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HomeMy WebLinkAbout904661Return To: HOMECOMINGS FINANCIAL NETWORK, INC ONE MERIDIAN CROSSING, STE 100 MINNEAPOLIS, MN 55423 Lo,,n Number: 042-233673-5 Prepared By: HomeComings Financial Network 14850 Quorum Drive. Suite 500 Dallas, TX 75254 [Space Ab.ye This Line For Rec,rdh~g Data] MORTGAGE MIN 100062604223367352 DEFINITIONS RECEIVED 11/t7/2004 at 3:57 PM RECEIVING # 904661 BOOK: 572 PAGE: 819 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Words used in multiple sections of riffs d~cument are dclincd below and other words are def'med in Sections 3, 11, 13, 18, 20 and 21. Corral,, rules regarding the usage of words used in this document are also provided in Section 16, (A) "Security Instrument" means this th~cu m tnt, which is dated together with all Riders to this document. (B) "Borrower" is SHAWN WEERHEIM AND SHIRLEY WEERHEIM, HUSBAND NOVEMBER 12TH, 2004 AND WI FE Borrower is the mortgagor under this Sccuril y Instrument. (C) "MERS" is Mortgage Electronic Rctfstration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is mganized and existing under the laws of Delaware, and has an address and telephone number of P.O Box 21126, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS MFWY7770 (Il/00) / 042-233673-5 (~®-6AIWY} (ooos).o~ Page I of 15 ,nit,~/.~..//~/ {) VMP MORTGAGE FORMS - [8001521-7291 Form 3051 1/01 (D) "Lender" is HOMECOMINGS FINANCIAL NETWORK INC. Lender is a CORPORATION organized and existing under the laws of DELAWARE Lender's address is 14850 QUORUM DRIVE, SUITE 500 DALLAS, TX 75254 (E) "Note" means the promissory note signed by Borrower and dated NOVEMBER 12TH, 2 0 04 The Note states that Borrower owes Lender ONE HUNDRED NINETY FOUR THOUSAND AND NO/100 Dollars (U.S. $ 194,000.00 ) plus inlcrcst. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not lalcr thanDECEMBER 1ST, 2034 (F) "Property" means the property that is described below tinder the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by thc Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due nndcr this Security Instroment, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider [--'] Condom inium Rider [---] Second Home Rider ~ Balloon Rider ~ Planned U nit Development Ride[---] 1-4 Family Rider ~ VA Rider ~ Biweekly Payment Rider [] Other(s) [specify] (1) "Applicable Law" means all controlling applicable I'cdcral, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer 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 financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items thai are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, sctllcment, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc coverages described in Section 5) for: (i) damage to, or destruction of, the Propc,'ty; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of comlcmnation; or (iv) misrepresentationsof, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 t,t' this Security Instrument. (P) "RESPA" means the Real Estate ScttlcmcntProceduresAct (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor lcgisla!ion or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremcntsand restrictions that are imposed in regard to a "federally related mortgage loan" cvcn il' the Loan does not qualify as a "federally related mortgage loan" under RESPA. MFWY7770 (11/00) / 042-233673-5 (~-6A(WY) {ooo5).Ol Page 2. of 15 Form 3051 1/01 (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 thc Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrumentsecures to Lender: (i) the repaymentol' the Loan, and all renewals, extensions and modifications of the Note; and (ii) thc pcrJormance of Borrower's covenants and agreements under this Security Instrumentand the Note. For Ibis purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, thc following described property located in the COUNTY of LINCOLN : [Type of Recording ludsdictilm] [Name of Recording Jurisdiction] Legal description attached hereto and made a part hereof ParcellD Number: 12-3119-12-1-00-0S0.00 279 WYOMNG STATE HIGHWAY 236 AFTON ("Proper~ Address"): which currently has the address of · [Street] I City] , Wyoming 83110 [Zip Code} TOGETHERWlTH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now ~r hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests grantedby Borrower in lifts Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for.Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWERCOVENANTS that Borrmver is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey thc Property and that the Property is unencumbered, except for encumbrancesof record. Borrower warranls and will defend generally the title to the Property against all claims and demands, subject to any encumlmmces of record. THIS SECURITY INSTRUMENT cmnbines uniform covenants for national use and non-uniform covenants with limited variations by jurisdictit,n to constitute a uniform security instrument covering real property. MFWY7770 (11/00) / 042-233673-5 (~-6AIWY) IooosLol tnitia~ Page 3 of 15 Form 3051 1/01 UNIFORMCOVENANTS. Borrower and Lender covenan! and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under Ibc Note and this Security Instrumentshall be made in U.S. currency. However, if any check or other instrumentreceived by Lender as payment under the Note or this Security Instrumentis returnedto Lender unpaid, Lender may rcquire that any or all subsequentpayments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money {,rdcr; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by I~c nder in accordance with the notice provisions in Section 15. Lender may return any payment or partial lmyment if the payment or partial payments are insufficient to bring the Loan current. Lender may acccpl any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hercundcror prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonableperiod of time, Lender shall either apply such funds or return them to Borrower. If no! applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to forech~sure. No offset or claim which Borrower might have now or in the future against Lcm(cr shall relieve Borrower from making payments due under the Note and this Security Instrumentor pert'orming the covenants and agreementssecuredby this Security Instrument. 