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Home My WebLink About904600After Recording Please Return To: GreenPoint Mortgage Funding, Inc. [Company Name] [Name of Natural Person] 981 Airway Court, Suite E [Street Address] Santa Rosa, CA, 95403-2049 [City, State Zip Code] 90q600. RECEIVED LINCOLN COUNTY CLERK [Space Above This Line For Reco/ :m~j Data] MORTGAG-E Loan Number: 0084838432 MIN 100013800848384323 DEFINITIONS Words used in multiple sections of this document are defined below md olhcr words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in dfis document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated N.vember 3, 2004, together with all Riders to this document. "Borrower" is Scott Lawrence and Linda D Lawrence, I I.shand And Wife . Borrower is thc mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. M 1~ R g is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. \1 ERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of I)clawar¢, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERR. (D) "Lender" is GreenPoint Mortgage Funding, Inc.. Lender is a Corporation organized and existing under the laws of tl~c .qlate of New York Lender's address is 100 Wood Hollow Drive, Novato, CA 94945. (E) "Note" means the promissory note signed by Borrower and chttcd November 3, 2004. The Note states that Borrower owes Lender One Hundred Nimec, Thousaml Five Hundred and 00/100tbs Dollars (U.S. $119,500.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than December 1, 2034. Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMI.NT MERS Modified Form 3051 01/01 THE COMPLIANCE SOURC~ INC.-- Page 1 of 14 14301wY 08/00 w w w.complia ncesou tee.corn I IIIIII BI g II B ]11 I[11 II][ ]111 Illl ] II I]11 m I] I]11 ...... G P M W D 0 0 8 4 8 3 8 4 3 2 1 1-7 0:904 00 .06:37 (F) "Property" means the property that is described belox~ ulldcr the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, p. lus interc~h any prepay~nent charges and late charges due under the Note, and all sums due under this Security Instrument, plu~ interest. (H) "Riders" means all Riders to this Security Instrument tl~:~t arc executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~] Adjustable Rate Rider F-"] Balloon Rider E~]l-4 Family Rider E~ Other(s) [specify] "-]Condominium Rider E~] Planned Unit Devel~ m~cnt Rider F--] Revocable Trust Rider E~] Second Home Rider [~] Biweekly Payment Rider (I) "Applicable Law" means all controlling applicable federa . stoic and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of lax~ ~ :~ well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessmems" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condt,~dnit,n ilssociation, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of tirade. ~ll~ct' thai] a transaction originated by check, draft, or similar paper instrument, which is initiated through an el cci rossi c terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial in~t,ulit)n to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated Icllcr machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Scciion 3. (M) "Miscellaneous Proceeds" means any compensation, sctdc.~cnt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the covc~ ~,~.,c~ described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of itll t)l' any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions :t~ t(~, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender ~gainst the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled am{rani title for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security lnstrumcm. (P) "RESPA" means the Real Estate Settlement Procedt,cs Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as thcx might be amended from time to time, or any additional or successor legislation or regulation that governs the ~:tmc subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions Ih~t ',,'c imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally rchttcd nortgage loan" under RESPA. Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTI;tl 'q I.; NT MERS Modified Form 3051 01/01 --THE COMPLIANCE SOURCE, INC.-- Page 2 of I q ~4~o~wY 08/00 www.complia nccsou ret.cmn G P M W D 0 0 8 4 8 3 8 4 3 2 I 1 7 0904600 ',- 06 ,., 8 (Q) "Successor in Interest of Borrower" means any party that ha~ taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or ;hi~ Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of tl~c Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's c~vcnants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the sm'cossets and assigns of MERS, with power of sale, the following described property located in the County of Lincoln : FFype of Recording Jurisdiction] [Name of Recording Jurisdiction] Lot 1 of Star View Estates Subdivision, Lincoln County, Wyomi,g as descrihed on the official plat thereof. which currently has the address of 106 Star Lane [$treeq Alton , Wyoming 83110 [City] ~Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafic~ crcc~cd on the property, and all easements, appurtenances, and fixtures now or hereager a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred ~{~ in th i s Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title m Ifc interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, XII~RS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those imcrcs~s, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Icndcr including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully sci7cd t~l' the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Properly is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Pml~crty against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform cove,ants for national use and non-uniform cOvenants with limited variations by jurisdiction to constitute a uniform sec urity instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant a~M agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prcl};D, ment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the dcht cvidcnced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay ftmds for Escrow Items pursuant to Section 3. Wyoming Mortgage-Sh~gle Family-Fannie MaefFreddie Mac UNIFORM INSTRUM I: \T MERS Modified Form 3051 01/01 --THE COMPLIANCE SOURCE, INC.-- Page 3 of 14 14~olwY oa/oo w w w.complianccso urcc.com Igl BI i!11 i B III II[l[ Ill Illl B Jill ! ]lll llll I] Hill Iii)iii]]Iii[ ...... G P M W D 0 0 8 4 8 3 8 4 3 2 I I 7 · -, -'.'