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HomeMy WebLinkAbout904277 RECEIVED LINCOLN COUNTY CLERK 904277 AflerRecording Remm To: GMAC Mortgage Corp. 100 Witmer Road Horsham, PA 19044-0963 ATTN: Records Management OJ~NOV-2 Pll I:13 JEANNE ,E 'IMEREr'L v".- 0500 [Space Above This Line For Rcc.,'di,~g Data] I,.:,nNo. 573748407 I,ItN 1000375-0573748407-4 MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules rc~;trtling the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated October 29, 2004 , together with all Riders to this docun~unt (B) "Borrower" is Christopher Klinghagen and Janna Klingha~en, husband and wife Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration S~stcms, Inc. MERS is a separate corporation that is acting solely as a nominee for Lendc~ and Lender's successors and assigns. MERS is the mortgagee under this Security Instru,m,l,t. MERS ,s organized and existing under the laws of Delaware, and has an address and telcldt,,nc number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Form 30Sl 1/0! (Page I of 18) 271216482 Initials: GMACM - CMS.0042.WY (0001) (D) "Lender" is GMAC Mortgage Corporation Lenderisa Corporation lawsof Pennsylvania 100 Witmer Road, P.O. Box 963, Horsham, }'A organized and existing under the Lender's address is 19044 (E) "Note" means the promissory note signed by Btn'rmvcr and dated October 2004 The Note states that Borrower owes Lender One Hundred Fifty Two Thousand and 00/100 29, Dollars (U.S. $152,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than November 1, 2034 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, idus interest, any prepayment charges and late charges due under the Note, and all sums duc trader this Security Instrument, plus interest. (H) "Riders" means all Riders to this Security Instrmncnt that are executed by Borrower. The following Riders are to be executed by Borrower [chcclc box as applicable]: IX-X] Adjustable Rate Rider [---I Condominium Rid,,,' [---] Second Home Rider [---] Balloon Rider ['--] Biweekly Payment Rider [---] 1-4 Family Rider [--] Other(s) [specify] [-~ Planned Unit Devcl~qm~cm Rider (I) "Applicable Law" means all controlling applic,.blc {'ederal, state 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. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrm~ cr or the Property by a condominium association, homeowners association or similar organizat i, m. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, x~ hich is initiated through an electronic terminal, telephonic instrument, computer, or magnetic t.pc s,~ as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transact i,,ns, transfers initiated by telephone, wire transfers, and automated clearinghouse transfer% (L) "Escrow Items" means those items that are described in Section 3. 0VI) "Miscellaneous Proceeds" means any compensali,m, 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 ,d', thc Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance ill lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. WYOMING - Single Family - Faaai~ Ma~/Frcddie Mae UNIFORM INSTRUMENT Ih ...... to51 GMACM - CMS.0042.WY (0001) (Page 2 of.~8) h,iti:,ls: 0502 (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly schctltflcd amount d~e for (i) principal and interest under the Note, plus (ii) any amounts under Secti,m 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Prt,ccdm'es Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 ('.l:.R. Part 3500), as they might be amended from time to time, or any additional or success,,r legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard I,, a "federally related mortgage loan" even if the Loan does not qualify as a "federally related n,,ltgagc loan" under RESPA. (Q) "Successor in 'Interest of Borrower" means ',my party that has taken title to the Property, whether or not that party has assumed Borrox~cr's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the rel~:~ymcnt of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the pcl'l',~rmance of Borrower's covenants and agreements under this Security Instrument and the Nme. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigt~s or' MERS, with power of sale, the following described property located in the County [Type of Recording JurisdMim,l : of Lincoln [Name of Recordh~g JurisdM ion] SEE SC~DULE "A" ATTACHED HERETO AND MADE A PART HEREOF. which currently has the address of 504 Snake River Drive, #A-2, [Street] Alpine , Wyoming 8 ~ ~_ 2 8 ("Property Address"): [City] /?ip (~Me] TOGETHER WITH all the improvements now ~,r hereafter erected on the property, and all easements, appurtenances, and fixtures now or hcrc',lflcr 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 thc "l~'operty.'' Borrower understands and agrees that MERS holds only legal title to the interests ~r',mtcd by Borrower in this Security Instrument, but, if necessary to comply with law or custom, M ERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and st. Il thc Property; and to take any action required of Lender including, but not limited to, x','l~,asing and canceling this Security Instrument. WYOI~II'NG - Sin,lc Family - Fanrfie Ma~/Freddie Mac UNIFORM INSTRUMENT I' ....... tl,51 1/01 /~/ ~ ~./__ GMACM - CMS.0042.WY (0001) (Page 3 ofl8) initials: ~- 0503 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convc3 thc Property and that the Property is unencumbered, except for encumbrances of record. II,~rrower warrants and will defend generally the title to the Property against all claims and dcmamls, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines tlnilkirnl covenants for national use and non-uniform covenants with limited variations by jurisdiclion to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1, Payment of Principal, Interest, Escrow llculs, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, ',md interest on, the debt evidenced by the Note and any prepayment charges and late charges duc trader the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. P% taunts due under the Note and this Security Instrument shall be made in U.S. currency. However, il' 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 i% taunts due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (bi money order; (c) certified check, bank check, frcasurer's check or cashier's check, provided any such check is drawn upon an institution wl,lsc deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by l.cndcr in accordance with the notice provisions in Section 15. Lender may return any paymcm ,,r partial payment if the payment or partial payments are insufficient to bring the Loan currcm, l.cnder may accept any payment or partial payment insufficient to bring the Loan current, xvilhmll waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial l)aymcnts in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lcmlcr nccd not pay interest on unapplied funds. Lender may hold such unapplied funds until Borl'oX~ cr lnakes payment to bring the Loan current. If Borrower does not do so within a reasonal% pcriod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immcdiatcly prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrun~,'m. 