Loading...
HomeMy WebLinkAbout904290Bll~ (01) After Recording Return To: GMAC Mortgage Corp. 100 Witmer Road Horsham, PA 19044-0963 ATTN: Records Management 906290 RECEIVED LINCOLN COUNTY CLERK 0[~ ,NflV - 3 AH I0:3 O JEANNE W,.,~. NER o571, .vq0608 _l R PA~./c., [Space Above This Lh~e For Rec,,'ding Data] L,,anNo. 573499407 NIN 1000375-0573499407-5 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 regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated October 2004 , together with all Riders to this document (B) "Borrower" is Charles J. Horton and Dawn h. Guffey~ ~in~le persons 29, Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc MERS is a separate corporation that is acting solely as a nominee for Lender add Lender's successors and assigns. MERS is the mortgagee under this Security Instrulnen~. MERS is organized and existing under the laws of Delaware, and has an address and telcl,honc number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOIVI'ING - Single Family - Fannie Mae/Freddie Mac . UNIFORM INSTRUMENT Form30S, 1101 (Page 1 0f18) 25,1.291632 Initials: GMACM - CMS.0042.WY (0001) 941 06.?,9 (D) "Lender" is GMAC Mortgage Corporation Lenderisa Corporation laws0f Pennsylvania 100 Witmer Road, P.O. Box 963, Horsham, PA organized and existing under the Lender's address is 19044 (E) "Note" means the promissory note signed by Borrower and dated October 2004 . The Note states that Borrower owes Lender Two Hundred Thirteen Thousand Five Hundred and 00/100 29, Dollars (U.S. $ 213,500.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full m~t 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, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (It) "Riders" means all Riders to this Security Instrumc,~t 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 [--] Biweekly Payment Rider ~'] 1-4 Family Rider ~] Other(s) [specify] F'--} Planned Unit Deveh,pmel~t Rider (I) "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. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar Organization. (K) "Electronic Funds Transfer" means any transfer ot' 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 taW ~, :ts 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 transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. , (M) "Miscellaneous Proceeds" means any compensati~,n, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, Ibc Property; (ii) condemnation or other taking of all or any part of the Property; (iii) convey:moo in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or co~dition of the Property. GMACM - CMS.0042.WY (0001) (Page 2 oflS) hdlials: 0S04; S0 (N) "Mortgage Insurance" means insurance protecting l.cnder against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled atnount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 or' this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security lnstrmnent, "RESPA" refers to all requirements and restrictions that are imposed in regard t, a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means an3 party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repa3 mcnt of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely :ts nominee for Lender and Lender's successors and assigns) and to the successors and assigns {~1' MERS, with power of sale, the following described property located in the County [Type of Recording JurisdM i.n] : of L±ncoln [Name of Recording Jurisdict im~] SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF. which currently h~ the address of 170 West Mill Circle, [StreetI Alpine , Wyoming 8 312 8 ("Property Address"): [CityI lZil, G,de] TOGETHER WITH all the improvements now or hcrcat'ter erected on the property, and all easements, appurtenances, and fixtures now or hcrcM'tcr a part of the property. All replacements and additions shall also be covered by ~l~is Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted 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 sdl thc Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. ~?!/YOMING - single Family - Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Fu,.m .mS~ b0, ~ ~ ~ _ GMACM - CM$.0042.'WY (0001) (Page $ of IS)hfitials: ._ ~ _ t' BORROWER COVENANTS that Borrower is lawfully seise~F of the estate hereby conveyed and has the right to mortgage, grant and' convey thc Property and that the Property is unencumbered, except for encumbrances of record, llt~,'rower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unil'm'ln covenants for national use and non-uniform covenants with limited variations by jurisdiction 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 ltclns, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, ami 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. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security h~strument is returned to Lender unpaid, Lender may require that any or all subsequent p',tymclitS due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: Ia) 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 wh{~sc deposits are insured by a federal agency, instrumentality, or entity; or Id) Electronic Funds Transfer. Payments are deemed received by Lender when ,'cccivcd at the location designated in the Note or at such other location as may be designated by Lender 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 current, l.cndcr may accept any payment or partial payment insufficient to bring the Loan current, wid~out waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial pa3 nlCnts 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 Lender nccd not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower lnakes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immcdi',~cly prior to foreclosure. No offset or claim which Borrower might have now or in the future ',lgainst Lender shall relieve Borrower from making payments due under the Note and this Scct,rity Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: Ia) interest due under the Note; (b) principal duc under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first lo late charges, second to any other amounts due under this Security Instrument, and then to rctluce the principal balance of the Note. LOAN NO: 573499407 WYOMING - S,ngle Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form ½1151 I/IH GMACM - CMS.0042.WY (0001) (Page 4 of I8) Initials: , 06i2 If Lender receives a payment from Borrower for ;I delinquent 'Periodic Payment which includes a sufficient amount to pay any late chat:ge duc, thc payment may be applied to the delinquent payment and the late charge. If more than one Periodic 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 hc l~aid in full. To the extent that any excess exists after the payment is applied to the full paymcm of one or more Periodic Payments, such excess may be applied to any late charges due. Vtdtmtary prepayments shall be applied first to any prepayment charges and then as described in thc Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone thc duc date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall p',~y to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessmcms and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leaseh61d payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage h~sul-ancc premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, l.cndcr 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 shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower sh:lll pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay thc Ftmds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender l:unds 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 for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period ',s Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security lustrumcnt, as the phrase "covenant and agreement" is used in Section 9. If Borrower is oblig',tcd to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount mid Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Louder may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in st,ch 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 RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. l.