HomeMy WebLinkAbout904240After Recording Return To:
FIRST FRANKLIN FINANCIAL CORP.
ATTENTION: RECORDS MANAGEMENT
2150 NORTH FIRST STREET
SAN JOSE, CA 95131
RECEIVED
LINOOLN COUNTY OLERK
JEANNE WAGNER
..... .... ,'ERER, W¥OMI~JO
[Space Above This Line For Rec.rding Dala]
MORTGAGE
DEFINITIONS
Words used in multiple sections of this document are defined below and .thcr words are defined in Sections 3, 11, 13, 18, 20
and 21. Certain rules regarding the usage of words used in this document arc also provided in 'Section 16.
(A) "Security Instrument" means this document, which is dated October 28, 2004
Riders to this document.
(B) "Borrower" is TYLER G PETERSON and MITZI PETERSON, HUSBAND AND WIFE
, together with all
Borrower is the mortgagor under this Security Instrument.
(C) "Lender" is FIRST FRANKLIN FINANCIAL CORPORATION
Lender is a Corporation
the laws of Delaware
2150 NORTH FIRST STREET, SAN JOSE, California 95131
organized and existing under · Lender's address is
· Lender is the mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated October 28, 2004 . The Note
states that Borrower owes Lender One Hundred Seventy Four Thousand Four Hundred and no/100
Dollars (U.S. $174,400.00 ) plus interest. Borrower has promised
to pay this debt in regular Periodic Payments and to pay the debt in fidl m,t later than November 01, 2034
(E) "Property" means the property that is described below under the heading "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 executed 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] Prepay Rider
[---] 1-4 Family Rider
[--'] Biweekly Payment Rider
WYOI~fING--Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L1 (OOll) MFWY3112 (Page I of li pages)
Form 3051 IJO1
4000174094 GREATLAND ·
To Order Call: 1-800-530-9393 In Fax: 616-791-1131
O:304240
k;. 0340
(H) "Applicable Law" means all controlling applicable federal, slate and local statutes, regulations, ordinances and
administrative rules and orders (that have the effect of law) as well as all al)plicabl¢ final, nou-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 by a condominium association, hornet,whets association or similar organization.
(J) "Electronic Funds Transfer" means any transfer of funds, olhcr Ihan a transaction originated by check, draft, or
sinfilar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape
so as to order, instruct, or authorize a financial institution to debit or crctlit an account. Such term includes, but is not linfited
to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and
automated clearinghouse transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "Miscellaneous Proceeds" means any compensation, settlemenl, award of damages, or proceeds paid by any third
party (other than insurance proceeds paid under the coverages described in Sccdon 5) for: (i) damage to, or destruction of, the
Property; (ii) condemnation or other taking of all or any part of the Prt,pcrty; (iii) conveyance in lieu of condemnation; or
(iv) misrepresentations of, or omissions as to, the value and/or condition ol' ~l~e Property.
(M) "Mortgage Insurance" means insurance protecting Lender agains~ d~c nonpayment of, or default on, the Loan.
(N) "Periodic Payment" means the regularly scheduled amount duc for (i) principal and interest under the Note, plus
(ii) any amounts under Section 3 of this Security Instrument.
(0) "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 be amended from time to time, or any additional or successor legislation
or regulation that governs the same subject matter. As used in this Seem'ih, Inslrmneut, "RESPA" refers to all requ/rements
and restrictions that are imposed in regard to 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 Insh'tmlcnt.
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Lo;m, and all renewals, extensions and modifications of
the Note; and (ii) the performance of Borrower's covenants and agreements trader this Security Instrument and the Note. For
this purpose, Borrower does hereby mortgage, grant and convey to Lender mid Lender's successors and assigns, with power
of sale, the following described property located in the COD NTY
IType of Recording Jurisdiction]
of LINCOLN :
[Name of Recording Jurisdiction]
LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF
which currently has the address of
ALPINE
[City]
,Wyoming
476 RIVERVIEW DRIVE
[ St reel]
83128 ("Property Address"):
[Zip Ct,dc]
TOGETHER WITH all the improvements now or hereafter erected o. tl~e property, and all easements, appurtenances,
and fixtures now or hereafter a part of the property. All replacements ant additions shall also be covered by this Security
Instrument. All of the foregoing is referred to in this Security Instrument as d~e "Property."
WYO1VIING--Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3051 1/01
4000174094 GREATLAND ·
To Order Call: 1-800-5,a~o'~mJrL~ 616-791-1131
0341
BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to
mortgage, grant and convey the Property and that the Property is ,~e~cumbered, except for encumbrances of record.
Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any
encmnbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants f,,- nalional use and non-uniform covenants with
limited variations by jurisdiction to constitute a uniform security instrt, mc~t covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay
when due the principal of, and interest on, the debt evidenced by the N.Ie a~d any prepayment charges and late charges due
under the Note. Borrower shall also pay funds for Escrow Items pursuant lo Section 3. Payments due under the Note and this
Security Instrument shall be made in U.S. currency. However, if any check 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 Instrument he 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 whose deposits are insured hy a federal agency, instrumentality, or entity; or
(d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the localit~n designated in the Note or at such other location
as may be designated by Lender in accordance with the notice provisio,s in Section 15. Lender may return any payment or
partial payment if the payment or partial payments are insufficient to bring ~lle Loan current. Lender may accept any pay~nent
or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to
refuse such payment or partial payments in the future, but Lender is nt~l obligated to apply such payments at the time such
payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on
unapplied funds. Lender may hold such unapplied funds until Borrower makes 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 be applied to the outstanding pri~cipal balance under the Note innnediately prior to
foreclosure. No offset or claim which Borrower might have now or in the ft~ture against Lender shall relieve Borrower from
making payments due under the Note and this Security Instrument or pcrfc~rmiug 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 priority: (a) iuterest due under the Note; (b) principal due
under the Note; (c) amounts due under Section 3. Such payments shall he applied to each Periodic Payment in the order in
which it became due. Any remaining amounts shall be applied first to I,te charges, second to any other amounts due under
this Security Instrument, and then to reduce the principal balance of thc Nt~tc.