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) interest due under the Note; (bi principal duc under the Note; (c) amounts due under Section 3. Such payments shall be applied to each l'criodic Payment in the order in which it became due. Any remaining amounts shall be applied first itl late charges, second to any other amounts due under this Security Instrument, and then h~ reduce the principal balance of the Note. LOAN NO: 573748407 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fmm ~051 l/OI /1,~ GMACM - CMS.0042.WY (0001) (Page 4 oflS) Inilials: If Lender receives a payment from Borrower fi,r '~ delinquent Periodic Payment which includes a sufficient amount to pay any late charge duc, thc payment., may be applied to the delinquent payment and the late charge. If more tha~ ,,nc Periodic Payment is outstanding, Lender may apply any payment received from Bom~wcr to the repayment of the Periodic Payments if, and to the extent that, each payment can bc paid in full. To the extent that any excess exists after the payment is applied to the full paynicnt ot~ one or more Periodic Payments, such excess may be applied to any late charges due. \'~dtmtary prepayments shall be applied first to any prepayment charges and then as described in II~c Note. Any application of payments, insurance pm~'ccds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpo,lc thc clue date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower sh:dl pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid i~ l'ull, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and' assessmc.ms and other items which can attain priority over this Security Instrument as a lien or enctm~br:mce on the Properly; (b) leasehold payments or ground rents on the Properly, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage l~sm",mce premiums, if any, or any sums payable by Borrower to Lender in lieu of the paymcm of Mortgage Insurance premiums in accordance with the provisions of Section 10. These itcm.~ are called "Escrow Items." At origination or at any time during the term of the Loan, l.cnder may require that Community Association Dues, Fees and Assessments, if any, be escrowed by Borrower, and such dues, fees, and assessments shall be an Escrow Item. Borrower sh~ll promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower sh:dl pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay Ibc Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Len&.t' Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In thc event of such waiver, Borrower shall pay directly, when and where payable, the amounts duc lbr any Escrow Items for which payment of Funds has been waived by Lender and, if I c'ndcr requires, shall furnish to Lender receipts evidencing such payment within such time pe,'i~d as Lender may require. Borrower's obligation to make such payments and to provide receipls shall lbr all purposes be deemed to be a covenant and agreement contained in this Security h~hlrumcnt, 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 Borrower fails to pay the am~m~t title lbr an Escrow Item, Lender may exercise its rights under Section 9 and pay such amoum :md Borrower shall then be obligated Under Section 9 to repay to Lender any such amount, l.clldcr may revoke the waiver as to any or all Escrow Items at any time by a notice given in acc{~d~tnce 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) sufficient to permit Lender to apply the Funds at the time specified under RF. SPA, and (b) not to exceed the maximum amount a lender can require under RESPA. I~cndcr shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. LOAN NO: 573748407 WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT l ,,[m .:,1~51 1/01 GMACM - CMS.0042.WY (0001) (Page 5 of 18) Initials: 0 042T? ..0505 The Funds shall be held in an institution whilst deposits are insured by a federal agency, instrumentality, or entity (including Leader, if Icnder is an institution whose deposits are so insured) or in any Federal Home Loan Bank. l.cndcr shall apply the Funds to pay the Escrow Items no later than the time specified under RE.qP:\ l.ender 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 thc Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is math: in writing or Applicable Law requires interest to be paid on the Funds, Lender shall ~o~ 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 the Funds as required by RESPA. If there is a surplus of Funds held in escrow, ~,, defined under RESPA, Lender shall account to Borrower for the excess funds in accordance ~ itl. RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amoum necessary to make up the shortage in accordance with RESPA, but in no more than 12 moml~l,, payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount ~tcccssary to make up the deficiency in accordance with RESPA, but in no more than 12 monthl, lin3 mt:ms. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender 4. Charges; Liens. Borrower shall pay all lasts, assessments, charges, fines, and impositions attributable to the Property which can attain l)riorit3 over this Security Instrument, leasehold payments or ground rents on the Property, if any, ;uld Community Association Dues, Fees, and Assessments, if any. To the extent that these re'ms 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 thc l~aylnent of the obligation secured by the lien in a manner acceptable to Lender, but only so hmg as Borrower is performing such agreement; (b) contests the lien in good faith by, or del'ends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to p~ cvcnl 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 agreement satisfactory ti, l.cndcr subordinating the lien to this Security Instrument. If Lender determines that any part t)f the Property is subject to a lien which can attain priority over this Security Instrument, I.cnder may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth :lhovc in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection wilh this Loan. 5. Property Insurance. Borrower shall kccp the improvements now existing or hereafter erected on the Property insured against loss b~ t'irc, hazards included within the term "extended coverage," and any other hazards including, lint not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts ~,r~ltrol~q][NG' - Single Family - Fannie Ma~/Freddie Mac UNIFORM INSTRUMENT l.'m m ~1)51 l/ill GMACM - CMS.0042.WY (0001) (Page 6 of 18) Initials: 0 04277 (including deductible levels) and for the periods that 1.cmlcr requires.. What Lender requires pursuant to the preceding sentences can chang~ durin~ thc term of the Loan. The insurance carrier providing the insurance shall be chosen by Bt,rrower subject to Lender's right to disapprove Borrower's choice, which right shall not hc exercised unreasonably. Lender my require Borrower to pay, in connection with this Lomb, either: (a) a one-time charge for flood zone determination, certification and tracking services', ~,r (b) a one-time charge for flood zone determination and certification services and subsequem ch'.