HomeMy WebLinkAbout904121 ,-,E .EtVED
!.:'! C.qU~¢TY OLERK
DEFINITIONS
[Space Above This Line For Recording Data]
MORTGAGE
Words used in multiple sections of this document are defined below an(l other words are defined in Sections 3, 11, 13, 18,
20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16.
(A) "Security Instrument" means this document, which is dated ........................ !.0:0..4:2..0.0.4. ........................ together
with all Riders to this document.
(B) "Borrower" is .~3.¥.M..0.~1.~...~...s..~.~.8p.~.a.n.~.~$..&c.E.Y.~...s~8~.~.8~N~.6a~.~!~ .......................................................
Borrower is the mortgagor under this Security Instrument.
(C) "Lender" is .T~.E. ~fi~ P.~..s~. ~..v.~.t.t.E.~. ......................................................................................................
...................................................................................................................................... Lender is a
.C.~.rg. qr.a. ti°.n. .............................. ' ........................................................... organized and existing under the laws of
.t.h.".~.tAt.". 9!.W.Y.~.m. in.q .......................................................... Lea, lc r'~ address is .3..8.4..W.A..S.H.I~.6..TO~ .S.I..13.[E.'[..Pp .0.O.X 8..007, ...
.A.F.T..O.N.,..W.y..8.3.1.!.0 .......................................................... ~'.. Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated .1.O M.21104 ............................................... The
Note states that Borrower owes Lender ~.illh. t.t.h.~.u.~.a..n.d.".i~.h.t.h.u..n¢.r¢..qi.n.~!¥.f!¥S.q~!d .,.ql).0.q ......................................................
................................................. Dollars (U.S. $ .8,.8.8.5...09. .................... ) plus interest. Borrower has promised to
pay this debt in regular Periodic Payments and to pay the debt in full not later than .1.0..~.0.-;~.0.~? .....................................
(E) "Property" means the property that is described below under the hc;,ling "Transfer of Rights in the Property."
(F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the
Note, and all sums due under this Security Instrument, plus interest.
(G) "Riders" means all Riders to this Security Instrument that are excculcd by Borrower. The following Riders are to be
executed by Borrower [check box as applicable]:
[] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider
[] Balloon Rider [] Planned Unit Development Rider [] Other(s) [specify] ......................
[] 1-4 Family Rider [] Biweekly Payment Rider
(H) "Applicable Law" means all controlling applicable federal, st;~tc and local statutes, regulations, ordinances and
administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions.
(I) "Community Association Dues, Fees, and Assessments" means all duc~, f~es, assessments and other char. ges that are
imposed on Borrower or the Property by a condominium association, homc,,wncrs association or similar organizatmn.
(J) "Electronic Funds Transfer" means any transfer of funds, othc: than a transaction originated by check, draft, or
similar paper instrument, which is initiated through an electronic termin',d, telephonic instrument, computer, or magnetic
tape so as to order, instruct, or authorize a financial institution to ddfil o~ credit an account. Such term includes, 'out is
not limited to, point-of-sale transfers, automated teller machine mm~actions, transfers initiated by telephone, wire
transfers, and automated clearinghouse transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds Paid by any third
party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of,
the Property; (ii) condenma, tion or other taking of all or any part of thc l'ropcrty; (iii) cOnveyance in lieu of condemnation;
or (iv) fiaisrepresentations et, or omissions as to, the value and/or conditi,~n o f the Property.
(M) "Mortgage Insurance" means insurance protecting Lender against ~l~c nonpayment of, or default on, the Loan.
(N) 'Periodic Payment' means the regularly scheduled amount duc h~r (i) pnncipal and interest under the Note, plus
(ii) anyamounts under Section 3 of this Security Instrument.
(O) RESPA means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing
regulation, Regulation X (24 C.F.R. Part 3500), as they might bc alncndcd from time to time, or any add!,tional o.r
successor legislation or regulation that governs the same subject maucr. As used in this Security Instrument, RESPA
refers to all requirements and restrictions that are imposed in regard ti)a "federally related mortgage loan" even if the Loan
does not qualify as a "federally related mortgage loan"under RESPA.
(P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has
assumed Borrower's obligations under the Note and/or this Security Insttumcnt.
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the l.o:m, and all renewals, extensions and modifications
of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note.
