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HomeMy WebLinkAbout904923Return To: CENTEX HOF~E EQUITY COMPAI~, P.O. BOX 199500, FINAL DOCS Dallas, TX 75219 LLC 0'748 Prepared By: YURI GAXIOLA 284804659 .[Space Above This Line For Rec.,'ding Data] MORTGAGE RECEIVED 12/1/2004 at 3:58 PM RECEIVING # 904923 BOOK: 573 PAGE: 748 JEANNE WAGNER DEFINITIONS LINCOLN COUNTY CLERK, KEMMERER, WY Words used in multiple sections of this document are defined I~clm~ and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of wt,'ds used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower" is ROBERT O. TOLMAN 11/23/2004 Borrower is the mortgagor under this Security Instrument. (C) "Lender" is CENTEX I-IOM.~ EQUITY COMPANY, LLC Lenderis a A LIMITED LIABILITY COMPANY organized and existing under the laws of THE STATE OF DELAWARE WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 11~)®-6(WY) (ooos) ~,~,~.) Page 1 of 15 VMP MORTGAGE FORMS - (800)521-7291 Form 3051 1/01 o9o49Za L. ' 074 9 284804659 Lender's address is 2828 NORTH HARWOOD DALLAS, TX 75201-1516 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and tlatcd 11/23/2 004 The Note states that Borrower owes Lender NINETY EIGHT THOUSAND THREE HUNDRED THIRTEEN & 50/100 Dollars (U.S. $ 98. 313.50 ) plus interest. Borrower ha~ i.'omised to pay this debt in regular Periodic Payments and to pay the debt in full not later than ]_ 2 / 01 / 203 4 (E) "Property" means the property that is described below under thc heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus inlcrc~t, any prepayment charges and late charges due under the Note, and all sums due under this Security Insuumcat, phis interest. (G) "Riders" means all Riders to this Security Instrument lh;~l arc executed by Borrower, The following Riders are to be executed by Borrower [check box as applicable I: [~ Adjustable Rate Rider ~ Condominium Rider [~ Second Home Rider ~ Balloon Rider [--] Planned Unit Development Rider ~ 1-4 Family Rider ~'] VA Rider ~ Biweekly Payment Rider [~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable Fc~lcral, state and local statutes, regulations. ordinances and administrative rules and orders (that have thc ell'cot of law) as well as all applicable final, non-appealable judicial opinions, (I) "Community Association Dues, Fees, and Assessmenls" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property h) a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds~ t>lhcr than a transaction originated by check. draft, or similar paper instrument, which is initiated through a. electronic terminal, telephonic instrument. computer, or magnetic tape so as to order, instruct, or autho,'izc a financial institution to debit or credit an account. Such term includes, but is not limited to, poi,~t-t~F-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and milo,hated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Scc'li.n 3. (L) "Miscellaneous Proceeds" means any compensation, settlc,.c.l, 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) condemnation o,' .Ihcr raking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresenml..~s of, or omissions as to. the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lemlcr against the nonpayment of, or default on. the Loan. (N) "Periodic Payment" means the regularly scheduled anmt., duc for (i) principal and interest under the Note. plus (ii) any amounts under Section 3 of this Security Instrun'~¢nt. (O) "RESPA" means the Real Estate Settlement Procedures ,.\ct (12 U.S.C. Section 2601 et seq.) and its implementing regulation. Regulation X (24 C.F.R. Part 3500), .s 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 ami rcsl,'ictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualil'y as a "federally related mortgage loan" under RESPA. (~)~-6(WY) (ooos) Page 2 o! 16 Form 3051 1/01 0904923 , i. 0750 284804659 (P) "Successor in Interest of Borrower" means any party flint has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note ired/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment ~1' thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bom~wcr's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower docs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the COUNTY of LINCOLN : ]Type of Recording Jurisdiction] [Name of Recording Jurisdiction] Ali that tract or parcel of land as shown on Schedule "A" attached hereto which is incorporated herein and made a part hereof. Parcel ID Number: ("Property Address"): 12-3119-13-4-01-013.00 2395 STATE HIGHWAY 241 AFTON which currently has the address of [Streetl l¢!ityl , Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements now or hercal'tcr 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 i~ roi'erred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower ~s lawfully scised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and Ihltt Ibc 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 c,vcnants for national use and non-uniform covenants with limited variations by jurisdiction to constinltC a tmil'onn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender corena,! and agree as follows: 1. Payment of Principal, Interest, Escrow Items, l'~'cpayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest ~m, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bom}wcr shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by l~cnder as payment under the Note or this (~-6(WY) (ooo5) Paoe ~ o~ is Form 3051 1/01 075 284804659 Security Instrument is returned to Lender unpaid, Lender n,',~y require that any or all subsequent