may be designated by Lender in accordance x~ ith thc notice provisions in Section 15. Lender may return any payment or partial payment if the payment or par'ti:ti i~%'ments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insttffic~cnt to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse ~t,ch payment or partial payments in the future, but Lender is not obligated to apply such payments at the time s~ch payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender nccd t~t)t pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment t,, bl'illg the Loan current. If Borrower does not WYOMING - Single Fam/b' - Fannie Mae/Freddie Mac UNIFORM INS, TIIUMENT Page 3 of 15 646136218 Initial~_ Form 305 [}~1~'~ 0763 do so within a reasonable period of time, Lender shall either appl) ~.~tch funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding prim',l)~tl balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have n~,.,~ {~r m the future against Lender shall relieve Borrower from making payments due under the Note and this Sccmily Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Exccl~l ',~s otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the fi,tl~}xx ing order of priority: (a) interest dueunder the Note; Co) principal due under the Note; (c) amounts due unde~ S~.cm:m 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any ~ c.,,ami ng amounts shall be applied first to late charges, second to any other amounts due under this Securit3 I~smmacnt, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a dt. li~qt~cnt Periodic.' Payment which includes a sufficient amount to pay any late charge due, the payment may bc ~tq~licd to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, [.c~dur may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to thc extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied t,~ Ihe full payment of one or more Periodic Payments, such excess may be applied to any late charges due. \'~,hm~ary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Mi~ccl lancous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the am,,t,~, ot' the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay ~o I crater on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds"} I~ provide for payment of amounts due for: (a) taxes and assessments and other items which can attain pri,,t ~t3 ,)xer this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground ~c~s on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d~ \h,r~age Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of lxl~. ~agc Insurance premiums in accordancewith the provisions of Section 10. These items are called "Escrow lt,.~." At origination or at any time during the term of the Loan, Lender may require that Community Associ:m,m l)ues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall t,~, an Escrow Item. Borrower shall promptly furnish to Lender all notices of hmounts to be paid under this Sec~,,~. I~,~n'ower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay thc Itmds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for z,~ .r all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, [lt~rlt~ucr shall pay directly, when and where payable, the amounts due for any Escrow Items for which paymt, m ,~1 Ftmds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such i,:t.~ mcnt within such time period as Lendermay require. Borrower's obligation to make such payments and to prox idc receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrumcm, as ~he phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items d, cctly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may ex,'r,'~sc its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to I cp:t3 to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time bx ~ ~,,ticc given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds. :md in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an z~t,tmt {a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed thc maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds dm, ,,, the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in ',~cc',,'t l:mce with Applicable Law. WYOMING - Single Family - Fannie Mae/Freddie Mac UNI FOR ~ I I N 5q T R II b ! E NT I n i t i a ! s (~~ Page 4 of 15 646136218 Form 305~-r~i The Funds shall be held in an institution whose dcp~s~ts are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an ins t~mm,n it hose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pa), Ih~. l.~c~oxv Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding a~,t applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender l)avs Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless :m a~:ccment, is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall m,t bc required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wl'it~,~..~· however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an almtml accountilag of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defi~wd m~der RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If lhc~. is a shortage Of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required bx R ISPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance x~it'h 1{l.15;PA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, a~ dcfmcd trader RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to I ~.t,lcr lhe amount' necessary to make up the deficiency in accordance with RESPA, but in no more than 12 n t~,~tl~l y payments. Upon payment in full of all sums secured by this Secuntx l~tsmm~ent, Lender shall promptly refund to Borrower any Funds held by Lender. ' 4. Charges; Liens. Borrower shall pay all taxes, ;tsscssments, charges, fines, and impositions attributable to the Property which can attain priority over this Nccm'ity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associam~ I )t~cs, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay the~ ~ the manner provided in Section 3. Borrower shall promptly discharge any lien which ha, I~ ~t~ritv over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation ~ccm'c}l by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agrect~[.