If Lender receives a payment from Borrower for a delinquent Peri.die Payment which includes a sufficient mnount to
pay any late charge due, the payment may be applied to the delinquent payment aud the late charge. If more than one Periodic
Payment is outstanding, Lender may apply any payment received from Bo,-rower to the repayment of the Periodic Payments
if, and to the extent that, each payment can be paid in full. To the extent fl~at 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 Miscellaneous Proceeds to principal due under the Note shall not
extend or postpone the due date, or change the amount, of the Periodic Payments.
3. Funds for Escrow Items. Borrower shall pay to Lender on Ibc day Periodic Payments are due under the Note,
until theNote is paid in full, a sum (the "Funds") to provide for paymcnl of amounts due for: (a) taxes and assessments and
other items which can attain priority over this Security Instrument as a lien or euculnbrance on the Property; (b) leasehold
payments or ground rents on the Property, if any; (c) premiums for auy a.d all i,~surance required by Lender under Section 5;
and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of
Mortgage Insurance premiums in accordance with the provisions of Sccli(m 10. These items are called "Escrow Items." At
origination or at any time during the tern~ of the Loan, Lender may rcqtfire that Community Association Dues, Fees, and
Assesslnents, if any, be escrowed by Borrower, and such dues, fees and asscssmeuts shall be an Escrow Item. Borrower shall
promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for
Escrow Items unless Lender waives Borrower's obligation to pay the Fnnds for any or all Escrow Itelns. Lender may waive
WYOMING--Single Fmxfily--Fannte Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L3 (0011) MFWY3112 (Page 3 of 11 pages)
Form 3051 1/01
4000174094 GREATLAND ·
To Order Call: 1-800-530-9393 [] Fax: 616491-1131
0904240
0342
Borrower's obligation to pay to Lender Funds for any or all Escrow llcms al auy tiine. Any such waiver may only be in
writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow
Items for which payment of Funds has been waived by Lender and, il' l,ender requires, shall furnish to Lender receipts
evidencing such payment within such time period as Lender may reqmrc. Borrower's obligation to make such payments and
to provide receipts shall for all purposes be deemed to be a cogenant and agrecmeut contained in this Security Instrument, as
the phrase "covenant and agreement" is used in Section 9. If Borrower is ~,hligated to pay Escrow Iteins directly, pursuant to
a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and
pay such amount and Borrower shall then be obligated under Sectiou 9 lo repay to Lender any such amount. Lender may
revoke the waiver as to any or all Escrow Items at any time by a notice ,qven in accordance with Section 15 and, upon such
revocation, Borrower 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) stlfficient to permit Lender to apply the Funds at the
time specified under RESPA, and (b) not to exceed the maximum amom~I a lender can require under RESPA. Lender shall
estimate the amount of Funds due on the basis of current data and rea.~tmable 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 iusm'cd by a federal agency, instrumentality, or entity
(including Lender, if Lender is an institution whose deposits are so insured) tlr ill any Federal Home Loan Bank. Lender shall
apply the Funds to pay the Escrow Items no later than the time specified trader RESPA. Lender shall not charge Borrower for
holding and applying the Funds, annually analyzing the escrow accounl, or verifying the Escrow Items, unless Lender pays
Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in
writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest
or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds.
Lender shall give to Borrower, without charge, an annual accounting of thc Eunds as required by RESPA.
If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess
funds in accordance with RESPA. If there is a shortage of Funds hchl in escrow, as defined under RESPA, Lender shall
notify Borrower as required by RESPA, and Borrower shall pay to Lender Se amount necessary to make up the shortage in
accordance with RESPA, but in no more than 12 monthly payments. If d~cre is a deficiency of Funds held in escrow, as
defined under RESPA, Lender shall notify Borrower as required by RESPA, aud Borrower shall pay to Lender the amount
necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
Upon payment in full of all sums secured by this Security Instrumcat, Lender shall promptly refund to Borrower any
Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the
Property which can attain priority over this Security Instrument, leasehohl payments or ground rents on the Property, if any,
and Comanunity Association Dues, Fees, and Assessments, if any. To thc 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 over this Security Instrument unless Borrower: (a) agrees
in writing to the payment of the obligation secured, by the lien in a inanner acceptable to Lender, but only so long as
Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in,
legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are
pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreelnent satisfactory to
Lender subordinating the lien to this Security Instrument. If Lender delcrmines that any part of the Property is subject to a
lien which can attain priority over this Security Instrument, Lender may ,,.five Borrower a notice identifying the lien. Within
10 days of the date on which that notice is given, Borrower shall satisfy d~c 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 real esh~le ~ax verification and/or reporting service used by
Lender in connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements m~w existing or hereafter erected on the Property
insured against loss by fire, hazards included within the term "extended c~ ,vcrage," and any other hazards including, but not
limited to, earthquakes and floods, for which Lender requires insurance· This insurance shall be maintained in the amounts
(including deductible levels) and for the periods that Lender recluires~ \Vhat Lender requires pursuant to the preceding
sentences can change during the term of the Loan. The insurance cartier lU-~,viding the insurance shall be chosen by Borrower
subject to Lender's right to disapprove Borrower's choice, which righ! shall uot be exercised unreasonably. Lender may
require Borrower to pay, in connection with this Loan, either: (a) a tme4ime charge for flood zone deternfination,
certification and tracking services; or (b) a one-time charge for flood /one detemfination and certification services and
WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form ~$1 1/01
4000174094 GREATLAND a
To Order Call: 1-800-53n, o.:a93J~l~16-791-1131
0343
subsequent charges each time remappings or sin]ilar changes occnr which reasonably might affect such detern]ination or
certification. Borrower shall also be responsible for the payment of any l'ccs imposed by the Federal Emergency Management
Agency in connection with the review of any flood zone detern]ination resul ing from an objection by Borrower.
