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HomeMy WebLinkAbout904832Return To: WYOMING EMPLOYEES FEDERAL CREDIT UNION 2223 Warren Avenue Cheyenne, WY 82001 0514 Prepared By: WYOMING EMPLOYEES FEDERAL CREDIT UNION 2223 Warren Avenue Cheyenne, WY 82001 Loan Number: 49938 DEFINITIONS · [Space Above This Line For Recordi~ tg Dam] MORTGAGE RECEIVED 1112912004 at 11:12 AM RECEIVING # 904832 BOOK: 573 PAGE: 514 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Words used in multiple sections of this document are defined hch)w and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usauc of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document,.which is dated November 15, 2004 together with all Riders to this document. (B) "Borrower" is LOUIS 3. APSEY. A SINGLE PERSON Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WYOMING EMPLOYEES FEDERAL CREDIT UNION Lender is a , organized and existing under the laws of Wyoming WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 4~)®-6(WY) 10005) Page 1 of 15 Initials: VMP MORTGAGE FORMS - DDS-WY4 Form 3051 1/01 0515 Lender's address is 2223 Warren Avenue Cheyenne, WY 82001 Lender is the mortgagee under this Security Instrument. (I)) "Note" means the pronnssory note signed by Bet/ewer and (luted November 15, 2004 The Note states that Borrower owes Lender lwo Hundred lwel~ty Thousand Five Hundred & 00/100 Dollars (U.S. $ 220,500.00 ) plus interest. Borrower ha~ lm mfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than November 15. 2034 (E) "Property" means the property that is described below tuldcr the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus intcrc~I, rely prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument lll:~l are executed 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 I,' tdcr [~ 1-4 Family Rider ~ VA Rider ~] Biweekly Payment Rider [-~ Other(s) [specifyl (ID "Applicable Law" means all controlling applicable k'dcral, state and local statutes, regulations, ordinances and administrative rules and orders (that have thc cl't'cct of law) as well as all applicable final, non-appealable judicial opinions. (I) "Connnunity Association Dues, Fees, and Assessments" mc:ms all dues, fees, assessments and other charges that are imposed on Borrower or the Property bx ,, condominium association, homeowners association or Similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated Ihrough an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruc~ or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, w~rc transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Sccl ion 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under d~c coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnatitm or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) ndsrcprcsentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender :~gainst the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due k3r (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security In~trtmacnt. {O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3501},. :ts they might be amended from time to time. or any additional or successor legislation or regulation thztl governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremem~ :tnd restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does n.t qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) (ooo5) DDS-WY4 Page 2 of 15 Form 3051 1/01 <.,. 05 6 (P) "Successor in Interest of Borrower" means any party th:~t has taken title to the Property, whether or not that party has assumed Borrower's obligations under the N{dc and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: ti) the repayment ~,1' d~c Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrowc, docs hereby mortgage, grant and bonvey to Lender and Lender's successors and assigns, with power of s~dc, thc following described property located in the County of Lincoln : [Type of Recording Jurisdiction] IN;uric of Recording Jurisdiction] Lot 109 of Nordic Ranches Division No. 8, Lincoln CourtLy, Wyoming. according to that plat filed in the Office of the County Clerk As Plat No. 312-A Tax #36192620021600 ParcelID Number: 126 Roan Way Etna ("Property Address"): which currently has the address of [Street] Wyoming 83118 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a p:~rt {d' the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully sci~cd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and tlmt thc Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform coxcnants for national use and non-uniform covenants with limited variations by jurisdiction to constitute :~ mfiform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant 'and agree as follows: 1. Payment of Principal, Interest, Escrow Items, i','cpayme,~t Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, thc debt evidenced by the Note and any prepayment charges and late charges due under the Note. Born~wcr shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received h) l.cndcr as payment under the Note or this (~-6(WY) ¢0005) Page 3 of 15 Form 3051 1/01 DDS-WY4 Security Instrument is returned to Lender unpaid, Lender ma3 require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c).certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an mstitt tion whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received ;tt Ibc location designated in the Note or at such other location as may be designated by Lender in accordance wtth the notice provisions in Section 15. Lender may return any payment or partial payment if the pa3 mcnt or partial payments are insufficient to bring the Loan current, Lender may accept any payment or p:trti',tl payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to ts rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scbcthdctl due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied ftmds t, ntil Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonahlc ~criod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to forech~sm'c. No offset or claim which Borrower might have now or in the