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HomeMy WebLinkAbout904467After Recording Return To: EAGLE GATE FINANCIAL SERVICES, LLC 10653 S. RIVER FRONT PARKWAY SUITE 170 SOUTH JORDAN, UTAH 84095 LOAN NO.: 218204 90 [ 67 RECEIVED LINOOLN COUNTY CLERK ESCROW NO.: TITLE NO.: FA 12622 OM PARCEL NO.: 12-2116-23-1-28-259.00 MINNO.: 1000317-0000218204-2 [SPACE ABOVE Tills LINE FOR RECORDING DATA] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other words'are defined in Sectio~ 3, 11, 13, 18, 20 and 21. ~rtain ~les regarding ~e usage of words u~cd in this document are also p~ovided in Section 16. (A) "Security Instrument" mea~ ~s document, w~ch is dated NOVEMBER 3 , 2004 , toge~e~ wi~ all ~ders to ~s documem. ~) "Borrower" is BR~N ~ELL ~ ~VAIDA ~ELL, ~8B~ ~ WIFE, kS JOINT 'i'EN~S Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. M ERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigus. M ERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. (D) "Lender" is EAGLE GATE FINANCIAL SERVICES, LLC Lender is a LIMITED LIABILITY CORPORATION orga]fized and existing under the laws of UTAH Lender's address is 10653 S. RIVER FRONT PARKWAY SUITE 170; SOUTH JORDAN, Iq'Alt 84095 Initial~ :?~/~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INST R U h I ENT - MERS Docvmv S~Rv[c~s. INc. FORM- MMTOWYI-31Sl Page 1 of 14 ORIGINAL Form 3051 1/01 (E) "Note" means the promissory note signed by Borrower and dated NOVEMBER 3 , 2004. The Note states that Borrower owes Lender EIGHTY NINE THOUSAND SIX HUNDRED AND 00/100 .................................... Dollars (U.S. $ 89,600.00 ) plus interest. Borrower has prmnised to pay this debt in regular Periodic Payments and to pay the debt in full not later than NOVEMBER 01 , 2034 (F) "Property" means the property that is described below under ~l~c heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepay ment charges and late charges due under the Note, and all sums due under this Security Instrument, phis imcrcst. (H) "Riders" means all Riders to this Security Instmment that are c×ecuted by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominium Rider [] Balloon Rider [] Planned Unit Development Rider [] 1-4 Family Rider [] Biweekly Payment Rider [] Other(s) [specify]: PREPAYMENT PENALTY RIDER [] Second Home Rider [] Assumption Rider ~] Inter Vivos Trust Rider ADI)I.:NI~I 'M TO ADJUSTABLE RATE RIDER INTEREST ONLY ADDENDUM TO ADJI ~STA BLE RATE RIDER (1) "Applicable Law" means all controlling applicable federal, st;itc and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as x~ ell 'as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees and Assessments" mea,s all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condom i,it,m association, homeowners association or similar organization. (K) "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, computer, or magnetic tape so as to order, instruct, or authorize a Ii,ancial 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 au tmn: ttcd clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of daxnages, 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, the Property; (ii) condemnation or other taki,g .f all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations ~,~', or onfissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender agai,st the uonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount duc fi,' (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "RESPA" means the Real Estate Settlement Procedures Act t12 U.S.C. g 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 thc sa,ne subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortage loan" even if the Loan does not qualify as a 'Tcderally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/t.' this Security Instrument. LOAN NO.: 218204 Initials,:~.J__ '~.~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRtlM ENT -'MERS Form 3051 1/01 Docvmv S~mtc~s. Itcc voP. M- MMTGWYI-31$1 Page 2 of 14 ORIGINAL T NS R OF RIGHTS P OPE TY ". 0 1 5 4 This Security I~tmment secures to Lender: (i) ~e repayment of thc L~an, and all renewals, extemiom and modificatiom of &e Note; and (ii) &e perfo~nce of Bo~ower's cra, chants and agreements under ~is Security Imt~ment and ~e Note. For ~is pu~ose, Bo~ower does hereby mt~rtgage, grant and convey to ME~ (solely as no.nee for Lender and Le~er's successors and assigns) and to the successors and assigm of MERS, wi~ power of sale, ~e following described prope~y located in the (?OUNTY of LINCOLN : THE ~ST 65 FEET, BEING THE SAME AS THE ~ST ONE-HALF, OF LOTS 1,2 AND 3 OF BLOCK 5 OF FA~W ADDITION TO THE TO~ OF ~MMERER, LINCOLN CO~TY, ~OMING AS DESC~ED ON THE OFFICAL PLAT THEREOF ADJUSTABLE RATE RIDER(S) ATTACHED HERETO AND MADE A I'ART HEREOF PREPAYMENT RIDER ATTACHED HERETO AND MADE'A PART II I~RF~OF. INTEREST ONLY ADDENDUM TO ADJ. RATE RIDER ATTACHED II ERETO AND MADE A PART HEREOF. ADDENDUM TO ADJUSTABLE RATE RIDER ATTACHED HERETO A N D MADE A PART HEREOF PARCEL NO.: 12-2116-23-1-28-259.00 which currently has the address of 810 ELK STREET ; lSlrt'etI KEMMERER , Wyonling 83101 ("Property Address"): [City/Ar~a] IZip Code] TOGETltER WITH all the improvements now or hereafter erected m~ the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All r~placements and additions shall also be covered by this Security Instrument. All of the foregoing is referred m 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 tl~¢ law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to excrcis~ any or all those interests, including, but not limited to, the right to foreclose and sell the Property; and m take any action required of Lender including, but not limited to, releasing and canceling this Security lnsmm~ent. BORROWER COVENANTS that Borrower is lawfully seised {ff thc estate hereby conveyed and has the right to grant and convey the Property and that the Prt)perty is unencumbered, except for encumbrances of record. Borrower 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 uniform covenants for national use and non-uniform covenants with limitedvariationsby jurisdiction to constitute a unifi,'m security instrument covering real property. LOAN NO.: 218204 Initials. ;~q~..