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: 573499407 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fo,'m 3051 1,'01 GMACM - CMS.0042.WY (0001) (Page 5 of 18) htilials: O 9(04 90 : 08i3 The Funds shall be held in an institution whose deposits are 'insured by a federal agency, instrumentality, or entity (including Lender, if l.cndcr is an institution whose deposits are so insured) or in any Federal Home Loan Bank. kcndc,- shall apply the Funds to pay the Escrow Items no later than the time specified under RESP:\. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing thc escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on thc [:unds and Applicable Law permits Lender to make such a charge. Unless an agreement is nladc in writing or Applicable Law requires interest to be paid on the Funds, Lender shall m~t 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 Borrt)wcr, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, a,~ defined under RESPA, Lender shall account to Borrower for the excess funds in accordance wid~ RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender ~hall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly 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 necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly l~;tymc,~ts. Upon payment in full of all sums secured by thi.~ Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Connnunity Association Dues, Fees, and Assessments, if any. To the extent that these items arc 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 payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prcvcm 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 to l~cndcr subordinating the lien to this Security Instrument. If Lender determines that any pa,'t ~d' tl~c Property is subject to a lien which can attain priority over this Security Instrument, l~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 above in this Section 4. Lender may require Borrower to pay a one-time charge lbr 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 Property insured against loss by fire, 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 WYO~[~N'G - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3u51 1'01 GMACM - CMS.0042.WY (0001) (Page 6 of 18) Initials: 09042h 0 0614 (including deductible levels) and for the periods that Louder require's.' What Lender requires pursuant to the preceding sentences can change' during thc tm'in of the Loan. The insurance carrier providing the insurance shall be chosen by Borrmvcr subject to Lender's right to disapprove Borrower's choice, which right shall not bc exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determi nation or certification. Borrower shall also be responsible for the payment of any fees imposed b3 thc Federal Emergency Management Agency in connection with the review of any flood /~mc determination resulting from an objection by Borrower. If Borrower fail§ to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Bom~wcr's equity in the Property, or the contents of the Property, against any risk, hazard or liabilit3, and nfight provide greater or lesser coverage than was previously in effect. Borrower acknmvlcdges that the cost of the insurance coverage so obtained might significantly exceed the cost ~d' insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These ',mmunts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss p',ycc. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. 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 resmr',ti~m or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the riglu Itl hold such insurance proceeds until Lender has had an opportunity to inspect such Property t~ cusurc the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable 'Law requires interest to be paid on such instu'ance proceeds, Lender shall not be 'required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, LOAN NO: 573499407 WYOMING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT I:m'm tl)51 1/01 GMACM - CMS.0042.WY (0001) (Page 7 of 18) Initials: or other third parties, retained by Borrower shall not be paid out of the. {fisurance proceeds and shall be the sole obligation of Borrower. If the resioration ,,r repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then duc, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in thc ~,'dcr 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 n.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 ~.tice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in a, amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) ',my other of Borrower's rights (other than the right to any refund of unearned premiums paid hy Borrower) under all insurance policies covering the Property, insofar as such rights arc applicable 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 Instrumcut, 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 ill writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protectill. ot' the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property 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 Properb' fi'om deteriorating or decreasing in value due to its condition. Unless it is determined imrsual~t to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance t,' c{mdemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restorati., i, a single payment or in a series of progress payments as the work is completed. If the insunmcc or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries ,l),n and inspections of the Property. If it has reasonable cause, Lender may inspect the interior ,~I' lt~e improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall he iii default if, during the Loan application process, Borrower or any persons or entities acti~g at the direction of Borrower or with Borrower's knowledge or consent gave materially false, nfisleading, or inaccurate information or statements to Lender (or failed to provide l.cnder with material information) in WYOMING - single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fol m 3o51 1/01 GMACM - CMS.0042.WY (0001) (Page 8 of 18) hfiti;ds: 0:9042 0 ' 0616 connection with the Loan. Material representations include, bui 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 Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding th'.