future against Lender shall relieve llt~rrtm'cr fi'om making payments due under the Note and this Security Instrument or performing the coven;mt, and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as t~thcrwisc described in this Section 2, all payments accepted and applied by Lender shall be applied in thc following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) anit)tmts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in whid~ it became due. Any remaimng amounts shall be applied first to late charg.es, second to any other amoums tluc under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a deli,~quctn Periodic Payment which includes a sufficient amount to pay any late charge due, the payment max hc al)plied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, ',mt to the extem that, each payment can be paid in full. To the extent that any excess exists after the paymcm is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late dmrgcs due. Voluntary prepayments shall be applied first to any prepayment charges and then as described ~n ~l~c Note. Any application of payments, insurance proceeds, or M i~cclhmeous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc am(mm, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender ~m the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Fund~" to provide for payment of amounts due for: (a) taxes and assessments and other items which can attair. I~rim'ity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments ,~ grtmnd rents on the Property, if any; (c) premiums for any and all insurance required by Lender under :';~ctiou 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to kcmlcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Scc~i,m t0. These items are called "Escrow Items." At origination or at any time during the term of the 1.,,,,~, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrox~cd h3 Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptl) furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Fuml~ for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrt,xx hems. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items 'm any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~)~-6(WY) (ooos) DDS-WY4 Page 4 of 15 Form 3051 1/01 due for any Escrow Items for which payment of Funds has been xvaivcd by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withi~ such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrulncm, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow hems directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lcmlcr may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated umk.r Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrt,xx Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borh~xxcr shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an am,,tmt (a) sufficient to pernfit Lender to apply the Funds at the time specified under RESPA, and (b) not tc~ cxcccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items t~r mherwise in accordance with Applicable Law. The Funds shall be held in an institution whose dcl)~,sits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to l)',ty the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for h~flding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, tmlcss Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge, l Inless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, k. cndcr shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender c,n agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If thc're is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accord',mcc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escr~x~, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but m no more thzm 12 inonthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground' rents on the Property, if any, and Community Associatit,n Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has pri~,rity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligatic~ secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agrccmeut; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc l)cnding, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines thai an3 part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~}~-6(WY) tooo~} DDS-WY4 I nj6 als:._~, Page § of 15 Form 3051 1/01 'L' 05. 9 lien. Within 10 days of the date on which that notice is given, It,,~ r~wcr 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 I',~r ~ real estate t~ verification ~d/or reporting se~ice used by Lender in co~ection with this Lo~. 5. ~operty ~urance. Borrower shill keep the improvc~c, nts now existing or hereaher erected on the Property insured against loss by fire, h~ards included xvithi~ thc term "extended coverage," ~d ~y other h~ds including, but not li~ted to, e~hqu~es ~d llt~,)tls, for which Lender reqmres insur~ce. This insur~ce shill be maintained in the mounts (includin~ dc. ductiblc levels) ~d for the periods that Lender requires. What ~nder requires pursuit to the prece&~g sentences c~ ch~ge during the te~ of the Lo~. The insur~ce cagier providing the insur~ce shall I)c d~osen by Borrower subject to Lender's right to disapprove Bo~ower's choice, which right shall n~}t I)c exercised unreasonably. Lender may require Bo~ower to pay, in co~ection with this Lo~, either: (a) a one-time charge for flood zone detemnation, certification ~d tracking se~ices; or (bi a one time charge for flood zone dete~nation ~d ce~ification se~ices ~d subsequent chmges each time rc~¢l)ings or simil~ ch~ges occur which reasonably ~ght affect such detemnation or ceffification. I/t,rrower shall also be responsible for the payment of ~y fees imposed by the Federal Emergency M;~',tacment Agency in co~ection with the review of ~y flood zone deter~nation resulting from ~ object i~ ~n by Borrower. If Borrower fails to maintain ~y of the coverages described above, Lender may obtain insurance coverage, at ~nder's option ~d Borrower's expense. Lender is under no obligation to purchase ~y p~iculm type or mount of coverage. ~erefore, such cover.,~c shall cover Lender, but ~ght or ~ght not protect Borrower, Borrower's equity in the Property, or thc c~nt~nts of the Property, against ~y risk, h~ard or liability ~d might provide greater or lesser cover:uc than was previously in effect Borrower ac~owledges that the cost of the insur~ce coverage so obt;ti~c.