For this purpose, Borrower does hereby mortgage, grant and convey I,~ lxndcr and Lender's successors and assigns, with
power of sale, the following described property located in the .C .q ~ ~.l. '( ~[.~O.~O.[B. ................................................... of
[Type of Recording Jurisdiction]
LINCOLN COUNTY CLERK
[Name of Recording Jurisdiction]
SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF,
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Bankers Systems, Inc., St. Cloud, MN Form MD-l-WY 8/2112000
Form 3051 1/01
09041.21.
which currently has the address of 456 3ACKSON 61R££T
IS[rear[
· .A?.T..0.N ............................................................. Wyom~g. ¢.3.1. !0 ................................. (" Property Address"):
[City] lZip Code[
TOGETHER WITH all the improvements now or hereafk'r erected on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered
by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seised t~l' d~c estate hereby conveyed and has the right to
mortgage, grant and convey the Property and that the Property is t~,~'~cumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Propers3' against all claims and demands, subject to any
encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants I;,r national use and non-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrumcm covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and a!~rcc as lbllows:
1. Payment of Principal, Interest, Escrow Items, Prepayment ('harges, and Late Charges. Borrower shall pay
when due the principal of, and interest on, the debt evidenced by thc N~dc and any prepayment charges and late charges
due under the Note. Borrower shall also pay funds for Escrow Items pux'stlant to Section 3. Payments due under the Note
and this Security Instrument shall be made in U.S. currency. However, il' any checl( or other instrument received by
Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any
or all subsequent payments due under the Note and this Security Ins~lument be made 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 xYh,,sc deposits are insured by a federal agency,
instrumentality, or entity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at thc: h~cation designated in the Note or at such other
location as may be designated by Lender in accordance with the no[icc pr, wisions in Section 15. Lender may return any
payment or partial payment if the payment or partial payments are i~t~lficient to bring the Loan current. Lender may
accept any payment or partial payment insufficient to bring the Loan ct~rrcnt, without waiver of any rights hereunder or
prejudice to its rights to refuse such payment or partial payments in tl~c future, but Lender is not obligated to apply such
payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then
Lender need not pay interest on unapplied funds. Lender may hold such tmapPlied funds until Borrower ma}res payment to
bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such
funds or return them to Borrower. If not applied earlier, such funds will bc applied to the outstanding principal balance
under the Note immediately prior to foreclosure. No offset or claim v. hich Borrower might have now or in the future
against Lender shall relieve Borrower from making payments duc trader the Note and this Security Instrument or
performing the covenants and agreements secured by this Security Instrument.
2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted
and applied by Lender shall be applied in the following order of priori]3.: (a) interest due under the Note; (b) principal due
under the Note; (c) amounts due under Section 3. Such payments shall hc applied to each Periodic Payment in the order in
which it became due. Any remaining amounts shall be applied first to l;~c charges, second to any other amounts due under
this Security Instrument, and then to reduce the principal balance of the N~
If Lender receives a payment from Borrower for a delinquent l'cri~dic Payment which includes a sufficient amount
to pay any late charge due, the payment may be applied to the delinqt~cm payment and the late charge. If more than one
Periodic Payment is outstanding, Lender may apply any payment received rrom Borrower to the repayment of the Periodic
Payments if, and to the extent that, each payment can be paid in full. %, d~c extent that any excess exists after the payment
is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due.
Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note.
Any application of payments, insurance proceeds, or Miscellanc,)t~s Proceeds to principal due under the Note shall
not extend or postpone the due date, or change the amount, of the Periodic l'ayments.
3. Funds for Escrow Items. Borrower shall pay to Lender ot~ d~c day Periodic Payments are due under the Note,
until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments
and other items which can attain priority over this Security Instrumc|~t as a lien or encumbrance on the Property; (b)
leasehold payments or ground rents on the Property, if any; (c) pren~,t.~s for any and all insurance required by Lender
under Section 5; and (d) Mortgage Insurance premiums, if any, or any ,,ms payable by Borrower to Lender in lieu of the
payment of Mortgage Insurance premiums in accordance with the i)r, wisions of Section 10. These items are called
"Escrow Items." At origination or at any time during the term cfi' thc l.oan, Lender may require that Community
Association Dues, Fees, and Assessments, if any, be escrowed by Bom,wet, and such dues, fees and assessments shall be
an Escrow Item. Borrower shall promptly furnish to Lender all notices ,,f amounts to be paid under this Section. Borrower
shall pay Lender the Funds for Escrow Items unless Lender waives B~rr,,wcr's obligation to pay the Funds for any or all
Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time.
Any such waiver may only be in writing. In the event of such wai~cr, Borrower shall pay directly, when and where
payable, the amounts due for any Escrow Items for which payment ol l:tmds has been waived by Lender and, if Lender
requires, shall furnish to Lender receipts evidencing such payment wid~in such time period as Lender may require.
