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HomeMy WebLinkAbout904890RemmTo: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS FARGO BANK. 1919 DOUGLAS,, OMAHA, 681010000 NoA. NE RECEIVED 11/30/2004 at 4:24 PM RECEIVING # 904890 BOOK: 573 PAGE: 671 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER WY [Space Above Tlds Line For Recor,li.g I).tal MORTGAGE DEFINITIONS 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 us:.,c ~f words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated NOVEMBER 3 0, 9. 004 together with all Riders to this document. (B) "Borrower" is BECKY M COX AND MILTON W COX, WIFE AND HUSBAND Borrower is the mortgagor under this Security Instrument. (C) "Lender"is WELLS FARGO BANK, N.A. Lender is a NATIONAL ASSOCIATION organized and existing under the laws of THE UNITED STATES 0047868948 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 15 Initials _.~_._ VMP MORTGAGE FORMS -~F7291 Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (I)) "Note" means the promissory note signed by Borrower'and dalcd NOVEMBER 3.0, 2004 The Note states that Borrower owes Lender NINETY TWO THOUSAND AND 06/100 Dollars (U.S. $ *****92,000.00 ) plus interest. Borrower has p,'o,niscd to pay this debt in regular Periodic Payments and to pay the debt in full not later than DEC~..blBER 01, 2 034 (E) "Property" means the property that is described below under tl~c heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest. :uty prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plu.q interest. (G) "Riders" means all Riders to this Security Instrument that ar~: executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~-] Adjustable Rate Rider ~-] Condominium Rider [~) Second Home Rider ~] Balloon Rider [--'] Planned Unit Development Rider [ -i] 1-4 Family Rider ~-~ VA Rider ~-] Biweekly Payment Rider [~-~ Other(s) [specify] (FI) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect ol' law) as well as all applicable final, non-appealable judicial opinions. (1) "Community Association Dues, Fees, and Assessments" means :ill dues, fees, assessments and other charges that are imposed on Borrower or the Property by a cmMominium 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 through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or autho,'ize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-or:sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3 (L) "Miscellaneous Proceeds" means any compensation, settleme~lL award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation 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 Lender at, al,st the nonpayment of, or default on, the Loan. ~ (N) "Pe[:iodic Payment" means the regularly scheduled amount dmz lbr (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instmmcm. (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 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that gm cms the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions 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. (~-6(vvY) iooo~ ~o ~ o~ ~ s ,,~ Form 3051 1/01 '0873 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note ',md/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower d~es hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, thc fidlowing described property located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction[ [Naillc of Recording Jurisdiction] SEE ATTACHED LEGAL DESCRIPTION THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, 10304, DES MOINES, IA 503060304 P.O. BOX ParcellD Number: 12-3218-30-3-09-138. 444 MONROE STREET AFTON ("Property Address "): which currently has the address of [Street] I{'ityl , Wyonfing 83110 [Zip Codel TOGETHER WITH all the improvements now or hcrc:,ftcr erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part rd- the property. All replacements and additions shall also be covered by this Security Instrument. All t,t' the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seiscd (~f the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that 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 covenants tbr national use and non-uniform covenants with limited variations by jurisdiction to constitute a tmifi)rm security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant 'and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment 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. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this $ccm'ity Instrmnent shall be made in U.S. currency. However, if any check or other instrument received by Lclldcr as payment under the Note or this 6(WY) (ooos) Page 3 of ~6 Form 3051 1/01 0674 Security Instrument is returned to Lender unpaid, Lender ~nay requi re [hat auy or all subsequent payments due under the Note and this Security Instrument be made in ~,~c 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 insfitulitm whose .deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received a~ fl~c location designated in the Note or at such other location as may be designated by Lender in accordance ~ ilh the notice provisions in Section 15. Lender may return any payment or partial paymem if the payme~t or partial payments are insufficient to bring the Loan current. Lender may accept any paymeut or pa,'tial pa)'u~ent 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 applied as of its scheduled due date, then Lender need not pay interest on Unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable pcti{~d of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such rinds will be applied to the outstanding principal balance under the Note immediately prior to foreclost,rc. No offset or claim which Borrower might have now or in the future against Lender shall relieve B~rr~wcr fi'om nmking paymeuts due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otllclwise described in this Section 2, all payments accepted and applied by Lender shall be applied