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HomeMy WebLinkAbout9048150460 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 LL17 [Spat{ Above This Line ForRecordm ,,,~ MORTGAGI, ]609027 )49200000063021 RECEIVED 11124/20o 13 PM RECEIVING # BOOK: 573 P,:,, ,~ .160 JEANNE W,,, r It LINCOLN COUNTYCLEt:~ , i MMERER, WY DEFINITIONS Words used in multiple sections of this document are defincJ Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the t~ . ,,1 also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower"is CarY Lynn McMurdo and April P and olher words are defined in x~ords used in this document are ,,::r 19th, 2004 , tlusband and Wife Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, lnc '.ii 1~ is a separate corporation that is acting solely as a nominee for Lender and Lender's successo~ ~:! ,:,,igns. MERS is lhe mortgagee under this Security Instrument. MERS is organized and existi~ ~ut:~ II~c laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 4851~I ,, ~, Icl. 1,888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUM[i,; v;lIH MERS Page 1 of 15 initials: VMP MORTGAGE FORMS - (800)521-7291 Form 3051 1101 04Gl (D) '%ender" is Major Mortgage Lender is a Wyoming Corporation organized and existing under the laws of The Lender's address is 6101 Yellowstone Rd State of W LL17, Ch~ WY 82009 (E) "Note" means the promissory note signed by Borrower and d:~t,.,l :l<~¥eraber 19th, 2004 The Note states that Borrower owes Lender Eighty Thousa: : .:. t no/100. Dollars (U.S. $ 80,000.00 ) plus interest. Borrower has pr,,,,,i~cd to pay this debt in regular Periodic Payments and to pay the debt in full not later than Decembe] · , !()l 9 (F) '~Property" means the property that is described below un&.~ tl~c heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest. :~> i~,'epay,nent charges and late charges due under the Note, and all sums due under this Security Instrumc~,l. I'l"s interest. (H) "Riders" means all Riders to this Security Instrument that :~, <. ~'xecmed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~-] Adjustable Rate Rider ~ Condominium Rider ~-] Balloon Rider ~] Planned Unit Development Ridc~ ~ VA Rider ~ Biweekly Payment Rider i 5;ccond Home Rider -~! I--1 Fmnily Rider ]{ )ther(s) [specify] (I) "Applicable Law" means all controlling applicable fedct;,I. ~t:,c and local statutes, regulations, ordinances and administrative rules and orders (that have the el'l'c,'l ,,I' I[~x~) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" m,.:,,, :dl dues, fees, assessments and other charges that are imposed on Borrower or the Property by ;, c,,t,d~,minium association, homeowners association or similar organization. (Ix') "Electronic Funds Transfer" means any transfer of fund~, ,~ll~cr than a transaction originated by check, draft, or similar paper instrument, which is initiated t},,~,.~h zm electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, ~,~ ~,ttlhorize a financial institution to debit or credit an account. Such term includes, but is not limited tt~. i,,,it~t-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire ~,,t,~,&'rs, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Secti,,,, x. (M) "Miscellaneous Proceeds" means any compensation, settlc,,t,:,~t. ~,ward of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc ~',,x crages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation ,,, t,thcr taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) mis,',~l*r~'~c,tations of, or omissions as to, the value and/or condition of the Property. (iN) "Mortgage Insurance" means insurance protecting Lender '.te~ti,~st thc nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount dt~.~ I',,,' (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instl'tltllclll. (P) "RESPA" means the Real Estate Settlement Procedures Act ~1 ~ t J. S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), :t, the>' might be amended from time to time, or any additional or successor legislation or regulation that :.~,,xcrns the stone subject matter. As used in this Security Instrument, "RESPA" refers to all requirements z~,d tcst,'ictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does n~,~ ,t,~:tlil~ as a "federally related mortgage loan" under RESPA. (~i~-6A(WY) (ooos).o~ Page 2 o¢ ~5 . .~ Form 3051 1101 (Q) "Successor in Interest of Borrower" means any party that Im~, t&c, title to the Property, whether or not that party has assumed Borrower's obligations under the Note ;~,1 ~,~ dfis Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of tl~,' I ,,:m, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borroxxc~'~ covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower d, ,~'~ hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's success~,,, :~t~,l assigns) and to the successors and assigns of MERS, with power of sale, the l[4h,xxin~ described property located in the County Clerk of , ~ !~, County Clerk : [Type of Recording Jurisdiction] , .',,c ~,1' Recording Jurisdiction] See Schedule C attached hereto and made a par: :., Parcel ID Number: ("Property Address"): 82368 South US 89 Afton x~hich currently has the address of [Street] · V,'yoming 83110 [Zip Code] TOGETHER WITH all the improvements now or herc:~lt~:~ erected on the property, and all easements, appurtenances, and fixtures now or hereafter a par~ ~,1' tl~c property. All replacements and additions shall also be covered by this Security Instrument. All ,,l' tltc ibregoing is referred to in this Security Instrument as the "Property." Borrower understands and ~?~,:cs dim MERS holds only legal title to the interests granted by Borrower in this Security Instrument, t,.i. il' necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors a~,l ;~.;~iFns) has the right: to exercise any or all of those interests, including, but not limited to, the right it, I;,t otiose and sell the Property; and to take any action required of Lender including, but not limited t~,. tclc',tsing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully seiscd ,,t' d~c estate hereby conveyed and has the right to mortgage, grant and convey the Property and that thc l'~t~pFrly is unencumbered, except for encumbrances of record. Borrower warrants and will defend genc~:tll5 t}~c title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform COgClLtllh, 1~1' national use and non-uniform covenants with limited variations by jurisdiction to constitute a tH lil't~tm security instrument covering real property. (~-6 A(WY) (ooo~).o~ Page 3 of 15 Form 3051 1/01 :'::3!: .'.?))5", ,,, .;;.~? :, - UNIFORM COVENANTS. Borrower and Lender covenant :,,~J ~gree as follows: 1. Payment of Principal, Interest, Escrow Items, Prvl,:~),ncnt Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on. ~1~,. dcht evidenced by the Note and any prepayment charges and late charges due under the Note. 