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HomeMy WebLinkAbout904994#31259(02) 0873 Return To: Sharyn Labby Quicken Loans Inc. 20555 Victor Parkway Llvonia. MI 48152 Prepared By: Jennifer Spearman [Space Above This Line For Recurdi.g Data] 4673977981 MORTGAGE NIIN 100039046739779813 DEFINITIONS RECEIVED 12/3/2004 at 10:45 AM RECEIVING # 904994 BOOK: 573 PAGE: 873 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Words used in multiple sections of this document are defined hclow and other words are defined in Sections 3, 11, 13, 18, 20 and 21 Certain rules regarding thc u~,ag¢ of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated December 1, 2004 together with all Riders to this document. (B) "Borrower" is James G. Livingston and Jeanelle E. Livingston. husband and wife Joint Tenants with Full Rights of Sur¥~vorsn~p Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, lnc IXlKRS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors and assigns MERS is the mortgagee under this Security Instrument. MERS is organized and exis~m~ under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 485t}1-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Jvlae/xJ~eddie Mac UNIFORM 473013030 ~47427 (~®-6A(WY) {ooo5} Page I of 15 '' VMPMORTGAGE FORMS ,8OO~1-1291~ INSTRUMENT Form 3051 1/O1 II II IIII II IIIIIIIIIIIIIIIIIII q467397~9810233 (D) "Lender" is Quicken Loans Inc. Lender is a Corporatl on organized and existing under the laws of Lender's address is 20555 Vict0r Parkway, the SLaLe of Michigan Livonia. l.tI 48152 (E) "Note" means the promiss6ry note signed by Borrower and dalcd December 1. 21204 The Note states that Borrower owes Lender One Hundred E cjtl[een Thousand Three Hundred Fifty and 00/100 Dollars (U.S. $118,350.00 ) plus interest. Borrower has pF, mfised to pay this debt in regular Periodic Payments and to pay the debt in full not later than Deceml)er ]. 2034 (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interesl, any prepayment charges and late charges due under the Note. and all sums due under this Security Instrt,ment plus interest. (H) "Riders" means all Riders to this Security Instrument that mc executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable I: [~ Adjustable Rate Rider F-'] Condominium Rider ~ Second Home Rider [] Balloon Rider F--] Platmed Unit Development Rider [~ 1-4 Family Rider III VA Rider III Biweekly Payment Rider L~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the ct'l'ccl of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" nc',tns all dues, fees, assessments and other charges that are imposed on Borrower or the Property by ,, condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, c~ther than a transaction originated by check, draft, or similar paper instrument, which is initiated brough an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, oF authorize a financial institution to debit or credit an account. Such term includes, but is not limited t~ 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 Section 3. (M) "Miscellaneous 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 t.- 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) "Mortgage Insurance" means insurance protecting Lender a~ainst the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amoum title For (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrun~ent (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 350ill ,t~ they might be amended from time to time, or any additional or successor legislation or regulation th:, g~verns 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 do,9~ m,t qualify as ~ "federally related mortgage loan" under RESPA. /{5 '' T/[ .:0875 (Q) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations undet:.the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repaymenl of II~c I.o:m, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and thd Note. For this purpose, Borrower docs hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's succor,ors and assigns) and to the successors and assigns of MERS, with power of sale, the Ik~llov,'ing described property located in the County of Li ncol n : [Type of Recording Jurisdiction] {Nam~ of Recording .Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF. SUBJECT TO COVENANTS OF Tax Parcel Num'32192310053800 Parcel ID Number: 119 Easy Acres Loop Afton ("Property Address"): which currently has the address of [Streetl ICit3] , Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument All t,f 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 successor~ and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited Itl, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully s~is~d 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 generally the title to the Property against all claims and demands, subject to any encumbrances of record THIS SECURITY INSTRUMENT combines uniform covcmmts for national use and non-uniform covenants with limited variations by jurisdiction to constitute~a tmiftu-m security instrument covering real property. (~-6A(WY) 100051 Page 3 of 1 Form 3051 1/01 0876 UNIFORM COVENANTS. Borrower and Lender covenant :md agree as follows: 1. Payment of Principal, Interest, Escrow Itelns, l'repa3ment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest tm. Ihe debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrox~ ri' shall also pay funds for Escrow Items pursuant to Section 3. Payments due tinder the Note and this ~%curity htstrument shall be made in U.S. currency. However, if any check or other instrument received b5 l.ender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may rCtlaire that any or all subsequent payments due under the Note and this Security Instrument be made m tree or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bartk check, treasurer's check or cashier's check, provided any such check is drawn upon an ln~tat~tion whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds I'ransf~r. Payments are deemed received by Lender when received