~= k {~J'~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INST R t/~IENT - XIERS Docv~v $~vtcss, I~vc. yom. ~nsrmw~4u~ Page 3 of 14 ORIGINAL Form 3051 1/01 0904467 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 0 [55 1. Payment of Principal, Interest, Escrow Items, Prepaymcm Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidc~ccd by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pa) funds tbr 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 pa3 mcnt uuder the Note or this Security Instrument is returned to Lender unpaid, Lender may require that am m' all subsequent payments due under the Note and this Security Instrument be made in one or more of the fi~lh~wing 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 fi:doral agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at thc l~cation designated in the Note or at such other location as may be designated by Lender in accordance with thc nmice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payment are insufficient to bring the Loan current. Lender may accept any payment or partial pa)Incnt insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its riehts to refuse such payment or partial payments 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 duc date, then Lender need not pay interest on unapplied funds. Lender may hold suchunapplied funds until Bom~x~er makes payment to bring the Loan current. If Borrower does no[ do so within a reasonable period or' 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 immediately prior to foreclosure. No offset Or claim which Borrower. might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by th i s 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 t~f priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Sectim~ 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any rcm:fining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the phncipal balance of the Note. If Lender receives a payment from Borrower for a delinquent Pcdmlic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to thc 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, c:tch payment can be paid in full. To the extent that any excess exists after the payment is applied to the full pa)ment of one or more Periodic Payments, such excessmaybe applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellancm:s Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender tm thc day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide fi~r 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) leasehold payments or ground rent~ oll the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Nh,'tgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage lusurance premiums in accordance LOAN NO.: 218204 Initials::?_.~_~_ ~[ ~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTR U~ lENT -'~IERS Doo,~t, S~wcv. s. I?~c. vov.~_ ~vvraw~-am Page 4 of 14 ORIGINAL Form 3051 1/01 090446? t , ..... 0156 with the provisions of Section 10. These items are called "Escrow hems." At origination or at any time during the term of the Loan, Lender may require that Community Associatim~ l)t~ es, 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 Secfio, [lorrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds fi.. a.y or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, 13m'mwcr shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of I~unds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such pa3 mcnt withiu such time period as 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 hlslrument, 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 amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Scctim~ 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any t~mc by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Fu~lds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) s.fficient to permit Lender to apply the Funds at the time specified under RESPA, and Co) not to exceed the maxi,mm amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of furore Escrow Items or otherwise in accm'd',mce with Applicable Law. The Funds shall be held in an institution whose deposits ar.e insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whos~ deposits are st) insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying thc Funds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest ou the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in xw'~ting or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Bm'rower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the F.nds its required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, ami Bm'rower shall pay to Lender the amount necessary to makeup 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 trader RESPA. Lender shall notify Borrower as required by RESPA. and Borrower shall pay to Lender the amouut necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthl3 paymeuts. Upon payment in full of all sums secured by this Security Instrument Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessmems, charges, fines, and impositions attributable to the Property which can attain priority over this Security lnstrmnent, leasehold payments or ground rents on the Property, if any, and Community Association Duzs. I:ces, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in thc manner provided in Section 3. Borrower shall promptly discharge any lien which has priority .vet this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secm'ed by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) cm~tests the lien in good faith by, LOAN NO.: 218204 Initials~,~.( WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUME~r-T ~RS Form 3051 1/01 Docw~v S~nvrc~s. Itqc. vov,~-~rmwy~-~t Page 5 of 14 ORIGINAL '0157 or defends against enforcement of the lien in, legal proceedings which ill Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending~ but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement s~ti~thctory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of thc Pr~)perty is subject to a lien which can attain priority over this Security Instrument. Lender may give Borrm\ cra uotice ideutifying 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 for 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 .my existing or hereafter erected on the Property insured against loss by fire, hazards included within the tclm "exteuded coverage," and any other hazards including, but not limited to, earthquakes and floods, fi.- which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carder providing the insurance shall be chosen by l]m-rower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised um'casm~ably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge fi. l]~.)d zone determination, certification and tracking services; or (13)a one-time charge for flood zone dcterm nation and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible fi.. tl~c payment of any fees imposed by the Federal Emergency Management Agency in connection with the rcv~cw of auy flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described abm'c. Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no oblieatio,~ to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, ag:linst any risk. hazard or liability and might provide greater or lesser coverage than was previously in effect, t3tlt'rower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost ~l' 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 amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such p~.l ici cs shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, a,d sh:~ll name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and reuewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts ol' p:lid 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 can'ier and Lender. Lender may make proofoflossifnot made promptly by Borrower. Unless Lc~dcr ,'md Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying irkqur:mcc was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or rclxtir is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lc.dc,- shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect sud Pr~lperty to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall bc undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment o, n a series of progress payments as the LOAN NO.: 218204 Initials ,-:~. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTR~; ~NT~'- - Form 3051 1/01 Docvmlv S~t~vtc~s. I~c. ~om~-MMTOW¥1-31~I Page 6 of 14 ORIGINAL work is completed. -0158 Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Bm'rower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained b) Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. il' thc restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, il' any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a nmicc fi'om Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle iht claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires thc Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any ins,tahoe proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of thc Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amoums unpaid under the Note or this Security Instrumem, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use thc Property as Borrower's principal residence within60 days after the execution of this Security Instrument and shall conti~me to occupy the Property as Borrower's principal residence for at least one year after the date or' occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or tmlcss exte~mating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the I'roperty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deterim'ate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall mai main the Property in order to prevent the Property from deteriorating or decreasing in value due to its comlition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible. B.l'rowcr shall promptly repair the Property if damaged to avoid further deterioration or dankage. If insura,cc m- condemnation 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 restoration in a single payment 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 inspectim~s of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on d~e Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such rcasouable cause. 8. Borrower's Loan Application. Borrower shall be in deth,h if, during the Loan application process, Borrower or any persons or entities acting at the direction of Bm'rower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate informatio,l or statements to Lender (or failed to provide Lender with material information) in connection with the l~oan. Material representations include, but are not limited to, representations concerning Borrower's occupant3 or' the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rigl,ts 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 that might significantly affect Lender's interest in the Property and/or rights under this LOANNO.: 218204 h,itials ..2_~_4~_ ~...~" WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTR I 1MENT -" MERS DocPR~P SERVICES. INC. I:ORM- MMTOWY1-31Sl Page 7 of 14 ORIGINAL Form 3051 1/01 o9o44G7 0159 Security Instrument (such as a proceeding in bankruptcy, probate, fin' condmm~ation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations). or (c) Borrower has abandoned the Property, then Lender may do :md pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights tmclcr this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/re' repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by :t lieu wlfich has priority over this Security Instrument; (b) appearing 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, c,tcring the Property to make repairs, change locks, replace or board up doors and windows, drain water frm~ pipes, elinfinate building or other code violations or dangerous conditions, and have utilities turned on or oft'. Ahhough Lender may take action under this Section 9, Lender does not have to do so and is not under any dut) or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized uudcr this Section 9. Any amounts disbursed by Lender under this Section 9 shall becmnc additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the N.tc rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Bmmwcr requesting payment. If this Security Instnunent is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage |l~surancc in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make scp,'~rately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prcufiums 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 altenmte mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is nt,t available, Borrower shall continue to pay to Lender the amount of the separately designated payments that x~ crc due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borr. wcr any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mort~,,lgc Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward thc premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Lo:m a,d Borrower was required to make separately designated payments toward the premiums for Mortgage lnsurauce, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a .mi-refundable loss reserve, until the Lender's requirement for Mortgage Insurance ends in accordance with a, y written agreement between Borrower and Lender providing for such termination or until termination is requi~ cd by Applicable Law. Nothing in tlfis Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases thc Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not ~ party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance i, fi.~cc/'rom 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 mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to nlakc payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). LOAN NO.: 218204 Initials~£~,~L .~' WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTR U M ENT -"MERS Form 3051 1/01 Docw~ S~vtc~s. I~vc. vov.~- MMX~W~-~m Page 8 of 14 ORIGINAL As a result of these agreements, Lender, any purchaser of the Note ;mother insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, 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 or 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 premiulns paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Bol'rmver has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if auy - with respect to the Mortgage Insurance under the Homeowners 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 Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or ~crmination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All tx lisccllaueons Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall bc applied to restoration or repair of the Property, if the restoration or repair is economically feasible and LctMcr's security is not lessened. During such repair and restoration period, Lender shall have the right to h;dd such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure thc work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken' promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments :ts the work is co~npleted. Unless an agreement is made in writing or Applicable Law requires interest to bc paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings tm such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security wm~ld be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrumcl~t, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall hc applied in the order provided for in Section 2. In the event of a total taking, destruction or loss in value of thc Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether m' not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value or thc Property in which the fair market value of the Property immediately before the partial taking, destruction, m' hIss in value is equal to or greater than the amount of the sums secured by this Security Instrument irmnediatcly 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 Miscellaneous Proceeds multiplied by the following 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 bel'm'c tile partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destmction, or loss in value of thc Property in which the fair market value of the Property immediately before the partial taking, destruction, m h~ss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or h~ss i~ value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. LOANNO.: 218204 Initials, ?