'Borrcv.,.~ 51~all also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this 5;,.,.,~ it.~ Instrument shall be made in U.S. currency. However, if any check or other instrument received bx I ~',Mcr as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may r~~,tt~i~c fl~at any or all subsequent payments due under the Note and this Security Instrument be made i,~ ,,,~ or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified tl~,.,'l.., hank check, treasurer's check or cashier's check, provided any such check is drawn upon an in:.t~luli,,n whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Fund~. Payments are deemed received by Lender when received ~tt ~1~,. h3cation designated in the Note or at such other location as may be designated by Lender in accordan~'c ',x ith the notice provisions in Section 15. Lender may return any payment or partial payment if the pa3.'m,~,l ,,r partial payments are insufficient to bring the Loan current. Lender may accept any payment or parthtl 1~:~5 n~cnt insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to it-. ~i.~?h~s to refuse such payment or partial payments in the future, but Lender is not obligated to apply sucl, P:~3 nlcnt$ at the time such payments are accepted. If each Periodic Payment is applied as of its schech~l,.,I due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied fut~d:, until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable i,~ i,,d of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, su,.t~ I trolls will be applied to the outstanding principal balance under the Note immediately prior to forech,~tt~,. Nt) offset or claim which Borrower might have now or in the future against Lender shall relieve B,,~,,,~xcr from making payments due under the Note and this Security Instrument or performing the covenmn~, ~,~d agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otl,,.tx*,i~c described in this Section 2, all payments accepted and applied by Lender shall be applied in fl~' I~,lkm'ing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amt~u,~l.; due under Section 3. Such payments shall be applied to each Periodic Payment in the order in whicl~ it t,ccztme due. Any remaining amounts shall be applied first to late charges, second to any other anlotlnh. ~tuc under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinq,~,.~,~ I'criodic Payment which includes a sufficient amount to pay any late charge due, the payment ma)' I,~. ~tr, plied to the delinquent payment and the late charge. If more than one Periodic Payment is outstandi~g. Icndcr may apply any payment received from Borrower to the repayment of the Periodic Payments if, and t,, Ih~~ extent that, each payment can be paid in full. To the extent that any excess exists after the paymc~n i~, :~pplied to the full payment of one or more Periodic Payments, such excess may be applied to any late ,'l~:~r!!es due. Voluntary prepayments shall be applied first to any prepayment charges and then as described i~ tltc Note. Any application of payments, insurance proceeds, or Miscclhl~cous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc ~,~t~, ,trot, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Len&'~ (,~t thc day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Fund~' i h, provide for payment of amounts due for: (a) taxes and assessments and other items which can attain l>t k,t it~ re'er this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ~,t,,und rents on the Property, if any; (c) premiums for any and all insurance required by Lender undc~ ~;,'~'~it,n 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Len,t,'~ i~ liou of the payment of Mortgage Insurance premiums in accordance with the provisions of Secti,,~t 1(I. These items are called "Escrow Items." At origination or at any time during the term of the I ,:,~,. I cndcr may require that Community Association Dues, Fees, and Assessments, if any, be escrowed bx. tlt~rrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly l'u[ t,i~,}i to l.ender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds l;~l l'iscrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrov. I~cms. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items ;~t ~,~ time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay ditto't I,.. x~ hen and where payable, the amounts dI~)~6A(W¥) (0005)01 Paoo, of 15 ..~,.///l// Form 3051 1101 due for any Escrow Items for which payment of Funds has bee,, lx;ti~cd by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withi~t ~tt~'l~ time period as Lender may require. Borrower's obligation to make such payments and to provide rc~',.il)~s shall for all purposes be deemed to be a covenant and agreement contained in this Security lnstrumc~,t. :~ the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrox~ Ih'ms directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lcnd~·r ~n;~v exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated un&.t section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrc,xx Ilcms at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrt,x~'~ ~hall 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 am~m~l (:~) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to ~.',,~ ¢cJ the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Fuli~h; due on the basis of current data and reasonable estimates of expenditures of future Escrow Items (,~ ,,ll~crx¥ise in accordance with Applicable Law. The Funds shall be held in ma institution whose dct3,,Jh, m'c insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an in%lilttli, ~ii whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to l,:tx tl~c t!scrow Items no later than the time specified under RESPA. Lender shall not charge Borrower fi)r I~,,hli~ and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, md,.-.- I cnder pays Borrower interest on the Funds and Applicable Law permits Lender to make such a char~,~'. [ [~lcss an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, l.ct~,h.~ %ltall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender c;~ ;~rce in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, x~ ill,,,~t charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defincJ u~der RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If ll~,:tc, i:4 a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as requit,'d h%' RIiSPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accord:~,.c with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escr,,x',. ;ts defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall la:t> h~ l.cnclcr the amount necessary to make up the deficiency in accordance with RESPA, but in no more Ih:iii I ! mtmthly payments. Upon payment in full of all sums secured by this Securitx I~:Irttlncnt, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assc:.