a~ ihe 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 pa~ mcnt m' partial payments are insufficient to bring the Loan current. Lender may accept any payment or parti[d payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its ,'ights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such pa3 ments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay ~nterest on unapplied funds. Lender may hold such unapplied ftmds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable periled of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, stroh hinds will be applied to the outstanding principal balance under the Note immediately prior to foreclt~sm'c No offset or claim which Borrower might have now or in the future against Lender shall relieve Btm'myer from making payments due under the Note and this Security Instrument or performing the coven:mis and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as t~hcrwise described in this Section 2, all payments accepted and applied by Lender shall be applied in th~: following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amtmnts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which il becalne due Any remaining amounts shall be applied first to late charges, second to any other amoums tlue under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinqueut Periodic Payment which includes a sufficient amount to pay any late charge flue, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, I.cnder may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to tile extent that, each payment can be paid in full. To the extent that any excess exists after the paymenl 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 tht: Note. Any application of payments, insurance proceeds, or Misccllam:ous Proceeds to principal due under the Note shall not extend or postpone the due date, or change tht: amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender tm 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 t)r ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to kt:ndcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of $c'ctit~ t 10 These items are called "Escrow Items.'~ At origination or at any time during the term of the ht~an, l_euder 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 promptl3 l'm'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 Escrt,x~ Items. Len/i'~r may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at an3 time. A~y} such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and[w/here payable, the amounts ' -0877 due for any Escrow Items for which payment of Funds has beer, wz~ived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withi~ ~uch time period as Lender may requtre. Borrower's obligation to make such payments and to provide receipts shall for ail purposes be deemed to be a covenant and agreement contained in this Security Instrume~l. its the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow ltc~us directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender m;ty exercise its rights under Section 9 and pay such amount and Bofiower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrox~ Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower sh,~ll 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 amotmt ~ sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to c×cccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Ftmd~ title on the basis of current data and reasonable estimates of expenditures of future Escrow Items or ~,0~erwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an insl~tuti~n whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to i)',~y the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for l~ttlH~g and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, tnllc~s Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge, th~Icss an agreement is made in writmg or Applicable Law requires interest to be paid on the Funds, Lc~tlcr ~hall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender czm ~gree i~ writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, wilh~ut charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined tn~der RESPA, Lender shall accounl 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 reqtm'ct~ hy I~ESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accorthmcc wiH~ RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrt)x,,, zl~ defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more tha~ 12 lnonthly payments. Upon payment in full of all sums secured by this Securit)~ l~lrumeut, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, asscsslne~ts, charges, fines, and ~mposnions attributable to the Property which can attain priority over this $cct~rity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associatio~ l')t~es. Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pa), them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has prtor~ty over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation ~c~cured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agrec~cnt (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceetli~gs which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc pc~di~g, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agrcct~c~t satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines thai ~t~) l,Zlrt of the Property is subject to a lien which can attain priority over this Security Instrument, Lender ~ give Borrower a notice identifying the -6A(WY) Page Form 3051 1/01 0 04: 94 .-0878 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 reqmre Borrower to pay a one-time charge f~,r a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within Ihe term "extended coverage," and any other hazards including, but nbt limited to, earthquakes and floods, for which Lender reqmres insurance. This insurance shall be maintained in the amounts (including dcd,ctible levels) and for the periods that Lender requires. What Lender requires pursuant to the precedi,.