~rgcs each time remappings or similar changes occur which reasonably might affect such determinatim~ or certification. Borrower shall also be responsible for the payment of any fees imposed hy the Federal Emergency Management Agency in connection with the review of any flood /{mc dcternfination resulting from an objection by Borrower. If Borrower fails to maintain any of the cover?cs 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, B,~{~wcr's equity in the Property, or the contents of the Property, against any risk, hazard or liahilily and might provide greater or lesser coverage than was previously in effect. Borrower ackn~,wlcdges that the cost of the insurance coverage so obtained might significantly exceed the co~t {~1' insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Nccfion 5 shall become additional debt of Borrower secured by this Security Instrument. The.sc mnotmts 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 inch~dc :~ standard mortgage clause, and shall name Lender as mortgagee and/or as an additional los, l)',~ycc. Lender shall have the right to hold the policies and renewal certificates. If Lender rcqtfircs, Borrower shall promptly give to Lender all receipts of paid premiums and renewal no~it'~.s. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, I't~r damage to, or destruction of, the Property, such policy shall include a standard mortgaTc clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give pr{,~t~l~t notice to the insurance carrier and Lender. Lender may make proof of loss if not made pnm~l)tly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance p~}ccctls, whether or not the underlying insurance was required by Lender, shall be applied to rcsl,,ration or repair of the Property, if the restoration or repair is economically feasible and Lender's .sccurity is not lessened. During such repair and restoration period, Lender shall have the righl I{~ hold such insurance proceeds until Lender has had an opportunity to inspect such Property t{~ c~sure the work has been completed to Lender's satisfaction, provided that such inspection .q~all be undertaken promptly. Lender may disburse proceeds for the repairs and restoration i~ 'a single payment or in a series of progress payments as the work is completed. Unless :m agreement is made in writing or Applicable Law requires interest to be paid on such in~m'ancc proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, LOAN NO: 573748407 V~OI~G - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 1 m m 3051 1101 ,~F GMACM - CMS.0042.WY (0001) (Page 7 of 18) hfitials: ', 05 57 or other third parties, retained by Borrower shall not bc p:lid out of the insurance proceeds and shall be the sole obligation of Borrower. If the ~:estorml,,n t,i' repair is not economically feasible or Lender's security would be lessened, the insurance lUt~cct:ds shall be applied to the sums secured by this Security Instrument, whether or not thc~ duc, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in thc re'der provided for in Section 2. If Borrower abandons the Property, Lender re:l) file, negotiate and settle any available insurance claim and related matters. If Borrower does m~t respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when thc notice is given. In either event, or if Lender acquires the Property under Section 22 or ~thcrwisc Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in ',~] amount not to exceed the amounts unpaid under the Note or this Security Instrument, and {I,~, :my other of Borrower's rights (other than the right to any refund of unearned premiums paid b5, Borrower) under all insurance policies covering the Property, insofar as such rights :,'c :lpplicable to the coverage of the Property. Lender may use the insurance proceeds either ~ repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrtm~cnt whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution ~f this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees it~ writing, which consent shall not be unreasonably withheld, or unless extenuating circumst:tt~ccs exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protcclitm of the Property; Inspections. Borrower shall not destroy, damage or impair the Propc%., allow the Property to deteriorate or commit waste on the Property. Whether or not Borroxvcr 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 lmrStiant to Section 5 that repair or restoration is not economically feasible, Borrower shall lmmq~tly repair the Property if damaged to avoid further deterioration or damage. If insurance ,,t' condemnation proceeds are paid in connection with damage to, or the taking of, the PropcYkv, Borrower shall be responsible for repairing or restoring the Property only if Lender h;l~ released proceeds for such purposes. Lender may disburse proceeds for the repairs and restorati~m in a single payment or in a series of progress payments as the work is completed. If the insur:lncc or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is l~,t relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upt/~q and inspections of the Property. If it has reasonable cause, Lender may inspect the interi~' {~1' the improvements on the Property. Lender shall give Borrower notice at the time of or i~rior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower ~h.,dl be in default if, during the Loan application process, Borrower or any persons or entities ',~cting at the direction of Borrower or with Borrower's knowledge or consent gave materi;~lly false, misleading, or inaccurate information or statements to Lender (or failed to provide l.cndcr with material information) in WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT I ,,~ m .mSl 1/01 /~" GMACM - CMS.0042.WY (0001) (Page 8 of 18) hdtials: -.-"'05,"58 connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of thc Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Propt. rty and Rights Under this Security Instrument. If (a) Borrower fails to perform the covc.:.llS and agreements contained in this Security Instrument, (b) there is a legal proceeding ih:~ might significantly affect Lender's interest in the Property and/or rights under this Secu,-ilx Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, fi~r cnl'~rCClnent 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 l't, whatever is reasonable or appropriate to protect Lender's interest in the Property and rights tultlcr this Security Instrument, including protecting and/or assessing the value of the Properly, 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; (h ;q)l)caring in court; and (c) paying reasonable attorneys' fees to protect its interest in the Pr,,pcrty and/or rights under this Security Instrument, including its secured position in a bankrul~tC3 proceeding. Securing the Property includes, but is not limited to, entering the Property t~, ltlakc repairs, change locks, replace or board up doors and windows, drain water from p~l)cs, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have ~. do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this ~c,cqion 9 shall become additional debt of Borrower secured by this Security Instrument. These am.tm~s shall bear interest at the Note rate from the date of disbursement and shall be payable, wifl~ ~twh interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, llorrower shall comply with all the provisions of the lease. If Borrower acquires fee title t~, thc Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger it~ x~'riting. 