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HomeMy WebLinkAbout904846,0543 RemmTo: Ameriquest Mortgage Company P.O. Box 11507, Santa Ana, CA 92711 PrcparedBy: Ameriquest Mortgage Compr Kimberly Jones-Escobar 10600 White Rock Road, 200-02,Rancho Cordova, 95670 Suite CA RECEIVED 11/29/2004 at 3:44 PM RECEIVING # 904846 BOOK: 573 PAGE: 543 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined beluw and other words are defined ia Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of wot,ts used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated November 16, together with all Riders to this document. (qB) "Borrower" is BART MYERS AND RXTA MYERS, HUSI~,AND AND WIFE 2004 Borrower is the mortgagor under this Security Instrument, (C) "Lender" is Ameriquest Mortgage Company VVYOMING-Sin01e Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form :)051 1101 11/16/2004 10:12:32 0098716665-5668 VMP Modgaga Sotulions (800)521-7291 000000987166650301821601 0904846 Lender is a Cozl~oration organized and existing under the laws of Delawaro Lender's adc~essis 1100 Town and Count~ Road, Su±to 200 Orange, CA 92868 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated November 16, 2004 The Note states that Borrower owes Lender one hundred seventeen thouaand four hundred fifty and 00/100 Dollars (U.S. $ 117,450.00 ) plus interest. Borrower has prmnised to pay this debt in regular Periodic Payments and to pay the debt in full not later than December 1, 2034 0g) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that arc executed by BorrOwer. The following Riders are to be executed by Borrower [check box as applicable]: Adjustable Rate Rider Balloon Rider [--"] VA Rider [--'] Condominium Rider. [] Second Home Rider ~] Planned Unit Development Rider [~ 1-4 Family Rider [---] Biweekly Payment Rider ~ Other(s) [specify] (TI) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative roles and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a c(mdominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other tha~ a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (IO "Escrow Items" means those items that are described in Sectmn 3. {L) "Miscellaneous Proceeds" means any compensation, settlcmcnt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lendr~ against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amounl duc for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. Imtials: AM6WY (031~) page 2 o~ ~5 Form 3051 1101 0098716665-5668 11/16/2004 10:12:32 00000098716665030'1621602 (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.IL Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that govc,'ns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and rcstrtcttons that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" mean~ any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment oF Ibc I.oan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bonowt.,'s covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower d~,cs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, tile following described property located in the County of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Legal Description Attached Hereto and Made a Part Hereof. Parcel ID Number: 0 297 DANA STREET THAYNE ("Property Address"): which currently has the address of [Slxeet] [City], Wyoming 83127 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is tel'erred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and thai 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. Inilial$:~ AM6WY (o311) Page 3 of 15 Form 3051 1101 11/16/2004 10:12:32 0098716665-5668 000000987166650301621603 0904S46 ':. ' 0 5 4 O THIS SECURITY INSTRUMENT combines uniform covc,~ants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uni£onn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepaymeut Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Sccmity Instrument shall be made in U.S. currency. However, if any check or other instrument received by I.cnder as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may ,'cquirc 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 institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at tl~e location designated in the Note or at such other location as may be designated by Lender in accordanc: with the notice provisions in Section 15. Lender may return any payment or partial payment if the paymcm or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its 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 apphed as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Btu'rower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period oF time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosm;e. No ofl5set or claim which Borrower might have now or in the future against Lender shall relieve Borrower from ,n,']king paymenis due under the Note and this Security Instrument or performing the covenants and agreemcms secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the Following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may bc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to thc extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late ch:~rges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in thc Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the a,n,m nt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to pt-ovide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any,. or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are c,tllcd "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and AM6WY (03~) Page4o!~8 Form 3051 1101 0098716665-5668 11/16/2004 10:12:32 000000987166650301621604 osu4s4 ; ;.- 0 5 4 7 Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lcnder waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at 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 duc for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender ~cquires, shall furnish to Lender receipts evidencing such payment within 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 Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuam to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower 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 amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits 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 pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for h~dding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. [ lnless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agre~ 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 there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as requked by RESPA, and Borrower shall pay to Lender the amount necessa~ to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay t, I~cnder the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrowe~ 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 Association 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 primity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation sccurcd by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreemenl satisfactory to Lender subordinating the AM6WY 1o3~) Page s o~ ~s Form 3051 1101 0098716665-5668 11/16/2004 10:12:32 000000987166650301621605 'L ,. 054 8 lien to this Security Instrument. If Lender determines that any pa~t uF the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Bon'ower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a ~cal estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the tz~m "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, l'or which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen b) Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for llood zone determination and certification services and subsequent charges each time remappmgs or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrowers equity in the Property, or the contents uf the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage, so obtained might significantly exceed the,cost of insurance that Borrower could have obtained. Any amounts dishurscd by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Inst~ ument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice fi.om Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard muitgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give ~o Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property; such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to thc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless l.cnder and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Len~ler's security is not lessened, During such repair and restoration per/od, Lender shall have the right to hold such insurance proceeds until Lender has had an oppormmty to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restmafion in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or othe[ third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole ubligation.