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HomeMy WebLinkAbout904435901 [ 35 RECEIVED LI,~,.;OLN COUNTY CLERK t:'.:[; l,~!rtV-8 PH 3:19 WAGNER WHEN RECORDED, MAIL TO: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 This Instrument was prepared by: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 307-734-8111 MIN: 100015700043709720 Loan Number: 78853012 Order Number: FA 12568 OM (Space Above This Line For Recording Data) MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other word~ arc defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided n Section 16. (A) "Security Instrument" means this document, which is dated November S, 2004, t~gether with all Riders to this document. (B) "Borrower" is Jacob Johnson Tosha Johnson, as husband and wife . Borrox~ cr is the mortgagor under this Security Instrument. ((2) "Lender" is Bank of Jackson Hole, organized and existing under the laws of \V),mn ing. Lender's address is P.O. Box 7000, Jackson, WYOMING 830027000. Lender is Ibc mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated November 5, 2004. The Note states that Borrower owes Lender EIGHTY-FOUR THOUSAND and no/100 Dollars (U.S. $84,000.00) plus imcrc~L Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than November 1, 2034. (E) "Property" means the property that is described below under the heading "Trans for of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepaymem ch~,'~c~ 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 [h,'mwcr. The following Riders are to be executed by Borrower (check box as applicable): [] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider [] Balloon Rider [] Planned Unit Development Rider [] VA Rider [] 1-4 Family Rider [] Biweekly Payment Rider [] Other (Specie) - (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 or the Property by a condominium association, homeowners association o~ similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, c~mHmter, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includcs, but is lot limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and aut~mmtcd clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage ~o, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (ix,) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpa.~ mcnt ol; or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) princi[nztl and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 9 IDS. Inc. - (800) 554-1872 Borrower(s) Initials ~ .. ~ 0v27 (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 2601 ct .~"tt.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additiomfl ~}r successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all req,i foments and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally rchacd mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken title to thc I'mperty, 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 repayment of the Loan, and all rcncx, als, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Securit3 Instrtm~cnt and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, xx itl] power of sale, the following described property located in the County of Lincoln: A parcel of Land located in Lot 3 of Block 2 of the Grover, Wyoming Townsite, l~incoln County, Wyoming, said parcel being more particularly described as follows: COMMENCING at the Southwest corner of said Lot 3 and running theuce East 50 feet; thence North 52 feet; thence West 50 feet; thence South 52 feet to the PLACE OF BEGINNING. ALSO A parcel of land located in Lot 3 of Block 2 of the Grover, Wyoming Tmvnsilc, Liucoln County, Wyoming, said parcel being more particularly described as follows: BEGINNING at a point ~2 feet North from the Southwest corner of said Lo! ~ and running thence East 50 feet; thence North 48 feet; thence West 50 feet; thence South 48 feet to the POINT OF BEGINNING. ALSO A parcel of land located in Lot 3 of Block 2 of the Grover, Wyoming Townsite, IAncoln County, Wyoming, said parcel being more particularly described as follows: BEGINNING at a point 50 feet East from the Southwest corner of said Lot 3 :md running thence East 60 feet; thence North I00 feet; thence West 60 feet; thence South 100 feet to the POINT OF BEGINNING. Parcel Identification Number: which currently has the address of: 226 Main/Hwy. 89 Grover, WYOMING 83122 ("Property Address"): TOGETHER WITH all the improvements now or hereafter erected on thc prol3crty, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall als,~ bc cox ered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seized of the estate hot'thy conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbr, m :es ~f record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any enctmfl,rances of record. THIS SECURITY INSTRUMENT combines uniform covenants fo,' nati~mzfl usc and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real tm}pert3 UNIFORM COVENANTS. Borrower and Lender covenant and agree as ft~llmvs: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, :md Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment chat'~e~ and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under thc N{~tc and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as pa) men, under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments duc under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) mono) ~)rder; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution /xh{~se deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location des ign:~tc'd in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15 Lender ma3 return any payment or partial payment if the WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM IN STRUMENT Page 2 of 9 IDS. Inc. - (800) 554-1872 --_.Form 3051 1101 Borrower(s) Initials ~T~----~ 09044:35 payment or partial payments are insufficient to bring the Loan current. Lender may ztc,'Cl~t any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payment, ,a'c ;tcccpted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender m;~.~ hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable pcrit~d ot'time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be appl ed to the outst,mding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in thc ft~tttrc against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the coven:mis :md agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described i~ this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under thc N~Ic; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in thc order ia which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due unde,' this $ccm'ity Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment xs hich includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. Ii'more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Perk ~dic Puyments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied t~} thc Ih ll payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments.shall bca ,plied tirst to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proct:ed:, t,~ principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic I'ayments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) h:a~cht~ld payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; aud (d)/¥h)rtgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during thc term ,~l' thc Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dttcs, l'ces and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this 5-;cction. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for anx ,,t' ztll IZ$crow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. An), sudh xk aix er may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due fo,' am I!scrmv Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evideucing'such pa) ment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall Iht all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amtnmt duc ['t)r an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated trader ,Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a not~ce ,~,ix cnn t, ccordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are th~'n required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sut'ficicnt t~) permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can rctluirc under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures ol' l'ttltlru I ".scrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured hy a I'cdcral agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal I hm~c I.t>gtn Bank Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge llorrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender [n:t~ s Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writiug t,r :\pplicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on thc l:ullds Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, xxith{m! charge, an annual accounting of the Funds as required by RESPA. ' If there is a surplus of Funds held in escrow, as defined under RESPA, Lcndcr shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined trader R I~.";PA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up thc sh~rtagc in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as dcfi ned ulldcr RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to nlakc ttl} Ibc deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender ~,h;tll promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines. ;md impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents {}n mc I'roperty, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items l l~)rmwcr shall pay them in the manner provided in Section 3. VVYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 3 of 9 IDS, Inc. - (800) 554-1872 n~....Form 3051 1101 Borrower(s) I ' 09O4435 Borrower shall promptly discharge any lien which has priority over this Sccurit~ ln.~trulnent unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to lJcndc~ ,' but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement olhhc lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, hut only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordit~.tti,~g tile lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain pri,,rity over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that n,ticc 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 for a real estate tax x c~ ification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing ~,r hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other ha/ards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in Iht amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding scntc~ccs can change during the term of the Loan. The ~nsurance carrier providing the insurance shall be chosen by Borrower subject to I c~)dcr's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in c,~m~ccti(*n with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking servmes; or (b} a one-time ch,H'gc l'oi' flood zone determination and certification services and subsequent charges each time remappings or similar changes occur xx h ich reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed I)~ tile Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an oh. iccti,;n by Borrower. If Borrower fails to maintain any of the coverages described above, Lender ma) obtain insurance coverage, at Lender's option and Borrower' s expense. Lender is under no obligation to purchase any particul ar ty pc ,, r ~,~ o u n t o f coverage. Therefore, su ch coy erage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Pr~ perry, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previousl3 i~ el'feet. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that l/,)rrowcr could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secut'ed hx ~llis Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with ~l~ch 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 mortg~t~cc and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Bormxx cr shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverugc, nm 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 n xxriling, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or 'cpair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and re,rotation period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Properb m ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly, Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unicos ~m agreement is made in 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 proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall nt,t be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economicall3 li:;lsiblc or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument. xx hcthcr or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in .Scdi~,~ 2. If Borrower abandons the Property, Lender may file, negotiate and settle ,~x available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance c,rri cr has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is six ch. In ~:ithet- event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrowcr'~ rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) an3 ,,~hcr of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies coverings thc Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair ~r restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as llom,wer's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as II,,rmx~ cr's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall m~t be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Pro petty; Inspecti.,~s. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whefl~cr {~' m)t Bon'ower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economicall3 feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation pr,,cccds z~re paid in connection with damage to, or the ~'~'~- Form~. 1,/01 Borrower(s) Init'~ - ~ WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 4 of 9 IDS. Inc.- (800] 554-1872 o9o44a taking of, the Property, Borrower shall be responsible for repairing or restoring th c I'r, q~crty only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single pa3 mcnt or in a series of progress payments as the work is completed. If the insurance 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 upon and inspections ol' thc Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower n(~tice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during thc Ioan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consc',t gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material i,fi,'mation) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's o~'c,pancy of the Property as Borrower's principal residence. 9. Protection of Lender's In~erest in the Property and Rights Under this Seen,'it), lustrument. If(a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a Ic~2al Dr~)cceding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a phC'cc'ding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Securit~ h~strt,nent or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever il; ~'~',~s.nable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including pro. tecting and'o~-,ssessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) pa) ing any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable att{,'ncvs' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy pr,;cecding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up dt~,,'s and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on ,,r .f£. AIthough Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do s,~. 