Borrower's obligation to make such payments and to provide receipts sh~dl for all purposes be deemed to be a covenant and
agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower
is obligated to pay Escrow Items directly, pursuant to a waiver, and I~,~rl'~,wcr fails to pay the amount due for an Escrow
Item, Lender may exercise its rights under Section 9 and pay such a,~|,~Ul~t and Borrower shall then be obligated under
Section 9 to rePay to Lender any such amount. Lender may revoke thc waiver as to any or all Escrow Items at any time by
a notice given in accordance with Section 15 and, upon such revocati,,n, l~¢rrower 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 amount (a) st~fficicnt to permit Lender to apply the Funds at
the time specified under RESPA, and (b) not to exceed the maximum ',,~x,~unt a lender can require under RESPA. Lender
shall estimate the amount of Funds due on the basis of current data ',md reasonable estimates of expenditures of future
Escrow Items or otherwise in accordance with Applicable Law.
The Funds shall be held in an institution whose deposits are insured hy a federal agency, instrumentality, or entity
(including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender
shall apply the Funds to pay the Escrow Items no later than the tim~. specified under RESPA. Lender shall not charge
Borrower for holding and applying the Funds, annually analyzing thc escrow account, or verifying the Escrow Items,
unless Lender pays Borrower interest on the Funds and Applicable Law per,nits Lender to make such a charge. Unless an
agreement is made in writing or Applicable Law requires interest to bc paid on the Funds, Lender shall not be required to
pay Borrower any interest or earnings on the Funds. Borrower and l.c~Mcr can agree in writing, however, that interest
shall be paid on the Funds. Lender shall give to Borrower, without ch~rgc, an atmual accounting of the Funds as required
by RESPA.
If there is a surplus of Funds held in escrow, as defmed under RliS;l'A, Lender shall account to Borrower for the
excess funds in accordance with RESPA. If there is a shortage of Fund~ held in escrow, as defined under RESPA, Lender
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01
Bankers Syst .... , ....St. Cloud, MN Form MD-l-WY 8/21/2000 (page2of7pages)~,~5
· ~5'.i:',; ;',',;~;:,: ;;;; ,
shall notify Borrower as required by RESPA, and Borrower shall p~)' t,~ Lender the amount necessary to make up the
shortage in accordance with RESPA, but in no more than 12 monthly lxtyments. If there is a deficiency of Funds held in
escrow, as defined under RESPA, Lender shall notify Borrower as rccluU-cd by RESPA, and Borrower shall pay to Lender
the amount necessary to make up the deficiency in accordance with RESI'..\, but in no more than 12 monthly payments.
Upon payment in full of all sums secured by this Security Instrumcm, lxnder shall promptly refund to Borrower any
Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, ch;u'gcs, fines, and impositions attributable to the
Property which can attain priority over this Security Instrument, leasch,~ld payments or ground rents on the Property, if
any, and Community Association Dues, Fees, and Assessments, if all).'. 'l't} the extent that these items are Escrow Items,
Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lien which has priority ,,vcr this Security Instrument unless Borrower: (a)
agrees in writing to the payment of the obligation secured by the lien in ~ manner acceptable to Lender, but only so long as
Borrower is performing such agreement; (b) contests the lien in good Ihilh by, or defends against enforcement of the lien
in, legal proceedings which in Lender's opinion operate to prevent thc cnfi)rccmcnt of the lien while those proceedings are
pending, but only until such proceedings are concluded; or (c) secures Ir, ,m the holder of the lien an agreement satisfactory
to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to
a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien.
Within 10 days of the date on which that notice is given, Borrower sh~tll 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 charge for a rc:d estate tax verification and/or reporting service
used by Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvemenls now existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but
not limited to, earthquakes and floods, for which Lender requires insur',mcc. This insurance shall be maintained in the
amounts (including 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 insur~mcc carrier providing the insurance shall be chosen
by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably.
Lender may require Borrower to pay, in connection with this Lu~m, either: (a) a one-time charge for flood zone
determination, certification and tracking services; or (b) a one-'time ch~rgc l'~)r flood zone determination and certification
services and subsequent charges each time remappings or similar ch:tnges occur Which reasonably might affect such
determination or certification. Borrower shall also be responsible fi~r ~he payment of any fees imposed by the Federal
Emergency Management Agency in connection with the review of :my flood zone determination resulting from an
objection 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. Lender is under no obligation to purchase any particular type or amount of
coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the
Property, or the contents of the Property, against any risk, hazard or lbbility and might provide greater or lesser coverage
than was previously in effect. Borrower acknowledges that the ct,st t~l' thc insurance coverage so obtained might
significantly exceed the cost of insurance that Borrower could have obt',~incd. Any amounts disbursed by Lender under this
Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest
at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to
Borrower requesting payment.
