HomeMy WebLinkAbout905061#31302(02)
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WHEN RECORDED, MAIL TO:
Bank of Jackson Hole
P.O. Box 7000
Jackson, WYOMING 830027000
This Instrument was prepared by:
Bank of Jackson Hole
P.O. Box 7000
Jackson, WYOMING 830027000
30%734-8111
MIN: 100015700044285175
Loan Number: 78284896
Order Number: 31302
RECEIVED 12/7/2004 at 11:26 AM
RECEIVING # 905061
BOOK: 574 PAGE: 220
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
(Space Above This Line For Reco; dil~g Data)
MORTGA(; E
DEFINITIONS
Words used in multiple sections of this document are de£med below and othc~ x~ords are defined in Sections 3, I l, 13, 18,20 and 21.
Certain rules regarding the usage of words used in this document are also prox i,lcd in Section 16.
(A) "Seenrity Instrument" means this document, which is dated November 2o. 2004. together with all Riders to this document.
(B) "Borrower" is Cecil O. Topp Denise S. Topp, husband and wife as tenam~ b)' their entireties . Borrower is the mortgagor under
this Security Instrument.
(C) "Lender" is Bank of Jackson Hole, organized and existing under the k~x,. ~ .f ~ yoming.
Lender's address is P.O. Box 7000, Jackson, WYOMING 830027000. Lendc~ i~ thc mortgagee under this Security Instrument.
(D) "Note" means the promissory note signed by Borrower and dated Novem h,. r 29. 2004. The Note states that Borrower owes Lender
TWO HUNDRED TWENTY-NINE THOUSAND ONE HUNDRED SI_VI'5 ami no/100 Dollars (U.S. $229,160.00) plus interest.
Borrower has promised to pay this debt in regular Periodic Payments and to I'% the debt in tull not later than December 1, 2034.
(E) "Property" means the property that is described below under the headin~ "~ ransfcr of Rights in the Property."
(F) "Loan" means the debt evidenced by the Note, plus interest, any prepaymc~-~[ c m~recs and late charges due under the Note, and all sums
due under this Security Instrument, plus interest.
(G) "Riders" means all Riders to this Security Instrument that are executed m lorrmver. 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 R i&.~- [] VA Rider
[] 1-4 Family Rider [] Biweekly Payment Rider
[] Other (Specify) -
(H) "Applicable Law" means all controlling applicable federal, state and local ~.talmes. regulations, ordinances and administrative rules
and orders (that have the effect of law) as well as all applicable final, non-apFc.thd~lc judicial opinions.
(I) "Community Association Dues, Fees, and Assessments" means all duc:,. (.cs. assessments and other charges that are imposed on
Borrower or the Property by a condominium association, homeowners assoc~tu,,n cr similar organization.
(J) "Electronic Funds Transfer" means any transfer of funds, other than rm~saction originated by check, draft, or similar paper
instrument, which is initiated through an electronic terminal, telephonic insm~c~t, c,mputer, or magnetic tape so as to order, instruct, or
authorize a financial institution to debit or credit an account. Such term include but is not limited to, point-of-sale transfers, automated
teller machine transactions, transfers initiated by telephone, wire transfers, [t~,~ :mt~mmted clearinghouse transfers.
(K) "Escrow Items" means those items that are described in Section 3.
(L) "Miscellaneous Proceeds" means any compensation, settlement, award ~, t &t mages, or proceeds paid by any third party (other than
insurance proceeds paid under the coverages described in Section 5) for: (i) d:m~:~ec t~. or destruction of, the Property; (ii) condemnation or
other taking of all or any part of the Property; (iii) conveyance in lieu of con&nm.~ti¢ m: or I iv ) misrepresentations of, or omissions as to, the
value and/or condition of the Property.
(M) "Mortgage Insurance" means insurance protecting Lender against thc n~ ,~ ~avment Gl; or default on, the Loan.
(N) "Periodic Payment" means the regularly scheduled amount due for (i) ~ mcilx~ and interest under the Note, plus (ii) any amounts
under Section 3 of this Security Instrument.
VVYOMING - Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page I of 8
IDS, Inc. - (~00} 554-1872
Borrower(s) Initials
Form 30.~5h1~01
(O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. ~ 2(, I ,,t xeq. ) and its implementing regulation, Regulation X
(24 C.F.R. Part 3500), as they might be amended from time to time, or any add it i,, ~t,tl o r successor legislation or regulation that governs the
same subject matter. As used in this Security Instrument, "RESPA" refers to all r,',. ~irc mcn ts and restrictions that are imposed in regard to a
"federally related mortgage loan" even if the Loan does not qualify as a "fedc~tl h ~clatcd mortgage loan" under RESPA.
(P) "Successor in Interest of Borrower" means any party that has taken tit I, t~, thc Property, whether or not that party has assumed
Borrower's obligations under the Note and/or this Security Instrument.
TRANSFER OF RIGHTS 1N THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment of the Loan, and .... r~ncx~ als, extensions and modifications of the Note; and
(ii) the pefformance ofBorrower's covenants and agreements under this Securit,. l~,;trumentm~dtheNote. For this purpose, Borrower does
hereby mortgage, grant and convey to Lender and Lender's successors and as~i :, ~, with power of sale, the following described property
located in the County of Lincoln:
Lot 104 of Nordic Ranches Division No. 7, Lincoln County, Wyoming, ;~ccordi, g to that plat fried May 8, 1996, Instrument
No. 819461, Plat No. 311E.
Parcel Identification Number:
which currently has the address of: 1132 Saddle Drive
Etna, WYOMING 83118 ("Property Address"):
TOGETHER WITH all the improvements now or hereafter erected on t~ ~c .r, q~crt3', and all easements, appurtenances, and fixtures
now or hereafter a pan of the property. All replacements and additions sha l ~.:.. bc covered by this Security Instrument. All of the
foregoing is referred to in this Security Instrument as the "Property."
BORROWER COVENANTS that Borrower is lawfully seized of thc c.,t~dc hcr~b3 conveyed and has the right to mortgage, grant
and convey the Property and that the Property is unencumbered, except for encmnl~rances of record. Borrower warrants and will defend
generally the title to the Property against all claims and demands, subject to z~i~,, encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants Ii. n~ttitmal use and non-uniform covenants with limited
variations by jurisdiction to constitute a uniform security instrument coverin ~ ~c;. property.