payments due under the Note and this Security Instrument be made in one tlr lnore of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, b:mk check, treasurer's check or cashier's check, provided any such check is drawn upon an institution wht~sc deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accord:rove with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment ()r partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial l'a5 mcnt insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its righls I{~ refuse such payment or partial payments in the future, but Lender is not obligated to apply such paymems al Irc 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 m',lkes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, I.cndcr 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 foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments 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 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 fkst to late charges, second to any other amounts due under this Securily Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a dclimluent Periodic Payment which includes a sufficient amount to pay any-late charge due, the payment may hc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, l.cnder may apply any payment received from Borrower to the repayment of the Periodic Payments if, anti I{~ Iht extent that, each payment can be paid in full. To the extent that any excess exists after the paymem is aplflicd to the full payment of one or more Periodic Payments, such excess may be applied to any late ch:trges due. Voluntary prepayments shall be applied fa:st to any prepayment charges and then as described in Iht Note. Any application of payments, insurance proceeds, or Mi,ccllancous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the mmmnt, o[ the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lemlcr on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") t,~ provide for payment of amounts due for: (a) taxes and assessments and other items which can attain prio~ il)' over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or grotmd rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; :md (ti) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of thc i~aymcnt of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items arc vailed "Escrow Items." At origination or at any time during the term of the Loan, Lender may require tha~ Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, l'ces and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amlmnls It) be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's tdfligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in ~ ~ifing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts duc. It)r any Escrow Items for which payment of (~-6(WY) (ooo5) Page 4 o~ 1§ Form 3051 1/01 o9o4:9:aa 0'? 5 © 284804659 Funds has been waived by Lender and, if Lender requires, .qt;tll tm'hist to Lender receipts evidencing such payment within such time period as Lender may require. Bom~x~ cr'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, pursuant to a waiver, and Borrower Jails lo pay the mount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such atm~tl~lt and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender m:ty 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 :Hmmnt (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not t~ exceed the maximum amount a lender can requke under RESPA. Lender shall estimate the amount o1' I:tmds due on the 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 deposits arc insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose aleph,sits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Iicms no later than the time specified under RESPA. Lender shall not charge Borrower for holding and at,plying 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 an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall m,i be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in wrmng, 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 dc[il}cd uuder RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. I1' there ix a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as rcqmrcd by RESPA, and Borrower Shall pay to Lender the amount necessary to make up the shortage in acct~rdance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held m c~,c~t~w, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall i~ay ~ Lender the mnount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment ~n full of all sums secured by this Securi y Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, a,scssments, 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 Associatitm 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 ha~ p~t~rity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati~m secured 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 w tic h in Lender' s opinion operate to prevent the enforcement of the lien while those proceedings are pending, hut truly until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisl'actory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of thc lh'opcrty is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 (~-6(WY) (ooos) Page 5 of ~s Form 3051 1/01 0753 284804659 days of the date on which that notice is given, Borrower shall salisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge I'ur a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvcmcms now existing or hereafter erected on the Property insured against loss by f'n:e, hazards included within thc. Icrnl "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the mounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding semcm'cs can change during the term of the Loan. The insurance carder providing the insurance shall be chosen hy 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 ultc-limo charge for flood zone determination, certification and tracking services; or (b) a one-time charge I'~r fit)od zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall als~ he responsible for the payment of any fees imposed by the Federal Emergency Management Agency in cum~c, ction with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages dcwrihcd 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, Borrower's equity in the Property, or the CtmlCnls of the Property, against any risk, hazard or liability and might provide greater or lesser 'coverage limn was previously in effect. Borrower acknowledges that the cost of the insurance coverage so oblained might significantly 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 Inslrument. These amounts shall bear interest at the Note rate from the date of-disbursement and shall be payabk', wilt such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals t~f such policies shall be subject to Lender's right to disapprove such policies, shall include a standard m~rigage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have thc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give ~t~ l.cnder all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance ct~\'cragc, 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. Unk'~s Lender 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 resto~utbn or repair is economically feasible and Lender's security is not lessened. During such repair and re~ttu':diou period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunit> 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 restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made ill writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not he required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligatit)n 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 (~-6(WY) (ooo5) Page 6 of 15 Form 3051 1/01 0754 284804659 the sums secured by this Security Instrument, whether or not Ihcn title, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order lm~vidcd for in Section 2. If Borrower abandons the Property, Lender may file, negt~ti~tlc and settle 'any available insurance claim and related matters. If Borrower does not respond within 30 days Io a llotice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate ~md settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender ;~cquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights m any insurance proceeds in an amount not to exceed the mounts unpaid under the Note or this Security Instrument, 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 applic:~hlc to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the lh't~pcrty or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use thc Property as Borrower's principal residence within 60 days after the execution of this Security Instrumem ami shall continue to occupy the Property as Borrower's principal residence for at least one year after the dmc ol' occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withhchl, or unless extenuating circumstances exist which are beyond Borrower's consol. 7. Preservation, Maintenance and Protection of the I',',perty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to dctcrior,'lte or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower ,q~all maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its c'~mdition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Bt ~rrmver shall prompdy repair the Property if damaged to avoid further deterioration or damage. If insura,cc tlr condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower 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 a .~erics 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 Borrower's obligation for the complcti{m 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 inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in riel'mall if, during the Loan application process, Borrower or any persons or entities acting at the direction of llom~wer or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate inform:~tion or statements to Lender (or failed to provide Lender with material information) in connection with thc I.oan. Material representations include, but are not limited to, representations concerning Borrower's occul~ancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property ami Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements conhfincd 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, im~bale, £or condemnation or forfeiture, for enforcement of a lien which may attain priority over this Nccm'ity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then l.cmler may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc lh'opcrty and rights under this Security Instrument, including protecting and/or assessing the value of thc. Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to ~',~ i~aying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~-6(WY) (ooo5) Page7of ~s Form 3051 1/01 ,. ,. 0755 284804659 attorneys' f~s to protect its interest in ~e ~ogerty ~d/or r~h~ tmdc~ tiffs Securhy Ins~umenL ~ncludi.