All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an
additional loss payee. Lender shall have the right to hold the p()licics and renewal certificates. If Lender requires,
Borrower shall promptly give to Lender all receipts of paid premiums ',md renewal notices. If Borrower obtains any lbrm
of insurance coverage, not otherwise required by Lender, for damage t~,, ,~r destruction of, the Property, such policy shall
include a standard mortgage clause and shall name Lender as mortgagee ;md/or as an additional loss payee.
In the event of loss, Borrower shall give prompt notice to the inSUF',mCC carrier and Lender. Lender may make proof
of loss if not made promptly by Borrower. Unless Lender and Bt~'~wcr otherwise agree in writing, any insurance
proceeds, whether or not the underlying insurance was required by l~c~ldcF, shall be applied to restoration or repair of the
Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and
restoration period, Lender shall have the right to hold such insurance lm~cceds until Lender has had an opportunity 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 ~md restoration in a single payment or in a series of
progress payments as the work is completed. Unless an agreement is m:~dc in writing or Applicable Law requires interest
to be paid on such insurance proceeds, Lender shall not be required t~ pay Borrower any interest or earnings on such
proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance
proceeds and shall be the sole obligation of Borrower. If the restoration m' repair is not economically feasible or Lender's
security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument,
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 file, negotiate :tlld settlc any available insurance claim and related
matters. If Borrower does not respond within 30 days to a notice fr, m~ l~cndcr that the insurance carrier has offered to
settle a claim, then Lender may negotiate and settle the claim. The 3t)-d:~y period will begin when the notice is given. In
either event, or if Lender acquires the Property under Section 22 or ,)thcrwise, Borrower hereby assigns to Lender (a)
Borrower's rights to any insurance proceeds in an amount not to exceed tlie amounts unpaid under the Note or this Security
Instrument, and (b) any other of Borrower's rights (other than the ri~,.ht to any refund of unearned premiums paid by
Borrower) under all insurance policies covering the Property, insofar :~s such rights are applicable to the coverage of the
Property. Lender may use the insurance proceeds either to repair or rcs~rc the Property or to pay amounts unpaid under
the Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the lh'tq~crty as Borrower's principal residence within 60
days after the execution of this Security Instrument and shall continue lt~ occupy the Property as Borrower's principal
residence for at least one year after the date of occupancy, unless Lender ~}therwise agrees in writing, which consent shall
not be unreasonably withheld, or unless extenuating circumstances exist which arc beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Propert); Inspections. Borrower shall not destroy, damage
or impair the Property, allow the Property to deteriorate or commit w~stc on thc Property. Whether or not Borrower is
residing in the Property, Borrower shall maintain the Property in urdcr to prevent the Property from deteriorating or
decreasing in value due to its condition. Unless it is determined puFsu;mt tO Section 5 that repair or restoration is not
economically feasible, Borrower shall promptly repair the Property il~ d'~m~aged to avoid further deterioration or damage.
If insurance or condemnation proceeds are paid in connection with dam:~gc to, or the taking of, the Property, Borrower
shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender
may disburse proceeds for the repairs and restoration in a single paymcm ~r in a series of progress payments as the work is
completed. If the insurance or condemnation proceeds are not sufficient tu Fcpair or restore the Property, Borrower is not
relieved of Borrower's obligation for the completion of such repair or rest, ~r'.~tir)n.
Bankers System~, Inc., St. Cloud, MN Form MD-l-WY 8/2112000 (page 3 of 7pages) .~ ~ ~ -~
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause,
Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or
prior to such an interior inspection specifying such reasonable cause.