~t; lb) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which m l.ender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, bm ~,nt\' until such proceedings are concluded; or (c) secures fi.om the holder of the lien an agreement satisfactory ~t~ I c[~dcr subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is sttbic¢l tO a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice idcm~lx mu the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take ,~}: o~' more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge fi~', real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the imp~ ovcmcnts now existing or hereaflererected on the Property insured against loss by fire, hazards included within Iht tcm3 "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for ix Inch l.cnder requires insurance. This insurance shall be maintained in the amounts (including deductible levels) ami t~' the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change d t l/i lit! l[~c term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to I cm'M"s right to disapprove Borrower's choice, which fight shall not be exercised unreasonably. Lender may rcqui~'c B on'ower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, cct-ttflcation and tracking services; or (b) a one- time charge for flood zone determination and certification services :md subsequent charges each time remappings or similar changes occur which reasonably might affect such detcr, mtmtion or certification. Borrower shall also WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORh I I N S'I'R tim ENT Page 5 of 15 646136218 Initial~~ Form 305[J 1/01 be responsible for the payment of any fees imposed by thc I ~',tcral Emergency Management Agency in connection with the review of any flood zone determination resttltmg from an objection by Borrower. If Borrower fails to maintain any of the coverages dc~'ribcd above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is t~dcr no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall ct,xct- 1.cnder, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of ~hc l'~-opcrty, against any risk, hazard or liability and might provide greater or lesser coverage than was previousl3 it~ ~.t~f~ct. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed l l~c cos~ of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Secticm 5 ~hall become additional debt of Borrower secured by this Security Instrument. These amounts shall bc:~' interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice t~,mq l.ender to Borrower requesting payment. All insurance policies required by Lender and renewals ,,t' such poliCies Shall be subject to Lender' s fight to disapprove such policies, shall include a standard mortgage ~'l',msc, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the fight ~,~ h,dd the policies and renewal certificates. If Lender requires, Borrower Shall promptly give to Lender all rccc~l~s ~t' paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise ICtltllt'ctl by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage c l:~tt.,c zliid shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice il, I I~c insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless lx'~,&'r and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance x~ as required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is cctmomicatty feasible and Lender's security is not lessened. During such repair and restoration period, Lendc~ ~}~dl have the fight to hold such insurance proceeds until Lender has had an opportunity to inspect such Prt~l)~-~3' to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undc~ I,d,~.n promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series t~l I)~"grcss payments as the work is completed. Unless an agreement is made in writing or Applicable Law rcqtm'es interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interc~ ,,t- carmngs on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not bc I,:t~tl out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is n~,t ccononncally feasible or Lender's security would be lessened, the insurance proceeds shall be applied to ~hc ~ttlBs secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borroxx ct~ 5;uch insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, ncu~,~tc m~d settle any available insurance claim and related matters. If Borrower does not respond within 30 d~x's t,, ~t notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate an~ ~ctlle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires mc I'roperty under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any t~smztncc proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument. :~ (b) a~ny other of Borrower's fights (other than the right to any refund of unearned premiums paid by Bon (~x~ cr~ under all insurance policies covering the Property, insofar as such rights are applicable to the coverage ~ Irc I~roperty. Lender may use the insurance proceeds either to repair or restore the Property or to pay amt,tmts unpaid under the Note or this Secunty Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish. :mtt usc the Property as Borrower's principal residence within 60 days after the execution of this Securit~ I i~,trtm'~¢nt and shall continue to occupy the Property as Borrower's principal residence for at least one vc:t~ ',~tcr the date of occupancy, unless Lender WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFOR ,'~ I I N S T R U MENT Page 6 of 15 646136218 I n itia ls_~~/ Form 3 0 5-~]~¥ ....076'8 otherwise agrees in writing, which consent shall not be tm~c:~sonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection o1' the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Pr~p~'rb' to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, B~ r~xcr shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value dt~c to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economicalh l'casible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage, it' ins~r:mcc or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, ll~,~,wcr shall be responsible for repairing or restoring the Property only if Lender has released proceeds for suc I~ purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of pr,~rcss payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to rcp~m or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair ~,r restoration. Lender or its agent may make reasonable entries upt,n :md inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the impr~,xcmcnts on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspec't~,~ spcci Vying such reasonable cause. 8. Borrower's Loan Application. Borrower shall I)c in dcthult if, during the Loan application process, Borrower or any persons or entities acting at the directkm ~,1' l;om)wer or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate informam ,~, ~r stalements to Lender (or failed to provide Lender with material information)in connection with the Loan. :~lalcfial representations include, but are not limited to, representations concerning Borrower's occupancy of thc I't,,pcny 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 covenant~ and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantl3 a If cot render' s interest in the Property and/or rights under this Security Instrument (such as a proceeding i~t l):mkruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority ovc~' th~ ~ Sec urity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lcnd~'t n ~ay do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and ri~hls under this Security Instrument, including protecting and/or assessing the value of the Property, and securing :~t,t/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by :~ lien xvhich has priority over this Security Instrument; Co) appearing in court; and (c) paying reasonable auor~cys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured i),~s~ mm m a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property t~, ~akr repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate buildm~ or other code violations or dangerous conditions, and have utilities turned on or off. Although Lendcl- re:tv ufl~e action under this Section 9, Lender does not have to do so and is not under any duty or obligation t~, th~ so. it is agreed that Lender incurs no liability for not taking any or all actions authorized under this S cc~n ¢). Any amounts disbursed by Lender under this Section 9 sh'.