-.~,.ms, charges, fines, and impositions attributable to the Property which can attain priority over this ~c,t~it> Instrument, leasehold payments or ground'rents on the Property, if any, and Community Associati,,~ I htcs, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pa> t t~,,~n in the manner provided in Section 3. Borrower shall promptly discharge any lien which has p~i,,t it> ~x,er this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation -.c,.'tlred by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such a~ ~.~.~c~t; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal procc-cdi~!,~ xxhich in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc p¢~Ming, but only until such proceedings are concluded; or (c) secures from the holder of the lien an aLzrc~.~c~t sm is factory to Lender subordinating the lien to this Security Instrument. If Lender determines that ~x t,;srt c3t' the Property is subject to a lien which can attain priority over this Security, Instrument, Lender t~;~> ?irc Borrower a notice identifying the (~e-6A(WY) (000s).o, Page s0t,s )~"'[/Yl Form 3051 1/01 04gb lien. Within 10 days of the date on which that notice is given, B,,~ ,ix ~.~ shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge ~ , real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvemc~t, .my existing or hereafter erected on the Property insured against loss by fire, hazards included withi~ ~c term "extended coverage," and any other hazards including, but not limited to, earthquakes and flo,,,I, lbr which Lender requires insurance. This insurance shall be maintained in the amounts (including dc~hictiblc levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding, ~.,'mcnces can change during the term of the Loan. The insurance carrier providing the insurance shall bc cl~,,.,cn by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not I,c exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either' /,t) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-ti~c charge for flood zone determination and certification services and subsequent charges each time ret~:q~i,i~gs or sinfilar changes occur which reasonably might affect such determination or certification. B,,~,,xxcr shall also be responsible for the payment of any fees imposed by the Federal Emergency Matht.~ ,'tltcl~t Agency in connection with the review of any flood zone determination resulting from an objecti~,t hx tlt,rrower. If Borrower fails to maintain any of the coverages descril.,.,l ,d',ove, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender i. trade,' no obligation to purchase any particular type or amount of coverage. Therefore, such covera?c ,1~,~11 cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or thc c, ,~tcms of the Property, against any risk, hazard or liability and might provide greater or lesser coverage thmt xxas previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained ~i?h! significantly exceed the cost of insurance that Borrower could have obtained. Any mnounts disbu~. ,'d I,3 l~ender under this Section 5 shall become additional debt of Borrower secured by this Security hash ,~,cnt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be pay:al,lc, xx i~l~ such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ot' ,,cl~ policies shall be subject to Lender's right to disapprove such policies, shall include a standard m,,t?:tl,c clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have II~<, si?~t to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give tt, I ctMcr all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance cox c~ ~?c, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shalI ~clt~ctc a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to tt,c i~surance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unl~~ .., Icndcr and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlyit~: i~, ~tu'allcc was required by Lender, shall be applied to restoration or repair of the Property, if the restorat i, ,~ ,~s' repair is economically feasible and Lender's security is not lessened. During such repair and restorali,,,~ i)criod, Lender shall 'have the right to hold such insurance proceeds until Lender has had an opportmdli., t,, i~t~pcct such Property to ensure the work has been completed to Lender's satisfaction, provided ~lt~,l such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rc~h,~,ti~,, in a single payment or in a series of progress payments as the work is completed. Unless an agree~t,',~l i~ t~adc in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender Mt,iii ilol be required to pay Borrower any interest or earnings on such proceeds. Fees for public adju~t,:~,,. ,,r other third parties, retained by Borrower shall not be paid out of the insurance proceeds and sit.ti[ bc thc sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's ,.cctH ilv would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Ii~q~tmlcnl, whether or not then due, with (~)~-6 A (WY)(ooo5).o~ Page 6 of 15 Form 3051 1101 the excess, if any, paid to Borrower. Such insurance proceeds shall ~,~. :~pplied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, ne?t~l~. :md settle any available insurance claim and related matters. If Borrower does not respond 'within 3f~ ~l:~x s tt~ a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may nc~,,,ti.~lc and settle the claim. The 30-day period will begin when the notice is given. In either event, t,r ill ol~clcl' acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (,~ I~,~r~'ower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under Ih,. ".:~,~c t~r this Security Instrument, and (b) any other of Borrower's rights (other than the right to any r~'lm]d ot' unearned premiums paid by Borrower) under all insurance policies covering the Property, in.~,,l'.~ ',ts such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds ci~l~,.r t t, repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument. x~ I~.llicr or not then due. 6. Occupancy. Borrower shall occupy, establish, and u~,c tl~c l'roperty as Borrower's principal residence within 60 days after the execution of this Security Ins~ ~,.nt and shall continue to occupy the Property as Borrower's principal residence for at least one year alicl ibc d;lto of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unrezts,,t~:tl,lx withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Propcrt); Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property t,, ,lclcriorate or conunit waste on the Property. Whether or not Borrower is residing in the Property. t~,,r~,~xxcr shall maintain the Property in order to prevent the Property from deteriorating or decreasing in x~ttt~c due lo its condition. Unless it is determined pursuant to Section 5 that repair or restoration is n,,I c,'t,mmfically feasible, Borrower shall promptly repair the Property if damaged to avoid further clc~.