~ scmences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which rtght shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one4m~e charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrox~ er shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection b3 Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the coments of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbm'scd by Lender under this Section 5 shall become additional debt of Borrower secured by this Security h~strument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be pa3 able, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals or' such policies shall be subject to Lender's right to disapprove such policies, shall include a standard morlgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have tl~c right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give t~ I.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 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 d~e insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restorati,m 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 ~o inspect such Property to ensure the work has been completed to Lender's satisfaction, provided th'at 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 agreemtmt 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 adjt, slcrs, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall I*c 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 (~I~6A(WY) (ooo5) by this Security lnstrume~Tt,/5~eth/fr or not then due, with """"~' 7~ Form 3051 1/01 ,-0879 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, neg~ate and settld any available insurance claim and related matters. If Borrower does not respond within .ail days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender ma3 ~cgo~iate and settle the claim. The 30-day period will begin when the notice is given. In either event, o~ if Lender acquires the Property under Section 22 or otherwise, Bo?rower hereby assigns to Lender ~al Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under thc Note or this Security Instrument, and (b) any other of Borrower's rtghts (other than the right to an) rcftmd of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceed~ either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whcdwr or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc thc Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after 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 Property tt~ deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is n,~t economically feasible, Borrower shall promptly repair the Property if damaged to avoid further dclcrioraUon or damage. If tnsurance or condemnation proceeds are paid tn connection with damage to~ m- the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property onl3 il' l.ender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a s~ngle payment or in a series of progress payments as the work is completed. If the insurance or condemuation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrox~,er'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 improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior ~nspec~,m spec i fy ing such reasonable cause~ 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of 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) m 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 Uuder this Security Instrument. If (a) Borrower fails to perform the cox/enants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's inlcrcsl m the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, pr,)hatc, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Sccuri y Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Ixnder may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Pr~perty 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 it): (a) paying ~ hy sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; ~ (c) paying reasonable (~I~-§A(WY} (ooo5) Pag Form 3051 1/01 09 34 4 0880 attorneys' fees to protect its interest in the Property and/or rights trader this Security Instrument, including tts secured position in a bankruptcy proceeding. Securing the Pr~pct-ty includes, but is not limited to, entenng the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dang~l~ms ctmditions, 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 tnctlrs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed By Lender under this Section 9 sh:lll become additional debt of Borrower secured by this Security Instrument. These amounts shall bear iutcrcst at the Note rate from the date of disbursement and shall be payable, with such interest, upon m)ticc from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the lee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be 'available fi'om the mortgage insurer that previously provided such insurance and Borrower was required tt, make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance pr¢vitmsly in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender If substantially equivatcm Mortgage Insurance coverage ~s not available, Borrower shall continue to pay to Lender the amount of thc separately designated payments that were due when the ~nsurance coverage ceased to be in effecl l.cndcr will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage lnsm'ance Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimatcl, paid in lull, and Lender shall not be required to pay Borrower any interest or earnings on such loss rcser\'¢ l.ender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amoum and for 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 Mortgage Insu,'ance. 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 non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Bom~w¢r is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer aud the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of thc Nt~te, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may l'eccive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's p:tyments 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 insm'cr's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive ,'dnsurance." Further: (a) Any such agreements will not affect theamouuts that llorrower/t'has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will/jlpt increase the amount Borrower will owe for Mortgage Insurance, and they ?