~l might signific~tly exceed the cost of insur~ce that Borrower could have obtained. Any mounts di~l)urscd by Lender under this Section 5 shall become additionfl debt of Borrower secured by this Security ln~lrumcnt. These ~ounts shall bear interest at the Note rate from the date of disbursement ~d shill be P:~3 ',~l,lc, with such interest, upon notice from Lender to Bo~ower requesting payment. All insur~ce policies required by Lender ~d renewals t~l' sttcl~ policies shill be subject to Lender's right to disapprove such policies, shall include a st~dard mt~rtgage clause, ~d shall n~e Lender ~ mortgagee ~d/or ~ ~ additionfl loss payee. Lender shill hax c thc right to hold the policies ~d renewfl certificates. If Lender requires, Borrower shill promptly give ~) l.cnder all receipts of paid pre~u~ ~d renewfl notices. If Borrower obtains ~y fo~ of insur~ce ct~vcr:~gc, not othe~ise required by Lender, for d~age to, or destruction of, the Property, such policy sh:tll include a st~d~d mortgage clause ~d shill n~e ~nder as mortgagee ~d/or ~ ~ additionfl loss pa3 ~.c In the event of loss, Borrower shill give prompt notice ~,) thc insur~ce carrier ~d Lender. Lender my m~e proof of loss if not made promptly by Borrower. Unless Lender ~d Borrower otherwise agree in writing, ~y insur~ce proceeds, whether or not the underlyi~g insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restor',~ti{~n or repair is economically feasible ~d Lender's security is not lessened. During such repair ~d restt)r~tt i~ period, Lender shall have the right to hold such insur~ce proceeds until Lender has had ~ opportumty to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided th:~. such inspection shall be undert~en promptly. Lender may disburse proceeds for the repairs ~d re,iteration m a single payment or in a series of progress payments as the work is completed. Unless ~ agrccmc.~t is made in writing or Applicable Law requires interest to be paid on such insur~ce proceeds, Lender ~1~11 not be required to pay Borrower ~y interest or e~ings on such proceeds. Fees for public ad. ju~tcrs, or other third parties, retained by Borrower shall not be paid out of the insur~ce proceeds ~d ~h;~ll I)c the sole obligation of Borrower. If the restoration or repair is not econo~cflly feasible or ~nder', security would be lessened, the insur~ce proceeds shill be applied to the su~ secured by this Securit~ I~trument, whether or not then due, with (~-6(WY} loggy) DDS-WY4 Page § of 1§ Form 3051 1/01 0520 the excess, if any, paid to Borrower. Such insurance proceeds shall bc applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may .file, nc?tiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may ncgt)tiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or il' Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lendc]' (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under d~c Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to a,L¥ refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, ii)st)far as such rights are applicable to the coverage of the Property. Lender may use the insurance procecd~ cid~cr to repair or restore the Property or to pay amounts unpaid under the Note or this Security lnstrumc~t, ~ hclhcr or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc Ibc Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year ',fftcr the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be un,'cas~mably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the l','operty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is m~) cctmomically feasible, Borrower shall promptly repair the Property if damaged to avoid further tMcrioration or damage. If insurance or condemnation proceeds are paid ~n connection with damage to, or thc taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only it' l.cnder has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restt,rat ion in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the PrOperty, Borrower is not relieved of B,~mm'cr's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the imprm cllK. ills on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspecti,,n specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the di~c.ction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccm'atc information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights tinder this Security Instrument. If (a) Borrower fails to perform the covenants and agreements cont,tincd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instmmem (such as a proceeding in bankruptcy, Ire}bate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Scc'tu'ity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then l.cnder may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc l'r~q)crty and rights under this Security Instrument, including protecting and/or assessing the value of thc l>mpcrty, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~-6(WY) {0005) DDS-WY4 Page 7 of 15 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or righI~ trader this Security Instrument, including its secured position in a bankruptcy proceeding. Securing tl~c Property includes, but is not limited to, entering the Property to make repairs, change locks, replace m' b,~;(rd tip doors and windows, drain water from pipes, eliminate building or other code violations or dangerous couditions, and have utilities turned on or off. Although Lender may take action under this Section ~/, l.cnder 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 5hall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear inlcrcst at the Note rate from the date of disbursement and shall be payable, with such interest, upon m~ice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasch{,Id