~i,,~:~tion or damage. If insurance or condemnation proceeds are paid in connection with damage to, t,~ ~l,c raking of, the Property, Borrower shall be responsible for repairing or restoring the Property only il' I ct~dcr has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restor:~li,,~ i~ a single payment or in a series of progress payments as the work is completed. If the insurance or c,,~tdcmnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Bt,r~,,xx,.~"s obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon anJ it~:,l~cctions of the Property. If it has reasonable cause, Lender may inspect the interior of the improvc~...~t~ tm thc Property. Lender shall give Borrower notice at the time of or prior to such an interior inspect i,,~ ~l~ccit?ing such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in clc. l.JtJlt il~ during the Loan application process, Borrower or any persons or entities acting at the dirc, ti,,~t ~t' Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccur:~t,- ml~rmation or statements to Lender (or failed to provide Lender with material information) it~ c~,~t~cction with the Loan. Material representations include, but are not limited to, representations c,,~,,.J'~fing Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Ri~,.ht~ IJntlcr this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contai~.d i sl th i~ Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's intc~'.t in thc Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, pr~t,:~l,,, t'~)r condemnation or forfeiture, for enforcement of a lien which may attain priority over this Scct~ilx Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then I ~'~,icr may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the lh,,i,~*~t3 and rights under this Security Instrument, including protecting and/or assessing the value of thc I'~,~l)crty, and securing and/or repairing the Property. Lender's actions can include, but are not limited t,): (:it p:(,,'ing any sums secured by a lien which has priority over this Security Instrument; (b) appearin? i~ court; and (c) paying reasonable ~-6A(WY) (ooo5).o~ Page7 o~'15 ..,¥ ~,F/7 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or rights tt~M,.t this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the I'~,,i~c~tv includes, but is not limited to, entering the Property to make repairs, change locks, replace or b~,,tl d tli~ doors and windows, drain water from pipes, eliminate building or other code violations or.dangc~,,~,, c,mditions, and have utilities turned on or off. Although Lender may take action under this Section 9. I ,.~,lcr does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender in~,~ ~ s~, liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 sh~,ll t,cc{m~e additional debt of Borrower secured by this Security Instrument. These amounts shall bear i~l,.~.:~t z~t the Note rate from the date of disbursement and shall be payable, with such interest, upon noti~, ti~,m l~cnder to Borrower requesting payment. If this Security Instrument is on a leasehOld, Borrower sh:~ll ~',,~q~ly with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold :~1 thc l'ee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insm':~,,'c ',~s a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgaz,,~ I~t,,m",mce in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to bc ~x :lihtb[c I'rom the mortgage insurer that previously provided such insurance and Borrower was required I,, ~,~l~c separately designated payments toward the premiums for Mortgage Insurance, Borrower shall I,:t?. ~l~e premiums required to obtain coverage substantially equivalent to the Mortgage Insurance prcx i,,t~.;13 in ell'ect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance I,~'x i,,uslv in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalc~ ;xh~ri,~age Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of ~1,,: ~cparat¢ly designated payments that were due when the insurance coverage ceased to be in effect, l.~.~,h,t will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage II~;tH'ttnce. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimatcl,, i~ticl in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss rcs~.~ x c. I.cnder can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount :~,1 l;~r l l~e period that Lender requires) provided by an insurer selected by Lender again becomes avaih,l,k~. is obtained, and Lender requires separately designated payments toward the premiums for Mortgage l~,~:mce. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was i~lttitcd to make separately designated payments toward the premiums for Mortgage Insurance, Borrox~.~ ,l~:~ll pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-r,~l~d:~blc loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any xx~ i~,.~ :~greement between Borrower and Lender providing for such termination or until termination is requi~.,I hy Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate p~ .... idcd in the Note. Mortgage Insurance reimburses Lender (or any entity that l,~,ha~cs the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bo~t,, cr is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insura~,,, i~ lbrcc from time to time, and may enter into agreements with other parties that share or modify their ril,. ~,r reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage in~.~, ~.t ~md the other party (or parties) to these agreements. These agreements may require the mortgage inst,'~.~ I~)make payments using any source of funds that the mortgage insurer may have available (which max i~,'lt,dc flmds obtained from Mortgage Insurance premiums). ' As a result of these agreements, Lender, any purchaser of th~. ~.:~,tc another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may reccix ,~ idircctly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower', f':t3 lltcllts for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, ,,~ reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's ~i,k in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captix ~, ~ t'ilisurance." Further: (a) Any such agreements will not affect the amounts th;~l Ilorrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agrt't'mt'ms x~'ill not increase the amount Borrower will owe for Mortgage Insurance, and they will not enliih. Ih~rr{m'er to any refund. (~-6A(WY) (ooo5).o~ Page 8 of 15 ,/ Form 3051 1/01 0468 (b) Any such agreements will not affect the rights Bm'nmt, r has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act .