If Borrower fails to maintain any of the coverages described above, l_cnder 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 pro~cc~ Borrower, Borrower's equity in the Property, or
the contents of the Property, against any risk, hazard or liability and mi~h~ provide greater or lesser coverage than was
previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained n]ight significantly exceed
the cost of insurance that Borrower could have obtained. Any amonnts disbursed by Lender under this Section 5 shall become
additional debt of Borrower secured by this Security Instrument. These amorous shall bear interest at the Note rate from the
date of disbursement and shall be payable, with such interest, upon nolicc ['rom 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 I.cndcr as mortgagee and/or as an additional loss
payee. Lender shall have the right to hold the policies and renewal ccrfifica(cs. If Lender requires, Borrower shall promptly
give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not
otherwise required by Lender, for damage to, or destruction of, the Proper~y, such policy shall include a standard mortgage
clause and shall name Lender as mortgagee and/or as an additional loss payee.
In the event of loss, Borrower shall give prompt notice to the insur~mce carrier and Lender. Lender may make proof of
loss if not made promptly by Borrower. Unless Lender and Borrower ~)fl~crwise agree in writing, any insurance proceeds,
whether or not the underlying insurance was required by Lender, shall hc applied to restoration or repair of the Property, if
the restoration or repair is economically feasible and Lender's securily is m~1 lessened. During such repair and restoration
period, Lender shall have the right to hold such insurance proceeds unlil Lender has had an opportunity to inspect such
Property to ensure the work has been completed to Lender's satisfaclion, provided that such inspection shall be undertaken
promptly. Lender may disburse proceeds for the repairs and restorafi(~n in a single payment or in a series of progress
payments as the work is completed. Unless an agreement is made in wri(in~ or Applicable Law requires interest to be paid on
such insurance proceeds, Lender shall not be required to pay Borrower any inlerest or earnings on such proceeds. Fees for
public adjusters, or other third parties, retained by Borrower shall no! bc paid out of the insurance proceeds and shall be the
sole obligation of Borrower. ff the restoration or repair is not economically feasible or Lender's security would be lessened,
the insurance proceeds shall be applied to the sums secured by this Securily Instrument, whether or not then due, with the
excess, if any, paid to Borrower. Such insurance proceeds shall b~ applied in (he order provided for in Section 2.
If Borrower abandons the Property, Lender may file, negotiate ami seIHe any available insurance claim and related
matters. If Borrower does not respond within 30 days to a notice from Leader Sat the insurance carrier has offered to settle a
claim, then Lender may negotiate and settle the claim. The 30-day period will begiu when the notice is given. In either event,
or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to
any insurance proceeds in an amount not to exceed the mnounts unpaid uader the Note or this Security Instrument, and
(b) any other of Borrower's rights (other than the right to any refund ol' unearned pren]iums paid by Borrower) under all
insurance policies covering the Property, insofar'as such rights are applicahlc ~o$¢ coverage of the Property. Lender may use
the insurance .proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or tl]is Security
Instrument, whether or not then due.
6. Oecupancy. Borrower shall occupy, establish, and use the Properly as Borrower's principal residence within 60
days after the execution of this Security Instrument and shall confim~c ~o occupy the Property as Borrower's principal
residence for at least one year after the date of occupancy, unless Lender olherwise agrees in writing, which consent shall not
be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.
7. Preservation~ Maintenance and Protection of the Properly; [uspections. Borrower shall not destroy, damage
or impair the Property, allow the Property to deteriorate or conunit \\'asl¢ on the Property. Whether or not Borrower is
residing in the Property, BorroWer shall maintain the Property in order to prevent the Property from deteriorating or
decreasing in value due to its condition. Unless it is determined pursuan! to Section 5 that repair or restoration is not
econon]ically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If
insurance or condenmation proceeds are paid in connection with duma? lo, or Se 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 paymenl or in a series of progress payments as the work is
completed. If the insurance or condemnation proceeds are not sufficicn~ (o repair or restore the Property, Borrower is not
relieved of B orro wer' s obligation for the completion of such repair or rc s~ o fa( i o n.
WYOMING--Sh~gle Family--Fann/e Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L5 (O011) MFWY3112 . . ~ (Page 5 of II pages)
Form 3051 1/01
4000174094 GREATLAND ·
To Order Calk 1-800-530-9393 [~ Fax: 616-791-1131
0904240
- 0344
Lender or its agent may make reasonable entries upon and inspections of lhe 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 Borrower's knowledge or consent gave materially false,
misleading, or inaccurate information or statements to Lender (or failed t. provide Lender with material information) in
connection with the Loan. Material representations include, but are m, limited to, representations concerning Borrower's
occupancy of the Property as Borrower's principal residence.