8. Borrower's Loan Application. Borrower shall be in default il', during the Loan application process, Borrower
or any persons or entities acting at the direction of Borrower or with }t,~m~wer's knowledge or consent gave materially
false, misleading, or inaccurate information or statements to Lender (,,r failed to provide Lender with material
information) in connection with the Loan. Material representations include, but are not limited to, representations
concerning Borrower's occupancy of the Property as Borrower's principal
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 contained in this Security lnslrument, (b) there is a legal proceeding that
might significantly affect Lender's interest in the Property and/or rfebts under this Security Instrument (such as a
proceeding in bankruptcy, probate, for condemnation or forfeiture, for'enl'orcement of a lien which may attain priority
over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender
may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this
Security Instrument, including protecting' and/or assessing the value of thc l'ropcrty, and securing and/or repairing the
Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority
over this Security Instrument; (b) appearing in court; and (c) paying reasonaNe attorneys' fees to protect its interest in the
Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing
the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors
and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have
utilities turned on or off. Although Lender may take action under this Sccti,,n 9, Lender does not have to do so and is not
under any duty or obligation to do so. It is agreed that Lender incms no liability for not taking any or all actions
authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this
Security Instrument. These amounts shall bear interest at the Note rate frtm~ tile date of disbursement and shall be payable,
with such interest, upon notice from Lender to Borrower requesting payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If
Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the
merger in writing.
10. Mortgage Insurance. If Lender required Mortgage .Insurance as a condition of making the Loan, Borrower
shall pay the premiums required to maintain the Mortgage Insurance in cf feel. If, lbr any reason, the Mortgage Insurance
coverage required by Lender ceases to be available from the mortgage insm-cr that previously provided such insurance and
Borrower was required to make separately designated payments toward thc premiums for Mortgage Insurance, Borrower
shall pay the premiums required to obtain coverage substantially equivalent to thc Mortgage Insurance previously in effect,
at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate
mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower
shall continue to pay to Lender the amount of the separately designaled payments that were due when the insurance
coverage ceased to be in effect. Lender will accept, use and retain these pasments as a non-refundable loss reserve in lieu
of Mortgage Insurance. Such loss reserve shall be non-refundable, notwiihstanding the 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 coverage ~in the ainount and for the period that Lender
requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately
designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition
of making the Loan and Borrower was required to make separately designated payments toward the premiums for
Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a
non-refundable loss reserve, until Lender's requirement for Mortgage lnsuFance ends in accordance with any written
agreement between Borrower and Lender providing for such termination ~r until termination is required by Applicable
Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at lh e rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if
Borrower does not repay the Loan as agreed. Borrower is not a party to the Nlortgag¢ Insurance.
Mortgage insurers evaluate their total risk on all such insurance in lorce from time to time, and may enter into
agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and
conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These
agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may
have available (which may include funds obtained from Mortgage Insurance premiums).
As a result of these agreements, Lender, any purchaser of the Note, :mother insurer, any reinsurer, any other entity,
or any affiliate of any of the foregoing, may receive (directly or indirccIly) amounts that derive from (or might be
characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the
mortgage insurer's risk, or reducing losses. If such agreement provides that au affiliate of Lender takes a share of insurer's
risk in exchange for a share of the premiums paid to the insurer, the arranecment is often termed "captive reinsurance."
Further:
(a) Any such agreements will not affect the amounts that II.rrower has agreed to pay for Mortgage
Insurance, or any other terms of the Loan. Such agreements will not i,~crease 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 Borrower has--if any--with respect to the Mortgage
Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to
receive certain disclosures, to request and obtain cancellation of the Mm~tgage Insurance, to have the Mortgage
Insurance terminated automatically, and/or to receive a refund of any ,Mortgage Insurance premiums that were
unearned at the time of such cancellation or termination. '
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and
shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be apt>lied to restoration or repair of the Property, if
the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration
period, Lender shall have the right to hold such Miscellaneous Proceeds tmlil Lender has had an opportunity to inspect
such Property to ensure the work has been completed to Lender's satisl'action, provided that such inspection shall be
undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress
payments as the work is completed. Unless an agreement is made in writint~ or~4, pplicable Law requires interest to be paid
on such Miscellaneous Proceeds, Lender shall not be required to pa~ Borrower any interest or earnings on such
Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened,
the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied iu the order provided for in Section 2.
In the event of a total taking, destruction, or loss in value of thc l'r~perty, the Miscellaneous Proceeds shall be
applied to the sums secured by this Security Instrument, whether or n~>t then due, with the excess, if any, paid to
Borrower.
In the event of a partial taking, destruction, or loss in value of thc I'ropcrty in which the fair market value of the
Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the
sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless
Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form
3051 1/01
Syst .... I ....St. Cloud, MN Form MD-l-WY BI2112000 (page 4 of 7pages)
Bankers
transferred in a bond for deed, contract for deed, installment sales contr;tc't t~r escrow agreement, the intent of which is the
transfer of title by Borrower at a future date to a purchaser.