~ ~ut~tli~to any refund' 0 049 4 ' ,- 088_i. (b) Any such agreements will no: affect the rights Bm'rim'er has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Acl of 1998 or any other law. These rights may include the right to receive certain disclosures, to rt'qve.~t and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance termi,alcd aUtOluatically, and/or to receive a refund of any Mortgage Insurance premiums that were unevrned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds ~hall 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 ri:~ ~t to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property tu ensure the work has been completed to Lender's satisfactton, provided that such inspection shall be undcrtukc, prmnptly Lender may pay for the repairs and restoration in a single disbursement or in a sene~ of progress payments as the work is completed. Unless an agreement is made in writing or Applicabl~ l.aw requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay l]orrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not econolniczdly feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the st, m~ secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in v:tluc of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Insl,'tHnent, 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 ~q' th~ Property in which the fair market value of the Property immediately before the partial taking, dc.~Iruction, or loss in value is equal to or greater than the amount of the sums secured by this Security h~sirument 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 sums secured immediately before the partial taking, destruction, or loss tn value divided by (b) lie fair market value of the Property immediately before the partial taking, destruction, or loss in value Any balance shall be paid to Borrower In the event of a partial taking, destruction, or loss in value uf the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are thct~ due. If the Property is abandoned by Borrower, or if, after noucc by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make :m award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date thc nonce is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restor:,ion 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, x~ hcth~r civil or criminal, is begun that, in Lender's judgmem, could result in forfeiture of the Property u~ 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, bx causiug the acnon or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes furfciltH'e of the Property or other material impairment of Lender's interest in the Property or rights under thi.~ Security Instrument. The proceeds of any award or claim for damages that are attributable to the impart'mom of Lender'i interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restorution or repair of the Property shall be applied in the order provided for in Section 2. (~-6A(WY) 10005) Paae S of~..,,,,.~~/ ~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Nut a Waiver. Extension of the time for payment or modification of amortization of the sums secured by ~hi~ Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not ,,potato to release I~he liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time lbr payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of auy demand made by the original Borrower or any Successors in Interest of Borrower. Any forbear:moo by Lender in exercising any right or remedy including, without lirhitation, Lender's acceptance of payments 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 ami Assigus Bonnd. Borrower covenants and agrees that Borrower's obligations and liability shall be joim ;md several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "to-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-~igncr's interest in the Property under the terms of this Security Instrument; (b) ts not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accormnodations 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 Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, ',md is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrumcm. Borrower shall not be released from Borrower's obligations and liability under this Security Instnnncnt unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrumcut shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees f,~r services performed in connection with Borrower's default, for the purpose of protecting Lender's xnt~r~t in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fcc~, property inspection and valuation fees. In regard to any other fees, the absence of express authority in thi~ Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the ch',u-ging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan ch:u'gc~, 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 pernfitted 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 [rom 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'~ acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of :tction Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in c,mncction 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 Borrowc~ shall constitute notice to all Borrowers unless Applicable Law expressly reqmres otherwise. The nolicc address shall be the Property Address unless Borrower has designated a substitute notice address by notic~ to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifics a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing il by first class mail to Lender's address stated herein unless Lender has designated another address hy 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 lustrulncnt is also required under Applicable Law, the