and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage h~,tu'ancc as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to I~c ',~vailable from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay tile prermums required to obtain coverage substantially equivalent to the Mortgage Insurance l,~.x iously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount t lf the separately designated payments that were due when the insurance coverage ceased to be in effecl, l.ender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortg:t~c Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultim:~tely paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amoum ;md for the period that Lender requires) provided by an insurer selected by Lender again becomes z~x:~il:~l)lc, is obtained, and Lender requires separately designated payments toward the premiums for Mon~4aTc Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower x~:ts required to make separately designated payments toward the premiums for Mortgage Insurance, Borr~wcr shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a nm(-rcfundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rzttc provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed, l~mrowcr is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such in~u~:mce in /brce from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which ~u:~y include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser ~}1' d~e Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, ma)' rc,:civc (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's ri,k, t~r reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "c:~[)tix.'c reinsurance." Further: (a) Any such agreements will not affect the amount, that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will n,I cmitlc Borrower to any refund. Initials:~_~ (~)~-6(WY) (0005) Page 8 of 15 Form 3051 1/01 DDS-WY4 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to rcquest and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unc;n'ncd at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiturc. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds q~all be applied to restoration or repair of the Property, if the restoration or repair is economically fea~ihlc and Lender's security is not lessened. During such repair and restoration period, Lender shall have thc right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propert3 to cnsu,'e the work has been completed to Lender's satisfaction, provided that such ~nspection shall be undclt',tkcn pro~nptly. Lender may pay for the repairs and restoration in a single disbursement or in a set,c, of progress payments as the work is completed. Unless an agreement is made in writing or Applic;ddc Ixm' requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pa3 Bt,'r{,xvcr any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econ,,:mc'ally feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc ~mns st:cured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borr,~x~ ct. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or. loss in v:duc of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security h~.~trumcnt, 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 or' the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Ii~strument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lclldcr o~herw~se agree in writing, the sums secured by this Security Instrument shall be reduced by thc '.m~ount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of d~c sums secured immediately before the partial taking, destruction, or loss in value divided by (bi thc fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value ,d' the Property in which the fair market value of the Property immediately before the partial taking, dcsm~ction, or loss in value is less than the amount of the sums secured immediately before the partial tak.tg, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellanc~us Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc then due. If the Property is abandoned by Borrower, or if, after re.ice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the d~,c Ihc notice ~s given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to rest.ration or repair of the Property or to the sums secured by this Security Instrument. whether or not then thtc. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against xxhom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, xx hdher civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propert) ~.' other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, hy causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forR'iture of the Property or other material impairment of Lender's interest in the Property or rights under Ibis Security Instrument. The proceeds of any award or claim for damages that are attributable to the imp:firn~cnt of Lender's interest in the Property are hereby assigned and shall be paid to Lender, All Miscellaneous Proceeds that are not applied to res~.r,li.n or repair of the Property shall be applied in the order provided for in Section 2. (~-6(WY) {ooo5} DDS-WY4 Initials: ~ Page 9 of 15 Form 3051 1/01 0904S32 12. Borrower Not Released; Forbearance By Lender N,t a Waiver. Extension of the time for payment or modification of amortization of the sums secured bt Ih is Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not ,,potato to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall' not bc ~,.,l~iz-ccl [o commence proceedings against any Successor in Interest of Borrower or to refuse to extc,d ~imc for payment or otherwise modify amortization of the sums secured by this Security Instrument by x.:~Ol~ of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbc'.,'~mc'c b} Lender in exercising any right or remedy including, without limitation, Lender's acceptance o I~:~ymcnts from third persons, entities or Successors in Interest of Borrower or in amounts less than the iHIIo31H Ihen due. shall not be a waver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joim :~,d .