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HomeMy WebLinkAbout904924Remrn To: Major Mortgage 6101 Yellowstone Rd LL17 Cheyenne, WY 82009 888-589-9500 Prepared By: 6101 Yellowstone Rd LL17 Cheyenne, WY 82009 888-589-9500 i 076, [Space Above This Line For Rec,rding Data] MORTGAGE M IN 0001608989 100049200000062718 RECEIVED 12/1/2004 al 4:00 PM RECEIVING # 904924 BOOK: 573 PAGE: 767 JEANNE WAGNER DEFINITIONS LINCOLN COUNTY CLERK, KEMMERER, VVY Words used in multiple sections of this document are defim'd below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding t1~¢ usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated November 24th, 2004 together with all Riders to this document. (B) "Borrower" is Billy James Wade and Stacey Wa,le, Husband and Wife Borrower is the mortgagor under this Security Instrument. (C) 'WIERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's success~rs and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 4850 t -2026, tel. (888) 679-MERS. WYOM lNG-Single Family-Fannie M aelFreddie M ac UNIFORM INSTRU MEN T WITH M ERS (~-6A(WY) (ooo5).o~ 4/3'/~ Page 1 of 15 initials: VM P MORTGAGE FORM S - (8 0 0)5 21-7 2 91 Form 3051 1101 , 0768 (D) "Lender" is Maj or Mortgage Lender is a Wyoming Corporation organized and existing under the laws of The Stale of ?lyoming Lender's address is 6101 Yellowstone Rd LL17, Ch,:--5,~-~nne, wY 82009 (E) "Note" means the promissory note signed by Borrower and dated November 24th, 2004 TheNote states that Borrower owes Lender One Hundred '?h i rty Five Thousand and no/100. Dollars (U.S. $ 135,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than December ~ sc, 2034 (F) "Property" means the property that is described below trader the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrumcm, plus interest. (Il) '~iders" means all Riders to this Security Instrument thai are 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 [] 1-4 Family Rider [--'] VA Rider [--~ Biweekly Payment Rider [7~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and a&ninistrative rules and orders (that have the cfi'cot oF law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (IC) "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, instrud, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (L) ''Escrow Items" means those items that are described in Sect ion 3. (M) "Nliscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any.third party (other than insurance proceeds paid under thc coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "lVlortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) ''Periodic Payment" means the regularly scheduled amount dtt¢ for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (P) "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 governs 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 qualiffy as a "federally related mortgage loan" under RESPA. dt . initials:'~¢lr'/~''/~ (~)~-6A(WY) (ooo~).o~ Page 2 of ~$ Form 3051 110t L',. 0769 (Q) 'nduccessor 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 Nole and/or this Security Instrument. TRANSFER OF RIGHTS 1N THE PROPERTY .- This Security Instrument secures to Lender: (i) the repayment o~' 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 does hereby mortgage, grant and convey to MERS (solely as nominee .for Lender and Lender's succcss,~rs and assigns) and to the successors and assigns of MERS, with power of sale, the f~dlowing described property located in the County Clerk of I,Lncoln County Clerk : ]Type of Recording Jurisdiction] [Name ct'Recording Jurisdiction] See Schedule C attached hereto and made a ~,,'tr~ hereof. Parcel ID Number: ("Property Address"): Smoot 76296 State Highway which currently has the address of [Street] Wyoming 8 312 6 [Zip Code] (~1~-6 A(W Y) (ooo~).o~ TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. Alt o£ the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument. but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors ,nc~ assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to l'oreclose and sell the Property; and to take any action required of Lender including, but not limited lo, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully sei~cd of 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 get,orally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covcllalltS for national use and non-uniform covenants with limited variations by jurisdiction to constitute a tHfiforrn security instrument covering real property. Initials: Paga 3 o! 15 Form 3 0 51 1/01 - '"- ;:4 .- 0770 UNIFORM COVENANTS. Borrower and Lender covenanl and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepaymen! 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'. Borrmvcr 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 b) l.cndcr as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may rcqttire that any or all subsequent payments due under the Note .and this Security Instrument be made in one or ~nore 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 i,.qittttion whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at thc location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or parlial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to ils 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 fimds tmtil Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Bo~ rower from making payments due under the Note and this Security Instrument or performing the covenam, and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as olhcrwise described in this Section 2, all payments accepted and apPlied by Lender shall be applied in the Ibllowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amotmls due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amotmls due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may hc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, I.ender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the paymcm is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscclhm¢ous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc 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") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Ncction 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Seclion 10. These items are called "Escrow Items." At origination or at any time during the term of the l.t,an, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly ft,'nish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds t'or Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when an~J where payable, the amounts (~)~-6A(WY) (000~).0~ Pa~, ~ o~ ~ Form 3051 1101 o9o49gct ,. 0 7 7 I. 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 p~'ovide 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 fails to pay the amount due for an Escrow Item, Lender lnay exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amtmnt (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or ~)thcrwise in accordance with Applicable Law. The Funds shall be held in an institution whose dept,,its are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an inst imf ion whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pa) the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for I,~kling and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless l~ender 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, kcmlcr shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can :Agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, withota charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrmv, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay lo I.ender the amount necessary to make up the deficiency in accordance with RESPA, but in no more thaa 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower anyFunds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, asscs,ments, 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 Associatkm Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has pri~riiy over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation 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 which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pcncling, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any 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 (~)~-6A(WY) (ooo5).o~ Page 5 of ~5 Form 3051 1101 ",:-0772 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge F,)r a real estate tax verification and/or reporting service used by Lender in connection with