? ": i. Payments due under the Note and this Security Instrument shall be n,:~dc in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note o~ II~i~ Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments duc trader thc Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (it) c~tsh; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is draWn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; t~ (d) [~lcctronic Funds Transfer. Payments are deemed received by Lender when received at thc location designated in the Note or at such other location as may be designated by Lender ~n accordance with t{~c m~tice provismns in Section 15. Lender may return any payment or partial payment if the payment or partial pay,~ ~cms arc insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to I~ring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or l~:,-tial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. I f each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapl~{icct funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Ilo,','ower does not do so within a reasonable period of time, Lender shall either apply such funds or return the,n ,, {It)rrower, If not applied earlier, such funds will be applied to the outstanding principal balance under the Note m,,ncdiately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender ~h:tll ,'elieve Borrower fi-om making payments due under the Note and this Security Instrument or performing thc covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as olhc,'w/,~c described in this Section 2, all payments accepted and applied by Lender shall be applied in the following orilcr of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. hm'h l, ayments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amotmlS shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then m ,'c.d~ icc the principal balance of the Note. If Lender receives a payment from Borrower for a delinqucm I)criodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to ~l~c delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may appl3 a.y payment received fi-om Borrower to the repayment of the Periodic Payments if, and to the extent that, each >~t3 ,ncnt can be paid in full. To the extent that any excess exists after the payment is applied to the full paymen! {,1' ~mc or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall bc ~pplicd first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Misc~:l{;mcous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amot, m. ,~{' thc Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender ~)n {he day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide fi~,' payment of amounts due for: (a} taxes and assessments and other items which can attain priority over this Secmi r. Insm,ment as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, it' ~,, y; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance p,'c,niums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance l~t'clniums in accordance with the provisions of Section 10. These items are called "Escrow Items." At originatitm ~)r ~t any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and A~scssmcnts, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Bon'mx cr shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lcndc,' thc Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all F.~c,'~,w Items. Lender may waive Borrower's .obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and xx hcrc payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender :md, i~' l.cnder requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender ,~.~y require. Borrower's obligation to make Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM [NSTRI!M I. ~'1~ --THE COMPLIANCE SOURCE, INC.-- Page 4 of 14 ww w, complia ncesou roe.eom G P M W D 0084 MERS Modified Form 3051 01/01 14301WY 08/00 83843211 7 such payments and to provide receipts shall for all purposes be deemed Ic~ bca covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used ill Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fail~ to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amounl and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender maY revoke thc wa vcr as to.any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon sucl ~cvocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amotml (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed thc nn~ximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basi~ ~d' current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits arc i~ ~t,'cd by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits ,re so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later t}l:tll thc time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, armuall3 amtlyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds m ~tl Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable I axx requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings ~,~ thc Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lcndcr shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined trader RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage c)f l"unds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but i~ m~ norc than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, I c,dcr shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary ,~ make up the 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 shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, a~scs~mcnts, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees. m~d Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manne,' lm~viclcd in Section 3. Borrower shall promptly discharge any lien which has l)r,nity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation sccm~cd by the lien in a maturer acceptable to Lender, but only so long as Borrower is performing such agreemc.~: (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which ~ l~cnder's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but onlx until such proceedings are concluded; or (c) secures fi.om .the holder of the lien an agreement satisfactory to L~udcr subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject lo a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying Irc lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or ,~orc of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge fin' n real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvc.~c.ts now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "cxtc,ded coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lendc~ requires insurance. This insurance shall be Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMI7 NT MERS Modified Form 3051 01/01 --THE COMPLIANCE SOURCEa INC.-- Page 5 of 14 I4301WY 08/00 www.complia ncesou rcl:.com Ig IIIII g ! ffl Il Iilll Illl Ill I!11 IIII I II Ill lira IIII Illl Iliili[li]ll[/'i ..... G P M W O 0 0 8 4 8 3 8 4 3 2 I I 7 9 '.. :; ,;..'. '..};' ,. ?;' 0904600 065.1 maintained in the amounts (including deductible levels) and for thc periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during tl~c term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lc~Mer's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require l~¢rrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certillc;tth)n and tracking services; or (b) a one-time charge for flood zone determination and certification services and ~uhsequent charges each time remappings or similar changes occur which reasonably might affect such determin,~ti,m or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emcrz,.cncy Management Agency in connection with the review of any flood zone determination resulting fi.om an objecti(,n hy Borrower. If Borrower fails to maintain any of the coverages described :~h~wc, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obi ignition to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but miL,.ht or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any ri ~k, haTard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknoxvlcd~3cs that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Bom)wet could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additicm:tl dcht of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate fi.om ~l~c date of disbursement and shall be payable, with such interest, upon notice fi.om Lender to Borrower requesting p;~yn ~ctat. All insurance policies required by Lender and renewals of suc h poi icies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the fight to hold the policic~ ;md renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premium, ~md renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for &.nagc to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lc,der its mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall gi4e prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was reel,ired by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically IL, asiblc and Lender's security is not lessened. During such repair and restoration period, Lender shall have the rigl~t h) hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fccs for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds .,md shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's sect,'i 13' would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, x~ hcdaer or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order ira)vialed for in Section 2. If Borrower abandons the Property, Lender may file, negoti~Ic and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a ,,,~ icc from Lender that the insurance cartier has offered to settle a claim, then Lender may negotiate and settle thc claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property t, ~dcr Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in ~t~ amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Bom,xx cr's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policic~ covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the i~t.'ance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Irish tm ~cnt, whether or not then due. Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRIJM 1; \T MERS Modified Form 3051 01/01 --THE COMPLIANCE SOURCE, INC.-- Page 6 of 14 14301'wY 08/00 G P M W D 0 0 8 4 8 3 8 4 3 2 1 1 7 06 2. 6. Occupancy. Borrower shall occupy, establish, and usc Irc Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless cx~cnuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Pr,perry; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteritm~c or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain tl~c Pl'operty 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 repmr or restoration is not economically feasible, Borrower shall promplly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds arc paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repan'i~g or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds fin' the repairs and restoration in a single payment or in a series of progress payments as the work is completed If thc insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of [3m'rower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Pr~)pcrty. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reas(mahle cause. 8. Borrower's Loan Application. Borrower shall be in tlclimlt if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or stalcliicms to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as B~rrmvcr's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements containcd , thi~ Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in thc Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condcm,~lion 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 and pay for whatever is rc:~stmable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, inchM ing protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Sec miry Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in thc I'r()perty and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace {~r board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerons c(m( itions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does n,~ ~;~vc ~o do so and is not nnder any duty or obligation to do so. It is agreed that Lender incurs no liability for nol I:~kh~g any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall bccom~ additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at thc Note rate from the date of disbursement and shall be payable, with such interest, upon notice fi-om Lender to Borrtm cr requesting payment. If this Security Instrument is on a leasehold, Borrower shall c{m~ply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee tit lc s l~all not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage In~m'a~cc as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage [~sm'ance in effect. If, for any reason, the Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac IJNIFORM INSTRUM F, NI MERS Modified Form 3051 01/Ol THE COMPLIANCE SOURCE, INC.