- of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. AM6VVY (03~) Para ~ o~ ~s Form 3051 1101 0098716665-5668 11/16/2004 10:12:32 000000987166650301621606 090484G ', 054 9 If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days tt~ :~ notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's right~ to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security lnsmm~ent, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Pr~q~ct~y or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc the Property as Borrowers principal residence within 60 days after the execution of this Security Inst~mnent and shall continue to occupy the Property as Borrower's principal residence for at least one year ~d'tcr the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasouably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not des~'oy, damage or impair the Property, allow the Properly to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrowc~ 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 not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage It' insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Properpy, I lorrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds For such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in: 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 Borrowers obligation for the completi.u 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 improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspectit,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 direction of Bm~ower or with Borrowers knowledge or consent gave materially false, misleading, or inaccurate infomufim~ or statements to Lender (or failed to provide Lender with material information) in connection with the I,oan 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 Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements COlUamed in this Security Instmment, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, proHatc, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Sec,rity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of thc ?~ operty, and securing and/or repairing the Property. Lenders 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 attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although AM6W¥(o~) P=;e?of~s Form 3051 1/01 0098716665-5668 11/16/2004 10:12:32 000000987166650301621607 0550 Lender may take action under this Section 9, Lender 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 l'~t' not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 .~Hall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear into-rest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall c~,~aply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the tee title shall not merge unless Lender agrees to the merger ia writing. 10. Mortgage Insurance. If Lender required Mortgage In~,rance 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 be available 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 thc premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in ~'1'l'cct, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in c"tTcct, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insura~cc coverage is not available, Borrower shall continue to pay to Lender the amount of the separately desigt~,ded payments that were due when the insurance coverage ceased to be in effect. Lender will acccpI, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full an~l 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 amount and for the pclit~d that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requi~es separately designated payments toward the premiums for Mortgage Insurance. If I.~ndc. r required Mortgage Insurance as a condition of making the Loan and Borrower was required to m,k: separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the pt'emiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, tmtil Lender's requtrement for Mortgage Insurance ends in accordance with any written agreement between [~orrower and Lender providing for such termination or until termination ~s required by Applicable Law. Nc~thit~g in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that pt~rchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is ~t a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insura~ce in force 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 ~nsurer and the other party (or parties) to these agreements. These agreements may require the mortgage inst~rer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained fi.om Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of thc Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payn~e~s for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing l~sses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk ia exchange ft~r a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." F~rthcr: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such al~reeme~ts will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. AM6WY (o3~ 1) ~age s o~ ~-~ Form 3051 1/01 0098716665-5668 11/16/2004 10:12:32 000000987166650301621608 0904S46 (b) Any such agreements will not affect the rights Borrmver 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 request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned :it the time of such cancellation or termination. 11. Assignment of Miscellaneous Pro?eds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right ~,~ hold such Miscellaneous Proceeds until Lender has had an opportum'ty to inspect such Property to ensmc Ibc work has been comvleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. I.ender may pay ~or the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires mlcrc~t to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or l,cnder's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruct/on, or loss in value ol' th~ Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, ~ h~ther or not then due, with the excess, if any, paid to Borrower, In the event of a partial taking, destruction, or loss in value of thc Propcrty 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 Instrument immediately, before the partial taking, destruction, or loss in value, unless Borrower and Lender othel~visc agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of thc Miscellaneous Proceeds multiplied by the following fi.action: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by Co) the 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 t,f the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then tine. If the Property is abandoned by Borrowe~, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for dama~ges, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair o~~ the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Bmmwer has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or 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, by causing the act/on or proceeding to be dismissed with a ruling that, in Lenders judgment, precludes forfeiture of the l'roperty or other material impairment of Lenders interest in the Property or rights under this Security Instrmneat. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. AM6WY(o3tl) Page 9oi15 Initials: ~ ~ _ F°rm 3o51 1/01 0098716665-5668 11/16/2004 10:12:32 000000987166650301621609 0904846 .,. 