~l113ccome additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at ~1 ~. 5, o~e rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to B,, r~,wcr requesting payment. If this Security Instrument is on a leasehold, Borrower ~hall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold .,md ~[~c fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mort:~,:~t.c Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the ~ I~ ,~ tgagc Insurance in effect. If, for any reason, - Fannie Mae/Freddie Mac UNIFOR lX l I N 5; T R t/M ENT 1 n i t i a 1 ~x~~ WYOMING Single Family Page 7 of 15 646136218 Form 30 090410 the Mortgage Insurance coverage required by Lender ceases t{) I)c axailable from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prenntm~s required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, au a c,~st substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an a tlcrm~te mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not :tx ad;lble, Borrower shall continue to pay to Lender the amount of the separately designated payments that were ti tlc x\ hell the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a nt~ rcftmdable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstamh%, irc fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest ,~ earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance c, }\ c'ra~e (in the amount 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 premium~ It,' Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Bon'ox~ cv was required tO make separately designated payments toward the premiums for Mortgage Insurance, Borroxvcr ~hall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable I~s~ reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreemcm bctx\'ecn 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 the rate provided in the N,~ Mortgage Insurance reimburses Lender (or any entity thru purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is m,t a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such in,m',mcc in force from time to time, and may enter into agreements with other parties that share or modify thc~ ~,1(, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage im, ttt'c and the other party (or parties) to these agreements. These agreements may require the mortgage insurer ~ make payments using any source of funds that the mortgage ~nsurer may have available (which may include tim& obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser {>~ Irc Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive t thrccql} or indirectly) amounts that derive from (or might be characterized as) a pornon of Borrower's payments fi, \h,ngage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. I~ h ttcl~ agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a shm,. of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the arno,this that Borrower has agreed to pay for Mortgage Insurance, or any other terms of thc l.oan. Such agreements 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 thc rights Borrower has if any with respect to the Mortgage Insurance under the Homecm,wrs I'rotection Act of 1998 or any other law. These rights may include the right to recei~c certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to im~t, the Mortgage Insurance terminated automatically, and/or to receive a refund of any Morlgage insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; I'm'fciture. All Miscellaneous Proceeds are hereby' assigned to and shall be paid to Lender. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFOR 51 I N ST R U 51ENT Page 8 of 15 646136218 lnitials~~ Form 305~/ 1/~ 0904103 If the Property is damaged, such Miscellaneous Proceed~ ~1~:,11 bc applied to restoration or repair of the Property, if the restoration or repair is economically feasible and I c~ldcr's security is not lessened. During such repair and restoration period, Lender shall have the right to hold stroh ,~ l iscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work l.~ l~ccn completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Len&~' ~ay pay for the repairs and restoration in a single disbursement or in a series of progress payments as the xv,, I~ ~s ct,npleted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such N li~c~llaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscell:t~lc,~tls I'roceeds. If the restoration or repair is not economically feasible or Lender's security would be lessene& I1~, N liscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or n~l ti,ca d,e, with the excess, if any, paid to Borrower. 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 valttct,l' thc Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrumenl~ xx bother or not then due, with the excess, if any, paid to Borrower. ' In the event of a partial taking, destruction, or loss in x:~lt~c ~l' the Property in which the fair market value of the Property immediately before the partial taking, dest~.ct~tm, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrumct~t immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othem is~, a~.'cc in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Misccll:m~.,.us Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately bcl~,] c t lxc partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immedi:~lt, lx bcibre 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 ,al.c {~t' ~he Property in which the fair market value of the Property immediately before the partial taking, dest't ~' ~ n, or loss in value is less than the amount of the sums secured immediately before the partial taking, deslrttclltm, tn' loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds s[l:tll bc applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after ntmcc, by l~ender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to ~:ctIIc a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, I c~.tcr is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Prol~c,~-ix, (,' to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means thc they'll party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action ,t tcgard 1o Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, xxhcthcr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or other ~.atcrial impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower ca~ c,rc such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action t, pr~ceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or c)tl~.t' In:aerial impairment of Lender's interest in the Property or rights under this Security Instrument. The proccc& ~ ~1' any award or claim for damages that are attributable to the impairment of Lender's interest in the Proper~v :.c hereby assigned and shall be paid to Lender. - All Miscellaneous Proceeds that are not applied to restorm,,.,~ t,. repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By l.emlcr Not a Waiver. Extension of the time for payment or modification of amortization of the sums sec.