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HomeMy WebLinkAbout90468831208 (04) Remrn To: Major Mortgage 6101 Yellowstone Rd Cheyenne, WY 82009 888-589-9500 Prepared By: 6101 Yellowstone Rd Cheyenne, WY 82009 888-589-9500 LL17 LL17 RECEIVED 11/18/2004 at 4:15 PM I,~ECEIVING # 904688 BOOK: 573 PAGE: 36-51 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY [Space Above This Line For Recordin~ I)ataI MORTGAGE ~IlN 0001608255 100049200000056512 DEFINITIONS 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. Certain rules regarding the uhi~gc of words used in this document are also provided in Section 16. (A) "Security Instrument"means this document, which is dated [h;vember 12th, 2004 together with all Riders to this document. (B) '~Borrower"is Ron B McCue and K Gail McCue, ~!,~:.:b~nd and Wife Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. *IKRS is a separate corporation that is acting solely as a nominee for Lender and Lender's successor, and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing trader the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~)~-6A(WY) (ooo5).o~ Page I o[ 15 Initial · - VMP MORTGAGE FORMS- (800)521-7291 Form 3051 1101 (D) "Lender" is Major Mortgage Lender is a Wyoming Corporation organized and existing under the laws of The Lender's address is 6101 Yellowstone Rd State' of LL17, Che] WY 82009 (E) "Note" means the promissory note signed by Borrower and dated N©vember 12th, 2004 The Note states that Borrower owes Lender Three Hundred :' ~n~y Thousand and no/100. Dollars (U.S. $ 370,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than December ~. ', 2019 Cie) "Property" means the property that is described below undc~ thc heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security lnstrumc,t plus interest. (H) "Riders" means all Riders to this Security Instrument that z,, c executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~] Adjustable Rate Rider [-'-] Condominium Rider -] Second Home Rider [--'-] Balloon Rider [--] Planned Unit Development Ride,' · I-4 Family Rider ~] VA Rider ~-] Biweekly Payment Rider Q Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effcc't 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 c,,ndominium association, homeowners association or similar organization. (lQ "Electronic Funds Transfer" means any transfer of fund~, c,thcr than a transaction originated by check, draft, or similar paper instrument, which is initiated thr,~ugh 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 Inmsfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlemc~t, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the cg,vcrages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation ~,' other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrcl, cscntations of, or omissions as to, the value and/or condition of the Property. {N) "Mortgage Insurance" means insurance protecting Lender ag:dnst the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount d itc I'or (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instr t,nc n t. (P) "RESPA" means the Real Estate Settlement Procedures Act (12 tJ. S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), :~s d~ey might be amended from time to time, or any additional or successor legislation or regulation that g,,vcrns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements aim restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qmdify as a "federally related mortgage loan" under RESPA. (~)~-6A(WY)(ooos).o~ ~.~.2o~s Form 3051 1101 (Q) "Successor in Interest of Borrower" means any party that ha~ taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note a,~d/or th i s Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of thc l.oan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrowcr'~ covenants and agreements under this Security Instrument and the Note. For this purpose, Borrowe~ d(,es hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's succes.~rs and assigns) and to the successors and assigns of MERS, with power of sale, the foll~,wing described property located in the County Clerk of I,~ ~coln County Clerk [Type of Recording Jurisdiction] N,mc of Recording Jurisdiction] See EXHIBIT "A" attached hereto and made a pa~ hereof. Parcel ID Number: ("Property Address"): 1749 North Bedford Co. Bedford which currently has the address of Road ] ~!1 [Street] Ici,> , Wyoming 83112 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a par~ (,l' thc property. All replacements and additions shall also be covered by this Security Instrument. All t,t' thc foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, hr& if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors a~}d ,ssigns) has the right: to exercise any or all of those interests, including, but not limited to, the right t~, t'~rcclose and sell the Property; and to take any action required of Lender including, but not limited t~). releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seisc~ ~d' the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that thc I'roperty is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform cove,ams lbr national use and non-uniform covenants with limited variations by jurisdiction to constitute a t,~ili~rm security instrument covering real property. (~)~-6A(WY) (0oo5).o~ Page3 of~5 Form 3051 1101 UNIFORM COVENANTS. Borrower and Lender covenant ami agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prelmylnent Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, thc 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 the Note and this Sccmity Instrument shall be made in U.S. currency. However, if any check or other instrument received by l.c~dcr tls payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in t,~c or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Tr~msfer. Payments are deemed received by Lender when received at thc location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payme~tl or partial payments are insufficient to bring the Loan current. Lender may accept any payment or parlkd l)~tyment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to ils rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such i¥,~yments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled duc date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied fund:~ 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. If not applied earlier, such fimcts will be applied to the outstanding principal balance under the Note immediately prior to foreclosm c. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borr~)wcr fi'om making payments due under the Note and this Security Instrument or performing the covenants ~md 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 thc fidlowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due tinder Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts duc under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquc~t Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may bc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, I.cnder may apply any payment received fi'om 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 payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in ~l~c Note. Any application of payments, insurance proceeds, or MiscelI',mcous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") t~ provide for payment of amounts due for: (a) taxes and assessments and other items which can attain pri~rity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ~rolmd 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 by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Secti~m 10. These items are called "Escrow Items." At origination or at any time during the term of the Lo:m, I,ender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly ft,'~fish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds fi~r [~scrow 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 for any or all Escrow Items at ~tny time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay direct b, when and where payable, the amounts (~-6A(WY) (ooos).oi Page4 o~ ~5 Form 3051 1101 due for any Escrow Items for which payment of Funds has been x~ ~fived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within ~uch time period as Lender may require. Borrower's obligation to make such payments and to proyide rcccilllS 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 litton directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lemh.~ 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 to any or all Escrm~ Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borroxvcr .q~all pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amotm! (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 FulM~ due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or ,,therwise in accordance with Applicable Law. The Funds shall be held in an institution whose dep,,.qts are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an ins~il~,t ion whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to p:Lx the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for h~,hling and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unlcs~ l.cnder pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. I Inless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Ecuador shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, withe,ut charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined trader RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of 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 shortage in accor&,~cc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay tt~ l,cnder 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, asscs~cnts, charges, fines, and impositions attributable to the Property which can attain priority over this Sc,.m'ity Instrument, leasehold payments or ground rents on the Property, if any, and Community Association I)ues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay ~l~cm in the manner provided in Section 3. Borrower shall promptly discharge any lien which has prit,rity 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 performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings, which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any par! of the Property is subject to a lien which can attain priority over this Security Instrument, Lender ma3 give Borrower a notice identifying the (~-6A(WY) (ooos).o~ Page 5 of ~s Form 3051 1101 lien. Within 10 days of the date on which that notice is given, Borr,,wer shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvemcms now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other ha?ards including, but not limited to, earthquakes and florida, lbr which Lender requires insurance. This insurance shall be maintained in the amounts (including dcdt~ctible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding ~cnlences can change during the term of the Loan. The insurance carrier providing the insurance shall bc cl~sen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not hc exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-ti,~c charge for flood zone determination and certification services and subsequent charges each time rem',q~pings or similar changes occur which reasonably might affect such determination or certification. Botlt,wcr shall also be responsible for the payment of any fees imposed by the Federal Emergency Man:~rcmcnt Agency in connection with the review of any flood zone determination resulting from an objection hy Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower'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 the c~,ntcnts of the Property, against any risk, ha~ard 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 Insh'ttmcnt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of ~uch policies shall be subject to Lender's right to disapprove such policies, shall include a standard morl~:,',~gc clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have tltc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to l.cnder all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance covc~tge, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall i~Mude 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 thc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless l,cnder and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlyinr i~m'ance was required by Lender, shall be applied to restoration or repair of the Property, if the restorati,,n or repair is economically feasible and Lender's security is not lessened. During such repair and restorati,~ period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity h) inspect such Property to ensure the work has been completed to Lender's satisfaction, provided th',d such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rest~,~ z~ticm in a single payment or in a series of progress payments as the work is completed. Unless an agreemcm is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender .q~aIl not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjus~c~s, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shzttl bc the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's sccm'ity would be lessened, the insurance proceeds shall be applied to the sums secured by this Security It~,,l~ umcnt, whether or not then due, with (~-6A(WY) (ooo5).Ol Page6 of ~5 Form 3051 1101 the excess, if any, paid to Borrower. Such insurance proceeds shall lie applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may fi!e, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 &~ys to a not. ice from Lender that the insurance carrier has offered to settle a claim, then Lender may ncL,.