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Return To: Major Mortgage 6101 Yellowstone Rd Cheyenne, WY 82009 888-589-9500 Prepared By: 6101 Yellowstone Rd Cheyenne, WY 82009 888-589-9500 LL17 LI RECEIVED 11/24/2oo4 at 3:09 PM RECEIVING # ~0,1813 BOOK: 573 I-'AGE: 441 JEANNE VVAGNER LINCOLN COUNTY CLt. I~K, KEMMERER, VVY [Space Above This Line For Rec.rdim! l)atal MORTGAG[i 0001607449 _000 92000000 8907 5 DEFINITIONS Words used in multiple sections of this document are defined I,ch~w and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding thc ,,,:~,c of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dined together with all Riders to this document. (B) "Borrower" is Clifford M. Tatum Jr., A Mar~5~_ ",qltber 22nd, 2004 Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. :xllil~S is a separate corporation that is acting solely as a nominee for Lender and Lender's successors, ',,tJ assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existi~F raider the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 48511t<!ldt>, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS (~®-6A(WY) (ooo5).o~ ~ ,,, ,, .,,,...d? Form 3051 1/01 . 044© (D) "Lender" is Major Mortgage Lender is a Wyoming Corporation organized and existing under the laws of The State of Lender' s address is 6101 Yellowstone Rd LL17, wY 82009 (E) '~qote" means the promissory note signed by Borrower and d:~lcd t]ovember 22nd, 2004 The Note states that Borrower owes Lender One Hundred ~i: , :~ud and no/100. Dollars (U.S. $ 100,000.00 ) plus interest. Borrower has pl,,l~m~cd to pay this debt in regular Periodic Payments and to pay the debt in full not later than Decembe ~ , , 2034 (F) "Property" means the property that is described below under thc heading "Transfer of Rights in the Property." (G) '%oan" means the debt evidenced by the Note, plus intercsl, ~ ~ prepayment charges and late charges due under the Note, and all sums due under this Security Instrumcl~t, plus interest. (It) "Riders" means all Riders to this Security Instrument thai :. c csccuted by Borrower. The following Riders are to be executed by Borrower [check box as applicable I: [--] Adjustable Rate Rider ~ Condominium Rider ] Second Home Rider [--] Balloon Rider ['~ Planned Unit Development Ridc~ ii] 1-4 Fmnily Rider ~-] VA Rider [--'] Biweekly Payment Rider ~_] Other(s) [specify] (I) "Applicable Law" means all controlling applicable footer:fl, state and local statutes, regulations, ordinances and administrative rules and orders (that have thc d~t,'ct ~t~ law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" mc:,~s all dues, fees, assessments and other charges that are imposed on Borrower or the Property by ~ c,.~dominium association, homeowners association or similar organization. (IQ "Electronic Funds Transfer" means any transfer of fu,d ..... tlxcr than a transaction originated by check, draft, or similar paper instrument, which is initiated ~l~,>teh an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instrucl, ,,~ mllhorize a financial institution to debit or credit an account. Such term includes, but is not limited t,~ t,,,int-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, xvirc [t~.~,tbrs, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Secli,,~ 3. (M) "Miscellaneous Proceeds" means any compensation, seulct~c~m award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc c,,x crages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnatio. ,,~ other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) nd~cp~c~cntations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender :~:,:~i~lst thc nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled mnomn dtic tbr (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security lnslrtt~t~cl~t. (P) "RESPA" means the Real Estate Settlement Procedures Act il .' t J. S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500i. ,~: they might be amended from time to time, or any additional or successor legislation or regulation th:, :~,,xcrns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirement, ztllc[ ~cstrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does .,~I q~alil3, as a "federally related mortgage loan" under RESPA. ~-6A(WY) (ooo5).o~ Page 2 of 15 Form 3051 1101 (Q) "Successor in Interest of Borrower" means any party thzu 1~:~., token title to the Property, whether or not that party has assumed Borrower's obligations under the N~..~dor this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of tt,c loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bo~,,,,,cr's covenants and agreements under this Security Instrument and the Note. For this purpose, Borroxx,:, d,,cs hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's succc: ..... ~ and assigns) and to the successors and assigns of MERS, with power of sale, the t i~lh)xxi.g described property located in the County Clerk of : ~. :'~, ~ n County Clerk : [Type of Recording Jurisdiction] i:;~,mc of P,¢cording Jurisdiction] Lot 6 of Star Valley Ranch Plat 14, Lincoln .::'.y, Wyoming as described on the official plat thereof. Parcel ID Number: ("Property Address"): Thayne 756 Alpine Way which currently has the address of [Street] Wyoming 83127 [Zip Code] TOGETHER WITH all the improvements now or hcl,.:lllcr erected on the property, and all easements, appurtenances, and fixtures now or hereafter a p:,~ ,~1 thc property. All replacements and additions shall also be covered by this Security Instrument...\11 ,,l' thc foregoing is referred to in this Security Instrument as the "Property." Borrower understands :u~,l :~:!rccs that MERS holds only legal title to the interests granted by Borrower in this Security Instrumcm hist. ii~ necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successor~ :tim assigns) has the right: to exercise any or all of those interests, including, but not limited to, the righl ~,, I¢,reclose and sell the Property; and to take any action required of Lender including, but not limited I,~ releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully sci:~,.d of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and thai tl~' I'ropcrty is unencumbered, except for encumbrances of record. Borrower warrants and will defend yc~.:~ all5 the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform coxc~:mts for national use and non-uniform covenants with limited variations by jurisdiction to constitute a t~ih~rm security instrument covering real property. (~-6 A(W Y) (ooo5).o~ Page 3 of 15 Form 3051 ~101 UNIFORM COVENANTS. Borrower and Lender coveu:mt ::~I :~gree as follows: 1. Payment of Principal, Interest, Escrow Items, I'rt.l~::.