~ cd by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower wYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM I ~5, T R l/hi E NT I n i ti a Page 9 of 15 646136218 Form or any Successors in Interest of Borrower. Lender shall not be ~Ctltm'cd to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for p:~ymcnt or otherwise modify amortization of the sums secured by this Security Instrument by reason of any d~.m:md made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lendc~ ~ exercising any fight or remedy including, without limitation, Lender's acceptance of payments from third i~t'~s~ms, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not [,c ~ u aiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signcr~: Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and l i:~l~li~> sh:xll be joint and several. However, any Borrower who co-signs this Security Instrument but does not excctttc Irc No~e (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey tits, s.~}-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally oblig:m'd t~) pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower c:m ~dgl'cc tO extend, modify, forbear or make any accommodations with regard to the terms of this Security lnhl~tm~ent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor t~ liner-cst of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is app,, ,,, ,'d by [~ender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower sh~dl m~t be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees t,~ stroh release in writing. The covenants and agreements of this Security Instrument shall bind (except as prox ~,1,.,t in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower 1~., Ibr services performed in connection with Borrower's default, for the purpose of protecting Lender's interest ~tt t l~c Property and fights under this Security Instrument, including, but not limited to, attorneys' fees, property mspcclion and valuation fees. In regard to any other fees, the absence of express authority in this Security Insmm~cm ~ charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. I.c~dcr may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loire ~'h:trges, and that law is finally interpreted so that the interest or other loan charges collected or to be collc~.t,.d in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced I~x Irc '~tmount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Bo~ r,,~x cr which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by ~.ducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces pri~s.~l~:~l~ thc reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prs.p:~.x m tnt ch arge is provided for under the Note). Borrower's acceptance of any such refund made by direct paymc~t tt~ Borrower will constitute a waiver of any right of action Borrower might have arising out of such overchmv c. 1 5. Notices. All notices given by Borrower or Lendu, m connection with this Security Instrument must be in writing. Any notice to Borrower in connection with thi~ 5;cct~rity Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when :tctti;tlly delivered to Borrower's notice addressif sent by other means. Notice to any one Borrower shall constitute t, ~c'c to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Prop~.~ ~x .:\ ddress unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall p~'~,ml~tly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower' , s.l~mge of address, then Borrower shall only report a change of address through that specified procedure. Thor's. m~v be only one designated notice address under this Security Instrument at any one time. Any notice to I ~'mter shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein ut t[c?,~, l~cnder has designated another address by notice to Borrower. Any notice in connection with this Security h~stmmcnt shall not be deemed to have been WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM I N WI'R UMENT Page 10 of 15 646136218 I nitials~..// Form 3051/'1/01 0770 given to Lender until actually received by Lender. If any north's, required by this Security Instrument is also required under Applicable Law, the Applicable Law requiremc~ tt x/~11 s:ttisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of (m,slruction. This Security Instrument shall be governed by federal law and the law of the jurisdiction m xt t~ich the Property is located. All rights and obligations contained in this Security Instrument are subject t,, :~ ~'cquirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the fl:ti ttc's lO agree by contract or it might be silent, but such silence shall not be construed as a prohibition agam,,t :t~rccment by contract. In the event that any provision or clause of this Security Instrument or the Note cc,l~llicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or thc' ~otc which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of Il~ masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (bi ix t~'ds in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discrct~,~ l/ilhout any obligation to take any action. 17. Borrower's Copy. Borrower shall be give~t ,,~c c,i~py of the Note and of this Security Instrument. 18. Transfer of .the Property or a Benefici:~l Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or bencl~i:~l interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, ct,t~tl'act for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by l l,,m,~ er at a future date to a purchaser. If all or any part of the Property or any Interest in thc l'~>pcrly is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is s~ld ,,r transferred) without Lender' s prior written consent, Lender may require immediate payment in full of atll stllns secured by this Security Instrument. However, this option shall not be exercised by Lender if such c',~'~,:~sc is prohibited by Applicable Law. If Lender exercises this option, Lender shall give B,~,,xsc~' notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice ~s gixcn in accordance with Section 15 within which Borrower must pay all sums secured by this Security I~,~.!~ mncnt. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke an~ t tt~lctlics permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Xcccleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement ,~f ~his Security Instrument discontinued at any time prior to the earliest Of.' (a) five days before sale of the Prol~c~-~y pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applic~d,l~: l.aw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforciitt, I[li s ~ec urity Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be dttc. trader this Security Instrument and the Note as if no acceleration had occurred; Co) cures any default of any other c't~/chants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but ~,bt limit cci to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for thc pm'pose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes :~t~ch action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this ?4ccm'ity Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall c,,ntinuc unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one ~ ~n,~t'c of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank crc&. treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits ar~' i t~stit'~:d by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatemcm by Borrower, this Security Instrument and WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFO Il :x I I N ST R U M ENT Page 11 of 15 646136218 Form 3051Jrl/01 obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section IS. 20. Sale of Note; Change of Loan Servicer; N,ticc of Grievance. The Note orapartial interest in the Note (together with this Security Instrument) can h~. ,uld one or more times without prior notice to Borrower. A sate might result in a change in the entity (knox~ n :~s thc "l.oan Servicer") that collects Periodic Payments due under the Note and this Security InstTument :md performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicuhlc l.aw. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If thc, ~. is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the n:nnc and address of the new Loan Servicer, the address to which payments should be made and any other infon~,:niun RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter Iht lx~zm is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obli~:ttt~ ,ns to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and a~c nut assumed by the Note purchaser unless otherwise provided by the Note 'purchaser. Neither Borrower nor Lender may commence, join, or t~. lnincd to any judicial action (as either an individual litigant or the member of a class)that arises from the t,thcr party's actions pursuant to this Security Instrument or that alleges that the other party has breached any p~x tstun of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified thc other party (with such notice given in compliance with the requirements of Section 15) of such alleged In'each and afforded the other party hereto a reasonable period after the giving of such notice to take correcnxc action. If Applicable Law provides a time period which must elapse before certain action can be taken, that lilt }c period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opp,~t !nnlly to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursu~mt tu Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of Ih i s >4celt on 20. 21. Hazardous' Substances. As used in this Sectiun 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutam.;, ,)~' wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or l,,xtc petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or Ib~maldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws ofthejurisdicut~n where the Property is located that relate to health, safety or environmental protection; (c) "Environmental ( 'l,.,mup" in eludes any response action, remedial action, or removal action, as defined in Environmental Law; and I c[~l al/ "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Enx ~,mncntal Cleanup. Borrower shall not cause or permit the presence, use, dt,q3o~al, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on ,~ ~n tine Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that ~,, ~n \'iolation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due tu thc presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of H~c t'ruperty. The preceding two sentences shall not apply to the presence, use, or storage on the Property of smz~[I quantmes of Hazardous Substances that are generally recognized to be appropriate to normal residential uses ~tnd [o maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written nonce of iai :my mvesngation, claim, demand, lawsuit or other action by any governmental or regulatory agency or pllx~ltc party involving the Property and any Hazardous Substance or Environmental Law of which Borrowc~ h:~ actual knowledge, Co) any Environmental Condition, including but not limited to, any spilling, leaking, d~.~'harge, 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 Property. If Borrower Icarus. or Is notified by any governmental or regulatory authority, or any private party, that any removal or ~, her rcmediation of any Hazardous Substance WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFOR ,~ I I N ~ T R II MENT Page 12 of 15 646136218 Initials~~ Form 3 0 51/Tl~ affecting the Property is necessary, Borrower shall promptly t:tl, c :tll necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligztt ~,,~ t)n l,ender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and L.cmlc~' further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall gixe notice to Borrower prior to acceleration following Borrower's breach of any coxcm, nt or agreement in this Security Instrument (but not prior to acceleration under Seclion 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; Cb) the action required to cure the default; (c) a date, not less than 30 days from the tlalc Ihe notice is given to Borrower, by which the default must be cured; and (d) that failm'c io cure the default on or before the date specified in the notice may result in acceleration ol' tl, e sums secured by this Security Instrument and sale of the Property. The notice shall f, rlher inform Borrower of the right to reinstate alter acceleration and the right to bri.,g a cot, rt action to assert the non- existence of a default or any other defense of Borrm~cr to acceleration and sale. If the default is not cured on or before the date specified i,t Ibc m~lice, Lender at its option may require immediate payment in full of all sums securcd I~y this Security Instrument without further demand and may invoke the power of sale ;md any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but m~t 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 tht, Property, if different, in accordance with Applicable Law. Lender shall give notice of thc sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. i.cndt'r or its designee may purchase the Property at any sale. The proceeds of the sale shall bc applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' lees; (b) to all sums secured by this Security Instrument; and (c) aqy excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured b; ihls Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation c~,q~. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is para i,. , third party for services rendered and the charging of the fee ~s permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights umber and by virtue of the homestead exemption laws of Wyoming. WYOMING - Single Family - Fannie Mae/Freddie Mac UNI FO R 51 I N' .',iT R U MENT Page 13 of 15 646136218 Initials~ Form 305~ _ ,. 