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HomeMy WebLinkAbout904282RightF~x 10/21/0t Retum To: LOAN # 6497137619 FL9-700-O 1-01 JACKSONVILLE POST CLOSING BANK OF AMERICA 9000 SOUTHSI DE BLVD. BLDG 700, FILE RECEIPT DEPT. JACKSONVILLE, FL 32256 Prepared B~ REBECCA JOHNSON BANK OF AMER ICA 101 E.MAIN STREET LOUISVILLE, KY 402020000 1:20 PAGE 17/73 90t 282 ,.;,,,0 57 i RightFax ~[2~ RECEIVED LINCOLN COUNTY CLERK [Space Above This Line For Recording D&ta] MORTGAGE LOAN # 6497137619 DEFINITIONS Words used in multiple sections of this document are defined t~low and other words are defined in Sections 3, I1, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower" is ROGER ALAN SCHANZENBACH OCTOBER 29, 2004 Borrower is the mortgagor under this Security Instrument. (C) "Lender" is BANK OF AMERICA, N.A. Lender is a NAT I ONAL BANK I NG ASSOC I AT I ON organized and eMs'ting under the laws of THE UN I TED STATES OF AMER I CA WYOMING - Single F~nily - FANNIE MAE/FREDDIE MAC UNIFORM INSTRUMENT Form 3051 1/01 ~-6(WY) cooom VMP MORTGAGE FORMS - (aoo}g2t-72~l CVWY 10/21/04 1:19 PM I;497137619 RightF~× 10/21/04 1:20 PAGE 18/73 RightFax ".. ':' 05/J 6 Lender's addressis 101 E,MAIN STREET, LOUISVILLE, KY 402020000 Lender is the mortgagee under this Security. Instrument. (D) "Note" means the promissory note signed by Borrower a.d dated OCTOBER 29, 2004 The Note states that Borrower owes Lender SI XTY TWO TtICtJSAND E I GHT HUM)RED AND 00/100 Dollars (U.S. $ 62,800.00 ) plus interest. Borrower has prom ised to pay this debt in regular Periodic Payments and to pay the debt in full not 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 intercsl, 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 [] Banned Unit Development Rider 1'4 Family Rider VA Rider ~ Biweekly Payment Rider Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, 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. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees assessments and other charges that are imposed on Borrower .r the Property by a condominium association, homeowners association or sim ilar organizatiom (J) "Electronic Funds Transfer" means any transfer t~f funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape .,z, as to order, instruct, or authorize a financial institution to debit or credit an account. Such tc~m inchdes, but is not limited to, point-of-sale transfers, automated teller machine transactions, Iratcsfers initiated by telephone, wire transfers, and aurora ated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, .';cttlcment, award of damages, or proceeds paid by any third party (other than insurance pn}cocds paid under the coverages described in Section 5) for. (i) damage to, or destruction of, thc Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or comli ti(m of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on. the Loan. - .............. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 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 ~,r regulation that governs the same subject matter. As used in this Security Instrument. 'RESPA" ret'ers to all requirements and restrictions that are imposed in regard to a "federally relatcd rnortgage loan' even if the Loan does not qualify as a "federally related mortgage loan" under R I!S PA. (~-6[WY) (ooo 5) CVWY 10/21/04 1:19 P/d ~;497137619 ,.9. 2o, ,s Form 3051 1/O1 Ri~htF~x 10121104 1:20 PAGE 19/73 RightFax 054 7 (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 obligatiore~ under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender. (i) thc rcpaymcnt of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under tiffs Security Instrument and the Note. Pot this purpose, Borrower does hereby mortgage, grant and c~mvey to Lender and Lender's successors .and ..assigns, _with power of sale, the following dtxscribed property lqcate..d, hi.. t_he COUNTY of LINCOLN : [Typo of Recording Jurisdiction] [Nu :u ~ of Recording Jurisdiction] "LEGAL DESCRIPTION ATTACHED FERETO AND MADE A PART HEREOF. · Pared ID Numben. ~2211614420158.90 522 PINE AVENUE KEMMERER ("Pmperty Address"): [~ty] which currently has the addr~s of [Stre~tl Wyoming 83101 [Zip Codel TOGETHER WITH all the improvements now or hercal'~cr erected on the property, and all easements, appurtenances, and fixtures now or hereafter a pan ~ff the property. All replacemeata and additions shah also be covered by t~is Security Iastrumcm. All of the foregoing is referred to in this Security Instrument as the "Property.' BORROWER COVENANTS that Borrower is lawfully .~i~d of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encurobrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject m any encumbrances of record. THIS SECURITY INSTRUMENT combines uni[orm covenants for national use and non-uniform covenants with limited variations by jurisdicli., to cmmtitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payroent of Principal, Interest, Escrow Items, Prcpayroent Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay nit la Is.'~ (~-S(WY)tooos) .,., ~ o~ ~s Form 3051 1/01 CVW¥ 10/21/04 1:19 PM 6497137619 RightF~x 10/21/04 1:20 PAGE 20/73 RightFax "05,-'18 funds for Escrow Items pursuant to Section 3. Payments d~;c 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 Securl-ty Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments duc under the Note and this Securit7 Instrument be made in one or more of the following form.,;, as ~lected by Lender. (a) cask (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 deposim are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when receivt:d at the location designated in the Note or at such el;her location as may be designated by l.cndcr in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current, l,c,uler may accept any payment or partial payment insufficient to bring the Loan current, witho,~t waiver of any rights hereunder or preiudice to its fights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such paying-nra are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender nccd not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan · current. If Borrower does horde so within a reasonable perh~d of time, Lender shall either apply such funds or return them to Borrower. If not applied earlit:r, such funds will be applied to the outstanding principal balance under the Note immediately prh,r to foreclosure. No offset or claim which Borrower might have now or in the future against l.cmlcr shall relieve Borrower from making payments due under the Note and this Security In.sl, t~mcnt or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as ~,lhcrwise described in this Section 2, all payments accepted and applied by Lender shall be appli~d in the following order of priority:. (a) interest due under the Note; {b) principal due under thc Nme; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment i,l thc order in which it became due. Any remaining mounts shall be applied first to late