~t,t.,t Charges, and Late Charges. Borrower shall pay when due the principal of, and interest ,,~ tt~. debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bol'r,m,~ shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this x,'~'tu'ib' Instrument shall be made in U.S. currency. However, if any check or other instrument received I-,,. I o,dcr as pay~nent under the Note or this Security Instrument is returned to Lender unpaid, Lender ma.~ ~',lUi~' that any or all subsequent payments due under the Note and this Security Instrument be made i~ ,,t,: {~r more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified ~'l~ock, b:~nk check, treasurer's check or cashier's check, provided any such check is drawn upon an i~,..litution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Ft:~l, t ~,nsfcr. Payments are deemed received by Lender when received :~1 I1~o location designated in the Note or at such other location as may be designated by Lender in accord:~,:~. ~ith the notice provisions in Section 15. Lender may return any payment or partial payment if the p:t)~t~.~t or partial payments are insufficient to bring the Loan current. Lender may accept any payment or p:tt ~i~l p~!yment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice t,, ~t,. ~i~hts to refuse such payment or partial payments in the future, but Lender is not obligated to apply su~ t~ i~:~ mcnts at the time such payments are accepted. If each Periodic Payment is applied as of its sch~-,l,l~..,I duc date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied fl,,l, t,~il Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonald,, l,~Hod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, ~,, 1~ I'tt~}ds will be applied to the outstanding principal balance under the Note immediately prior to forec'h-.u~. No off'set or claim which Borrower might have now or in the future against Lender shall relieve li,,~t~,xxcr fi'om making payments due under the Note and this Security Instrument or performing the coven:,~:~ :,~d ~tgree~nents secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as ,,tlt~.~x~isc described in this Section 2, all payments accepted and applied by Lender shall be applied in iI,~. t~dlowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) um,,,~t~ duc under Section 3. Such payments shall be applied to each Periodic Payment in the order in whi,.l~ ii hocame due. Any remaining amounts shall be applied first to late charges, second to any other amout~t, duo under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for adc. ti~.luo~ Periodic Payment which includes a sufficient amount to pay any late charge due, the payment m',~ t,,: ,l~lflied to the delinquent payment and the late charge. If more than one Periodic Payment is outstandi,~.. I ,.t~dcr may apply any payment received from Borrower to the repayment of the Periodic Payments il} :,~,t t~ the extent that, each payment can be paid in full. To the extent that any excess exists after the pa> m,~[ i~ :tpplied to the full payment of one or more Periodic Payments, such excess may be applied to any lute. ~.l~:,'pes due. Voluntary prepayments shall be applied first to any prepayment charges and then as described i~ th~' Note. Any application of payments, insurance proceeds, or M i~.o:ll:,~oot~s Proceeds to principal due under the Note shall not extend or postpone the due date, or change t l~,. :,~,~t,lt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lc~xJ,-~ ,,~ the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Ft,:d:,' i t,, provide for payment of amounts due for: (a) taxes and assessments and other items which can attain pt i,,'ity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments t, :_,~,,und rents on the Property, if any; (c) premiums for any and all insurance required by Lender undo~ ?4cction 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to l,,.~J~.~ in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Sc~'ti,,~ lit. These items are called "Escrow Items." At origination or at any time during the term of the I ,,:,t. l,cnder may require that Community Association Dues, Fees, and Assessments, if any, be escroxx~.d I,x Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptl.~ It,,i~h to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the I:un~b; li,r Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escr,,xx Ilk'ms. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items :tt ,%~ time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay dirc~llv, when and where payable, the amounts (~-6A(WY) (ooos).o~ Page 4 o~ ~s Form 3051 1101 due for any Escrow Items for which payment of Funds has been ~,'Axcd by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withi~ :,,d~ time period as Lender may require. Borrower's obligation to make such payments and to PrOvide rL*c~.il~t~ shall for all purposes be deemed to be a covenant and agreement contained in this Secufity'Instrume~,t. :~ ~he phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrm~ I~c~,,~ directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lcnd~,~ ~¥,tv exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated und~:r ~cc~ion 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all EscrL,..... I~c,n~ at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrt)~,~'~ d~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 a,n,,u,,t t~,l sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to ~.'..cccd lt~e maximum amount a lender can require under RESPA. Lender shall estimate the amount of l:u~d-: due on the basis of current data and reasonable estimates of expenditures of future Escrow Items ,,~ ~41~'rwis¢ in accordance with Applicable Law. The Funds shall be held in an institution whose dct ..... ~t:~ are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an in~iI,,li,,~ whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to I'~;, the l!scrow Items no later than the time specified under RESPA. Lender shall.not charge Borrower tb~ i,,,Idi~g and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, t,~t~,~.~ lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a char:~~. ~ ~less an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, l.c~,~Ic~ ~h'all not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender c:~,, ~,?~cc in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, x~i~h,~ charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined raider RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If ~1~ ~ i~ a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower, as reclui,~.d by RI!SPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accor&,~. /x ith RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in ese,', ,~,.. ;~ defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall p:,). IL, l.cnder the amount necessary to make up the deficiency in accordance with RESPA, but in no more lhm~ I'! ,~,,mhly payments. Upon payment in full of all sums secured by this Securit~ I,~ .