-- Page 7 of 14 www.complJanccsou~cc.com 14301 ~rY 08/00 G P M W D 0 0 8 4 8 3 8 4 3 2 I I 7 Mortgage Insurance coverage required by Lender ceases to be avaihthl~, Ii'{.. the mortgage insurer that previously provided such insurance and Borrower was required to make separat~'ly dcsig.ated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required t;~ t~hl;ti~ coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equiv:t Ic.t to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer .s~,lcc't~ct hy Lendei. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue ~,~ p;ty to Lender the amount of the separately designated payments that were due when the insurance coverage ceasctt tt~ hc i. effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of IVh.'lk. tgc Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately p:t itl . I'ull, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender c;.~ ~<~ longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lk,.dc, r requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requirc'~ ~cp:.'ately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage In.~t.';t.cc' ;~s a condition of making the Loan and Borrower was required to make separately designated payments tt~x~:.'d linc premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Ins. r:.~c'c i~l cftcct, or to provide a non-re fundable loss reserve, until Lender's requirement for Mortgage Insurance e~tl~ . ~ccordance with any written agreement between Borrower and Lender providing for such termination or until I~'rmi.z~tion is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest ;tt d~c r:tte provided in the Note. Mortgage Insurance reimburses Lender (or any entity that i..'~t.lscs the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not ;t i~:t ri5 ~o the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insur;t.~'c' i. tk.'ce from time to time, and may enter into agreements with other parties that share or modify their risk, or ~cdt~c'c losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and thc t,lhcr party (or parties) to these agreements, These agreements may require the mortgage insurer to make payme~ts .si~g any source of funds that the mortgage insurer may have available (which may include funds obtained fi.om N,'h. tg;tgc Insurance premiums). As a result of these agreements, Lender, any purchaser of thc ~';~tc, a~other insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly t.- i.directly) amounts that derive fi.om (or might be characterized as) a portion of Borrower's payments for IVh.-Ig~tgc Insurance, in exchange for sharing or modifying the mortgage insurer's risk. or reducing losses. If such ;igr~'cmem provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share oft he prc~lihtm.~ paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Ih.Tower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will ..I i.crease the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any Co) Any such agreements will not affect the rights Bor,.~vcr has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of It~98 or any other law. These rights may include the right to receive certain disclosures, to request and obr. d. c;mcellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/.r lo receive a refund of any Mortgage Insurance premiums that were unearned at the time of such canccll:~lio~, or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds ~h;tll b~ applied to restoration or repair of the Property, if the restoration or repair is economically feasible and L~'~d~'r's sccurtty is not lessened. During such repair and restoration period, Lender shall have the right to hold such 5li Ncc lht. :ous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been ~'.~l>lctcd to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may p;~y lk~r thc repairs and restoration in a single disbursement or in a series of progress payments as the work is complclc, d. [.J~less an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous 'r~c'ccds, Lender shall not be required to pay Wyoming Mortgage-Single Family-Fannie l~{ae/Freddie Mac UNIFORM INSTRUhH~ 5, I' THE COMPLIANCE SOURCE, INC.-- Page 8 of 14 www. complianccso urcc.com Modified Form 3051 01/01 14301 wy 08/00 Iliili[li iiil i i ...... 1 7 .! 06 4 Borrower any interest or earnings on such Miscellaneous Proceeds. tf tl~c restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous I'mcccds 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 Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of linc Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value t~ fl lie Property in which the fak market value of the Property immediately before the partial taking, destruction, or h)~s ~ value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before Iht partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums sct'~ red by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied b3 thc following fi.action: (a) the total amount of the sums secured immediately before the partial taking, destruction. ,r loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destrucli~m, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value t,r thc Propeixy in which the fak market value of the Property immediately before the partial taking, desm~ction, or [t~5 m vah,e is less than the amount of the sums secured immediately before the partial taking, destruction, or loss i~ yah<, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to thc 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 w Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is aul[loi'izcd to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes l lorrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellancou,~ 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 Property or other material impakment 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 action {,' proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other n:tterial impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property arc hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoramm or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender N,i a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Securiw 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 ~n Interest of Borrower. Lender Shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise m,)dil\' amortization of the sums secured by this Security Instrument by reason of any demand made by the origin:ti 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 or Successors i iq I~, crest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 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 sex cml I lowever, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under lhe terms of this Security Instrument; (b) is Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFOR3{ INSTRI;M I~ X' r MERS Modified Form 3051 01/01 THE COMPLIANCE SOURCE, INC.