2. Application of Payments or Proceeds. Except as o!hcrwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under Ihe Note; (c) amonots due under Section 3. Such payments shall be applied to each Periodic Paymeul in Ihe order in which it became due. Any remaining amounts shall be applied first to late charges, second !, any other amounts due under this Security Instrument, and then to reduce the principal balance of thc Nolo. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge duc, Ihe payment may be applied to the delinquent payment and the late charge. If more than one Periodic Paym tnt is outstanding, Lender may apply any payment received from Borrower to the repayment of thc Peri,die Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess cxisis 'after the paymcntis applied to the full payment of one or more Periodic Payments, such excess may bc applied to any late charges due. Voluntary prepaymentsshall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the duc~ date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the"Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrumentas a lien or encumbranceon the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance rcquircd by Lender undcr Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with thc provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, il' any, be escrowed by Borrower, and such dues, fees and assessmentsshall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds fro' ~my or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for auy or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Bm'tt ,wcr shall pay direct fy, when and where payable, the amounts MFWY7770 (11/00) / 042-233673-5 (~-6AlWY} 1ooo5).ol Page 4 of 15 Form 3051 1/01 due for any Escrow Items for which paymcn! of Funds has bccn waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemedto be a covenant and agreementcontained in this Security Instrument, as the phrase"covenant and agreement" is used in Section 9. If Borrower is oblig:dcd 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 lhcn be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lendermay, at any time, collect and h{dd Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of t'ul utc Escrow Items nr otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, il' Lenderis an institution whose deposits are so insured)or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Itemsno later than the time specified under RESPA. Lender shall nol charge Borrower fi)r holding and applying the Funds, annually analyzing the escrow account, or verifying thc Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender h~ make such a charge. Unless an agreementis madein writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Bm'rower 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 Funds as 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 accordanccwith RESPA. 11' there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall n{)dl'y Borrower as req u ired by RESPA, and Borrower shall pay to Lender the amount necessary to make up thc shortage in accurdancewith RESPA, but in no more than 12 monthly payments. If there is a deficiency ~d' Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly 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, assessments, charges, £mes, 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 (.'nmmunityAssociation Dues, Fees, andAssessments, if any. To the extent that these items are Escrow ltcms, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agreesin writing to the paylncnt of the obligation securedby the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcementof thc lien in, legal procccdings which in Lender's opinion operate to prevent the enforcement of the lien while d~use proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agrccmentsatisfactory to Lender subordinating the lien to this Security Instrument. If Lender determinesthat any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the MFWY7770 (11/00) / 042-233673-5 (~-6AIWY) (ooos).o'~ lniti:~~ P.g~ 5 of ~s c_<~,(,_.,,/ Form 3051 1/01 lien. Within 10 days of the date on which lind notice is given, Borrowershall 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 connect ion with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by lire, hazards included within the term "extended coverage," and any other hazards including, but not limited Itl, carthquakesand floods, for which Lender requires insurance. This insurance shall be maintained in thc amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursmmt to the preceding sentences can change during the term of the Loan. The insurance carrier providing lhc insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall noi be exercised unreasonably. Lender may require Borrower to pay, in connection wi~h this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time rcmappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency ManagementAgency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrmvcr's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or thc contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of 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 disburscmcntand shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgageeand/oras an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give lo Lender all receipts of paid premiums and renewal notices. If Borrower obtains any I't,rm of insurance coverage, not otherwise requiredby Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prom ptly by Borrower. U n less Lender and Borrower otherwise agree in writing, any insurance proceeds, whether ~r not the underlying insurance was requiredby Lender, shall be applied to restorationor repair of thc Pr~pcrty, if the restorationor repair is economically feasible and Lender's security is not lessened. During such repair and restorationperiod, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisluction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rcstorationin a single payment or in a series of progress payments as the work is complcl cd. Uuless an agrccmentis 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 and shall be the sole obligation of Borrower. If the restorationor 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 MFWY7770 (11/00) / 042-233673-5 ~}¥6AIWY) IooosLol Page 6 of 15 Form 3051 1/01 the excess, if any, paid to Borrower. Such insuranceproceeds shall be appliedin 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 docs not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and Settle the claim. The 30-day period will begin when the notice is given, in either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed thc am ounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other Ihan 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 the Property. Lender may usc thc insuranceprocceds either to repair or restorethe Property or to pay amounts unpaid under the Note tlr this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution t~f this Security lnstrumentand shall continue to occupy the Property as Borrower's principal residence i'm' at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrmvcr's control. 7. Preservation, Maintenance ami Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determinedpursuant to Section 5 that repair tlr restoration is not economically feasible, Borrower shall promptly repair the Property if damaged I- avoid further deterioration or damage. If insurance or condemnationproceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only il' Lender has released proceeds for such purposes. Lender may disburse proceeds l't~r Ibc repairs and rcstorationin a single payment or in a series of progress payments as the work is completed. If the insurance or condemnationproceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration: Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect thc iht c rior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to snch an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Bm'rower shall be in default if, during the Loan application process, Borrower or any persons or enlilics acting at thc direction of Borrower or with Borrower's knowledge or consent gave materially falsc, misleading, or inaccurateinformation or statementsto Lender (or failed to provide Lender with material information) in connection with the Loan. Material representationsinclude, but are not limilcd I t~, representations concerning Borrower's occupancy of the Property as Borrower's principal residcncc~ 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreementsconhfined in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/orrights under this Security Instrument(such as a proceeding in bankruptcy, probate, for condemnationor forfeiture, for enforcement of a lien which may attain pri~rity over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned Ihe Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc Property and rights under this Security Instrument, including protecting and/orasscssing the value o1' thc Property, and securing and/orrepairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums securedby a lien which has priority over this Security lnslrument; (b) appearing in court; and (c) paying reasonable MFWY7770 (11/00) / 042-233673-5 (~-6AIWYI Iooosl.o~ Page 7 of 15 Form 3051 1/01 attorneys' fees to protect its interest in thc Property and/orrighls under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this'Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to thc Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender rcq,iredMortgage lnsuranceas a condition of making the Loan, Borrower shall pay the premiumsrequircd h/ maintain the Mortgage Insurancein 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 separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mt,'lgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of Ibc Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separatelydesignatedpayments that were 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 d~al lhe Loan is ultimatcly paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments ff Mortgage Insurance coverage (in the amonnt and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separatelydesignatedpayments toward thc premiums for Mortgage Insurance. If Lender requiredMortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirementfor Mortgage InsUrance ends in accordancewith any written agreementbetweenBorrower and Lender providing for such termination or n ntil ~erminationis required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to PW interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur ff Borrower does not repay the l~oan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreementswith other parties that share or modify their risk, or reducelosses. These agreements are on terms and conditions that are salisfacl~ry to the mortgage insurer and the other party (or parties) to these agreements. These agreementsmay rctluire the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may iuclude funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser ~1' the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of thc foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a p~rtion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying thc m~,lgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangcmc,I is often termed "captive reinsurance." Further: (a) Any such agreements will not all't'ct the amounts that Borrower 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. M FWY7770 (11/00)/ 042-233673-5 I nit,,~~ (0005).01 (~t~-6AIWY) P.g~ e of ~ s Form 3051 1/01 (b) Any such agreements will not allcct the rights Ihu'rower has - if any - with respect to the Mortgage Insurance under the Homemvnt, rs Protection Ac! of 1998 or any other law. These rights may include the right to receive cerlaiu 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 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 M is~'cllaneous Proceeds sh all be applied to restoration or repair of the Property, if the restoration or repair is cc'onomically feasible and Lender's security is not lessened. During such repair and restorationperiod, Lender shall have thc right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspc'c't such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undcrtakenpromptly. Lender may pay for the repairs and restoration in a single disbtu'.~cment or in a series of progress payments as the work is completed. Unless an agreementis made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not I,c requixed to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoratiom~r repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds sh~dl 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, dcstruclion, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums securc'd by this Security Instrument, whether or not then due, with the excess, ff any, paid to Borrower. In the event of a partial taking, dcstruclitm, or loss in value of the Property in which the fair market value of the Property immediately before iht: partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unit.ss Ilorrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall he reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) thc total amount ol' the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, dcstrutlion, or loss in value of the Propertyin which the fair market value of the Property immediately bcforc thc partial taking, destruction, or loss in value is less than the amount of the sums secured immediately bcl't~re the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in wril ing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether ~r not the sums are then due. If the Property is abandoned by [¢~rrower, or if, aftcr notice by Lender to Borrower that the Opposing Party (as defined in the next scmcnce)offers to make an award to settle a claim for damages, Borrower fails to respond to Lenderwithin 30 days after the date the notice is given, Lenderis authorized to collect and apply the Miscellaneous Proc'cods either to restoration or repair of the Property or to the sums securedby this Security Instrument, whether or not then due. "Opposing Party" meansthe third party that owes Borrower Miscellaneous Proceeds ~r the party agan~st whom Borrower has a right 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 for£cituru of the Property or other materialimpairment of Lender's interest in the Property or rights under this Sccurity Instrument. Borrower can cure such a default and, if accelerationhas occurred, reinstate as provided in Section 1.% by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes l'orfeiture of the Property or other material 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 att rihutableto the impairmentof Lender's interest in the Property are hereby assigned and shall be paid to Lcn der. All Miscellaneous Proceeds that arc m,I applied to restoration or repair of the Property shah be applied in the order provided for in Section 2. MFWY7770 (11/00) ! 042-233673-5 I~I~-6AIVVY} moo~.o~ Init[ ..: ~age 9 of 15 Form 3051 1/01 o9o4 al, ,-. ;. 0828 12. Borrower Not Released; Forbeara~ce By Lender Not a Waiver. Extension of the time for payment or modification of amortization of thc sums secured by (his Security Instrumentgrantedby Lender to Borrower or any Successor in Interest of B~rrower shall not t~pcrate to release the liability of Borrower or any Successors in Interest of Borrower. Lcmler shall not be required to commenceproceedings against any Successor in Interest of Borrower or h~ refuse to extend time for payment or otherwise modify amortizationof the sums secured by this Security Instrumentby reason of any demandmade by the original Borrower or any Successors in Interest of B~rmwer. Any forbcaranceby Lender in exercising any right or remedy including, without limitation, Lcndcr's acceptance of payments from third persons, entities or Successors in Interestof Borrower or in amotmisless 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 agreesthat Borrower's obligations and liability shall be joinl and several. However, any Borrowerwho co-signs this Security Instrument but docs nt~t 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 