0773 BY SIGNING BELOW, Borrower accepts and agrees to the ~crm~ and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded ,, ~t~ tr. Witnesses: ~i\-I ,I )\,V~L~- - - Borrower " :.' , _ ~, (Seal) [/~at'Sh, c_.~'k/dwe./ l Borrower (Seal) Borrower (Seal) Borrower WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM IN S'I'R U MENT Page 14 of 15 646136218 ,-0774 Space below this line for A c I,.~, .ii lc dgement STATE OF WYOMING, ('...l The foregoing instrument was acknowledged before me ll~. by My Commission Expires: SS: date Cpunt~ of ~ State o! I _~~ My Commission Expires WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM I~ h'I'R t ~1ENT Page 15 of 15 646136218 lnitial~ Form 3 0 5J1F-17~ 0775 PLANNED UNIT DEVELOP511(Nrl' RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is n~:tdc tl,s September 23, 2004 and is incorporated into and shall be deemed to amend and supplemem thc Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undc~,q.~cd (d~e "Borrower") to secure Borrower's Note to ABN AMRO MORTGAGE (;Ill)liP, INC. (the "Lender") of the same date and covering the Property described ,~ tile Security Instrument and located at: 19 EVERGREEN DRIVE, Tll.\VNI,:, WY 83127 [Property Address] The Property includes, but is not limited to, a parcel of land imp],,x cd wit h a dwelling, together with other such parcels and certain common areas and facilities, as described in COVENANTS, CONDITIONS AND RESTRICrI'I¢}NS AS OF RECORD APPEAR ? (the "Declaration"). The Propertyds a part of a planned unit dcx ~'l[q.ncnt known as s ' ':"~ ~TAR VALLEY RAN('Ii (the ,P U D"). The ~Property also incliikle~i Borrower's interest in ti ~: t t,,mcowners association or equivalent entity '",..' owning.or'managing~the c0rnmon"~a~eh~' hnd facilities of the Pt :1 > I thc "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and :tZ_.rccments made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all t,l' Bt.Tower's obligations under the PUD's Constituent Documents. The "Constituent Documents" ~.~, ~l~c (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document x~ I.ch creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners :\ ~Nt,ciation. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the t ',, ~stituent Documents. B. Property Insurance. So long as the Owners ..\,s,~ciation maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insm mg lhe Property which is satisfactory to Lender and which provides insurance coverage in the amot,~t~ tmcluding deductible levels), for the periods, and against loss by fire, hazards included within thc Ic,m "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, i~,, x~ hi cia Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic Iq~x mcnt to Lender of the yearly premium installments for property insurance on the Property; and (ii) th~l'r~wer' s obligation under Section 5 to maintain property insurance coverage on the Properly is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can ch:tn? during the term of the loan. Borrower shall give Lender prompt notice of any lapse ,~ ~cqUil'ed property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance p~,,,'cctts in lieu of restoration or repair following a loss to the Property, or to common areas and fi,esl,tics of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. I tinier shall apply the proceeds to the sums secured by the Security Instrument, whether or not th~,~, ti,to, with the excess, if any, paid to Borrower. MULTISTATE PUD RIDER-Single Family-Fannie MaeJFreddieMa~ t ;NIFC)R M INSTRUMENT Pagel of 2 646136218 Form 3150 1/01 09041.053 C. Public Liability Insurance. Borrower shall t:~t,c such actions as may be reasonable to insure that the Owners Association maintains a public liab~l~lx insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or c l:t~ltt 1'o1' damages, direct or consequential, payable to Borrower in connection with any condemnation ,}~-,,~hcr taking of all or any part of the Property or the common areas and facilities of the I'~ 1), or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to l_~.,~dcr..~uch proceeds shall be applied by Lender to the sums secured by the Security Instrument as pr{~x Mod m Section 11. E. Lender's Prior Consent. Borrower shall nol, c, xccpt after notice to Lender and with Lender's prior written consent, either partition or subd~x~,l~, thc Property or consent to: (i) the abandonment or termination of the PUD, except for abandotm~c~t ~-termination required by law in the case of substantial destruction by fire or other casualty or 1~ tl~c case of a taking by condenmation or eminent domain; (ii) any amendment to any provision of thc ~*t ,,nstituent Documents" if the provision is for the express benefit of Lender; (iii) termination of pr,,l'c~stonal management and assumption of self-management of the Owners Association; or (iv) an), :~c~t,n which would have the effect of rendering the public liability insurance coverage maintained bx thc Owners Association unacceptable to Lender. F. Remedies. If Borrower does no't pay PUD dues and ~tsscssments when due, then Lender may pay them. Any amounts disbursed by Lender under this pz~zt~,t-aph F shall become additional debt of Borrower secured by the Security Instrument. Unless Bon'~xx cr and Lender agree to other terms of payment, these amounts shall bear interest from the datd of d~sl~m'scment at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower ~'tmcsting payment. BY SIGNING BELOW, Borrower accepts and agrees to the tenn~ :t d in'ovis~ons contained in this PUD Rider. JO~)~ CALDWE-LE .... [ Borrower · ~RSH-A L CALDWELL Borrowe~ (Seal l Borrower (Seal} Borrower MULTISTATE PUD RIDER-Single Family-Fannie Mae/FreddieM~t~ ~ X, IFORM INSTRUMENT Page2 of 2 646136218 Form 3150 1/01 0904i0 77" CONSTRUCTION RIDER '1'(} NOTE AND SECURITY INSTRI151ENT THIS RIDER is an agreement to modify the terms of my lc,an to provide for a period of time during which future advances will be made to pay for the construction of impr{,vcments upon the Property. LENDER - As used herein the term Lender shall mean ABN AMRO MORTGAGE (;IIOI[IP, INC. or any assignee, transferee or successor in interest thereto. As used hct,,in the words 'T', "me" or "my" shall mean any person who signs below tis Borrower. ~. This Rider changes the terms of the promissory Note and Security Insl,tm~cnl (Mortgage, Deed of Trust or Security Deed) which I have signed which are dated S e p t e m b e r 2 3, 2 0 I! 4 in regard to the properly located at 19 EVERGREEN DRIVE, TII..\\'NI~, WY 83127 ("Property"). I agree that the covenants, terms and provisions set I',~'lh in this Rider will amend, supercede and replace any inconsistent terms, covenants or provisions in the prom~ss,~ry Note and Security Instrument, where the two are different. CONSTRUCTION LOAN - THE ADDITION OF THIS RIDEI{ I { ) 'ItqE NOTE AND MORTGAGE SHALL MAKE THIS A CONSTRUCTION LOAN WITHIN THE MEA~<INti O[: THE LAWS OF THE STATE OF WYOMING. THIS LOAN SHALL BE USED FOR THE CONSTI<I '~' I'ION OF A RESIDENTIAL DWELLING UNIT INTENDED FOR USE AS PRIMARY RESIDENCE AS DI~;( 'I4IIIED IN WYOMING STATUTES {}29-2- 110. FUTURE ADVANCES - THE MORTGAGE SHALL SI ('t.l~I! FUTURE CONSTRUCTION LOAN ADVANCES, UP TO THE LOAN AMOUNT DESCRIBED Ill l{l!lN, AND ALL SUMS ADVANCED HEREUNDER SHALL BE DEEMED TO HAVE THE SAME PR I{)I{ITY A $ THE ORIGINAL INDEBTEDNESS UNDER WYOMING STATUTES {}29-1-305. SUCH FU~I'I Itl. ADVANCES SHALL BE DEEMED "OBLIGATORY" ON LENDER PROVIDED THAT THE BORR( )\Vi:R SHALL FULLY PERFORM ALL OF BORROWERS OBLIGATIONS UNDER THE NOTE, MORTGA( il. ('ONSTRUCTION LOAN AGREEMENT AND LOAN DOCUMENTS NON-COMMENCEMENT - BORROWER WARRANTS ANI) ..