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HomeMy WebLinkAbout904715After Recording Return To: COUNTRYWIDE HOME LOANS, INC. MS SV-79 DOCUMENT PROCESSIHG P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: TAMHY BUCHANAN RECEIVED 11/19/2004 at 12:59 PM RECEIVING # 9047'15 BOOK: 573 PAGE: 105-123 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space A I,m ,, This Line For Recording Data] 85186850 i i >~t:row/Closing $] MORTGAGE MIN 0008518685011004 [Doc ID $] 1001337-0000366634-7 DEFINITIONS Words used in multiple sections of this d~cm ncnt are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules rcgardi~g the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this d~c,,,nent, which is dated NOVEMBER 12, with ail Riders to this document. (B) "Borrower" is J RUSSELL POINT, AND JUDY K P(~IHT HUSBAND AND WIFE 2 0 04 , together Borrower is the mortgagor under this Scorn'iix h~strument. (C) "MERS" is Mortgage Electronic Rcgisl,'afion Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lcndcr's successors and a~ssigns. MERS is the mortgagee under this Security Instrument. MERS is organized :,,,d existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, ~ I I .18501-2026, tel. (888) 679-MERS. (D) "Lender" is AMERICA'S WHOLESALE LENDER Lender is a CORPORATION organized and existing under the laws of r.I~:;~2 YORK Lender's address is P.O. Box 660694, Dallas, TX 75.~36-0694 (E) "Note" means the promissory note signed by Borrower and dated NOVEMBER 12, 2004 . The Note states that Borrower owes Lender EIGHTY SIX THOUSAND and Dollars(U.S. $ 86,000.00 )phts interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full n~t later than DECEMBER 01, 2034 (F) "Property" means the property thai is described below under the heading "Transfer of Rights in the Property." WYOMING-SIngle Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Page 1 of 11 ~®-6A(WY) (0005) CHL (08/00)(d) VMP %'( ~HIGAGE FORMS- (800)521-7291 CONVNA *23991 * * 0851 86 850000002 006A* DOC ID #: 0008518685011004 (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 Instmmc,~t, i¢lus interest. (It) "Riders" means all Riders to this Security Instrument tha~ are cxecuted by Borrower. The following Riders are to be executed by Borrower [check box as applicable I: I-X-] Adjustable Rate R/der [---] Condominium Rider ~ Second Home Rider ['~ Balloon Rider [~ Planned Unit Development Ri&.r ~ 1-4 Family Rider ['~ VA Rider [--] Biweekly Payment Rider [~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable fcd,,al, state and local statutes, regulations, ordinances and administrative rules and orders (that have the ell'cot of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" ~m':ms all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a cond(,niniutn association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, ~lhcr than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authori/, u financial institution to debit or credit an account. Such term includes, but is not limited to, poinl-t~l:salc transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Sccli~ m 3. (M) "Miscellaneous Proceeds" means any compensation, settlcmc.t award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the covc~'ages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other tal.,i.g o£ all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentati{m,; of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lendo' ,xainst the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amoum duc for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Insm, .cut. (P) "RESPA" means the Real Estate Settlement Procedures Arq Il2 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C,F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that govcms thc same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements anti rcgtrict~ons that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (Q) "Successor in Interest of Borrower" means any party that has token title to the Property, whether or not that party has assumed Borrower's obligations under the Note a,d/or Iltis Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment o thc 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 docs hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors a,d assigns) and to the successors and assigns of 1VIERS, with power of sale, the following described property h ~caled in the COUNTY of L I NCOLN : [Type of Recording Jurisdiction] [ Name of Recording Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PAI-CI HEREOF. Parcel ID Number: Wyoming 83101 [Zip Code] (~®-6A(WY) (0005) 1415 ANTELOPE ST, [Street/City] ("Property Address"): CHL (08/00) Page 2 of 11 KEI-I[-II,;RE R which currently has the address of 0!07 DOC ID #: 0008518685011004 TOGETHER WITH all the improve,nc,lis now or hereafter erected on the property, and all ea~sements, appurtenances, and fixtures now or hcrcal'lc~' a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agr~'~ s that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, bul, il' necessary to comply with law or custom, 1VIERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose ami sell the Property; and to take' any action required of Lender including, but not limited to, releasiug ami canceling this Security Instrument. BORROWER COVENANTS thai Bom ~wer is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey thc lh'operty and that the Property is unencumbered, except for encumbrances of record. Borrower wan'am..: and will defend generally the title to the Property against all claims and demands, subject to any cncum Immce,s of record. THIS SECURITY INSTRUMENT c~,mbines uniform covenants for national use and non-uniform covenants with limited variations by jm'i~diclion to constitute a uniform security instrument covering real property. . · UNIFORM COVENANTS. Borrower and Lender covenant and agree as folloWs: 1. Payment of Principal, Inleresl, l,:s~.mw Items~ Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due undcr Ibc N~)Ic. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under tile N{,tc :md this Security Instrument shall be made in U.S. currency. However, if any check or other instmmcm received by Lender a~s payment under the Note or this Security Instrument is returned to Lender unpaid, l.cndcr may require that any or all subsequent payments due under the Note and this Security Instrumcnt bc m:,Ic in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified c c,'k. bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institntion wh~sc deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfcr. Payments are deemed received by l.cmlcr when received at the location designated in the Note or at such other location a~s may be designated by Leto I,:r in accordance with the notice provisions in Section 15. Lender may return any payment or partial paymc~l if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any pa.x~cnt or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or Im"judice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apl ~1 y such payments at the time such payments are accepted, ff each Periodic Payment is applied as of its schc,h~lcd due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplicd fired,; until Borrower makes payment to bring the Loan current. If Borrower does not do so within a rcas~mal,l~: period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such I'unds will be applied to the outstanding principal balance under the Note immediately prior to foreclosnrc. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower fi'om making payments due under the Note and this Security Instrument or performing the covenants and agrecmcnl~ secured by this Security Instrument. 2. Application of Payments or l'rocced.s. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) ;re,rants due under Section 3. Such payments shall be applied to each Periodic Payment in the order in %'hich h became due. Any remaining amounts shall be applied first to late charges, second to any other amounls {1~, under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from l~,rrower for a delinquent Periodic Payment which includes a sufficient amount to pay any .late charge duc, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Pavmcnl is outsianding, Lender may apply any payment received from Borrower to the repayment of the Period:~c I';~yments if, and to the extent that, each payment can be paid in full. To the extent that any excess exisls al)ct 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 anti thc~l as described in the Note. Any application of payments, insnram'c proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the duc tlalc, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Bomm.'cr sh~l pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid iu full, a stun /the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasch{~ld payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lcmlcr umler Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lcmlcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Sect o ~ II). These items are called "Escrow Items." At origination or at any time during the term of the Lomb, Lender' may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borr{)x~cr, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lendcr all m>tices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for ~scrow Items tmlcss Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive B~ ,'~' ,,ers obligation to pay to Lender f~~~ Funds DOC ID #: 0008518685011004 Items at any time. Any such waiver may only be in writing. I. Iht event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any l¢:L','mv Ilcms for which payment of Funds has been waived by Lender and. if Lender requires, shall furnish ~o I Jcndcr receipts evidencing such payment within such time period as Lender may require. Borrower's obli&~dion to make such payments and to provide receipts shall for all purposes be deemed to be a covcnam m~d agreement contained in this Security Instrument. as the phrase "covenant and agreement" is used i,~ ,%ecfion 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fail~ IL~ pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such :,n~mnl and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender ~,.~,~ revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Secti(m I 5 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then requi,'cd under this Section 3. Lender may, at any time, collect and hold Funds in an an~,,m (,) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to excc~.d the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds dm~ ~,,~ the basis of current dam and reasonable estimates of expenditures of future Escrow Items or otherwise in ',ccordance with Applicable Law. The Funds shall be held in an institution whose deposits arc insm'cd by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose &l~,~its arc so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Ilcms no later than the time specified under RESPA. Lender shall not charge Borrower for holding and apply i,~g thc Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays l%~,','mvcr interest on the Funds and Applicable Law permits Lender to make such a charge. Unless' an agrec~ncnt is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not bc rcq,,i,'cd to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, howcvc,', that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accou~img o l' thc Funds ms required by RESPA. If there is a surplus of Funds held in escrow, as defined umlcr I(ESPA, Lender shall account tO Borrower for the excess funds in accordance with RESPA. If there is :, ~l~,'mgc of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower ms required by I~I,:SPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance wi~h RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow. :,~ dclincd under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to I.cndcr the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 m~,mhly payments. Upon payment in full of all sums secured by this Securi~) h~tmmcnt, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessmcm~, cha,'gcs, fines, and impositions attributable to the Property which can attain priority over this Security Inslm~,~cm, leasehold payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner l',t'~}vidcd in Section 3. Borrower shall promptly discharge any lien which-has i,i~rity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligatio, seem'ed by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agrec~,cnt; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings whM~ in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, bm only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfacl,)ry to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of thc Pr~l)erty is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisl}, thc 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 fi,', real estate tax verification and/or reporting service used by Lender in connection with this Loan; 5. Property Insurance. Borrower shall keep