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HomeMy WebLinkAbout904662Return To: CHASE MANHATTAN MORTGAGE FORPORATION 1040 OLIVER ROAD MONROE, LA 71201 ATTENTION: CUSTODY SERVICES Prepared By: [Space Ah.~ t, I'lfis Line For Rec(,rding Data] MORTGAGE 49709511 1497095115 DEFINITIONS RECEIVED 11/17/2004 at 3:59 PM RECEIVING # 904662 BOOK: 572 PAGE: 835 JEANNE WAGNER LINCOLN COUNTY CLERK KEMMERER, WY Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Ccrtai, mits regarding thc usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this doct, nlcnt, which is dated together with all Riders to this document. (B) "Borrower" is BARBARA A WIEBELL, ROBERT R WIEBELL, WIFE & HUSBAND November 8, 2004 Borrower is the mortgagor under this Security Instrument. (C) "Lender" is CHASE MANHATTAN MORTGAGE CORPORATION Lender is a CORPORATION organized and existing under the laws o1' TI.[E STATE OF New Jersey WYOMING-Single Family-Fannie MaeiFreddie Mac UNIFORM INSTRUMENT Page 1 of 1§ Initials:--_ VMP MORTGAGE FORMS - (9001521-7291 Form 3051 1/01 0836 Lender's address is 343 Thornall Street, Edison, NJ 08837 Lender is the mortgagee under this Security Instrument. (D) "Note" means the prormssory note signed by Borrower anti dated November 8, 2004 The Note states that Borrower owes Lendc~ One Hundred Sixty Thousand, Four Hundred and 00/100 Dollars (U.S. $ 160,400.00 ) 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 (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by thc. Note, plus intercsl, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus ~nterest. (G) "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 applicablcl: [~] Adjustable Rate Rider [---] Condominium Rider [~ Second Home Rider [---] Balloon Rider [-~ Planned Unit Development Rider [~ 1-4 Family Rider [--] VA Rider [--] Biweekly I'avment Rider [~] Other(s) [specify] (It) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the clTcct of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees. and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower o~ the Property by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means auv transfer of fuuds, 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 :ts m order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is no[ limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated bx telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that arc described in Section 3. (L) "Miscellaneous Proceeds" means any c{,npensation, settlcmcnt, award of damages, or proceeds paid by any third party (other than insurance piocccds paid under thc coverages described in Section 5) for: (i) damage to, or destruction of, the Property: {ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means inst, ram:c protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount clue for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (21 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements aud 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. Initials~f,~ (~-6(WY) (0005) Page 2 of 15 Form 3051 1/01 837 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPEItTY This Security Instrument secures to Lemtcr: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiclion] [Name of Recording Jurisdiction] LOT 26 OF STAR VALLEY PJiNCH PLAT 2, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL Pl,AT THEREOF. Parcel ID Number: 12-3519-24-4- 0'~-004 165 SPRUCE DRIVE THAYNE ("Property Address"): which currently has the address of [Street] ICity] , Wyormng 8 3 12 7 [Zip Code] TOGETHER WITH all the intprovcmcnts now or hereafter erected on the property, and all easements, appurtenances, and fixtures n(m or hereafter a part of the properly. 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 COVENANTS that Borrower ~s lawfully sciscd of the estate hereby conveyed and has the right to mortgage, grant and convex' the Property and that the Property is unencumbered, except for encumbrances of record Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbral~CeS of record. THIS SECURITY INSTRUMENT Colnbines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest. Escrow 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 duc under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payrn.~n~er the Note or this (~-6(WY) 100051 Page 3 of ~5 Form 3051 1/01 '-'.'838 Security Instrument is returned to Lender tml)aid, Lender may require that any or all subsequent payments due under the Note and this Security lns!nm~ent be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money ~,'der; (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 enuty; ,~r (d) Electronic Funds Transfer. Payments are deemed received by Lc~xlcr when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may retum any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may acccp~ any payment or partial payment insufficient to bring the Loan current, without waiver of any rights herctmder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not ubligated 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 htd~ such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. It' ~u~t applied earlier, such funds will be applied to the outstanding principal balance under the Note inuncdi~tcly prior to foreclosure. No offset or claim which Borrower might have now or in the future against l.cnder shall relieve Borrower from making payments due under the Note and this Security Instrument or pcrl'urming the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in d~c lbllowing order of priority: (a) interest due under the Note; (b) principal duc trader the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Paymcm in the order in which it became due. Any remaining amounts shall be applied first to late charges, seceded lo any other amounts due under this Security Instrument, and then to reduce the principal balance of d~c Nute. If Lender receives a payment from l~orrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge chic, the payment may bc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the paymcut is applied to the full payment of one or more Periodic Payments, such excess may bc applied to any lalc charges due. Voluntary prepayments shall be applied first to any prepayment charges :md then as described in the Note. Any application of payments, insur:mcc proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the duc date, or change thc 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 ilcms which can attai~ priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable hy Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance wilh the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of thc Loan, Lender may require that Community Association Dues, Fees, and Assessmcnt.