Applicable Law requirement will satisfy the corre:sptmding requir~m~t under this Security Instrument. /~f ~,,~ -,.0883 16. Governing Law; Severability; Rules of Construclion. This Security Instrument shall be governed by federal law and the law of the jurisdiction in whi:h thc Property is located. All rights and obligations contained in this Security Instrument are subject to lilly requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly ;dhm the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohil~i~itm against agreement by contract. In the event that any provision or clause of this Security Instrumcm tu' the Note conflicts with Applicable Law, such conflict shall not affect other provistons of this Securit3 I,~strument or the Note which can be given effect without the ~onfli6ting 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" giws s,~lc 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 Iht Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contrac~ for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by 13orrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or ;ransferred (or if Borrower is not a natural person and a beneficial interest in Borrower is s,dd or transferred) without Lender's prior written consent, Lender may require immediate payment in ful tff all sums secured by this Security Instrument. However, this option shall not be exercised by Icndcr if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrox~cr m~fice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is g~ven in accordance with Section 15 within which Borrower must pay all sums secured by this Securit5 Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender max invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Ilorrower meets certain conditions, Borrower shall have the right to have enforcement of this Secm'ity Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property ptu'suant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Ixm night specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enft~rcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums whicl ~l~c~ would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cmcs any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Securit, Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuati,,~] fees, and other fees Incurred for the purpose of protecting Lender's interest in the Property and right~, under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure thai I.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 lh~rrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by I.cnder: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, pr,~vided 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 Security lnstrtm~ent and obligations secured hereby shall remain fully effective as if no'acceleration had occurred. I lox~ever, this right to retnstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grie~ ante. 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, and Applicable Law There also might be one or more changes of the Loan Servicer unrelated to a sale of ~l~c Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state ~l~ na~me and address of the new Loan Servicer, the address to which payments should be nat. lc and/aq~/othp information RESPA I[~}®'SA(WY) IO00S, Page 11 of 15 ~..~-~ Form 3051 1/01 0884 requires in connection with a notice of transfer of servming. If the 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 to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the N,)tc 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 from thc other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any prowsion 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) ol' 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 befi~rc certain action can be taken, that time period will be deemed to be reasonable for purposes of this l)aragraph. 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 tile nonce and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21- (a) 'Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants ,~r wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or tt~xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or [tn'nmldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurihdictim~ 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. t~r otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, dispersal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on t~' in thc Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that ~s iii violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, title itl tile 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 tm the Property of small quantities of Hazardous Substances that are generally recognized to be appel,pet;rte to normal residential uses and to maintenance of the Property (including, but not limited to, hazard,ms substances in consumer products). Borrower shall promptly give Lender written notice of (a) ;ln) investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or pl-~V:nc~ party involving the Property and any Hazardous Substance or Environmental Law of which Borlower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Pet perry. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, thal any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~-6A(WY) Iooo5) Page Form 3051 1/01 NON-UNIFORM COVENANTS· Borrower and Lender fl.',her covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Bm'rower prior tO acceleration followiug Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a da,e, ,mt less than 30 days from the date the notice is given to Borrower, by which the default must be cra'ed; ami (d) that failure to cure the default on or before the date specified in the notice may rest, Ii in acceleration of the stuns secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a cou,'l action to assert the non-existence of a default or any other defense of Borrower to acceleration mid stile. If the default is not cured on or before the date specified in the notice, Lender at its option ,na.