-- Page 9 of 14 14301WY 08/00 www compllancesource.com I Illllll IIIIII Ilill Ii IIIIIII IIII Illll !1111 Illll !1111 II II I IIII IIIII IIIII IIIil Iliilillli'[ll lTiiil'' ...... ,.. G P ~ W D 0 0 8 4 8 3 8 4 3 2 1 1 7 not personally obligated to pay the sums secured by this Security hl>trumcnt; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in h~lcrcst of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and'~s approx cd by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall n~ bc released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to s,c~ release in writing. The covenants and agreements of this Security Instrument shall bind (except as provided n Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fccs Ibr services performed in connection with Borrower's default, for the purpose of protecting Lender's interes~ m thc 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 Instrumcnl m charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender nt;~, 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 ch:n'gc.~, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in ctmt~ccmm with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the all~{mnt necessary to reduce the charge to the permitted limit; and (b) any sums already collected fi.om Borrower which cxcceded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing thc lu'incqCal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reth~,'li~m will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge ix provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in ctm~cct~on with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security hi,Irt}intuit shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered ltl Bt)r,'ower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all I~;>rmwcrs unless Applicable Law expressly requires otherwise. The notice address shall be the Property Addrcs~ tmlcss Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify I crater of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of adth',:ss, lhcn 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 dt:lix'cring ii or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another ;~ddrcss by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to hax c bccn g~ven to Lender until actually received by Lender. 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 Nccm-ity Instrument. 16. Governing Law; Severability; Rules of Construe/lo,. Iris Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is I(w;~Icd All rights and obligations contained in this Security Instrument are subject to any requirements and limiktl~tms of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or i~ ~igh¢ be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the evcnl d~al any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict sh;~ II no~ aff'¢ct other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a)words of thc m;t~culine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) 'a,tn'ds n the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion wilJlt)ul ;my obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of linc No~c and of this Security Instrument. Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUM E X I' MERS Modified Form 3051 01/01 THE COMPLIANCE SOURCF~ INC.-- Page 10 of 14 www compliancesoucce.com 14301WY 08/00 i Jlilll IIIIll Illll II Illli/I Jill Illll IIlll lilt Illl IIIII I ill 11111 Illll Ilill lllll Itil]]i"i][li[ ...... ,., G P M W D 0 0 8 4 8 3 8 4 3 2 I I 7 .- 0616 18. Transfer of the Property or a Beneficial Interest in Bm'rower. As 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 deed, installmcm sa tcs contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purcha,cr. If all or any part of the Property or any Interest in the Propcrt.x 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 reqmre immediate payment in full of all sums secured by d ~i s 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 n~t ~cc of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given i~ acco,'dance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of tiffs period, Lender may invoke any remedies permiHc~ hy this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If llorrowcr meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument d i~conti~med at any time prior to the earliest off (a) five days before sale of the Property pursuant to any power of sale c~mtamed in this Security Instrument; (b) such other period as Applicable Law might specit~, for the termination of [lt)l'l'owcr's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions arc tha~ Bo,'rower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as il' ~o acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses i~ct,'rcd in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property ~spcction and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Properb iHid rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Icndcr's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay thc su. ~s secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such rci~lhtatcmcnt sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order: (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon a. ms~itution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Tr:msl'cr. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain full,, c ffccl ire as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of accelerati} m trade r Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of ¢;ricv:mce. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more l i~cs 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 tlffs Security Instrument and performs other mortgage Io:m servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or n ~orc changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrmvc will be given written notice of the change which will state the name and address of the new Loan Servicer, thc atldrcss to which payments should be made and any other information RESPA requires in connection with a notice o~' tr:~ ]sfcr of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purch;~scr of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be tra.sfcrrcd 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 bc .loil~cd to any judicial action (as either an individual litigant or the member of a class) that arises from the ~d~cr party's actions pursuant to this Security Instrument or that alleges that the other party has breached any prov~sion of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified thc other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective ac~o~. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will bc deemed to be reasonable for purposes Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRU?,IE \T MERS Modified Form 3051 01/01 --THE COMPLIANCE SOURCE, INC. Page 11 of 14 14301wY 08/00 w w w.compliancesource, corn G P M W D 0 0 8 4 8 3 8 4 3 2 I I 7 06_t_7 of this paragraph. The notice of acceleration and opportunity to cure k.,ivcn to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section Ix shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21:e3 "1 [azardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by [5 ~x ~ronmcntal Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, ~,x i~' pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive ma~cr~als; (b)"Enviromnental Law" means federal laws and laws of the jurisdiction where the Property is located th:~t relate to health, safety or environmental protection; (c)"Environmental Cleanup" includes any response ac~.m, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition". ~cans a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or, ~hc Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in xi,,l',~ticm of any Environmental Law, (b) which creates an Environmental Condition, or (c)which, due to the presence. ,sc, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. Ibc preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities .f Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to m:m~l:nance of the Property (including, but not limited to. hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (,, a.y investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private p:~ r~y im'olving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual km~wlcdge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release .~ ~l,'cat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a H:~/:mk)uz Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any govc r~..cntal or regulatory authority, or any private party, that any removal or other remediation of any Hazardous .%h~tancz affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in ;lcc(~rthtncc with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental CI c.;m. p, NON-UNIFORM COVENANTS, Borrower and Lender fl~ttl ~c ~' co vcnant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice h~ Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Securily I,slrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). Thc nolice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 3u days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failurc lo cure the default on or before the date specified in the notice may result in acceleration of the sums secured hy this Security Instrument and sale of the Property. The notice shall further inform Borrower of the righl lo reinstate alter acceleration and the right to bring a court action to assert the non-existence of a dcl';mll or any other defense of Borrower to acceleration and sale. If the default is not cured on or before Ibc dale 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 olhtq' remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing lhe remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs or lille evidence. If Lender invokes the power of sale, Lender shall give nm icc of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accord:race wifl~ 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 Aiq}licahle Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall hc ;,pplied in the following order: (a) to all Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRU51 h \1' MERS Modified Form 3051 01/01 THE COMPLIANCE SOURCE, INC. Page 12 of 14 ~4~o~wY os/oo w ww, cornplJa nccso u roe.corn G P M W D 0 0 8 4 8 3 8 4 3 2 I I 7 0904600 expenses of the sale, including, but not limited to, reasonable :m.r,eys' fees; (b) to all sums secured by this Security Instrument; and (e) any excess to the person or persons Icg:dly eutitled to it. 23. Release. Upon payment of all sums secured by thi~ ~ccurit¥ Instrument, Lender shall release this Security Instrument, Borrower shall pay any recordation costs. Lender m~ly charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party fol' ~c'rv~cc~ rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under ~tnd by virtue of the homestead exemption laws of Wyoming. Wyoming Mortgage-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUXl 1,: N I' MERS Modified Form 3051 01/01 TFI~ COMPLIANCE SOURCE~ INC.-- Page 13 of 14 14301wY 08/00 Igll BI g II B [111 IIIII IIIII Ii111 Bl lll [ I II lin IIIII Iliil Iliiliili~iil)li~i~ ...... ~ BY S~GNTNG BELOW, Bo~ower accepts and agrees to the ~cm~ and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with i~. Witnesses: Scott Lawrc.ce (Seal) -Borrower Printed Name: [Please Complete] Printed Name: [Please Complete] ~ -~,~ (Seal) LInda D La~,,'cnce - -Borrower (Seal) -Borrower (Seal) -Borrower [Space Below for Acknowledgmut~t ] State of /.~ ~ § County o § Before me the undersigned authority, on this day personallx, appeared Scott Lawrence and Linda D Lawrence known to me (or proved to me through an identity card or t,lhc,' document) to be the person(s) whose name is subscribed to the foregoing instrument, and acknowledged to mc that he/she/they executed the same for the purposes and consideration therein expressed. Given under my hand and seal on this (Seal) My Expires: Wyoming Mortgage-Sh~gle Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMF. N I MERS Modified Form 3051 01/01 --THE COMPLIANCE SOURCE, INC.