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HomeMy WebLinkAbout90521730497 (04) L L 064~ '~ Return To: Sharyn kabby Quicken Loans Inc. 20555 Victor Parkway Livonia. MI 48152 Prepared By: 3on Bah RECEIVED 12/14/2004 at 10:27 AM RECEIVING # 905217 BOOK: 574 PAGE: 641 JEANNE WAGNER LINCOLN COUNTY CLERK. KEMMERER WY [Space Above This Line For llecm'ding Data] 4673794206P MORTGAGE ~,~lN 100039046737942066 DEFINITIONS Words used in multiple sections of this document are dcl'incd below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding Iht usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated together with all Riders to this document. (B) "Borrower" is Steven Shaen Carter. a singl~~ man December 9, a Spinster 2OO4 Borrower is the mortgagor under this Security Instrument. (C) "M.ERS" is Mortgage Electronic Registration Systems, Inc. MERS 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 existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, Mt 4S5ol-2026, tel. (888) 679-MERS. WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 478083216 (~®-6AIWY] [ooo51 Page 1 of 1 § Initials: ~,,.~,,~ v~, ,o,~ ,o,~.,~oo,,~,.~,-- I I IIII I I IIIII III IIIII I II II III q46737942060233 (D) "Lender" is Quicken Loans Inc. Lender is a Corporati on organized and existing under the laws of the 5tare of .Mi.chigan Lender's address is 20555 Victor Parkway. Livonia HI 48152 (E) "Note" means the promissory note signed by Borrower and &tied December 9. 2004 The Note states that Borrower owes Lender Fi ve Hundred Ihot.~sand and 00/100 Dollars (U.S. $ 500. 000.00 ) plus interest. Borrower has I)romised to pay this debt in regular Periodic Payments and to pay the debt in full not later than danua ry 1. 2035 (F) "Property" means the property that is described below tinder the heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrt t ~cm, plus interest. O-I) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: Adjustable Rate Rider ~ Condominium Rider [._--] Second Home Rider Balloon Rider [] Planned Unit Development Rider I_~ 1-4 Family Rider ['---1 VA Rider [] Biweekly Payment Rider l_~ Other(s) [specify] (I) "Applicable Law" means all controlling applicable £ederal. state and local statutes, regulations, ordinances and administrative rules and orders (that have the eft'eot of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic ~nstrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller transfers.machine transactions, transfers initiated by telephone, wire mnsfers, and automated clearinghouse (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 the cm'erages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnanon or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misreln-csentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lender auamst the nonpayment of, or default on, the Loan. ~ (O) "Periodic Payment" means the regularly scheduled amount duc I'or (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrumenl. (P) "RESPA" means the Real Estate Settlement Procedures Act. 12 U.S.C Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~-6A(WY) (000si Page 2of '15 ,n,nais:_ . ~ Form 3051 1/01 0643 (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 under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment ~>l' thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the fi>Ih)wing described property located in the County of L i flcol n : [Type of Recording Jurisdiction] .Name of Recording Jurisdiction] SEE EXHIBIT "A" ATTACHED HERETO ANI) MADE A PART HEREOF. SUB3ECT TO COVENANTS 01' RECORD. Parcel ID Number: 1 Fir Tree Lane ("Property Address"): 34181640015300 Bedford which currently has the address of [Street] ICityl , Wyoming 83112 [Zip Codel TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a par~ ot' the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands ',nnl ztgrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument. but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right m foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully sci~cd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to consmutc ~t uniform security instrument covering real property. (~)~-6A(WY) 10005) Page 3 of ~5 Form 3051 1/01 0644 UNIFORM COVENANTS. Borrower and Lender covemml and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest ,)n tile debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and thi~ ~ec~rity Instrument shall be made in U.S. currency. However, if any check or other instrument received hy Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender m~q~ rcqmre thai any or all subsequent payments due under the Note and this Security Instrument be made m on: or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an n~litution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Fund, Transfer. Payments are deemed received by Lender when received :tt fl~e 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 paymcnl or partial payments are insufficient to bring the Loan current. Lender may accept any payment or p;u'~,fl payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice ~,~ us rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are .accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay ~nterest on unapplied funds. L~nder may hold such unapplied ftmds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, ~,ttch fuuds will be applied to the outstanding principal balance under the Note immediately prior to forcch~.~urc. No offset or claim which Borrower might have now or in the future against Lender shall relieve l~orrower from making payments due under thelnstrument.Note and this Security Instrument or performing the coven;m,, and agreements secured by this Security 2. Application of Payments or Proceeds. Except as t~lherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in thc following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amtmnls due under Section 3. Such payments shall be applied to each Periodic Payment in the order in whirl) it became due. Any remaining amounts shall be applied first to late charges, second to any other amount, due under this Security Instrument and then to reduce the principal balance of the Note. , If Lender receives a payment from Borrower for a dclinqt~ent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may he applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, I.ender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to tile extent that, each payment can be paid in full. To the extent that any excess exists afier the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described ill the Note. Any application of payments, insurance proceeds, or Misccllanzous Proceeds to principal due under the Note shall not extend or postpone the due date, or change ~lie amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lemler on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds' ~ to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Sectitm I0. These items are called "Escrow Items." At origination or at any time during the term of the Loafs, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed hy Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrm~ Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~I~-6A{WYI (0005) Page 4 of 15 Form 3051 1/01 (.