UNIFORM COVENANTS. Borrower and Lender covenant and agn:c ,,, Ibllt)wS:
1. Payment of Principal, Interest, Escrow Items, Prepayment Char 2t'y;, and Late Charges. Borrower shall pay when due the
principal of, and interest on, the debt evidenced by the Note and any prepaymc,t chm'gcs and late charges due under the Note. Borrower
shall also pay funds for Escrow Items pursuant to Section 3. Payments due un&'~ thc Note and this Security Instrument shall be made in
U.S. currency. However, if any check or other instrument received by Lender ,t,, i~,Lvment under the Note or this Security Instrument is
returned to Lender unpaid, Lender may require that any or all subsequent pa> m,'ms duc under the Note and this Security Instrument be
made in one or more of the following forms, as selected by Lender: (a) cash; (bl m,}nc3 order; (c) certified check, bank check, treasurer's
check or cashier's check, provided any such check is drawn upon an instituti~m 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 the locati,,t~ d cs i gna ted in the Note or at such other location as may be
designated by Lender in accordance with the notice provisions in Section 15. Icndcr may return any payment or partial payment if the
payment or partial payments are insufficient to bring the Loan current. Len&~ t, ~.t> accept any payment or partial payment insufficient to
bring the Loan current, without waiver of any rights hereunder or prejudice t~, it., t i~hts to refuse such payment or partial payments in the
future, but Lender is not obligated to apply such payments at the time such pa> mc~t:, :trc accepted. If each Periodic Payment is applied as of
its scheduled due date, then Lender need not pay interest on unapplied funds, l.cndcr may hold such unapplied funds until Borrower makes
payment to bring the Loan current. If Borrower does not do so within a reason.thio period of time, Lender shall either apply such funds or
return them to Borrower. If not applied earlier, such funds will be applied to thc t mlshmding principal balance under the Note immediately
prior to foreclosure. No offset or claim which Borrower might have now or in tl,c Imt,'c against Lender shall relieve Borrower from making
payments due under the Note and this Security Instrument or performing the c.x c~t,t ntN and agreements secured by this Security Instrument.
2. Application of Payments or Proceeds. Except as otherwise descri I-,vd in this Section 2, all payments accepted and applied by
Lender shall be applied in the following order of priority: (a) interest due under thc :qt)tc; (b) principal due under the Note; (c) amounts due
under Section 3. Such payments shall be applied to each Periodic Payment in thc,}t'dcr in which it became due. Any remaining amounts
shall be applied first to late charges, second to any other amounts due under thi~, Security Instrument, and then to reduce the principal
balance of the Note.
If Lender receives a payment from Borrower for a delinquent Periodic I'.L~ mcnt which includes a sufficient amount to pay any late
charge due, the payment may be applied to the delinquent payment and the late ,q ,:,-g~. If more than one Periodic Payment is outstanding,
Lender may apply any payment received from Borrower to the repayment of thc I'cri{ ,di c Payments if, and to the extent that, each payment
can be paid in full. To the extent that any excess exists after the payment is apl,I i'd tt~ thc full paytnent of one or more Periodic Payments,
such excess may be applied to any late charges due. Voluntary prepayments si ~;dl I,c applied first to any prepayment charges and then as
described in the Note.
Any application of payments, insurance proceeds, or Miscellaneous I'~, ,,.cc,Is to principal due under the Note shall not extend or
postpone the due dam, or change the amount, of the Periodic Payments.
3. Funds for Escrow Items. Borrower shall pay to Lender on the dax Iq' ri,,d ic 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: {~,1 t,~xcs and assessments and other items which can attain
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
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IDS, Inc. - (800) 554-1872
Borrower(s) Initials __
Form 3051 1101
priority over this Security Instrument as a lien or encumbrance on the Property: Il, ) Icasdaold payments or ground rents on the Property, if
any; (c) premiums for any and all insurance required by Lender under Section 5: ~J (d I Mortgage Insurance premiums, if any, or any sums
payable by Borrower to Lender in lieu of the payment of Mortgage Insurance l~rcmiulns in accordance with the provisions of Section 10.
These items are called "Escrow Items." At origination or at any time during th~: ~crm of the Loan, Lender may require that Community
Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and ..~ch dues, fees and assessments shall be an Escrow Item.
Borrower shall promptly furnish to Lender all notices of amounts to be paid tmdc~ thi~ .~cction. Borrower shall pay Lender the Funds for
Escrow Items unless Lender waives Borrower's obligation to pay the Funds i;~r ;~ ~,r all Escrow Items. Lender may waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Items at any time. An~ ~t~ch xx:tiver may only be in writing. In the event of such
waiver, Borrower shall pay directly, when and where payable, the amounts duc I,~ ,n x l.!scrow Items for which payment of Funds has been
waived by Lender and, if Lender requires, shall furnish to Lender receipts evidct~ci~ st~cl~ payment within such time period as Lender may
require. Borrower's obligation to make such payments and to provide receipt:, :,hall I'~r all purposes be deemed to be a covenant and
agreement contained in this Security Instrument, as the phrase "covenant and a;~,'cmcnt" is used in Section 9. If Borrower is obligated to
pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay thc :.~,,unt due lbr an Escrow Item, Lender may exercise its
rights under Section 9 and pay such amount and Borrower shall then be oblig:~cd trader 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 ~,,ti~'c g ix en in accordance with Section 15 and, upon such
revocation, Borrower shall pay to Lender all Funds, and in such amounts, that :~ ,. then requi,'ed under this Section 3.
Lender may, at any time, collect and hold Funds in an amount (a) :,t~l Iicicnt to permit Lender to apply the Funds at the time
specified under RESPA, and (b) not to exceed the maximum amount a lender c:.~ ~cqu ire under RESPA. Lender shall estimate the amount
of Funds due on the basis of current data and reasonable estimates of e~penditurc. ~, I' t'utt,'e Escrow Items or otherwise in accordance with
Applicable Law.
The Funds shall be held in an institution whose deposits are insured b~ a federal agency, instrumentality, or entity (including
Lender, if Lender is an institution whose deposits are so insured) or in any Fed~'r:d Ihm~c Loan Bank. Lender shall apply the Funds to pay
the Escrow Items no later than the time specified under RESPA. Lender shall ~,~t c h~rgc Borrower for holding and applying the Funds,
annually analyzing the escrow account, or verifying the Escrow Items, unless 1 ct idol' pa3s Borrower interest on the Funds and Applicable
Law permits Lender to make such a charge. Unless an agreement is made in xx rithtg {~r Applicable Law requires interest to be paid on the
Funds, Lender shall not be required to pay Borrower any interest or earnings ,,~ thc I:unds. Borrower and Lender can agree in writing,
however, that interest shall be paid on the Funds. Lender shall give to Borrox\ ct. xx ithout 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. Icn der shall account to Borrower for the excess funds in
accordance with RESPA. If there is a shortage of Funds held in escrow, as deft nc~l t~ ndcr l)d~ SPA, Lender shall notify Borrower as required
by RESPA, and Borrower shall pay to Lender the amount necessary to make t~l~, thc shortage in accordance with RESPA, but in no more
than 12 monthly payments. If there is a deficiency of Funds held in escrow, ~t~; &qincd under RESPA, Lender shall notify Borrower as
required by RESPA, and Borrower shall pay to Lender the amount necessary ti, ~ ~:d;c up the deficiency in accordance with RESPA, but in
no more than 12 monthly payments.
Upon payment in full of all sums secured by this Security Instrument, 1 c~ ~dcr shall promptly refund to Borrower any Funds held by
Lender.