~, i~' any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly l'urnish 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 for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds lbr a~y ~,' 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 where payable, the amounts Imtials.'~ (~'6(WY) (0005l Page4of ~5 Form 3051 1/01 due for any Escrow Items for which paymc~t .f Funds has been 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 paymc~ts and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due rt)r au Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as t{~ 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. Lender may, at any time, collect and htfld 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 estixnate the amount of l:unds due on the basis of current data and reasonable estimates of expenditures of l'uture Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an restitution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, il' Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall :q~ply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifyit~g the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender m ~nake such a chargc. Unless an agreement is made in writing or Applicable Law requires interest to be p:dd on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borr~wer 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 i~ escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall nulify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up thc shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency ~fl' Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, :~ud Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more tha~ 12 ~nonthly 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, fines, and impositions attributable to the Property which can attain t)riority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and ('.mmunity Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, l~orrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge :.~x lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is perlbrrning such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lieu in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while tt~{)se proceedings arc pending, but only until such proceedings are concluded; or (c) secures from the holder o~' the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lcmlcr determines that any part of the Property is subject to a lien which can attain priority over this Security lustrument, Lender may give Borrower a notice identifying the Initials.~/~~ (~)~-6(WY) (0005) Page 5 of 15 ' Form 3051 1/01 9 lien. Within 10 days of the date on which thttt uotice is given. Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connote on with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. ha×ards included within the term "extended coverage," and any other hazards including, but not limited t~. t'arthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (includiug deductible levels) and for the periods that Lender requires. What Lender requires purstiant to the preceding sentences can change during the term of the Loan. The insurance carrier providing d~e insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection wid~ this Loan, eid~cr: (a) a one-time charge for flood zone determination, certification and tracking st'trices; or (b) a one-dine charge for flood zone determination and certification services and subsequcm charges each time rcmappings or similar changes occur which reasonably might affect such determinafi{m {~r certification. Bom)wer shall also be responsible for the payment of any fees imposed by the Fcdc'ral Emergency Management Agency in connection with the review of any flood zone determination rcsulling from an objection by Borrower. If Borrower fails to maintain any ol' ~he coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrt~xvc~'~ expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but n'fight or might not protect Borrower, Borrower's equit.~ m Iht' Property, or the contents of the Property, against any risk, hazard or liability and might provide grca~cr or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtaiucd 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 hy this Security Instrument. These amounts shall bear interest at the Note rate from the date of disburscmcm and shall be payable, with such interest, upon notice from Lender to Borrower requesting paymcm. All insurance policies required by l.cnder and renewals o1' such policies shall be subject to Lender's right to disapprove such policies, shall inchtde a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender. shall have the right to hold the policies and renewal certificates. If Lender reqmres, Borrower shall promptly give m Lender all receipts of paid prenuums and renewal notices. If Borrower obtains any t'~mn of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Pr()pcr~y, such policy shall include a standard mortgage clause and shall name Lender as mortgagee mid/or as an additional loss payee. In