[ l')q8 or any other law. These rights may include the right to receive certain disclosures, to r,.,i.cq and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance 'ternfin:~l,,d automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned al tl~e time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Nliscellaneous Proceeds are hereby assigned to and shall be paid ~o Lender. If the Property is damaged, such Miscellaneous Proceed~ >.h:dl bc applied to restoration or repair of the Property, if the restoration or repair is economically fe,x%ibh. [ttlcl l.ender's security is not lessened. During such repair and restoration period, Lender shall have thc ~i~,l~t tt, hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property t,, ~'~,t,'c the work has been completed to Lender's satisfaction, provided that such inspection shall be under t[t[,,cn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a seric, ,,1' progress payments as the work is completed. Unless an agreement is made in writing or Applicable I ~tu. requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay B,,~,,,cr any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econo~ic':tllv t'casible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc ,t,~, secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrov.,c~. 'quch Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in x,~I[~c {~l~ lhe Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security 1~.1~ mncn{, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value ,~t ~hc I'roperty in which the fair market value of the Property immediately before the partial taking, dc-,~r~cti,,n, or loss in value is equal to or greater than the amount of the sums secured by this Security [it-.t~ ttlncnt immediately before the partial taking, destruction, or loss in value, unless Borrower and Lc~Mc~ ,)~hcrwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc atll,}tllll of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of tltc ~ttms secured immediately before the partial taking, destruction, or loss in value divided by (b) ~t~c litir market value of the Property immediately before the partial taking, destruction, or loss in vahtc...\~tx bahmce shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value ,,I thc Property in which the fair market value of the Property immediately before the partial taking, dcMt t~tion, or loss in value is less than the amount of the sums secured immediately before the partial taki,~,, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellanc,,~t., I'rocccds shall be applied to the sums secured by this Security Instrument whether or not the sums arc 11~'~, duc. If the Property is abandoned by Borrower, or if, after ~,,licc by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make :,~ award tO settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date tt~,. n,,tice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to reslo~,tti~,t~ or repair of the Property or to the sums secured by this Security Instrument, whether or not then dm. '( Ipp,)sing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party agains~ , 1~,,~ Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, x~l~cll~cr cMl or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property ,~ ,~thcr material impairment of Lender's interest in the Property or rights under this Security Instrument. l;,,~,n~cr can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, b, ,',mqng the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes t~, tcittu'c o~' the Property or other material impairment of Lender's interest in the Property or rights under t t~i. ';ccur ity Instrument. The proceeds of any award or claim for damages that are attributable to the impair ~c~tt t~l' l~cnder's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restc,r,tti,,~t or repair of the Property shall be applied in the order provided for in Section 2. 11~-6 A(W Y)(ooo5).o~ Page 9 of 15 Form3051 ~/0~ 12. Borrower Not Released; Forbearance By Lender Nol ;~ Waiver. Extension of the time for payment or modification of amortization of the sums secured by th i~ >i,.~:~n. i lv Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not opc~.tt~~ ~,~ release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not 'be rcq~i~'d t~, commence proceedings against any Successor in Interest of Borrower or to refuse to extend li~~ I~r payment or otherwise modify amortization of the sums secured by this Security Instrument by re~._,. ,~ q' any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbeara~-~. I~ I,cnder in exercising any right or remedy including, without limitation, Lender's acceptance of p:~>~:~ from third persons, entities or Successors in Interest of Borrower or in amounts less than the am~,u~ ~t~cn due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors ami As~iXns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint an~l ..~'x end. l Iowever, any Borrower who co-signs this Security Instrument but does not execute the No~c ~ "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-si~,~,.~'~ interest in the Property under the terms of this Security Instrument; (b) is not personally obligated t~, I",~.~ thc sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower c:~ :~.~rcc ~o extend, modify, forbear or make any accommodations with regard to the terms of this Securi;~ In>~Irument or the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Successor in I~Icrcs~ of Borrower who assumes Borrower's obligations under this Security Instrument in writing, ~l i~ ~q~proved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrumcm I~,,n'ower shall not be released from Borrower's obligations and liability under this Security Instrumem u~lc~_~ l_ender agrees to such release in writing. The covenants and agreements of this Security Instrumc~n ~h:dl bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for >.'~xk'c~ performed in connection with Borrower's default, for the purpose of protecting Lender's intere~I ~ tl~c I'roperty and rights under this Security Instrument, including, but not limited to, attorneys' fees~ p~l~CrLv inspection and valuation fees. In regard to any other fees, the absence of express authority in th i~ >',~'~'uri~>' Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the char~i~!. ~,l' such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by .,\t~pIKxdqc Law. If the Loan is subject to a law which sets maximum loan charge,. :md d~at law is finally interpreted so that the interest or other loan charges collected or to be collected i~ ~',~nnccfion with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced I-~,, iht amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected l'~,~ l~n'ower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make il~i~ refund by reducing the principal owed under the Note or by making a direct payment to Borrox~.