4. Charges; Liens. Borrower shall pay all taxes, assessments, chargc~., l'mcs, and impositions attributable to the Property which
can attain priority over this Security Instrument, leasehold payments or ground r~'n ts on tlae Property, if any, and Community Association
Dues, Fees, and Assessments, if any, To the extent that these items are Escrov, I t~.~ ~s. Borrower shall pay them in the manner provided in
Section 3.
Borrower shall promptly discharge any lien which has priority over thi~ ~cctn'ity Instrument unless Borrower: (a) agrees in writing
to the payment of the obligation secured by the lien in a manner acceptable t. I cndcr~ but only so long as Borrower is performing such
agreement; (b) contests the lien in good faith by, or defends against enforcemenl ,, t d ~c lien in, legal proceedings which in Lender's opinion
operate to prevent the enforcement of the lien while those proceedings are pendi,~2, but only until such proceedings are concluded; or (c)
secures from the holder of the lien an agreement satisfactory to Lender sub{~rdinztting the lien to this Security Instrument. If Lender
determines that any part of the Property is subject to a lien which can attai~ I'~ i,~rity over this Security Instrument, Lender may give
Borrower a notice identifying the lien. Within 10 days of the date on which thztl ~,,ticc is given, Borrower shall satisfy the lien or take one
or more of the actions set forth above in this Section 4.
Lender may require Borrower to pay a one-time charge for a real estm c t:~ x vcrification and/or reporting service used by Lender in
connection with this Loan.
5. Property Insurance. Borrower shall keep the improvements now c', i,;ti ng or hereafter erected on the Property insured against
loss by fire, hazards included within the term "extended coverage," and any t~tl ,ct halyards including, but not limited to, earthquakes and
floods, for which Lender requires insurance. This insurance shall be maintained i~ d~c amounts (including deductible levels) and for the
periods that Lender requires. What Lender requires pursuant to the precedin? ~.,'mcnccs can change during the term of the Loan. The
insurance carrier providing the insurance shall be chosen by Borrower subject t,, Icnder's right to disapprove Borrower's choice, which
right shall not be exercised unreasonably. Lender may require Borrower to pa3. m ~', mncction with this Loan, either: (a) a one-time charge
for flood zone determination, certification and tracking services; or (b) a onc-~i~ ~c charge for flood zone determination and certification
services and subsequent charges each time remappings or similar changes o~:Cttl' \\ hich reasonably might affect such determination or
certification. Borrower shall also be responsible for the payment of any fees iml~, ,~;cd by the Federal Emergency Management Agency in
connection with the review of any flood zone determination resulting from an ~l,.iccti~m by Borrower.
If Borrower fails to maintain any of the coverages described above, kc~dcr may obtain insurance coverage, at Lender's option and
Borrower's expense. Lender is under no obligation to purchase any particular t.~ l~c ~,r :Hnount of coverage. Therefore, such coverage shall
cover Lender, but might or might not protect Borrower, Borrower's equity in th c I'~',,l lc rty, or the contents of the Property, against any risk,
ha?ard or liability and might provide greater or lesser coverage than was previa, u ~1) in cffect. Borrower ac-knowledges that the cost of the
WYOMING - Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
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IDS, Inc. - (80D) 5544872
Borrower(s) Initials __
insurance coverage so obtained might significantly exceed the cost of insurance il ~.~I I~rroxver could have obtained. Any amounts disbursed
by Lender under this Section 5 shall become additional debt of Borrower sec't~rc,I t~.,, this Security Instrument. These amounts shall bear
interest at the Note rate from the date of disbursement and shall be phyablc., x~ilh ~t~c'h interest, upon notice from Lender to Borrower
requesting payment.
All insurance policies required by Lender and renewals of such pc, li~'ic'., ~hz~ll be subject to Lender's right to disapprove such
policies, shall include a standard mortgage clause, and shall name Lender as t~, ,~'tg:igce and/or as an additional loss payee. Lender shall
have the right to hold the policies and renewal certificates. If Lender requires. I ~,, rr, ~xvcr shall promptly give to Lender all receipts of paid
premiums and renewal notices. If Borrower obtains any form of insurance ct~x c'r~; c~. ~c~t otherwise required by Lender, for damage to, or
destruction of, the Property, such policy shall include a standard mortgage c. htt~c, zmd shall name Lender as mortgagee and/or as an
additional loss payee.
In the event of loss, Borrower shall give prompt notice to the insurm~c~' ~'.~rricr ~md Lender. Lender may make proof of loss if not
made promptly by Borrower. Unless Lender and Borrower otherwise agr~.~~ i~ xxriti~ag, any insurance proceeds, whether or not the
underlying insurance was required by Lender, shall be applied to restorati~,~ ~,r repair of the Property, if the restoration or repair is
economically feasible and Lender's security is not lessened. During such rep:~i~' ',~t rc'.~tt~ration period, Lender shall have the right to hold
such insurance proceeds until Lender has had an opportunity to inspect such I'~ 'l ~c'~3 tt~ ensure the work has been completed to Lender's
satisfaction, provided that such inspection shall be undertaken promptly. Leml~'~ ~,:t.x ~tisburse proceeds for the repairs and restoration in a
single payment or in a series of progress payments as the work is completed. I ~, I~:~ ~t~ agreement is made in writing or Applicable Law
requires interest to be paid on such insurance proceeds, Lender shall not be r~,lt~irt'~t to pay Borrower any interest or earnings on such
proceeds. Fees for public adjusters, or other third parties, retained by Borroxvt.~- -. h.~ Ii t~,~t be paid out of the insurance proceeds and shall be
the sole obligation of Borrower. If the restoration or repair is not eeonomi~.:~ll~ l'c~sible or Lender's security would be lessened, the
insurance proceeds shall be applied to the sums secured by this Security Instru~.t ~t. xx bother or not then due, with the excess, if any, paid to
Borrower. Such insurance proceeds shall be applied in the order provided for i~ ~c~ctitm 2.