~t might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for cn l'orccment of a lien which may attain priority over this Security Instrument or to enforce laws t),' regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay lbr whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of 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) ~lppcar~ng in court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have t~ 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 Scctitm 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such im erest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, B{~ri'ower shall comply with all the provisions of the lease. If Borrower acquires fee title to Ibc Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance cox cragc required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward thc premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage 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 effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of thc ,cparately designated payments that were due when the insurance coverage ceased to be in el'IL, ct. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu ill' Mortgage Insurance. Such 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 on such loss reserve. Lender can no longer require loss reserve payments il' M{mgage Insurance coverage (in the LOAN NO: 573499407 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fmm 3051 GMACM - CMS.0042.WY (0001) (Page 9 of IS) Initials: 7 amount and for the period that Lender requires) provided bx :m insurer selected by Lender again becomes available, is obtained, and Lender requires sepm'a~cly designated .payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay thc prenfiums required to maintain Mortgage Insurance in effect, or to provide a non-refimdablc loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or mnil 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 cnmy that purchases the Note) for certain losses it may incur if Borrower does not repay thc Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties th:ti share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreemcms. These agreements may require the mortgage insurer to make payments using any source of l'tmds that the mortgage insurer may have available (which may include funds obtained from lXh~rlgagc Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of ~l~c l'oregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing t~i' modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an 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 amlmnts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of thc Imam Such agreements will not increase the amount Borrower will owe for Mortgage h~surance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeo~llCl-S Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mm-tgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forl'cilure. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. WYOMING - single Family - Fa~mic Ma~/Frcddie Mac UNIFORM INSTRUMENT Ft,rm 31151 1/01 GMACM - CMS.0042.WY (0001) (Page 10 of 18) Inilials: ,-:.-'0618 If the Property is damaged, such Miscellaneous Pl'{)cccds shall b~ applied to restoration or repair of the Property, if the restoration or' rbpair is ccont~mically feasible and Lender's security is not lessened. During such repair and restoratitm period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pa3 for tile repairs and restoration in a single disbursement or in a series of progress payments ;,s thc work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or roll,dr is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then duc, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the 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 Bol'rowcr. In the event of a partial taking, destruction, or Ii,ss itl value of the Property in which the fair market value of the Property immediately before d~c partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security h~strument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the folh~wing 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 bert)re the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or h~ss 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 immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by dfis Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or il'. artcr notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) t)t'l'crs to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply thc Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured hy this Security Instrument, whether or not then due. "Opposing Party" means the third part3 that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of acm)n in regard to Miscellaneous Proceeds. LOAN NO: 573499407 WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 ..,~" ~,~ GMACM - CMS.0042.WY (0001) (Page I1 of 18) Initials: Borrower shall be in default if any action or proceeding, wh.dher civil or criminal, is begun that, in Lender's judgment, could result'in forl~'ilm'c of the 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 Ii:~s occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnlis.~cd with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment 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 to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance B3' I.cmler Not'a Waiver. Extension of the time for payment or modification of amortization of' thc sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any .qucccssor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand m:~dc hy the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's accept',mcc o1' payments from third persons, entities or Successors in Interest of Borrower or in amotmth h:ss than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligati~ms and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security lnsti'tm~cnt only to mortgage, grant and convey the co-signer's interest in the Property under the terms oI' this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Insti'tmlcnt in writing, and is approved by Lender, shall obtain all of Borrower's rights and bcncl'its under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. ¥!/YO~'IING - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT F,,,'m 3051 1/01 GMACM - CMS.0042.WY (0001) (Page 12 of J8) Initi:ds: ( 14. Loan Charges. Lender may charge Bormx~cr fees for services performed in connection with Borrower's default, for the pu'rpose {ff protecting Lender's interest in the Property and rights under this Security Instrument, includi ng, Imf not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fcc to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maxinmm 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: la) any such ltmll charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and lb) any sums already collected from Borrower which exceeded permitted limits will bc rcl'unded 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, thc reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Br,-rower 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 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 scm 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. Borrm~cr shall promptly notify Lender of Borrower's change of address. If Lender specifies a proccdt,rc t'or reporting Borrower's change of address, then Borrower shall only report a change ol' address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by l.cmlcr. 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 Security Instrument. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security lnsm,lnCnt are subject to any requirements and limitations of Applicable Law. Applicable Law mighl explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a LOAN NO: 573499407 ~OM]NG - Single Family - Fannie Mae/Freddie Mae UNIFORM INSTRUMENT Fmm 3(15t 1/01t~'%~ ]~ GMACM - CMS.0042.WY (0001) (Page 13 of 18) bridals: [jO prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with 'Applicahlc l.aw, such ~bnflict 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 ul' thc masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) thc word "may" gives sole discretion without any obligation to' take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal t~r beneficial interest in the Property, including, but not limited to, those beneficial interests mmsfcrrcd in a bond for deed, contract for deed, installment sales contract or escrow agreement, Ibc 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 thc Property is sold or transferred (or if Borrower is not a natural person and a beneficial 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. If Lender exercises this option, Lender shall give Bt,'rower notice of acceleration. The notice shall provide a period of not less than 30 days fr.m the date the notice is given in accordance with Section 15 within which Borrower musl pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior tt~ thc expiration of this period, Lender may invoke any remedies permitted by this Security Instrumo, 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-rccmcnt 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 Instrument; (b) such other period as Applicable Law might specify for the termination of Borruwcr's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any r, hcr covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuati.n l'ecs, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Btn'rower's obligation to pay the sums secured by this Security Instrument, shall continue tmd~anged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. GMACM - CMS.0042.WY (0001) (Page 14 of IS) Initials: Upon reinstatement by Borrower, this Security Instrumcm and obligatibns secured hereby shall remain fully effective as if no acceleration had 'occurred. l lowever, this.right to reinstate shall not apply in the case of acceleration under Section 18, 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments cltl: under the Note and this Security Instrument and performs other mortgage loan servicing tdlligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change o1' thc Loan Servicer, Borrower will be given written notice of the change which will state thc aame and address of the new Loan Servicer, the address to which payments should be made and ,'my 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 purchaser 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 Nt}lc purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, jtfin, or be joined to any judicial action (as either an individual litigant or the member of a class~ that arises from the other party's actions pursuant to this Security Instrument or that alleges that the 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 gn~cn in compliance with the requirements of Section 15) of such alleged breach and afforded thc .thor 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 thai time period will be deemed to be reasonable for purposes of this paragraph, The notice .1' 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 n.ticc 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, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, x'.latile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environniental Law" means federal laws and laws of the jurisdiction where the Property is It)cared that relate to health, safety or environmental protection; (c) "Environmental Cleanup' includes any response action, remedial action, or removal action, as defined in Environmcnl,,d Law; 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 Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, mb'thing alTecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazarclot~s Substance, creates a condition that LOAN NO: 573499407 WYOMIN~ - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT I.,',n ~051 1'01 GMACM - CMS.0042.WY (0001) (Page 15 of 18) Initials: 0623 adversely affects the value of the Property. The preceding two senience's shall not apply to the presence, use, or storage on the Property of small quantities of llazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances 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 F. nvir(mmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, iucluding but not limited to, any spilling, leaking, discharge, release or threat of release of an3 ltazardous Substance. and (c) any condition caused by the presence, use or release of a lk~/ardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmcmal Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and l.cnder further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Sectim~ 18 tmless Applicable Law provides otherwise). The notice shall specify: (a) the default; {h) the action required to cure the 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 Ill 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 fu,'lher i,fform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrmser to acceleration and sale. If the default is not cured on or before the date specified in Ihe nl~tice, Lender at its option may require inunediate payment in full of all sums secured b) this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but nm 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 Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender o,' its designee may purchase the Property at any sale. The proceeds of the sale shall be allplied in the following order: (a) to all expenses of the sale, including, but not limited to, reasolmble attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) ail) excess to the person or persons legally entitled to it. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fro'n, : ~51 1/Ol GMACM - CMS.0042.WY (0001) (Page 16 of 18) Initials: 23. Release. Upon payment of all sums secured bv this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrumcm, but only if the fee is paid to a third party for services rendered and the charging of the fee is l~crmitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights ur~d6r and by virtue of the homestead exemption laws of Wyormng. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider cxucutcd by Borrower and recorded with it. (21~a es d Horron ~' (Seat) -Borrower ~rey~ IJ (Seal) -Bo~ower (Seal) -BolTowel' LOAN NO: 573499407 Witnesses: WYOMING - single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT l'm.~ /051 l/Or GMACM - CMS.0042.WY (0001) (Page 17 of 18) INDIVIDUAL ACKNOWL E I)G 1~ lENT STATE OF WYOMING, } SS CO.TV The foregoing instrument was acknowledged be fmc mc this October 29, 2004 { tl~IIC) bC~arles J. Horton and Dawn h. Guffey (person acknowledging) My Commission Expires: Notary Public LAURIE COE- NOTARY PUBLI~+ ~~~~~ County of ~r~ State of Teton ~ Wyoming V~nJtrO~'[ING - Single Family - Fannie Ma~/Frcddi¢ Mac UNIFORM INSTRUMENT From 3151 GMACM - CMS.0042.WY (0001) (Page 18 of 18) Initials: Schedule A Wyoming Mortgage Given By: Charles J Horton and Dawn L Guffey Page 1 Lots 1 and 2, Palis Park Subdivision, according to the official plat thereof, being part of the N1/2SE1/4 and tha SW1/4NE1/4 of Section 29, T37N, Rll8W, 6th P.M., Wyoming.