thi's' Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and fluuds, lbr which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall hc chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall nut he exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a Ol~C-lime charge for flood zone determination and certification services and subsequent charges each time rc~nappings or similar changes occur which reasonably might affect such determination or certification. R,,'rower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an object ion by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such cover:igc shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or thc cuntents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage fl~an was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security lnarument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ot' such policies shall be subject to Lender's right to disapprove such policies, shall include a standard murtgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have Ibc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give tu l~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 illclude 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 the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless l~ender 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 restorat ion or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity 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 re:,t,,ration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjuacrs, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender' s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Inarument, whether or not then due, with (~-6A(WY) (ooos).o~ Page o o~ ~S Form 3051 1101 09049;84 077° the excess, if any, paid to Borrower. Such insurance proceeds shal be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, ncg~tiat~ and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may ~cgotmte and settle the claim. The 30-day period will begin when the notice is given. In either event, ¢~' it' Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid unde~ ~hc Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to an> retired of unearned premiums paid by Borrower) under all insurance policies covering the Property, ins~fi~r ,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 Instrumem, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc the Property as Borrower's principal residence within 60 days at~er the execution of this Security Inslrument and shall continue to occupy the Property as Borrower's principal residence for at least one year ;tticr the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably 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 Propert) t~ deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing m vah,e due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or 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 il' kender has released proceeds for such purposes. 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. 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 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 improvcmem s on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspecti{m specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in defimlt if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations c~mcerning 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 contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's imcrcst in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, pre,bate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Scct.'ity htstrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then I.cnder may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Ih'operty 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 tt~: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~j)~-6A(WY) 1ooo~1.o~ Pa~87 of ~ Form 3051 1/0'1 0774 attorneys' fees to protect its interest in the Property and/or righl~ m~dcr this Security ~nstrument, including its secured position in a bankruptcy proceeding. Securing the lh'operty includes, but is not limited to, entering the Property to make repairs, change locks, replace or boal'd up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, l~cnder does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender i~acurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear i,lcrcst at the Note rate from the date of disbursement and shall be payable, with such interest, upon m~lic¢ Crom Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shal comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage lnst.'m~ce as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mort~,~e Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be awfilable from the mortgage insurer that previously provided such insurance and Borrower was required lo make separately designated payments toward the premiums for Mortgage Insurance, Borrower shal pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance p~cviously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insura~cc l~reviously in effect, from an alternate mortgage insurer selected by Lender. If substantially equiwde.t Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amoun! ol~ the separately designated payments that were due when the insurance coverage ceased to be in effect. I.ender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortg.'~gc h~surance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultim~lcly paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss ~'eseiwe. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amou.t a~d lbr the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortg:l~c h~surance. 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 nomrelhndable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is rcquil'cd by Applicable Law. Nothing in this Section 10 affects Borrower' s obligation to pay interest at the rate l~'ovided in the Note. Mortgage Insurance reimburses Lender (or any entity tlmt pt.'chases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed Bo,'rower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such inst.'a~cc in force from time to time, and may enter into agreements with other parties that share or modify tbci~' risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage i~st,'er and the other party (or parties) to these agreements. These agreements may require the mortgage i~ht,'er 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 o1' lhe Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may ~'cccive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borroxvcl"s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, ~r reducing losses. If such agreement provides that an affiliate of Lender takes a share of the inst,'cr's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "c,l,live reinsurance." Further: (a) Any such agreements will not affect the amount~ that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. In ilial~/~ ~ (~)~-6A(WY) (oooslo~ P~e o~s Form 305t 110~ - 0??5 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage InsuranCe terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unt'arnt'd at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiturt~. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have thc rigl~t to bold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property I,~ ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay B,,rrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economi tally feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc .sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrmvcr. 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 Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of thc stains secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in w0ue. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value ~1' the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial t;tking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellanc~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, aflcr notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for 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 resloration or repair of the Property or to the sums secured by this Security Instrument, whether or not then duc. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, xxhcther civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propert5 or other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes f~rfciture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. 