~everal. However, any Borrower who co-signs this Security Instrument but does not execute the N~,~- ~a 'co-signer'): (a) is co-signing this Security Instrument only to mortgage, grant and convey the c~-~i~ncr's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated ~o pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower c:~ agree to extend, modify, forbear or make any accommodations with regard ~o the terms of this $ccm'i~ Instrument or the Note withou~ the co-signer's consent. Subject io the provisions of Section 18, any Successor m h,crest of Borrower who assumes Borrower's obligations under this Security Instrument in writin,_,, trod ~s approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Insmm~cnt. Borrower shall not be released from Borrower's obligations and liability under this Security Instrumcm ualcss Lender agrees to such release in writing. The covenants and agreements of this Security Insmm~cm shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees l~r ~crvices performed in connection with Borrower's default, for the purpose of protecting Lender's im~.rcs~ m ~he Proper~y and rights under this Security Instrument, including, but not limited to, attorneys' l'cc~, property inspection and valuation fees In regard to any other fees, the absence of express authority in ~h~ .~ccm'ity Instrument to charge a specific fee to Borrower shall no~ be construed as a prohibition on the c'h:,'~,.ia~ of such fee. Lender may nol charge fees that are expressly prohibited by this Security Instrument or bx \ppiicable Law. If the Loan is subject to a law which sets maximum loan ~'l~:~z :des and iha law is finally interpreted so that the interest or other loan charges collected or ro be collected m connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced b} lhe amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected l'r,,n Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to m:d~c Ihis refund by reducing the principal owed under the Note or by making a direct payment to Borr,~xxcr. If a refund reduces principal, the reduction will be treated as a partial prepayment without a,, prcpayn~ent charge (whether or not a prepayment charge is provided for under the Note). Borrower's ',~cccptance of any such refund made by direct payment to Borrower will constitute a waiver of any right ~f aclion Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender i, ~',mncction with this Security Instrument must be in writing. Any notice to Borrower in connection with lhis 5ccurily Instrument shall be deemed to have been given ~o Borrower when mailed by first class mail ,, when actually delivered ro Borrower's notice address if sent by other means. Notice to any one Borrow~'r shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice ~zddress shall be the Property Address unless Borrower has designated a substitute notice address by ,,,~icc [o Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifics a procedure for reporting Borrower's change of address, then Borrower shall only report a change o~ ~ddrcss through that specified procedure. There may be only one designated notice address under this Scc~ri~y Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailin,.4-, 1~ 19' first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice m connection with this Security Instrumen! shall not be deemed t~ llavc been given to Lender until actually received by Lender. If any notice required by this Security l,~ mncm is also required under Applicable Law, the Applicable Law requirement will satisfy the corrc, p,,nding requirement under this Security Instrument. (~(~-6(WY) 100o5) Page lO of 15 Form 3051 1/01 DOS-WY4 0 )04S 2 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which th~: Property is located. All rights and obligations contained in this Security Instrument are subject ti) tiny 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 prt,hihition against agreement by contract. In the event that any provision or clause of this Security Instrumc~t or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Sccttritv Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the m:~sculine gender shall mean and 'include corresponding neuter words or words of the feminine gender; ~b~ words in the singular shall mean and include the plural and vice versa; and (c) the word "may" givc~ s{~lc discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one cop5 t~ thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial ~nteresi t~ thc Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by B, ,rrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is ,,~ltl t~r transferred) without Lender's prior written consent, Lender may require immediate payment in l'ull of rill sums secured by this Security Instrument. However, this option shall not be exercised by I.cmlcr if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borroxxc~ not,ce of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Scctll'it} Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender re:c, invok~ any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. Il' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Scctu'ily Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property lUH'suant to any power of sale contained in this Security Instrument; (b) such other period as Applicable I:tw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment c~tl't~rcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cra'cs any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this S~curitv histrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuatitm lees, and other fees incurred for the purpose of protecting Lender's interest in the Property and right~ trader this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligadtm tt~ pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that B;}rrower pay such reinstatement sums and expenses in one or more of the following forms, as selected 19 I.cnder: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, in'ovidcd any such check is drawn upon an institution whose