charge.,;, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, ~hc payment may be applied to the delinquent payment and the late charge. If more than one Pcrit~dic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To thc extent that any excess exists after the payment is applied to the full payment of one or more Pcrii~dic 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 ia the Note. Any application of payments, insurance proceeds, or I\fi:~:cllaneotks 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 I~cnder on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (Ibc "l:hmds") to provide for payment of amounts due for. (a) taxes and assessments and other item s which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, d any; (c) premiums for any and all im;urance requked by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, ~,r any sums payable by Borrower to Lender in lieu of tho payment of Mortgage Insurance premium.'; in accordance with the provisions of Section 10. These items are called "Escrow Items." At originathm or at any time during the term of the Loan, Lender may require that Community As.,~cia~ion Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and a;~z'.'~ments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of arn~,tmts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Item..; unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Ixmlcr may waive Borrower's obligation Initials: /~ (~1-6(wY)(°°°s) ",s. 4 o~ ~s Form 3051 1/01 CVWY 10/21/04 1:19 PM 6497137619 RightF~x 10/21/04 1:20 PAGE 21/73 RightFax 0904222 to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay dircclly, when and where payable, the amounts due for any Escrow Items for which payment of F.m[,; has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evldem'i.g such payment within such time period as Lender may require. Borrower's obligation to rnakc such payments and to provide receipts shall for all purposes be deemed to be a cOVelIali[ and agreement contained in this Security InstrUment. as the phrase "covenant and agreement" is ~kscd in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for aa Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Sec~icm 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all I)'.:rr(~w Items at any time by a notice given in accordance with Section 15 and, upon such revocati(m, 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 RI~SPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lendc-r shall ~stimate the amount of Funds due on the basis of current data and reasonable estimates of t::(pcnditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held ia an institution whose depo,,:its are insured by a federal agency, instrumentality, or entity {including Lender, if Lender is a. institution whose deposits are so imured) or in any Federal Home Loan Bank. Lender shall apply thc Funds to pay the Escrow Items no later than the time specified under RESPA. ixndcr shall not charge Borrower for holding and applying the Funds, annually analyzing the escr(~w account, 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 ~,r 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 am~tml accounting of the Funds as required by RESPA. If there is a surplus of Funds held in emrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify B.rmwer as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up lhe shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in emrow, as defined under RESPA. Lender shall notify Borrower as required by RESPA. and Borrower shall pay to Lender the amount necessary to make up the deficiency ia accordance with RESPA, but in no more than 12 monthly payments. 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 taxes, assessm.ms, charges, fines, and impositions attributable to the Property which can attain priority over lifts Security InstrUment. leasehold payments or ground rents nn the Property, if any, and Corn rn unity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Ilcms, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any llen which has [,ri{~rlty over this Security Instrument unlem Borrower. {a) agrees in writing to the payment of thc obligation .secured by the lien in CVWY 10121104 1:19 PM 6497137619 Form 3051 1/01 RightF&x 10/21/04 1:20 PAGE 22/73 RightFax 0550 a manner acceptable to Lender, but only so long as Bormwt:r 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; (,r (c) ~cures from the holder of the lien an agreement satisfactory to Lender subordinating thc llcn to tiffs Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien Within 10 days of the date on which that notice is given, Borrower shall sali.,;fy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge f.r a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Propert7 insured against loss by fire, hazar&; inchxled within the term 'extended coverage,' .nd any other hazards including, but not limited m, earthquakes and floods, for which Lender requires insurance. This insurance shall be mainlaimxl in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. Thc insurance carder providing tho insurance shall be chosen by Borrower subject to Lender's rigl,t to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Lean, either. (a) a one-time charge for I'h. ~(l zone determination, certification and tracking services; or (b) a one-time charge for flood ~mc determination and certification services and subsequent charges each time remappings or sim ilar changes occur which reasormbly .might affect such d_etprrg_.!._nation or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Man.gcment Agency in ccmnec~'/io~' with the review of any flood zone determination resulting from an ~}bj{~:tion by Borrower. II Borrower fails to maintain any of the coverages &-~:ribed above, Lender may obtain insurance coverage, at Lender's option and Borrower's expem~, l.ender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and mighl pr. vide greater or lesser coverage than was previously in effect. Borrower acknowledges that thc cost of the insurance coverage so obtained might signi[icantl~ exceed the cost of insurance that B(~rrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall l~..c.rne 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 inlt.rt:s[, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a slandard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. [.ender shall have the right to hold the policies .nd renewal certificates. II Lender requires, Bert. wet shall promptly give to Lender all receipts of paid premiums and renewal notices. If Born}wet obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or d~tnuztion of, the Property, such policy shall include a standard mortgage clause and shall name I~cnder as mortgagee and/or as an additional loss payee. h~ the event of loss, Borrower shall give prompt notice I~ tim i~murance carrier and Lender. Lender may make proof of loss if not made promptly by Burrmver, Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair .f the Property, if the restoration or repair is economically feasible and Lender's security is not lt~ned, During such repair and ]nlt[~l~:_//__~ ~-8[WY)(noas) .,~. s .