9. Protection of Lender's Interest In the Property and Righls tinder this Security InstrumenL If (a) Borrower
fails to perform the covenants and agreements contained in this Security Insh'Umel~t, (b) there is a legal proceeding that nfight
significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in
bankruptcy, probate, for condenmation or forfeiture, for enforcement o1' a lieu 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 Iht Prt~perty and fights under this Security Instrnment,
including protecting and/or assessing the value of the Property, and sec.ring 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;
Co) appearing in court; and (c) paying reasonable attorneys' fees to protccl its interest in the Property and/or rights under this
Security Instrument, including its secured position in a bankruptcy lm,Cccding. Securing the Property includes, but is not
limited to, entering the Property to make repairs, change locks, replace m' board up doors and windows, drain water from
pipes, eliminate building or other code violations or dangerous conditi,,ns, and have utilities turned on'or off. Although
Lender may take action under this Section 9, Lender does not have to dt~ so and is not under any duty or obligation to do so.
It is agreed that Lender incurs no liability for not taking any or all actio.s amhorized 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 from the 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 .s a condition of making the Loan, Borrower shall
pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage
required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower
was required to make separately designated payments toward the premi.ms for Mortgage Insurance, Borrower shall pay the
premiums required to obtain coverage substantially equivalent to thc M.rlgage Insurance previously in effect, at a cost
substantially equivalent to the cost to Borrower of the Mortgage Insur.nce 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 designated payments that wcrc (hie when the insurance coverage ceased to be in
effect. Lender will accept, use and retain these payments as a non-refund.hie loss reserve in lieu of Mortgage Insurance. Such
loss reserve shall be non-refundable, notwithstanding the fact that the L.an is ulti~nately paid in full, and Lender shall not be
required to pay Borrower any interest or earnings on such loss reserve. Lender eau no longer require loss reserve payments if
Mortgage Insurance coverage (in the amount and for the period that Lcntlcr requires) provided by an insurer selected by
Lender again becomes available, is obtained, and Lender requires separ.tcly designated payments toward the prenfiums 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 Mort.,2agc Insurance, Borrower shall pay the premiums
required to maintain Mortgage Insurance in effect, or to provide a non-retired.hie loss reserve, until Lender's requirement for
Mortgage Insurance ends in accordance with any written agreement hclwcen Borrower and Lender providing for such
temfination 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 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 agre~l. Borrower is not a party to the Mortgage Insurance.
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into
agreements with other parties that share or modify their risk, or reduce h,sscs. These agreements are on terms and conditions
that are satisfactory to the mortgage insurer and the other party (or p.rlics) to these agreements. These agreements may
require the mortgage insurer to make payments using any source of l'mMs that the mortgage insurer may have available
(which may include funds obtained from Mortgage Insurance premiums).
WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L6 Y3112 (Page ~ges)
Form 3051 1/01
4000174094 GREATLAND ·
To Order Ca ' 1-800-530-9393_~,Ea~. 616-791-1131
· /
· ~ '~}
0o45
As a result of these agreements, Lender, any purchaser of the Note. another insurer, any reinsurer, any other entity, or
any affiliate of any of the foregoing, ]nay receive (directly or indirectly) alnounts that derive from (or might be characterized
as) a portion of Borrower's payments for Mortgage Insurance, in exchmlgc for shariug or modifying the mortgage insurer's
risk, or reducing losses. If such agreement provides that an affiliate of l~cnder lakes a share of the insurer's risk in exchange
for a share of the premiums paid to the insurer, the arrangement is often termed "captive.reinsurance." Further:
(a) Any such agreements will not affect the amounts that Borrmver has agreed to pay for Mortgage Insurance,
or any other terms of the Loan. 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 the rights Borrmver bas if any~with respect to the Mortgage
Insurance under the Homeowners Protection Act of 1998 or any olher law. These rights may include the right to
receive certain disclosures, to request and obtain cancellation of lhe Mortgage Insurance, to have the Mortgage
Insurance terminated automatically, and/or to receive a refund or any Mortgage Insurance premiums that were
unearned at the time of such cancellation or termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscclhmeous Proceeds are hereby assigned to and shall
be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be apl4ied [o restoration or repair of the Property, if the
restoration or repair is economically feasible and Lender's security is nol lessened. Dufiug such repair and restoration period,
Lender shall have the fight to hold such Miscellaneous Proceeds until LcmL'r' has had an opportunity to inspect such Property
to ensure the work has been completed to Lender's satisfaction, provided dml such inspection shall be undertaken promptly.
Lender may pay for the repairs and restoration in a single disbursemem or in a series of progress payments as the work ]s
completed. Unless an agreement is made in writing or Applicable Lax~ rcqmres interest to be paid on such Miscellaneous
Proceeds, Lender shall not be required to pay Borrower any interes~ o,' earnings on such Miscellaneous Proceeds. If the
restoration or repair is not economically feasible or Lender's security would he lessened, the Miscellaneous Proceeds shall be
applied to the sums secured by this Security Instrument, whether or not dion due, 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 value of the Prol,crty, tile Miscellaneous Proceeds shall be applied to
the sums secured by this Security Instrmnent, whether or not then due, with ll~e excess, if any, paid to Borrower.