0552 All Miscellaneous Proceeds that are not applied to restoratit,n or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by [,cnder in exercising any right or remedy including, without limitation, Lenders acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then duc, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Nme (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrumenl or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under this Security Instmmrnt unless Lender agrees to such release in writing. The covenants and agreements of this Security.Instmme,~t shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees fi~r services performed in connection with Borrower's default, for the purpose of protecting Lender's iutc~c~t in the Property and rights under this Security Instrument, including,but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Scctuity Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collectt, d in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduce~l by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected t'rmn Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a retired reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Sccmity Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice ad&ess if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly recluires otherwise. The notice address shall be the Property Ad&ess unless Borrower has designated a substitute notice ad&ess by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of ad&ess. If Lender specifies a pr,ccdure for reporting Borrower's change of address, then Borrower shall only report a change of ad&ess throtigh that specified procedure. There may be only one designated notice ad&ess under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's ad&ess stated herein unless AM6WY (o311) Pa0e ~o o~ ~s Form 3051 1101 0098716665-5668 11/16/2004 10:12:32 000000987166650301621610 055° Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender untd aclual ly received by Lender. If any notice required by this Security Instrument is also required under Applicable I.aw, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrtnnent. 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal [aw and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requiremc, nts and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to ,~rce by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the N~lc which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (h) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy el' 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 interest in lhe Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract ~br deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrt]\vcr at a future date to a purchaser. If all or any part of the Property or any Interest in the Proper ty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower ~s s~ht or transferred) without Lender's prior written consent, Lender may require immediate payment in l'ull of all 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 Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice ~ given ~n accordance with Section 15 within which Borrower must pay all sums secured by this Securit) Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property purstnmt to any power of sale contained in this Security Instrument; (b) such other period as Applicable L~lw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would bc duc under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of a% other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees recurred for the purpose of protecting Lender's interest in the Property and fights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest i~) the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses 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 ts dcawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; o~ (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obliganons secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. AM6WY (o3~) Pag~ ~ ~t ~s Form 305t t/01 0098716665-5668 11/16/2004 10:12:32 000000987166650301621611 0904 4 (3554 20. Sale of Note; Change of Loan Servicer; Notice of Griev'.mce. The Note or a partial interest in thc Note (together with this Security Instrument} can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as Iht- "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument at~d peH~omas other mortgage loan servicing obligations under the Note, this Security Instrument, and Applic~d~k, Law. There also might be one or more changes of the Loan Servicer uraelated to a sale of the Note. I1' there is a change of the Loan Servicer, Borrower will be given written notice of the change which will st~te the name and address of the new Loan Servicer, the address to which payments should be made and anX other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage h~an servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor l_~zm Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or bc j~ined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breach~d any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such n~tice to take corrective action. If Applicable Law provides a time period which must elapse before certain actium can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure g~ven to Borrower pursuant to Section 22 and the notice of ac'c'clcration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21, Hazardous Substances, As used in this Section 21: (a) "Ilazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, t~r wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jm'i~diclion where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Envir{mmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or othcrxvis~ trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or tl~eaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (e) which, clue to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on thc Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances itt consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private pauly involving the Property and any Hazardous Substance or Environmental Law of which B~rrowcr has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, 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 Prt~perty. If Borrower learns, or is notified by any governmental or regulatoDt authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. AM6WY (o~t) ~age ~2 o~ ~s Form 3051 1101 0098716665-5668 11/16/2004 10:12:32 000000987166650301621612 0: 04846 " 055 5 NON-UNIFORM COVENANTS. Borrower and Lender funhc, r covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Necurity Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides .therwise}. The notice shall specify: (a) the default; (b} the action required to cure the default; (c) a da~e, no! less than 30 days from the date the notice is given to Borrower, by which the default must be cnred; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate paymenl in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses Incurred In pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give ..rice of intent to foreclose to Borrower and to the person in possession of the Property, if differe~tt, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower In the maoner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the maturer prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a} to all expenses of the sale, i.cludi.g, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to lt. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs, l.cnder may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24, Waivers. Borrower releases and wa ives all rights under and by virtue of the homestead exemption laws of Wyoming. AM6WY (o3u) Pag~ ~3 :~ ~s Form 3051 1101 0098716665-5668 11/16/2004 10:12:32 000000987166650301621613 ,-0556 BY SIGNING BELOW, Borrower accepts and agrees to lhe terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Wimcsses: (Seal) ]~zL.R~ MYERS -Bo]Tower RITA MYER S -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower AM6VVY (o3~ ~) :].~/].6/2004 10:].2:32 Page 14 oi' 15 Form 3051 1/01 00987].6665 -5668 0000009871666503{31621614 055 7 STATE OF WYOMING, Lincoln County ss: The foregoing instrument was acknowledged before me this _ ./,~,,//,,///Z'~ ~ z// ~ D'ay/Mo. Hth/Year by My Commission Expires: 000000987166650301621615 400-15WY (4/02) Page 15 o~ 15 0098716665 - 5668 11/16/2004 10:12:32 AM BORROWER NAME: LOAN NUMBER: 0098716665- 5668 , 558 LEGAL DESCRIPTION Part of Section 23, T34N Rll9W of the 6th P.M., Lincoln County, Wyoming, being more partic%]]arly described as follows: BEGINNING at a point on the EM SectJon line, 58 rods west from the Northeast corner of the SE~ of said Section 23; and running thence West 8 rods; thence South 16 rod~; thence East 8 rods; thence North 16 rods to the POINT OF BEGINNING. 000000987186650301621816 LGL3LTR (O9/03)