~ ~ Form 3051 1/01 CVWY 10/21/04 1:19 PId 6497137619 RightF&x 10121/04 1:20 PAGE 23/73 RightFax ",' 0551 restoration period, Lender shall have the right to hold stroh ~nsurance proceeds until Lender has had an opportunity to inspect such Property to ensure the wurk has been completed to Lender's satisfaction, provided that such inspection shall be bndertakc, promptly. Lender may disburse proceeds for the repairs and restoration in a single payment ur iu a ~ries o[ progress payments as the work is completed. Unless an agreement is made .j writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceech. Fees for public adjt~mcm, or other third parties, retained by Borrower shall not be paid out of the insurance proceec~; and stroll be the sole obligation of Borrower. If the restoration or repair is not economically [ca~:ible or Lender's ~ecurity would be lessened, the insurance proceeds shall be applied ~o the sum~; ~'~t:ured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not rc.Ixmd 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 otherwise, Borrower hereby assigns to Lender (al Borrower's rights to any insurance proceeds in an amout~t not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borru~er) under all insurance policies covering the Property, insofar as such rights are applicable to '~he coverage of the Property. Lender may use the insurance proceeds either to repair or restore thc Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not thc~ due. 6. Occupancy. Borrower shall occupy, establish, and u~ the Property as Borrower's principal residence within 60 days after the execution .f Ihi~ 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 in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstance,~ c.xi~;t wtfich are beyond Borrower's control, 7. Preservation, Maintenance and Protection of thc Pr.perry; Inspections. Borrower shall not destroy, damage or impair the Property, allow thc Prorerty to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from (Meriorating or decreasing in value due to its condition Unless it is determined pursuant to Secd~m 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Prol~crty if damaged to avoid further deterioration or damage. If insurance or condemnation pr.cc~:ds are paid in connection with damage to, or the taking of, the Property, Borrower shall be re~;pt.~sible 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 payment tlr in ~ ~ries of progress payments as the work is completed. If the insurance or condemnation pmc~,~×ls are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's (~hl igation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon ~nd im'~pections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to .~.~ch an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application proce~, Borrower or any persons or entities acting at the direction of Borrower or CVli/Y 10/21/04 1:19 PU ~4971~7G19 Form 3051 1/01 Ri~htF&x 10/21/04 1:20 PAGE 24/73 RightFax 0552 with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide I.cndcr with material information) in connection with the Loan Material representations include, but arc not limited to, representations concerning Borrower's occupancy of the Property as Borrower':; principal residence. 9. Protection of Lender's Interest in the Property ami Rights Under this Security Instrument. If {a) Borrower fails to perform the covenanI.~; and agreements contained in this Security Instrument, (b) there is a legal proceeding that migh~ significantly affect Lender's interest m the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of ~ lien which may attain priority over this Security Instrument or to enforce laws or regulations), (~ (c) Borrower h~.s abandoned the Property, then Lender may do and pay for whatever is rca'~.mable or appropriate to protect Lender's interest in the Property and rights under this Security Im, trument, including protecting and/or assessing the value of the Property, and securing amlh~r rcpa/ring the Property. Lender's actions can include, but are not limited to: (a) paying an), sums secured by a lien which has priority over this Security Instrument; {b) appearing in courl; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or fights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing thc }~rt,pcrty includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code vi~lali~ms or dangerous conditions, and have utilities turned on or off. Although Lender may take ac[i{m ~mdcr tiffs Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not t~klng any or all actions authorized undcc dds Section 9. An2y amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amount~: 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 .",hall corn ply with all the provisions of the lease. If Borrower acquires fee title to 'the Property, thc lca~,~zhold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by I Jzndcr ceases to be available from the mortgage insurer that previonsl7 provided such insurance and Borrower was required to make separately designated payments toward the premiums for M~rtgagc Insurance, Borrower shall pay the premiums required to obtain coverage substantially cq.iva[cnt to the Mortgage Insurance previously in effect, at a cost substantially equivalent to thc cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage ~lmurer 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 lhat were due when the insurance coverage ceased to be in effect. Lender will accept, use ant! retain these payments as a non-refundable loss reserve in lieu of Mortgage Insura.cc. S~h loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings {m ~,;uch loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance c{~vcrage (in the amount and for the period that Lender requires) provlded by an insurer selected by [~cndcr again becom es available, is obtained, and Lender requires separately designated payments ~,~'ard the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a c~mdition of making the Loan and Borrower was required to make separately designated pa).mcnts toward the premiums for 10/21/04 1:19 Pk(6497137619 Form 3051 1/01 RightF~x 10/21/04 1:20 PAGE 25~73 RightFax ', O55 3 Mortgage Insurance, Borrower shall pay the premiums required to m aintain Mortgage Insurance in effect, or to provide a non-refundable lorn reserve, until l.cnder's requirement for Mortgage Insurance ends in accordance with any written agreement bet,,vcen Borrower and Lender providing for such termination or until termination is require! by Applicable Law. Nothing in this Section 0 af.fects Borrower s obhgatmn to pay interest at the rate pmvlded 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 a§rccd. Borrower is not a party to the Mortgage Insurance. ' Mortgage insurers evahmte their total risk on all such insurdnce in force from time to time, a.n.d may enter into agreements with other parties that sham ~r mt~dify their risk, or reduce losses These.agreemen~ are on terms and conditions that are satisfac'orv to the rnnrt thc other ' ,. ~ ........ · party {or part~es) to these agreement, s. These agreements may requtre the mortgage tnsurer to make payments using any source of funds that the mortgage insurer may have available (which ma7 include funds obtained from Mortgage Insurance prom lams). As a result of these agreements, Lender, any purcha~icr ~f the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly o,r indirectly) amounts that derive from (or might be characterized as) a portion of Borrower s npa. yments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's sk, or, re~l, .uci~. g losses. If such agreement provides that an al'filinte ot' Lender takes a share of the ~nsurer s risk tn exchange for a share of thc premiums paid to the insurer, thc arrangement is often ten'ned 'captive reinsurance." Further. ' (a) Any such agrccmcnts will not affcct thc amou.ts that Borrowcr has agrccd to pay for Mortgage Insurance, or any other terms of the L.an. Such azreements will not increase the amount Borrower will owe for Mortgage Insurance, and tl~ey will not entitle Borrower to any refund. (b) Any such agreements Will not affect the rights ll-rrower has - if any - with respect to the Mortgage Insurance under the Homeowners Prr,tcction Act of 1998 or any other law. These rights may include the right to recci~ c t:t:rtain disclosures, to request and obtain cancellation of the Mortgage Insurance, t¢~ have the Mortgage Insurance. terminated automatically, and/or to receive a refund t~f any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeilurc. Ail Miscellaneous Proceeds are hereby ~ssigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Procee&; :;hall be applied to re, storation or repair of the Property, if the restoration or repair is economically fcasible and Lender s security is not lessened. During such repair and restoratton period, Lendt.r shall lmve the right to hold such Miscellaneous Proceeds until Lender has had an opportunity ~,, inspect such Property to ensure the. wor. k has been completed to Lender's satisfaction, pmvldcd that such inspection shall be .undertalq. en promptly. Lender may pay for the repairs and restoration in a single disbursement or ~ri~enes ,of ,p. ro,gr, ess. payments ~s the work.m completed. [hdcm an agreement is made in g or .~ppncame Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings o,n stu:h Miscellaneous Proceeds. If ]?.nr~o_sr f~e~p~r~tm_,,ngt econ, gm' ~.cal!,y feasible or Lender s ~curity would be lessened, the pp secured bi ibis Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. ~quch Mi~ellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, des~truction, or loss in YalUe of tim Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security hkslrument, whether or not then due, with the excess, if any, paid to Borrower. .In thc event of a partial taking, c~struction, or loss in valtlt~ of the ProperW in which the fair marl:et value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater limn the amount of the sums secured by this ,%curity Instrument immediately before the partial taking, destruction, or loss in value, unl~,~ Borrower and Lender otherwise eree in writing, the sums secured by this Security Instrumem shah be reduced by the amount of Miscellaneous Proceeds multiplied by the following fraction: (n) the total arnount of the sums secured immediately b~fore the partial taking, destruction, or h~,;s in value divided by (b) the fair market value of the Property immediately before the partial laking, destruction, or loss in value. Any balance shall be paid to ~orrower. Pa~a ~ of 15 Form 3051 1/01 CVW~ 10/21/04 1:19 PM 64971~7619 RightF&x 10121104 1:20 PAGE 26/73 RightFax 0554 In the event of a partial tatting, destructioth or loss in vM.e of the Property in which the fair market value of the Property immediately before the partied t.kl.g, destruction, or loss in value is less than the amount or the sums secured immediately bc[(~rc the partial taking, destruction, or lorn in. value, unless Borrower and Lender otherwise agree i~L writing, the.Mi~cellaneons Proceeds shall be applied to the sums secured by tiffs Security Instr. mc,~t whether or not the sums are then due. If the Proper. ty is abandoned by Borrower, or if, after .,~tice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers ~o m ~ke an award to settle a claim for damages, Borrower fails to respond to Lender within 30 day~,; ~fter the date the notice is given, Lender is authorized to collect and apply the Miscellanc(.~s Proceeds either to restoration or repair, of the Prope~rty~ or to the sums secured by this Sec.rit. y Instrument, whether or not then due. Opposing Party means the third party that owes B~rrtm'er Miscellaneous Proceeds or the party against whom Borrower has a right of action in regar4 .~ Miscellaneous Proceeds. Borrower shall be in default if any action or proceedi.g, whether civil or criminal, is begun that. in Lender's judgment, could result in forfeiture .[ die Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurrcd, reinstate as provided in Section 19~ by causing the action or proceeding to be dismissed wilh s ruling that, in L~ender's judgment, ~recludes forfeiture of the Property or other material imp&rment of Lenders interest in the rroperty or rights under this Security Instrument. The prt~:ccds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to rt~sl~,r~ don or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lcndur Not a Waiver. Extension of the time for payment or modification of amortization o[ tire sums secured by this Security Instrument granted by Lender to Borrower or any Succc,~'~,r in Interest of Borrower shall not operate to release the liability of Borrower or any Success~m h~ Interest of Borrower. Lender shall not ~ required to commence proceedings against any S.ccc~,~r in Interest of Borrower or to refuse to extend time for payment or otherwise modify am~,rliz~tlon of the sums secured by this Security Instrument by reason of any demand made by the ~ri§inal Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exerci:;ing ~ny right or remedy including, without limitation. Lender's acceptance of payments from Ihl rd persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. l~. Joint and Several Liability; Co-signers; Successt~rs and Assigns Bound. Borrower covenants and agrees that Borrower's obligstions and liabiliu, shall be joint and several. However, ny Borrower who co-signs this Security Instrument but d~;~; ~.