the event of loss, Borrower shall nivc prompt notice m thc insurance carrier and Lender. Lender may make proof of loss if not made prompdy by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether m' not the underlying insurance was required by Lender, shall be applied to restoration or repair of thc Prt~i~erty, if the restoration or repair is economically feasible and Lender's security is not lessened. During suc'h repair and restoration period, 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 satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds I't~l' II~e 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 ad.justcrs, 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 restoration or repair is not economically I'easible 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 (~-6(WY) 1ooo5) Page o of ~5 Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower dr)cs not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negouate and settle the claim. The 30-day period will begin when the notice ts given. In either event, or if Lender acqutres the Property under Section 22 or otherwise, Borrower hcreh~ assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights ttXhcr than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insol'ar as such fights are applicable to the coverage of the Property. Lender may use d~c insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this 5ecufity 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 execufi~m ~f this Security Instrument and shall continue to occupy the Property as Borrower's principal residence Iht 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 Borrower's control. 7. Preservation, Maintenance and Protection of the l'roperty; 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 detcrior',~ting or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in com~ccli{m with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for tile repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved or' Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make rcasom~ble entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect thc imerior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. llorrower shall be in default if, during the Loan application process, Borrower or any persons or cntilics acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limilc'd itt, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants :md agreements cuntained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's it~tcl'est in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or 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 the Property, thou Lender may do and pay for whatever is reasonable or appropriate to protect l.cndcr's interest in tile Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, hut are not limited to: (a) paying any sums secured by a lien which has priority over this Security h~slrument; (b) appearing in court; and (c) paying reasonable Initials:~/~ ~ ~-(~(WY) 10005) Page 7 of ~5 Form 3051 1/01 attorneys' fees to protect its interest in thc Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing tile 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 ct)dc violations or dangcrous conditions, and have utilities turned on or off. Although Lender may take actmll ,l~der 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 tile l'roperty, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender rcq~fired Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required I,v Lender ceases to be available ~t¥om the mortgage insurer that previously provided such insurance and l~orrower was required to make separately designated payments toward the premiums for Mortgage lnst~ra~ce, Borrower shall pay the premiums required to obtain coverage substantially equivalent to tile M~rtgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of thc Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lendcr. If stlbstantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to l.cnder the amount oi' the separately designated payments 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 reser\,c in lieu of Mortgage insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or c:.'~fings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward thc prcnfiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the l_~:~n and Borrower was required to make separately designated payments toward the premiums for Mortpagc Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, ~r to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends ill :tccordance with any written agreement between Borrower and Lender providing for such termination or tmtil termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation t(, l~:~y interest at the rate provided in the Note. Mortgage Insurance reimburses hendcr (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay' the roan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify thc'ir risk, or reduce losses. These agreements are on terms and conditions that are satisractory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may rcq~ire the mortgage iusurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, hcmk'r, any purchase]' of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borro\\'cr's payments for Mortgage Insurance, in exchange for sharing or modifying thc ~r~gage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes :l share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangcn]t.nl is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms or the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to/a~y refund. Initials: ~ (~)~-6(WY) (0oo5) Page 8 of 15 Form 3051 1/01 0843 (b) Any such agreements will not affect the rights i~m'rower has - if any - with respect to the Mortgage Insurance under the lh)mcu~ners Protection Act ol' 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or 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 shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period. I~cnder shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to insl)cct such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not hc required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration {~r repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, il' any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Secli~)i! 