in thc fi~lhnving order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amot,,ts title under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any renmining amounts shall be applied first to late charges, second to any other amounts duc uuder 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, :md to the 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 charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in tile 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 amount, 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") tt~ p,'ovide for payment of amounts due for: (a) taxes and assessments and other items which can attain pri~rity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or gromld rents on the Property, if any; (c) premiums for any aM all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lendt:r ill lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Lo:m, Lender nmy require that Community Association Dues, Fees, and Assessments, if any, be escrowed by [lo,'rower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fltrnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds h~r Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow /toms. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Itenkq at ;my ti,ne. 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) moos) Pag, 4 of ~s Form 3051 1/01 :.:-0673 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, 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 hems directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lendc~ m:~y 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 Escr(m Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrox~ct ~hall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amounl t;i} sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to cxcccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on die basis of current data and reasonable estimates of expenditures of future Escrow Items or t~lhcrwise in accordance with Applicable Law. The Funds shall be held in an institution whose dep~s~ts ;ire insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an instimtim~ whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to p:~y the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for h~hling 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. Unless au 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 cat~ agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, withm~t charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined umlcr RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is :t 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;moo with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrmv, ;ts defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay t~ Lender 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. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Sccm'ity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associatitm Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay t l tom in the manner provided in Section 3. Borrower shall promptly discharge any lien which has prim'ity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by die 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 oniy 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 that an.~ 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 Initial~ (~i~-6(WY) (ooos! P~oe 5 of 15 Form 3051 1/01 ,-0676 lien. Within 10 days of the date on which that notice is given, B~m~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 h,r a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvemc~, now existing or hereafter erected on the Property insured against loss by fire, hazards included wifl~i~ tl~c term "extended coverage," and any other hazards including, but not limited to, earthquakes and fi~¢ls, for which Lender requires insurance. This insurance shall be maintained in the amounts (including dcxluctibl~ levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding ~c-u ~cnces can change during the term of the Loan. The insurance carrier providing the insurance shall b~· ch,,sen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall ~ot bc ~xercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: Ia) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-t~n~c, charge for flood zone determination and certification services and subsequent charges each time l'e(ll:lppillgs or similar changes occur which reasonably might affect such determination or certification. B~,rmwcr shall also be responsible for the payment of any fees imposed by the Federal Emergency M',m:tg~m~cnt Agency in connection with the review of any flood zone determination resulting from an objecti.~x !~y Borrower. If Borrower fails to maintain any of the coverages described ~d~L~ve, 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 .~hall cover Lender, but might or might not protect Borrower. Borrower's equity in the Property, or fl~c c,~cuts of the Property, against any risk, hazard or liability and might provide greater or lesser coverag~· dv, m was previously in effect. Borrower a. cknowledges that the cost of the insurance coverage so obtained mi~h~ sig~fificantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrtm~nt These amounts shall bear interest at the Note rate from the date of disbursement and shall be pay:d~lc, with such interest, upon notice from 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 mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have ~hc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to [.cnder 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 i~clude 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 m d~c insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlyin~ ~su(':mce was required by Lender, shall be applied to restoration or repair of the Property, if the restora~i.n or repair is economically feasible and Lender's security is not lessened. During such repair and