~ require innnediate payment in full of ali sums secured by this Security Instrument without further de,hand and may invoke the power of sale and any other reined,es permitted by Applicable Lan. I.emler shall be entitled to collect all expenses incurred in pursuing the reined,es provided iii this Secliml 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give m~tice of iuteut to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the mariner prescribed by Applicable Law. Lender or its designee may purchase the Property at a,~y sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of thc sale, inchlding, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Iustrument; 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.e,~der may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights trader and by virtue of the homestead exemption laws of Wyoming. 0 049'A4 0886 BY SIGNING BELOW, Borrower accepts and agrees to Ibc lerms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it.. Witnesses: l/ --~r..-t"~ vi ngston 12/01/2oo~(Seal) -Borrower ~~o0~(Seal) (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower {~)(~6AIWYI (ooos) Page 14 of t5 Form 3051 1/01 ,...- 0887 STATE OF WYOMING, Li ncol n The foregoing instrument was acknowledged before me this by 3ames G Livingston and 3eanelle E. Livinj,:ton. Joint Tenants with Full Rights of Survivorship County ss: December 1. 2004 husband and wife. My Commission Expires: 9-/,5-07 Nolary Public // (~l~- 6A(WY) (ooo~) Page 15 Form 3051 1/01 O888 MERS MIN' 100039046739779813 4673977981 1-4 FAMILY RIDER (Assigmnent of Rents) THIS 1-4 FAMILY RIDER is made this 1st da3 el' December, 2004 , and is incorporated into and shall be deemed to amend and SUl~lflcment the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to Quicken Loans Inc. (the "Lender") of the same date and covering the Property described in thc Security Instrument and located at: 119 Easy Acres Locp Afton. WY 83110 [Property Address] 1-4 FAMILY COVENANTS. In addition to the coven:mt~ and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as fidluws: A. ADDITIONAL PROPERTY SUBJECT TO THE SE('tII/FI'Y INSTRUMENT. In addition to the Property described in the Security Instrument, the following hems now or hereafter attached to the Property to the extent they are fixtures are added to the Property description, and shall also consntute the Property covered by the Security Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used. or intended to be used in connection with the Property, including, but not limited to, those for the purpt~scs tff supplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing apparatus, security and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awnings, ~torm windows, storm doors, screens, blinds, shades, curtains and curtain rods, attached mirrors, cabincls, paneling and attached floor coverings, all of which, including replacements and additions thereto, shall hc deemed to be and remain a part of the Property covered by the Security Instrument. All of the foregoin~ together with the Property described in the Security Instrument (or the leasehold estate if the Security ln,;lFumcn! is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Propcrt.~ MULTISTATE 1- 4 FAMILY RIDER - Fannie Mae/Freddie Mac Uniform Inshumen! 473013074 Page 1 of 4 (~I--57R 19912) VMP MORTGAGE FORMS - 1800)52'1-7291 Initials~/~( IIIIIIIII III 1/11 IIIIIIIIIII q46739779810371 ~99 .-,0889 B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of the Property or its zoning classification, tmless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances. ~cgtdations and requirements of any governmental body applicable to the Property. C, SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the Security Instrument to be perfected against thc l'roperty without Lender's prior written permission. D. RENT LOSS INSURANCE. Borrower shall maintain nsurance against rent loss in addition to the other hazards for which insurance is required by Section 5. E. "BORROWER'S RIGHT TO REINSTATE" DELE'IT;Ik Section 19 i's deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G, ASSIGNMENT OF LEASES. Upon Lender's reque~ after default, Borrower shall assign to Lender all leases of the Property and all security deposits made m connection with leases of the Property Upon the assignment, Lender shall have the right to modify, extend or temfinate the exisnng leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RI((;I,:IVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to I.cnder all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of th~ Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of default pursuant to Section 22 of ~l~e Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent This assignment of Rents constitutes an absolute assignment and not an assignment fi~r additional security only. If Lender gives notice of default to Borrower: (i) all Rems received by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive all o£ the Rents of the Property; (iii) (~57R (9912) Page 2 of 4 ,-0890 Borrower agrees that each tenant of the Property shall pay all Rcnt.