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums sccurtxl 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 wduc of the Properly in which the fair market value of the Property immediately bcfm'c thc partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument sh:dl be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of thc sums secured immediately before the partial taking, destruction, or loss in x:due 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, destruction, or loss in value of the Property in which the fair market value of the Property immediately before Ibc partial taking, destruction, or loss in value is less than the amount of the sums secured inunediatcly bclbre th~ partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in xs'riting, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc then due. If the Property is abandoned hy Ih~rrower, or if, after 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 Lender widfin 30 days alter the date the notice is given, Lender is authorized to collect and apply the Miscellaneous l'roceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not thou duc. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any :~cli{~n or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forli:iture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as imwided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Prt~pcrty or rights under this Security Instrument. The proceeds of any award or claim for damages that are :~urihutable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to l.cnder. All Miscellaneous Proceeds that arc not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. [nit~ais: ~ (~ (~-6(WY) 10005) Page 9 of 15 Form 3051 1/01 0844 12. Borrower Not Released; Forbearauce By Lender Not a Waiver. Extension of the time for payment or modification of amortization of Ibc sums secured hy this Security Instrument granted by Lender to Borrower or any Successor in Interest of' Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. l.c,der shall not be required to commence proceedings against any Successor in Interest of Borrower or I() refuse to extend time tbr payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of B,,'rower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance o1' payments from third persons, entities or Successors in Interest of Borrower or in am~t:,ts 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-si~ners; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and ti:~bility shall be joint and several. However, any Borrower who co-signs this Security Instrument but docs not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, gra,~ :md convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligalcd to pay the sums secured by this Security Instrument; and (c) agrees that Lender and ',~,y other Borrower can agree to extend, modify, forbear or make any accommodations with regard to thc terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Sccli.~ 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security h~s~rument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under tl~is Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of tiffs Security Instrument shall bind (except as provided in Section 20) and benefit the successors and as.~igns of Lender. 14. Loan Charges. Lender may ch:~r? Borrower fees for services performed in connection with Borrower's default, for the purpose of t)rotccting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' IL'cs, property inspection and valuation fees. In regard to any other fees, the absence of c×press authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Scc~rity Instrument or by Applicable Law. If the Loan is subject to a law which sct~ maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collcclcd or to be collcclcd in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any s~H~s already collected from Borrower which 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:Lvment 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 tit' 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 iii connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires od~crwise. The notice address shall be the Property Address unless Borrower has designated a substitute n(~tice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for 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 ',,ldress under this Security Instrument at any one time. Any notice to Lender shall be given by delivcri~g 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 sh:dl not be deemed to have been given to Lender until actually received by Lender. If any notice required t~y this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requiremenV~under this Security Instrument. Initials: ~ ~,,~' IJ~-6IWY) (00051 Page ~0 of 15 ~" Form 3051 1/01 845 16. Governing Law; Severability; Rules of Construction. 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 lnstrt~inent are subjt:ct to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not hc construed as a prohibition against agreement by contract. In the event that any provision or clause ol' tl~is Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other pr. visions of this Security Instrument or the Note which c~ be given effect without the conflicting provisitm. As used in this Security Instrument: (a) words of the masculine gender sh~l me~ ~d include co~esponding neuter words or words of' thc fe~nine gender; (b) words in the singul~ sh~l me~ ~d include the plural ~d vice versa; and (c) tt~c word "may" gives sole discretion without ~y obligation to t~e ~y action. 