restoramm period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportuniL~ ,~ inspect such Property to ensure the work has been completed to Lender's satisfaction, provided th',~ such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and resmralion in a single payment or in a series of progress payments as the work is completed. Unless an agreemc~t is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender sh:d not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjuswrs, or off, er third parties, retained by Borrower shall not be paid out of the insurance proceeds and sh:dl bc the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's ~ccuri~y would be lessened, the insurance proceeds shall be applied to the sums secured by this Security l(~u'ument, whether or not then due, with 6(WY) (00051 Page e of ~5 Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds sh:tll he applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, ncgmialc mid settle any available insurance claim and related matters. If Borrower does not respond Within 30 ti:t) s to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may ncgmia[e and settle the claim. The 30-day period will begin when the notice is given. In either event, or it' Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (:t) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under thc Note or this Security Instrumentl and (b) any other of Borrower's rights (other than the right to any ~cl'und of unearned premiums paid by Borrower) under all insurance policies covering the Property, ins, al':.-as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property 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 thc Property as Borrower's principal residence within 60 days after the execution of this Security Insmm~ent and shall continue to occupy the Property as Borrower's principal residence for at least one year after thc date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unrc:~s,m,bly withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property t,, deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Bm'rower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in x'alt~c due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is n{~t ccm~omically feasible, Borrower shall promptly repair the Property if damaged to avoid further dclcri~mttion or damage. If insurance or condemnation proceeds are paid in connection with damage to, m tl~¢ taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only it' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and res to rail tm in a single payment or in a series of progress payments as the work is completed. If the insurance or cmMcnmation proceeds are not Sufficient to repair or restore the Property, Borrower is not relieved of Borrower'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 improvcmcms on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspectimt specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in tlct'ault if, during the Loan application process, Borrower or any persons or entities acting at the dircctim~ of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccm:,c infi)rmation or statements to Lender (or failed to provide Lender with ~naterial information) in cmmcction with the Loan. Material representations include, but are not limited to, representations cm~ccrning 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 contai.cd 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 Instrument (such as a proceeding in bankruptcy, proh:ltc, lbr condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender nmy do and pay for whatever is reasonable or appropriate to protect Lender's interest in the [htq~crty and rights under this Security Instrument, including protecting and/or assessing the value of thc l'n~pcrty, and securing and/or repairing the Property. Lender's actiOns can include, but are not limited m: (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) (ooo~ Page 7 of 15 Form 3051 1/01 ":;::: '~: :[!:5: :."!:':i. ~. '.:'i"i:": ':~i: '::! .' ':i' ':::..' ' ....... . · .:..... . ,:., ::' · . . .. ~ ......, '~ .:..:7:': ...:' .2: ' .' <.:. ,'.'., ,~,? ;;e';~.v'..-...:,' - .'.'. .,:,; ....... [' ' ~f: '"?.~. ~,':~ ~'" ~-':. '.'; :': ' ! ~i '.' ::i~:,"'.: ~!: C'::-'~ .-d , ':t,' I':~ ,,.1','6'~";. ~. :,' .... . · :'- ! .~,.,~,..;h...:~ ...' ~!: !~[¢ ' .- ,:'/.Q',~;-'~.~i~"~:;'~'~,i:i:i;!¢':::;~:.'::' ' ·: :;5 :'i',;¢.?~.:;:'":-'.:/ 0678 attorneys' fees to protect its interest in the Property and/or rights tm,.lcr this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the ?mperty includes, but is not limited to, entering the Property to make repairs, change locks, replace or b~',u-d up doors and windows, drain water from pipes, eliminate building or other code violations or dangenms cmMitions, and have utilities turned on or off. Although Lender may take action under this Section 9. I~emlcr 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 sh:tll hecmne additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon nmicc from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall cmnply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the lee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insm':mce :ts a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage htsurance 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 t~ make separately designated payments toward the premimns for Mortgage Insurance, Borrower shall pay the prenfimns required to obtain coverage substantially equivalent to the Mortgage Insurance prevMusly in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance prcvim,sly in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent ~lm-tgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount or thc separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, 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 iu 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 amount ami fi~r the period that Lender requires) provided by an insurer selected by Lender again becomes avaihd)l~, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a nonq'cfundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any xvrim:,~ 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 rate prm'id~d in the Note. Mortgage Insurance reimburses Lender (or any entity that lmrchas~s the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bm'n,wer is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insura~cc in fi)rce from time to ti~ne, and may enter into agreements with other parties that share or modify their ri.