~ i~ s~ured position in a b~uptcy proceeding, Securing ~e Propc%' includes, but is not limited to, entering ~e ~operty to m&e rep,s, ch~ge locks, replace or bo~d up th~t~rs and windows, dr~n water from pipes, eliminate building or o~er code violations or d~gerous condititms, and have utilities turned on or off. Al~ough Lender may ~e action under ~is S~fion 9, Lender tlt~cs not have to do so ~d is not under ~y duty or obligation m do so. It is agre~ ~at Lender recurs ut, liability for not ~ing ~y or ~1 actions au~oriz~ under ~is Section 9. Any mounm disbursed by Lender under ~is Section t~ shall become addifion~ debt of Bo~ower s~ur~ by ~is S~ufity Ins~umenk ~ese mounm sh~l bom' imcrest at ~e Note rate from ~e date of disbursement ~d sh~l be payable, wi~ such interest, upon indict l'rom Lender to Bo~ower requesting payment. If ~is S~ufity Ins~ument is on a leasehold, Bo~ower sh;tll comply wi~ ~1 ~e provisions of ~e Ieee. If Bo~ower acqukes fee fide to ~e ~oper~, ~e leasehold and thc l'co fi~e sh~l not merge unless Lender agrees m ~e merger in writing. 10. Mortgage Insurance. If Lender requked Mortgage hlstH'anc¢ as a condition of m~ing ~e Lo~, Bo~ower sh~l pay ~e premiums requked to m~n~n ~e M,~rh,.;~gc lnsur~ce in effect, If, for ~y reason, · e Mortgage Insur~ce coverage requked by Lender ceases tt~ hc available from ~e mortgage insurer ~at previously provid~ such insur~ce ~d Bo~ower w~ reqtmcd to ~nz~e sep~ately designat~ paymen~ towed ~e premiums for Mortgage Insur~ce, Bo~ower shall p%' thc premiums requked to ob~n coverage subsmfiMly equivMent m ~e Mortgage Insur~ce previousb i~ clTcct, at a cost subsmfi~ly equivMent to ~e cost to Bo~ower of ~e Mortgage Insur~ce previously in clTcct, from ~ ~temate mortgage insurer select~ by Lender. If subs~fi~y equivMent Mortgage Insur:mcc coverage is not av~lable, Bo~ower shM1 continue m pay to Lender ~e mount of ~e sep~ately designalcd payments ~at were due when ~e insur~ce coverage ceased to be in eff~t. Lender will accept, use ~d rcuin these paymenm as a non-refundable loss reserve in lieu of Mortgage Insur~ce. Such loss reserve sh~l bc mm-rcl'undable, notwi~smding ~e fact hat · e Lo~ is ultimately p~d in full, ~d Lender sh~ not be retlui~ed ~o pay Bo~ower ~y interest or e~ings on such loss reserve. Lender c~ no longer requke loss reserve i~;tymcnts if Mortgage Insur~ce coverage (in · e mount ~d for ~e period ~at Lender requkes) provided by :,t insurer selected by Lender ag~n b~omes av~lable, is ob~ned, ~d Lender requkes sep~ately designated i~aymcnts towed ~e premiums for Mortgage Insur~ce. If ~nder requk~ Mortgage Insur~ce as a condilitm of razzing ~e Lo~ ~d Bo~ower w~ requked to m&e sep~ately designated paymen~ towed ~e premiums for Mortgage Insur~ce, Bo~ower sh~l pay ~e premiums requked to m~n~n Mortgage Insurmlcc in effect, or to provide a non-refundable loss reserve, until Lender's requkement for Mortgage Insur~ce cntl~ in accord~ce wi~ ~y written agreement betw~n Bo~ower ~d Lender providing for such termination or tmtil termination is requked by Applicable Law. No~ing in ~is Section 10 ~fecm Bo~ower's obligation tt~ pay interest at ~e rate provided in ~e Note. Mortgage Insur~ce reimburses Lender (or ~y entity flint Imrchases ~e Note) for cer~n losses it may incur if Bo~ower does not repay ~e Lo~ as agr~d, Bo~ower is not a pzmy to ~e Mortgage Insur~ce. Mortgage ~nsurers evMuate ~ek to~ risk on ~1 such in~tH':mce in force from time to time, ~d may enter into agreemenB wi~ o~er p~fies ~at shoe or modify Owir rihk, or reduce losses. These agr~men~ ~e on terms ~d conditions ~at ~e satisfactory m ~e mortgage insurer mid ~e o~er p~ty (or pmfies) to ~ese agreement, ~ese a~eemen~ may requke ~e mortgage insurer I~ m:~e paymenm using ~y source of funds · at ~e mortgage insurer may have.av~lable (which may inchidc I'tmds ob~ned from Mortgage Insur~ce premiums). As a result of ~ese a~eements, Lender, ~y pumh~er t~f thc Note, ano~er insurer, ~y reinsurer, ~y o~er enfi~, or ~y ~fifiate of ~y of ~e foregoing, may r~civc (directly or indkecfly) mounm ~at derive from (or might be ch~acteriz~ ~) a portion of Bo~ower's payments t~r Mortgage Insur~ce, in exch~ge for shying or modifying ~e mortgage insurer's risk, or reducing losses. If such agr~ment provides ~at ~ ~filiate of Lender ~es a shoe of ~e insurer's risk in exch;mgc for a shoe of ~e premiums p~d to ~e insurer, ~e ~gement is often termed "captive reinsur~ce." FtH'ther: (a) Any such agreements ~11 not affect the amoums that BorroWer has agreed to pay for Mortgage Insurance, or any other terms of the Loan, Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Burrower to any refund. (~-6(WY) (0005) Page sot ~5 Form 3051 1/01 284804659 (b) Any such agreements will not affect the rights Ih.'r.wcr has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act .1' 1998 or any other law. These rights may include the right to receive certain disclosures, to request ;ultl obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated aulm,;lt ica lly, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the l imc .t' such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeilm'c. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds ~hall he applied to restoration or repair of the Property, if the restoration or repair is economically feasible :md l.cnder's security is not lessened. During such repair and restoration period, Lender shall have the right h~ hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to cnNurc Iht work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken i,'tmq,tly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress l,:t5 mcnts as Ihe work is completed. Unless an agreement is made in writing or Applicable Law requires interest tt~ be paid on such Miscellaneous Proceeds, Lender shall not be requked to pay Borrower any interest or c:tmings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's ~ccttrity would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security It~strumcnt, whether 'or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds Nhall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value ~1' thc Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, ~vhcther or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in vtduc ~1' the Property in which the fair market value of the Property immediately before the partial taking, dcslrtlcl, it)~l, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrm,cm immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othcr~ isc agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of thc Miscellaneous Proceeds multiplied by the following fraction: (a) the total.amount of the sums secured inmwdiatcly before the partial taking, destruction, or loss in value divided by (b) the fair market value of the P~tq)crty 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 v:duc ol' the Property in which the fak market value of the Property immediately before the partial taking, dcqructiou, or loss in value is less than the amount of the sums secured immediately before the partial k~king, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscell:mc{ms Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc dwn due. If the Property is abandoned by Borrower, or if, after m~tic-c by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an awmd Io settle a claim for damages, 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 repai~ ~1 thc Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Parl~ means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower h:~s 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 t~hcr material impakment 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 thc action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of thc l'ropcrty or other material impairment of Lender's interest in the Property or rights under this Security h~lrmncnt. 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. All Miscellaneous Proceeds that are not applied to restor~mtm or repmr of the Property shall be applied in the order provided for in Section 2. (~-6(WY) (ooos) Page 9 of ~5 Form 3051 1/01 0,04 3 075 7 284804659 12. Borrower Not Released; Forbearance By Lendt,,' N.I a Waiver. Extension of the time for payment or modification of amortization of the sums secured hy this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not t~pcrate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be rCCluircd to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time h.' payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of a.y demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by l.cmler in exercising any right or remedy including, without limitation, Lender's acceptance of payment~ I'r~m~ third persons, entities or Successors in Interest of Borrower or in amounts less than the amount thc. d.c, ~hall 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 joi. I .ntl several. However, any Borrower who co-signs this Security Instrument but does not execute the Now (a , ', " ~t -signer ) (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's i.lcrest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay thc .~..ts secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree lo extend, modify, forbear or make any accommodations with regard to the terms of this Security In~ t.nc'nt or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in I~tcrest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and i~ approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instru..'.t. Borrower shall not be released from Borrower's obligations and liability under this Security Insu'...'.~ unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrt..c.~ shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. ' 14. Loan Charges. Lender may charge Borrower fec~ h.' services performed in connection with Borrower's default, for the purpose of protecting Lender's i.~crcst in the Property and rights under this Security Instrument, including, but not limited to, attorneys' I'ccs, ?roperty inspection and valuation fees. In regard to any other fees, the absence of express authority in thi~ Nccurity Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the cha~i.g of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by A lq~licable Law. If the Loan is subject to a law which sets maximum loa. charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collcclcd in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced h3 Itc amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected fi't.. Bt~rrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this ~cltmd by reducing the principal owed under the Note or by making a dkect payment to Borrower. If a rclu.d reduces principal, the reduction will be treated as a partial prepayment without any prepayment ch;.'~c (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such rcftmd made by direct payment to Borrower will constitute a waiver of any right of action Borrower might h.ve arising out of such overcharge. 15. Notices. All notices g~ven by Borrower or Lender in c,,..ection with this Security Instrument must be in writing. Any notice to Borrower in connection with thi~ Scct.rity Instrument shall be deemed to have been given to Borrower when mailed by first class mail or ~ hct~ actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower ~h',fll consmute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice mhh-css shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies ~ l~rOccdure for reporting Borrower's change of address, then Borrower shall only report a change of address fl.'