10. Mortgage Insurance. If Lender required M~)rtgage Insurance as a condition of making the Loan, Borrower shall pay the premiums requi~'cd to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance c,,x cr~gc required by Lender ceases to be available from the mortgage insurer that previously prm idcd such insurance and Borrower was required to make separately designated payments toward thc pl'cmJums for Mortgage Insurance, Borrower shall pay the premiums required to obtain ct~vcragc substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in cfi'cot, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortg:~gc h~surance coverage is not available, Borrower shall continue to pay to Lender the amount ol' thc ,cl)arately designated payments that were due when the insurance coverage ceased to be in c. ll'uct l.cnder will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that thc Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any imcrcst or earnings on such loss reserve. Lender can no longer require loss reserve payments il ~h~l'tgage Insurance coverage (in the LOAN NO: 573748407 WYOMq_.N(]- - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMEN'I[ 1 m m 3o51 l/OI /,~/~ GMACM - CMS.0042.WY (0001) (Page 9 of 18) h,ilials: 09042:77 "05 () 9 amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires sep',~ratcly designated payments toward the premiums for Mortgage Insurance. If Lender required M~rtgage Insurance as a condition of making the Loan and Borrower was required to make SCl):t~:~tcl3, designated payments toward the premiums for Mortgage Insurance, Borrower shall pa3 tile l~remiums required to maintain Mortgage Insurance in effect, or to provide a non-reftmtl:d)lc loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance ~xith any written agreement between Borrower and Lender providing for such termination t~' 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 ~hc Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all hticl~ insurance in force from time to time, and may enter'into agreements with other parties thai share or modify their risk, or reduce losses. These agreements are on terms and conditions ~l~',tt are satisfactory to the mortgage insurer and the other party (or parties) to these agreemcms. These agreements may require the mortgage insurer to make payments using any source of l'unds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any pmdmser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of thc foregoing, may receive (directly or indirectly) amounts that derive from (or might be cbar',tclcrizt:d as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing ~r modifying the mortgage insurer's risk, or reducing losses. If such agreement provides thai :,x affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the arm)nuts that Borrower has agreed to pay for Mortgage Insurance, or any other terms o1' tire I.oan. Such agreements will not increase the amount Borrower will owe for Mortgage lnsm'ance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect thc rights Borrower has - if any - with respect to the Mortgage Insurance under the Homclm ncrs Protection Act of 1998 or any other law. These rights may include the right to recci~ c certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have II~c Mortgage Insurance terminated automatically, and/or to receive a refund of any Mm'l gage Insurance premiums that were unearned at the time of such cancellation or terminafilm. 11. Assignment of Miscellaneous Proceeds; l:orl'ci! ute. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. WYOMING - Single Family - Far. ia Ma~/Freddie Mae UNIFORM INSTRUMENT 1% .t .mSl 1/01 GMACM - CMS.0042.WY (0001) (Page 10 of 18) Initials: 05 0 If the Property is damaged, such Miscellaneous l'r,~cccds shall be applied to restoration or repair of the Property, if the restoration or' repair ~ cc~aomically .feasible and Lender's security is not lessened. During such repair and restora~,,n period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender ha~ had an opportunity to inspect such Property to ensure the work has been completed to Lcntler's satisfaction, provided that such inspection shall be undertaken promptly. Lender ma), i%~ fi~r the repairs and restoration in a single disbursement or in a series of progress paymem~ ,,, lhe work is completed. Unless an agreement is made in writing or Applicable Law ~c~ rares interest to be paid on such Miscellaneous Proceeds, Lender shall not be required m pay 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 15'~ceeds shall be applied to the sums secured by this Security Instrument, whether or not then title, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in thc order provided for in Section 2. In the event of a total taking, destruction, ~r loss in value of the Property, 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 ll,,I rower. In the event of a partial taking, destruction, or I,,~, in value of the Property in which the fair market value of the Property immediately before thc 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 los~ in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by thc f,~llowing fraction: (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 bcftlrc the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or I,~s in value of the Property in which the fair market value of the Property immediately before thc partial taking, destruction, or loss in value is less than the amount of the sums secured i~nmcdiately before the partial taking, destruction, or loss in value, unless Borrower and ken,der otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums seem'cd by this Security Instrument whether or not the sums are then due. If the Property, is abandoned by Borrower, or il', after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) tfffcrs to make an award to settle a claim for damages, Borrower fails to respond to Lender x~ ithin 30 days after the date the notice is given, Lender is authorized to collect and apply thc Miscellaneous Proceeds either to restoration or repair of the Property or to the sums seem'cd by this Security Instrument, whether or not then due. "Opposing Party" means the third pztrty that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a righl ,ff action in regard to Miscellaneous Proceeds. LOAN NO: 573748407 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT }mm .ti)51 GMACM - CMS.0042.WY (0001) (Page 11 of J8) Initials: Borrower shall be in default if any action or pr~cccding, whether 'civil or criminal, is begun that, in Lender's judgment, could result in forl'~qmrc of the Property i~r other material impairment of Lender's interest in the Property or rit.,llts under this Security Instrument. Borrower can cure such a default and, if acceleration h:~s t~ccurred, reinstate as provided in Section 19, by causing the action or proceeding to be distressed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other ill:itc'rial ilnpairment of Lender's interest in the Property or rights under this Security Instrument. Thc 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 il, restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance B.