If Borrower abandons the Property, Lender may file, negotiate and ~,c'tt I~' ~my available insurance claim and related matters. If
Borrower does not respond within 30 days to a notice from Lender that the instt~ ,~, ~'c' c'arrier has offered to settle a claim, then Lender may
negotiate and settle the claim. The 30-day period will begin when the notice i~ _ ix ~.l~. hq either event, or if Lender acquires the Property
under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrt~xx,' - rights to any insurance proceeds in an amount not to
exceed the amounts unpaid under the Note or this Security Instrument, and (h! ~x t~tllcr of Borrower's rights (other than the right to any
refund of unearned premiums paid by Borrower) under all insurance policies c'~ ~:i'il~g thc Property, insofar as such rights are applicable to
the coverage of the Property. Lender may use the insurance proceeds either to ~.. ~,ti ~'t, rrc store the Property or to pay amounts unpaid under
the Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Propert) ~,- I~rroxver's principal residence within 60 days after the
execution of this Security Instrument and shall continue to occupy the Propert) ,~ I ~rrt~xver's principal residence for at least one year after
the date of occupancy, unless Lender otherwise agrees in writing, which consc'~ ~t :~1 ~tl t~ot be unreasonably withheld, or unless extenuating
circumstances exist which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; In s i~t.t't i., s. Borrower shall not destroy, damage or impair the
Property, allow the Property to deteriorate or commit waste on the Property. \~ ~ ~.t~· r t~ r not Borrower is residing in' the Property, Borrower
shall maintain the Property in order to prevent the Property from deteriorati~., t,~ ctccrcasing in value due to its condition. Unless it is
determined pursuant to Section 5 that repair or restoration is not economica[I,, ~'za~ihl~. Borrower shall promptly repair the Property if
damaged to avoid further deterioration or damage. If insurance or condemnati,,~ ,rt~c'ceds are paid in connection with damage to, or the
taking of, the Property, Borrower shall be responsible for repairing or restoril~ t1~. I'rt~perty only if Lender has released proceeds for such
purposes. Lender may disburse proceeds for the repairs and restoration in a si~ ~ I~. p.~) ment or in a series of progress payments as the work
is completed. If the insurance or condemnation proceeds are not sufficient tt~ ~, ~ir ~r 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 inspecti,,~ , ~l' thc~ Property. If it has reasonable cause, Lender may
inspect the interior of the improvements on the Property. Lender shall give I~, ,~ r,~xver notice at the time of or prior to such an interior
inspection specifying such reasonable cause.
8. Borrower's Loan Application. Borrower shall be in default if, dttri~,~ Ibc~ I~c~;xt~ application process, Borrower orany persons or
entities acting at the direction of Borrower or with Borrower's knowledge ,, ~',,~sc,~at gave materially false, misleading, or inaccurate
information or statements to Lender (or failed to provide Lender with m:~t~'~:,l i~l()rmation) in connection with the Loan. Material
representations include, but are not limited to, representations concerning B~rr, ,x~ ~'r', t~ccupancy of the Property as Borrower's principal
residence.
9. Protection of Lender's Interest in the Property and Rights Under th is Security Instrument. If(a) Borrower fails to perform
the covenants and agreements contained in this Security Instrument, (b) there ..... I~'e,~ proceeding that might significantly affect Lender's
interest in the Property and/or rights under this Security Instrument (such as ,, ~r,)c'ccding in bankruptcy, probate, for condemnation or
forfeiture, for enforcement of a lien which may attain priority over this .~.~tH'tt¥ h~strument or to enforce laws or regulations), or
(c) Borrower has abandoned the Property, then Lender may do and pay for w, hz~t~ ~:r i:~ reasonable or appropriate to protect Lender's interest
in the Property and rights under this Security Instrument, including protections: t~t~l't~r assessing the value of the Property, and securing
and/or repairing the Property. Lender's actions can include, but are not limite~l ~ ~ :t~ p~tyi~ag any sums secured by a lien which has priority
over this Security Instrument; (b) appearing in court; and (c) paying reasona[,l~. :~tt(~r~c)'s' tees to protect its interest in the Property and/or
rights under this Security Instrument, including its secured position in a bank rt~I~t ~'3 p~'ocecding. Securing the Property includes, but is not
limited to, entering the Property to make repairs, change locks, replace or bo:trcl t~p d~t)rs and windows, drain water from pipes, eliminate
building or other code violations or dangerous conditions, and have utilities tu ~'~ ~.~1 ~ or oiT. Although Lender may take action under this
WYOMING - Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 4 of 8
IDS. Inc. - (BO0] 554-1872
Form 3051 1101
Borrower(s) Initials ~/~'//'"~ ~
OBUoOt, I 0°°4
Section 9, Lender does not have to do so and is not under any duty or obligation ~, ~ ~,, It is agreed that Lender incurs no liability for not
taking any or alt actions authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall becom~ :~ddifi~mal debt of Borrower secured by this Security
Instrument. These amounts shall bear interest at the Note rate from the date ofdi.J ~ ~'~cmcnt and shall be payable, with such interest, upon
notice from Lender to Borrower requesting payment.
If this Security Instrument is on a leasehold, Borrower shall compb m~ ,Il the provisions of the lease Borrower shall not
surrender the leasehold estate and interests herein conveyed or terminate or canccI ~ ~c er~,und lease. Borrower shall not, without the express
written consent of Lender, alter or amend the ground lease If Borrower acqmre~ ~c~ l i~l c ~c~ th e Pm perry, the leasehold and the fee title shall
nm merge unless Lender agrees to the merger in writing.
10. Mortgage Insurance. lfLender required Mortgage Insurance a~ , ,ndition of making the Loan, Borrower shall pay the
premiums required to maintain the Mortgage Insurance in effect. If, for any rca~. ..... ~l~c Mo~gage Insurance coverage required by Lender
ceases to be available from the mortgage insurer that previously provided suct~ ~ re'anco and Borrower was required to make separately
designated payments toward the premiums for Mortgage Insurance, Borroxxc ~.h:dl pay the premmms required to obtain coverage
substantially equivalent to the Mortgage Insurance previously in effect, at a c~:~ ,m~antially equivalent to the cost to Borrower of the
Mortgage Insurance previously in effect, from an alternate mortgage insurer ~clcctcd by Lender. If substantially equivalent Mortgage
Insurance coverage is not available, Borrower shall continue to pay to Lender u~ ~,m,~ m of the separately designated payments that were
due when the insurance coverage ceased to be in effect. Lender will accept, use :m~ ~'c~ain these payments as a non-refundable loss reserve
in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notxx i~h..~,nding the fact that the Loan is ultimately paid in full,
and Lender shall not be required to pay Borrower any interest or earnings on sm:~,, ,~,~ reserve. Lender can no longer require loss reserve
payments if Mortgage Insurance coverage (in the amount and for the period that I c~dcr requires) provided by an insurer selected by Lender
again becomes available, is obtained, and Lender requires separately designated i~.~ mcm~ toward the premiums for Mortgage Insurance. If
Lender required Mortgage Insurance as a condition of making the Loan and Borr~ ,~.'~ c~ xx~s required to make separately designated payments
toward the premiums for Mortgage Insurance, Borrower shall pay the premium~. ~ ~: uircd to maintain Mortgage Insurance in effect, or to
provide a non-refundable loss reserve, until Lender's requirement for Mortgage. ~.,m'ance ends in accordance with any written agreement
between Borrower and Lender providing for such termination or until terminmio~ ~. rcq u ired 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 d~c ?',,~c lbr cc~ain losses it may incur ifBorrower does not
repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
Mortgage insurers evaluate their total risk on all such insurance in fo~ ~ ~' Ii om time ~o time, and may enter into agreements with
other parties that share or modify their risk, or reduce losses. These agreemenl~ , c ~m ~erms and conditions that are satisfactory ro the
mortgage insurer and the other party (or parties) to these agreements. These agr¢cmcm~ may require the mortgage insurer to make payments
using any source of funds that the mortgage insurer may have available (which m,x include funds obtained from Mortgage Insurance
premiums).