In the event of a partial taking, destruction, or loss in value of ~hc Property in which the fair market value of the
Property immediately before the partial taking, destruction, or loss in VahlC is cqnal to or greater than the amount of the sums
secured by this Security Instrument inunediately before the partial taking, destruction, or loss in value, unless Borrower and
Lender otherwise agree in writing, the sums secured by this Securib, h~slrmuent shall be reduced by the amount of the
Miscellaneous Proceeds multiplied by the followiug fraction: (a) the tohd 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 inm~ediately before the partial
taking, destruction, or loss in value. Any balance shall be paid to Borro\vcr.
In the event of a partial taking, destruction, or loss in value of d}c Property in which the fair market value of the
Property inm~ediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured
inm~ediately 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 secured by lifts Security Iustrument whether or not the sums are
then due.
If the Property is abandoned by Borrower, or if, after notice by Lcmlcr to Borrower that the Opposing Party (as defined
in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30
days after 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 Secm'i|y Instrument, whether or not then due. "Opposing
Party" means the third party that owes Borrower Miscellaneous Proceeds or tile party against whom Borrower has a right of
action in regard to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment,
could result in forfeiture of the Property or other matefial impairment of l.cnder's interest in the Property or rights under this
Security Instrmnent. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19,
by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the
Property or other material impairment of Lender's interest in the Properly or rights under this Security Instrument. The
proceeds of any award or claim for damages that are attributable to lhc impairment of Lender's interest in the Property are
hereby assigned and shall be paid to Lender.
gA1 Miscellaneous Proceeds that are not applied to restoration or rclmir of the Property shall be applied in the order
provided for in Section 2.
WYOMING--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 16787L7 (0011) MFWY3112 (Page 7ofll Pages)
Form 3051 1/01
4000174094 GREATLAND ·
To Order Call: 1-800-530-9393 E] Fax: 616-791-1131
0 )04240
0; 46
12. Borrower Not Released; Forbearance By Lender Nol a Waiver. Extension of the time for payment or
modification of amortization of the sums secured by this Security t~strmnent granted by Lender to Borrower or any
Successor in Interest of Borrower shall not operate to release the li;tbilily of Borrower or any Successors in Interest of
Borrower. Lender shall not be required to conm~ence proceedings agm~lsl any Successor in Interest of Borrower or to refuse
to extend time for payment or otherwise modify amortization'of the stuns secured by tiffs Security Instrument by reason of
any demand made by the original Borrower or any Successors in hllc~'cs! of Borrower. Any forbearance by Lender in
exercising any fight or remedy including, without linfitation, Lender's itc'c'cpta,~ce of payments from third persons, entities or
Successors in Interest of Borrower or in amounts less than the amoun~ Ihcn 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. However~ any Borrower who co-signs this Security Instrument
but does not execute the Note (a "co-signer"): (a) is co-signing this Sccm'ily Instrument only to mortgage, grant and convey
the co-signer's interest in the Property under the terms of this Sectn'it) hislrtnnent; (b) is not personally obligated to pay
the sums secured by this Security Instrument; and (c) agrees that I.c~ldcr and any other Borrower can agree to extend,
modify, forbear or make any acconnnodations with regard to the terms t,f Iris Security Instrument or the Note without the
co-signer's consent.
Subject to the provisions of Section 18, any Successor in Intercsl of 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 coven;~s and agreements of this Security Instrument shall
bind (except as provided in Section 20) and benefit the successors and assi.,2ns of Leuder.
14. Loan Charges. Lender may charge Borrower fees for services pc,'fonned in connection with Borrower's default,
for the purpose of protecting Lender's interest in the Property and righls under this Security Instrument, including, but not
limited to, attorneys' fees, property inspection and valuation fees. In regard ~o any other fees, the absence of express authority
in this Security Instrument to charge a specific fee to Borrower shall nol I~c construed as a prohibition on the charging of such
fee. Lender may not charge fees that are expressly prohibited by this Sect,'it) Instrument or by Applicable Law.
If the Loan is subject to a law which sets maximum loan charges, ;t~d Ihal law is finally interpreted so that the interest
or other loan charges collected or to be collected in connection with the l.oan exceed the permitted linfits, then: (a) any such
loan charge shall be reduced by the amount necessary to reduce the char,,c Io the pernfitted linfit; and (b) any sums already
collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this
refund by reducing the principal owed under the Note or by making ;, direct payment to Borrower. If a refund reduces
principal, the reduction will be treated as a partial prepayment withont ;tll.x prcpaymeut charge (whether or not a prepayment
charge is provided for under the Note). Borrower's acceptance of any such rcftuld made by direct payment to Borrower will
constitute a waiver of any right of action Borrower nfight have arising out of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection xvitli this Security Instrument must be in writing.
Any notice to Borrower in connection with this Security Instrument shall I,c deemed to have been given to Borrower when
mailed by first class mail or when actually delivered to Borrower's nolicc address if sent by other means. Notice to any one
Borrower shall Constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address
shall be the Property Address unless Borrower has designated a substi!ulc l lol ice address by notice to Lender. Borrower shall
promptly notify Lender of Borrower's change of address. If Lender spec il'its a procedure for reporting Borrower's change of
address, then Borrower shall only report a change of address throngh Ihal 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 connection 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 Insh'umcnt is also required under Applicable Law, the
Applicable Law requirement will satisfy the corresponding requiremen! u~dcr this Security Instrument.
16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law
and the law of the jurisdiction in which the Property is located. All rial!ts and obligations contained in this Security
Instrument are subject to any requirements and limitations of Applicable l~aw. Applicable Law nfight explicitly or implicitly
allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against
agreement by contract. In the event that any provision or clause of thin Sccnrity Instrnment or the Note conflicts with
Applicable Law, such conflict shall not affect other provisions of this Sccurily Instrument or the Note which can be given
effect without the conflicting provision.
WYOMING---Single Faraily--Fannle Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L8 ~.3112 ~____~~) ~(Pageff.~ges)
Form 30~1 1/01
4000174094 GREATLAND ·
To Order Call: 1 - 800- 53n~aaa~ EkFax:,~ 16-791-1131
;' ,... - {:,. -
;,.?.: . :
o9o4240 ( .. 034 7
As used in this Security Instrument: (a) words of the masculine ?,Mcr shall mean and include corresponding neuter
words or words of the feminine gender; (b) words in the singular shall mcan aud include the plural and vice versa; and (c) the
word "may" gives sole discretion without any obligation to take any act ion.
17. Borrower's Copy. Borrower shall be given one copy of the Nolo aud of this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the
Property" means any legal or beneficial interest in the Property, inchMing, but not limited to, those beneficial interests
transferred in a bond for deed, contract for deed, instalhnent sales contrac~ or 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 Property ix sold or transferred (or if Borrower is not a natural
person and a beneficial interest in Borrower is sold or transferred) xvilh(ml Lender's prior written consent, Lender may
require inmaediate payment in full of all sums secured by this Secudly I,~strument. 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 o1' acceleration. The notice shall provide a period of
not less than 30 days from the date the notice is given in accordance xx i~l~ Section 15 within which Borrower must pay all
sums secured by this Security Instrument. If Borrower fails to pay these st,ms prior to the expiration of this period, Lender
may invoke any remedies permitted by this Security Instrument without I'm'lher notice or demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have
the right to have enforcement of this Security Instrument discontinued a~ any time prior to the earliest of: (a) five days before
sale of the Property pursuant to any power of sale contained in this Sccurily Instrument; (b) such other period as Applicable
Law nfight specify for the termination of Borrower's right to reinstate; or (c) entry of a judglnent enforcing this Security
Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which then would be due under this Security
Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements;
(c) pays all expenses incurred in enforcing this Security Instrument, incl tMing, but not limited to, reasonable attorneys' fees,
property inspection and valuation fees, and other fees incurred for the lmrl~oSe of protecting Lender's interest in the Property
and rights under this Security Instrument; and (d) takes such action as Lcmlcr may reasonably require to assure that Lender's.
interest in the Property and rights under ~his Security Instrument, and B~m'ower's obligation to pay the sums secured by this
Security Instrument, shall continue unchanged. Lender may require thai Borrower pay such reinstatement sums and expenses
in one or more of the following forms, as selected by Lender: (a) cash; ¢9 money order; (c) certified check, bank check,
treasurer's check or cashier's check, provided any such check is drawn tlpon an institution whose deposits are insured by a
federal agency, instrumentality or entity; or (d) Electronic Funds rraust'er. Upon reinstatement by Borrower, this Security
Instrmnent and obligations secured hereby shall remain fully effective as if m~ acceleration had occurred. However, this right
to reinstate shall not apply in the case of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together
with this Security Instrument) can be sold one or more times withom prior notice to Borrower. A sale might result in a
change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security
Instrument and performs other mortgage loan servicing obligations under d~e Note, this Security Instrument, and Applicable
Law. There also might be one or more changes of the Loan Servicer unrclalcd to a sale of the Note. If there is a change of the
Loan Servicer; Borrower will be given written notice of the change which will state the name and address of the new Loan
Servicer, the address to which payments should be made and any olhcr infimnation RESPA requires in connection with a
notice of transfer of servicing. If the Note is sold and thereafter the 1.oan is serviced by a Loan Servicer other than the
purchaser of the Noti~, the mortgage loan servicing obligations to Borro\ver will remain with the Loan Servicer or be
transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note
purchaser.
Neither Borrower nor Lender may commence, join, or be joined to any j mlicial action (as either an individual litigant or
the member of a class) that arises from the other party's actions pursuant ~o dfis Security Instrument or that alleges that the
other party has breached any provision of, or any duty owed by reason {}f, Ibis Security Instrument, until such Borrower or
Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such
alleged breach and afforded the other party hereto a reasonable period aRer the giving of such notice to take corrective action.
If Applicable Law provides a time period which nmst elapse before ccrlain t,ction 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 acceleration given to Borrower lmrstmut to Section 18 shall be deemed to satisfy the
notice and opportunity to take corrective action provisions of this Section 20.
WYOMING---Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L9 (0011) MFWY3112 { .~ _ /~ (~ (Page 9 of II pages)
Form 3051 1/01
4000174094 GREATLAND ·
To Order Call: 1-800-530-9393 E] Fax: 616-791-1131
0904240
'-- ;- 0348
21. Hazardous Substances. As used in this Section 21: (a) "Ha/ardt, ts Substances" are those substances defined as
toxic or hazardous substances, pollutants, or wastes by Environmental lam ami the following substances: gasoline,· kerosene,
other flanm~able or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos
or formaldehyde, and radioactive materials; (b) "Environmental Law" mc;ms federal laws and laws of the jurisdiction where
the Property is located that relate to health, safety or environn~ental pr(~tcction; (c) "Environmental Cleanup" includes any
response action, remedial action, or removal action, as defined in Enviromnenla] Law; and (d) an "Environmeutal Condition"
means a condition that can cause, contribute to, or otherwise trigger an En v ironmental Cleanup.
Borrower shall not cause or pern'dt the presence, use. disposal, s~onL.,,e, 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 Enviromnental Law, (b) which creates an Environmental
Condition, or (c) which, due to the presence, use, or release of a HaTardous Substance, creates a condition that adversely
affects the value of the Property. The preceding two sentences shall not upply to the presence, use, or storage on the Property
of small quantities of Hazardous Substances that are generally recognized ~o be appropriate to normal residential uses and to
n~aintenance of the Property (including, but not limited to, hazardous substances ill consumer products).
Borrower shall promptly give Lender written notice of (a) any inx'cxligalion, claim, demand, lawsuit or other action by
any governmental or regulatory agency or private party involving die Property and any Hazardous Substance or
Environmental Law of which Borrower has actual knowledge, (b) any E, vi ronmental Condition, including but not limited to,
any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the
presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is
notified by any governmental or regulatory authority, or any private parly, Ihat any removal or other remediation of any
Hazardous Substance affecting the Property is necessary, Borrower shall promptly take. all necessary remedial actions in
accordance with Environmental Law. Nothing herein shall create any obi igalion on Lender for an Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further covcmm! and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's
breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18
unless Applicable Law provides otherwise). The notice shall specify: (:0 Ihe default; (b) the action required to cure the
default; (c) a date, not less than 30 days from the date the notice is given Io Borrower, by which the default must be
cured; and (d) that failure to cure the default on or before the date specilied in the notice may result in acceleration of
the sums secured by this Security Instrument and sale of the Properly. The notice shall further inform Borrower of
the right to reinstate after acceleration and the right to bring a courl action to assert the non-existence of a default or
any other defense of Borrower to acceleration and sale. If the default is not enter on or before the date specified In the
notice, Lender at its option may require immediate payment in hdl 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 collect all expenses incurred in pursviug the remedies 'provided in this Section 22,
including, but not limited to, reasonable attorneys' fees and costs of lille evidence.
If Lender invokes the power of sale, Lender shall give notice of inlent to foreclose to Borrower and to the person
in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to
Borrower In the manner provided in Section 15. Lender shall publish Ihe notice of sale, and the Property shall be sold
in the manner prescribed by Applicable Law. Lender or its desiguee 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 by this Security Inslrument; and (c) any excess to the person or
persons legally entitled to it.
23. Release. Upon payment of all sums secured by this Secm'ity Instrument, Lender shall release this Security
Instrument. Borrower shall pay any recordation costs. Lender may charge 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 pemfitted under
Applicable Law.
24. Waivers. Borrower releases and waives all rights under and by virlue of the homestead exemption laws of
Wyoming.
VCYOMING---Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L10 31 1 2 (Pa~IO~ges)
Form 3051 1/01
4000174094 GREATLAND ·
To Order Call: 1-800-530~9393 Ell:a~ 16-791-1131
0049
PREPAYMENT RIDER
This Prepayment Rider is made this 28th day of October 2004
and is incorporated into and shall be deemed to amend .and supplement the Mortgage, Deed of Trust or th~
Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure
Borrower's Note (the "Note") to
FIRST FRANKLIN FINANCIAL CORPORATION
(the "Lender") of the same date and covering the property described in the Security Instrument and located at:
476 RIVERVIEW DRIVE
ALPINE, VVY 83128
ADDITIONAL COVENANTS. In addition to the covcnams and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as follows:
Except as provided below, Borrower may make a full prepayment or partial prepayment of principal at any
time without paying any charge. However, if within the first 36 months after the date Borrower
executes the Note, Borrower makes a full prepayment (including prepayments occurring as a result of the
acceleration of the maturity of the Note), Borrower must, as a condit ion precedent to a full prepayment, pay a
prepayment charge on the prepayment of that amount of principal which exceeds 20% of the principal amount
stated in the Note (the "Excess Principal"). The prepayment charge will equal the interest that would accrue
during a six-month period on the Excess Principal calculated at the rate of interest in effect under the terms of
the Note at the time of the full prepayment.
NOTICE TO BORROW E R
Do not sign this loan agreement before you read it. This loan agreement provides for the payment of a
penalty if you wish to repay the loan prior to the date provided for repayment in the loan agreement.
BY SIGNING BELOW,q3~rrower accepts and agrees to the terms and covenants contained in this
Prepayment Rider.
)
al) .' (Seal)
ETERSON -Borrower MITZI PETERSON -Borrower
(Seal) .(Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
Adjustable Rate Prepayment Rider - First Lien - AK, AL, AR, AZ, CA. ('O. ¢'T, DC, DE, FL, GA, HI, IA, ID, IN, KS, KY, LA,
MA, MD, MN, MO, MS, MT, ND, NE, NH, NJ, NM, NV, NV, OK, OR, PA. R I. SC, SD, TN, TX, UT, VA, VT, WA, WI, WY
MFCD6026
FF003210 4000174094
0350
BY SIGNING BELOW, Borrower accepts and agrees to the terms ;md covenants contained in pages I through 11 of
this Security Instrument anddlI'a0y Rider executed by Borrower and recorded with jr,--...