{~iate and settle the claim. The 30-day period will begin when the notice is given. In either event, or il' l.ender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender u~I Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under fl~c Nt~te or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any rcl'und of unearned premiums paid by Borrower) under all insurance policies covering the Property, ins~far as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds c itt~c~' to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc thc Property as Borrower's principal residence within 60 days after the execution of this Security Instrt,ncnt and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreast,~:flfly withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Pi'opc,'ty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property tt, deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Bt,rrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in xaluc due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is n,t economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, o~' thc taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only il' I.cnder has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restor~ i~m in a single payment or in a series of progress payments as the work is completed. If the insurance or c,}ndcmnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Bom,wcr's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvcmcms on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspectitm sl3cci lying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in dd'ault iff, during the Loan application process, Borrower or any persons or entities acting at the dirccdun of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccur,lc information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations ctmccrning 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 and agreements contai.cd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probzttc, lbr condemnation or forfeiture, for enforcement of a lien which may attain priority over this Scct,'ity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then I.cnder may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Pr,}pcrty and rights under this Security Instrument, including protecting and/or assessing the value of thc I'rt~pcrty, and securing and/or repairing the Property. Lender's actions can include, but are not limited tt): (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~-6A(WY) (ooo5).Ol Page7 o~5 Form 305t 1101 attorneys' fees to protect its interest in the Property and/or rights trader this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Prtq~crty includes, but is not limited to, entering the Property to make repairs, change locks, replace or b~,ard 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, I.cndcr does not' have to do so and is not under any duty or obligation to do so. It is agreed that Lender i~ct~,'s 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 nc, rice fi'om 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 the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the MortN:,$c Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to bc available from the mortgage insurer that previously provided such insurance and Borrower was required I~, make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance prcx i~n~sly in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equiwdcm Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount ,~t' the separately designated payments that were due when the insurance coverage ceased to be in effecl. I cnder will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgarc 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. earnings on such loss ~c~crvc. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount a~d tbr the period that Lender requires) provided by an insurer selected by Lender again becomes ax',til:d,le, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower ~va~ required to make separately designated payments toward the premiums for Mortgage Insurance, Borr,,,,~cr shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a no.-~cfimdable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any x~ritten agreement between Borrower and Lender providing for such termination or until termination is rcq,ircd by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate i,'tMded in the Note. Mortgage Insurance reimburses Lender (or any entity that i)urcha.ses the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed, ll,,~rower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insur;t,cc in force from time to time, and may enter into agreements with other parties that share or modify thci~ risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage i~tsurer and the other party (or parties) to these agreements. These agreements may require the mortgage i~sttrcr to make payments using any source of funds that the mortgage insurer may have available (which m;ty include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser t,l' tl~c Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may rccci ye (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrox~c~'s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurcr'~ risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "c:q)~ive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such ;~g,'cements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not c,~title Borrower to any refund. (~}~-6A(WY) (ooos).o~ Page a o~ ~s Form 3051 1/01 (b) Any such agreements will not affect the rights Borr. wer has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act .f 1998 or any other law. These rights may include the right to receive certain disclosures, to re(lUCSt 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 ~h:dl 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, Lender shall have thc ~ i[,hl to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property t,~ ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undcst&¢n promptly. Lender may pay for the repairs and restoration in a single disbursement or in a seric~ {d' progress payments as the work is completed. Unless an agreement is made in writing or Applicable [.aw requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay I/,,rrowcr any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econo, nically legible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc ~tm~s secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borroxx ct. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in v:duc of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security I~lrutnent, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value rd' the Property in which the fair market value of the Property immediately before the partial taking, tlcshuction, 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 Lc~dcr t~therwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc ~m~tmnt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of tl~c st,ns secured immediately before the partial taking, destruction, or loss in value divided by (b) Ibc fitir 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 ~1' thc Property in which the fair market value of the Property immediately before the partial taking, deqruction, or loss in value is less than the amount of the sums secured immediately before the partial taki~g, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellanc,~t~s Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are tl ~cn due. If the Property is abandoned by Borrower, or if, after ,otice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make :m award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date Ibc notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restt~ :dion or repair of the Property or to the sums secured by this Security Instrument, whether or not then duc. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against wh~m~ Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, xxl~cthcr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property ~)r ~thcr material impairment of Lender's interest in the Property or rights under this Security Instrument. II~rrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes fi,rlLqture o£ the Property or other material impairment of Lender's interest in the Property or rights under I I~i.~ Security Instrument. The proceeds of any award or claim for damages that are attributable to the impair~ncnt of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. (~)~-6A(WY) (ooo5).o~ Page ~ e! ~5 Form 3051 1101 12. Borrower Not Released; Forbearance By Lender Nut a Waiver. Extension of the time for payment or modification of amortization of the sums secured by i l~i~ gecurity Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not ~,pcrat¢ to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall-not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by ~.:~on of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbear:moo by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of puyments from third persons, entities or Successors in Interest of Borrower or in amounts less than the am~,unt then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint :md several. However, any Borrower who co-signs this Security Instrument but does not execute the N~dc (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-~i~ner's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrowc~ c;m agree to extend, modify, forbear or make any accommodations with regard to the terms of this Sccuritx Instrument or the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Success~,~ in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writi~., and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrumcm. Borrower shall not be released from Borrower's obligations and liability under this Security Instrumcm unless Lender agrees to such release in writing. The covenants and agreements of this Security Inshmncnl shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees fi~ ~crvices performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' l~.c~ property inspection and valuation fees. In regard to any other fees, the absence of express authority in Ihi~ ~ccurity Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the chin ~ing of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or hx Applicable Law. If the Loan is subject to a law which sets maximum loan ch:ugc~, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected Ii'om Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to ~kc this refund by reducing the principal owed under the Note or by making a direct payment to Bor~xvcr If a refund reduces principal, the reduction will be treated as a partial prepayment without an', prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower'~ acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any righ~ d' action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender it~ c~mnection with this Security Instrument must be in writing. Any notice to Borrower in connection with thi~ ~ecurity Instrument shall be deemed to have been given to Borrower when mailed by first class mail ~,r when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borr~,~xcr shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The no;icc address shall be the Property Address unless Borrower has designated a substitute notice address by ~,lice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender spccific~ a procedure for reporting Borrower's change of address, then Borrower shall only report a change ~f ~ddress through that specified procedure. There may be only one designated notice address under this ~ccm-ity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailin~ it by first class mail to Lender's address stated herein unless Lender has designated another addres~ by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed ~ have been given to Lender until actually received by Lender. If any notice required by this Security ln~t~'mncnt is also required under Applicable Law, the Applicable Law requirement will satisfy the corrc~p,mding requirement under this Security Instrument. ~,,,a~ (~)~-6A(WY) (ooo5).ol Paga lO ol 1,5 Form 3051 '1101 16. Governing Law; Severability; Rules of Constructi.n. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which thc Property is located. All rights and obligations contained in this Security Instrument are subject I,~ any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly alk~w tile parties to agree by contract or it might be silent, but such silence shall not be construed as a prohiNtion against agreement by contract. In the event that any provision or clause of this Security Instrumcm t~t' tile Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the m',~,cu ine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives s,,l~~ discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy o1' thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in lire'rower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in ~hc Property, including, but not limited to, those beneficial interests transferred in a bond for deed, conlrztcl I'or deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by B,,~ r~ ,wcr at a future date to a purchaser. If all or any part of the Property or any Interest in the Propc~ t3' is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is suhl or transferred) without Lender's prior written consent, Lender may require immediate payment in full ~)1' till sums secured by this Security Instrument. However, this option shall not be exercised by l.cmlcr il' such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall Provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may itwuke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. 11' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property ptu'suant to any power of sale contained in this Security Instrument; (b) such other period as Applicable l.aw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enl'~>rcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Securit3 Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuatbn lbcs, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights trader this Security Instrument; and (d) takes such action as Lender may reasonably require to assure th:it I.ender's interest in the Property and rights under this Security Instrument, and Borrower's obligation t~ pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Bt,rrowcr pay such reinstatement sums and expenses in one or more of the following forms, as selected b3 l.cndcr: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, l~rovided any such check is drawn upon an institution whose deposits are insured by a federal agency, iu,t~umcntality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security l~strumcnt and obligations secured hereby shall remain fully effective as if no acceleration had occurred, lh,wcvcr, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Gt'ic~;mcc. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one ~r more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrum~.nt and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change whid~ will state the name and address of the new Loan Servicer, the address to which payments should be ntmtc and any other information RESPA (~-6A(WY) (ooo~).Ol Page ~ ot 15 Form 3051 1101 Of_;4 7 requires in connection with a notice of transfer of servicing. If tl~c Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note. thc mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferrc~t I~ z~ successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc N~lc purchaser.. ' Neither Borrower nor Lender may commence, join, or be .i,',i~cd to any judicial action (as either an individual litigant or the member of a class) that arises from tl~c other party's actions pursuant to this Security Instrument or that alleges that the other party has breachc,l z,~y provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lel~dcr has notified the other party (with such notice given in compliance with the requirements of Section 15) ,~l' such alleged breach and afforded the other party hereto a reasonable period after the giving of .~t~-]~ ~otice to take corrective action. If Applicable Law provides a time period which must elapse bef,~rc certain action can be taken, that time period will be deemed to be reasonable for purposes of this p:, :~r~q~h. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 .,t~tt the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc ~otice zmd opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "lh~zardous Substances" are those substances defined as toxic or ha?ardous substances, pollutants, ~r w~stes by Environmental Law and the following substances: gasoline, kerosene, other flammable or lt~xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or t'~rmzddehyde, and radioactive materials; (b) "Enviroumental Law" means federal laws and laws of the j ur i~tlict ion where the Property is located that relate to health, safety or environmental protection; (c) "Envir,,~c~tal Cleanup" includes any response action, remedial action, or removal action, as defined in Envirt,~cl~tal Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, ~,r otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disp~',d, storage, or release of any Hazardous Substances, or threaten to release any Ha?ardous Substances, o~ t,~ i~ the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (~) th:~t is i~ violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, zluc to tl.~e presence, use, or release of a Hazardous Substance, creates a condition that adversely affects ~hc v~lue of the Property. The preceding two sentences shall not apply to the presence, use, or storage ~ the Property of small quantities of Hazardous Substances that are generally recognized to be appr,wiz~te to normal residential uses and to maintenance of the Property (including, but not limited to, hazard,~u~ substances in consumer products). Borrower shall promptly give Lender written notice of (a) ~y il~vestigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or priv:~te party involving the Property and any Hazardous Substance or Environmental Law of which B~rr~wer has actual knowledge, (b) any Environmental Condition, including but not limited to, any spillitL~, I caking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition c~cd by the presence, use or release of a Ha?ardous Substance which adversely affects the value of the Pr~,l~crty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private pz~ty, thztt any removal or other remediation of any Ha?ardous Substance affecting the Property is necessary, I~,,rrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothi~g herein shall create any obligation on Lender for an Environmental Cleanup. (~-6A(WY) (ooo5).o~ P~g~ ~ of ~5 Form 3051 1101 0".3,'1,8 NON-UNIFORM COVENANTS. Borrower and Lender ftlrlhcr covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Ih,r,'ower prior to acceleration following Borrower's breach of any covenant or agreement in this St'curity Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides ,iherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a d;ile, OOI less than 30 days from the date the notice is given to Borrower, by which the default must Itc curctl; and (d) that failure to cure the default on or before the date specified in the notice may resoll in acccleration of the sums secured by this Security Instrument and sale of the Property. The notice sh;HI further inform Borrower of the right to reinstate after acceleration and the right to bring a cra, ri action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable La~v. I.ender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give ,m~icc of intent to foreclose to Borrower and to the person in possession of the Property, if differeot, 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 Iht 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 Iht sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Sccurily Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Seem ity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs, l.cnder may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to atl drd party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights trader and by virtue of the homestead exemption laws of Wyoming. (~-6A(WY) (ooo~).o~ Page ~3 o~ ~s Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the lerms and covenants contained in this Security Instrument and in any Rider executed by Borrower and rcc,,rdcd with it.' Witnesses: (Seal) -Borrower ~.~,. ~ t t[~('~CO..__ (Seal) K Gail r.i '('~e -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6A(WY) (ooo5).ol Page ~4 of ~ Form 3051 1101 STATE OF WYOMING, The foregoing instrument was acknowledged before me this by Ron B McCue and K Gail McCue Lincoln County ss: vember 12th, 2004 My Commission Expires: ~ff~_//- d} ~ / Notary Public (~-6 A(WY)(0005).0, Pagel5 ol'15 Form 3051 1101 EXHIBIT "A" That pa~ of the S1/2NE1/4 of Section'17, T3.4N, R118W, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 32 ~1' l>hoto Static records on Page 104, described as follows: BEGINNING at the Southwest point of that tract of reco~d in s~id Office in Book 382 of Photo static Records on Page 61; on the South line of said S 1/2NE1/4, N89°33'34'' W, 262.61 feet, from the Southeast comer of said S 1/2NE 1/4; Thence N 89°33'34" W, 525.33 feet, along said South line, to a l~(>int; Thence N 00°36'01" E, 331.63 feet, along a line parallel with thc East line of said S1/2NE1/4 to a spike at an intersection with the Westerly protraction of the North line of saicl t r~ct in Book 382; Thence S 89 ° 34' 12" E, 525.33 feet, along said Westerly protract i, ~] t o the Northwest spike of said tract in Book 382; Thence S 00°36'01'' W, 331.73 feet, along ,the West line of'said t~'~ct, to the POINT OF BEGINNING.