~ execute the Note (a a) is co-signingthis Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security h~strument; (b) is not personally obligated to pay the sums secured by this Security Instrumcm; ~.d (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or m ~kc ~ny accommodations with regard to the terms of this Securit~ .Instrument or the Note without ~,1~ ctrsig.er's consent. Subject to the provm~ons of Section 18, any Successor i. l.tcrest of Borrower 'who assumes Borrower's obligations under this Security Instrument in ~ rlli~% and is approved by Lender. shall obtain all of Borrower's rights and benefits under this Sec~,rh,y Instrument. Borrower shall not be released from Borrower's obligations and liability under tl~i:; Security Instrument unless Lender agrees to such release in writing. The covenants and agrecm c.ts of this Security Instrument shall bind (except as provided in Section 20) and benefit the succt~',:~rs and assigns of Lender. 14. Loan, Charges. Lender may charge Borrower fcc~ f~r services performed in connection with Borrower s default, for the purpose of protecting Le.d.r's interest in the Propert~ and rights under this Security Instrument, including, b-ut not Ii'hired t~, ~ttorneys' fees, prope' rt~ inspect~ion and valuation fees. In regard to any other fees, the a~ee.c~ .[ express authority in this Security Instrument to charge a specific fee to Borrower shall nt~t be construed as a prohibition on the charging of such fee. Lender may not charge fees that ar~ c~Frc~s~ly prohibited by this Security Instrument or by Applicable Law. C¥~h' 10/21/04 1:19 PId 6497137619 ..,. ~o o, ~s Form 3051 1/01 RightF~x 10121104 1:20 PAGE 27/'/3 RightFax "" 0555 If the Loan is subject to a law which sets maximum hmn charges, and that law is finally [.n_.t.e~[ete. d so that t,h5 interest..o.r p,t. he.r loa.n chyges coll~t~d or to be collected in connection wnu me Loan exceea me permlrtea nmlts, then: (a). any such loan charge shall be reduced by the amoUnt necessary to reduce the charge to the permitted limit; aud (b) any sums already collected from Borrower which exceeded permitted limits will h_. rchmded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the rc'duction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment char e is rovid-ed under the Note) Borrower's acce-.tance ~ ....... '~ ..... ~ _.. . g p _ d for · 1' u, m~.y ouch relunrA reticle Dy OlreC[ payment to Borrower will constitute a waiver of any right of action Borrm~cr might have arising out of such overcharg~e; 15. vaotices. All notices given by BOrrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been )given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if ~,t by other means. Notice to any one Borrower shall constitute notice to all Borrowers unlex,; Applicable Law expressly requires otherwise. The notice address shall be the Property Addrc.'~s unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall ' Borrower's chane of add . . pro.raptly notify Lender of o~-~- .u__ hiS_e__~ [e~,,. If,Lender ,speq.fies a procedure for reporting Borrower's change of ~..~,~,-~x~, m*.u ~u,rmwer ?~.n om.y re.port a change of addre..~s through that specified procedure. ~nere may ve omy one aesignated not, ce address under this Security Instrument at any one time. Andy n,otice to Lender shall be given by delivering it or by rnailinl~ it by first class mail to Lenders address stated herein unless Lender has desigm~tcd another address by notice to Borrower. Any notice in connection with this Security hu;~rurnent shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is aim required under Applicable Law, the Applicable Law requh'ement will satisfy the corresponding requirement under this Security Instrument. 16. Govertfing Law; Severability; Rules ot' Constructi{m. Tlfis Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All fights and oblil?tions contained in this Security Instrument arc subject to any requirements and limitations of applicable Law. Applicable Law might explicitly or implicitly allow the turtles to ague by contract or it might be silent, but such silence shall not be construed as a prtohibition aaa,nat agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, ~';~lc'[t conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc ma~uline gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) thc word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy· Borrower shall be given one C.F,y of the Note and of this Security Irkstrum ent. 18. Transfer of the Property or a Beneficial Interest in B , 1 " ' . orrower As used in this Section 8, Interest m .the Property means any legal or benet'icial interest in the Property, including, but not limited to, those beneficial interests transf~.rrcd in a bond for deed, contract for deed, installment sales contract 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 is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) ~thout Lend. ers p.no£ written_ consent, Lender may require immediate payment in full of all .su. ms~securect b~ tins :Security Instrument. However, this opfim~ shall not be exercised by Lender ii such exercise m prohibited by Applicable Law. If Lender exercises this option. Lender shall give Borro~vcr notice of acceleration. The notice shall provide a~.eriod of not less than 30 days from the date thc nt~tlce is given in accordance with Section 15 within which Borrower must pay all sums secun:d 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 furtht~,r notice or demand on Borrower. OVWY 10121104 1:19 Pk~ 6497137619 "'" ~ °' ~5 Form 3051 1101 RightF&x 10121/04 1:20 PAGE 281 '/3 RightFax 0556 19. Borrower's Right to Reinstate After Acceleration, ff Borrower meets certain conditions, Borrower shall have the right to have enfo,ccmcnt of this Security Instrument discontinued at any time prior to the earliest of: (a) five da3'.'; t~cfore sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) st;ch other period as Applicable Law might specify for the termination of Borrower's right t,~ rui~kstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are tti~t llorrower. (a) pays Lender all sums which then would be due under this Security Instrument ,nd the Note as if no acceleration had occurred; (b) cures any default of any other covenants .r agreements: (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited zo, reasonable attorneys' fees, property inspection and valuation fees, and other fees inc~rred for the purpose of protecting Lender's interest in the Property and rights under this Sec.rity Instrument; and (d) takes such action as Lender may reasonably require to amure that Lender':; interest in the Property and rights under this Security Instrument, and Borrower's obligadr, u to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the r. lh~ing 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 wht~:;c deN)sits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this righl to reln:;~a~c stroll not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice t~f Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under Ibc Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more change:; of the Loan Servicer unrelated to a sale of the Note. ff there is a change of the Loan Servicer, Bt,mm'er will be given written notice of the change which will state the name and address of the new l..an Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the l,oan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan scr~ icing obligations to Borrower will remain with the Loan Servicer or be transferred to a succes:.