~ I.emler Not a Waiver. Extension of the time for payment or modification of amortization ~, thc sums secured by this Security Instrument granted by Lender to Borrower or any Succc~s~r m 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 am Nuccessor in Interest of Borrower or to refuse to extend time for payment or otherwise modil'~ :~nm'tization of the sums secured by this Security Instrument by reason of any demand m:tdc by the original Borrower or any Successors in Interest of Borrower. Any forbearance h~ l~cnder in exercising any right or remedy including, without limitation, Lender's accept~tcc t~l' payments from third persons, entities or Successors in Interest of Borrower or in amounts lc.ss than the amount then due, shall not be a waiver of or preclude the exercise of any right or lcmcdy. 13. Joint and Several Liability; Co-signers: Successors and Assigns Bound. Borrower covenants and agrees that Borrower's oblig:~it~ms and liability shall be joint and several. However, any Borrower who co-signs this Securit,. Ii~strmnent but does not execute the Note (a "co-signer"): (a)' is co-signing this Security h~stmmcnt only to mortgage, grant and convey the co-signer's interest in the Property under the Ic.~ ~llS of this Security Instrument; (b) is not personally obligated to pay the sums secured by this SCCul'it3 Instrument; and (c) agrees that Lender and any other Borrower can agree to extcml, modify, forbear or make any accommodations with regard to the terms of this SecuFilx h~stl'ument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instmt~cnl in writing, and is approved by Lender, shall obtain all of Borrower's rights and belief its under this Security Instrument. Borrower shall not be released from Borrower's obligalitms and liability under this Security Instrument unless Lender agrees to such release in writing. Thc covenants and agreements of this Security Instrument shall bind (except as provided in ~cction 20) and benefit the successors and assigns of Lender. 'V~IIrOMING - Single Famib' -- Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Fm GMACM - CMS.0042.WY (0001) (Page 12 ofl8) Initials: 14. Loan Charges. Lender may charge Bt,~l't,wcr fees for services performed in connection with Borrower's default, for the purpose ,,1' protecting Lender's interest in the Property and rights under this Security Instrument, includ i~g, but not lin~ted to, attorneys' fees, property inspection and valuation fees. In regard to ',t~v ,~tlier fees, the absence of express authority in this Security Instrument to charge a specific I'cc lo Borrower shall not be construed as a prohibition on the charging of such fee. Lender ~lv, ty not charge fees that are expressly prohibited by this Security Instrument or by Applicable l.aw. If the Loan is subject to a law which sets maxin~t~m 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 s~ch loan charge shall be reduced by the amount necessary to reduce the charge to the permitted l i~fit; and (b) any sums already collected from Borrower which exceeded permitted limits will be rcfimded to Borrower. Lender may choose to make this refund by reducing the principal owt.d ~t~,lcr the Note or by making a direct payment to Borrower. If a refund reduces principal, the rctluction will be treated as a partial prepayment without any prepayment charge (whether or ~, ,t a prepayment charge is provided for under the Note). Borrower's acceptance of any such rct'und made by direct payment to Borrower will constitute a waiver of any right of action I~,,rrowcr might have arising out of such overcharge. 15. Notices. All Notices given by Borrower t~r Lender in connection with this Security Instrument must be in writing. Any notice to B~)rl'o\vcr in connection with this Security Instrument shall be deemed to have been given to Borrt~wct' when mailed by first class mail or when actually delivered to Borrower's notice address if se~t 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 substitute notice address by notice to Lender. Borx'{~wer shall promptly notify Lender of Borrower's change of address. If Lender specifies a pr(~cedure for reporting Borrower's change of address, then Borrower shall only report a cha~e of address through that specified procedure. There may be only one designated notice mid,ess under this Security Instrument at any one time. Any notice to Lender shall be given by dclivcriug it or by mailing it by first class mail to Lender's address stated herein unless Lciidcr has designated another address by notice to Borrower. Any notice in connection with this .qect~rity Instrument shall not be deemed to have been given to Lender until actually received by I.endcr. If any notice required by this Security Instrument is also required under Applicable Law, thc Applicable Law requirement will satisfy the corresponding requirement under this Securib l~s~rument. 16. Governing Law; Severability; Rules of Construction. This SeCurity Instrument shall be governed by federal law and the law of the jurisd itt i~n in which the Property is located. All rights and obligations contained in this Security Instr,~cnt are subject to any requirements and limitations of Applicable Law. Applicable Law lllight explicitly or implicitly allow the parties to agree by contract or it might be silent, but stroh silence shall not be construed as a LOAN NO: 573748407 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT F,n ~, ~051 I/0[ GMACM - CMS.0042.WY (0001) (Page 13 of 18) Initials: ('0513 prohibition against agreement by contract. In the evem ihat any provision or clause of this Security Instrument or the Note conflicts with Applicable I.aw, such conflict shall not affect other provisions of this Security Instrument or the Note x~ hid~ can be given effect without the conflicting provision. As used in this Security Instrument: (a) words t,l' thc masculine gender shall mean and include corresponding neuter words or words of the fenai~fine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) thc word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given tree copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Init, rest in Borrower. As used in this Section 18, "Interest in the Property" means any legal ,,, hcl~eficial interest in the Property, including, but not limited to, those beneficial interests lr:msl'crred in a bond for deed, contract for deed, installment sales contract or escrow agreement, thc 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 ~n Ibc Property is sold or transferred (or if Borrower is not a natural person and a beneficial imcrest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 day,s l't'~m~ the date the notice is given in accordance with Section 15 within which Borrower mu.si pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior t,~ thc expiration of this period, Lender may invoke any remedies permitted by this Security Instrmncnt without further 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 enf,~l'Ccmcnt of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security h~,stl'tm~ent; (b) such other period as Applicable Law might specify for the termination of Bom~wCl"S right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those c~ltlititms are that Borrower: (a) pays Lender all sums which then would be due under this Sccttrity Instrument and the Note as if no acceleration had occurred; (b) cures any default of any t,thvr c~lvcnants or agreements; (c) pays all expenses incurred in enforcing this Security Instrttmcnt, including, but not limited to, reasonable attorneys' fees, property inspection and valuati~ m l'ccs, aud other fees incurred for the purpose of protecting Lender's interest in the Property and t'ights under this Security Instrument; and (d) takes such action as Lender may reasonably require ~o assure that Lender's interest in the Property and rights under this Security Instrument, and Bt~rrt~wer's obligation to pay the sums secured by this Security Instrument, shall continue u~M~mgcd. Lender may require that Borrower pay such reinstatement sums and expenses in ~mc 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 ul,,,n an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM iNSTRUMENT Ft, lm .ll)51 l,I)l GMACM - CMS.0042.WY (0001) (Page 14 of J8) Initials: 0 04277 Upon reinstatement by Borrower, this Security Instrumcl, and obligations secured hereby shall remain fully effective as if no acceleration had odcurred. I lowcver, 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 l~lStrmnent) can be sold one or more times without prior notice to Borrower. A sale might l'Csl~lt in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments duc under the Note and this Security Instrument and performs other mortgage loan servicing ol,ligations under the Note, this Security Instrument, and Applicable Law. There also might be oac ~,' more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change o1' Iht l_oml Servicer, Borrower will be given written notice of the change which will state fl~c ,amc and address of the new Loan Servicer, the address to which payments should be ma,lc and any other information RESPA requires in connection with a notice of transfer of servicing. Il' the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the lmm'chaser of the Note, the mortgage loan servicing obligations to Borrower will remain with thc l.oan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note pt~rchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, jt~in, or be joined to any judicial action (as either an individual litigant or the member of a Cl:l~S) that arises from the other party's actions pursuant to this Security Instrument or that allegc~ flint thc other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice givc~ in compliance with the requirements of Section 15) of such alleged breach and afforded thc ~,hcr party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice ol~ acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those s. ubstances defined as toxic or hazardous ~ul)slances, pollutants, or wastes by Environmental Law and the following substances: gasoli~c, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, x'ol',~tilc solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "lS~virclnmental Law" means federal laWs and laws of the jurisdiction where the Property is I{~catcd that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environment.,tl l.aw; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, usc, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazard~us 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 Environmental Law, (b) which creates an l~nvironmental Condition, or (c) which, due to the presence, use, or release of a Hazarth,ts ~qubstance, creates a condition that LOAN NO: 573748407 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fm t~ {1~51 l/ill GMACM - CMS.0042.WY (0001) (Page 15 of 18) hdtials: 3.4 adversely affects the value of the Property. The precedi,lg lwo sentences shall not apply to the presence, use, or storage on the Property of small quanti~ics of l fazardous Substances that are generally recognized to be appropriate to normal residcmi:d uses and to maintenance of the Property (including, but not limited to, hazardous substanc~.s in consumer products). Borrower shall promptly give Lender written n,~icc of (a) any investigation, claim, demand, lawsuit or other action by any governmental t}~' ~cgulatory agency or private party involving the Property and any Hazardous Substance or E~x ir(mlnental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release or' ~t~y 1 lazardous Substance, and (c) any condition caused by the presence, use or release of a I I:~/:~rdous Substance which adversely affects the value of the Property. If Borrower learns, t~' is notified by any governmental or regulatory authority, or any private party, that any rcn~t~val or other remediation of any Hazardous Substance affecting the Property is necessary, ll~u'rower shall promptly take all necessary remedial actions in accordance with Environmcm:d l~aw. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and I.cndcr further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall gi~e 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: (a) the default; (Il) the action required to cure the default; (c) a date, not less than 30 days from the dale Ihe maice is given to Borrower, by which the default must be cured; and (d) that failure i. ct,re the default on or before the date specified in the notice may result in acceleration of Ihe stuns secured by this Security Instrument and sale of the Property. The notice shall I'I~Fihcr inform Borrower of the right to reinstate after acceleration and the right to bFing a court action to assert the non-existence of a default or any other defense of Borrmvcr to acceleration and sale. If the default is not cured on or before the date specified in thc m~tice, 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 pdwer of sale anll any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but m~t limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the lh'opcrty, if different, in accordance with Applicable Law. Lender shall give notice of thc sale to Borrower in the manner provided in Section 15. Lender shall publish the notice or sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lendel' 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, ,'t'asmmble attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. WYO]~IlNG - Single Family -- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form t~151 GM-ACM - CMS.0042.WY (0001) (Page 16 of 18) Initials: 0904277 · 0516 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower ~hall pa3 :my 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 pet mitred under Applicable Law. 24. Waivers. Borrower releases and wmves all rights under and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agi'ccs to the terms and covenants contained in this Security Instrument and in any Rider excct~tcd by Borrower and recorded with it. (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 573748407 Witnesses: WYOMING - Single Famil~ - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Fm n, ~llSt l/Ol GMACM - CMS.0042.WY (0001) (Page 17 of18) - 0517 INDIVIDUAL ACKNOWL El) (; M ENT STATE OF WYOMING, ) COUNTY oF The foregoing instrument was acknowledged bel'orc mc this October 29, 2004 .dale) bC~ristopher Klinghagen and Janna Klinghag~n, husband and wife (person acknowledging) My Commission Expires: Notary Public Countyof ~k State of ~ Teton ~f/ VT.voming ~ ~/'Y'OI~'NG - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form q~al 1,01 GMACM - CMS.0042.WY (0001) (Page 18 of I8) htitials: 0518 Schedule A Wyoming Mortgage Given By: Christopher Klin~ha~en Page 1 Lot A-2 of River View Townhomes West Addition to the Town of Alpine, Lincoln County, Wyoming as described on the official Plat No. 877578 filed November 27, 2001 as Instru~[ No. 877578 of the records of the Lincoln County Clerk. 