~k, m' reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and [lie other party (or parties) to these agreements. These agreements may require the mortgage instu'cr to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of tl~c Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may reccix'c (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 risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurc~'~ risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "Cal~tiv~ reinsurance." Further: (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 ag,'cements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (~-6(WY) Iooos) Page a of ~s Form 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act ol' 1998 or any other law. These rights · may include the right to receive certain disclosures, to request aud obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance termin;,cd automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unear,wd at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall b~ applied to restoration or repair of the Property, if the restoration or repair is economically feasible anti Lender's security is not lessened. During such repair and restoration period, Lender shall have the ri_Eht to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property t~ ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undcrt'~tkcn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a seri:s or' progress payments as the work is completed, Unless an agreement is made in writing or Applicable [xnv requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Bm'rrm'er any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economi calls' f~asible or Lender'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 Borrowc~. 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 value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security lt~st~ ument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in valu: or' thc Property in which the fair market value of the Property immediately before the partial taking, dcstrttctimL or loss in value is equal to or greater than the amount of the sums secured by this Security htslmmcnt iuunediately before the partial taking, destruction, or loss in value, unless Borrower and Le,dct mherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the arno[mt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of thc sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fid r, ~:tl'kc[ wdue 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 .f the Property in which the fair market value of the Property immediately before the partial taking, destrttction, or loss in value is less than the amount of the sums secured immediately before the partial taki.g, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellane~ms Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due, If the Property is abandoned by Borrower, or if, after nmic~ 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 date thc m~tice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restor:,imt or repair of the Property or to the sums secured by this Security Instrument, whether or not then duc. Opposing Party" ~neaus the third party that owes Borrower Miscellaneous Proceeds or the party against whm. Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinfinal, is begun that, in Lender's judgment, could result in forfeiture of the Property m' mhcr material impairment of Lender's interest in the Property or rights under this Security Instrument. Bmrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be disnfissed with a ruling that, in Lender's judgment, precludes forl'citurc of the Property or other material impairment of Lender's interest in the Property or rights under this Security Iustrument. The proceeds of any award or claim for damages that are attributable to the impai n ncn t of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoratim~ m' repair of the Property shall be applied in the order provided for in Section 2. 6(WY) (ooos) Paga o of ~s Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Nm :~ Waiver. Extension of the time for payment or modification of amortization of the sums secured by thi~ ,~ccurity Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not Olk'mtc to rdease the liability of Borrower or any Successors in Interest of Borrower. Lender shall.not be required to connnence proceedings against any Successor in Interest of Borrower or to refuse to extend time lbr paymenf or otherwise modify amortization of the sums secured by this Security Instrument by rcas~m, f any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbear:moo by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of p:~ymcnts from third persons, entities or Successors in Interest of Borrower or in amounts less than the amo,m dlcn due, 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 a,d several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (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 t. pay the stuns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower c:m agree to extend, modify, forbear or make any accommodations with regard to the terms of this Secmity Instrument 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 Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrumc,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 t',r services performed in connection with Borrower's default, for the purpose of protecting Lender's interest ill dSC Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property i~spection and valuation fees. In regard to any other fees, the absence of express authority in dfis ,~ccurity 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 ,.