As a result of these agreements, Lender, any purchaser of the Note, am ~ ~w r in ~urer, any reinsurer, any other entity, or any affiliate
of any of the foregoing, may receive (directly or indirectly) amounts that derive ~ m~ I~n' Might be characterized as) a portion of Borrower's
payments for Mortgage Insurance, in exchange for sharing or modifying the m~,'~g,~c insurer's risk, or reducing losses. If such agreemem
provides that an affiliate of Lender takes a share of the insurer's risk in exch:~.c ~,r, share of the premiums paid to the insurer, the
arrangement is o~en termed "captive reinsurance." Further:
(a) Any such agreements will not affect the amounts that Borrower h a ~ :~reed to pay for Mortgage Insurance, or any other
terms of the Loan. Such agreements will not increase the amount Borro~ vr ~ill owe for Mortgage lnsuranee, and they will not
entitle Borrower to any refund.
(b) Any such agreements will not affect the rights Borrower has - ii' an.~ - with respect to the Mortgage Insurance under
the Homeowners Protection Act of 1998 or any other law. These rights ma~ include the right to receive certain disclosures, to
request and obtain cancellation of the Mortgage Insurance. To have the M m'~ ~a~e insurance terminated automatically, and/or to
receive a refund of any Mortgage Insurance premiums that were uuearm, d a~ Ihe time of such cancellation or termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscel h~ ~'~ ~u~ Proceeds are hereby assigned to and shall be paid to
Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied ~ restoration or repair of the Property, if the restoration
or repair is economically feasible and Lender's security is not lessened. Durin~ ~,ud. re?air and restoration period, Lender shall have the
right ro hold such Miscellaneous Proceeds until Lender has had an oppormnil~ ~, inspec~ such Property m 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 xx~ ~r~ ~ c~ m~pleted. Unless an agreement is made in writing or
Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lc~dc~ ~hall not be required to pay Borrower any interest or
earnings on such Miscellaneous Proceeds. If the restoration or repair is nor eco~m~dlx feasible or Lender's security would be lessened,
the Miscellaneous Proceeds shall be applied to the sums secured by this Secm'ilx I~rmn~nt, whether or not then due, with the excess, if
any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the or~ic provided for in Section 2.
In the event ora total taking, destruction, or loss in value of the Propers.. ~hc Miscellaneous Proceeds shall be applied to the sums
secured by this Security Instrument, whether or not then due, with the excess.. ,mx_ paid to Borrower.
In the event of a partial taking, destruction, or loss in value of thc l'r,~pcn.x m which the fair market value of the Property
immediately before the partial taking, destruction, or loss in value is equal to or g~'c~tcr than the amount of the sums secured by this Security
Instrument immediately before the partial taking, destruction, or loss in value, trot c,,5 ik~rrower and Lender otherwise agree in writing, the
sums secured by this Security Instrument shall be reduced by the amount of t l~[. N liscellaneous Proceeds multiplied by the following
fraction: (a) the total amount of the sums secured immediately before the partia ~1, rog. destruction, or loss in value divided by (b) the fair
market value of the Property immediately before the partial taking, destruction, h~ss in value. Any balance shall be paid to Borrower.
WYOMING - Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 5 of 8
IDS. Inc. - (800) 554-1872
Borrower(s) Initials _ _
Form 3~5/.~1 ~1
~.~, 5
In the event of a partial taking, destruction, or loss in value of thc l'r, ',crt5 in which the fair market value of the Property
immediately before the partial taking, destruction, or loss in value is less thm~ thc :~t n~ rant of the sums secured immediately before the partial
taking, destruction, or loss in value, unless Borrower and Lender otherwise ag rc,' m writing, the Miscellaneous Proceeds shall be applied to
the sums secured by this Security Instrument whether or not the sums are thc~ ,mc
If the Property is abandoned by Borrower, or if, after notice by Lenac~ ~, ll,,'rtm er that the Opposing Party (as defined in the next
sentence) offers to make an award to settle a claim for damages, Borrower fail~ ~, cspCmo to Lender within 30 days after the date the notice
is given, Lender is authorized to collect and apply the Miscellaneous Proceeds, mcr t,~ restoration or repair of the Property or to the sums
secured by this Security Instrument, whether or not then due. "Opposing Partx" ,~c;tn.~ thc third party that owes Borrower Miscellaneous
Proceeds or the party against whom Borrower has a right of action in regard t~, ,X i iNtel laneous Proceeds.
Borrower shall be in default if any action or proceeding, whether civil ,~, ,'riminal. is begun that, in Lender's judgment, could result
in forfeiture of the Property or other material impairment of Lender's interc~.t tlr thc Pro perry or rights under this Security Instrument.
Borrower can cure such a default and, if acceleration has occurred, reinstate a: I ~', 'x ~dcd i~n Section 19, by causing the action or proceeding
to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture ,,t ~hc Property or other material impairment of Lender's
interest in the Property or rights under this Security Instrument. The proceeds, ,~n~ ~ward or claim for damages that are attributable to the
impairment of Lender's interest in the Property are hereby assigned and shall ~- I ,id tc~ Lender.
All Miscellaneous Proceeds that are not applied to restoration or rep[t~ ,~ thc Property shall be applied in the order provided for in
Section 2.
12. Borrower Not Released; Forbearance By Lender Not a Wai~ t,r. h×tcnsion of the time for payment or modification of
amortization of the sums secured by this Security Instrument granted by Lender t~, t lt,'mwer or any Successor in Interest of Borrower shall
not operate to release the liability of Borrower or any Successors ~n Interesl ,}1 B~,'rower. Lender shall not be required to commence
proceedings against any Successor in Interest of Borrower or to refuse to extc~d time I't)r pa) ment or otherwise modify amortization of the
sums secured by this Security Instrument by reason of any demand made I~x tmz t~riginal Borrower or any Successors ~n Interest of
Borrower. Any forbearance by Lender in exercising any right or remedy inch~di~,~, xx ithout limitation, Lender's acceptance of payments
from third persons, entities or Successors in Interest of Borrower or in arnotmt t~'hs 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 Assig.s Ihmnd. Borrower covenants and agrees that Borrower's
obligations and liability shall be joint and several. However, any Borrower xx h,, ~:,,-si m~s this Security Instrument but does not execute the
Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortga~.~ ~, r:mt and convey the co-signer's interest in the Property
under the terms of this Security Instrument; (b) is not personally obligated t{, ~.,x ~he sums secured by this Security Instrument; and (c)
agrees that Lender and any other Borrower can agree to extend, modify, forbc, ~,' 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 Successor in Interest tit I I,,'r~,xxer who assumes Borrower's obligations under this
Security Instrument in writing, and is approved by Lender, shall obtain all of 1-~ ~'~ ~xx er's rights and benefits under this Security Instrument.