the improvc~}~,:ms now existing or hereafter erected on the Property insured against loss by fire. hazards included within ~hc tcm~ "extended coverage," and any other hazards including, but not limited to. earthquakes and floods, I'or which Lender requires insurance. This insurance shall be maintained in the amounts (including dedm, liblc levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentcm,cs can change during the term of the Loan~ The insurance carder providing the insurance shall be chosc, a by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised um'casouably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time char? for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zo,c dclcrmination and certification services and subsequent charges each time remappings or similar changes ~)ccur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with Ibc review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is trader no obligation to purcha~se any particular type or amount of coverage. Therefore, such coverage shall c{,vcr Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents (~l'thc Property, a~h~d II~-6A(WY) (0005) CHL (08/00) · Page 4 of 11 ~,~.~ DOC ID #: 0008518685011004 or liability and might provide greater {}r lexxc,l coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage s,) ,,brained might significantly exceed the cost of insurance that Borrower could have obtained. Any amou,,l~ disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Secm'ity h,'~n,ment. These amounts shall bear interest at the Note rate from the date of disbursement and shall bc plly:d)lc, with such interest, upon notice from Lender to Borr°wer requesting payment. All insurance policies required by Lcmlcr and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a ~mndard 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 requires, Borrower shall promptly gi xc Io Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insura,cc c,,vcrage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy ~h;dl include a standard mortgage clause and shall name Lender as mortgagee and/or ~s an additional loss payee. In the event of loss, Borrower shall gix'c prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made proml~dy by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether ~,r ,,or the underlying insurance was required by Lender, shall be applied to restoration or repair of thc l',',~l)~.~,-ty, if the restoration or repair is economically feasible and Lender's security is not lessened. During st,ch repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has hml a~t opportunity to inspect such Property to ensure the work has been completed to Lender's satisfactio,,, pr,,xidcd that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rcs~Ioration in a single payment or in a series of progress paymen[s as the work is completed. Unless an ag,'cc,~,c,,t is made in writing or Applicable Law requires interest to be paid on such insurance proceeds. Lcnd¢,' ~h:,ll not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, o,' ~)lhcr third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall bc the ~lc obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security x~uld be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrume,,I, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied i,, Ibc order provided for in Section 2. If Borrower abandons the Propc,'[y, l.c,,dcr may file, negotiate and settle any available insurance claim and related matters. If Borrower docs uot ,'c~:p,~nd within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, thc,i [.c~dcr may negotiate and settle the claim. The 30-day period will begin when the notice is given. In cilhcr event, or if Lender acquire~s the Property under Section 22 or otherwise, Borrower hereby assigus to Lcml~'r (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid nnder Ibc Note or this Security Instrument, and Co) any other of Borrower's rights (other than the right to any refund ol' ,,,,earned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such righl~ ;,,'¢ applicable to the coverage of the Property. Lender may use the insurance proceeds .either to repair or rc~lt,'e the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not the, 6. Occupancy. Borrower shall occupy, cslablish, and use the Property as Borrower's principal residence within 60 days after the execution ol~ lifts ,qcc,,rity Instrument and shall continue to occupy the Property as Borrower's principal residence for at lca~ ,,,e year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall ,~o~ bc ,,,,reasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and I','otection of the Property; Inspections. Borrower shall not destroy, damage or impair the Propcrty, all~,w the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the l'r~,pcrty, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decrca~i,~:~, i,~ value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is ,~ol cc, ~,,~ ~,~,ically f~asible, Borrower shall promptly repair the Property if damaged to avoid further deterioration ~)r damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taki,~g ~f', Ihe Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has r¢lc~¢d proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnali~,, proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obi i~ i~ ~,~ for the completion of such repair or restoration. Lender or its agent may make rca~,,ablc entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect thc i,~lcrior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to a~,ch :,n interior inspection specifying such reasonable cause. 