\pplicable Law. If the Loan is subject to a law which sets maximum loan charges, :md that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced hy tl~c alnount 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 dfis refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prcpaynlent 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 o~' action Borrower might have arising out of such overcharge. 15.. Notices. All notices given by Borrower or Lender in cmmcction with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail m- when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by nmicc to 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 of aclch-css through that specified procedure. There may be only one designated notice address under this Sccmity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing i~ hy first class mail to Lender's address stated herein unless Lender has designated another address by nmicc to Borrower. Any notice in connection with this Security Instrument shall not be deemed to ha~c becu given to Lender until actually received by Lender. If any notice required by this Security Ii~strtmlcnt is also required under Applicable Law, the Applicable Law requirement will satisfy the corresp, nding requirement under this Security Instrument. (~-6(WY) (ooos) Page lo of lS Form 3051 1/01 16. Governing Law; Severability; Rules of Construclio,. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject ~, auy requtrements and limitations of Applicable Law. Applicable Law might explicitly or implicitly alhm the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohihiti(m against agreement by contract. In the event that any provision or clause of this Security Instrume,, m' the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Sect,,'ity Instrument or the Note 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; (b) wu,'ds in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives s~lc discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of thc Nme and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest i, Bo,'rower. As used in this Section 18. "Interest in the Property" means any legal or beneficial interest iu ~l~c Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract hu' deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Bm r,,wcr at a future date to a purchaser. If all or any part of the Property or any Interest in the Properb' is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold m- transferred) without Lender's prior written consem, Lender may require immediate payment in full m' all stuns secured by this Security Instrument. However, this option shall not be exercised by Leudcr if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower uuti~c of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is ,,iven in accordance with Section 15 within which Borrower must pay all sums secured by this Securit5r l'~strulnent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may im'oke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. 11 Bm'rower meets certain conditions, Borrower shall have the right to have enforcement of this Secu,'ity instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pul suant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enfiucing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all stuns which d~eu would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Secu,'it5 lustrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, :tnd other fees incurred for the purpose of protecting Lender's interest in the Property and rights tmdcr this Security Instrument; and (d) takes such action as Lender may reasonably require to assure th:u l.cnder's interest in the Property and rights under this Security Instrument, and Borrower's obligation tu pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Burruwor pay such reinstatement sums and expenses in.one or more of the following forms, as selected by l.euder: (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, i,lstrumelmdity or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security lust ru ment and obligations secured hereby shall remain fully effective as if no acceleration had occurred, thru'ever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grie~ ance. The Note or a partial interest in the Note (together with this Security Instrumen0 can be sold one m- more times without prior notice to Borrower. A sale might result in a change in the entity (known ,,, the "Loan Servicer") that collects Periodic Payments due under the Note and this Security lnstrulncmt and perfornts other mortgage loan servicing obligations under the Note, this Security Instrument, aud Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which paymems should be made :iud any other information RESPA ~-6(WY} {ooos} Page 11 of 15 Form 3051 1/01 requires in connection with a notice of transfer of servicing. Il' thc N()[c is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Nme. thc mortgage loan servicing obligations to Bo~ower will retain wi~ ~e Loan Servicer or be tm~ferrcd to a successor Loan Servicer and are not assumed by ~e Note pumhaser ufless o~e~ise provided by thc Note lmrchaser.. Nei~er Bo~ower nor LeMer my co~ence, .join, or be j~fincd m any judicial action (as eider an individual litigant or ~e member of a class) ~at arises from thc ~dhcr party's actions pursuant to ~s Security I~tmment or ~at alleges ~at ~e o~er party has breached a~y provision of, or any duty owed by reason of, ~is Security I~tmment; until such Bo~ower or Lender Iv, ts notified ~e o~er party (wi~ such ~tice given in compliance wi~ ~e requirements of Section 15) ~,~' stroh alleged breach and afforded ~e o~er pa~y hereto a reasomble period after ~e giving of such notice to take co~ective action. If Applicable Law provides a time period which must elapse bcfi,-c certain action can be taken, ~at time period will be deemed to be reasomble for pu~oses of ~is p:m~graph. The notice of acceleration and oppormffity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Bo~ower pursuam to Section 18 shall be deemed to satis~ the notice and opportu~ty to take corrective action pmvisio~ of ~is Section 20. 