Borrower shall not be released from Borrower's obligations and liability under ~!, i:, ?4ccm'ity Instrument unless Lender agrees to such release
in writing. The covenants and agreements of this Security Instrument shall I~i~d Icxcept as provided in Section 20) and benefit the
successors and assigns of Lender,
14. Loan Charges. Lender may charge Borrower fees for service_~ I cH~,'mcd in connection with Borrower's default, for the
purpose of protecting Lender's interest in the Property and rights under this .~-~'tH'tt) Instrument, including, but not limited to, attorneys'
fees, property inspection and valuation fees. In regard to any other fees, thc .t~)~cncc of express authority in this Security Instrument to
charge a specific fee to Borrower shall not be construed as a prohibition on thc ch:ti'ging of such fee. Lender may not charge fees that are
expressly prohibited by this Security Instrument or by Applicable Law.
IftheLoan is subject to a law which sets maximum loan charges, an~} i ii~t! aw is finally interpreted so that the interest or other loan
charges collected or to be collected in connection with the Loan exceed the pc rn mt cC Ii mi ts, then: (a) any such loan charge shall be reduced
by the amount necessary to reduce the charge to the permitted limit; and (b) :m', sums already collected from Borrower which exceeded
permitted limits will be refunded to Borrower. Lender may choose to make th i,, rc Itl nd b3 reducing the principal owed under the Note or by
making a direct payment to Borrower. If a refund reduces principal, the red u c~t,a will be treated as a partial prepayment without any
prepayment charge (whether or not a prepayment charge is provided for under Ibc Note). Borrower's acceptance of any such refund made
by direct payment to Borrower will constitute a waiver of any right of action I~,,'r,)wcr might have arising out of such overcharge.
15. Notices. All notices given by Borrower or Lender in connection xxtt h this ,qecurity Instrument must be in writing. Any notice to
Borrower in connection with this Security Instrument shall be deemed to hax ~ ~,cctq given to Borrower when mailed by first class mail or
when actually delivered to Borrower's notice address if sent by other mean~ ~,~ticc to any one Borrower shall constitute notice to all
Borrowers unless Applicable Law expressly requires otherwise. The notice :tddrt.'ss 5hall be the Property Address unless Borrower has
designated a substitute notice address by notice to Lender. Borrower shall pr~ ,ml~tt.~ notify Lender of Borrower's change of address. If
Lender specifies a procedure for reporting Borrower's change of address, then ~, ,:'r~wer shall only report a change of address through that
specified procedure. There may be only one designated notice address under Ih i ,. 5, ccurity 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 ~,~rcss stated herein unless Lender has designated another
address by notice to Borrower. Any notice in connection with this Security ln,,tt ttlngnt shall not be deemed to have been given to Lender
until actually received by Lender. If any notice required by this Security Insmm ~cm is also required under Applicable Law, the Applicable
Law requirement will satisfy the corresponding requirement under this Secu r iix In strument
16. Governing Law; Severability; Rules of Construction. This Set' u ri tx Instrument shall be governed by federal law and the law
of the jurisdiction in which the Property is located. All rights and obligati{~: ~'tmtained in this Security Instrument are subject to any
requirements and limitations of Applicable Law. Applicable Law might explic~tl.x ,r implicitly allow the parties to agree by contract or it
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM iNSTRUMENT
Page 6 of 8
IDS. Inc, - (800) 554-1872
Borrower(s) Initials __
Form 3051 1101
might be silent, but such silence shall not be construed as a prohibition against :t~'rccmcnt by contract. In the event that any provision or
clause of this Security Instrument or the Note conflicts with Applicable Law, st~'h ~., m Il itt shall not affect other provisions of this Security
Instrument or the Note which can be given effect without the conflicting prox'isi,
As used in this Security Instrument: (a) words of the masculine gen&'~' ~ h,dl mcan and include corresponding neuter words or
words of the feminine gender; (b) words in the singular shall mean and include thc I'tu~'al 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 the Note ,~ ~d t)l~ this Security Instrument.
18. Transfer of the Property or a Beneficial Interest in Borrnwer. :\,. u~cd in this Section 18, "Interest in the Property" means
any legal or beneficial interest in the Property, including, but not limited to, those I ,ct~cfici.'tl interests transferred in a bond for deed, contract
for deed, installment sales contract or escrow agreement, the intent of which i~. thc transfer of title by Borrower at a future date to a
purchaser.
If all or any part of the Property or any Interest in the Property is sold ,,~' Ir:tnsli.'rred (or if Borrower is not a natural person and a
beneficial interest in Borrower is sold or transferred) without Lender's prior wriu ctl ct,nsent. Lender may require immediate payment in full
of all sums secured by this Security Instrument. However, this option shall n~t t~' exercised by Lender if such exercise is prohibited by
Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of accd~',',ttion. 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 xx h ich l~orrower must pay all sums secured by this Security
Instrument. If Borrower fails to pay these sums prior to the expiration"ofthis t,c~ i, }d. l~cnder may.. invoke any remedies permitted by this
Security Instrument without further notice or demand on Borrower.
19. Borrnwer's Right to Reinstate After Acceleration. If Borrower ~ ~x,l~ certain conditions, Borrower shall have the right to
have enforcement of this Security Instrument discontinued at any time prior t,, thc carl i est of: (a) five days before sale of the Property
pursuant to any power of sale contained in. this Security Instrument; (b) such ,,ther period as Applicable Law might specify for the
termination of Borrower's right to reinstate; or (c) entry of a judgment ent~,'i~:4 this Security Instrument. Those conditions are that
Borrower: (a) pays Lender all sums which then would be due under this Securitx I ~-~1 ru ment and the Note as if no acceleration had occurred;
(b) cures any default of any other covenants or agreements; (c) pays all expense,, i**c u rred in enforcing this Security Instrument, including,
but not limited to, reasonable attorneys' fees, property inspection and valuatiox~ l~'c,,, and other fees incurred for the purpose of protecting
Lender's interest in the Property and rights under this Security Instrument; and d t:d, cs sucb action as Lender may reasonably require to
assure that Lender's interest in the Property and rights under this Security Instrum~'m. ~,~d Bon'ower's obligation to pay the sums secured by
this Security Instrument, shall continue unchanged. Lender may require that B~,~ ~', ,xx cr pay such reinstatement sums and expenses in one or
more of the following forms, as selected by Lender: (a) cash; (b) money order; tc~ ,'c~'tilicd check, bank check, treasurer's check or cashier's
check, provided any such check is drawn upon an institution whose deposits arc ~t.'cd bx a federal agency, instrumentality or entity; or
(d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security h~,~t ~m ~cnt and obligations secured hereby shall remain fully
effective as if no acceleration had occurred. However, this right to reinstate s},~ll ~,,t apply in the case of acceleration under Section 18.