~. II' a refund reduces principal, the reduction will be treated as a partial prepayment without any I~q~:~>mcnt charge (whether or not a prepayment charge is provided for under the Note). Borrower's a~,'~'t~l'a~ce of any such refund made by direct payment to Borrower will constitute a waiver of any right ol' :~.'ti~n Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in c~.~'li~,n with this Security Instrument must be in writing. Any notice to Borrower in connection with thi~ ',,.~'urily Instrument shall be deemed to have been given to Borrower when mailed by first class mail or v,l~.~ ~tctually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower ,.l~:~ll constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice :~l,h~-~ ~hall be the Property Address unless Borrower has designated a substitute notice address by no~i~,' I~ l.cnder. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifics, ~ i,~ccclure for reporting Borrower's change of address, then Borrower shall only report a change of mld~ ~.~ Ihrough that specified procedure. There may be only one designated notice address under this Sectn il~ In~tnm~ent at any one time. Any notice to Lender shall be given by delivering it or by mailing il t,,, lir~t class mail to Lender's address stated herein unless Lender has designated another address b, ~,~icc to Borrower. Any notice in connection with this Security Instrument shall not be deemed to h:t~ ~. I-,~,cn given to Lender until actually received by Lender. If any notice required by this Security lnstrm~.~n i~ also required under Applicable Law, the Applicable Law requirement will satisfy the corresp~ti~:: requirement under this Security Instrument. (~-6A(WY) (0005).01 Page 10 o! 15 .. i,[:?,? Form 3051 1/01 ,0470 16. Governing Law; Severability; Rules of Constr,t'tk,n. This Security Instrument shall be governed by federal law and the law of the jurisdiction in whi~.t~ ibc Property is located. All rights and obligations contained in this Security Instrument are subjecl ~,, :~nx requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitl.~ ,tlh,xx thc parties to agree by contract or it might be silent, but such silence shall not be construed as a pr,,I,il,~ti,,n against agreement by contract. In the event that any provision or clause of this Security Instrt, nc~l ,,~ thc Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Sccm ill lnqrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the m,~-,'ttlinc gender shall mean and include corresponding neuter words or words of the feminine gender: Iht x~rJs in the singular shall mean and include the plural and vice versa; and (c) the word "may" givc~ .,,~lc discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy ~,l' i1~, N~,tc and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in lb.'rower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest i~ I1,,' Property, including, but not linfited to, those beneficial interests transferred in a bond for deed, cont~,~,'t fi*r deed, instalhnent sales contract or escrow agreement, the intent of which is the transfer of title by B, ,~ t,,x~ cr at a future date to a purchaser. If all or any part of the Property or any Interest in the Prol;~.t'l.x i~ sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is .~,,I,I ,}~ transferred) without Lender's prior written consent, Lender may require immediate payment in I'ull ,q' all sums secured by this Security Instrument. However, this option shall not be exercised by I ,'~,k'r il' such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borroxx~.t ~t,,licc of acceleration. The notice shall provide a period of not less than 30 days from the date the m~ti,¥ i,, gi¥cn in accordance with Section 15 within which Borrower must pay all sums secured by this Scout it\ Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender m~t~ i~x~kc any remedies permitted by this Security Instrument without further notice or demand on Borroxx~.t. 19. Borrower's Right to Reinstate After Accelerati,n. 11' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this ScL'ltl il\ Instrument discontinued at any time prior to the earliest off (a) five days before sale of the Property i,t~ ~u:tnt tO any power of sale contained in this Security Instrument; (b) such other period as Applicable l.,txx might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment c.l~t~,~cittg this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums whicl~ tilth would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cu~ ~,. :my default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this SectH it\ Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuati,,~ tL, cs, and other fees incurred for the purpose of protecting Lender's interest in the Property and right-, ttlldcr this Security Instrument; and (d) takes such action as Lender may reasonably require to assure tl~,tt l.cnder's interest in the Property and rights under this Security Instrument, and Borrower's obligation t,, p:Lv thc sums secured by this Security Instrument, shall continue unchanged. Lender may require that I I,,rt ~,\vcr pay such reinstatement sums and expenses in one or more of the following forms, as selected bx I.cndcr: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, i~,~x id cd any such check is drawn upon an institution whose deposits are insured by a federal agency, in,t~ ttmcntality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securit3 I~,I~ u~ncnt and obligations secured hereby shall remain fully effective as if no acceleration had occurred, l l,~x\'cvcr, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of (;ric~ :~nce. The Note or a partial interest in the Note (together with this Security Instrument) can be sold t~,' ,,r more times without prior notice to Borrower. A sale might result in a change in the entity (km,\,.~ :is the "Loan Servicer") that collects Periodic Payments due under the Note and this Security InstrtHt~cilt and performs other mortgage loan servicing obligations under the Note, this Security Instrument, ~t~l .\pplicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale ol'tl~,, ~c~tc. If there is a change of the Loan Servicer, Borrower will be given written notice of the change \\.h ich x\ ill state the name and address of the new Loan Servicer, the address to which payments should bc iIl:t~lc zmd any other information RESPA (~-6 A(WY)(ooo~).Ol Page11 of 15 FOrm 3051 1/01 requires in connection with a notice of transfer of servicing. If thc :'~,)tc is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, I1~, m{)rtgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred I,, :~ successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided' by the N, ,t,' imrchaser. Neither Borrower nor Lender may commence, join, or be .j~.i~,~.,l ~o any judicial action (as either an individual litigant or the member of a class) that arises from th,. ,,ihcr party's actions pursuant to this Security Instrument or that alleges that the other party has breached ,~x t~rovision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lendc~ I~.