\SSURES THAT NO CONSTRUCTION ACTIVITY OF ANY KIND HAS COMMENCED ON TH[/ I'I~()Iq~RTY DESCRIBED HERE1N, AND FURTHER EXPRESSLY WARRANTS AND AGREES THAT N() ('()NSTRUCTION ACTIVITY OF ANY KIND SHALL COMMENCE UNTIL AFTER THE BORROWI..I4 IS NOTIFIED BY THE SETTLEMENT AGENT OF THE RECORDING OF THE MORTGAGE AS .\ FIRST LIEN ON THE PROPERTY. COMMENCEMENT OF WORK BEFORE SUCH RECORDI~ti ('AN SUBJECT THE PROPERTY TO CONSTRUCTION LIENS AND CAN BE A DEFAULT UNDER TI 1[! LOAN DOCUMENTS, UNLESS THE CONTINUING FIRST LIEN STATUS OF THE SECURITY IN>;IRtJMENT IS GUARANTEED BY TITLE INSURANCE COVERAGE. 1. PROJECT COMPLETION DATE The loan is to be disbursed in installments to finance conslr~ction, which I promise to complete on or before July 14, 2005 , referred to as the "PRl},lli(i~l' COMPLETION DATE", in strict compliance with the project Plans and Specifications which have been p~ ~x'ided to Lender. ALL-IN-ONETM - WYOMING Fixed Rate Construction Rider To N,~tc .-\mi ~%curity Instrument © 2001 Interstate Closing Systems Page I 646136218 210706 0778 If, the Lender determines that the construction of the pmicci ,)r completion of all of Borrower's obligations regarding the documentation thereof will not be completed by July 14, 2005 , it shall be a sufficient basis for a default, and Lender shall have the right to stop making di~hursements of money even before July 14, 2 00 5 . In such circumstances, in addition to all of Len&'~'s uther rights and remedies, Lender shall have the right to accelerate the loan and make all sums outstanding duc ,~,t payable at once, together with interest, fees, costs of collection and all other charges, including reasonable att(,t,cys' l'ees. It is expressly agreed that "TIME IS OF THE ESSENCE" with respect to the full completion of c~m~lluction and of all obligations regarding the documentation thereof. 2. WORK IN PLACE The Lender has agreed to make the loan herein described 1,~ hc paid in installments as the work is completed and to disburse funds only FOR WORK IN PLACE, based upon indirection. The Lender is obligated to advance the full amount of th~. I-an $ 216,500.00 provided that I have fully performed and met all of the conditions and riequiren~c,ts x~hich I have promised to undertake in the Construction Loan Agreement, Promissory Note, Security Agrec,~cm, ('ommitment Letter and Loan Documents; and provided that the loan is not in default. 3. INSPECTION FOR STATUS OF COMPLETION ¢)x,I.Y The Lender shall inspect the project in order to ascertain tl~. slatus of completion and the progress of the construction of improvements. The sole purpose for Lender's inspcct,m is to determine the approximate amount and value of the work which has been done, so that Lender may disburs~~ ltmds for such work in place. Such inspections shall not require a review by Lender of the quality of the construcl~t,tt. As Borrower, I will not rely on the Lender's inspection for any purpose whatsoever. Rather, I xxill bc solely responsible for the progress and quality of construction, and the discovery of all delays, defects, l,ulls, imperfections and deviations from the Plans and Specifications shall be my sole responsibility as Borrower. 4. AMENDMENT OF THE OBLIGATION TO REPAY I.OAN I. Because construction disbursements will be made at times and in amounts which cannot be accurately predicted between the date of this Rider and the Project Completio, I)~ttc which is July 14, 2 005 , I will not begin to repay my loan as provided under the terms of Paragralfl~ 3 t~t' fl~e Note that I signed. 2. Instead, I will pay interest only until August 1, 2005 referred to as the "CONVERSION DATE". This is the day my last "interest-only" payment will bc duc. 3. The terms of Paragraph 3 of the Note, are hereby amcmlcd to provide that I will make my first payment of principal and interest on September 1, 2005 , in thc alntmllt of $1,381.22, unless I am advised otherwise by the Lender in writing. 5. CONSTRUCTION PERIOD INTEREST During the Construction Interest Period, I will pay the l.c~&.r interest on the principal amount that it has disbursed under the loan. Interest will be computed daily at the r:tt~' m effect under the Note, on the basis of a 365 day year, for the actual amountof principal outstanding. This int,.test will be billed to me on the 1st day of each month during the Construction Interest Period until the Conversi~t l>atc, and it will be my responsibility to pay the amount of interest billed to me within 15 days. Non-payment ~t' mIcrcst by the 15th day of the month will be a default under the Note and will entitle the Lender to all remedies c.n~aincd m the Note or the Security Instrument. 6. DELAYS IN THE COMPLETION OF CONSTRU(iTI()N OR PERFORMANCE If the construction of all planned improvements or rep:u~'s, and the performance of all of my obligations regarding the documentation thereof is not completed by J u 1 ~ 1 4, 2 0 0 5 , then in addition to all of its other rights under the loan documents, the Lender, at its option, has Iht right to do any or all of the following: ALL-IN-ONETM - WYOMING Fixed Rate Construction Rider To N~,Lc And Security Instrument © 2001 Interstate Closing Systems Page 2 646136218 210706 0779 A. DEFAULT- declare a default and exercise all of its rights ~c~;crved in the loan documents to act in case of default; or B. CONSTRUCTION PERIOD EXTENSION - agree th:~t I.cnder will extend the time for construction through modification of the loan documents, (Construction Period I x tension) provided that Borrower co-operates fully in the execution thereof and pays the costs, fees and expenses .,t s s, ~c i~t e d with such extension, including Project Delay Surcharges, extension fees, document preparation fees, couric~ I'd'cs, recording fees, title insurance costs, and all other costs incurred or required to complete the extension; or C. DELAYED COMPLETION RESERVE ACCOUN'I - zlgree to allow more time for construction to be completed and to disburse any remaining loan funds into a l)cl~tvcd Completion Reserve Account on which interest shall then become due and payable at the Note Rate, as th,,ttgh the funds had been fully advanced for construction completion; provided (1) that Borrower co-operates fi~ll3 in the execution of documents establishing the same as required by Lender, and pays the costs, fees and expenses ass,,cimcd with the establishment of such Delayed Completion Reserve Account, including Project Delay Surcharges, c,.lcnsitm fees, document preparation fees, courier fees, recording fees, title insurance costs, and all other costs incum~,l {~r required tO complete the establishment of such account; and provided (2) that Borrower shall be required to bc~,.