20. Sale of Note; Change of Loan Servicer; Notice of Grievance. ~ · Note or a partial interest in the Note (together with this
Security Instrument) can be sold one or more times without prior notice to Bom ,~x ~ ¥ :\ sale might result in a change in the entity (known as
the "Loan Servicer") that collects Periodic Payments due under the Note and ti ~,ccurity Instrument and performs other mortgage loan
servicing obligations under the Note, this Security Instrument, and ApplicabLe I ~ ~. There also might be one or more changes of the Loan
Servicer unrelated to a sale of the Note.'Ifthere is a change of the Loan Service~. I ~ ~m,wer will be given written notice of the change which
will state the name and address of the new Loan Servicer, the address to which p,!, ~ ~cnts should be made and any other information RESPA
requires in connection with a notice of transfer of servicing. If the Note is sold ~ u ~crcafter the Loan is serviced by a Loan Servicer other
than the purchaser of the Note, the mortgage loan servicing obligations to Bom ~,. c ~ x~ ill rcm ain with the Loan Servicer or be transferred to
a successor Loan Servicer and are not assumed by the Note purchaser unless, ~thcrxx i.~c provided by the Note purchaser.
Neither Borrower nor Lender may commenee,.ioin, or be joined to ..... it~dicial action (as either an individual litigant or the
member ora class) that arises from the other party's actions pursuant to this 5~cccMt~ Instrument or that alleges that the other party has
breached any provision of, or any duty owed by reason of, this Security Instrtm ~'~ ~l. umi such Borrower or Lender has notified the other
party (with such notice given in compliance with the requirements of Section 15 ,,t :~uch alleged breach and afforded the other party hereto
a reasonable period after the giving of such notice to take corrective action. It A iq~licahlc Law provides a time period which must elapse
before certain action can be taken, that time period will be deemed to be rc:~,,m~l~le for purposes of this paragraph. The notice of
acceleration and opportunity to cure given to Borrower pursuant to Section 22 ...... Ibc m~tice of acceleration given to Borrower pursuant to
Section 18 shall be deemed to satisfy the notice and opportunity to take corrcc.ti~ c uction provisions of this Section 20.
21. Hazardous Substances. As used in this Section 21: (a) "Hazard,,t~ .~ubstances" are those substances defined as toxic or
hn?ardous substances, pollutants, or wastes by Environmental Law and the roi h, ~x i~g substances: gasoline, kerosene, other flammable or
toxic petroleum products, toxic pesticides and herbicides, volatile solvents, matc~'i~tl ~ containing asbestos or formaldehyde, and radioactive
materials; (b) "Environmental Law" means federal laws and laws ofthejurisdicti, ~ x~ here the Property is located that relate to health, safety
or environmental protection; (c) "Environmental Cleanup" includes any respom,~ a~tion, remedial action, or removal action, as defined in
Environmental Law; and (d) an "Environmental Condition" means a conditi~ tl~at ~mq cause, contribute to, or otherwise trigger an
Environmental Cleanup.
Borrower shall not cause or permit the presence, use, disposal, storage. ~r rd~ase of any Hazardous Substances, or threaten to
release any Hazardous Substances, on or in the Property. Borrower shall not do. ~,t ~lh~ w anyone else to do, anything affecting the Property
(a) that is in violation of any Environmental Law, (b) which creates an Envirom ~cmal Condition, or (c) which, due to the presence, use, or
release ora Hazardous Substance, creates a condition that adversely affects the x ,~m' ~ l'th¢ Property. The preceding two sentences shall not
apply to the presence, use, or storage on the Property of small quantities of I l,/,rd,ms Substances that are generally recognized to be
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
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IDS, Inc.- (800} 554-1872
Borrower(s) Initials __
Form 3051 110/~
appropriate to normal residential uses and to maintenance of the Property (ind u, t i~. hut not limited to, hazardous substances in consumer
products).
Borrower shall promptly give Lender written notice of (a) any im c..~.~lion, claim, demand, lawsuit or other action by any
governmental or regulatory agency or private party involving the Property ami ,~ I lazardous Substance or Environmental Law of which
Borrower has actual knowledge, (b) any Environmental Condition, including 5tlt ~i~ ,l Ii mired to, any spilling, leaking, discharge, release or
threat of release of any Hazardous Substance, and (c) any condition caused by mci re,once, use or release ora Hazardous Substance which
adversely affects the value of the Property. If Borrower learns, or is notified b) ,m) governmental or regulatory authority, or any private
party, that any removal or other remediation of any Hazardous Substance affect i%, thc Property is necessary, Borrower shall promptly lake
all necessary remedial actions in accordance with Environmental Law. Nothing,_ herein shall create any obligation on Lender for an
Environmental Cleanup.
NON-UNIFORM COVENANTS. Borrower and Lender further cox c~.~t and agree as follows:
22. Acceleration; Remedies. Lender shall give notice to Borrower p,'mr m ac celeration following Borrower's breach of any
covenant or agreement in this Security Instrument (but not prior to accelc raliou under Section 18 unless Applicable Law provides
otherwise). The notice shall specify: (a) the default; (b) the action required i. t'l, re die default; (c) a date, not less than 30 days from
the date the notice is given to Borrower, by which the default must be cured, a mi (d) that failure to cure the default on or before the
date specified in the notice may result in acceleration of the sums secured I~ Ih i~ Necurity Instrument and sale of the Property. The
notice shall further inform Borrower of the right to reinstate afteracceler,ii,m and the right to bring a court action to assert the
non-existence ora default or any other defense of Borrower to acc61eration a mi .~:de. If the default is not cured on or before the date
specified in the notice, Lender at its option may require immediate paymcm in foil of all sums secured by this Security Instrument
without further demand and may invoke the power of sale and any other ,'cm t'd ie~ permitted by Applicable Law. Lender shall be
entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to,
reasonable attorneys' fees and costs of title evidence.
If Lender invokes the power of-gale, Lender shall give notice ol intcni m foreclose to Borrower and to the person in
possession of the Property, if different, in accordance with Applicable La~ I.cmlcr shall give notice of the sale to Borrower in the
manner provided in Section 15. Lender shall publish the notice of sale, ami i lw lh'operry shall be sold in the manner prescribed by
Applicable Law. Lender or its designee may purchase the Property at am ~,lc. The proceeds of the sale shall be applied in the
following order: (a) to all expenses of the sale, including, but not limited t.. t'casonable attorneys' fees; (b) to all sums secured by
this Security Instrument; and (c) any excess to the person or persons leg;db cnlillcd to it.
23. Release. Upon payment of all sums secured by this Securit3' I~,,~ mncnt, Lender shall release this Security Instrument.
Borrower shall pay any recordation costs, Lender may charge Borrower a fcc i,~r 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 permi ucd trader Applicable Lag,.
24. Waivers. Borrower releases and waives all rights under and b3 x irl~c ~l tile homestead exemption laws of Wyoming.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and ,,,~ chants contained in this Security Instrument and in any
Rider executed by Borrower and recorded with it,
Witnesses:
Cecil t), To i)1) ~ -Borrower
DenNF h, Topi) ~ ~ -Borrower
STATE OF WYOMING, -T~A-Oi/~ County ss:
The foregoing instrument was acknowledged before me this ~ day o~
Cecil O. Topp, and Denise S. Topp.
Witness my hand and official seal.