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 rest,,ration or repair of the Property shall be applied in the order provided for in Section 2. Imt,als ~ (~-6A(WY) (ooo5).o~ Page g of ~5 Form 3051 1101 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured b3 ~l,is Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall no~ cpcrate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not bc rc~ uircd to commence proceedings against any Successor in Interest of Borrower or to refuse to exteml time for payment or otherwise modify amortization of the sums secured by this Security Instrument b3 reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ol~ pabments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then 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 and several. However, any Borrower who co-signs this Security Instrument but does not execute the lq~tc (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the o,-~igner's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrox~er can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer' s consent. Subject to the provisions of Section 18, any Succes~¢r in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writil~g, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrt,~ent. 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 Instrtm~cnt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees I'ur services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' k'es, property inspection and valuation fees. In regard to any other fees, the absence of express authority in tl~is Security 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 hy Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected fi'ona Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right ,~l~ action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrm~cr 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 m~dce to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender spcci ties a procedure for reporting Borrower's change of address, then Borrower shall only report a change ol' address through that specified procedure. There may be only one designated notice address under this %curity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another addres~ by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the eot'responding requirement under this Security Instrument. ,~~ Inihals: (~-6A(WY) (ooos).o~ Page ~0 of ~s Form 3051 1101 :' ,'~,, v,q. ;::;:'5- 16. Governing Law; Severability; Rules of Construction. 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 subjecl to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly al Iow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Securit> 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) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract lbr deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by l l,,rrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in l'ull or' all sums secured by this Security Instrument. However, this option shall not be exercised by I.cndcr if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrox~cr no~ice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ma3 invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower 19. Borrower's Right to Reinstate After Acceleration. Il' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Secttrity Instrument discontinued at any time prior to the earliest off (a) five days before sale of the Property i)m'suant to any power of sale contained in this Security Instrument; (b) such other period as Applicable I~aw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment cul'¢rcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuati,m l'ces, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure th:t! l.ender's interest in the Property and rights under this Security Instrument, and Borrower' s obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that l/(}rrower pay such reinstatement sums and expenses· in one or more of the following forms, as selected by l.ender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securit) Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred I lowever, 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 Cricvance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, und Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA n ilials:'~..~~'~/ (~-6A(WY) (ooo5).o~ Page 11 O! 15 Form 305t 1101 0 04. 4 :.,....· ,'."'. !,!{:..: ':{:.' ':., . :52-,.:' '. 077 requires in connection with a notice of transfer of servicing. If tile Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred tc~ a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser, Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises fi'om the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse belt,re certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or ha?ardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or tc~×ic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or tbrmaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the j tsri~diction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, ~r otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any HaTardous Substances, or threaten to release any Ha?ordous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Ha?ardous Substances that are generally recognized to be aplm,priate to normal residential uses and to maintenance of the Property (including, but not limited to, hazard~,us substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Ha?ardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Ha?ardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Prtnperty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, II~rrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~I~-6A(WY) (ooo5).o~ Pa~ ~2 of ~ Form 3081 1101 0779 NON-UNIFORM COVENANTS. Borrower and Lender ft.'[her covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Ilorrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provide, olherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dale, 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 rcsul! in acceleration of the sums secured by this Security Instrument and sale of the Property. The nolice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a cour! action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option m:Lv 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~,. l.ender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give ,mlice 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 m the man,ct provided 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 :m) sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of thc sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this 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.ender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid tt~ a dfird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. inill~l$:q~ f (~-6A(WY)(ooo~).o~ p~;e~3of~5 Form 3051 1101 BY SIGNING BELOW, Borrower accepts and agrees to lhe terms and covenants contained in this Security Instrument and in any Rider executed by Borrower anti recorded with it. Witnesses: (Seal) -Borrower Stace], Na, J] e -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6A(WY)(ooos).ol ;=aaa 44 o;15 Form 3051 1101 0781 STATE OF WYOMING, The foregoing instrument was acknowledged be£ore me th i~ by Billy James Wade and Stacey Wade Lincoln County ss: November 24th, 2004 My Commission Expires: ~' '//~ ~' (~-6A(WY} (ooo5).o~ Page15 of 15 Form 3051 1101 0782 SCHEDULE C That part of the N~SW~ANW~ of Section 8, T30N Rll8W of the 6th P.M., Lincoln County, Wyoming beinc all of that tract of record in the Office of the Clerk of Lincoln County in Book 466PR on page 607 and part of that tract of record in said Office in Book 441PR on page 414, described as follows: BEGINNING at the southwest corner of said N~SW~/~NW~; thence N 00009'59'' E, 332.30 feet, along the west line of said N~SW~/LNW~, to the no~thwes~ corner of the S~N~SW~ANW~ of said Section 8; thence continuing, N 00009'59'' E, 28.64 feet, along the west line of said N~SWY~JW~, ~o a spike; thence N 89°50'31'' E, 414.83 feet, along an existing fence line, in part, to a point; thence S 01000'02'' E, 362.76 fe~t, along an existing fence line, to a point on []~e south line of said N~SW~ANW~; thence N 89054'58'' W, 422.20 fe(=~u, along said south line, to the CORNER OF BEGINNING.