If all or any part of the Property or any Interest in the Properly' is sold or transferred (or if Borrower is not a
natural person and a beneficial interest in Borrower is sold or transferrc.,i) without Lender's prior written consent, Lender
may require immediate payment in full of all sums secured by this Security hlstrument. However, this option shall not be
exercised by Lender if such exercise is prohibited by Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice ~,~' acceleration. The notice shall provide a period
of not less than 30 days from the date the notice is given in accordance wilh Section 15 within which Borrower must pay
all sums secured by this Security Instrument. If Borrower fails to pay Ihc~c stlms prior to the expiration of this period,
Lender may invoke any remedies permitted by this Security Instrument wiih, ~tH furlher notice or demand on Borrower.
19. Borrower's Pdght to Reinstate After Acceleration. If Borrt,~cr meets certain conditions, Borrower shall have
the right to have enforcement of this Security Instrument discontinued ;~l ;m~,' time prior to the earliest of: (a) five days
before sale of the Property pursuant to any power of sale contained in Ihis Security Instrument; (b) such other period as
Applicable Law might specify for the termination of Borrower's right to rcm~I~lle; or (c) entry of a judgment enforcing this
Security Instrument. Those conditions are that Borrower: (a) pays Lender zdl sums which then would be due under this
Security Instrument and the Note as if no acceleration had occurred; lh~ ct~res any default of any other covenants or
agreements; (c) pays all expenses incurred in enforcing this Security Inslr~m~cnt, including, but not limited to, reasonable
attorneys' fees, property inspection and valuation fees, and other fees i~curred for the purpose of protecting Lender's
interest in the Property and rights under this Security Instrument; and Id/ takes such action as Lender may reasonably
require to assure that Lender's interest in the Property and rights under thi~ .%curity Instrument, and Borrower's obligation
to pay the sums secured by this Security Instrument, shall continue unch~m~cd. Lender may require that Borrower pay such
reinstatement sums and expenses in one or more of the following forms, ;~ selected by Lender: (a) cash; (b) money order;
(c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution
whose deposits are insured by a federal agency, instrumentality or c~tity; or (d) Electronic Funds Transfer. Upon
reinstatement by Borrower, this Security Instrument and obligations seal,red hereby shall remain fully effective as if no
acceleration had occurred. However, this right to reinstate shall not apply i~ thc c;ase of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievaqce. The Note or a partial interest in the Note
(together with this Security Instrument) can be sold one or more times witht~ul prior notice to Borrower. A sale might
result in a change in the entity (known as the "Loan Servicer") that collccls I'eriodic Payments due under the Note and this
Security Instrument and performs other mortgage loan servicingobligatioll~ trader the Note, this Security Instrument, and
Applicable Law. There also might be one or more changes of the Loan Scrvi~'cr unrelated to a sale of the Note. If there is a
change of the Loan Servicer, Borrower will be given written notice of thc ch;mge which will state the name and address of
the new Loan Servicer, the address to which payments should be made ~md any other information RESPA requires in
connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer
other than the purchaser of the Note, the mortgage loan servicing obli~ztlious to Borrower will remain with the Loan
Servicer or be transferred to a successor Loan Servicer and are not a~stmlcd by the Note purchaser unless otherwise
provided by the Note purchaser.
Neither Borrower nor Lender may commence, join, or be joined tt, any judicial action (as either an individual
litigant or the member of a class) that arises from the other party's actitm~ pursuant to this Security Instrument or that
alleges that the other party has breached any provision of, or any duty ox~cd by reason of, this Security Instrument, until
such Borrower or Lender has notified the other party (with such notice. ,,'~,
~_~xcn in compliance with the requirements of
Section 15) of such alleged breach and afforded the other party hereto a rc;~on;tble period after the giving of such notice to
take corrective action. If Applicable Law provides a time period which mll~l elapse before certain action can be taken, that
time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to
cure given to Borrower pursuant to Section 22 and the notice of acceler'~tli,m given to Borrower pursuant to Section 18
shall be deemed to satisfy the notice and opportunity to take corrective action i)rovisions of this Section 20.
21. Hazardous Substances. As used in this Section 21: (a) "Hazardotls Substances" are those substances defined as
toxic or hazardous substances, pollutants, or wastes by Environmental l~;~w and the following substances: gasoline,
kerosene, other flammable or toxic petroleum products, toxic pesticides ;md herbicides, volatile solvents, materials
containing asbestos or formaldehyde, and radioactive materials; (b) "Envirol~mental Law" means federal laws and laws of
the jurisdiction where the Property is located that relate to health, safer), ~r environmental protection; (c) "Environmental
Cleanup" includes any response action, remedial action, or removal acdtm, ;ts defined in Environmental Law; and (d) an
"Environmental Condition" means a condition that can cause, contribt:~c h), or otherwise trigger an Environmental
Cleanup.