My Commission Expires:
J countyof
Notary
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Page 8 of 8
IDS. Inc. - (800) 5,54-1872
Form 3051 1101
M/N:100015700044285175
Loan Number: 78284896
ADJUSTABLE RATE RIDER
(LIBOR Six-Month Index (As Published In The \%11 '~trcc! Journal) - Rate Caps)
THIS ADJUSTABLE RATE RIDER is made this 29th dax m November, 2004, and is incorporated into
and shall be deemed to amend and supplement the Morigage, I)ccd of Trust or Security Deed (the "Security
Instrument") of the same date given by the undersigned ("Borrowc~ m secure Borrower's Adjustable Rate Note
(the "Note") to
Bank of Jackson ih,lc
("Lender") of the same date and covering the property described in thc ?,cc urity Instrument and located at:
1132 Saddle Drive
Etna, WYOMING 83118
(Property Address)
THE NOTE CONTAINS PROVISIONS ALLOWING FOIl ('IIANGES IN THE INTEREST RATE
AND THE MONTHLY PAYMENT. THE NOTE LIMI'Iy, 'I'IIE AMOUNT THE BORROWER'S
INTEREST RATE CAN CHANGE AT ANY ONE TIME ANI) I'IIE MAXIMUM RATE BORROWER
MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and ugrcements made in the Security Instrument,
Borrower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHAN {; I{ S
The Note provides for an initial interest rate of 8.500%. Thc Note provides for changes in the interest rate
and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the 1st day of I)cccmbe~; 2007, and on that day every SIXth
month thereafter. Each date on which my interest rate could change i~ o',died a "Change Date."
The Index
Beginning with the first Change Date, my interest rate will Dc based on an Index. The "Index" is the
average of interbank offered rates for six-month U.S. dollar-dcmmmmted deposits in the London market
("LIBOR"), as published in The Wall Street Journal. The most recent I~dcx figure available as of the first business
day of the month immediately preceding the month in which the Chan~c Date occurs is called the "Current Index."
If the Index is no longer available, the Note Holder will cho,,~,c ,, new Index that is based upon comparable
information. The Note Holder will give me notice of this choice.
MULTISTATE ADJUSTABLE RATE RiDER-LIBOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET JOURNAL).
Single Family - Fannie Mae Uniform Instrument Page1 of 3 Fo _rm 313a~/OX~
IDS. Inc (800)554-1872 Borrower(s) Initials
M/N: 100015700044285175 Loan Number: 78284896
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate ~x ~ew interest rate by adding TWO AND
SEVEN EIGHTHS percentage point(s) ~2.875%) to the Current Index. ri he Note Holder will then round the result
of this addition to the nearest one-eighth of one percentage point ((L 125",,). Subject to the limits stated in Section
4(D) below, this rounded amount will be my new interest rate until thc ~..xt ¢'hatage Date.
The Note Holder will then determine the amount of the mot~lhly payment that would be sufficient to repay
the unpaid principal that I am expected to owe at the Change Date i~ I't~ll oi~ the Maturity Date at my new interest
rate in substantially equal payments. The result of this calculation x¥ill h~' the ~ew amount of my monthly payment.
(D) Limits on laterest Rate Changes
The interest rate I am required to pay at the first Change Dale x~ ill :~ot be greater than 10.000% or less than
7.000%. Thereafter, my interest rate will never be increased or decre[~..c., 1 {~ a,~y single Change Date by more than
ONE AND ONE HALF percentage point(s) (1.500%) bom the rate t,l' i~tcrcst I have been paying for the preceding
SIX months. My interest rate will never be greater than 15.500%.
(E) Effective Date of Changes '
My new interest rate will become effective on each Cha,,.,~. I):~tc. I will pay the amount of my new
monthly payment beginning on the first monthly payment date ali~ thc Cha~ge Date until the amount of my
monthly payment changes again.
(F) Notice of Changes
The Note Holder will deliver or mail to me a notice of an> c'{,,~t{ges in my interest rate and the amount of
my monthly payment before the effective date of any change. The ,~,~i~'e will include information required by law
to be given to me and also the title and telephone number of a per~,~ x~ ho will answer any question I may have
regarding the notice.
TRANSFER OF THE PROPERTY OR A BENEFICIAL ! N TE Il E ST lN BORROWER
Uniform Covenant 18 of the Security Instrument is amended to rc',td ~ follows:
Transfer of the Property or a Beneficial Interest in Borro~ ct. As used in Section 18, "Interest in the
Property" means any legal or beneficial interest in the Propen),, it~clttdit~g, but not limited to, those beneficial
interests transferred in a bond for deed, contract for deed, instalh~'~t sales contract or escrow agreement, the
intent of which is the transfer of title by Borrower at a future date I,, :~ l~urchaser.
If all or any part of the Property or any Interest in the Propert.~ i., sr~lcl or transferred (or if Borrower is not a
natural person and a beneficial interest in Borrower is sold ot lr;~sI'erred) without Lender's prior written
consent, Lender may require immediate payment in full of all :,tm~s secured by this Security Instrument.
However, this option shall not be exercised by Lender if exercise i-, prohibited by Applicable Law. Lender also
shall not such exercise this option if: (a) Borrower causes to bc ~tl[~i~itted to Lender information required by
Lender to evaluate the intended transferee as ifa new loan were h~,i~ l~ade to the transferee; and (b) Lender
reasonably determines that Lender's security will not be impaired hx the loan assumption and that the risk of a
breach of any covenant or agreement in this Security Instrument is ~'c'~'ptable to Lender.
To the extent permitted by Applicable Law, Lender may chargt, ',~ reasonable fee as a condition to Lender's
consent to the loan assumption. Lender also may require the trat~st~.rcc to sign an assumption agreement that is
acceptable to Lender and that obligates the transferee to keep all ti ~. pr~mises and agreements made in the Note
MULTISTATE ADJUSTABLE RATE PJDER - LIBOR SIX-MONTH INDEX (AS PUBLISHED IN THE WALL STREET JOURNAL)-
Single Family - Fannie Mae Uniform Instrument Page 2 of
Borrower(s) Initials
IDS, Inc, (800)554-I 872
M/N: 100015700044285175
Loan Number: 78284896
and in this Security Instrument. Borrower will continue to bc ,,l,ligated under the Note and this Security
Instrument unless Lender releases Borrower in writing.
If Lender exercises the option to require immediate payment ,~ tull, Lender shall give Borrower notice of
acceleration. The notice shall provide a period of not less than ~{ days £rom the date the notice is given in
accordance with Section 15 within which Borrower must pay al stm~s secured by this Security Instrument. If
Borrower fails to pay these stuns prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrument without further notice or rlcm;md on Borrower.
BY SIGNING BELOW, Borrower accepts and agrees to ~hc ret'ins and covenants contained in this
Adjustable Rate Rider.
· _.~_, (Seal)
-Borrower Denis'c ~. '1'~ -Borrower
MULTISTATE ADJUSTABLE RATE RIDER - LIBOR SIX-MONTH INDEX (AS PtJBLISHED IN THE WALL STREET JOURNAL).
Single Family - Fannie Mae Uniform Instrument Page 3 of 3 Form 3138 1101
IDS. Ira. (800)554-1B72