~ ~tigh that specified procedure. There may be only one designated notice address under this Security Instrumc.~ at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to I cu&~r's address stated herein unless Lender has designated another address by notice to Borrower. Any not,cc tn connection with this Security Instrument shall not be deemed to have been given to Lender until actuall5 received by Lender. If any notice required by this Security Instrument is also required under Applicable La~. the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (~-6(WY) (ooos) Page ~0 of 15 Form 3051 1/01 16. Governing Law; Severability; Rules of Construcliou, This Security Ins~ument sh~l be governed by feder~ law ~d ~e law of ~e jurisdiction in which ~e ['~tq~crty is located. All righm ~d obligations con.ned in ~is S<urity Ins=ument ~e subject to ~y req,ir,'mcnts and limitations of Applicable Law. Applicable Law might explicitly or implicitly Mlow ~e p~ucs ~t~ agree by con~act or it might be silent, but such silence shM1 not be cons~ued as a prohibition ag~nst ;tgrccment by con~act. In ~e event ~at ~y provision or clause of ~is Security Ins~ument or ~e Note toni lit'ts wiO~ Applicable Law, such conflict shM1 not ~f~t o~er provisions of ~is Security Ins~ument or thc Nt~lo which c~ be given effect wi~out ~e conflicting provision. As used in ~is Security Ins~ument: (a) words of thc masculine gender shM1 me~ ~d include cogesponding neuter words or words of ~e feminine gender; (h) words in ~e singul~ sh~l me~ ~d include ~e plurM ~d vice versa; ~d (c) ~e word "may" gives st % discretion wi~out ~y obligation to ~e ~y action. 17. Borrower's Copy. Bogower sh~l be given one cop5 ,,l ~hc Note and of ~is Security Ins~ument. 18. Transfer of the Property or a Beneficial lnteres~ in Ilorrower. As used in ~is Section 18, "Interest in ~e ~operty" me~s ~y legM or benefici~ intercs~ t~ Otc Property, including, but not limit~ to, · ose benefici~ interesu =~sfeg~ in a bond for deed, conuat'~ lot deed, ins~lment sales con~act or escrow agreement, ~e intent of which is ~e =~sfer of rifle by Bo~ow,q al a future date to a purch~er. If ~1 or ~y p~t of ~e ~operty or ~y Interest in ~e Prtq~c~ty is sold or ~sfe~ed (or if Bogower is not a namr~ person ~d a beneficiM interest in Bo~ower is sohl t~r a'ansl'eged) wi~out Lender's prior written consent, Lender may requke immediate payment m full o1' z~ll sums secured by ~is Security Ins=ument. However, ~is option sh~l not be exercised by Lender if such cx c~ c, isc is prohibited by Applicable Law. If Lender exercises ~is op~on, Lender sh~l give Bom~x~cr notice of acceleration. The notice sh~l provide a period of not less ~ 30 days from ~e date ~c t,~t,cc is given in accord~ce wih S~fion 15 wi~in which Bogower must pay MI sums secured by'~is Seem it5 Instrument..If Bogower f~ls to pay ~ese sums prior to ~e expkafion of ~is period, Lender may invt~kc any remedies permitted by ~is Security Ins=ument wi~ont f~er notice or demur on Bo~ower. 19. Borrower's Right to Reinstale After Acceleradion. Il' Bo~ower meeU cer~n conditions, Bo~ower shM1 have ~e hght.to have enforcement of ~is Soc~trit5 lns=ument disconfinned at ~y time p~or to ~e e~liest of: (a) five days before s~e of ~e ~operty lm~Ntlimt tO any power of s~e con.ned in ~is Security Ins=ument; (b) such o~er period as Applicable Law m~ght specify for ~e termination of Bogower's right to reinstate; or (c) enuy of a judgment enforcing ~is Sc<'t~rity lns=ument. Those conditions ~e ~at Bo~ower: (a) pays Lender ~1 sums which ~en would be duc trader this Security Ins~ument ~d ~e Note as if no acceleration had occu~ed; (b) cures any default of any other coven~m or agr~menm; (c) pays ~ expenses incuged in enforcing ~is Security Ins=ument, inch~dmg, but not limited to, reasonable attorneys' fees, property inspection ~d v~uafion fees, ~d o~er fees int'tH'red I'or 0~e pu¢ose of prorating Lender's interest in ~e ~operty ~d dghU under ~is Security Insmm~cm: and (d) ~es such action ~ Lender may re~onably r~uke to assure ~at Lender's interest in ~e ~opc~t5 and rights under ~is Secudty Ins~ument, ~d Bogower's obligation to pay ~e sums secured by ~is Scc'tH'ily lnsuument, sh~l continue unch~ged. Lender may requke ~at Bo~ower pay such reinstatement sums anti expenses in one or more of ~e following forms, ~ selected by Lender: (a) cash; (b) money order; (c) cortil iccl check, b~k check, ~e~urer's check or cashier's check, provided ~y such check is drawn upon ~ insmmttm whose deposi~ ~e insured by a feder~ agency, ins=umen~ity or entity; or (d) Elec~onic Funds TritnM'or. Upon reinstatement by Bogower, ~is Security Ins=ument ~d obfigafions secured hereby sh~l rcm:tm I'ully effective as if no acceleration had occ~ed. However, ~is right to reinstate shM1 not apply in ~c t':~c t~l' acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice or {;ricvance. The Note or a p~fi~ interest in ~e Note (toge~er wi~ ~is S~urity Ins~umen0 c~ be sold one t~t mt~rc times wi~out prior notice to Bogower. A s~e might result in a ch~ge in ~e entity (known ~ ~e "Lt~,,m Servicer") ~at collecm Periodic Paymenm due under ~e Note ~d ~is Security Ins~ument ~d performs t~thcr mortgage lo~ servicing obligations under ~e Note, ~is Security Ins=ument, ~d Apphcable Law. Thoro also might be one or more ch~ges of · e