17. Borrower's Copy. Borrowt:r shall hc given one copy o~' the Note ~d of this Security Instrument. 18. Transfer of the ~operty or ~ Beneficial Interesl in Borrower. As used in this Section 18, "Interest in the Property" me~s any legal .r beneficial interest iu the Property, including, but not li~ted to, those beneficial interests tr~s1~rred m a bond for deed, contract tbr deed, installment sales contract or escrow agreement, the intent of which is thc m.~sfer of title by Borrower at a hture date to a purchaser. If all or ~y pan of the Property or any Interest in the Property is sold or tr~sferred (or if Borrower is not a natural person ~d a beneficial intcrc'~t in Borrower is sold or tr~sferred) without Lender's prior written consent, Lender may require immediate payment in I'ull oI~ all sums secured by this Security Instrument. However, this option shall n~t he exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Leander shall give Borrower notice of acceleration. ~e notice sh~l provide a period of not less th~ 30 days l'r.m the date the notice is given in accord~ce with Section 15 within which Borrower must pay all sums ~ccured by this Security Instrument. If Borrower fails to pay these su~ prior to the expiration of this period, Lender may invoke ~y remedies pe~tted by this Security Instrument without ~nher notice ~.~ domed on Borrower. 19. Borrower's ~ght to Reinst:~te Al'ret Acceleratiou. If Borrower meets certain conditions, Borrower shall have the right to have c~dorccment of this Security Instrument discontinued at ~y time prior to the earliest of: (a) five days belbre sale of the Property pursuant to ~y power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the re.nation of Borrower's right to reinstate; or (c) entry ~t' a judgment eulbrcing this Security Instrument. ~ose conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument ~d the Note as if no accelerati., h:~d occurred; (h) cures ~y default of ~y other coven~ts or agreements; (c) pays all expenses incurred m vnforcing this Security lustmment, including, but not li~ted to, reasonable attorneys' fees, property i~pcction ~d valuatitm l~es, ~d other fees incurred for the pu~ose of protecting Lender's interest i~ Ihe Property ~d rights under this Security Instrument; ~d (d) t~es such action as Lender may reasomdflv require to assure that Lender's interest in the Property ~d rights under this Security Instrument, aud B,.rower's obligation to pay the sums secured by this Security Instrument, shall continue unch~ged. Lcmh'r may require that Borrower pay such reinstatement su~ ~d expenses in one or more of the ibllowin~ hq'll~S, as selected hy Lender: (a) cash; (b) money order; (c) certified check, b~ check, treasurer's chcc~ .r cashier's check, provided ~y such check is drawn upon ~ institution whose deposits are insured hv a feder~ agency, instmment~ity or entity; or (d) Electronic Funds Tr~sfer. Upon reinstatement by B.~r. wer, this Security Instrument ~d obligations secured hereby sh~l remain ~lly effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Sccti~m 18. 20. Sale of Note; Change of Loau Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security lnstrt.ncnt) c~ be sold one or more times without prior notice to Borrower. A sale ~ght result in a than? in the entity (known as the "Lo~ Se~icer") that collects Periodic Payments due under the Note and this Security Instrument ~d perfo~ other mortgage lo~ se~icing obligations under the Note, this ~ccurity Instrument, and Applicable Law. ~ere also might be one or more ch~ges of the Lo~ Servicer tmrclated to a sale of the Note, If there is a ch~ge of the Lo~ Se~icer, Borrower will be given written notice of the ch~gc which will state the n~e ~d address of the new Lo~ Servicer, the address to which payments should be made and ~y oth~fo~ation RESPA ~6(WY) (0005) Page 11 of 15 ' Form 3051 1/01 (~-6(WY) Iooosi requires in connection with a notice of translbr of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than tile purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc Note purchaser. Neither Borrower nor Lender may comnlcnce, join, or be joined to any judicial action (as either an individual litigant or the member of a class, that arises from the other party's actions pursuant to this Security Instrument or that alleges that the od~cr 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 rcquircmc[~ts of 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 before certain action can be taken, that time period will be deemed to be reasonable l't,' purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pt,rst~ant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy tile 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 defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, t,lhcr flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials complaining asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws :~d laws of the jurisdiction where the Property is located that relate to health, safety or environmental pr~,~cc'tion; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can c:~t~c, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit thc p~csence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any t-{azarth~s Substances, on t~r in the Property. Borrower shall not do, nor allow anyone else to do, anything afl'coting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental (7(,~dilion, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition ~h:~t adversely affects thc value of the Property. The preceding two sentences shall not apply to the prcsc~t'c, use, or storage on the Property of small quantities of Hazardous Substances that are generally rcc,)g~ized to be appropriate to normal residential uses and to maintenance of the Property (including, but i~{~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 govermnental or rcgul',m~ry agency or private party involving the Property and any Hazardous Substance or Environmental l.aw of which Borrower has actual knowledge, (b) any Environmental Condition, including but not li~ited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects Ibc value of the l)roperty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting thc l)ropcrty is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviro~l~cntal Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. Page 12 of 15 Form 3051 1/01 7 NON-UNIFORM COVENANTS. 