(0645 due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Securlty'Instrumcnt, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrox~ Items directly, pursuant to a waiver, and Borrower fails to pay the amoum due for an Escrow Item, kcndcr may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated 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 notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not t,~ exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount ol' Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise 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 insmution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items. unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a ch:trge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, l.cnder shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lendcl can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as dcl'incd under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. Il' there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as rcqt|ired by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall P:9' to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more th',m 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Associz~ion Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall l)',t3 them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligatitm secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such .,~grccment; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings ~rc pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an :t~ rccment satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines tlutt any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~-6A(WY) (ooos) Page § of 15 Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge fi~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 impmxcments now existing or hereafter erected on the Property insured against loss by fire, hazards included wi hi~ the term "extended coverage," and any other hazards including, but not limited to, earthquakes and I]o~ds, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall bc chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall m,l be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, c'id~cr: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a ollc-tillq2 charge for flood zone determination and certification services and subsequent charges each time rcmappings or similar changes occur which reasonably might affect such determination or certification. Hm'rower shall also be responsible for the payment of any fees imposed by the Federal Emergency Man',~gcment Agency in connection with the review of any flood zone determination resulting from an objcclion by Borrower. If Borrower fails to maintain any of the coverages dcscribc, d above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense· Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such cover',igc shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or d~c contents of the Property, against any risk, · hazard or liability and might provide greater or lesser cover,~c dmn was previously in effect. Borrower acknowledges that the cost of the insurance coverage so olmfincd might significantly exceed the cost of ~nsurance that Borrower could have obtained. Any amounts di~bttrscd by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mm'~gage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall hax c Ibc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give lo Lender 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 ~o the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Llnlcss 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 restoration or repair ~s 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 opporlunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided d~at such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and resltm~tion in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender', security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Insmm~ent, whether or not then due, with (~-6A(WY) [0005) Page § of 15 Form 3051 1/01 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, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to.a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, ~)1' if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to l_endcr (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid undc~ the Note or this Security Instrument, and (b) any. other of Borrower's rights (other than the right to an) ret'und 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 proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc the Property as Borrower's principal residence within 60 days after the execution of this Securit3 Instrulnent and shall continue to occupy the Property as Borrower's principal residence for at least one )'car al'tcr the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be um'casonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of thc I'roperty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propcrt3 to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing m value due to its condition Unless it is determined pursuant to Section 5 that repair or restoration is aot economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage, If insurance or condenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only it' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved or' Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upt,] and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvcn~ents on the Property. Lender shall give Borrower notice at the time of or prior to such an interior insl)cction specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall bc in default if, during the Loan application process, Borrower or any persons or entities acting at thc direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or i~accurate information or statements to Lender (or failed to provide Lender with material information, in connection with the Loan. Material representations include, but are not limited to, representati~,~s concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property ami Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lendcr'~ interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc Property and rights under this Security Instrument, including protecting and/or assessing the value o1' the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited m: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) zq)l)caring in court; and (c) paying reasonable (~}~-6A(WY) {ooo5) Page 7 Of 1§ Init,als:~ Form 3051 1/01 .