~, m~tified the other party (with such notice given in compliance with the requirements of Section 15) ,~l'-t~ch alleged breach and afforded the other party hereto a reasonable period after the giving of smt~ ~,)ticc to take corrective action. If Applicable Law provides a time period which must elapse befi)rc ,','r~:fin action can be taken, that time period will be deemed to be reasonable for purposes of this pa~,~,q~h. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 :~,d thc notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the ~t~,~i~.~. ',md opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: i:tl "ll,t~ardous Substances" are those substances defined as toxic or hazardous substances, pollutants, o~ x~,~.,tc~ by Environmental Law and the following substances: gasoline, kerosene, other flammable or lox i,. l~c.trolculn products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or t,,~ ~:tldchyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the juri~di~ti, ~ xx here the Property is located that relate to health, safety or environmental protection; (c) "Envirc,~t,~.~t:d ('lcanup" includes any response action, remedial action, or removal action, as defined in Enviro~t~,,.~t,d I~aw; ,'md (d) an "Environmental Condition" means a condition that can cause, contribute to, ~,~ ,,thcrxxise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, dispos~tt. ~l~}rage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or i~ tl~c I'roperty. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) lit,ti i~ ill violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which. ,tt~. t,~ thc presence, use, or release ora Hazardous Substance, creates a condition that adversely affects th~* x:~tt~c t)f the Property. The preceding two sentences shall not apply to the presence, use, or storage ,,~ ~t~c I'roperty of small quantities of Hazardous Substances that are generally recognized to be approp~i:tlc to normal residential uses and to maintenance of the Property (including, but not limited to, hazard(m, :,t~b~tzmces in consumer products). Borrower shall promptly give Lender written notice of (a) an,. it~x cstigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or privm~, i~:~-ty involving the Property and any Hazardous Substance or Environmental Law of which Borrt,x,.~.t h:~s actual 'knowledge, (b) any Environmental Condition, including but not limited to, any spilling, t~':~t, ing. discharge, release or threat of release of any Hazardous Substance, and (c) any condition causc~i t,x thc presence, use or release of a Hazardous Substance which adversely affects the value of the Prt,l)~,~ ~?,. 11' Borrower learns, or is notified by any governmental or regulatory authority, or any private part?. I I~:~i anv removal or other remediation of any Hazardous Substance affecting the Property is necessary, Bor~,,xx cr Mmll promptly take all necessary remedial actions in accordance with Environmental Law. Nothing, I,~qcitt shall create any obligation on Lender for an Environmental Cleanup. (~}~-6 A (W Y)(ooo5).01 Page 12 o[15 NON-UNIFORM COVENANTS Borrower and Lender fllrthc~ ct,~ chant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to ih,rrm~ er prior to acceleration following Borrower's breach of any covenant or agreement in thi~ Nccuritv Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides ,,~hvr~vise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must bct. urt, d; and (d) that failure to cure the default on or before the date specified in the notice may result in acccleration of the sums secured by this Security Instrument and sale of the Property. The notice qmll further inform Borrower of the right to reinstate after acceleration and the right to bring a c,, ri acti{m to assert the non-existence of a default or any other defense of Borrower to acceleration ami ~:He. If the default is not cured on or before the date specified in the notice, Lender at its option max t'cquire immediate payment in full of all sums secured by this Security Instrument without furthcr dcm:iud and may invoke the power of sale and any other remedies permitted by Applicable Laxv. l.cmler shall be entitled to collect all expenses incurred in pursuing the remedies provided in this ~ct'li~Hi 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,ticc o1' intent to foreclose to Borrower and to the person in possession of the Property, if different, i. accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner p,'.vidcd in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in thc manner prescribed by Applicable Law. Lender or its designee may purchase the Property at :m~ s;~lc. The proceeds of the sale shall be applied in the following order: (a) to all expenses of H~t. s;tlt., including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Sccurit~ Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Sect, i~x I~tsmm~ent, Lender shall release this Security Instrument. Borrower shall pay any recordation costs· I c~tdcr may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a ~l~ittl party tbr services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights t,~,L.t and by virtue of the homestead exemption laws of Wyoming. (~)~-6 A(WY)(ooo5) o~ Page 13 of 15 Form 3051 1101 'Z ' BY SIGNING BELOW, Borrower accepts and agrees to ~h~· t,~'ms and covenants contained in this Security Instrument and in any Rider executed by Borrower and rc~.,,~ ,lcd with it. Witnesses: Car~ L~" : (Seal) -Borrower i, ~ ~' do -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6A(WY)(ooo~).o~ Pagol4o~ Form 3051 1101 0474 STATE OF WYOMING, The foregoing instrument was acknowledged before me this by Cary Lynn McMurdo and April P McMurdo My Commission Expires: ~..///'~' Notary Public Lincoln County ss: ,:mr~er 191:h, 2004 !IN~]STI~SCHNEITER NOTARY PUBLIC ! M~C~~x~r~.b.n.2oo6 5~ (~_-6A(WY) (0005).01 Page 15 of 15 Form 3051 11Ol Schedule A tract of land lying mn the SE~NW~t[ of the 6th P.M., Wyoming lying East 10-3, Route 89, more particularly ~ Section 7, T31N, Rll8W U.S. Highway FAP Route ~?rlbed as follows: BEGINNING at a point 400 feet due i1~ ~'~h of the South corner mark; thence West 150 feet; thence [,~.~<h 300 feet; thence East 150 feet; thence South 300 feet to ~ i~~ point of beginning. Together with an easement for ingre~'~ and egress described as follows: Beginning at a point approxima!