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 the default; (c) a {late, not less than 30 days from the date the notice is given to Borrower, by which the default must he cured; and (d) that failure to cure the default on or before the date specified in the notice may rest,It 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 Borrmvt.,- to acceleration and sale. If the default is not cured on or before the date specified in the notice, l.ender at its option may require immediate payment in full of all sums secured by this Security Instrumeut vdthout further demand and may invoke the power of sale and any other remedies permitted I}v Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, l.ender shall give notice of intent to foreclose to Borrower and to the person in possession of the Ih'operty, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Bm'rower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold iu the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by 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 m a third party for services rendered and 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. 6(WY) (00051 Page ~3 of ~5 - Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees io ll~e terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: (Seal) -Borrower (Seal) -Borrower BARBAR3k A WIEBELL Ih,,rower (Seal) -Borrower ROBERT R WIEBELL Seal) rrower (Seal) -Borrower Seal) (Seal) -Borrower (~<~6(WY) {ooo5) Page 14 of 15 Form 3051 1/01 0849 STATE OF Vv~'Oi'vHNG, 4:r31~30~N-//-////,~',~ff.,d.~ ' - County ss: The foregoing instrument was acknowledged before me this BARBARA A WIEBELL, ROBERT R WIEBELL, WIFE & HUSBAND My Commission, Expires: Notary Public - California Humb°tdt C°unty Notary Public (~)~-6{WY) (0005) Page 15 of 15 Form 3051 1/01 49709511 1497095115 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMI-~NT RIDER is made this 8th day of November 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by d~c undersigned (thc "Borrower") to secure Borrower's Note to CHJ~SE M/kNHATTAN MORTGAGE CORPORATION a corporation organized qr~d existing under the laws of the State of New Jersey (the "Lender") of the same date and covering Iht Property described in the Security Instrument and located at: 165 SPRUCE DRIVE, TH_AYNE, WY 83127 I Property Address] The Property includes, but is not limited to. a parcel of land improved with a dwelling, together with other such parcels and certain common areas and f',~cilities, as described in COVENJkNTS, CONDITIONS AND RESTRICTIONS (the "Declaration"). The Property is a part of a planned unit development known as STAR VALLEY RANCH PLAT 2 JNamc ~l Planned Unit Development] (the "PUD"). The Property also includes B.rrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition m Ibc covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A, PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" arc the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. MULTISTATE PUD RIDER -'Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Forxm Page 1 of 3 Initials:~ (~7R (0008) VMP MORTGAGE FORMS - (800)521-7291 ~.~', 3150 1/01 B. Property Insurance. So long as thc Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in thc amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 liar the Periodic Payment to Lender of the yearly premium installments for property insurance on thc Property; and (ii) Borrower's obligation under Section 5 to maintain .property insurance coverage on the Property is deemed satisfied to the extent that the required coverage ~s provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of propcny insurance proceeds ill lieu of restoration or repair following a loss to the Property, or to common areas :md facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. I~ender shall apply the proceeds to the sums secured by the Security Instrument, whether or not then duc. with the excess, il' any, paid to Borrower. C. Public Liability Insurance. Bon-mvcr shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of :my award or claim for damages, direct or consequential, payable to Borrower in connection with any c{mdemnation or other taking of all or any part of the Property or the common areas and facilities of thc PUl), or for any con\'eyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such pn~ceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 1 I. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or tdrmination required by law in the case of substantial destruction by fire or other casualty or itl thc case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "C~ms~ituent Documents" il' the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless B~rrower and Lender agree to other terms of payment, these amounts shall bear interest from the date ~l' disbursement at ~l~c Note rate and shall be payable, with interest, upon notice from Lender to Borrmvur requesting payment. Initials:~ (~7R (0008) Page 2 of 3 ~ Form 3150 1/01 085° BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. BARBARA A WIEBELL Bt~rlower ROBERT R WIEBELL (Seal) -Borrower (Seal) (Seal) ~i rower -Borrower · Seal) (Seal) - [ I~ )11 ower -Borrower Seal) (Seal) Borlower -Borrower (~7R (0008) Page 3 of 3 Form 3150 1/01