-0648 .attorneys' fees to protect its interest in the Property and/or ri3, hts under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing thc Property includes, but is not limited to, entering 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 d;mucrous conditions, and have utilities turned on or off. Although Lender may take action under this Secfio~ ~) Lender does not have to do so and is not under any duty or obligation to do so, It is agreed that Leander i~curs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Sectio. r) .~hall become additional debt of Borrower secured by this Security Instrument. These amounts shall he,,., interest at the Note rate from the date of disbursement and shall be payable, with such interest, upo~ ~olice from Lender to Borrower requesting payment· If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the Lenderlease' IfagreesBOrrowerto theacquireSmerger feein writing.title to the Property, the le~schold and the fee title shall not merge unless 10. Mortgage Insurance. If Lender required Mortgage h~s.rance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the/~h,r~gage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases ~,) I)c available from the mortgage insurer that previously provided such insurance and Borrower was req.ircd t() 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 l)rcviously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage lnsur.~c previously in effect, from an alternate mortgage insurer selected by Lender, If substantially equiv~flcm Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amo.~, t)f the separately designated payments that were due when the insurance coverage ceased to be in effect. I~cnder will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortg.gc Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is uhi.~atcly paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such Io~.~ reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amot.~t and for the period that Lender requires) provided by an insurer selected by Lender again becomes ay,il,hie, is obtained, and Lender requires separately designated payments toward the premiums for Morlg.gc Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrt~x~ ur shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide an,,. refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with a~y wri.en agreement between Borrower and Lender providing for such termination or until termination is req.ired by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the r.tc l)rovided in the Note. .Mortgage Insurance reimburses Lender (or any entity that I)urchases the Note) for certain losses it may ~ncur if Borrower does not repay the Loan as agreed, llorrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such ins.raw,ce in force from time to time, and may enter tnto 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 mortg}~gc i~surer and the other party (or parties) to these agreements. These agreements may require the mortgage inst.'er to make payments using any source Insurance°f funds thatpremiums).the mortgage insurer may have available (which m,~, include funds obtained from Mortgage As a result of these agreements, Lender, any purchaser of thc Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses, If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "c.ptive reinsurance." Further: (al Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not vntitle Borrower to any refund. 6A(WYI 1o0o5~ Pa~ ~ o~ ~ ~ Form 3051 1/01 (b) Any such agreements will not affect the rights Ih~,'rower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection ,\el of 1998 or any other law. These rights may include the right to receive certain disclosures, t. rC(lUest and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were t~,lc;~rned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeit.re, All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender, If the Property is damaged, such Miscellaneous Procccd~ shall be applied to restoration or repair of the Property, if the restoration or repair is economically [c;tNibl< and Lender's security is not lessened. During such repair and restoration period, Lender shall have ~l~c right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propcrt) to cusure the work has been completed to Lender's satisfaction, provided that such inspection shall bc tmdcrtaken promptly, Lender may pay for the repairs and restoration in a single disbursement or in a ~crics of progress payments as the work is completed. Unless an agreement is made in writing or Appl ~';~bl¢ Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to p',ty Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not cc.nmnically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to d~c sums 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 value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securit3 Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in v;lltl~ of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Icndcr 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 or' thc sums secured immediately before the partial taking, destruction, or loss in value divided by ¢1~) the fair market value of the Property immediately before the partial taking, destruction, or loss in v;due Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in \-,duc of 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 raking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Misccll;mcous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums ;~rc then due. If the Property is abandoned by Borrower, or if, ;d'tcr notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to m;tkc an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after thc date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration 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 amdnst whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propcrt~ or other material impairment of Lender's interest in the Property or rights under this Security lnstnm~cnt Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section It), by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes l'm'fciture of the Property or other material impairment of Lender's interest in the Property or rights trader this Security Instrument. The proceeds of any award or claim for damages that are attributable to thc impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. tI~}~-6A(WY] ~ooo~} Page 