~,r lxmn Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join. t~r be joined to any judicial action (as either an individual litigant or the member of a class) thal ari:~s from the other party's actions pursuant to this Security Instrument or that alleges thal 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 given in compliance with the requirements of Section 15) of such alleged breach and afforded the other 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 thin paragraph The notice of ::cccleration 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 substances defined as toxic or hazardous substances, vdl utants, or wames by Environmental Law and the following substance-~ gasoline, kerosene, tllher flammable or toxic petroleum niti~ hi: t~l-6(WY)m°°~ ..,. u o, ~ / Form 30~1 1/01 0¥~t 10/21/04 1:19 Pkt 6497137619 RightFax 10121104 1:20 PAGE 29173 RightFax products, toxic pesticides and herbicides, volatile solvenl% materials containing asbestos or formaldehyde, and radioactive materials; (b) 'Environmental I.aw' means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any rcsp..se action~ remedial action, or removal action, as defined in Environmental Law; and (d) aa "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, di..;lXm'al, storage, 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 Environmental Law, (b) which creates a. l~nvlronmental Condition, or (c) which, due to the presence, use, or release of a Hazardot~s ~q.bstance, creates a condition that adversely affects the value of the Property. The preceding t:v. ,.entences shall not apply to the presence, use, or storage on the Property of small quantiti~; of tIazardous Substances that are generally recognized to be appropriate to normal residenliaI ti.ms and to maintenance of the Property (including, but not limited to, hazardous substancc~ in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental l.aw of which Borrower has actual knowledge, (b) any Environmental Condition, including but m)t limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Subslance, 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 governmcnlal or regulatory authority, or any private party, that any removal or other remediation of any t Iazardous Substance affecting the Property is nec~ry, Borrower shall promptly take all nc~cc~'~:~ry remedial actions in accordance with Environmental Law. Nothing herein shall create a.y obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lcmlcr further covenant and agree as follow.~ 22. Acceleration; Remedies. Lender shall give indite to Borrower prior to acceleration following Borrower's breach of any covena.t or agreement in this Security Instrument {but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) thc dcl'ault; (b) the action required to cure lhe default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the fight to reinstate after acceleration and thc right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke thc power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Secli.n 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Pr.perry, 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 ~f sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender r~r its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order. I~-BIWY) CYW~ lo/:~1/04 1:19 PId 64971.'17619 InitiBIs: .,~ .,0. ~ o, ~s Form 3051 1/01 RiShtF&x 10/21/04 1:20 PAGE 30/'/3 RightFax (a) to all cxpcnses of thc salc, including, but not limited to, rcasonablc attorncys' fccs; (b) to all sums sccurcd by this Sccurity Instrument; n,,d (c) any ciccss to thc p~rson or persons legally entitled to it. .. 23. Release. Upon payment of all sums secured by this Security hmtrument, Lender shall rel~tse this Security /nstrurnent. Borrower shall pay any r,:(:ordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but ,,ly if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights u,der and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees 1o the terms and covenants contained in this Security hmtrumen! and in any Rider executed by Borrower and recorded with it. Witnease~ R 08 EI~fJ/A S,:HA~',~ F N~AC~I / (Seal) -Bor rowor (s~) -Borrower (Seal) (s~) -Borr ow er -Bor row er (Seal) (Seal) -Borrower -Borrowor (Seal) (Seal) -B or r ow er -B or r ow or CVWY 10/21/04 1:19 PM 649733761ff Form 3051 1/01 RightFax 10/21/04 1:20 PAGE 31/73 RightFax '0559 STATE OF~, The foregoing instrument was acknowledged before me this by County ss: (3l~ /96~ My Commission Expire~ //_//_~ ~ / JEANNE F. UEiSSER Comm. ti 1280487 NOTARY PUBLIC:CAL~ORN~ C~¥ 10/21/04 1:19 pld 6497137619 Form 30S1 1/01 RightFax 10121104 1:20 PAGE 38173 RightFax :. 05GO LOAN # 6497137619 14 FAMILY RIi)ER {Assignment of Rents) THIS 1-4 FAMILY P,2DER is made this 29TH c~y ~,[ OCTOBER, 2004 and is incorporated into and shall Be deemed to amend and ,%pplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the '.:m~e d~te given by the undersigned (the "Borrower") to secure Borrower's Note to BANK OF AMER ICA, N, A. (the "Lender") of the same dete and covering the Property &.';cribed in the Security Instrument and located at: 522 PINE AVENUE, KE~ERER, WY 83101 [Prol~rty Address] 14 FAMILY COVENANTS. In addition to the cove.ants and agreements made in the Security Instrument, Borrower and Lender further covenam a.d agree as follow~ A. ADDITIONAL PROPERTY SUBJECT TO TIIE SECURITY INSTRUMENT. In addition to the Property described in the Security Instrument, the following items now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also constitute the Property covered by die Security Instrument: building materials, appliances and goods of every nature whatsoever H~w or hereafter l~cated in, on, or used, or intended to Be used in connection with the Properb', i,~cludlng, but not limited to, those for the purposes of supplying or distributing heating, cooling, dcctricity, gas, water, air and light, fire prevention and extinguishing apparatus, security and acce~,:~ control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, rc[rlgerators, dishwashers, disposals, washers, dryem, awnings, storm windows, storm doors, ,~:rccH.