~ repaying principal and interest under the loan documents as though construction had been completed and as tl~,,ttgl~ all funds were disbursed by the Project Completion Date; and provided (3) the unexpended loan funds xx~ll be held in a Delayed Completion Reserve Account until the construction is completed per the plans and speci I'~c.,mons, and until all of the conditions necessary to complete the conversion of the loan to the Amortization Period h:txc bccn completed. D. NO OBLIGATION TO EXTEND - Lender shall I~',~\'e no obligation to permit more time for construction or the full performance of Borrower's obligations. Thc t i~c selected by Borrower for the completion of the project is Borrower's responsibility, and failure to fully complete' :dl construction and meet all requiredconditions within the time chosen by Borrower can be a default. Any exten~it., or' time for performance that is agreed to by Lender shall be at Lender's sole discretion. 7. NOTICE TO LENDER OF CLAIMS AND LIENS. Any person wishing to claim the benefit of any Mechanics Itch is advised by the recording hereof that the ad&ess of the Lender for receipt of any Notice To Owner. lien Statement, 10 Day Notice of Intention to File Lien Statement, or other mechanics lic~ claim under Wyoming law, or for any other notice, claim or lien is shown below. Any such notice should be d~.llx c~'cd to such address by certified mail return receipt requested. Attn: Adela M. Bernard, Vice President Interfirst Wholesale Mortgage I.ending Construction Lending t 'enter 81 West Main Street St., Nth I:loor Waterbury, CT 0~,71}2 As Borrower, I promise to notify the Lender, immediatel3 t~l.,~ my receipt of any such Notice To Owner, Lien Statement, 10 Day Notice of Intention to File Lien Statemem, ,}~ :my other notice, claim or lien relating in any way to the Property and to provide copies to Lender of all documc~,, &mands or claims received by me regarding the same. 8. EXTINGUISHMENT AND SURVIVAL. Unless otherwise extended in writing, on July 14, 21}1}5 , the provisions of this Rider, except paragraph 4 and this paragraph, shall self-extinguish and be of no fm thc. i l'orce and effect, provided however, that any causes of action, claims or rights of the Lender which accrue I},.l',~tc said date shall continue unaffected and undiminished by such extinguishment. ALL-IN-ONETM - WYOMING Fixed Rate Construction Rider To N~tc Ami Security Instrument © 2001 Interstate Closing Systems Page 3 646136218 210706 07S0 BY SIGNING BELOW, on this day Borrower accepts and agrees to l~ ~- lcm~s and covenants contained in this Rider. , Bo~ow~ --~11~ I) CALD~i~L ~ ~ ~ Bo~ower: Bo~o&&: ' - Bo~ower: Bo~ower: The undersigned wimessed the signature of the Borrower(s) at the tm~c tt,s Rider was signed. Settlement Agent Date ALL-IN-ONETM - WYOMING Fixed Rate Construction Rider To Nol~ \,rd .Sect,rity Instrument © 2001 Interstate Closing Systems Page 4 646136218 210706 A. DEFAULT- declare a default and exercise all of its righls ~u,crxed in the loan documents to act in case of default; or B. CONSTRUCTION PERIOD EXTENSION - agre,. Ibm lender will extend the time for construction through modification of the loan documents, (Construction Periud I xtcnsion) provided that Borrower co-operates fully in the execution thereof and pays the costs, fees and expensc~ u.,~t }crated with such extension, including Project Delay Surcharges, extension fees, document preparation fees, cot, nc~ ices, recording fees, title insurance costs, and all other costs incurred or required to complete the extension; or C. DELAYED COMPLETION RESERVE ACCOI:N I agree to allow more time for construction to be completed and to disburse any remaining loan funds into a l Craved Completion Reserve Account on which interest shall then become due and payable at the Note Rate, a, tl~uu~h the funds had been fully advanced for construction completion; provided (1) that Borrower co-operates lulls, m ~he execution of documents establishing the same as required by Lender, and pays the costs, fees and expenses u.,?4,,cu~lcd with the establishment of such Delayed Completion Reserve Account, including Project Delay Surrharges. u'..tunsion tees, document preparation fees, courier fees, recording fees, title insurance costs, and all other costs inctu~ud ,,r required tO complete the establishment of such account; and provided (2) that Borrower shall be required to b~.,x~ repaying principal and interest under the loan documents as though construction had been completed and as t}f,,u~h all funds were disbursed by the Project Completion Date; and provided (3) the unexpended loan funds xx ti[ be held in a Delayed Completion Reserve Account until the construction is completed per the plans and spcc~ fiuumms, and until all of the conditions necessary to complete the conversion of the loan to the Amortization Period fun c bccn completed. D. NO OBLIGATION TO EXTEND - Lender shall I~axc no obligation to permit more time for construction or the full performance of Borrower's obligations. TI ~u ~i n ;c selected by Borrower for the completion of the project is Borrower's responsibility, and failure to fully compk, tu all construction and meet all requiredconditions within the time chosen by Borrower can be a default. Any exte~u,n ul' time for performance that is agreed to by Lender shall be at Lender's sole discretion. c 7. NOTICE TO LENDER OF CLAIMS AND LIENS. Any person wishing to claim the benefit of any Mechanic~ I ich is advised by the recording hereof that the address of the Lender for receipt of any Notice To Owner, IAea Statement, 10 Day Notice of Intention to File Lien Statement, or other mechanics I~u~ el:Urn under Wyoming law, or for any other notice, claim or lien is shown below. Any such notice should bc d,.l~x cred to such address by certified mail return receipt requested. Attn: Adela M, Bernard, \rit'c President Interfirst Wholesale Mortgage l.ending Construction Lendin~ 81 West Main Street St., 8~h I:loor Waterbury, CT 0o702 As Borrower, I promise to notify the Lender, immediate, ~llx,n my receipt of any such Notice To Owner, Lien Statement, 10 Day Notice of Intention to File Lien Statement. ,,~ :~ny other notice, claim or lien relating in any way to the Property and to provide copies to Lender of all docun~,'~t ~. demands or claims received by me regarding the same. 8. EXTINGUISHMENT AND SURVIVAL. Unless otherwise extended in writing, on July 14, 20o5 , the prowsions of this Rider, except paragraph 4 and this paragraph, shall self-extinguish and be of no m~ u~ur lbrce and effect, provided however, that any causes of action, claims or rights of the Lender which accrue n,q~rc said date shall continue unaffected and undiminished by such extinguishment. ALL-IN-ONETM - WYOMING Fixed Rate Construction Rider To ?',,,t~- :\nd Security Instrument © 2001 Interstate Closing Systems Page 3 646136218 210706 Lot 59 of Amended Plat of Star Valley Ranch Plat 1, Lincoln County, Wyoming as described on Plat No. 427346 of Lincoln County official records.