9 of 3 5 nitia~ Form 3051 1/01 ',.L 0650 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured h) this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall ,~t ~q~erate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not hc required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument hy reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forl~c:trance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ~d' payments from third persons, entities or Successors in Interest of Borrower or in amounts less than Iht ;tmount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be jom~ and several However, any Borrower who co-signs this Security Instrument but does not execute thc No~c (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey thc c'osigner's interest in the Property under the terms of this Security Instrument; (b) is not personally oblig~tcd to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrox~cr can agree to extend, modify, forbear or make any accommodations with regard to the terms of this ,qcuurity Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor m Interest of Borrower who assumes Borrower's obligations under this Security Instrument in wridng, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Inslrumcnt. Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security In~lrumcnt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fee~ t'or services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' I'cc.% property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on tl~c c'harging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument ~r hy Applicable Law. If the Loan is subject to a law which sets maximum lom~ d~arges, and that law is finally interpreted so that the interest or other loan charges collected or to be collccqcd in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be r~dttccd by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collcc'lcd l'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 B~u'r<~x~er. If a refund reduces pnncipal, the reduction will be treated as a partial prepayment without ',thy prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrox~cr's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any l'i~ht o1' action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender' m c'cmnection with this Security Instrument must be in writing. Any notice to Borrower in connection wi~l~ ~his Security Instrument shall be deemed to have been given to Borrower when mailed by first class m',ul or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Bom~wcr shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The m~t~cc address shall be the Property Address unless Borrower has designated a substitute notice address by n~ice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender spcc'ities ~ procedure for reporting Borrower's change of address, then Borrower shall only report a change ol' address through that specified procedure. There may be only one designated notice address under thi~ Scc'urity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailin.~ it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed lo have been given to Lender until actually received by Lender. If any notice required by this Security Inslrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (~-6A[WY] 100051 Page ~0 ot ~5 Form 3051 1/01 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which thc Property is located. All rights and obligations contained in this Security Instrument are snbjcct to any requirements and limitations of Applicable Law. Applicable Law might explicitly or impliciH3 allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Insmm~enl or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc masculine gender shall mean 'and include corresponding neuter words or words of the feminine gemlcr; (b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gIves sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interc~l in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title b~ Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the l'r~perty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower i~ sold or transferred) without Lender's prior written consent, Lender may require immediate payment in l'ull of all sums secured by this Security Instrument. However, this option shall not be exercised b3 Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender m',ly invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleralim~. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this ScctH'ity Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Properly pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable l.aw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgmem enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums whid~ then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Secm'ity Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation tees, 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 that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligalion to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require th;~t Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's ch~,ck, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred, lh)wever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice o1' ¢;rievance. 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 lnstrulnent and performs other mortgage loan servicing obligations under the Note, this Security Instrumcm, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should bc made and any other information RESPA (~)~-6A{WY) Iooo5} Page ~ of ~5 Form 3051 1/01 requires in connection with a notice of transfer of servicing. I1' the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the N~tc, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or.be transrcrrcd to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by Ibc Note purchaser. Neither Borrower nor Lender may commence, join, or hc 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 provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Sectiou 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable t~t- toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos m' formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of thc .j u ri sd i ct ion where the Property is located that relate to health, safety or environmental protection; (c) "Envirmm]ental Cleanup" includes any response action, remedial action, or removal action, as defined in Envirmlmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to. or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, ~m or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a} Ihat is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects thc value of the Property. The preceding