the terms of this Security Instrument; (b) is m~t personally obligalcd to pay the sums securedby this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodationswith regard to thc ~terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18~ any Successor iu Interest of Borrower who assumes Borrower's obligations under this Security Instrumentin writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under lhis Security Instrumcntunless Lender agrees to such releasein writing. The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and asstgns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protccling Lender's interest in the Property and rights under this Security Instrument, including, but not limi~ cd to, attorneys' fccs, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrumentto charge a specific fee to Borrower shall not be construed as a prt~hibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Sccurily Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpretedso that the interest or other loan charges collcclcd or to be collected in connection with the Loan exceed the permittedlimits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permittedlimit; and (b) any sums already.collected from Borrowerwhich exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prcp~yment without any prepayment charge (whether or not a prepayment charge is provided for under thc Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right tff action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower m connectionwith this Security Instrumentshall be deemedto 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. No,icc io any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires olhcr~vise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedurefor reporting 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 Sccurity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to llave been given to Lender until actually received by Lender. If any notice required by this Security Instrumcntis also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. MFWY7770 (11/00) / 042-233673-5 (~-6AIWY) looos}.o~ Pag~ ~o of ~s '~'"-:'~- Form 3051 1/01 .... 08Z9 16. Governing Law; Severability; Rnles of Constroction. This Security Instrument shall be governed by federal law and the law of thc jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subjcc! to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow thc parties to agree by contract or it might be silent, but such silence shall not bc construed as a prohibition against agreemcntby contract. In the 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 Instrumentor the Note which can be given effect without the conflicting provision. As used in this Security InstrumenI: (a) words of the masculine gender shall mean and include corresponding neuter words or words of Ibc feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) thc word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy o~ the Note and of this Security Instrument. 18. Transfer of the Property or a Benclicial Interest in Borrower. 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 transfcrredin a b.ud for deed, cram'act for deed, installment sales contract or escrow agreement, the intent of which is i he lransfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interestin the Property is sold or transferred(or if Borrower is not a naturalperson and a beneficial intcrcsl in Borrower is sold or transferred)without Lender's prior written consent, Lender may require immediate payment in l'ull of all sums secured by this Security Instrument. However, this option shall m~l bc exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lendcr shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days I'rtm~ 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 m~ticc ~ demand on Borrower. 19. Borrower's Right to Reinstate After Acceleratimt. If Borrower meets certain conditions, Borrower shall have the right to have cnfl~rccment of this Security Instrument discontinued at any time prior to thc earliest of: (a) five days before sale of the Property pursuantto any power of sale containedin this Security Instrument; (b) such other periled as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry ,f a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lcmlcr all sums which then would bc duc under this Security Instrumentand the Note as ff no accelcratkm had occurlyed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred iu cn forcing 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 interest in thc Property and rights under this Security Instrument; and (d) takes such action as Lender may rcasonabk, require to assure that Lender's interest in thc Property and rights under this Security Instrument, and B',~ tower's obligation to pay thc sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrowerpay such rcinstatemcntsums and expenses in one or more of thc following fl~rms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check {>r cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon rcinstatcmentby B~rn)wer, this Security I nstrumentand obligations secured hereby shall remain fully effective as if no accclcralion had occurred. However, this right to reinstate shall not apply in the case of acceleration under Scctkm 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial lnterest in the Note (together with this Security Instrument)can be sold one or more times without prior notice to Borrower. A sale might result in a change iu the entity (knowu as thc "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Scct,rity Instrument, and Applicable Law. There