Lo~ Servicer unrelated to a s~e of ~e Note. If ~ere is a oh',rage of O~e Lo~ Servicer, Bo~ower will be given written notice of ~e ch~ge which will sram ~e name and address of ~e new Lo~ Servicer, ~e address m which paymenm should be made ~d ~y o~er infi~rmatiou RESPA requkes in conn~fion wi~ a (~-6(WY) (GOOS) F'aao ~ ot ~s Form 3051 1/01 284804659 notice of transfer of servicing. If the Note is sold and thereafter thc I.oan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing t)bligamms to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Serviccl ;md arc not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or hc j,)ined to any judicial action (as either an individual litigant or the member of a class) that arises from thc t)lhcr party's actions pursuant to this Security Instrument or that alleges that the other party has breached an) t,~mqs~on of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has n~,~ ~c,I thc 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 notice to take corrcc~vc ;tcqion. If Applicable Law provides a time period which must elapse before certain action can be taken, thz~l time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and ,q,l~orttmity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrowc~ lmrsuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisitms of this Section 20. 21. Hazardous Substances. As used in this Section 21' (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollut~mt~, t~r wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or ;t,xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos o~ it ~rmaldch yde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdk'litm where the Property is located that relate to health, safety or environmental protection; (c) "Enviromn,'mal Cleanup" includes any response action, remedial action, or removal action, as defined in Environmem;~l I.;ts~' and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise m?.~:,,'r a,~ Environmental Cleanup. Borrower shall not cause or permit the presence, use, diNi)osal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, tm t~r in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property ,.,, that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects thc value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on ~h~, Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to ~.~r,~al residential uses and to maintenance of the Property (including, but not limited to, hazardous substances m ctmsumer products). Borrower shall promptly give Lender written notice of (;~) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or pm'ate party involving the Property and any Hazardous Substance or Environmental Law of which l~,~rrmvcr has actual knowledge, (b) any Environmental Condition, including but not limited to, any sptlling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition ~'..mscd by the presence, use or release of a Hazardous Substance which adversely affects the value of thc I'.q*crty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private part),, h~tt ally removal or other remediation of any Hazardous Substance affecting the Property is necessary, Bortm~ cr shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein Nh;tll create any obligation on Lender for an Environmental Cleanup. (~)~-6(WY) (ooo5) Page 12of 15 Form 3051 1/01 '- ugO0 284804659 NON-UNIPORM COVENANTS. Borrower and Lender I'urlhcr covenant and agree ~s £ollows: 22. Acceleration; Remedies. Lender shall give notice t. Bm'rower 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 .Hlerwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must he cured; and (d) that failure to cure the default on or before the date specified in the notice may rcsul! in acceleration of the sums secured by this Security Instrument and sale of the Property. The n.lice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a emu'! 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 optbn m'.~)' require immediate payment in full of all sums secured by this Security Instrument without fur~lw,' demand and may invoke the power of sale and any other remedies permitted by Applicable L:m. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in lhN ,qcctim~ 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall gi~ t, n.lice of intent to foreclose to Borrower and to the person in possession of the Property, if dil'l't'rent, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the m:,m~er pruvided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in ihc rammer prescribed by Applicable Law. Lender or its designee may purchase the Property at an), sam 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 Inslrmnenl; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this ScctH'i[y Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation cu~ts Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid ~ ;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 undc~ and by virtue of the homestead exemption laws of Wyoming. (~)~-6(WY) (ooos) Page 13of 15 Form 3051 1/01 0904923 BY SIGNING BELOW, Borrower accepm and agrees I{~ the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower ami recorded with it. Wimesses: ROBERT G. TOLMAN -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY) (ooos) Page 14of 15 Form 3051 1/01 - 09049 0762 STATE OF WYOMING, The foregoing instrument was acknowledged before me ih is by ROBERT G. TOLMAN 284804659 County ss: 22 Day of November 2004 My Commission Expires: Notary (~-6(WY) (ooos) Page 15o~15 Initials: ,~f Form 3051 1/01 '-,-0763 SCHEDULE A Lot 25 of the Hialeah Subdivision, Lincoln County, Wyoming, being formerly described as follows: BEGINNING at the Southeast corner of the N~S~SE~ of Section 13, T31N Rll9W of the 6th P.M., Li~coln County, Wyoming; and, running thence North, 125 feet, along the East boundary line of said Section 13; thence West, 348.48 feet; thence South, 125 feet, more or less, to the South boundary line of said N~S~SE~; thence East, along said South b©undary line, 348.48 feet, more or less to the PO]'NT OF BEGINNING. 