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 Section 9 shall become addilioatl debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date ofdisbr~rscmcnt and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with ~ll the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ,.2, r,~tmd lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease. If Borrower acquires lee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, thc N h,'tgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such inst,'ancc and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrowe,- shal pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost stfl, slam ially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected hx l~ender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount [}f~ he separately designated payments that were due when the insurance coverage ceased to be in effect Lender will accept, use anti ret:~in these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstm~dins thc l:act 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 if Mortgage Insurance coverage (in the amount and for the period that Lender r~-qt~ires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated pa) mc~,s t()x~ ard the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was t'c,l.ired to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage lnst,'a,cc ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is reclui rcJ b3 Applicable Law. Nothing in this Section I0 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the N~tc ~ liar certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force fi'om time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the m .ortgage insurer and the other party (or parties) to these agreements. These agreements max 'cquire the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may h~,~'ltMc funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another- inst.'cr, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or ~ 1 ~uht be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage in,m'cr's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange Ii)r ,, share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: WYOMING - Single Family - Fannie Mae/Freddie Mac UNI FORM INSTRUMENT IDS, Inc. - (800) 554-1872 Page 5 of 9 %',,Form 3051 1101 Borrower(s) Initia~-'-~"- ~ 0 04485 (a) Any such agreements will not affect the amounts that Borrower has ;,~rrcd to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower nvill tm e for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any with res peet to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may inchnlc the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance. To have the Mortgagc Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned al lin, lime of such cancellation or termination. Lender. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneou- I'rocccds are hereby assigned to and shall be paid to If the Property is damaged, such Miscellaneous Proceeds shall be applied to rc~toration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such r~ mir and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity t~ iu~pcct such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be unficrt',lkcn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is c,m~ pie(ed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender Nh:lll no! be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economicul I.x t'casible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security h~Nh'tHnct~ t, whethe,' or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the. order pi'ox id~d for in Section 2. In the event ora total taking, destruction, or loss in value of the Property, thc k Ii ~c~l laneous.Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Propcrtx in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater t}]:m the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the N li~ccllaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, dc~(ruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or Io~q in x clue. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Propcrt~ in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the am~nm ~' o l' the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in x~ riling, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Lender to Bom,wet that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to reap, md Ia Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either h~ rcs(oration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" mcmh the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscch;mcous Proceeds. Borrower shall be in defau It if any action or proceeding, whether civil or crimin;t I. is begun that,in Lender's judgment,' could result in forfeiture of the Property or other material impairment of k ender's interest in thc I'rt perry or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided iu .qcction 19, by causing the action or proceeding to be dismissed with a ruling that, i ' ' · n Lender s judgment, precludes forfmture of thc Ih',q~crty or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any awm'd or claim for damages that are attributable to th e impairment of Lender's interest in the Property are hereby assigned and shall be pnid to l,cnder. All Miscellaneous Proceeds that are not applied to restoration or repair of thc I'r~ q)crtv shall be applied in the order provided for in Section 2. - 12. Borrower Not Released; Forbearance By Lender Not a Waiver. E×tcnsion of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Bom~vcr m' any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Bott oxx er. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time liar payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the t,'igimil Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, xx ith.ut limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less [h:m thc amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-si a:~s th is Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, gra~t ;(nd convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pa), thc stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make anx 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 Borroxx cr x~ ho ussumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrox~ ct', rights und benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Sccurit.~ 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. VVYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT iDS. Inc. - (800) 554-1872 Page 6 of 9 ~N,.~_~orm 3051 1101 05"2 14. Loan Charges. Lender may charge Borrower fees for services pcrfimncd in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this SootH-it3 Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence {)l' express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the chztrs,.in~ of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that laxx is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this retired b~ rcducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reducti{m x~ iii be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under thc N~ ~tc). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Bom~xxcr might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this NcctH'ity Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have bccn ~2ix'cn to Borrower when mailed by ilrst class mail or when actually delivered to Borrower's notice address if sent by other means. Nt~ticc to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address ~hall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly n,}til~, Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrox~ cr shall only report a change of address through that specified procedure. There may be only one designated notice address ufider this Sc,_'ttritv 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 sh~tcd herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shull not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument i~ nlst~ required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security h~,h'ttmcnt. 16. Governing Law; Severability; Rules of Construction. This Security Instrmncnt shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations ctm l:~incd in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly m' implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such ctm llict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shztll mcan and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include thc plu rztl and vice versa; and (c) the 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 t~l' this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18" ' , Interest ~n the Property"means any legal or beneficial interest in the Property, including, but not limited to, those bcncl]t'ial iaterests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is thc trztnst'~r 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 h'an~lL'rrcd (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior writte ~ c ~ ~scnt Lende,- may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not bc exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice ofaccelcr~ait m. 'l'he notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which llorrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, l.¢ndcr may invoke any remedies permitted by this Security Instrument 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 enforcement of this Security Instrument discontinued at any time prior to thc t::trlicst 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 Borrower'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 Instrtm~cnt and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fecs. ztnd r~thcr fees incurred for the purpose of protecting C ' ' ender s interest in the Property and rights under this Security Instrument; and (d) trtkc~, ~,ttch action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument ami Btm'~wer's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower i~zl~ such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) ccrti lic~i check bank check, treasurer's check or cashieffs check, provided any such check is drawn upon an institution whose deposits are instil'cd t? a f'ederal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument ,~d obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall no~ ,11¢1>1.~ in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note ~,. a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A s~dc might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Scct,'itx la~'trument and performs other mortgage loan WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ~" IDS, Ir)c, - (800) 554-1872 Page 7 of 9 or.m 3051 1/01 Borrower(s) Initials ~ ..___~ 0 044 5 servicing obligations under the Note, this Security Instrument, and Applicable l.axx. 'l'hcrc also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, I h,'r, ~x~cr will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which pa) moms should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and tlwrca l'tcr the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Bor,'owcr x~ ill remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless othcrxx Ne provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to an)judicial action (as either an individual litigant or the member ora class) that arises from the other party's actions pursuant to this Sccurit5 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 given in compliance with the requirements of Section 15) rd' ~uch al leged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Appl it;thio I,aw provides a time period which must elapse before certain action can be taken, that time period will be deemed to be rcasumdvlc for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and llzc n¢~ticc of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take correctix c .tctiun provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous qtd,stanccs" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the follow lng substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, matcri~d~ c, mtaining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws ofthej urisdicti~m xx hcrc thc Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response ztctiun, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition th~tt can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, ,,r rtl case of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, ncr a lb ~xv anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmcnt;d ( '~mdition, or (c) which, due to the presence, use, or release ora Hazardous Substance, creates a condition that adversely affects the valuc ,>l' thc Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of } la/;trdCms 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 investigati,m, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and an> f la/ardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but nut limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by thc prc~c~cc, use or release ora Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any g~vcrnmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting tl~c Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing hcrcitn shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covemmt :md agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prim' t. acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration nmler Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure thc 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; ;tntl (d) that fidlure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by ~l~is Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence ora 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 o[a II sums secured by this Security Instrument with out 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 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 fi~reclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. I.cmlcr shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and d~c Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, rc;,sou.'dde attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally t'nlillctl to it. 23. Release. Upon payment of all sums secured by this Security hqstrumcnt, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee fi,' rclcttsing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted trader Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue uF thc homestead exemption laws of Wyoming. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 8 of 9 IDS. Inc. - [800) 554-1872 Borrower(s) Initials BY SIGNING BELOW, Borrower accepts and agrees to the terms and covemmt, contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: ~7'-~(:.~.. t,~~ ~c..~~~~ *'~ (Seal) T/sim .I,,j;fis~(~i ' ' ~'- -Borrower STATE OF WYOMING, f ]~~ ~ Q'~-~ tC°untyss: . The foregoing instrument wasacknowle& eg d before me th is ~ ~lay of Jacob Johnson, and Tosha Johnson. Witness my hand and official seal. My Commission Expires: (Seal) · Nl:~t'h)ty Public -- WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form3051 1/01 lOS. Inc. - (800} 554-1872 Page 9 of 9