~ due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless al~plicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to thc ct~sts of taking control of and managing the Property and collecting the Rents, including, but not limitc~d to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, i~l,~tH'a~lc¢ premiums, taxes, assessments and other charges on the Property, and then to the sums secured by thc Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable ,~ account for only those Rents actually received; and (vi) Lender shall be entitled to have a receiver al~ptdntcd to take possession of and manage the Property and collect the Rents and profits derived from thc Prtq)c,-ty without any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the c~sts ~)f taking control of and managing the Property and of collecting the Rents any funds expended by .cnder for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrtm~cn. pursuant to Section 9. Borrower represents and warrants that Borrower has nol c×cc'utcd any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or a judicially appointed rece~\':~, shall not be required to enter upon, take control of or maintain the Property before or after giwng n,~tice of default to Borrower However, Lender, or Lender's agents or a judicially appointed receiver, ma3 do so at auy time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate x~ h~n all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default o~ breach under any note or agreement in which Lender has an interest shall be a breach under the Security Inst rument and Lender may invoke any of the remedies permitted by the Security Instrument. (~57R (9912) Page 3 of 4 Initials~ 1-4 BY SIGNING BELOW, Borrower accepts and agrees to Iht terms and provisions contained in this ,~ly Rider. ~G. Livingston 12/01/2004 (Seal):~ea[)// ~%IZ''] ~ "~'-'"~2/01/2004 (Seal) -BorrTyed/JJt2 7-~-[ . L ] v i ngston -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~57R(99121 Page 4 of 4 FORM 3170 3/99 MERS MIN' 100039046739779813 4673977981 ADJUSTABLE RATE RIDER (1 Year Treasury Index - Rale ('al)S) THIS ADJUSTABLE RATE RIDER is made this ]St day of December. 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of thc sram: date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Quicken Loans Inc. (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 119 Easy Acres Loop Afton. WY 83110 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANG I,'.S The Note provides for an initial tnterest rate of changes in the interest rate and the monthly payments as follows: 3. 125%. The Note provides for 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of De(~elllber 2005 , and on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." MULTISTATE ADJUSTABLE RATE RIDER - ARM ~-2 -Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT nA//~ ¢ //7 f~ Fannie Mae 4-2/5-2/6-2 ARM 47301 ~094/ / ~- Page1 0,4 Initialq: II IIIIII I/! I!/11 IIIIIIIII VMP MORTGAGE FORMS - (~- 2~~ q4673~7798~0470 (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent [mlcx figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will cht~ose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calcul;tte my new interest rate by adding Two and Seven-Eighths percentage points ( 2. 875 %) to the Current Index. The No[e II,dd~r will then round the result of this addition to the nearest one-eighth of one percentage point (0.125 ~ ~. Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate umil the next Change Date. The Note Holder will then determine the amount of the mtmthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Cham,c Date in tull on the maturity date at my new interest rate in substantially equal payments. The result of tins calculation will be the new amoum of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the firsl (-'haage Date will not be greater than 5. 125 % or less than 2. it/~ ~ Thereafter, my interest rate will never be increased or decreased on any single Change Date b3 more than two percentage points (2.0%) from the rate of interest I have been paying for the preceding 1_.2 months My interest rate will never be greater than 9.125 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date ',d'tcr the Change Date until the amount of my monthly payment changes again. ' (~822R (0008) Page 2 of 4 hfitial~ rn 3111 1/01 894 (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 ch:u]gc The notice will include information required by law to be given to me and also the title and telephone mtmbcr of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTF. i{EST IN BORROWER Section 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in Ih,rrower. As used in this Section 18, "Interest in the Property" means any legal or beneficia mtcr~st in the Property, including, but not limited to, those beneficial interests transferred i~]., h~md for deed, contract for deed, installment sales contract or escrow agreement, the intent rd' which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in thc Ih'opcrty 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 reqtm'c immediate payment in full of all sums secured by this Security Instrument. However, this opmm shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender alst~ shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made ~o tl~c transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement ~n thi~ ~ccurity Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lendcr n/a,. charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lendm' may also require the transferee to sign an assumption agreement that is acceptable to Len&r ami that obligates the transferee to keep all the promises and agreements made in the Nmt· and ill this Security Instrument. Borrower will continue to be obligated under the Note ami this Security Instrumen! unless Lender releases Borrower in writing. If Lender exercises the option to require iimnediate Ixtyment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice ~s given in accordance with Section 15 x~ ithin 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 may invoke any remedies permitted by is Security Instrument without further notice or demand on Borrower. ] ~ Initia (~822R (0008) Page 3 of 4 ~1/01 0 04k 34 , 895 BY Adjustal  ING BELOW, Borrower accepts and agrees to Iht terms and covenants contained in this 12/01/2004 (Seal) 7 ) al) ~ty-t-~F~ingston -Bor~o ~' Livingston -ao,-~ower (Seal) (Seal) -Borrower -Borrower (Seal) .(Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~)<~822R (0008) Page 4 of 4 Form 3111 1/01 0904994 EXHIBIT "A" LEGAL DESCRIPTION Lot 11 of Easy Acres Subdivision, Phase 1, Lincoln County, \\'fyoming, according to that plat recorded September 10, 1984 as Plat No. 308 in the Office o1' thc Lincoln County Clerk. File Number: 31259 Land Title Company Attached Legal Description Page 1 of I