~~. PE~ERSON ~ -l~ormwer MITZI PETERSON
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
Witness: Witness:
State of Wyoming
County of~7~~
)
) ss
)
The foregoing instrument was acknowledged before me by TYLER C PETERSON, MITZI PETERSON
this
~ ~2~ day of ~~
Witness my hand and official seal.
Notary Public
WYOMING---Single Family Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
ITEM 1678L11 31 1 2 (Page I~ges)
Form 3051 1/01
4000174094 GREATLAND ·
To Order Call: 1-800- 53 O.-~3.~_3.1~F. IK.{~ 16-791 - 1131
LEGAL DESCRIPTION
0351
Lot 94 of River View Meadows Second Addition to the Town of Alpine, Lincoln County,
Wyoming as described on the official plat No. 264-D l'ilcd February 11, 1994 as Instrument No.
778568 of the records of the Lincoln County Clerk.
ADJUSTABLE RATE RIDER
(LIBOR 6 Month Index (As Published In The Wall Street Journal) - Rate Caps)
THIS ADJUSTABLE RATE RIDER is made this 28tin day of October 2004
· and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed
of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the
"Borrower") to secure Borrower's Adjustable Rate Note (the "Nt)te") to
FIRST FRANKLIN FINANCIAL CORPORATION
(the "Lender") of the same date and covering the property described in the Security Instrument and located at:
476 RIVERVIEW DRIVE
ALPINE, WY 83128
[Property Addre~.q
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE
AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S
INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE
BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as l~ollows:
A. INTEREST RATE AND MONTHLY PAYMENT CI IANG ES
The Note provides for an initial interest rate of 5.6250 %. The Note provides for changes in the
interest rate and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CI IANGES
(A) Change Dates
The interest rate I will pay may change on the first dax of November 2009
and on that day every 6th month thereafter. Each date on which my interest rate could change is
called a "Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the
average of interbank offered rates for 6 month U.S. dolla~'~denominated deposits in the London market
("LIBOR"), as published in The Wall Street Journal. The mt)st recent Index figure available as of the first
business day of the month immediately preceding the month in which the Change Date occurs is called the
"Current Index."
If the Index is no longer available, the Note Holder will choose a new index that is based upon
comparable information. The Note Holder will give me notice of tiffs choice. (C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding Three and Five
Eighths
percentage points ( 3.6250 %) to the Current Index. Thc Nme Holder will then round the result of this
addition to the nearest one-eighth of one percentage point (1~. 125G). Subject to the limits stated in Section
4(D) below, this rounded amount will be my new interest rate until the next Change Date.
MULTISTATE ADJUSTABLE RATE RIDER-LIBOR 6 MONTH INDEX
(AS PUBLISHED IN THE WALL STREET JOURNAL) - Single Family
ITEM 54074L1 (05751L) (9910) MFCD6051
(Page 1 of 3 page~
4000174094 GREATLAND ·
To Order Call: 1-800-530-9393 E~ax 616-791-1131
0B0 240
,0353
The Note Holder will then determine the amount of the monthly payment that would be sufficient to
repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my
new interest rate in substantially equal payments· The result (~I' this calculation will be the new amount of my
monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am requked to pay at the fkst Change Date will not be greater than. 8.6250 %
or less than 5.6250 %. Thereafter, my interest rate will never be increased or dec'-eased on any
single Change Date by more than One
percentage point(s) ( 1.0000 %) from the rate of in(crest I have been paying for the preceding
6 months; subject to the following limits: My interest rate will never be greater than 11.6250 %,
nor less than 5.6250 %.
(E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new
monthly payment beginning on the first monthly payment date after the Change Date until the amount of my
monthly payment changes again. (F) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of
my monthly payment before the effective date of any change· The notice will include information required by
law to be given me and also the telephone number of a person who will answer any question I may have
regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAI~ INTEREST IN BORROWER
Uniform Covenant 17 of the Security Instrument is amended to read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the
Property or any interest in it is sold or transferred (or il' a beneficial interest in Borrower is sold or
transferred and Borrower is not a natural person) without Lender's prior written consent, Lender
may, at its option, require immediate payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by
federal law as of the date of this Security Instrument. Lender also shall not exercise this option if:
(a) Borrower causes to be submitted to Lender inform~tk~n required by Lender to evaluate the
intended transferee as if a new loan were being made t~ the transferee; and (b) Lender reasonably
determines that Lender's security will not be impaked by the loan assumption and that the risk of a
breach of any covenant or agreement in this Security In~trulnent is acceptable to Lender.
To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition
to Lender's consent to the loan assumption. Lender also may require the transferee to sign an
assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the
promises and agreements made in the Note and in this Security Instrument. Borrower will
continue to be obligated under the Note and this Security Instrument unless Lender releases
Borrower in writing.
If Lender exercises the option to require immcdi~t~ payment in full, Lender shall give
Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from
the date the notice is delivered or mailed within which Bm'rower must pay all sums secured by this
Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period,
Lender may invoke any remedies permitted by this Security Instrument without further notice or
demand on Borrower.
4000174094 GREATLAND ·
ITEM 54074L2 (C5751L) (9910) MFCD6051 (Page 2 of 3 pagc~¥ To Order Call: 1-800-530-9393 D:ax 616-791-1131
0.904240
0254
k,.,__.~_LE~ETERSON -Borrow¢~ MITZI PETERSON -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
[Sign Original Only]
ITEM 54074L3(C5751L) (9910) MFCD6051
(Page 3 of 3 pagr.~ J
4000174094 GREATLAND ·
To Order 6all: 1-800-530-9393 EFax 616-791-1131