Borrower shall not cause or permit the presence, use, disposal, stor;~gc, or release of any Hazardous Substances, or
threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do,
anything affecting the Property (a) that is in violation of any Environn~cl~l;d l~aw, (b) which creates an Environmental
Condition, or (c) which, due to the presence, use, or release of a Hazardot~ Substance, creates a condition that adversely
affects the value of the Property. The preceding two sentences shall nol ;~l)ply to the presence, use, or storage on the
Property of small quantities of Hazardous Substances that are generally rcct~i~i~cd to be appropriate to normal residential
uses and to maintenance of the Property (including, but not limited to, hazardo~ sui)stances in consumer products).
Borrower shall promptly give Lender written notice of (a) any inw:.~tig;~li()n, claim, demand, lawsuit or other action
by any governmental or regulatory agency or private party involving tilt: l'roperty and any Hazardous Substance or
Environmental Law of which Borrower has actual knowledge, (b) any Environmenlal Condition, including but not limited
to, any spilling, leaking, discharge, release or threat of release of any Hazardot~s Substance, and (c) any condition caused
by the presence, use or release of a Hazardous Substance which adversely aflccts tile value of the Property. If Borrower
learns, or is notified by any governmental or regulatory authority, or rely private party, that any removal or other
remediation of any Hazardous Substance affecting the Property is necessary, Horrower shall promptly take all necessary
remedial actions in accordance with Environmental Law. Nothing herein .~hzdl create any obligation on Lender for an
Environmental Cleanup.
NON-UNIFOP, M COVENANTS. Borrower and Lender further core,ram and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borro~ver prior to acceleration following Borrower's
breach of any covenant or agreement in this Security Instrument (l)ul I~ol prior to acceleration under Section 18
unless Applicable Law provides otherwise). The notice shall specify: (a} H~e default; (b) the action required to cure
the default; (c) a date, not less than 30 days from the date the notice is givt, n to Borrower, by which the default must
be cured; and (d) that failure to cure the default on or before the d;tle specilied in the notice may result in
acceleration of the sums secured by this Security Instrmnent and sale of the Property. The notice shall further
inform Borrower of the right to reinstate after acceleration and the l'igh! to bring a court action to assert the
non-existence of a default or any other defense of Borrower to acceleratioq and sale. If the default is not cured on or
before the date specified in the notice, Lender at its option may require immediate payment in full of all sums
secured by this Security Instrument without further demand and may invoke the power of sale and any other
remedies permitted by Applicable Law. Lender shall be entitled to c~;llect all expenses incurred in pursuing the
remedies provided in this Section 22, including, but not limited to, rt'ascmable attorneys' fees and costs of title
evidence.
If Lender invokes the power of sale, Lender shall give notice of ilHellt to foreclose to Borrower and to the
person in possession of the Property, if different, in accordance with Alll~licable Law. Lender shall give notice of the
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 305.1 1/01
0 0412 . , 0817
amount of the Miscellaneous Proceeds multiplied by the following I'raction: (a) the total amount of the sums secured
immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property
immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower.
In the event of a partial taking, destruction, or loss in value ol thc 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 Miscellaneous Proceeds shall be applied to the sums secul'cd by this Security Instrument whether or not the
sums are then due.
If the Property is abandoned by Borrower, or if, after notice by lxnder to Borrower that the Opposing Party (as
defined in the next sentence) offers to make an award to settle a claim l'or damages, Borrower fails to respond to Lender
within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds
either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due.
"Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower
has a right of action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whclhcr civil or criminal, is begun that, in Lender's
judgment, could result in forfeiture of the Property or other material ilnpairment of Lender's interest in the Property or
rights under this Security Instrument. Borrower can cure such a dcl',lUlt and, if acceleration has occurred, reinstate as
provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment,
precludes forfeiture of the Property or other material impairment of l.ctldcr'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 impairment of Lender's
interest in the Property are hereby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to restoration ~,r repair of the Property shall be applied in the order
provided for in Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security Inslrument granted by Lender to Borrower or any
Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of
Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to
refuse to extend time for payment or otherwise modify amortization ,71' thc sums secured by this Security Instrument by
reason of any demand made by the original Borrower or any Success,,rs in Interest Of Borrower. Any forbearance by
Lender in exercising any right or remedy including, without limitatitm, Lender's acceptance of payments from third
persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver
of or preclude the exercise of any right or remedy.