~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INST RUM ENT -~IERS Form 3051 1/01 Doc~mr~, S~v~c~s, I~vc. ~otm- ~mtawg~-~s~ Page 9 of 14 ORIGINAL 0161 If the Property is abandoned by Borrower, or if, after notice by I~cndcr to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to scale a claim for damages, Borrower fails to respond to L~nder within 30 days after the date the notice is given, l~cmlcr is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property m' m the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means 0~c flfird party that owes Borrower Miscellaneous Proceeds or the par~y against whom Borrower has a ri.h~ of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Proper~y or o~cl material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the acti(.i o~ proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Propcr~y m' 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 attribntable to the impairment of Lender's interest in thc Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or ~cpair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a W;dver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release thc liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to eormnencc proceedings against any Successor 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 made by 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 acceptance of payments from third persons, entities m' Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver or' t)~ preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "c~l-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest itt the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums seem'ed by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modi 13,, ti.'bear or make any accommodations with regard to the terms of this Security Instrument or the Note withm~t the co-signer's consent. Subject to the provisions of Section 18. any Successor in Interest ~lf Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall n.t 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 i, Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees fi.' services performed in connection with Borrower's default, for the purpose of protecting Lender's interest i, the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrume,t to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such ibc. I~cnder may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. LOAN NO.: 218204 Initial~. _ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTI/I,h lENT }~,IERS Form 3051 1/01 Doc~m~P Ss~v~css, Ir~c. ~oa~- MMTOWYI-31$1 Page 10 of 14 ORIGINAL 09044( 7 016 2 If the Loan is subject to a law which sets umximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in conncclim~ with the Loan exceed the permitted limits, then: (a)any such loan charge shall be reduced by the amoum 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 umy choose to ~ke this refund by r~h~cing the principal owed under the Note or by ~m~king a direct payment to Borrower. If a refund reduces principal the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a p, cpay ment charge is provided for under the Note). Borrower's acceptance of any such refund made by direc~ pay,n~m to Borrower will constitute a waiver of any right of action Borrower might have arising out of such (~vcrcharge. 15. Notices. All notices given by Borrower or Lender in conncctim~ wifl~ 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 sent by other means. Notice to any one Borrower shall constitute n~,icc itl all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be thc I'r. pcrty Address unless Borrower has designated a substitute notice address by notice to Lender. Bm'rower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for repro'ting Borrower's change of address, then Borrower shall only report a change of 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 com~cctim~ with this Security Instrument shall not be deemed to have been given to Lender until actually received b3' l_cnder. If any notice required by this Security Instrument is also required under Applicable Law, .the 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 h~catcd. All rights and obligations contained in this Security Instrument are subject to any requirements and limit:ltimts of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In thc event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be giw. effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) win'ds in the singular shall mean and include the plural and vice versa; and (c)the word "may" gives sole discretim~ w~thout any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of thc Nt>te and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrtm'er. As used in this Section 18, "Interest inthe Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed. instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at ,~ futm'e date to a purchaser. If all or any part of the Property or any Interest in the Property is sold ~)r transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or tr:msfcrrcd) without Lender's prior written consent, Lender may require immediate payment in full of all StllllS secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise ix prohibited by Applicable Law. LOANNO.: 218204 Initials,~??