-- Page 14 of 14 www :ompliancesource.com 14301WY 08/00 G P M W D 0 0 8 4 8 3 8 4 3 2 I I 7 Loan Number: 0084838432 ADJUSTABLE RATE RIDER (LIBOR Six-Month Index (As Published I}) lilt' \Vail Street Journal) THIS ADJUSTABLE RATE RIDER is made this 3rd day of Novemhc,', 2004, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or ~cct.ity Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") to secure Bom,wcr's Adjustable Rate Note (the "Note") to GreenPoint Mortgage Funding, Inc. ("Lender") of the same date ;md covering the property described in the Security Instrument and located at: 106 Star Lane, Afton, WY 83110 Property Address THE NOTE CONTAINS PROVISIONS ALLOWING I:(}1~ ('IIANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NCYi'E LIMITS THE AMOUNT BORROWER'S INTEREST RATE CAN CHANGE ,\'1' ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covcn:mt~ and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CFLa, The Note provides for an initial interest rate of 3.875%. Thc N.Ic provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHA N (A) Change Dates The interest rate I will pay may change on the first day of .h,nc, 2005 and on that day every 6th month thereafter. Each date on which my interest rate could change is called a "('hangc Date." (B) The Index Beginning with the first Change Date, my interest rate wi II hc based on an Index. The "Index" is the average of interbank offered rates for Six month U.S. dollar~dcn,minalcd deposits in the London market as published by The Wall Street Journal, "Money Rates" table. Thc n~ost recent Index figure available as of the first business day of the month immediately preceding the monlh in which the Change Date occurs is called the "Current Index." If the Index is no longer available, or is no longer published. II~c Note Holder will choose a new index that is based upon comparable information. The Note Holder will give nit ,,t~c c o f this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate ~ new interest rate by adding One and 500/1000ths percentage points (1.500%) to the Current Index. Thc Note Itolder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the nexl ('hangc Date. (i) Interest-Only Payment Period. The "interest-only paymcm period" is the period from the date of this Note Up to but not including January 1, 2015. For the m~m hly payments due during the interest-only payment period, after calculating my new interest rate as im~vid~d above, the Note Holder will then determine the amount of the monthly payment that would bc st~ I'ficient to pay the interest which accrues on Adjustable Rate Rider (LIBOR Six Montb Index (As Published in The Wall Strcel .hmrnal)- G P M W D 0 0 8 4 8 3 8 4 3 2 1 I 7 0904600 the unpaid principal of my loan. The result of this calculu~mn will be the new amount of my monthly payment. (ii) Amortization Payment Period. The "amortization payn ~cm period" is the period after the interest-only period. For the monthly payments due during the amortizu/i~m payment period, after calculating my new interest rate as provided above, the Note Holder will then ddcrmmc the amount of the monthly payment that would be sufficient to repay the unpaid principal that I ',tm expected to owe at the Change Date in full on the maturity date at my new interest rate in substantialh, cqu:,l payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes My interest rate will never be greater than 12.000% or lower tim. Ihe margin. (E) Effective Date of Changes My new interest rate will become effective on each Change I):ttc I will pay the amount of my new monthly payment beginning on the first monthly payment date after the ('hungc Date until the amount of my monthly payment changes again. it) Notice of Changes The Note Holder will deliver or mail to me a notice of any clmngcs in my interest rate and the amount of my monthly payment before the effective date of any change. The m~l ~,'u wi II include information required by law to be given to me and also the title and telephone number of a pe,'.~{n who will answer any question I may have regarding the notice. TRANSFER OF THE PROPERTY OR A BENEFICIAl, 1NTI,;REST IN BORROWER Uniform Covenant 18 of the Security Instrument is amended ,~ rcud as follows: Transfer of the Property or a Beneficial Interesl iu Bm'rower. As used in this Section 18, "Interest in the Property" means any legal or beneficial mtcres~ in 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 intern ~q' which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in lhc I'rol)erty is sold or transferred (or if Borrower is not a natural person and a beneficial interes, in Bm-rower is sold or transferred) without Lender's prior written consent, Lender may require in.ncdial ~ payment in full of all sums secured by this Security Instrument. However, this option sh:tll ~ot be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall n~t exercise this option during the "amortization payment period" if: (a) Borrower causes m hc suhmitted to Lender information required by Lender to evaluate the intended transferee as il' a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender% security will not be impaired by the loan assumption and that the risk of a breach of any cox chain 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 ul~o may reqmre the transferee to sign an assumption agreement that is acceptable to Lender and t lint obligates the transferee to keep all the promises and agreements made in the Note and in this ~ccurity Instrument. Borrower will continue to be obligated under the Note and this Securir. Instrument unless Lender releases Borrower in writing. Adjustable Rate Rider [LIBOR Six Month Index (As Published in The Wall Strcc, /1111111 G P M W D 0 0 8 4 8 3 8 4 3 2 I I 7 0904G00 If Lender exercises the option to require immedialc pa)anent in full, Lender shall give Borrower notice of acceleration. The notice shall provide a l,criod 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 the expiration of this period, Lender may invoke any remedies permitted by this' Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. . ~~ (Seal) Scott Lawrence -Borrower Linda l) l.aw~'ence - - i:~r~- ~rrower (Seal) (Seal) -Borrower -Borrower [Sign Original Only] Adjustable Rate Rider (LIBOR Six Month Index (As Published in TheWall Strecl .hm,-.al)- G P M W D 0 0 8 4 8 3 8 4 3 2 I 1 7