8. Borrower's Loan Applicatinn. l~),','~)wer shall be in default if, during the Loan application process, Borrower or any persons or entities acd~g al the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, ~,' inaccurate information or statements to Lender (or failed to provide Lender with material information) h l ,:o,mection with the Loan. Material reprasentations include, but are not limited to, representations conccr~d,~:~, Rorrower's occupancy of the Property as Borrower's principal residence. (~-6A(W'Y) (0005) CHL (08/00) Page 5 of 11 DOC ID #: 0008518685011004 9. Protection of Lender's Interest in the prOPerty and Ri;4hts Uuder this Security Instrument. If (a) Borrower fails to perform the covenants and agreements conmim.d in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's intcr,'st in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, i)r~bat¢, For condemnation or forfeiture, for enforcement of a lien which may attain priority over this N,.curity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, thc,~ l.cnder may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Propers> and rights under this Security Instrument, including protecting and/or assessing the value of the Property, ',~,~d seem'lng and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying :m> stuns secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) P:t~ ing reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Ins~,mcnt, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is m)l limiled to, entering the Property to make repairs, change locks, replace or board up doors and windows, dr'.,in water from pipes, eliminate building or other code violations or dangerOus conditions, and have utilities tm-ned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is m~l under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all ~,cfions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall bcctm~e additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest :d d}c Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender l,~ Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shrill c'~mq,ly with all the provisions of the lease. If Borrower acquires fee title to the Property, the leas6hold ami thc Fcc title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage h,sm'ancc as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Morl~,:~:c lnsnrance 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 requir~.d I,} make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall p:ty thc premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in cl'l'cct, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effec~ fi'om an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance cow'r:tgc is not available, Borrower shall continue to pay to Lender the amount of the separately designated paymem:; that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these p:~ymcnts as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refumkdqc, 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 reserve. Lender can no longer require loss reserve paym,.ms il' Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by :m insm'¢r selected by Lender again becomes available, is obtained, and Lender requires separately designated i)ay mcn ts toward the premiums for Mortgage Insurance. ff Lender required Mortgage Insurance as a condi~hm t~l' making the Loan and Borrower was required to make separately designated payments toward the l~rcmiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance h, clTcct, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance eml~ in accordance with any written agreement between Borrower and Lender providing for such termination t~r ,tutti termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to p',,y interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that pm'chases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is m~t a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insut-:~}cc in force from time to time, and may enter into agreements with other parties that share or modify their risk, ,,' reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage instm'r and the other party (or parties) to these agreements. These agreements may require the mortgage insure,' I,~ make payments using any source of funds that the mortgage insurer may have available (which may inch,lc l'unds obtained from Mortgage Insurance premiums). As a result of these agreemen[s, Lender, any purchaser o~' ~h,' Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (.directly or indirectly) amoun[s that derive from (or might be characterized as) a portion of Borrower's paymt:ms I'or Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducine I~sses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchan~,c for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Fm'lhcr: (a) Any such agreements will not affect the amounts that Bm'rower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements ~ ill not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borro~vr ~, any refund. (~)®-6A(WY) (ooos) CH L (08100) Page 6 of 11 Initials: DOC ID #: 0008518685011004 (b) Any such agreements will nol :fl'lbct the rights Borrower has - if any - ~ith respect to the Mortgage Insurance under the th)me(n~ Jwrs Protection Act of 1998 or any other law. These rights may include the right to receive certain di~'lost,res, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage lnsuram'c Icrminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that xYere, ncarned at the time of such cancellation or termination. 11. Assignment of Miscellancuus I'roceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lcmler. If the Property is damaged, such N,~i~ccl hmeous Proceeds shall be applied to restoration or repair of thc Property, if the restoration or repair ix ¢co~mfic~flly fe0.sible and Lender's security is not lessened. During such repair and restoration period, Lender shall h:n'¢ the right to hold such Miscellaneous Proceeds until Lender had an opportunity to inspect such PropcrL~ I~ ensure the work has bccn completed to Lender's satisfaction, provided that such inspection shall be tmderl;&cn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of prt~rc~s payments as the work is completed. Unless an agreement is made in writing or Applicable Law rcqtfirc~ inlerest to be paid on such Miscellaneous Proceeds, Lender shall not bc required to pay Borrower any i~tcrc~l ~,r earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lc~dcr's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this $cc.rily Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Pn~cccds shall be applied in the order provided for in Section 2. In the event of a total taking, desln~cli,~, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by Ihi~ Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, dcstr.cli.,J, or loss in value of the Property in which the fair market value of the Property immediately before the p~t'li:fl taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this S¢c,ri~y Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Leander otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amo~mi ~l' the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured i,,,cdiately before the partial taking, destruction, or loss in value divided by (b) the fair market value of thc l*r~ 0arty immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to In the event of a partial taking, dcstrt~cli~h or loss in value of the Property in which the fair market value of the Property immediately before thc p~lrli:fi taking, destruction, or loss in value is less than the amount of the sums secured immediately before il~c p~.'fial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Nli~o,I aneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the stm~ :,'c then due. If the Property is abandoned by Bt~rr~x~cr. or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) ~fl'crs ~,~ make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after Ibc d;.~c the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to rcsn,':~tion or repair of the Property or to the sums secured by this Security Instrument, whether or not the~ thio. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party agai,s~ whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default Jf a~ly ncli~)~ or proceeding, whether civil or criminal, is begun that; in Le der s judgment, could result in forfcil,rc ,,l' the Property or other material impairment of Lender's interest in the Property or rights under this Scc~ril3' I,qtrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Secli~,~l 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, preclt~dc~ I'~ ,rr¢iture of the Property or other material impairment of Lender's interest in the Property or rights under thisc ,'~¢curity Instrument. The proceeds of any award or claim for damages that are attributable to the imp:firm~,~l of Ler/der's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that arc ~(~t :q,plied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forhe:,'ance By Lender Not a Waiver. Extension of the time for payment or modification of amortizat on or thc sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest ~f l'~rr, ,wer shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Leander ghall not be required to commence proceedings against any Successor in Interest of Borrower or to rcft~c . extend time for payment or otherwise modify amortization of the sums secured by this Security Instrtm~c~l hv reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any ['~rl~;~rance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance or i):~3 ~en~s from third persons, entities or Successors in Interest of Borrower or in amount, s less than thc am~m~ *hen due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-,si~v~ers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and lialqlity shall be joint and several. However, any Borrower who co-signs this Security Instrument but &~cs ~ ~l execute the Note (a "co-signer"): (a) is co-signing this Security (~®-6A(WY) (0005) CHL (08/00) Page 7 of 11 DOC ID #: 0008518685011004 Instrument only to mortgage, grant and convey the co-signer's i,,tcrcst in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the st~,}/s secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree ~t~ extend, modify, forbear or make any accommodations with regard to the terms of this Security h~slrm,~cnt or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor ill hilcrest o£ Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is aplm ~vcd by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower sh',,ll ,n~t he released from Borrower's obligations and liability under this Security Instrument unless Lender agrees I~ such release in writing. The covenants and agreemen[s of this Security Instrument shall bind (except as prm'idcd in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees I'Ol- services performed in connection with Borrower's default, for the purpose of protecting Lender's imcrcst in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, p,'opcrty inspection and valuation fees. In regard to any other fees, the absence of express authority in this .%curity Instrument to charge a specific fee to Borrower shall not be construed asa prohibition on the charging ~1' such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collct:tcd in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reducetl b3 Ih¢ amount necessary to reduce the charge to the permitted limit; and (b) any sums already collect6d from 1~,~ ~rrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this reftmd by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund rcth~ccs principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether' t~' not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund i~;itlc by direct payment to Borrower will constitute a waiver of any right of action Borrower might have ari~;ing out of such overcharge. 15. Notices. All notices given by Borrower or Lender in c~,m~cction with this Security Instrument must be in writing. Any notice to Borrower in connection with this .qc-cm'ity Instrument shall be deemed to have been given to Borrower when mailed by first class mail or whct~ 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 otherwise. The notice adrift:ss shall be the Property Address unless Borrower has designated a substitute notice address by notice t~ Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a pt'~)cedure for reporting Borrower's change of address, then Borrower shall only report a change of address tl,{mgh that specified procedure. There may be only one designated notice address under this Security Instrumcm :~1 any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lc'mlcr's address stated herein unless Lender has designated another address by notice to Borrower. Any notice i~ connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, thc Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Constructim~. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the lh'~pcrty is located. All rights and obligations 'contained in this Security Instrument are subject to any requir[;incnts and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties I{~ :~grc¢ by contract or it might be silent, but such silence shall not be construed as a prohibition against :~grccment by contract. In the event that any provision or clause of this Security Instrument or the Note conl'licts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or thc N~tc which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc m:~sculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) wtu'tls in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy el'linc Note and of this Security Instrument. 18.' Transfer of the Property or a Beneficial Interesl in B~wrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in Ih¢ Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contraci fi,r deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower :~1 a fi~ture date to a purcha~ser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold ~r Ir:msferred) without Lender's prior written consent, Lender may require immediate payment in full of all 5;urns secured by this Security Instrument. However, this option shall not be exercised by Lender if such ext:~'cisc is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Born~wcr m~fice of acceleration. The notice shall provide a period of not less than 30 days from the date the n~ticc is given in accordance with Section 15 within which Borrower must pay all sums secured by this Secm'ity [nslrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invt,l,:c m~y remedies permitted by this Security Instrument without further notice or demand on Borrower. (~~,~ (~t~-6A(WY) (0005) CHL (08/00) Page 8 of 11 DOC ID #: 0008518685011004 19. Borrower's Right to Reinstalc A rlcr Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcc,,c,, ,,t' Ibis Security Instrument discontinued at any time prior to the earliest of.' (a) five days before sale of ~hc Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment c,,l'~,'cing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which thc, w¢,~hl be due under this Security Instrument and the Note as if no acceleration had occurred; (b) curet a,,y dcl';,,It of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security I,st,'t,,,~c,,, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fccs, and ,~hcr fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Scct,'il.,; h,strument; and (d) takes such action as Lender may reasonably require to assure that Lender's i,tc,'cgt i, thc Property and rights under this Security Instrument, and Borrower's obligation to pay the sums ,~cc.,t~d by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such rcin~l;,c,,,cnt sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money ~,,,lcr; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn tq)~m ;tn institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Hlecl,'o,~ic I:,mds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby zhall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply iu the case of acceleration under Section 18. 20. Sale of Note; Change of Loan ,qc,'~ leer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instr,,nc,,ll can be sold one or more times without prior notice to Borrower. A sale might result in a change in thc c,I ily (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security lnsimmc,I 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. Il' there is a change of the Loan Servicer, Borrower will be given written notice of the change which will stale the name and address of the new Loan Servicer, the address to which payments should be made and a,y .Ihcr information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold a,d ~hcreafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage lot, sc,-vicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loa, Sc,'x iccr and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may c~,,,,,,cnce, join. or be joined to any judicial action (as either an individual litigant or the member of a cla~s) ~l~,t arises from the other party's actions pursuant to this Security Instrument or that alleges that the other pa,'ly has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrowc,' ,,,-Lender has notified the other party (with such notice given in compliance with the requirements of Scctio,, 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such nt~t icc to take corrective action. If Applicable Law provides a time period which must elapse before ccrlain a'l i, ,, can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice ot' acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of accclcr;,i~,,, given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take c~,',','ctive action provisions of this Section 20. 21. Hazardous Substances. As t,scd i,, !his 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, other £1amm:,lq¢ or toxic petroleum products, toxic pesticides and herbicides, volatile Solvents, materials containi,~g ;,~bcstos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws a,d taws of the jurisdiction where the Property is located that relate to health, safety or environmental p,'otccli~,,,; (c) "Environmental Cleanup" includes any response action, remedial action, or removal .action, as dcl'i,,~,(I i, Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribulc Iii, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or per,nit Ibc presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any t {a/a,'d,,,s Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affccti,g Ibc Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condilio., ~- (c) which, due to the presence, 'use, or release of a Hazardous Substance, creates a condition that advc,'sclx ;,l'fects the value of the Property. The preceding two sentences shall not apply to the presence, use, or sto,'%.c on the Property of small quantities of Hazardous Substances that are generally recognized to be appr,p,'i;~k'~ to normal residential uses and to maintenance of the Property (including, but not limited to, hazardot, s suby<l;,Ices in consumer products). Borrower shall promptly give Lcndc,' xx rittcn notice of (a) any inv. estigafion, claim, demand, lawsuit or other action by any governmental or rcgul;,It)ry agency or private party involving the Property and any Hazardous Substance or Enviromnental Law t~r which Borrower has actual knowledge, (b) any Environmental Condition. including but not limited to, ;mx ~q~illing, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any conditi.,, t';,.sed by the presence, use or release of a Hazardous Substance which adversely affects the value of thc P,-~q~c,'ty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, th;,i ;my removal or other remediafion of any Hazardous Substance affecting the Property is necessary, Borrowcr Nh;dl promptly take all necessary remedial actions in accordance with Environmental Law. Nothing hcrci, shall create any obligation on Lender for an~ (~®-6A(WY) (0005) CHL (08/00) Page g of 11 ~'~ x,,~°r'-r/~~/O 1 DOC ID #: 0008518685011004 NON-UNIFORM COVENANTS. Borrower and Lender fi,,'ll~,;,' covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice Io Bm','ower prior to acceleration following Borrower's breach of any covenant or agreement in this hecurily Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides oiherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dale, m)l less than 30 days from the date the notice is given to Borrower, by which the default must be cra'cd; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court aclim~ lo assert the non-existence of a default or any other defense of Borrower to acceleration and sale. if Ibc derault is not cured on or before the date specified in the notice, Lender at its option may requi,'e immediate payment in full of all sums secured by this Security Instrument without further demand ~,ml may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall he {.,Hilled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, hut not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give n.lice (}r intent to foreclose to Borrower and to the person in possession of the Property, if different, in acc¢}r(hmce with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner p,'t.scrihed hy Applicable Law. Lender or its designee may purchase the Property at any sale. The prm't,e¢ls or the sale shall be applied in the following order: (a) to all expenses of the sale, including, bu! ,mt limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) am excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this ScctH'ity Instrument. Lender shall release this Security Instrument. Borrower shall pay any recordation costs. I.cnder may charge Borrower a fee for relea~sing this Security Instrument. but only if the fee is paid ~ , 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. BY SIGNING BELOW, Borrower accepts and agrees to Iht t¢,'ms and covenants contained in this Security Instrument and in any Rider executed by Borrower and rcct~rtlcd with it. Witnesses: J RUSSELL~T -Borrower '~/~~'/~ (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower {~-6A(WY) (ooo5) CHL (08/00) Page 10 of 11 Form 3051 1/01 DOC ID #: 0008518685011004 STATE OF WYOMING, LINCOLN Countyss: The ~regoinginstmmentwasacknmvlcdgedbe~re methis 12th day of November, 2004 by Judy K. Point attorney i~ f"~ct for J. Russell Point, and Judy Kk. Point. My Commission Expires: March 25, Notary Public (~I~®-6A(WY) (0005) CHL (08/00) Page 11 of 11 Prepared by: TAMMY BUCHANAN AMERICA'S WHOLESALE LENDER DATE: 11/12/2004 CASE#: DOCID#: 0008518685011004 BORROWER: J RUSSELL POINT ?ROPERTYADDRESS: 1415 ANTELOPE ST KEMMERER, WY 83101 Bran,'~. ,,: 0000710 6440 IT}{POINT PARKWAY 9300 JACK~',~IIV[I,LE, FL 32216 Phon,-: (~66) 205-9595 Br F~;: Ho. : (904) 000-0000 LEGAL DESCRIPTION l~Xl II BlT A Lot 19 Block 2 of the Lincoln Heights Fourth Subdivision to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. known as: 1415 Antelope Kemmerer, WY 83101 FHNVNCONV Legal Description Exhibit A 2C404-XX (04/O3)(d) *23991 * *085 186 850000002006A* 0c0!17 ADJ [!STABLE RATE RIDER (MTA In('lex - Payment: Caps) After Recording Return To: COUNTRYWTDE HONE LOANS, !i(~. MS SV-79 DOCUMENT PROCES,~ I, IG P.O.Box 10423 Van Nuys, CA 91410-0423 Prepared By: TAM~Y BUCHANAN CONV · ARM PayOptlon Rider 1 D729-US (07/02).01(d) *23991 * 85186850 [I';:;~ row/Closing #] Page 1 of 7 0008518685011004 [Doc ID #1 Init~ * 085186850000001D729' D~.,/ ID #: 0008518685011004 THIS ADJUSTABLE RATE RIDER is made this TWELi.'~i'iI day of NOVEMBER, 2004 . and is incorporated into and sh;tll bc deemed to amend and supplement the Mortgage. Deed of Trust, or Security Deed (the "Security h,q,',,ncnt") of the same date given by the undersigned ("Borrower") to secure Borrower's Adjustable Rate N~,c ~thc "Note") to AMERICA'S WHOLESALE LENDER ("Lender") of the same date and covering the property described i, t ltc Security Instrument and located at: 1415 ANTELOPE KEMMERER, WY 8'~101 [Property Address ] TIlE NOTE CONTAINS PROVISIONS THAT WILl. {'IIANGE THE INTEREST RATE AND THE MONTHLY PAYMENT. THERE MAY Blt; \ I~lhllT ON TIlE AMOUNT THAT THE MONTHLY PAYMENT CAN INCREASE ¢)R DECREASE. THE PRINCIPAL AMOUNT TO REPAY COULD BE GREATER TII.\N TIlE AMOUNT ORIGINALLY BORROWED, BUT NOT MORE THAN THE LIMIT ST.\TEI) IN THE NOTE. ADDITIONAL COVENANTS. In addition to the covc,~;tms and agreements made in the Security Instrument. Borrower and Lender further covenant and agree as I'~ ~1 l~ws: A. INTEREST RATE AND MONTHLY PAYMENT CHAN(; I,'.S The Note provides for changes in the interest rate and the m, mlhly payments, as follows: 2. INTEREST (A) Interest Rate Interest will be charged on unpaid principal until the full :,,,,m,n of Principal has been paid. I will pay interest at a yearly rate of 1.000 %. The interest rate I will pay may change. The interest rate required by this Section 2 is the rate [ will pay both before and after any default described in Section 703) of the Note. CONV · ARM PayOptlon Rider 1 D729-US (07/02),01 Page 2 of 7 DOC ID #: 0008518685011004 (B) Interest Rate Change Dates The interest rate ! will pay may chm~g¢ ~1 Ihe first day of JANUARY, 2005 , and on tirol ~l:ly every month thereafter. Each date on which my interest rate could change is called an "Interest Ralc ('h;mge Date." The new rate of interest will become effective on each Interest Rate Change Date. (C) Index Beginning with the fi ~-;t Change Date, my adjustable interest rate will be ba~',~<l on an Index. The "Index" is the "Twelve-Month Average" of l~he annual yields on actively traded United States Treasury Sc<i~rities adjusted to a constant maturity of one year as ~>~t,lished by the Federal Reserve Board in the Federal Reserve St~l.istical Release entitled "Selected Interest Rates (H.15)" (ti~ "Monthly Yields"). The Twelve Month Average is determi~,t by adding together the Monthly Yields for the most recently available twelve months and dividing by 12. The most ,ccent Index figure available as of 'the date 15 days before e~, 'h Change Date is called the "Current Index". If the Index is no longer availalqc. Ibc Note Holder will choose a new index that is based upon comparable information. The Note Holder x~ ill ~:ive me notice of this choice. (D) Calculation of Interest Rate Before each Interest Rate Change D:~lc. ~h¢ Note Holder will calculate my new interest rate by adding TWO & 9 0 / 1 0 0 percentage point(s) ( 2.9 0 0 %) to the Current Index. Tl,~' Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point I(). 125%). This rounded amount will be my new interest rate until the next Interest Rate Change Date. My i,l~c,'c.;~ rate will never be greater than 9.9 5 0 %. CONV · ARM PayOptlon Rider 1D729-US (07/02).01 Page 3 of 7 0!.70 I~/,C ID #: 0008518685011004 3. PAYMENTS (A) Time and Place of Payments I will pay principal and interest by making a payment ever), I will make my monthly payments on the FIRST day of each month beginning on January, 2005 . I will make these paymcms every month until I have paid all the principal and interest and any other charges described below th:ti [ ,nay owe under this Note. Each monthly payment will be applied to interest before Principal. If. on DEC I%qBER 01, 2034 , I still owe amounts under the Note, I will pay those amounts in full on that (late. which is called the "Maturity Date." I will make my monthly payments at P.O. Box 660694, Dallas, TX 75266-0694 or at a different place if required by the Note Holder. 01) Amount of My Initial Monthly Payments Each of my initial monthly payments will be in the amount ~}1' l I.S. $ 276.61 . This amount may change. (C) Payment Change Dates My monthly payment may change as required by Section 3(D) below beginning on the first: dayof JANUARY, 2006 , :md on that day every 12th month thereafter. Each of these dates is called a "Payment Change Da~c." My monthly payment also will change at any time Section 3(F) or 3(G) below requires me to pay a different monthly payment. I will pay the amount of my new monthly payment each momh beginning on each Payment Change Date or as provided in Section 3(F) or 3(G) below. (D) Calculation of Monthly Payment Changes At least 30 days before each Payment Change Date, the No~c Holder will calculate the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Payment Change Date in full on the maturity date in subsm,~i:dly equal installments at the interest rate effective during the month preceding the Payment Change Dar,-. Thc result of this calculation is called the "Full Payment". The Note Holder will then calculate the amotmt of my monthly payment due the month preceding the Payment Change Date multiplied by the number I.()75. The result of this calculation is called the "Limited Payment." Unless Section 3(F) or 3(G) below rctluircs mc to pay a different amount, my new · ARM PayOption Rider Initi 1D729-US (07/02).01 Page 4 of 7 DOC ID #: 0008518685011004 required monthly payment will be lesser of thc l.i,nited Payment and the Full Payment. I also have the option each month to pay more than the Limited P~> ~.ent up to and including the Full Payment for my monthly payment. 0g) Additions to My Unpaid Principal My monthly payment could be less Cmn Ibc amount of the interest portion of the monthly payment that would be sufficient to repay the unpaid pri.cilml I owe at the monthly payment date in full on the Maturity Date in substantially equal payments. If so. c:t,:h month that my monthly payment is less than the intere~st portion, the Note Holder will subtract thc ~..~,..t of my monthly payment from the amount of the interest portion and will add the difference to my ..l,:~id principal. The Note Holder also will add interest on the amount of this difference to my unpaid principal each month. The interest rate on the interest added to Principal will be the rate required by S¢cti.. 2 (F) Limit on My Unpaid Principah 1.cr~:~sed Monthly Payment My unpaid principal can never exceed a m:~ximum amount equal to ONE HUNDRED FIFTEEN pc,'cent( 115 %) of the Principal amount I originally borrowed. My unpaid principal c.~hl exceed that maximum amount due to the Limited Payments and interest rate increases. In that event, on thc date that my paying my monthly payment would cause me to exceed that limit. I will instead pay a new n..lhly payment, The new monthly payment will be in an amount that would be sufficient to repay my the. unp:fid principal in full on the Maturity Date in substantially equal installments at the current interest rate. (G) Required Full Payment On the fifth Payment Change Dine ami .. t:ach succeeding fifth Payment Change Date thereafter. I will begin paying the Full Payment as my monthl~ I~:~yment until my monthly payment changes again. I also will begin paying the Full Payment as my monthly ~vment on the final Payment Change Date. 4. NOTICE OF CHANGES The Note Holder will deliver or mail t~ mc a notice of any changes in the amount of my monthly payment before the effective date of a.y ch~,,,~_,c. The notice will include information required by law to be given me and also the title and telephone mm~bcr of a person who will answer any question I may have regarding the notice. CONV · ARM PayOption Rider 1D729-US (07/02).01 Page 5 of 7 DOC: ID #: 0008518685011004 B. TRANSFER OF THE PROPERTY OR A BENEFICIAL IN'I'KREST IN BORROWER Uniform Covenant 18 of the Security Instrument is amended t~, read as follows: Transfer of the Property or a Beneficial Interest in Bo,'rmver. As used in this Section 18, "Interest in the Property" means any legal or beneficial interc-~;t in the Property, including, but not limited to, those beneficial interests transferred in a bond l't~r dccd, contract for deed, installment sales contract or escrow agreement, the intent of which is ~hc Ir;msfcr of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in thc l'ropcrty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in B~ ~m~wcr ~s sold or transferred) without Lender's prior written consent, Lender may require immedi~tlc payment in full of all sums secured by this Security Instmment. However, this option shall not b~: ,.xcrcised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exert, is,. lifts option if: (a) Borrower causes to be submitted to Lender information required by Lender to c x al,ate the intended transferee as if a new loan were being made to the transferee; and (b) Lender rcas(mably determines that Lender's security will not be impaired by the loan assumption and that th~: risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lendcr may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender :~lst) may require the transferee to sign an assumption agreement that is acceptable to Lender and th:d {~bligatcs the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Securit3 h~strument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate i~:~ ment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a ix:rib,ti o£ 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 pa3 Ihcsc sums prior to the expiration of this period, Lender may invoke any remedies permitted by th i ~ gccuri ~y Instrument without further notice or demand on Borrower. CONV · ARM PayOption Rider 1 D729-US (07/02).01 Page 6 of 7 DOC ID #: 0008518685011004 BY SIGNING BELOW, Borrower acccp~,; and agrees to the terms and covenants contained in this Adjustable Rate Rider. -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower CONV · ARM PayOptlon Rider 1D729-US (07/02).01 Page 7 of 7