~ly 303.73 feet in a Southwesterly (S 35°55' E) directio~ ,iong U.S. Highway 89 arc from a concrete monument marker (bei~t a U.S. Highway right of way marker described in Quitclaim ] ..... d recorded January 13, 1982 in Book 183PR on page 806) id~ ified in T.S. Sta 617 + 64.88 of said Highway; thence N 74~04'18'' E, 472 feet; thence Southerly to a point 60 ~=et East of the Northwest Corner of the de~,'~ibed land. Said easement to be 60 feet in wi{i~i~ to the south and east of the above described l~i~?~. 1-4 FAMILY all)l (Assignment of Rents} 0001609027 THIS 1-4 FAMILY RIDER is made this 19th da.,, ,,I Hovember 2004 , and is incorporated into and shall be deemed to amend and supplc~t~cHt the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given l,x Ibc tmdersigned (the "Borrower") to secure Borrower' s Note to Major Mortgage (the "Lender") of the same date and covering the Property described i~ t l~c ~;ccurity Instrument and located at: 82368 South US 89, Afton, ',.' [Property Address] 1-4 FAMILY COVENANTS. In addition to the covena,m. :,rd ;~greements made in the Security Instrument, Borrower and Lender further covenant and agree as A. ADDITIONAL PROPERTY SUBJECT TO THE SECt~III'I'Y INSTRUMENT. In addition to the Property described in the Security Instrument, the following ilc~s now or hereafter attached to the Property to the extent they are fixtures are added to the Properb ,Ic:,cription, and shall also constitute the Property covered by the Security Instrument: building materials, :~l~pliances and goods of every nature whatsoever now or hereafter located in, on, or used, or intcnd,..,l t,) be used in connection with the Property, including, but not limited to, those for the purpose:, ,~1' supplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing apparatus, security and access control apparatus, plumbing, bath tubs, water heaters. \,.:ttct' closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, ,;I,~nn windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached mirrors, cabinct~, i,:tncling and attached floor coverings, all of which, including replacements and additions thereto, shall b,' d,.cmcd to be and remain a part of the Property covered by the Security Instrument. All of the foregoing t,?cthcr with the Property described in the Security Instrument (or the leasehold estate if the Security ln~u~.t~cm is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Propc~t.x ." MULTISTATE 1- 4 FAMILY RIDER. Fannie Mae/Freddie Mac UNIFORM It~S'rRUMENT Page 1 of 4 I~_-57 R (0008) VMP MORTGAGE FORMS - (800)52 B. USE OF PROPERTY; COMPLIANCE WITH LA~A. I~, ~'~,~x~cl' shall not seek, agree to or make a change in the use of the Property or its zoning classification, ~1,.,,, Icnder has agreed in writing to the change. Borrower shall comply with all laws, ordinance,, i,.k2ttl;tlicms and requirements of any governmental body applicable to the Property. C. SUBORDINATE LIENS. Except as permitted by fedct.[I I:~xx, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against thc I'l,~pcrty without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintai~ i~,~t~r:mcc against rent loss in addition to the other ha7ards for which insurance is required by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DELE'I'I I }. ~4cction 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and I~,,~rowcr otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is G. ASSIGNMENT OF LEASES. Upon Lender's requc,.I :tltcr defimlt, Borrower shall assign to Lender all leases of the Property and all security deposits made i~ ,~,m~ection with leases of the Property. Upon the assignment, Lender shall have the right to modify, ex~,.~,,I ,,r terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this i~:sl:l[!!'~tph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF R Ii( 'Ill Vl,'~ R; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfer,, t,, I,cnder all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents ,,1' thc Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and a~,t ~.,., that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borroxxct %lr,~ll receive the Rents until: (i) Lender has given Borrower notice of default pursuant to Section 22 of th~. '~ccm'ity Instrument, and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Len,l~.~ ,,r lxnder's agent. This assignment of Rents constitutes an absolute assignment and not an assignment I~,~ :,,Iditional security only. If Lender gives notice of default to Borrower: (i) all Rent,, received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be apl,li~'d t~, the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receix~. :~11 of~ the Rents of the Property; (iii) (0008) Page 2 of 4 Initials~' rm 3170 1101 0478 Borrower agrees that each tenant of the Property shall pay all Rcm. dt~c and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless apl,lic:~l~lc law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to thc ,',~ts (~l' taking control of and managing the Property and collecting the Rents, including, but not limitc,I u,. attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, inst,,~cc premiums, taxes, assessments and other charges on the Property, and then to the sums secured b,. Ibc Security Instrument; (v) Lender, Lender's agents or any judicially appoimed receiver shall be liable i~, acctmnt tbr only those Rents actually received; and (vi) Lender shall be entitled to have a receiver app,,i~tlcd m uske possession of and manage the Property and collect the Rents and profits derived from thc I'~,,pcrty without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the c~,~t,, ,1' laking control of and managing the Property and of collecting the Rents any funds expended by I.~',Mcr l'or such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrul~.tll pursuant to Section 9. Borrower represents and warrants that Borrower has not excc~&~d any prior assignment of the Rents and has not performed, and will not perform, any act that would i,~,.x c~t l.cnder from exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed receixc~ ,.}t.,~ll not be required to enter upon, take control of or maintain the Property before or after giving n,,ti~c ~,1' defhult to Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, ma3 ~t,, .,,, at any time when a default occurs. Any application of Rents shall not cure or waive any default or i**x:~lidatc any other right or remedy of Lender. This assignment of Rents of the Property shall terminate xxl~,.~ all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default or t)tc:~ch under any note or agreement in which Lender has an interest shall be a breach under the Security ln~,l~ t,tt~cnt and Lender may invoke any of the remedies permitted by the Security Instrument. (0008) Page 3 of 4 BY SIGNING BELOW, Borrower accepts and agrees to th~. t~'rm~ and provisions contained in this 1-4 Family Rider. Cary~ynn M'<'cMurdo -Borrower )i ! ....? C (Seal) il, ~ :do -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower ~g~?R (oooa) Page 4 of 4 Form 3170 1/01