% blinds, shades, curtains and curtain rods, attached mirrors, cabinets, paneling and aU~chcd floor coverings, all of which, including replacements and additions thereto, shall Be deemed to be and remain a part of the Property covered by the Security Instrument. All of the f(,rugt)ing together with the Property descriBed in the Security Instrument (or the leasehold esta~,~ if the Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security h~strument as the "Property." MULTISTATE 1-4 FAMILY RIDER Page 1 of 4 BS57R (00(38) VMP MORTGAGE FORMS - (800)521-7291 ~57F 10/21/04 1:19 ~ 6497137619 RightF~x 10121/04 1:20 PAGE 39/73 RightFax B. USE OF PROPERTY; COMPLIANCE WITI! I.AW. Borrower shah not seek. agree to or make a change in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to the Pml~,rty. C SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission D. RENT LOSS INSURANCE. Borrower shall mai.lain insurance againm rent loss in addition to the other hazards for which insurance is required by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DFI.15rED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Pr{}pcrty is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's r,.xt.c.st after default, Borrower shall assign to Lender all leases of the Property and all security dev~s~ts made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leas~ and to execute new leases, in Lender's sole di,'~retion. As used in this paragraph G, the word 'lease' shall mean 'sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT ()F RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally a~;,g,,s and transfers to Lender all the rents and revenues ("Rents~) of the Property, regardless of to ;~lmm the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to c~,llcct the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents, However, Borrower shall receive the Rents until (i) Lender has given Borrower notice ~f default pursuant to Section 22 of the Security Instrument, and (ii) Lender has given notice to Ibc tcnant(s) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rent:; constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of default to Borrower. (i) all Rems received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, t. bc applied to the sums secured by the Security Instrument; {ii) Lender shall be entitled to collc~zt and receive all of the Rents of the BS57FI (0008) Page2of4 U57F 10121104 1:19 PM 6497137619 RightF&x 10/21/04 1:20 PAGE 40/?3 RightFax Property; (iii) Borrower agrees that each tenant of the Propcrly shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand lo the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or I.cmlcr's agents shall be applied first to the costs of taking control of and managing the Property and c. llecting the Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bends, repair and maintenance costs, insurance premiums, taxes, assessments ami other charge~ on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver appointed t. lake pomession of and manage the .Property and collect the Rents and profits derived from thc Property without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any [~,mls expended by Lender for such purposes shall become indebtedness of Borrower to Lender ,~cured b~ the Security Instrument pursuant to Section 9. Borrower represents and warrants that Borrower has not t'×ccuted any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from ................. /exercising its rights under this paragrapk .__: ..... . ....... :' Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to.z-: .... Borrower. However. Lender, or Lender's agents or a judicially app~dnted receiver, may do so at an7 time when a default occurs. Any application of Rents shall not cure or waive an~ default or invalidate any other right or remedy of Lender. This ~signmcnt of Rents of the Property shall terminate when all the sums secured by the Security Instrumcm are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's &:[;mlt ur breach under any note or . agreement in which Lender has an interest shall be a breach under the Security Instrument and ' Lender may invoke any of the remedies permitted by the Sect~rity Instrument. Pago 3 of 4 M57F 10/21/04 1:19 PM 6497137619 RightFax 10/21/04 1:20 PAGE 41/73 RightFax 056 o BY SIGNING BELOW, Borrower accepts and agrees ,.(, thc tcrms and provisions contained in this 1-4 Family Rider. (S~d) -Borrower (s~) -Borrower (S~l) -Borrower (s~) -Borrowor (s~) -Borrower (s~) -Borrowor (s~]) -Borrower B$57R (0008) P.go 4 of 4 M57F 10/21/04 1:19 PM 6497137619 RfghtF~x 10/21/04 1:20 PAQE 32/7,3 RightFax LOAN # 6497137619 ADJUSTABLE RATE RII)ER THIS ADJUSTABLE RATE RIDER is made tMs 29Tit dayof 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") .f the same date given by the undersigned (the "Borrower") to secure Borrower's Adju,.;table Rate Note (the "Note") to BANK OF AMER ICA, N.A. (the "Lender") of the same date and covering the Property dc.-~:ribcd in the Security Instrument and locatedal: 522 PINE AVENUE, KEM~RER, WY 83101 [Proper~y Address] THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND MY MONTHLY PAYMENT. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WILL RESULT IN LOWER PAYMENTS, ADDITIONAL COVENANTS. In addition to the cov(:nants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CII The Note provides for an initial interest rate of 5,375 for changes in the interest rate and the monthly payments, as follows: The Note pmvldes 4, INTEREST RATE AND MONTHLY PAYMENT CHANt; ES (A) Change Dates The interest rate l will pay may change on the FIRST dayof NOVEMBER, 2009 and on that day every 12TH month thereafter. Each date on wtfich my inter~t rate could change is called a "Change Date." (B) The Inde, Beginning with the first Change Date, my interest rate will L~ based on an Index. The "Index" is: MULTISTATE ADJUSTABLE RATE RIDER - Single Family I:IS~,~ (0101)J33 VMP MORTGAGE FORMS - {ED0)521-7~91 iulOl'T{ 10/21/04 1:19 PM 6497137619 RightF&x 10/21/0~t 1:20 PAGE 33/?3 RightFax ,O565 THE ONE-YE/~t LON]ON INTERBAAK OFFERED RATE ('LIBOR'] ~/HICH IS THE AV[R',~E OF INTERBANK OFFERED RATES FOR ONE-¥E.,~I U.S. DOLLAR-DENOt, IIN,~,TEO OEPOSITS IN THE LO,ION ~ARKET. AS ?J.~!..%tED IN THE Y/ALL STREET JOURNAL. ldO,ST RECENT I/~EX FIGURE AVA LADLE AS OF Tile DATE 45 BAYS BEFDRF F~.~, £H~E OATE IS CALLED TIlE "CURRENT II, Ex. ' ff the Index is no longer available, the Note Holder will choo~ a new Index that is based upon comparable inform stion. The Note Holder will give me noticu .f this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will cMculatc my new interest rate by adding TWO AND ONE-OUARTER percentage points ( 2. 250 % ) to the Current Index. The Note I folder will then round the result of this addition to the [--[ Nearest [X-I Next Highest [--] Next l.