~ ~ WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRt IM ENT - MERS Form 3051 1/01 Docv~v S~vtc~s, Itec vom~- M~rawv~-~s~ Page 11 of 14 ORIGINAL 0!63 If Lender exercises this option, Lender shall give Borrower notice ~t' acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in :lcc{,'dance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Bm'~mver fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 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 discm~tinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to Sectim~ 22 of this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Bm'tower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions arc that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and thc N~tc :is 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 fees, and other fees incurred for the purpose of protecting Lender's il,crest 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 BorrowcFs ~lbl igation to pay the sums secured by this Security Instrument, shall continue unchanged unless as otherwise provided under Applicable Law. Lender may require that Borrower pay such reinstatement sums and expenses in m~c or more of die 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 rep.sits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon roi.statement by Borrower, this Security Instrument and obligations secnredhereby shall remain fully' effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleratim~ under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. Thc Note or a partial interest in the Note (together with this Security Instrumen0 can be sold one or mor~ fmcs without prior notice to Borrower, A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this'Security Instrument and performs other mortgage h~au servicing obligations under the Note, this Security Instrument, and Applicable La.w. There also might bc m~c or ~nore changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the k~a, Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA rcq.ires in connection with a notice of transfer of servicing. If 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 the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any 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 provisiml of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the ~lther party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and :fflbrded the other party hereto a reasonable period after the giving of such notice to take corrective actim~. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportm dry to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant t{i Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Scctim~ 20. LOAN NO.: 218204 Initials ,;~-?.~. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRU MI,; NT- ~J---- M ERS Form 3051 1/01 Docv~vSs~vtcss, I?~c. ~om,4-MM'mw~am Page 12 of 14 ORIGINAL '0164 21. Hazardous Substances. As used in this Section 21: (a) "11',tzardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by E~Mronmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum im~ducts, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive nmterials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Envirm,ncntal Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Clczmup. Borrower shall not cause or permit the presence, use, disposal, ~tm'age, or release of any Hazardous SUbstances, or threaten to release any Hazardous Substances, on or in thc Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the prc~ence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of thc Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential u~cs and to nmintenance of the Property (including, but not limited to, hazardous substances in consumer pn~ducts). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or priw~tc party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has :~ctu:d knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, usc or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learn~, or is notified by any governmental or regulatory authority, or any private party, that any removal or other rcmcdiation of any ~ Hazardous Substance affecting the Property is necessary, Borrower shall promptly .take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any Obligation m~ Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Bm'r{mer prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days frmn the date the notice is given to Borrower, by which the default must be cured; and (d) that f:filure to cure the default on or'before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the 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 Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke 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 o1' intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance Mth 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 or its designee may purchase the Property at any sale. The proceeds o1' the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited ~o, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon paymem of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender nmy charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. LOAN NO.: 218204 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTIl U M ENT - MERS Form 3051 1/01 Doc.pnv. v S~nwces. INC. ~ORM- MMTGWYX-3~Sl Page 13 of 14 ORIGINAL 24. Waivers. Borrower releases and waives all rights under and laws of Wyoming. b3 virtue of the homestead 0165 exemption BY SIGNING BELOW, Borrower accepts and agrees to the terms :md covc~mnts contained in tiffs Security Instrument and in any Rider executed by Borrower and recorded wifl~ it. Witnesses: BRANDON KIDGELL (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower .(Seal) -Borrower LOAN NO.: 218204 (Seal) -Borrower (Seal) -Borrower [Space Below This Line For Ackno~vh, dgment] STATE OF WYOMING, The foregoing instrument was acknowledged before me this by BRANDON KIDGELL AND NEVAIDA KIDGELL COUNTY SS: (date) My commission expires: (person aclmowledg ii,g) Notary Public, St0t6 qf \Vyoll~n~ ) ' WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRU/~IENT - MERS Docv~v S~vtc~s. Itqc. yom- ~rmw'n-3m Page 14 of 14 ORIGINAL Form 3051 1/01 0904415? ADJUSTABLE RATE RIDER (6 Month LIBOR Index - Rate (':'ti)S) (Assumable during Life of Loan) (First Business Da)' o1' Preceding Month Lookback) .0166 THIS ADJUSTABLE RATE RIDER is made this 3RD day of NOVEMBER , 2004 _, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure the Borrower's Adjustable Rate Note (the "Note") to EAGLE GATE FINANCIAL SERVICES, LLC (the "Lender") of the same date and coveting the property described in the Security Instrument and located at: 810 ELK STREET KEMMERER, WYOMING 83101 (Property Address) THE NOTE CONTAINS PROVISIONS ALLOWING FOil RATE AND TI~ MONTHLY PAYMENT. THE NOTE BORROWER'S INTEREST RATE CAN CHANGE AT MAXIMUM RATE THE BORROWER MUST PAY. CIIANGES IN THE INTEREST IAMITS THE AMOUNT THE ANY ONE TIME AND THE ADDITIONAL COVENANTS. In addition to the covenants alld agreements made in the Security Instrument, Borrower and Lender further covenant and agree as fo lh)ws: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 5.125 7,. The Note provides for changes in the interest rate and the monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of . NOVEMBER , 2009 , and may change on that day every sixth month thereafter. Each date on which my interest rate could change is called a "Change Date." 0t) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the six-month London Interbank Offered Rate ("LIBOR") which is thc average of interbank offered rates for six-month U.S. dollar-denominated deposits in the London market, as published in The Wall Street Journal. The most recent Index figure available as of the first business day of thc month innnediately preceding the month in which the Change Date occurs is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND 250/1000 percentage point(s) ( 2.250 ')~ ) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth ol one percentage point (0.125 %). Subject to the limits stated in Section4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly pa)mcnt that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in fi,Il on the maturity date at my new interest rate insubstantially equal payments. The result of this calculation will be the new amount of my monthly payment. LOAN NO.: 218204 Initi:,ls,.?.}{~{._~,_~ MULTISTATE ADJUSTABLE RATE RIDER - 6 Month LIBOR Index [Assumable dttrhlg l .il't. of Loall) (Fil-st Btkqilles.q Day Lookback)-Single Family- Freddie Mae U~fiform Instrument Docv~v $~v~c~s. I~c. vom~- MSSU0s-sac, o Page 1 of 2 Form 5120 3/04 ORIGINAL 0 044g? 0167 (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 11.125 % or less than 2.250 %. Thereafter, my interest rate will never bc increased or decreased on any single Change Date by more than TWO AND 000/I000 percenta,~c point(s) ( 2.000 %) from the rate of interest I have been paying for the preceding six months. My imcrcst rate will never be greater than 11.125 %or less than 2.250 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after thc Change Date until the amount of my monthly payment changes again. (IV) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice Mil include information required by law to be given to me and also the title and telephone number ofa pcrsm~ who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTERI~ST IN BORROWER Section 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borr{m er. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest itt the Property, including, but not limited to, those beneficial interests transferred in a bond for deed. contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer ~ff title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Pr~)pct'W 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 irmnediate pa) mcnt in full of all suxns secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise fl~i,~ ,,ptiol] if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate tltc i~te]lded transferee as if a new loan were being made to the transferee; and (b) Lender reasonably detcrmil~cS that Lender's security will not be impaired by the loan assumption and that the risk of a breach (~t' any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also requi~ c thc transferee to sign an assumption agreement that is acceptable to Lender and that obligates the trans~'crce to keep all the promises and agreements made in the Note and in this Security Instrument. B.m~x~er will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment i, I'ull, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to thc ex piration of this period, Lender may invoke any remedies permitted by this Security Instrument without fi~rther notice or demand on Borrower. INTEREST ONLY ADDENDUM ATTACltED HERETO AND MADE A PART I II:.IW. OF. INTEREST RATE CHANGE/ASSUMPTION ADDENDUM ATTACHED HERI£T() AND MADE A PART HEREOF, BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Adjustable Rate Rider. _ ~_.~ ~ ~ (Seal) (~-~) (Seal) -Borrower ' -Borrower BRANDON KIDGELL N~VAIDA KI I)G ELL (Seal) (Seal) -Borrower -Borrower MULTISTATE ADJUSTABLE RATE RIDER - 6 Month lIBOR h~dex (Assumable durh~g I.il'e ,*l' I.mm) (First Bt~htess Day Lookback)-Single Family- Freddie Mae lhflform h~strumea~t LOAN NO.: 218204 Docv~vS~wcrs, I~vc. vov.~- ~ass~2o~-ss~ Page 2 of 2 Form 5120 3/04 ORIGINAL 0904467 ADDENDUM TO ADJUSTABLE RATE RIDER This addendum is made NOVEMBER 03, 2004 and is incorporated into and deemed to amend and supplement the Adjustable Rate Rider of the same date. The property covered by this addendum is described in the Security h~strun~ent and located at: 810 ELK STREET; KEMMERER, WYOMING 83101 AMENDED PROVISIONS In addition to the provisions and agreements made in the Security h~strument I/we further covenant and agree as follows: , ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT Ci lA NGES Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 11.125 % or less than 2.250 %. Thereafter, my adjustable interest rate will ,ever be increased or decreased on any single Change Date by more than TWO AND 000/1000 percentage point(s) ( 2.000 %) from the rate of interest I have been paying for the preceding six (6) months /M y iaterest rate will never be greater than 11.125 %. My interest rate will never be less than 2.250 %. TRANSFER OF TH-E~ PROPERTY OR A BENEFICIAL INTEREST IN BORROW-ER Uniform Covenant 18 of the Security Instrument is amended to read as ibllows: Transfer of the Property or a Beneficial Interest in Borrower. :\s used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the 'Property including, but 'not limited to, those beneficial interests transferred in a bond for deed, contract for dee~l, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a ft~tm'c date to a purchaser. If all or any part of the Property or any interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transt'crrcd) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice t~t' acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in acctll'dmlce with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fifils to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. In Witness Thereof, Trustor has executed this addendum. ,0168 Witness a,/ Da~ Dfit~ Date Borrower Signa~~ Borrower Signature Date 1202 LIBOR Addendum to Rider Docm~v S~v~ces. I~vc. vom~. AL$1202-2814 Borrower Signature LOAN NO.: ORIGINAL 218204 1/01 INTEREST-ONLY ADDENDUM TO ADJUSTABLE RATE RIDER LOAN NUMBER: 218204 PROPERTY ADDRESS: 810 ELK STREET KEMMERER, WYOMING 83101 THIS ADDENDUM is made this 3RD day of NOVEMBER into and intended to form a part of the Adjustable Rate Rider (thc Addendum executed by the undersigned and payable to EAGLE GATE FINANCIAL SERVICES, LLC , 2004 , and is incorporated "Rider") dated the same date as this (the Lender). TttlS ADDENDUM supersedes Section 4(C) of the Rider. None or the other provisions of tile Note are changed by this Addendum. 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND 250/1000 pcrccnutge point(s) ( 2.250 %) to the Current Index for such Change Date. The Note Holder will then round tile result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits st:ttccl in Section 4(D), this rounded amount will be my new interest rate until the next Change Date. During the Interest-Only Period, the Note Holder will then determine the amount of the monthly payment that would be sufficient to repay accrued interest. This will be the alntmllt of my monthly payment until the earlier of the next Change Date or the end of the Interest-Only Period unless Inmke a voluntary prepayment of principal during such period. If I make a voluntary prepayment of principal during the Interest-Only Period, my payment amount for subsequent payments will be reduced to the anlount necessary to pay interest at the then current interest rate on the lower principal balance. At the end of thc Interest-Only Period and on each Change Date thereafter, the Note Holder will determine the amount of the mtmthly payment that would be sufficient to repay in full the unpaid principal that I am expected to owe at the cml tit' the Interest-Only Period or Change Date, as applicable, in equal monthly payments over the remaini,g term of the Note. The result of this calculation will be the new amount of my monthly payment. After thc end of the Interest-Only Period, my payment amount will not be reduced due to voluntary prepayments. Dated: Borrower BRANDON KIDGELL · NEVAIDA K i I)G ELL Borrower Borrower ALS-603F DocP~P SERVIC£S. INc. FORM- ALS60~F-20~7 ORIGINAL 1/01 0170 PREPAYMENT RIDER (Multi-State) This Prepayment Rider is made this 3RD day of NOVEMBER 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed .f Trust or Security Deed (the "Security Instrument") of the same dategiven by the undersigned (the "Borrowcr"t to secure Borrower's Note (the "Note") to EAGLE GATE FINANCIAL SERVICES, LLC (the "Lender") 810 ELK STREET KEMMERER, WYOMING 83101 of the same date and covering the property described in the Security Instrument and located at (the "Property"). set forth in the Note or Security Additional Covenants. Notwithstanding anything to the contrary Instrument, Borrower and Lender further covenant and agree as follows: Borrower has the right to make payments of principal at any time [left)re they are due. A payment of principal only is known as a "prepayment." A "full prepayment" is the prepayment of the entire unpaid principal due under the Note. A payment of only part of .the unpaid principal is known as a "partial prepayment." If, within the SIX (6) month period beginning with the date Borrower executes the Note (the "Penalty Period"), Borrower makes a full prepayment, m- partial prepayment in any SIX (6) month period that exceeds 20% of the original principal loan amount, Borrower Will pay a prepayment charge as consideration for the Note ltolder's acceptance of such prepayment. The prepayment charge will equal the amount of interest that would accrue tluring a six (6)-month period on the amount prepaid that exceeds 20% of the original princip:d halance of the Note, calculated at the rate of interest in effect under the terms of the Note at the time of the prepayment, unless otherwise prohibited by applicable law or regulation. No prepa) ment charge will be assessed for any prepayment occurring after the Penalty Period. Notwithstanding the foregoing, in the event of a full prepayment concurrent with a bona fide sale of the Property to an unrelated third party after the first SIX (6) .. n,mth(s) of the term of the Note, no prepayment penalty will be assessed. In that event, Borrower agrees to provide the Note Holder with evidence acceptable to the Note Holder of such sale. By signing below, Borrower accepts and agrees to the terms and cra'chants contained in this Prepayment Rider. BRANDONKIDGELL -Borrower(Seal)'~ [C~J{~0Q~F"~-'~ _~O[~_ (Seal) -Borrower N~VAIDA KI DG ELL (Seal) .(Seal) -Borro wet -Borro wet ALS-603B2 Multi-State Rider DOCPREP SERVICES, INC. SNM603B~ 1303 LOAN NO.: 218204 ORIGINAL 11/15/99