051.9 FIXED/ADJUSTABLE RATE RIDER (LIBOR One-Year Index (As Published In The I{'ttll Street Jottm{al) - Rate Caps) THIS FIXED/ADJUSTABLE RATE RIDER is nl:tdc this 29th day of October , 2004 , and ~s incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of' T,',s~, or Security Deed (the "Security Instrument") of the same date given by the undersigned "lh)rrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to GMAC Mortgage Corpo~'acion ("Lender") of the same date and covering the property described in the Security Instrument and located at: 504 Snake River Drive, t{A-2 Alpine, WY 83128 [Property ,4ddressl THE NOTE PROVIDES FOR A CHANGE IN IIORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORR()%'ER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANV ¢)NE TIME AND THE MAXIMUM RATE THE BORROWER MUST P.t Y. ADDITIONAL COVENANTS. In addition to thc cm, enants and agreements made in the Security Instrument, Borrower and Lender further coven:tm and agree as follows: A. ADJUSTABLE RATE AND MONTHLY I'AYilENT CHANGES The Note provides for an initial fixed interest ralc of' 5. 125 %. The Note also provides for a change in the initial fixed ~:,c t, an adjustable interest rate, as follows: 4. ADJUSTABLE INTEREST RATE AND M()XTI ILY PAYMENT CHANGES (A) Change Dates The initial fixed interest rate I will pay will chan?t, to a,~ adjustable interest rate on the first day of November , 2009 , and tile adjustable interest rate I will pay many change on that day every 12th month thereafter. Thc date on which my initial fixed interest rate changes to an adjustable interest rate, and each d'atc on which my adjustable interest rate could change, is called a "Change Date." LOAN NO: 573748407 MULTISTATE FIXED/ADJUSTABLE RATE RIDER WSJ One-Year LIBOR Single F~miiy - Fannie Ma~ tr~t~o~M ~STaUM~r Form 3187 6/01 (Page 1 of i) 271216457 GMACM-CRM. 1380 (0204) Initials: 05.20 (B) The Index Beginning with the first Change Date, my adjustable tmcrcs~ rate will be based on an Index. The "Index" is the average of interbank offer'cd rates for one-year U.S. dollar-denominated deposits in the London market ("LIBOR"). ,~ published in The Wall Street Journal. The most recent Index figure available as of date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will ch~ose a new index which is based upon comparable information. The Note Holder will g~vc ~c re)rice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calctdatc my new interest rate by adding Two and 25/100 percentage points ( 2. 250 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of ~,m. percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded :m~ount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of thc ~ltmthly payment that would be sufficient to repay the unpaid principal that I am expected to t,,,~, at the Change Date in full on the Maturity Date at my new interest rate in substantially equ,,I payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Chanvc Date will not be greater than 10.125 % or less than 2.250 ',~. Thereafter, my adjustable interest rate will never be increased or decreased on any single ('hzmgc Date by more than two percentage points from the rate of interest I have been paying lbl' thc preceding 12 months. My interest rate will never be greater than rE) Effective Date of Changes My new interest rate will become effective on each Ch',mgc Date I will pay the amount of my new monthly payment beginning on the first monthly pa3 ,ncm dine 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 ol any changes in my initial fixed interest rate to an adjustable interest rate and of any changes in ~ adjustable interest rate before the effective date of any change. The notice will include the aln~mnt of my monthly payment, any information required by law to be given to me and also thc title and telephone number of a person who will answer any question I may have regarding thc n, }l ~ce. LOAN NO: 573748407 MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One Year LIB( )l~ -- ~,,,g,e Family --Fannie Mae ~__ UNIFORM INSTRUMENT Fonn 3187 6/01 GMACM-CRM.1380 (0204) (Page 2 of S) hfitials: ( 052 I B. TRANSFER OF THE PROPERTY OR A BENEFICIAl INTEREST IN BORROWER 1. Until Borrower's initial fixed interest rate changc~ to an adjustable interest rate under the terms stated in Section A above, Uniform Covcmmt 18 of the Security Instrument shall read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18. "Interest in the Property" means any legal or bcncl'icial interest in the Property, including, but not limited to, those beneficial interests transl'~,rrcd in a bond for deed, contract for deed, installment sales contract or escrow agreement, thc imcm 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 mc Property is sold or transferred (or if Borrower is not a natural person and a beneficial mlcrcst in Borrower is sold or transferred) without Lender's prior written consent, Lender ~l~:~v require immediate payment in full of all sums secured by this Security Instrument. However. this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option. Lender shall give Bt.'r**xx et- notice of acceleration. The notice shall provide a period of not less than 30 days fi'om thc date the notice is given in accordance with Section 15 within which Borrower must pay :~11 st,ns secured by this Security Instrument. If Borrower fails to pay these sums prior to thc cx[~iration of this period, Lender may invoke any remedies permitted by this Security lnstrumcm without further notice or demand on Borrower. 2. When Borrower's initial fixed interest rate ch:m~cs to an adjustable interest rate under the terms stated in Section A above, Uniform Coven:tilt 8 of the Security Instrument described in Section B1 above shall then cease to be in et'feet, and the provisions of Uniform Covenant 18 of the Security Instrument shall be amended to rc',td as follows: Transfer of the Property or a Beneficial Interesl in Borrower. As used in this Section 18, "Interest in the Property" means any legal or bcncl'icial interest in the Property, including, but not limited to, those beneficial interests trans2, rrcd ill a bond for deed, contract for deed, installment sales contract or escrow agreement, thc intern of which is the transfer of title by Borrower at a future date to a purchaser. LOAN NO: 573748407 MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One Yea,' I.I I~( )R -- s,,~g~ Fatuity -- Fam~ie Mae~ .