also might bc one or more changes of the Loan Servicer tmrclatedto a sale o/thc Note. If thereis a change of the Loan Servicer, Borrower will be given written notice of the change which xvill statc the name and address of the new Loan Servicer, thc address to which payments should be made and any other information RESPA MFWY7770 (11/00) / 042-233673-5 (~-6AIWY) (ooosl.ol In~tl~ Pa~e 11 of 15 Form 3051 1/01 0830 requires in connection with a notice of transl~cr of servicing. Il' the Note is sold and thereafterthe Loan is serviced by a Loan Servicer other than the purchaser of the Nolo, the mortgage loan servicing obligations to Borrower will remainwith the Loan Servicer or be transferrcdto a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc 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 thc other party's actions pursuant to this Security Instrumentor that alleges that thc other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requircmcntsof Section 15) of such alleged breach and afforded the other party hereto a reasonable period al'let the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse befi~re certain action can be taken, that time period will be deemed to be reasonable l't~r purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall bc dccmed to satisfy thc notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defmed as toxic or hazardous stlbsl ances, pollutants, or wastes by EnvironmentalLaw and the following substances: gasoline, kerosene, ol her flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials ct,nlaining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Propertyis located that relate to health, safety or environmental im~tcction; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in EnvironmcntalLaw; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit thc presence, use, disposal, storage, or release of any Hazardous Substances, or threatento releaseany HazarthmsSubstances, ou or in the Property. Borrower shall not do, nor allow anyone else to do, anything affccling the Property (a) that is in violation of any Environmental Law, Co) which creates an EnvironmentalCm~dition, o? (c) which, clue to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects iht value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on thc Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but m~t limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any EnvironmentalCondition, including but not limited to, any spilling, leaking, discharge, releaseor threatof release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affccls l he value of the Property. If Borrower learns, or is notified by any governmental or regulatory authorily, {~r any private parly, that any removal or other remediation of any HazardousSubstance affecting thc Prol~crty is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. M1~7770 (11/00) / 042-233673-5 (~-6A(WY) (ooosl.o~ Page 12 of 15 Form 3051 1/01 NON-UNIFORMCOVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure lhe default; (c) a (late, not less than 30 days from the date the notice is given to Borrower, by which ~he default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may resolt in acceleration of the sums secured by this Security Instrument and sale of the I'roperty. 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 Instrumcnl without further demand and may invoke the power of sale and any other remedies permitted hy Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in thi,~ Section 22, including, but not limited to, reasonable attorneys' fees and costs of till e evidence. If Lender invokes the power of sale. Leuder shall give m~tice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase lhe Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sores secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Uponpayment of all sums sccuredby this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only il' the fee is paid to a third party for services renderedand the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. MFWY7770 (11/00) / 042-233673-5 (~-6AIVVY) {ooo5).01 Page 13 of 15 Form 3061 1/01 BY SIGNING BELOW, Borrowcr accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider execmcd by Borrower and recorded with it. Witnesses: SHAWN WEERHEIM ~) -Bo~ower ' S~RLEY W/~/~RHEIM -Borrower / (Seal) (Seal) -Borrower (Seal) -Borrl}wer (Seal) -Borrower (Seal) (Seal) -Borrower MFWY7770 (11/00) / 042-233673-5 (~)~6AIWY) (ooom.ol Page14of 15 Form 3051 1/01 0830 STATE OF WYOMING, Lincoln The foregoing instrument was acknowledged before me this by SHAWN WEERHEIM AND SHIRLEY WEERHEIM, HUSBIuND AND WIFE County ss: ~,-/ c.-/ -/~%'-'~'-~",~ 2004 My Commission Expires: ~ e',~. '// ~,! o o 9-~ Notary Public ii'BONALO S STALEY..x~ Notary Public Commission Expires Februa~ 9, MFWY7770 (11/00) / 042-233673~5 11~-6AIWY) (ooos).ol Page 15 of 15 Form 3051 1/Ol LE(;AL DESCRIPTION A portion of the Weerheim property as rc£erred to in Deed recorded in Book 409PR on page 840, with the Office of the Clerk of Lincoln County, within the NE¼NE¼ of Section 12, T31N Rll9W of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: Beginning at a point in the south line oF the SE¼SE¼ oF Section 1, of said T31N Rll9W, said point of beginning, being 1003.03 fcct N 89°57'32' W, along said south line, from the BLM type monument marking the James W. McJunkin location for the southeast corner of said SE¼SE¼; thence S 0o02'28'' W, 330.74 feet: thence N 89o56'42'' W, 271.87 feet: thence N 0o40'00'' E, 330.69 feet to a puint in the said south line; thence S 89057'32'' E, along said soulh line, 268.26 feet to the point of beginning.