two sentences shall not apply to the presence, use, or stcmtgc on the Property of small quantities of Hazardous Substances that are generally recognized to be al~l,ropriate to normal residential uses and to maintenance of the Property (including, but not limited to, haz',~rdt)us substances in consumer products). Borrower shall promptly give Lender written notice of uu any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Bt~rl'ower 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 c:mscd by the presence, use or release of a Hazardous Substance which adversely affects the value of Iht I'roperty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private p:~rty, that 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 Nutlfing herein shall create any obligation on Lender for an Environmental Cleanup. (~}~-6AJWY) Iooos) Page 12 of 15 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender l'urther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give.notice to I{orrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provi(Ics olherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) ,'t date, not less than 30 days from the date the notice is given to Borrower, by which the default nnlst be cra'ed; and (d) that failure to cure the default on or before the date specified in the notice may resul! in acceleration of the sums secured by this Security Instrument and sale of the Property. The nolice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a corn'! action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cUred on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable 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 sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, ill accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the mann~'r provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sohl in tl~e manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses or thc sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums'secured by this Nccurity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to ~ third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6A{WY) iooo5) Page13of 15 Form 3051 1/01 0654 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower ami recorded with it. Witnesses: ['// 9/200~(Seal) - 3~eve,~ 'Shaen Carter -Bor~owe, (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6A(WY) 10005) Page 14 of 15 Form 3051 1/01 0:~05217. : ": 065 5 STATE OF WYOMING, ~L-~£© I "-/'?~---'q'~&~ County ss: The foregoing instrument was acknowledged before me this December 9. 2004 by Steven Shaen Carter. a single mah. a Sp~.~ster My Commission Expires: [ O//~/~<00~'~'~ Notary I'uhlic Initials: ~_~ (~-6AJWY) 1oo05} Page 15 of 15 Form 3051 1/01 '0656 MERS MIN' 100039046737942066 4673794206P ADJUSTABLE RATE RIDER (LIBOR Six-Month Index (As Published In The Wall Street Journal) - Rate Caps Accrued Interest Only for Fixed Rate Period) THIS ADJUSTABLE RATE RIDER is made this 9tt~ day of December, 2004 , and is incorporated into and shall be deemed to amend and supplemenl the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Qui ~.:t~,~1~ Loans Thc. a Michigan corporation ("Lender") of the same date and coverin9 the property described in the Security Instrument and located at: I Fir Tree Lane Bedford, WY 831 2 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE 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 CHANGES The Note provides for an initial interest rate of changes in the interest rate and the monthly payments, as follows: 4.875 %. 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 ~]ai~uary 2008 , and on that day every 6th month thereafter. Each date on which my interesl rate could change is called a "Change Date." 478083294 200306.00 q 467 37942060470 065'7 (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered rates for six month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice, (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TwO and 0ne-(3uar'l:er' percentage points ( 2.2,50 %) to the Current Index. The Note Holder 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 until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 7.87,~ % or less than 2. 250 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than 0Re ~r~¢l ~o-Thou$~nd[h$ percentage points ( 1. 000%) from the rate of interest I have been paying for the preceding 6 months. My interest rate will never be greater than 9. 875 %. (E) Effective Date of Changes My new interest rate will become effective on each Cl~ange Date I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly pay ment changes again. 2003/06 iomr2.pcl Page 2 of 4 (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of the Security Instrument is amended to read as follows: 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 i~derest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the integer of 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 tho Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in t3orrower is sold or transferred) without Lender's prior written consent, Lender may require immedi3te payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also 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 to the 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 in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender an(~ that obligates the transferee to keep all the promises and agreements made in the Note ar~c~ ,~ this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment 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 is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by tl~s Security Instrument without further notice or demand on Borrower. 2003/06 iomr3, pcl Page 3 of 4 0659 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. Borrower Borrower Borrower Borrower Borrower Borrower Borrower 2003/06 iomr4.pcl Page 4 of 4 EXHIBIT "A" That pon/on of H.E.S. 168 lying in the NW ¼ SE ¼ of Secti,~q 16, T34Ni RllSW, of the 6th P.M., Lincoln County, Wyoming, located Northeast of Bedford, Lincoln (',~t~J~ty, Wyoming, and being more particularly described as follows: BEGINNING at a point in the West Ii,Jo of said H.E.S. 168, said point being NOo 22'36"W, 1274.78 feet from the S ¼ Corner of said Section 16 ',~d Corner No. 2 of H.E.S. 168; THENCE NOo 22'36"W, along said West line, 1355.79 feet to Comer No. 3; ri'/II'iNC'E 889° 34'33"E, 1296.84 feet, to a stone marker found a Corner No. 4; THENCE SOOl , ,, . 3 13 W, al~mg an cresting fence line and the Southerly prolongation thereof 1346.17 feet; THENCE West 1282.71 feet t,~ Ibc point of beginning. This is a First Real Estate Mortgage recording concurrently with a Second Real Estate Mortgage in the original amount of $93,700.00 datdd December 9, 2004 in favor of Quicken Loans Inc.