~' UNIFORM INSTRUMENT Form 3187 6/01 GMACM-CRM.1380 (0204) (Page 3 of 5) hfitials: O904;8?"7 05:'2 If all or any part of the Property or any Interest i~l thc Property is sold or transferred (or if Borrower is not a natural person and a benefici',d interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. I.cndcr also shall not exercise this option if: (a) Borrower causes to be submitted to Lender i~l',,'mation required by Lender to evaluate the intended transferee as if a new loan were bci~g m;~dc to the transferee; and (b) Lender reasonably determines that Lender's security will m~t I,c impaired by the loan assumption and that the risk of a breach of any covenant or agrect~cnt in this Security Instrument 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. Lentkq' may also require the transferee to sign an assumption agreement that is acceptable to Lender ami that obligates the transferee to keep all the promises and agreements made in the Note ami in this Security Instrument. Borrower will continue to be obligated under the Note ;tml this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate }r, tymcnt in full. Lender shall give Borrower notice of acceleration. The notice shall provide a l~crit)d ol' not less than 30 days from the date the notice is given in accordance with Section 15 witl~in which Borrower must pay all sums secured by this Security Instrument. If Borrower fidis to pay these sums prior to the expiration of this period, Lender may invoke any remedies l~C~ mitred by this Security Instrument without further notice or demand on Borrower. THIS SPACE LEFT INTENTIONA I.I. V II LANK LOAN NO: 573748407 MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One Yea,' [.l B( )1{ -- single Famil) -Fa~mie Mae UNIFORM INSTRUMENT Form 3187 6/01 GMACM-CRM.1380 (0204) (Page 4 orS) hfitials: 0523 BY SIGNING BELOW, Borrower accepts and agrees to Iht ~crms and covenants contained in this Fixed/Adjustable Rate Rider. (Seal) -Borrower K1 ingh~gen[3 (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 573748407 MULTISTATE FIXED/ADJUSTABLE RATE RIDER - WSJ One Year II HOR -- Single Family -Fannie Ma~ UNIFORM INSTRUMENT Form 3187 6101 GMACM-CRM.1380 (0204) (Page 5 of 5) 0 04277 ,.('0524 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 29th day of October, 2004 , mid is incorporated inlo and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security l)ccd (lhe "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to GMAC Mortgage Cor[~oration (the "Lender") of the same date and covering the Propcn3 described in the Security Instrument and located at: 504 Snake River Drive, #A-2 Alpine, WY 83~28 [Property Address] The Property includes, but is not limited to, a parcel of laml improved with a dwelling, together with other such parcels and certain comlnon areas and facilities, as described in Declaration of Covenants,Conditions & ~e.~trictions of Record (the "Declaration"). The Property is a part of a planned tmi~ development known as Riverview Townhome,~; West [Name of Planned Unit Dex chq. nent] (the "PUD"). The Property also includes Borrower's intc~csl in the homeowners association or equivalent entity owning or managing the common areas aild I'acilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest, PUD COVENANTS. In addition to the covenax, s and agreements made in the Security Instrument, Borrower and Lender further covenant and agr'cc as Ibllows: A. PUD Obligations. Borrower shall perform all ~1' Borrower's obligations under the .PUD's Constituent Documents. The "Constituent Doc.mcnts" are the: (ii Declaration; (ii) articles of incorporation, trust instrument or any equivalcm document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So long as the Owners \s.~c~ation maintains, with a generally accepted insurance carrier, a "master" or "blanket" p(,licy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fi~c, hazards included within the term "extended coverage," and any other hazards, including, Iml not limited to, earthquakes and floods, for which Lender requires insurance, then: LOAN NO: 573748407 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac Uniform Instrument/~m 3150 1/01 Page 1 of 3 271216458 Initials: ~ GMACM - CRM.0044.PUD (01011 (i) Lender waives the provision in Section 3 fl~r ~hc Periodic Payment to Lender of the yearly premium installments for property insurance on thc I'r,)pcrty; and (ii) Borrower's obligation under Section 5 to m',,~tain property insurance coverage on the Property is deemed satisfied to the extent that thc rt'quircd coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver c',,, change during the term of the loan. Borrower shall give Lender prompt notice of mi,. I:q)~c in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance lm~ccctls in lieu of restoration or repair following a loss to the Property, or to common areas a~,l I".tc'ili[ies of the PUD, any proceeds payable to Borrower are hereby assigned and shall be p',tid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrumc,t whether or not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take ~t~ch actions as may be reasonable to insure that the Owners Association maintains a public li.,~bility insurance policy acceptable in form, amount, and extent of coverage to Lender. l). Condemnation. The proceeds of any award ,,r claim for damages, direct or consequential, payable to Borrower in connection with an, c,mdcmnation or other taking of all or any part of the Property or the common areas and I'acilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured b3 thc Security Instrument as provided in Section 11. E. Lender's PriOr Consent. Borrower shall not, c'xcq~t after notice to Lender and with Lender's prior written consent, either partition or subdivide Ibc P,'operty or consent to: (i) the abandonment or termination of the I'tlD~ except for abandonment or termination required by law in the case of substantial de.~trucficm by tire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Con~tituc~t Documents" if the provision is for the express benefit of Lender; (iii) termination of professional management and :~tHl~ption of self-management of the Owners Association; or (iv) any action which would have the effect of rcmlcring the public liability insurance coverage maintained by the Owners Association unacceptable ~o Lender. F. Remedies. If Borrower does not pay PUD dues a~,l ',~scssments when due, then Lender may pay them. Any amounts disbursed by Lender umk. r Ihis paragraph F shall become additional debt of Borrower secured by the Security In.~lttm~cn.. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear i~[crcst from the date of disbursement at the Note rate and shall be payable, with interest, u?,,n nouce from Lender to Borrower requesting payment. LOAN NO: 573748407 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac Uniform Instrument Form 3150 1/01 GMACM - CRM.0044.PUD (0101) Page 2 of 3 Imtials: [/;.~' 0904277 BY SIGNING BELOW, Borrower accepts and agrees tt) the terms and provisions contained in this PUD Rider. h~ ~~5~~ (Seal) C ~ristg~her r~ ~Bo~o W~~ (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower LOAN NO: 573748407 MULTISTATE PUD RIDER - Single Family - Fannie Mae/Freddie Mac Uniform Instrument Form 3150 1/01 GMACM - CRM.0044.PUD (01011 Page 3 of 3