deposits are insured by a federal agency, n~trumeutality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securitx I~s~rument and obligations secured hereby shall remain fully effective as if no acceleration had occurred, lh~xxcvcr, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice ol' Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold ~mc or more times without prior notice to Borrower. A sale might result in a change in the entity (km~wn ;is the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, ',md Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change x~ hich will state the name and address of the new Loan Servicer, the address to which payments should bc m;~dc and any other information RESPA (~-6(WY} (ooo5) PbS-WY4 Page 11 of 16 Form 3051 1/01 052.5 requires in connection with a notice of transfer of servicing. If Ibc Nole is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Now. (he mortgage loan servicing obligations to Borrower will.remain with the Loan Servicer or be transferred ~ ~ successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc N~c purchaser; ' Neither Borrower nor Lender may commence, join, or bc j~,incd [o any judicial action (as either an individual litigant or the member of a class) that arises from Ibc o0~cr party's actions pursuan~ ~o this Security Instrument or that alleges that the other party has breather an} provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other par~y (with such notice given in compliance with the requirements of Section 15t ,ff such alleged breach and afforded the other party hereto a reasonable period after the giving of smh notice to take corrective action. If Applicable Law provides a time period which must elapse bct'~rc ccrlain action can be taken, that time period will be deemed to be reasonable for purposes of this par',~raph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section '22 ;md the notice of acceleration given ~o Borrower pursuant to Section 18 shall be deemed to satisfy thc m~licc and opportunity to take corrective action provisions of this Section :20. 21. Hazardous Substances. As used in this Section 21: ~a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, ~r wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or (,~xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or I'~rmaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the juri~diciion where the Properly is located that relate to health, safety or environmental protection; (c) "Enviromncnlal Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, ~r olhcrwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disp~d, s~orage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on ~ in Iht Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) ih;ti ~s in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects Iht value of the Property. The preceding two sentences shall not apply to the presence, use, or storage ~m the Proper~y of small quantities of Hazardous Substances that are generally recognized to be aplmq~ria(c ~o normal residential uses and to maintenance of the Property (including, but not limited to, hazar&~us svbstances in consumer products). Borrower shall promptly give Lender written notice of (a) ~m} investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or priv',~lc par~y involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spillm.,~,, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, tirol any removal or other remediation of any Hazardous Substance affecting the Property is necessary, B,,m~wcr shall promptly take all necessary remedial actions in accordance with Environmental Law. NoH~in,~ herein shall create any obligation on Lender for an Environmental Cleanup. (~-6(WY) (0005) DDS-WY4 Page 12 of 15 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender timber covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Ih,Tower prior to acceleration following Borrower's breach of any covenant or agreemen[ in thi~ Ncctn'ity Instrumen! (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must hc cured; and (d) that failure to cure the default on or before the date specified in the notice may resul! in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a com't 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 ma~ require immediate payment in full of all sums secured by this Security Instrument without furthc,' demand and may invoke the power of sale and any other remedies permitted by Applicable La~. I.cnder shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Scctim~ 22, including, but not linfited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give ,mlice of intent to foreclose to Borrower and to the person in possession of the Property, if differcm, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the mmmc,' provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sohl in Iht manner prescribed by Applicable Law. Lender or its designee may purchase the Property at an~ sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of thc sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Scctn-ity Instrument; and (e) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this ScctH'ity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs, l.cnder may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid t~ ;t third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights trader and by virtue of the homestead exemption laws of Wyoming. (~6(WY) Iooos~ DOS-WY4 Page 13 of 15 Form 3051 1/01 0527 BY SIGNING BELOW, Borrower accepts and agrees to thc terms ad covenants contained in this Security Instrument and in any Rider executed by Borrower and x.c~l'dcd with it. Witnesses: 'J (Seal) ~ (// -Borrower Lou~s J Apsey (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower ~(~6(WY) (ooo5) DDS-WY4 Page 14 of 15 Form 3051 1/01 STATE OF WYOMING, The foregoing instmmem was acknowledged before me this November 15, 2004 by LOUIS 3. APSEY, A SINGLE PERSON ,0 5Z8 County ss: My Commission Expires: Notary Public (~I~-6(WY) Iooo51 DDS-WY4 Page 15 of 15 h3itials: Form 3051 1/Ol