2B48o46s9 ADJUSTABLE RATE RIDER (LIBOR 6 Month Index (As Published In The Wall Sift,el Journal) - Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 2-3 r d da3, of NOVEMIIER 2 004 , and is incorporated into and shall be deemzd m amend and supplemem the Mortgage. Deed of Trust or Security Deed (the "Security Instrument") of thc .amc date given by the nndersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note "~., CENTF~X~0ME EQUITY COMPANY, LLC (the "Lender") of the same date and covering the Property described i~, thc Security Instalment and located at: 2395 STATE HIGHWAY 241 AFTON, WY 83110 [Property Address] T1TE NOTE CONTAINS PROVISIONS ALLOWIN(; I:OR CHANGES IN TIlE INTEREST RATE AND THE MONTHLY PAYMENT. TIlE NOTE LIMITS TItE AMOUNT THE BORROWER'S INTEREST RATE ('AN CttANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORRO~VI:R 51UST PAY. ADDITIONAL COVENANTS. In addition to the COVelIklIIIN and agreements made in the Security Instalment, Borrower and Lender further covenant and agree as fifth ~x~ N A. INTEREST RATE AND MONTHLY PAYMENT CHAN(;I:.S The Note provides for an initial interest rate of 6.5 0 0 5; The Note provides for changes in the interest rate and the monthly paymems, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the 1st d:tx ~l' DECEM. BER ' 2006 ' and on that day every 6TX-I month thereafter. Each date., x~hich my interest rate could change is called a "Change Date." 0t) The Index Beginning with the first Change Date, my interest rate will bc based on an Index. The "Index" is the average of interhank offered rams for 6 month U.S. dollar-dcn,,mi~uttcd deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most recc~t Index figure available as of the first Multistate Adjuslable Rate Rider - LIBOR 6 Momh Index Modified 838U (9705) / FNMA 3138 (6/94) CE838U1 (031098) Page 1 of 3 o9o49: 5d 0765 284804659 business day of the month immediately preceding the month in ~ hich the Change Date occurs is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new Index that is based upon comparable information. The Note Holder will give me notice ~1' this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will c;dculate my new interest rate by adding FIVE AND 700/.1000 percentage point(s) ( 5.700 %) to the Current Index. The Nt~lc Ihdder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125t,{). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of thc Immthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result ul' Ibis calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at"the l'irsl Change Date will not be greater than 8.50 ~ % or less than 6.500 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by mt~rc than ONE AND 000/1000 percentagepoint(s) ( 1.000 %') from the rate of interest I have bccn paying for the preceding 6 months. My interest rate will never be greater than 13.500 %. * (E) Effective Date of Changes * or lower t:han 6. S00 %. My new interest rate will become effective on each Ch:rage Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date al'let the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. Thc notice will include information required by law to be given me and also the telephone number of a pers~, who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENI:.HCIAL INTEREST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in B,t'rmver. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial inl~'rcq in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior writl~'n consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security h~strmncnt. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as ~t thc date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to bc submitted to Lender information j-,eauired by initials: ~(~#~ ' (~-838U (9705) Page 2 of 3 Form 3138 6/94 0 04 ; 8 -078 284804659 Lender to evaluate the intended transferee as if a new loan were being made to the transfere.~; and (b) Lender reasonably determines that Lender's security will not be impaired hy ibc loan assumption and that the risk o[ a breach of any covenant or agreement in this Security Instrumem is acceptable to Lender. To the extent permitted by applicable law, Lender rna) c'hargc a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may ~cqtfirc the transferee to sign an assumption agreement that is acceptable to Lender and that obligates thc mms[eree to keep all the promises and agreements made in the Note and in this Security Instrument Bt~mm'cr will continue to be obligated under the Note and this Security Instrument unless Lender releases Borr~wcr in writing. If Lender exercises the option to require immediate paymcm in l'ttll, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 311 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured hy this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender nay invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees it) thc; terms and covenants contained in this Adjustable Rate Rider. ROBERT 13. TOLMAN -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~1<~838U (9705) Page 3 of 3 Form 3138 6/94