13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that
Borrower's obligations and liability shall be joint and several. }lowcvcr, any Borrower who co-signs this Security
Instrument but does not execute the Note (a "co-signer"): (a) is CO-Signill&~ this Security Instrument only to mortgage, grant
and convey the co-signer's interest in the Property under the terms t,l this Security Instrument; (b) is not personally
obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree
to extend, modify, forbear or make any accommodations with regard tt~ the terms of this Security Instrument or the Note
without the co-signer's consent.
Subject to the provisions of Section 18, any Successor in Interest or' Borrower who assumes Borrower's obligations
under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits
under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this
Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security
Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender.
14. Loan Charges. Lender may charge Borrower fees for SCl'vices performed in connection with Borrower's
default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including,
but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of
express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on
the charging of such fee. Lender 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 loan charges, and that law is finally interpreted so that the
interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a)
any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any
sums already collected from Borrower which exceeded permitted limils will be refunded to Borrower. Lender may choose
to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund
reduces principal, the reduction will be treated as a partial prepaymcm without any prepayment charge (whether or not a
prepayment charge is provided for under the Note). Borrower's accep|ancc of any such refund made by direct payment to
Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in
writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to
Borrower when mailed by first class mail or when actually delivered I~, Borrower's notice address if sent by other means.
Notice to any one Borrower shall constitute notice to all Borrowers tmlcss Applicable Law expressly requires otherwise.
The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to
Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for
reporting Borrower's change of address, then Borrower shall only rcpt)rt a change of address through that specified
procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to
Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender
has designated another address by notice to Borrower. Any notice in ctmnection with this Security Instrument shall not be
deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument
is also required under Applicable Law, the Applicable Law requiremcm will satisfy the corresponding requirement under
this Security Instrument.
16. Governing Law; Severabffity; Rules or' Construction. This Security Instrument shall be governed by federal
law and the law of the jurisdiction in which the Property is located. :\11 rights and obligations contained in this Security
Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or
implicitly allow the parties to agree by contract or it might be silcnl, but such silence shall not be construed as a
prohibition against agreement by contract. In the event that any provision t~r clause of this Security Instrument or the Note
conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which
can be given effect without the conflicting provision.
As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter
words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and
(c) the word "may" gives sole discretion without any obligation to take a%, action.
17. Borrower's Copy. Borrower shall be given one copy of thc N,)tc and of this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrmver. As used in this Section 18, "Interest in the
Property" means any legal or beneficial interest in the Property, inchlding, but not limited to, those beneficial interests
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Bankers Systems, Inc,, S~. Cloud, MN Form MD-~-WY 8/2]/2000
sale to Borrower in the manner provided in Section 15. Lender shall lmblish the notice of sale, and the Property
shall be sold in the manner prescribed by Applicable Law. Lender m' its designee may purchase the Property at any
sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but
not limited to, reasonable attorneys' fees; (b) to all sums secured hy this Security Instrument; and (c) any excess to
the person or persons legally entitled to it.
23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security
Instrument. Borrower shall pay any recordation costs. Lender may ch:trgc Borrower a fee for releasing this Security
Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under
Applicable Law.
24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of
Wyoming.
BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Security
Instrument and in any Rider executed by Borrower and recorded with it.
RAYMJ~ID~. SORENSON ' -Borrower
........... ),..,'..~~ .................... (Seal)
-Borrower
[Space Below This Line For Acknowledgment]
STATE OF WYOMING ................................. .L.:[.n..c. 9..1.n. ........................ County ss:
The foregoing instrument was acknowledged before me this . ).~-2.~.-7.~Q4. ......................................................
(date)
by .~..~X .~.0..np. g...S.0.8.~.n.S..0.n;.?.~^C..[y..~: .s.q.~.[n..sp.n.,..,.u.s..~An. p. b.n.O.W)?.~ ...............................................................................
(person acknowledging)
Notary Public
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Bankers Systems, inc., St. Cloud, MN Form MD-l-WY 8121 ~2000
Form 3051 1/O1 (page 7of7pages)
ALTA COMMITMENT - 1982 - WY
_08i9
Commitment No.: FA 12556 M
EXIIIBIT A
The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as
follows:
Part of Lot 3 of Block 21 of the Afton Townsite, Lincoln CoUnty, Wyoming
more particularly described as follows:
Beginning at a point which is 10 rods North and 1~ rods West of the
Southeast Corner of said Lot 3 and running thence West 8~ rods;
thence North 5 rods;
thence East 8~ rods;
thence South 5 rods to the point of beginning.
11/91