~,'tm~ent, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, as~c ,,,~c~l,, charges, fines, and impositions attributable to the Property which can attain priority over this 5~,,~',~, it,. Instrument, leasehold payments or ground rents on the Property, if any, and Community Associati,,~ I )t,cs, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay t}l,..llt iii the mariner provided in Section 3. Borrower shall promptly discharge any lien which has pr~,,~ tt\ twcr this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligatk,t~ ,~.,.t~t cd by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such a~,.,.~cm; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceeding:, \\h ich in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc I':~tdin~, but only until such proceedings are concluded; or (c) secures from the holder of the lien an a[2~ [.~.~t~,,~I ~atisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that a~,. i,:ut of the Property is subject to a lien which can attain priority over this Security Instrument, Lender ~t?, ~_,ixe Borrower a notice identifying the (~-6A(WY) (00o5).01 Page5oi'15 ~ Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, II,,t It,5~.Cl- 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.char? l~,t ~1 real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvc~m~ now existing or hereafter erected on the Property insured against loss by fire, ba?ards included xvi~his~ ~l~c ~crm "extended coverage," ~d ~y other bavards including, but not limited to, e~thqu~es ~d II~,,M~. l~r which Lender requires insur~ce. This insur~ce shall be maintained in the mounts (including ,l~',t[tctiblc levels) ~d for the periods that Lender requires. ~at Lender requires pursuit to the precedi~t? :,~'~tcnces can ch~ge during the term of the Lo~. The insur~ce c~rier providing the insur~ce shall bc ~h,~scn by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall m~t h~. exercised ume~onably. Lender may require Borrower to pay, in co~ection with this Lo~, eith~.r: ~:t) a one-time ch~ge for flood zone deter~nation, certification ~d tracking services; or (b) a one-little cl~arge for flood zone determinmion ~d certification services ~d subsequent chmges each time rc~'.~plfings or simil~ ch~ges occur which re~onably might affect such determination or certification, l l,~,}x~cr shall also be responsible for the payment of ~y fees imposed by the Federal Emergency M~:~?~cnt Agency in co~ection with the review of ~y flood zone determination resulting from ~ objccti,,~ I',x' Borrower. If Borrower fails to maintain ~y of the coverages desc~i~,,~d ~d~ove, Lender may obtain insur~ce coverage, at Lender's option ~d Borrower's expense. Lender i~ trader no obligation to purch~e ~y pmticul~ Wpe or mount of coverage. Therefore, such cover:~:,,. ~3~:~11 cover Lender, but might or might not protect Borrower, Borrower's equiW in the ProperW, or Iht ~,~tcilts of the ProperW, against ~y risk, ha~rd or liabiliW ~d might provide greater or lesser coverage ~lt:m was previously in efl~ct. Borrower ac~owledges that the cost of the insur~ce coverage so obt:fi~,.,I t~fight signific~tly exceed the cost of insur~ce that Borrower could have obtained. ~y mounts disbur~.cd by Lender under this Section 5 shall become additional debt of Borrower secured by this SecuriW l~t~cnt. These amounts shall be~ interest at the Note rate from the date of disbursement ~d shall be pa3 :d~l,~. with such interest, upon notice ~om Lender to Borrower requesting payment. All insur~ce policies required by Lender ~d renewals t,i' ,~'l~ policies shall be subject to Lender's right to disapprove such policies, shall include a st~dard m,,lt.:~:tgc clause, ~d shall nme Lender ~ mortgagee ~Wor ~ ~ additional loss payee. Lender shall hav~. ~l~. right to hold the policies ~d renewal certificates. If Lender requires, Borrower shall promptly give t,~ I c~dcr all receipts of paid premiums ~d renewal notices. If Borrower obtains ~y form of insur~ce c~x,,~:~?c, not otherwise required by Lender, for dmage to, or destruction of, the ProperW, such policy sl-t~tll i~tclude a st~dmd mortgage clause ~d shall nme Lender ~ mortgagee ~Wor ~ ~ additional loss pzt5 c~:. In the event of loss, Borrower shall give prompt notice t~ ~hc i~tsurance c~rier ~d Lender. Lender may m~e proof of loss if not made promptly by Borrower. U~I,~,, t.cnder and Borrower otherwise agree in ~iting, ~y insur~ce proceeds, whether or not the under lyi~, i~t~urance w~ required by Lender, shall be applied to restoration or repair of the ProperW, if the rest(n':~ti,~ ,~r repair is economically fe~ible ~d Lender's securiW is not lessened. During such repair ~d restor~tti,,~ period, Lender shall have the right to hold such insur~ce proceeds until Lender h~ had ~ opportm~i~:,, t,, inspect such Proper~ to ensure the work h~ been completed to Lender's satisfaction, provided iI~tt ~t~cl~ inspection shall be undert~en promptly. Lender may disburse proceeds for the repairs ~d rc,~,~:tti~m in a single payment or in a series of progress payments ~ the work is completed. Unless ~ agrcc~,~.~ is made in ~iting or Applicable Law requires interest to be paid on such insur~ce proceeds, Lender ~.h:~ll not be required to pay Borrower ~y interest or e~nings on such proceeds. Fees for public aclju:4c~:~, t~r other third p~ties, retained by Borrower shall not be paid out of the insur~ce proceeds ~d ~l~:tll l,c ~he sole obligation of Borrower. If the restormion or repair is not econo~cally legible or Lendcr'~ ~cux'ity would be lessened, the insur~ce proceeds shall be applied to the sums secured by this Security I~;~ mncnt, whether or not then due, with ~6A(WY) (0005).0~ Page6 o~ ~5 Form 3051 1101 the excess, if any, paid to Borrower. Such insurance proceeds sl',,~lt bc applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, nq,,~ti~c and settle any available insurance claim and related matters. If Borrower does not resp6nd 'withi~ ~t d',lys to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender ma3 i~.~!t,tizttc and settle the claim. The 30-day period will begin when the notice is given. In either event, ,~ il I~cnder acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender t,l llorrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid undcl tt~c Nut¢ or this Security Instrument, and (b) any other of Borrower's rights (other than the right to :m,, ~'l'ttnd of unearned premiums paid by Borrower) under all insurance policies covering the Property, i~.,,l,t~ as such rights are applicable to the coverage of the Property. Lender may use the insurance proceed; ~qll~cr ~o repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrumcm~ ~ bother or not then due. 6. Occupancy. Borrower shall occupy, establish, and t~:,c tltc Property as Borrower's principal residence within 60 days after the execution of this Security I s~q~u~cnt and shall continue to occupy the Property as Borrower's principal residence for at least one year :~1~.~ ~hc date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unrc:~:.,,s~:dflv withheld, or unless extenuating circumstances exist which are beyond Borrower' s control. 7. Preservation, Maintenance and Protection of the I'n,i)crt); Inspections. Borrower shall not destroy, damage or impair the Property, allow the Properb ~,, deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Properb. I~,,~rmvcr shall maintain the Property in order to prevent the Property from deteriorating or decreasing i~ x:duc due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is ~,t economically feasible, Borrower shall promptly repair the Property if damaged to avoid further dctc~i,~r',dion or damage. If insurance or condemnation proceeds are paid in connection with damage lt~. ,,~ thc taking of, the Property, Borrower shall be responsible for repairing or restoring the Property onh it I cndcr has released proceeds for such purposes. Lender may disburse proceeds for the repairs and resh~t:tlit>~t in a single payment or in a series of progress payments as the work is completed. If the insurance (,r ~'~Jcmnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of B~,~,,x~cr's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon :tnJ i~}sl)cctions of the Property. If it has reasonable cause, Lender may inspect the interior of the impro~c~.t~s on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspcci i~,~ 5, l,ccit~,ing such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in d,'t~mh iC, during the Loan application process, Borrower or any persons or entities acting at the dir~'~ti,,n of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inac~:u~:,l~' infi~rmation or statements to Lender (or failed to provide Lender with material information) i~ ~,~nncction with the Loan. Material representations include, but are not limited to, representations v,~tc'crning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and I{ights [Jndcr this Security Instrument. If (a) Borrower fails to perform the covenants and agreements ¢ontmn~,d in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's inlc[~?,t in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, pmh.,~c, fi)r condemnation or forfeiture, for enforcement of a lien which may attain priority over this ~c,'m ltv Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then [ c,ldcr may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc t'~,l)crt5 and rights under this Security Instrument, including protecting and/or assessing the value of thc lh'opcrty, and securing and/or repairing the Property. Lender's actions can include, but are not limited ti,: I:tt paying any sums secured by a lien which has priority over this Security Instrument; (b) appca~i~: in court; and (c) paying reasonable (~-6A(WY)(0oo~).0~ ~o~o~s Form 3051 1101 0448 attorneys' fees to protect its interest in the Property and/or righl~ ~mdcr this Security Instrument, including its secured position in a bankruptcy proceeding. Securing thc l'~,,t~crty includes, but is not limited to, entering the Property to make repairs, change locks, replace or I,,:~'d tip doors and windows, drain water from pipes, eliminate building or other code violations or dan~ct,~t~s conditions, and have utilities turned on or off. Although Lender may take action under this Section '~. t ,.t~dcr does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 sluttl become additional debt of Borrower secured by this Security Instrument. These amounts shall bear i~tctc~t at the Note rate from the date of disbursement and shall be payable, with such interest, upon no~h',: fi'om Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower sh:tll c~m~ply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leaseh~,l,t ~md the tee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage lnsm :t~'c as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Morlg:~.,.,~' Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to bc :t',:tilablc from the mortgage insurer that previously provided such insurance and Borrower was required t,, ~mtkc separately designated payments toward the premiums for Mortgage Insurance, Borrower slmlt I~:ty the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance prcx i~ct~lv in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurm~cc t~cviously in effect, from an alternate mortgage insurer selected by Lender. If substantially equiv;tlct~t hh~rtgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount ,>t' t[~c separately designated payments that were due when the insurance coverage ceased to be in effect. I c~,lcr will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgzt? lt~sm'ance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimmclx p:fid ill tall, and Lender shall not be required to pay Borrower any interest or earnings on such loss rc~ct vt. l.cnder can no longer require loss reserve payments if Mortgage Insurance coverage (in the am(mt~t mid l[3r the period that Lender requires) provided by an insurer selected by Lender again becomes ax:dl:~hl< is obtained, and Lender requires separately designated payments toward the premiums for Mol't~agc I~alrance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower w:~ ~cquircd to make separately designated payments toward the premiums for Mortgage Insurance, Borr,,uc~' shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a m~-scltmdable loss reserve, until Lender's requirement for Mortgage Insur~ce ends in accord~ce with :mx x,, ~ittcn agreelnent between Borrower and Lender providing for such ter~nation or until termination is rcqtsitcd by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the tm,. l,,,x idcd in the Note. Mortgage Insur~ce reimb~ses Lender (or ~y entiW lhztt I*mchztscs the Note) for certain losses it may incur if Borrower does not repay the Lo~ ~ agreed, ll,,~,xxcr is not a parW to the Mortgage Insur~ce. Mortgage insurers evaluate their total risk on all such insm ;~c in lbrce from time to time, ~d may enter into agreements with other pmties that shine or modi~ thci~ riq~. or reduce losses. These agreements ~e on terms ~d conditions that ~e satisfactory to the mortgage it~4H'cx' and the other p~ty (or p~ties) to these agreements. These agreements may require the mortgage i~tt~ cr to m~e payments using ~y source of ~nds that the mortgage insurer may have available (which re:tx i~tcltide Ihnds obtained from Mortgage Insur~ce pre~u~). As a result of these agreements, Lender, ~y purch~er t~i' tl~c N~)tc, another insurer, any reinsurer, ~y other entiW, or ~y affiliate of ~y of the foregoing, may rc~c~xc (directly or indirectly) ~ounts that derive ~om (or might be ch~acterized ~) a portion of Borrox~c~', p~yments for Mortgage Insur~ce, in exch~ge for shying or modi~ing the mortgage insurer's risl ..... ~ reducing losses. If such agreement provides that ~ affiliate of Lender t~es a shine of the instate'-; risk in exch~ge for a shoe of the premiu~ paid to the insurer, the mr~gement is often termed "t':~l'lix c rcinsur~ce." Further: (a) Any such agreements will not affect the amoums th:~l Borrower has agreed to pay for Mo~gage Insurance, or any other terms of the Loan. Such a}U't.cmt, nts will not increase the amount Borrower will owe for Mortgage Insurance, and they will n,I t, nlillc Borrower to any refund. "~ I'~ ~6A(WY) (ooos).o~ Page a ot ~s Form 3051 1/01 (b) Any such agreements will not affect the rights B.r~mt~r has - if any - with respect to the Mortgage Insurance under the Homeowners Protection At1 ,I I t~98 or any other law. These rights may include the right to receive certain disclosures, to tcqucM and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance' ter,ni,:,ttd automatically, and/or to receive a refund of any Mortgage Insurance premiums that were ullt.;~-i~cd :11[ the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture..\11 Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds -t,~ll t~c applied to restoration or repair of the Property, if the restoration or repair is economically fea.~il4,. :t~d l~cnder's security is noz lessened. During such repair and restoration period, Lender shall have th~. l i~.,tl[ io hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propen.~ t,, ~tsurc the work has been completed to Lender's satisfaction, provided that such inspection shall be und,.i t:tl.~cn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a scri,.. ,,F progress payments as the work is completed. Unless an agreement is made in writing or Applicahl,. l,txx requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pa5 II,,,n,wcr any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ecom,,~i~',dly feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc . ,t~ ~ccured by this Security Instrument, whether or not then due, with the excess, if any, paid to Born,x,~'~. 5;uch Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in ~:duc uf the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securib l,~..~rumcnt, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in valtt~* , ,1 ibc Property in which the fair market value of the Property immediately before the partial taking, d~. u t~ction, or loss in value is equal to or greater than the amount of the sums secured by this Securil.~ I~.,u ulncnt immediately before the partial taking, destruction, or loss in value, unless Borrower and l.c~Mc~ uH~crwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc :nth~tlllt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount ol' ~1~,~ ~ums secured immediately before the partial taking, destruction, or loss in value divided by (h} tl[c Ihir market value of the Property immediately before the partial taking, destruction, or loss in wdu~...\nx balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in vztluc. ,,1' thc Property in which the fair market value of the Property immediately before the partial taking, ch~..~ u~'linn, or loss in value is less than the amount of the sums secured immediately before the partial tzd.i~,~,, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscelhmc,,u, I'rocccds shall be applied to the sums secured by this Security Instrument whether or not the sums arc ~l,,'n duc. If the Property is abandoned by Borrower, or if, after ~,ticc by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to m:d(¢ :~t :~ward to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the d~l~. tl~c ~utice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to rest~,t:tti,3n c)r repair of the Property or to the sums secured by this Security Instrument, whether or not then cltt,~. "{ )pposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party again,t x~l~,m~ Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, x,,l~¢~hcr civil 'or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property ,,t ,~H~cr material impairment of Lender's interest in the Property or rights under this Security Instrumcun. I~,,t~uwcr ctu~ cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, I,,, ,':n~sing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes ii,t t,.ilul-c (.)~ the Property or other material impairment of Lender's interest in the Property or rights under ~l~i.~ Security Instrument. The proceeds of any award or claim for damages that are attributable to the imp~ti~cm ut' Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to rest~,t,tti~u~ or repair of the Property shall be applied in the order provided for in Section 2. (~}~-6A(WY)(ooos)o~ Pag~9o~s Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender .".,,,~ a Waiver. Extension of the time for payment or modification of amortization of the sums secured b x ~l,i ~ ~;ccurity Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall no~ ,,t~'~ :ttc to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not bc ~',.luircd 1o commence proceedings against any Successor in Interest of Borrower or to refuse to extc~,d ~i~t~c liar payment or otherwise modify amortization of the sums secured by this Security Instrument b~ t~.;t.,~ of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbc:, :,~cc by Lender in exercising any right or remedy including, without limitation, Lender's acceptance or' t~,:,.~,cms l?om third persons, entities or Successors in Interest of Borrower or in amounts less than the u~,,,t~ Ihcn due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successm's ;,ml Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joim :,~d scxcral. However, any Borrower who co-signs this Security Instrument but does not execute the N,,tc l:t 'co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the c~- .i?~c~'s interest in the Property under the terms of this Security Instrument; (b) is not personally obligatc,i ~,, p<v the stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borroxxct c:,~ ~tgrce to extend, modify, forbear or make any accommodations with regard to the terms of this ~c~.tH'ii~ Instrument or the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Successo~ i~ interest of Borrower who assumes Borrower's obligations under this Security Instrument in writi~t~, r'~d i~ approved by Lender, shall obtain all of Borrower's rights and benefits under this Security lnstrm~.,'m, l~(~rrower shall not be released from Borrower's obligations and liability under this Security lnstrumc~l unless Lender agrees to such release in writing. The covenants and agreements of this Security lnstlult~cltl shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees Ii~t :~cr\iccs performed in connection with Borrower's default, for the purpose of protecting Lender's intc~'~':;/ in the Property and rights under this Security Instrument, including, but not limited to, attorneys' lb~.:,, l~tc~perty inspection and valuation fees. In regard to any other fees, the absence of express authority in tl~i~ '~ccm'ity Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the ~:h:~r.,.~itig of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or t,...\plflicable Law. If the Loan is subject to a law which sets maximum loan elint ~!c?,. and that law is finally interpreted so that the interest or other loan charges collected or to be collcc~c,I i~ c~mnection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be rectuc,.d hx the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected l~,,m Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to lll:t[.c Ibis refund by reducing the principal owed under the Note or by making a direct payment to Bom,xxcr. Il' a refund reduces principal, the reduction will be treated as a partial prepayment without m, i~cpayment charge (whether or not a prepayment charge is provided for under the Note), Borrower' :tcccl,tance of any such refund made by direct payment to Borrower will constitute a waiver of any ri gl~t ,,I :tot ion Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in o.,mcction with this Security Instrument must be in writing. Any notice to Borrower in connection wifl~ tt~i~ ?qccurity Instrument shall be deemed to have been given to Borrower when mailed by first class mail ,, when actually delivered to Borrower's notice address if sent by other means. Notice to any one Bom,v,~.~ .~]t:tll constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The noti~'c :tddrcss shall be the Property Address unless Borrower has designated a substitute notice address by ~tc,ticc it, l~ender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender spcc'ific~ ~ procedure for reporting Borrower's change of address, then Borrower shall only report a change or' mldrcss through that specified procedure. There may be only one designated notice address under this 5w,.tHity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing i~ I',x th'st class mail to Lender's address stated herein unless Lender has designated another addrcs~ I,x m~tice to Borrower. Any notice in connection with this Security Instrument shall not be deemed m t,tx c hccn given to Lender until actually received by Lender. If any notice required by this Security I lasuumcnl is also required under Applicable Law, the Applicable Law requirement will satisfy the cort'c~l~,,Ming requirement under this Security Instrument. ,,~i~ls ('../il ! iI~-6A(WY) (ooo~).o~ Pa~o offs Form 3051 1/01 16. Governing Law; Severability; Roles of Construt. tim~. This Security Instrument shall be governed by federal law and the law of the jurisdiction in xxhi, l~ thc l'roperty is located. All rights and obligations contained in this Security Instrument are subject t,~ any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitl> :~ll,~x¥ ~hc parties to agree by contract or it might be silent, but such silence shall not be construed as a pr,,i~il~i~ion against agreement by contract. In the event that any provision or clause of this Security InstrtH~tc~t ~,t the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Scc~, il,. l~strument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc t~.~'~linc gender shall mean and include corresponding neuter words or words of the feminine gender: t t,} x~ords in the singular shall mean and include the plural and vice versa; and (c) the word "may" give. ~,,tc discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy~l t l~. N~te and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest i, ItorrmYer. As used in this Section 18, "Interest in the Property" means any legal or beneficial intercs~ i~ l t~c l'r~perty, including, but not limited to, those beneficial interests tr~sferred in a bond for deed, com~ :~¥~ i~r deed, installment sales contract or escrow agreement, the intent of which is the tr~sfer of title by Il. ,~,,x~cr at a future date to a purch~er. If all or ~y p~t of the Property or ~y Interest in the l'r,~t,~ i~ sold or transferred (or if Borrower is not a natural person ~d a beneficial interest in Borrower i~ ~,. ~ld q~ mmsferred) without Lender's prior ~i~en consent, Lender may require i~ediate payment in I~ill ,~t' z~ll stuns secured by this Securi~ Instrument. However, this option shall not be exercised bY I ~.~i~lc[' it' such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrmx,:~ ,~,ticc of acceleration. The notice shall provide a period of not less th~ 30 days ~om the date the n~,ti~ ~ i?~ ~ivcn in accord~ce with Section 15 within which Borrower must pay all sums secured by this Sc~'t~ i~,. I~strument. If Borrower fails to pay these sums prior to the expiration of this period, Lender m:~x i~x~,l,e any remedies permi~ed by this Securi~ Instrument without ~rther notice or denned on Borrox~ 19. Borrower's Right to Reinstate After Accelerati,,. I~~ B,~rrower meets certain conditions, Borrower shall have the right to have enforcement of this Scc[~i~,. Instrument discontinued at ~y time prior to the e~liest off (a) five days before sale of the Properb l,~'~;~:mt to any power of sale contained in this Securi~ Instrument; (b) such other period ~ Applicable l~xx might specify for the ter~nation of Borrower's right to reinstate; or (c) entry of a judgment c~,l,~c'i~ this Securi~ Instrument. Those conditions ~e thru Borrower: (a) pays Lender all sums whicl, ~[~ct~ would be due under this Securi~ Instrument ~d the Note ~ if no accelermion had occurred; (b) ,'~ ~% ',my delhult of ~y other coven~ts or agreements; (c) pays all expenses incurred in enforcing this Sect~t ~,, l~strument, including, but not limited to, re~onable a~orneys' fees, proper~ inspection ~d valu:~ti,.~ i~'cs, and other fees incurred for the purpose of protecting Lender's interest in the Proper~ ~d righ~, tHMcr this Securi~ Instrument; and (d) t~es such action ~ Lender may re~onably require to ~surc ll~tt Icnder's interest in the Property ~d rights under this Securi~ Instrument, ~d Borrower's obligati~ ~,~ [,:ty the sums secured by this Securi~ Instrument, shall continue unch~ged. Lender may require that l l~,t'r~xxcr pay such reinstatement sums ~d expenses in one or more of the following forms, ~ selected b,. I c~tdcr: (a) c~h; (b) money order; (c) certified check, b~ check, tre~urer's check or c~hier's chcch I~-,wicled any such check is dram upon ~ institution whose deposits ~e insured by a federal agency, i~,~t~ttmcntality or enti~; or (d) Electronic Funds Tr~sfer. Upon reinstatement by Borrower, this Securitx [~-.trtmicnt and obligations secured hereby shall remain ~lly effective ~ if no acceleration had occurred, l l,~xscvcr, this right to reinstate shall not apply in the c~e of acceleration under Section 18. 20. Sale of Note; Change of Loan Se~icer; Notice of (;lit~x alice. The Note or a p~tial interest in the Note (together with this Securi~ Instrument) c~ be sold ~ ,}r more times without prior notice to Borrower. A sale might result in a ch~ge in the enti~ (kn~,~x~ :~ the "Lo~ Servicer") thru collects Periodic Payments due under the Note ~d this Securi~ Insttt~tcm and performs other mortgage lo~ servicing obligations under the Note, this SecuriW Instrument, :~d :Xpplicable Law. There also might be one or more ch~ges of the Lo~ Servicer u~elated to a sale o f t~c N~,~e. If there is a ch~ge of the Lo~ Servicer, Borrower will be given ~i~en notice of the ch~ge xxl~i~l~ xxil[ state the nme ~d address of the new Lo~ Servicer, the address to which payments should bc ~,~lc ztnd any other information ~SPA ~6A(WY)(ooos).o~ ~a~e~o~s Form 3051 1/01 requires in connection with a notice of transfer of servicing. If ~t~,: N~,tc 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 transfeircd ~ :~ ~uccessor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by iht !~,,lc pm'chaser. Neither Borrower nor Lender may commence, join, or bc .i,~istcd to any judicial action (as either an individual litigant or the member of a class) that arises from tl~. ,qhcr party's actions pursuant to this Security Instrument or that alleges that the other party has breach~.d :,n~ provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lcnd,'~ I~:~s notified the other party (with such notice given in compliance with the requirements of Section 15},,i' such alleged breach and afforded the other party hereto a reasonable period after the giving ol' ~t~'t~ m)tice to take corrective action. If Applicable Law provides a time period which must elapse bcli,~'c certain action can be taken, that time period will be deemed to be reasonable for purposes of this i~:~%,rztph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 :tttd thc notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy ibc ~,~licc and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: I:~ 'ltazardous Substances" are those substances defined as toxic or hazardous substances, pollutants. ,,t u:~s~cs by Environmental Law and the following substances: gasoline, kerosene, other flammable or 1,,,.i,. petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos (,~ l~,t~:ddehyde, and radioactive materials; (b) "Environmental Law" means federal laws and taws of the jr. i,dicli~,n where the Property is located that relate to health, safety or environmental protection; (c) "Envi~,,s~tcmz~l Cleanup" includes any response action, remedial action, or removal action, as defined in Enx, ir~,~,tmtl Law; and (d) an "Environmental Condition" means a condition that can cause, contribute tt~. ~t ~thcrwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disl),-.:tl, storage, or release of any Hazardous Substances, or threaten to release any Ha?ardous Substances, o~ ,,~ i~t thc Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (z~} I[~:tt i~ in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) whirls. ~lt~c to lhe presence, use, or release of a Hazardous Substance, creates a condition that adversely affects, it,,. xaluc of the Property. The preceding two sentences shall not apply to the presence, use, or stom~c ,,~ the Property of small quantities of Hazardous Substances that are generally recognized to be at>l)t'~l~t imc to normal residential uses and to maintenance of the Property (including, but not limited to, ha:,~lrd,~,, substances in consumer products). Borrower shall promptly give Lender written notice of (a) .,,tx investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or prix :11~' lXtrty involving the Property and any Hazardous Substance or Environmental Law of which ll(',r~,x~cr has actual knowledge, (b) any Environmental Condition, including but not limited to, any spillings, lcztking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition cm~:~.d by the presence, use or release of a Hazardous Substance which adversely affects the value of thc lh',,l~crty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private part?., tltztt any removal or other remediation of any Hazardous Substance affecting the Property is necessary, 1~,, ~,,x~ er shall promptly take all necessary remedial actions in accordance with Environmental Law. Nt~thitt~, licrcin shall create any obligation on Lender for an Environmental Cleanup. (~-6A(WY) (0o05).01 Page 12 of 15 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender fin tl~,~ ct~vcnant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice h, lh,rrmvcr prior to acceleration following Borrower's breach of any covenant or agreement in this ~,t'ct,rity Instrument (but not prior to acceleration under Section 18 unless Applicable Law providt.., ~,~ht. rxvise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) ;l d:~c, m~l less than 30 days from the date the notice is given to Borrower, by which the default must I~c cleft'd; and (d) that failure to cure the default on or before the date specified in the notice may resnli in acceleration of the sums secured by this Security Instrument and sale of the Property. The nmit.t~ ~hall l'urther inform Borrower of the right to reinstate after acceleration and the right to bring :~ c,mr! 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 m~t) 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 Lax~. I.cndcr sball be entitled to collect ali expenses incurred in pursuing the remedies provided in this >.t.c~im~ 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 uf intent to foreclose to Borrower and to the person in possession of the Property, if differcnl, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the man,n~r provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sohl in Iht mauner prescribed by Applicable Law. Lender or its designee may purchase the Property at a~x s:~lc. The proceeds of the sale shall be applied in the following order: (a) to all expenses of Ibc ~alc, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Nt.ui,rilx Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Sc~tnilv Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation cosl-. I cndcr may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid t,, ~ tl~ird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all right~ mtdcr and by virtue of the homestead exemption laws of Wyoming. .... nal~i /'It / (~-6A(WY) (ooos).o~ Page 13 of 15 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts ~md agrees lo tI~. terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and ~,~,',~dcd with it. Witnesses: -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6A(WY)(ooos).o~ aa~e~or~5 Form 3051 1/0t STATE OF WYOMING, The foregoing instrument was acknowledged before.me by Clifford M. Tatum Jr. Lincoln County ss: -.'ember 22nd, 2004 My Commission Expires: Nota7~//Publ/,. (~6A(WY) (ooos).o~ Page 15 of 15 tn,hal~~- ~ J Form 3051 1/01 PLANNED UNIT DEVEL{ )I',\f'IIENT PdDER 0001607449 THIS PLANNED UNIT DEVELOPMENT RIDER is hi:t, [~' th i>, 22nd day of November 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed ,~! l~,sl, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (th: "1 t,,rr~wer") to secure Borrower's Note to Major Mortga~j, (the "Lender") of the same date and covering the Property describ~'~ i~ thc Security Instrument and located at: 756 Alpine Way, Thayne, . !:7127 [Property Addres:,] The Property includes, but is not limited to, a parcel of land i t,,,!,~ ,,, cd with a dwelling, together with other such parcels and certain common areas and facilities, as descril,, t i,~ ,~;t:a2: Valley Ranch Association, (the "Declaration"). The Property is a part of :1 r,l:,m~'d milt development known as Star Valley Ranch As~ [Name of Planned Unit Devcl~,i '~';~!] (the "PUD"). The Property also includes Borrower's interest i~ I!~c homeowners association or equivalent entity owning or managing the cormnon areas and facilities ol' I}~,. l'I !1) (the "Owners Association") and the uses, benefits and proceeds of Borrower' s interest. PUD COVENANTS. In addition to the covenants and ~?[~,~.~,~cms made in the Security Instrument, Borrower and Lender further covenm~t and agree as follows: A. PUD Obligations. Borrower shall perform all ol' l i,,~,~wcr's obligations trader the PUD's Constituent Documents. The "Constituent Documents" ,,t~,, tl~c (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document wl,ki~ ~'rcmes the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Associ:~li,,~. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constiluc~l I )~,cu,nents. MULTISTATEPUD RIDER-Single Family- Fannie Mae/Freddie Mac Utllt'ORM INSTRUMENT For.~ql..3dS0 1101 Page 1 of 3 initials~,?~,.~ (0008) VMP MORTGAGE FORMS - (800,',? 1-/291 B. Property Insurance. So long as the Owners Ass~,,::i ~i, ~ ~n:fintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring thc t'.., ,i,,'rt5' which is satisfactory to Lender and which provides insurance coverage in the amounts (includi~[,. ,L. dttctibl¢ levels), for the periods, and against loss by fire, hazards included within the term "c:,:, ~ .... ~t coverage," and any other hazards, including, but not limited to, earthquakes and floods, fo~ ,.!~i.'!~ l.cnder requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic !':, ~c~t to Lender of the yearly premium instalhnents for property insurance on the Property; ,and /ii~ I/ ,~,,,.vcr's obligation under Section 5 to maintain property insurance coverage on the Property is dct.~..! .:tti~fied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver cm~ c l~,~,:~: ,luring the term of the loan. Borrower shall give Lender prompt notice of any l:~p., i:~ required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance pro~',. ! i~licu of restoration or repair following a loss to the Property, or to common areas and facilities of thc l'i:l). ~my proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall al'.i 15. ibc proceeds to the stuns secured by the Security Instrument, whether or not then due, with the excess. ~ ~,,,x, paid to Borrower. C. Public Liability Insurance. Borrower shall take sucl.. :~ i,,~t~ as may be reasonable to insure that the Owners Association maintains it public liability insur:m,' l,,4icy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or cl:~i:~, iht damages, direct or consequential, payable to Borrower in connection with any condenmation or, ~!,,:~ tt~l~i~g of all or any part of the Property or the common areas and facilities of the PUD, or for any c(,t~' ', ~t~cc in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall bc :'l .i'.1 i~.,! by Lender to the sums secured by the Security Instrmnent as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, exccl,t t~,.r notice to Lender and with Lender's prior written consent, either partition or subdivide the .Prt,l,:~ t.,. ,,r consent to: (i) the abandonment or termination of the PUD, except for abandonment or terminati. ,:~ icquircd by law in the case of substantial destruction by fire or other casualty or in the case of a takh~, I,', c~ndemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Document[" il' lh~ provision is for the express benefit of Lender; (iii) termination of professional management and a,: ~t ~l~l i~m of self-management of the Owners Association; or (iv) any action which would have the effccl .,1 ~ctMering the public liability insurance coverage maintained by the Owners Association unacceptable F. Retnedies. If Borrower does not pay PUD dues m~l ,} . :,~ments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragrapt~ I ,},z~ll become additional debt of Borrower secured by the Security Instrument. Unless Borrower and t c~,,i~., Wrcc to other terms of payment, these amounts shall bear interest from the date of disbursement ~t~ ti,,: Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting pa? ~'~. Initials: (0008) Page 2 of 3 Form 3150 t/01 BY SIGNiNG BELOW, Borrower accepts and agrees To thc t~.~'~s and provisions contained in this PUD Rider. 7~/~J/~/- ~~.~~ (Seal) (Seal) C/~'~ford M. /t'atum ('r..._~j/ -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Bcrrower -Borrower (Seal) __. (Seal) -Borrower -Borrower (~7R (0008) Page 3 of 3 Form 3150 1/01