21. H~ardous Substance. As used in ~is Section 21: ~a~ "Hazardous ~bstances" are ~ose substames defined as toxic or ha~rdous substances, pollutants, m' wastes by Enviromental Law and ~e following substances: gasoline, kerosene, o~er ramble or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, mtefials contai~ng asbestos or fimnaldehyde, and radioactive mtefials; ¢) "Envimmental Law" mea~ federal laws and laws of ~e jurisdiction where ~e Property is located ~at relate to heal~, safety or enviromental protection; (c) "Envir{m~cmal Cleanup" includes any respome action, remedial action, or removal action, as defined in Enviromncntal Law; and (d) an "Enviromenml ~ndition" mea~ a condition ~at can cause, contribute to, m' otherwise trigger an Enviromental Cleanup. Bo~ower shall not cause or pe~t ~e presence, use, disposal, storage, or release of any Hazardous ~bstances, or ~reaten to release any Ha~rdous Substances, on m' in the Property. Borrower shall not do, nor allow anyom else to do, any~ing affecting ~e Property (a) that is m violation of any Environmental Law, ¢) w~ch creates an Envimmental Condition, or (c) which, duc to ~e presence, use, or release of a Ha~rdous ~bstance, creates a condition ~at adversely affects thc value of ~e Property. The preceding two sentences shall not apply to ~e presence, use, or storage m~ thc Property of stall quantities of Hazardous Substances ~at are generally recog~zed to be appropriate to non~l residential uses and to mintemnce of ~e Propeny 0ncluding, but not li~ted to, hazardous substances in co~umer products). Bo~ower shall promptly give Lender written notice of (a) any investigation, claim, demnd, lawsuit or o~er action by any gove~en~l or regulatory agency or private party involving ~e Property and any Hamrdous ~bstance or Enviromental Law of which Borrmvcr has actual knowledge, ~) any Endromental ~ndition, including but not li~ted to, any spilling, leaking, discharge, release or ~reat of release of any Ha~rdous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance w~ch adversely affects ~e value of ~e Property. It' Borrower lea~, or is notified by any govemental or regulato~ au~ofity, or any private party, dial any removal or o~er remediation of any Hazardous Substance affecting ~e Prope~y is necessary, Bm-rower shall promptly take all necessary remedial actio~ in accordance wi~ Enviromental Law. Nodfing hcrei~ shall create any obligation on Lender for an Enviromental Cleanup. 6(WY) {ooos} P~, ~2 of ~6 Form 3051 1/01 ODO48 JO NON-UNIFORM COVENANTS. Borrower and Lender timber covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Bm'rower prior to acceleration following Borrower's breach of any covenant or agreement'in' this Secm'ity Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides oHwrwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a d;~te, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may rest,Il 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 cou,'t .'~ction 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 payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable La~v. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Scclion 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give mdit'e of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner in-ovided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any s:de. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, 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 it. 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.cndcr may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to :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 raider and by virtue of the homestead exemption laws of Wyoming. (~)¥6(WY) Iooos~ Pag~ ~3o~ 1~ Form 3051 1/01 · ~O/~ - ,-; U O ~ BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recto'dod wi th it. Witnesses: (Seal) -Borrower / - - (Seal) MILTON W COX -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Sea¢ -Borrower (Seal) -Borrower ~6(WY) ¢ooos) Page ~4 of lS Form 3051 1/01 OBO4St?,O STATE OF WYOMING, LINCOLN The foregoing instrument was acknowledged before me by BECKY M COX AND MILTON W C0X County ss: My Commission Expires: No[ary Public (~-6G(WY) (ooos) Page 15 of 15 Form 3051 1/Ol Legal Description Beginning at a point which is 10 rods West from the southeast corner of Lot 1 of Block 23 of the Afton Townsite, Lincoln County, Wyoming and running thence West 10 rods; thence North 10 rods; thence East 10 rods; thence South 10 rods to the point of beginning. ALSO Beginning at the southeast corner of Lot 1 of Block 23 of the Afton Townsite, Lincoln County, Wyoming and running thence North 5 rods; thence West 5 rods; thence South 5 rods; thence East 5 rods to the place of beginning. LESS AND EXCEPT the south 2 rods ~_hereof. ALSO Beginning at a point which 15 rods South from the Northeast corner of Lot 1 of Block 23 of the Afton Townsite, Lincoln County, Wyoming and running thence North ~0rods; thence West 5 rods; thence South ~ rod; thence East 5 rods to the place of beginning. ALSO Beginning 82.5 feet West and 165 feet South from the Northeast corner of Lot 1 of Block 23 of the Alton Townsite, Lincoln County, Wyoming and running thence South 163 feet; thence West 82.5 feet; thence North 163 feet; thence East 82.5 feet to the point of beginning.