()west OI~-E I GHTH OF ON' 'a' PERCENTAG'-~ PO I NT ( O. 125 % ). Subject to the limits mated in Section 4(D) below, this rounded amounl will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of thc monthly payment that would be sufficient to repay the unpaid principal I am expected to owe at the Change Date in full on the maturity date at my new interest rate in subetantially equal paymcnts. The result of this calculation will be the new amount of my monthly payment. ~ Interest-Only Period The "Interest-only Period" is the period from the date of thi:: N~ote through . For the interest-only period, after calculating rn y new interest rate as provided above, the Note Holder will then determine the amount of the mo,thly payraent that would be sufficient to pay the interest which accrues on the unpaid principal of my h)an. The result of this calculation will be the new amount of my monthly paymeat. The "Amortization Period' is the period after the interest-only period. For the amortization period, after calculating my new interest rate as provided a~x)ve, the Note Holder will then determine the-arfiount of the monthly payment that would ¼; sufficient to'imiSiy-tlie unpaid principal that I am expected to owe at the Change Date in f,ll on the Maturity Date at my new interest rate in sul~antially equal payments. The result of this calculation will be the new amount of m y monthly payment. ~6h~ 10/211D4 1:19 PM §4971371i19 Ri~htF~x 10/21104 1:20 PAGE 3~1'13 RightFmx ,0566 (D) Limits on Interest Rate Changes (Please check appropriate boxes; if no box is checked, there will be no maximum limit on changes. ) ~] (1) There will be no maximum limit on interest, r~ile changes. ~] (2) The interest rate I am required to pay at the firm. Change Date will not be greater than 5[ or leas than %. ~] (3) My interest rate will never be increased or decreased on any single Change Date by m ore than percentage points ( %) from the ratt: t,[ inmrest I have been paying for the preceding period. IX] (4) My interest rate will never be greater than 10 37§ %, which is called the 'Maximum Rate.' [] (5) My interest rate will never be less than %, wkich is called the "Minimum Rate.'  (6) My interest rate will never be less than the initial interest rate. (7) The interest rate I am required to pay at the fi ~.;t Change Date will not be greater than 10.3715 % orlessthan 2.250 %. Thereafter, my interest rate will never be increased or decreased ,n any single Change Date by more than IW0 percentage points ( 2.000 %) from the raze {~f interest I have been paying for the preceding period. (E) Effective Date of Changes My new interest rate will become effective on each Cha,gc Date. I will pay the amount of my new monthly payment beginning on the first monthly paym chi date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mall to me a notice of any clmnges 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 ~ given to me and also thc title and telephone number of a person who will answer any question I may have regarding the notice. BS899R (om Pals 3 of I, JGNR 10/21/D4 1:19 P~ 6,497137619 10/21/0t 1:20 PAGE 35/'?3 RightFax 0567 B. TRANSFER OF THE PROPERTY OR A BENEFICI :ti. INTEREST IN BORROWER U~forrn Covenant I g of the Security Instrument is amended m read as follow~ (1) WHEN IdY INITIAL FIXED INTEREST RATE CH,AAi~ES TO ,AN ,ADJuST~I F INTEREST RATE UNDER THE TERMS STATED IN SECTION 4 ABOYE, UN[FO~ COVENANT 18 OF THE SECURITY INSTRU~f:r~'T I~',-SCRIE, ED IN SECTION B(2] BEL~ SHALL THEN CEASE TO BE IN EFFECT, ~ UNIFO~I COVE~ 18 OF THE SECUalTY It~TRLJ~JENT SHALL INSTEA8 BE DESCRIBED AS FOLLDWS: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section lg, 'Interest in the Property' means any k-gal or beneficial interest in the Property, including, but not limited to, those beneficial i,,Icrusts transferred in a bond for deed, contract for deed, installment sales contract or c.'~row agreement, the intent of which is the transfer of the title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in ~hc Property is sold or transferred (or if a Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, l.cnder may require immediate payment in full of all sums secured by this Security lt~:;trument. However, this option shall not be exercised by Lender if such exercise is prohi bi ted by Applicable Law. Lender also shall not exercise this option if: (a) Borrower cau.,;~l tO be submitted to Lender information required by Lender to evaluate the intended ~ramferee as if a new loan were being made to the transferee; and (b) Lender reasonably dt:termines that Lender's security will not be impaired by the loan assumption and that tht.. risk of a breach of any covenant or agreement in this Security Instrument is acceptable to I x'nder. To the extent permitted by Applicable Law, Lender m ay charge a reasonable fee as a condition to Lender's consent to the loan assumptkm. Lender also may require the transferee to sign an assumption agreement that is acceplablc m Lender and that obllgates the transferee ~o keep all the promises and agreemenI.,; made in the Note and in this Security Instrument. Borrower will continue to be obligalcd under the Note and this Security Instrument unlem Lender releases Borrower in writing. Pile 4 of B 10121/04 1:19 ,cUd 6497137619 RightFa× 0904. 2 10/21/04 1:20 PAGE 36/73 RightFax ,.0568 If Lender exercises the option to require immediate payment in full, Lender shall. give Borrower notice of acceleration. The notice shall pre,vide a period of not lees than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security h~:;t rument. If Borrower fails to pay these sums prior to the expiration of this period, Lc,der may invoke any remedies permitted b~ this Security Instrument without ~urther notice or demand on Borrower. (2) UNTIL MY INITIAL FIXED INTEREST RATE CH~ES TO AN A.r]JUST~F~.,~ NTE~EST RATE UNDER THE TERMS STATED IN SECTION 4 ABOVE. UNIFORM COVEI%~NT 18 DF THE SECURITY INSTRU~IENT 5~ALL READ AS FOLLOWS: TRANSFER OF THE PROPERTY DR A BENEFICIAl. INTEREST IN ~O,~;~OWFR. AS USE0 IN THIS SECTION 18, 'INTEREST IN THE PROPERTY' MEANS ANY LEO~ OR BENEFICIAL INTFk[ST IN THE PROPERTY, II~CLUDiI'~], BUT ~T LIMITED TO, THOSE BENEFICIAL INTERESTS TRANSFERRED ~N A B0~ FOR DEED, CONTRA~T FOR DEED, INSTALLMENT SALES CONTRACT OR ESCROW ~REEMEI%rr, THE INIFNT OF WHICH IS THE TRAAJSFER OF TITLE BY BORROWER AT A FUTURE DATE TO A PURCHASER. IF ALL OR A.N¢ P/~RT OF THE PROPERTY OR ANY INTEREST IN THF PHOPERTY S SOLD OR TRANSFERRED [0R IF BORROWER IS NOT A NATURAL PERSON ~ A BENEFICIAL NIE~T N BORROWER IS SOLD OR TR~FERRED] WITHOUT LENOER'S PRIOR NRITTEN CONSENT, LEI,Z]ER ~A~ REQUIRE IM~iEDIATE PAYMENT IN FULL OF ALL SUI~IS SECURED BY THIS SECURITY INSTRUMENT. HOWEVER. THIS OPTION SHALL NOT BE EXERCISED BY LENDER IF EXERCISE IS PROHIBITED BY APPLIC/~LE lAN. F LENDER EXERCISES THIS OPTION, LEkOER SHALL GIVE BORR0'~'rq k~TICE OF ~CELERATION. THE I~]TICE ,SHALL PROVIDE A PERIOD OF kerf LESS THAN 30 DAYS FR~ TdF DATI: THE NOTICE IS GIVEN IN ACCORD/~CE WITH SECTION 1~ WITHIN WHICH BORROWER I~IJST PAY ~J I .tI~ SECURED BY THIS SECURITY INSTRUMENT. IF BORROWER FAILS TO PAY THESE SIJHS PRIOR TD THF [XPlRATION OF TH S PERIOD, LENDER MAY INVOKE ANY REMEDIES PERMITTED BY THIS SECURITY N.V~JMENrr WITHOUT FURTHER NOTICE DR DEI~,A,hD ON BORROWER. BS899R NIGI',R ~0/21/04 1:19 PM 6497137619 RightF~x 10/21/04 1:20 PAGE 37/73 RightFax 0569 BY SIGNING BELOW, Borrower accepts and agrees m thc tcrms and covenants contslned in this Adjustable Rate Rider. ~GE~ SCHAN~E~ACH" - ~/ -Borrower (s~) -Borrower (s~) -Borrowi~r (s~) -Borrower -Borrower (seal) -Borrower (s~) -Borrower (Seal) -Borrower ",m, a of a MGhR 10/21/04 1:19 PM 6497137619 LEGAL DESCRII'T! ON Lot 6 of Block 15 of the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof.