Loading...
HomeMy WebLinkAbout905265C, C 078 0 Reign To: Sharyn I ahhy ()uicken Loans Inc. 21)555 Vi£:or Parkway Livonia. HI ~152 Prepamfl By: RECIEIVk-B 12J14/2004 at 4:35 PM RECEIVING ~ 905265 BOOK: 5'/4 PAGE: 780 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY · [Space ,klmve Thi~ l.l~e For Rv, ,,, din~ Dalai 4673932177 M ORTGA (; E ,X.nN 100039046739321772 DEFINITIONS Words used in multiple sections of this document are cities,cd below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding .(. ,~aue of words used in this documem are also provided in Section 16. (A) "S~'nrity In~h~ment" means this ducument, which is d,m'~ together wiffi ~ ~ to ~s document. ~) "Bomwed' is Jfl~S Li vi ngston, and Jeanel wife. December lO 2004 v~ngston., husband and ,4¸ Borrower is the martgagor under this Security Instrnmem. (C) "MERS" is MortEage F. tectronic Reg~sLration Systems, I~c MERS is a se~ corporation that is acting solely a~ a nominee for Lender :md l.endcr's SUCCC~',~ and assigns. MERS is the mortgagee ~mfler this Se~',,~it]r ln~trmnent. MERS is organized and ext:,llnu under the laws of Delaware, and hasan ..... - I _0_6, tel. (888) 679-MERS. address and tct~holm mmaber of P.O. Box 2026, Flint, MI ~ ~ ~ WYOMING-Single FanlU¥-Fanni~ Mae/Freddie M_acfl~,IFORM 480726069 VMF M ORTiBAI~';FOR~S - INSTR(tr. IFNT Fm'm 3051 l/D1 ' 075.1 (D) "Lemd,~,'" is Quicken Loans Inc. I_ender is a Corporati on organiTed and existing under ~ Laws of Lender's address is 20555 Victor Parkway. Li von LV of Mi chi gan 48152 0g) "Note" me,acs the promissory note signed by Borrower ;n~,~ &ned December 10. 2004 The Nole states that Borrower owes Lender 0ne Hundred ~[ ~ Three Thousand Seven Hundred Fifty and 00/100 Dollars (u.s. $123,750.00 ) plus inlerest. Borrower ha. - ' nn ~cd to pay this debt in reg,,lar Periodic Payments and to pay the debt in full not Later than J,q 1. 2035 0e) "Property" means Ihe property that is described below ~,~c~ mc heading "Transfer of Rights in the Property." (G) "Loan" mean~ Ihe debt evidenced by Ihe Note, plus intc~ :. i :ne. prepayment charges and lale charges due under lhe Nole, and all sum~ due under this Security Insn n~ ~.,~ .. plus interest. {tt) "Riders"means all Riders ro this Security Instalment n,~ ~n c executed by Borrower. The following Riders are to be execnled by Borrower [check box as applic:d,k. 1 ]-~ Adjustable Rate Rider ~ Condominium Rider [] Second Home Rider ]---] Balloon Rider 1~ Planned Unit Development 1.' ~,i,.~ [] 1-4 Family Rider ]---] VA Rider ~ Biweekly Payment Rider [--] Other(s) [specify] (I) "Applicable Law" mean~ all controlling applicable l~.,~..~.tl, state and local statutes, regulations, ordinances and admini~tralive rules and orders (that have thc ~- cot cd law) as well as all applicable fmal, non-appe,alable judicial opinions. (J) "Community Assoeiolion Dues, Fees, .and Assessmen~ls' nc,tn% all dues, fees, asses~me,ms and ather charges Lhat are imposed on Borrower or Ihe Property b c~>ndominium association, hame. owners association or similar organization. (K) "Electronic Fnnds Transfer" means ,any Iransfer of l~t~cl., odier than a Iran~ac. tion origjnamd by the,ok, draft, or similar paper insrrnmem, which is initialcJ n~,ueh an electronic Ierminal, telephonic insnn~me,nt, computer, or magnetic nape so as to order, instru, I ~ :mthorize a financial institution to debit or credit an acconm. Such mrm includes, but is not limited . . I~fint-of-sale transfers, automate,d ieller machine, ll'an~aetions, transfers initiated by Ielephone, , ,c tl,msfers, and antomate,d clearinghouse transfers. (L) "Escrow ItP. ms" me,aug Iliose ilgms lhat are described in 5,., I~, ,Il 3. (MD "miseollane,ons Proceeds" mean~ any compensation, sc~ ~'~ ~. award of damages, or proceeds paid by any Ikird parly (other than insurance proceeds paid under ~ ~=' ~,x crages described in Section 5) for: (i) damage IO, or destruction of, the Property; (ii) condemn:nj, ,~ ~, otlxer raking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (ix') n~.f~ i,~cscmanons of, or omissions as to, Ihe value and/or condition of the Property, (N) "Mortgage Insurance" means insurance protecting J~nd -i t..unnst the nonpayment of, or default on, ihe Loan. " i ° moll II (O) PerodiePay t me-an~lheregularlyschedniedan~[,~ ~uclor(i) principal and interest nnderlhe Note, pins (fi) any amonm.q under Section 3 of Ihis Security 1~ (P) "RE,qPA" means the Real Esnate SettlemenI Procedures .,~ 12 U .S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Pan 351,~ ,~ they might be amc,cried from time, to time,, urany additional or successor legislation or regulation ~ ~n ~'~vcrns the same subject maaer. As used in this Security Instrament, "RESPA" refers to all requiremct, - ,utd restrictions that are imposed in regard loan" under RESPA. (Q) "SneC_~&qor in lnter~l[ of Borrower" mean~ xny pan3 .... taken title Io ~e Property, w~ or no~ ~t ~y ~ ~sumed Bo~ower's ob~io~ nnder thc' '.._ ,nad/or this Secuhty I~. T~NSFER OF ~G~S IN T~ PROP~TY This Se~fity ~m~ment ~c~es ~o L~er: (i) ~e repaym~ thc Loan. and ~1 r~w~s, ex~io~ ~ modffimo~ of ~ Nora; ~ (ii) ~e ~ffomanc~ of I,,,,,mcr's coverts and ~r~menB ~er ~ Securi~ ~ment ~ ~ Note. For ~s pu~ose, Bon, ,. cr docs hereby mo~e, gr~t and convey Io ~ (solely ~ no~ for ~r ~ ~r's sit,. ~-,sor~ and assign) ~ m ~e successors and ~sig~ of ~, wi~ power of ~e, tm. t,~lloxsmg described property located ~ me County of Li ncol n ~e of ~cor~ J~n] ~ame of Recordi~ Jn~fion] SEE EXHIBIT "A" ATTACHED HERETO SUBJECT TO COVENANTS ~.VDE A PART HEREOF Parcel ID Number: 216 Butte Dr. ("Property Address"): 12-3418-05-3-04- 003. Thayne which currently has the address of [S~reet] · Wyoming 83127 [Zip Code] TOGETHER WITH all the improvement; now or I~ ~,.';~l'tc~' erected on lite property, and all easements, appurtenances, and fixtures now or hereafter :~ l,~.t t)l: the property. All replacements and additions .qhall also be covered by this Security Insmm~e~n \11 t,f the foregoing is referred to in this Security Instalment as Ihe "Property." Borrower nndersnmd.,., nd agrees that MERS holds only legal lille to the interests granled by Borrower in thi; Security instrun~.'~n ~ hut, if necessary to comply with law or custom, MERS (as nnminee for Lender and Lender's sncces,.,~,, :t nd assigns) has the right: to exercise any or all of those interests, inclurling, but not limited to, the ~,!n t(, foreclose and sell the Property; and Io lake any action required of Lender incluaing, but not lim~ ,! t,~, releasing and canceling lifts Security Instrnment. BORROWER COVENANTS lb_at Borrower is lawfull; i:,cd t)l' the estate hereby conveyed and has the right to mortgage, grant and convey the Property and th:,~ thc Property is unencumbered, except for encumbrances of record. Borrower warrant; 3.nd wilt defenJ ?:ncrally the tire to the Property again;t all claimq ~ demanrt~, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines nniform ,, ~, chants for national nsc and non-uniform covenants with limited variations by jurisdiction io constitul~. ,~ urn form security instrument covering real property. ~ '~~s' ~}~6AIWY) looosI P.~g~ 3 ~115 051 1/01 0:905:865 078© UNIFORM COVENANTS. Borrower and Lender cox c~,.,,~t a~ld agree as follows: 1. Payment of Principal, Interest, Escrow Items, I'rcpayment Charges, and Late Charges. _Borrower shall pay when due the principal of, and interc~l . ,~. llt~ debt evidenced by the Note and any prepayment charges and late charges due under the Note. B. ,~ ~, ,,,; cr shall also pay fl~nds for Escrow imms pursuant to Section 3. Payments due under the Note and tl~i 5;ccurity Instrument shall be made in U.S. currency. However, if any chec. ak or other instrument receix ~.,t t~... l~cnder as payment nnder the Note or this Security Instrument is returned to Lender unpaid, lender m,. ~cqt~ire that any or all subsequent payments due nnder the Note and this Security Instrument be mad,. t~, ,mc or more of the following forms, as selected by Lender: (a)cash; (b) money order; (c) certit~<.d check, bank check, treasurer's check or cashier's check, provided any such c. Amck is drawn upon a,~ t~titution whose deposits are insured by a federal agency, instrnmentality, or entity; or (d) Electronic ~ t,~,l, Transfer. Payments are deemed received by Lender when receix ,.d :t~ thc location designated in the Note or at such other location as may be designated by Lender jn acct~ ~!:~ t,c with the notice provisions in Section 15. Lender may return any payment or partial payment if the 1':'5'. ~c~l or partial'paynmnts are insufficient to bring the Loan current. Lender may accept any payment or 1'., ~i~tl payment insufficient to bring Ihe Loan current, without waiver of any rights hereunder or prejndic,' ~,. ~ rights to refuse such payment or partial payments in the future, but Lender is not obligated Io appl:, ~.h payments at the time such payments are accepted. If each Periodic Payment is applied as of its s~l;,.,ltflcd due date, then Lender need not pay imerest on nnapplied funds. Leaxler may hold such nnapplicd I tltid~, until Borrower makes paymer;t io bring the Loan current. If Borrower does not do so within a reast,~ ~.~i ,lc period of time, Lender ~hall either apply such funds or remm them to Borrower. If not applied earlic~ t~,'h ltllldS will be applied to the outstanding principal balance under the Note immediately prior to ft~i.:._i~,~rc. No offset or claim which Borrower might have .now or in th~ future against Lender shall relic~ ,~ t:,,~ lt~wer from making payments due under the Note and iris Secttrity Instrument or performing the co~ ~.~t~l~ and agreements secured by this Security InshmmenL 2. ApplicaHon of Payments or Proceeds. Except :t thcrxvise described in this Section 2, all payments accepted and applied by Lender shall be applied t~, tl~c following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) a~,,,tmts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in ',. l~i~ I~ it became due. Any remaining amounts shall be applied frrst to late charges, second to any other a~, ,t~ts duc under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a d::! t~ ~qt~cnt Periodic Payment which includes a sufficient mount to pay any late charge due, the paymem ~,~.~, bc applied to the delinquent payment and the late charge. If more than one Periodic Payment is ontsta~ t, I t~.,~, l_~nder nmy apply any payment received from Borrower to the repayment of the Periodic Payments i~ .,~d to the extent that, each payment can be paid in full. To the extent Ihat any excess exists after the p<, ~,~<.t~t is applied to the full payment of one or more Periodic Payments, such excess may be applied to am la,to ~harges due. Voluntary prepayments shall be applied fn'st to any prepayment charges and then as desc~il ,:d i~ thc Note. Any application of payments, insurance proceeds, or Xl i .~cllancous Proceeds to principal due under the Note shall noI extend or postpone the due date, or changt Il,: amount, of the Periodic Payments. 3. Fnnds for Escrow Item;. Borrower shall pay to I ,.~dc~ on the day Periodic Paymenls are due under the Note, until the Note is paid in full, a sum (the "1 t~td,'~) to provide for payment of amonms due for: (a) Ia.xes and assessments and other items which cm~ alt::ti~ i)rit)rity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payme~t, , ,~ ground rents on the Property, if any; (c) premiums for any and all insurance required by lender t~d:~ Section 5; and (d) Mortgage Insurance premimns, if .any, or .any sum~ payable by Borrower ltl t ,.;ldcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions t)l ~,~.,.it~)ll 10. These items are called "Escrow Items." At origination or at any lime during the term of th, I ,~zt~, Lender may require llmt Community Association Dues, Fees, and Assessments, if any, be esc~, ,'... cd by Borrower, and such dues, fees and assessment~ shall be an Escrow Item. Borrower shall prompl 1:, lm nish to Lender all notices of amoums to be paid nnder lifts Section. Borrower shall pay Lender thc I il;id>, tot Escrow Items unless Lender waives Borrower's obligation Io pay the Funds for any or all l::.,~,,x~ hems. Lender may waive Borrower's obligation to pay lo Lender Funds for any orall Escrow Ik.~, ~tt any ti~ne. Any such waiv.,e4 may only be in writing, in the event of Such waiver, Borrower ~hall pa5' tli~ ,', t t5, when and where pt.p~, ~ amonms initial 0784 tine for any Escrow Items for which paymem of Funds has b.v., ,,.,i~ x cd by Lender and, if Lender requires, .~hall fuD~ish tO lender receipts evidencing such payment v. ~t!~.:~ -,uch time period as Lender may require. Borrower's obligation to make such paymems and to provid.. ,~.ccipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrt,~,. ~,~. as tl~e phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Esc~,., l~c,Ls directly, pursuant to a waiver, and Borrower fails to pay ihe mount due for an Escrow Iw.m, 1 _ ~,~l.:r may exercise its rights under Section 9 and pay such mount and Borrower shall then be obligated ~l~l Section 9 to repay to Lender any such .amount. Lender may revoke the waiver as to any or all E~=t,,~.~ hems at any time by a notice given in accordance with Section 15 and, upon such revocation, Bt~t~, ,.~ c~ .shall pay to !ender all Funds, and in such mounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an :,~,.,~mt (a~ sufficient to permit Lender to apply the Funds at the time specified under RESPA, and- (b) nol I., c~cced the maximum amount a lender can require under RESPA. Lender ~hall estimate the amount ol t mtds due on the basis of current data and reasonable estimates of expenditures of future Escrow Iten~- , ,~ ,,d~t:rwise in accordance with Applicable Law. The Funds ~hall be held in an institution whose d.:t~sil~, art insured by a federal agency, insm~mentality, or entity (including Lender, ff Lender is an ~,~.l~mlion whose deposits are so insured) or in any Federal Home LoanBank. Lender ~hall apply the Funds t,, i',t) thc Escrow Items no later than rite time specified under RESPA. Lender shall not charge Borrower ,,, h~,hlmg and applying the Funds, annually analyTing the escrow accoum, or verifying the Escrow Items. u~h.~s Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a ~,~.,~ c t~nless an agreement is made in writing or Applicable Law requires interes~ to be paid on the Funds i ,'~,lcr shall not be required to pay Borrower any interest or earnings on rite Funds. Borrower and Lendc ,. a~ree tn writing, however, that interest .~hall be paid on the Fnnds. Lender shall give to Borrowe~. ~,,m charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as dc ~ ~ tmdt:r RESPA, Lender shall accoum to Borrower/or theexcess fimdg in accordance withRESPA II !~.lc ~ , shortage of Funds held m escrow, as defined under RESPA, Lender shall notify Borrower as ~ ..~cd hy RESPA, and Borrower ~hall pay to l.ender the amount necessary to make up the shortage in ac~,,~ ~l.mcc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in ~- ......... ,, defined under RESPA, Iender shall notify Borrower as required by RESPA, and Borrower shall ~. ~t Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more ~.,~ 12 monthly paymems. Upon payment in full of all sum; secured by this Secu I llslrulnent. Lender ~hall prompfly refund to Borrower any Funds held by Le. nder. 4. Charges; Liens. Borrower .~hall pay all taxes, ~, .:.,mcnts. charges, fmcs, and unposinons attributable tothe Property which can attain priority over th~- ',ccuril5 Instrument, leasehold paymemg or ground rems onthe Property, ffany, ~ Community Associ,~l ,m l)ues, Fees, and Assessment~, ifany. To the extent that these items are Escrow Items, Borrower shall . t~cm in the manner provided in Section 3 Borrower .~hall promptly discharge any lien which ha, I ~' ,l~tX over this Security Instrument unless Borrower: (a) agrees in writing lo the payment of the obligat,, ,~ :,~:curcd by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such ,:~'~'ment; (b) contests the lien in good faith by, or defends agaln~t enforcement of the lien in, legal prt,~=: ~,,_,s ;~hich in Lender's opinion operate m prevent the enforcemem of the lien while those proceedings ..... c~ding, but only until such proceedings are concluded; or (c) secures from the holder of the lien an ',,_ ._~ ,.cra satisfactory to l.ender subordinating the lien to this Security Instnnnent. If lender determines th ..... par~ of the Property is subject to a lien which can attain priority over this Security Insm,ment, Lend.~ ,,, g ~ve Borrower a notice id~tifying lite (~-~AfWY! ~ooo~1 eag~ z, of ~s 51 1/01 0785 lien. Within 10 days of the date on which that notice is givc~l I', ,'~, ~wcr shall satisfy the lien or lake one or more of lhe actions set forth above in this Seclion4. Lender may require Borrower to pay a one-time ch:, .~,: I,~ u real estate lax verification and/or reporting service used by Lender in connection with this 5. Property Insurance. Borrower shall keep the impr[,, :~,~'ms now existing or hereafter erected on ihe Property insured against loss by fire, ha?ards included v. ill~t~ thc tcnn "extended coverage," and any other ha?urals including, but not limited to, earthquakes and lh ,, ~ds, tbr which Lender requires insurance. This insurance shall be maintained in the mounts (includi~, d,~ductible levels) and for the periods Ihat Lender requires. What Lender requires pursuant to Ihe prcc'c., l il~! scmcnces can change during the Ienn of ihe Loan. The insurance carrier providing the insurance sh:~ll t,~, d~os~n by Borrower subject to Lender's right io disapprove Borrower's choice, which right shall ~t,,[ hu exercised unreasonably. Lender may require Borrower to pay, in connection with this. Loan, ~.~l,,r: (;0 a one-time charge for flood zone determination, certifmation and tracking services; or (b) a ,,~ i~mc charge for flood zone determination and certification services and subsequent charges each /init ~'~n:tppings or similar changes occur which reasonably might affect such determination or certifmation lh,~ r~wcr shall also be responsible for the payment of any fees imposed by the Federal F. mergency x.l.~lt:t~cnlellt Agency in connection with the review of any flood zone determination resulting from an ob. iv~ ti, ,~t h> Borrower. If Borrower fail~ to maintain any of the coverages d~.~, ~ il,cd above, Lender may obtain insurance coverage, at Lender's option real Borrower's expense. Lcl,l~., i.~ under no obligation to purchase any particular type or mount of coverage. Therefore, such cox ~t ,.,~. shctll cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or ~! ?: ~mtcnts of the Property, against any risk, hazard or liability and might provide greater or lesser coxc~.,~; th:m was previously in effect. Borrower acknowledges Ihat Ihe cost of the insurance coverage so ul,.: ,~.d might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts d.!,u~cd by Lender under this Section 5 ~hall become addition,al debt of Borrower secured by this Securitx l~t .11 ulngllI. These amounts ~hall bear imerest at the Note rate from the dale of clisbursement and shall bc i~,<, ,I,lc, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewal~ , ,! ~m.h policies shall be subject to Lender's right to disapprove such policies, shall include a standard t ,,ltg:~gc clause, and shall name l-ender as mortgagee and/or as an additional loss payee. Lender shall h~.. ::lhc right to hold the policies and renewal certificates. If Lender requires, Borrower ~ha!l promptly gix v I,, l.cndur all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance .... cr:tTc, not otherwise required by Lender, for damage io, or destruction of, the Property, such polic.~ ,l~ll include a standard mortgage clause and .qhall name Lender as morlgagee andlor as an add[don,al loss i~:,,, In the event of loss, Borrower shall give prompt notic~ ~,, ~hc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. I ,l~'ss Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the undc~ I'. [~:~ illsurance was required by Lender, shall be applied Io restoration or repair of the Property, if the rest, ,~ :,l t, ,ti ~*r repair is economically feasible and Lender's security is not lessened. During such repair and ri'st, ,~ :~tl,m period, Lender ~hall have Ihe righI to hold such insurance proceeds until Lender has had an opp~u,~x io inspect such Property to ensure the work has been completed to l.ender's satisfaction, provid~-d ihztt such inspection .qhall be nnderlaken promptly. Lender may disburse proceeds for the repairs and ~:. r,, r z~ti o n in a single payment or in a series of progress payments as the work is completed. Unless an aT~:.~ ~ ~.~ is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lend,'~ -,h;tll not be required to pay Borrower any interest or earnings on such proceeds. Fees for public ud:t~,,tcts, or other third parties, retained by Borrower ~hall not be paid out of the insurance proceeds and ~.i~ll be the sole obligation of Borrower. If the restoration or repair is not econnmically feasible or Lend~. ~ ':, security would be lessened,~ insurance proceeds .qhall be applied to the sums secured by this Securi~> lll~lrument, whether or not/l~ due, with the excess, if any, paid to Borrower. Such insurance proceed, ,dl )c :~pplied in the order provided for in Section 2. If Borrower abandons lite Property, Lender may file. x,,'.,,}tnnc and settle any available insurance claim and related matters. If Borrower does not respond ~a'~t~,,,~ ~,~ days to a notice from Lender ltmt insurance earner has offered to settle a claim, then Lender m.. ncm)tiate and settle the claim. The 30-day period will begin when Ihe notice is given. In either even ti Lender acquires the Property nnder Section 22 or otherwise, Borrower hereby assigns m Lenn:~ ,,, Borrower's rights ~o any insurance proceeds in an amount not to exceed the amounts unpaid un~n'~ ,:c Nott: or this Security Instrument, and (b) any other of Borrower's righls (olher than lhe right ~ ....... rct'und of unearned premium~ paid by Borrower) under all insurance policies covering Ihe Propert. ,,~l:n- as such rights are applicable to Ihe coverage of the Property. Lender may use the insurance procc :~ ~- cnhcr to repair or restore the Property or to pay amountg unpaid nnder Ihe Note or this Security'Instrun~ .~,~ x~ hcther or not Ihen clue. 6. Ocmlpancy. Borrower ~hall occupy, establish, an, ,.,- Inc Property as Borrower's principal residence within 60 days after the execution of this Securitx I ,. tiltall:ill and shall continue to occupy the Property as Borrower's principal residence for at least one x c.,~ .~t cr ~he date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be tHi~,',t,~)nably withheld, or unless exIe_muming circnmgtanees exist which are beyond Borrower's control. 7. Preservation, Mnintonance and Protoetion of Iht. I'~'.l)erly; Inspections. Borrower shall not destroy, damage or hnpair the Property, allow the Propc~ ,, dcleriorate or commit waste on the Property. Whellmr or not Borrower is residing in lira Prop~. ll,~rrower shall lll~inrain the Property in order to prevem Ihe Property from deteriorating or decreasing:, ~ xaluc due to its condition Unless ~t is determined pursuant to Section 5 that repair or restoration t economically feasible, Borrower shall promptly repair the Property if damaged to avoid furtive :~=.rioration or damage. If insurance or condemnation proceeds are paid m connection with damage ~ thc t~ing of, the Property, Borrower ~hall be responsible for repairing or restoring the Property . ~i l_cnder has released proceeds for such purposes. Lender may disburse proceeds for the repairs and re, :,, ~:n~,,n m a single payment or in a series of progress paymems as the work is completed. If Ihe insurance ,~ mdcmnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved ~, ',, ,~'ox~ cr's obligation for Ihe completion of such repair or restoration. Lender or its agent may make reasonable entries upo~ ,~, mspcctmns of the Property. If it has reasonable canoe, l.ender may inspect the interior of the hnp~... ,'~ncnts on the Property. Lender shall g~ve Borrower notice at the time of or prior to such an interior ins1,., ~, ,n Sl,ccifying such reasonable cause. 8. Borrower's Loan Application. Borrower .qhall b<' default if, during the Loan application process, Borrower or any persons or entities acting at th~. ~,~,:'ct~on of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or in~.. ,m ate information or statements to Lender (or failed to provide Lender with material information, connecnon wilh Ihe Loan Material representations include, bnI are not limited to, representan,,,~ c(mccrning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of l.englel"s Illtert~it in the Property and Rights Under this Seeurity illstrnmont. If (a) Borrower fails to perform the covenants and agr~mems c, ,~ .~lltt_'d tll this Security instrument, (b) Ihere is a legal proceeding that might significantly affect Lendm' tlc~csl in the Property and/or rights under lids Security Instrument (such as a proceeding in bankruptc> hate, for condmnnation or forfeiture, for enforcement of a lien which may attain priority over this .-,:tint v Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, ~:,,.t Icndcr may do and pay for whatever is reasonable or appropriate to protect Lender's interest in ~ Iqopcrty and rights under this Security Instrument, including protecting and/or asse~q~ing the value , ~n~. I'~opcrty, and securing and/or repairing lite Property. Lender's actions eau include, but are not limit:, 1 ~aj paying any sums sefi?red by a hen which has priority over Ikis Security Instrument; (b) app:.:~ ~ni in court; and (c) p~#ing reasonable (~-6A{WY} (oeos) Page7 of 15 .. 3051 1/01 0kt052 55 0787 attorneys' fees to protect its interest in the Property and/or ~t. ~t trader this Security Instrument. including ils secured position in a bankruptcy proceeding. Securing t~ q( l~erty includes, bn! is not limited entering the Property to make repairs, change locks, replace l,, ,,rd up doors and windows, drain water from pipes, eliminate building or other code violations or d.tll: c'l,~kts conditions, and have utilities turned on or off. Although Lender may take action under Ih.is Secti~ l.cndcr does not have to do so and is not nnder any duty or obligation to do so. II is agreed Ihat I2n~tc .,, uts no liability for not taking any or all acIions authorized nnder this Section 9. Any amonnls disbursed by Lender nnder this Section h,tl] become additional debt of Borrower secured by this Security Instrument. These amonms shall b~..~ ~litcl'es~ at the Note rate from the date of disbursement and .qhall be payable, with such interest, nptm ~.~ ,t~cc fi-om Lender to Borrower requesting paymem. If this Security Instalment is on a leasehold, Borro;vc~ ..... I c~miply with all the provisions of the lease. If Borrower acquires fee title to the Property~ the lezt,ct ,t and the fee title shall not merge unless I ~ender agrees to Ihe merger in writing. 10. Mortgage Insurance. if Lender required Mortgage t~ ,~r:tncc as a condition of making the Loan, Borrower ;hall pay Ihe preminm~ required to maintain the IXl, ,,~c~ Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases ~ ~x ailable from the mortgage insurer that previously provided such insurance and Borrower was req.... ~',~ tt~ make separately designated payments ~oward the premiums for Mortgage Insurance, Borrower l,,tll pay the premium~ required to oblmn coverage substantially equivalent to the Mortgage Insurance ~ :.~ itmsl3 in effecI, at a cost substantially equivalent to the cost to Borrower of the Mortgage illsul.tr~,: p~cviously in effect, from an alternate mortgage insurer selected by Lender. If subst&ntially etlu~ ~l~.tt Nlt)rtgage Insurance coverage is not available, Borrower ~hall CoBtinne Io pay to Lender the alnt~ ~lle separately designated payments were due when lira insurance coverage ceased to be in e))~.~ I.cnder will accept, use and retain these payments as a non-relhmdable loss leserve in lieu of M~)~':,,~:,c h~surauce. Such loss reserve ~hall be non-refundable, notwithstanding the fact that the Loan is ult~l~.,t~, x paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such h,., ~ ~.scr~ c. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the an,,,~I ~tlld for the period that Lender requires) provided by an insurer selected by Lender again becomes ..~at)l~. is obtained, and lender requires separately designated payments toward the premiums for M~ ~:,,,:,~. tl~surance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrowc~ ,-..~- }Ctluired to make separately designated paymems toward ihe premiums for Mortgage Insurance. l/,,ll,,k~cr shall pay the premjnm~ required to maintain Mortgage Insurance in effect, or to provide a . . ~c~undable loss reserve, nmil Lender's reqmrement for Mortgage Insorarme ends in accordance with.. ~ r~ttcn agreement between Borrower and Lender providing for such termination or until termination l, lmrcd b3 Applicable Law. Nothing in Ihis Section 10 affects Borrower's obligation to pay interest at thc ~,,~ provided in the Note. Mortgage/nsnrance reimburses Lender (or any enntx ..... i,urchases the Note) for certain losses it may incur if Borrower does not repay Ihe Loan as agree, ~,,,rxt~wer is not a party to the Mortgage lnsorance. Mortgage insurers evalnat~ Iheir tolal risk on all such ~t~-t~,mcc m force from time to lime, and may enter into agr~ments with ollmr parties ihat ~qhare or modifx ,:tr risk, or reduce losses. These agreemems are on wa-ms and conditions lsat are satisfaclory Io the mct't~,t:,c, lltsurer and the other party (or parties) ihese agreements. These agreements may reqmre the mongag~ ~,urcr to make paymems u~ing any sourm of funds lsat the mortgage inmrer may have available (which ~,, include funds obtained from Mortgage Insurance premiums). As a result of these agreemems, Lender, any purchasc~ ~ ~l~c Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, m:. ~.~ c~, c (directly or indireclly) amonms derive from (or might be characterized as) a portion of Bt~r~, ,'.~, c~ payments for Morlgage Insurance, in exchange for .qharillg or modifying the mortgage insurer's ... t~r reducing losses. If such agreement provides that an affiliate of Lender takes a ~hare of the ll~ t~cl '~ risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed _ ..lull x c reinsurance." Further: (a) Any sneh agreemem~ will not affect the amoum~ lhat Borrower has agreed to pay for Mortgage lnm~rall~, or any or_hoe ternl~ of the Loan. Such agreenlents will not increa~ the mount Borrower will owe for Mortgage Insurance, and they will ,,.) t'ntitle Borrower to any r/~nnd. ~}~-6A(WY) 10005) Pag~ 8 at ~s 3051 l/D1 o o5Z65 ;' ' 07 $ 8 (bt Any sne_h agr~ments will not affect the rights ih,l r,Jx~cl' bas - if any - with respect to the Mortgage Insurance_ lander the Homeowners Protection Act ,ff 1998 or any other law. These rights may include the right to receive certain disclosures, h, tcqt,est and obtain cancellation of the Mortgage Insurance, to have the Mortgage Instwanee termi,mcd automatically, and/or to receive a refnnd of any Mortgage Insurance premium; that were um.:~rncd at the time of such cancellation or termination. 11. A;;i~nment of Miscellaneous Proceeds; Forfeitmc. \11 Miscellaneous Proceeds are hereby assigned to and ;hall be paid to Lender. If ~e Property is damaged, such Miscellaneous Procecc. -l~.tll be applied to restoration or repair of the Property, if the restoration or repair is economically fc.t,~l 1,: and Lender's security is not lessened. During such repair and restoration period, Lender ~hall haw ,~nt to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propers. cn~ure the work has been completed Lender's satisfaction, provided that such inspection shall be t~, l,~l&cn promptly. Lender may pay for repairs and restoration in a ;ingle disbursement or in a ..... ,ff progress paymems as the work is completed. Unless an agreement is made in writing or Applic,I ~1, l.:~ requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to p<, l;,)l~t)wcr any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not eeo l i,, i lli ,z; 11, feasible or I .curler's security would be lessened, the Miscellaneous Proceeds ;hall be applied to m. -t~.. secured by this Security Instrument, whether or not Ihen due, with the excess, if any, paid to Borl ~.t.r Such Miscellaneous Proceeds ;hall be applied in the order provided for in Section 2. In the event of a Iotal taking, destruction, or loss . ., .t,ttc of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by lifts Securi~. lli,tlulnent, whether or not then due, with the excess, if any, paid to Borrower. In lhe event of a partial taking, destruction, or loss in: :,~t,, ~ tilt' Property in which the fair market value of the Property immediately before the partial takine l.'.~lrt~clion, or loss in value is equal to or greater Ihan the mount of the sums secured by this Seem'il,..~tqlrunlellt immediately before the partial taking, destruction, or loss m value, unless Borrower and I . ~c~ t~fl~erwise agree in writing, the sums secured by lifts Security Instrument shall be reduced bx :m~tmnt of the Miscellaneous Proceeds multiplied by the following fraction: (at the total amount , t~, sums secured immediately before the partial talcing, destruction, or loss in value divided b3 mc fair nmrket value of Ihe Property ~mmediamly before Ihe partial taking, destruction, or loss in x :: Am balance shall be paid to Borrower. In the event of a partial ;aking, destruction, or loss in x ,,,~,~ .I the Property in which the fair market value of the Property immedialely before the partial takine. ,~-IltlCtlUll. or loss in value is less than the amount of the snm~ secured immediately before the partial ....... ~. destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, Ihe Miscell,~ ....... Proceeds shall be applied to Ihe secured by thi,~Security Instrument whether ornotlhesnms :t) ~t,,~ due If the Property is abandoned by Borrower, or if, ;~tt,.) ~,>t~cc by Lender ~o Borrower that the Opposing Party (as defined in the next sentence) offers to m,,~, ,m award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after iht tktt~, t~[c notice is given, Lender is authorized xo collect and apply the Miscellaneous Proceeds either to rc,.~, ,~ .trion or repair of lite Property or to the snm~ se. cured by Ibis Security Instrument, whether or not Ihen ~.~. t)pposing Part)'" mean~ the third party that owes Borrower Miscellaneous Proceeds or Ihe parry a,,ztt x~ horn Borrower has a right of action in regard to Miscellaneous Prom~Ms. Borrower ghall be in default if any action or proceeding ,.,. ~ctncr civil or criminal, .is begun that, in Lender's judgment, could resnl! in forfeiture of Ihe Pmpert. r {~ther material impairmem of Lender's interest in the Property or rights under this Security Instrument[ Ik}rro~er can cure such a default and, if ac~leration has occurred, reiuslate as provided in Section 1 '~ causing the action or proceeding IO be dismissed with a ruling that, in Lender's judgment, preclude. ~c ture of the Properly or other material impairment of Lender's interest in the Property or rights und. ~. Security Instrument. The proceeds of any award or claim for damages that are atlributable to the ~ ~ ~ ,, ~, ~ ~c~;t o f Lender' s interest in the Property are hereby assigned and ~hall be paid to Lender. All Miscellaneous Proc~ds that are not applied to rc.~,,~, t,m tn' repair of the Property~shall be applied in Ihe order provided for in Section 2. (~-6A(WY) ,ooo5! P*9of15 ~/ Form3051 1101 O9O5265 '---. 12. Borrower Not Released; Forbearance By Lea~tlm' 'xot a Waiver. Extension of the time for payment or modification of amorti?ation of the snm~ secured .... hccurity Instrument granted by Lender Io Borrower or any Successor in Interest of Borrower ~hall n, ,~ I~ct':~tc to release the hability of Borrower or any Successors in Interest of Borrower. Lender shall not t,. ~-~,.it~d to commence proceedings against any Successor in Interest of Borrower or to refuse to ~3. tclt, .lltl~2 l'or payment or otherwise modify amortiTation of the sums secured by this Security Instrumenl t ~.,,t~m t)l' any demand made by the original Borrower or any Successors fin Interest of Borrower. Any fi, !,.'~,.~cc b> Lender in exercisxng any right or remedy including, without limitation, Lender's acceptance l',t? mcnts from third persons, entities or Successors in Interest of Borrower or in amounts less than lhc ,,t~, ,unt then due, shall not be a wmver of or preclude Ire exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Sneeess,.-~ :lml Assigns Bound, Borrower covenants and agrees that Borrower's obligations and liability ~hall b~ j ~md several. However, any Borrower who co-signs lifts Security Instrument but does not execute thc '. - ,,, "co-signer"): (a) is co-signing dais Security Instalment only to mortgage, gram and convey thc · -,~,2ncr's interes~ in flq. e Property under the terms of this Security Instrument; (b) is not persrmally obli,,,,~',l , pay the sums secured by ihis Security Instrument; and (c) agrees that Lender and any other Borr,~', ~,t. :mree to extend, modify, forbear or make any accommodations with regard to the mrms of tl~is ~:~ .r~t,. Instrument or Ihe Note without I1~ Co-sigl~r's consent. Subject to the provisions of Section 18, any Succ~.~ ltl Interest of Borrower who assumes Borrower's obligations under this Security Instrument m wrl~ . .~ :md is approved by Lender, shall oblain all of Borrower's righls and benefits under lifts Security Inst~ [, ~,x~. Borrower ~hall not be released from Borrower's obligations and liability under this Security Insm ..... ~ unlcss Lender agrees to such release in writing. The covenants and agreements of ikis Security ~.,l~.mc~]t shall bind (except as provided in Section 20) and benefit Ire successors and assigns of Lender 14. Loan Charges. Lender may charge Borrower fcc. ~ services performed in connection with Borrower's default, for the purpose of protecting Lender's tlll~lc>t 111 the Property and rights under this Security Instalment, including, but not fruited to, artorne3's' .. property tnspection and valuation fees. In regard ~o any other fees, the absence of express authorit3 .. Security Instrument to charge a specific fee to Borrower .~hall not be construed as a prohibition on tl~c. ~ ~t.~ ~m,, of such fee. Lender may not charge fees that are expressly prohibited by fids Security Instrument, ~ .-\l)plicable Law. If the Loan is subject to a law which sets maximum loan ,,,~ ~cs. and that law is finally interpreled so that the interest or other loan charges collected or to be coll~.. ~,..J ~. ctmnection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be ic,,.~ bx tn~ amount necessary ~o reduce the charge tO the permitted limit; and (b) any sums already collc~ ,,m Borrower which exceeded permitted limits will be refimded to Borrower. Lender may choose ti, ~,~,,1.~. this refund by reducing Ihe principal owed under ihe Note or by making a direct payment to i-,' ,~t,,x~cr. lf a refund reduces principal, the reduction will be treated as a partial prepayment without .,, l.cpayment c 'harge (whelher or not a prepayment charge is provided for under the Note). Borrmx .'~ ',, .cccptance of any such refund made by direct payment to Borrower will constitute a waiver of any si~i~t ,,1' action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lendcl ~ ~',.mcclion with fids Security Instrument musI be in writing. Any notice tu Borrower in connection x~ ili~ lh~ ,; hcc urity Instrument .qhall be deemed to have been given to Borrower when mailed by first class m,~i , ,~ when actually delivered to Borrower's notice address if sent by other l~neans. Notice to any one Bt~r~, ,...~ ~'~ shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The .,,~,.~. :tddrcss shall be the Property Address unless Borrower has designated a substitute notice address b' ~,,,t ice lo Lender. Borrower shrill promptly notify Lender of Borrower's change of address. If Lender sl~,... !t~.~ a procedure for repo~Jng Borrower's change of address, then Borrower shall only report a change ,,I ,~ddrcss through I/mt specified procedure. There may be only one designated notice address under thi. ',..ct. ily Instrument at any one time. Any notice Io Lender shall be given by delivering it or by mail~,., ~1 I)y first class mail to Lender's address staled hereto unless Lender has designated another addrc,,,, hx notice to Borrower. Any notice in connection wiih this Security Instrument shall not be deemed ~,, ltztx ~ been given to Lender unlil actually received by Lender. If any notice required by Ihis Security 1~ ,llttlncilt is also requixed under Appxlicable Law, Ihe Applicable Law requirement will satisfy the co~ i,:,,i~,~ltding requirement unde_r Ihis....~g)curity Instrument. ~ 0905265 0750 16. Governing Law; Severability; Rules of Constr.t'tim. This Security InsLr~lmetlt .qhall be governed by federal law and lite law of the jurisdiction in xx ~L~ thc Property is located. All rights and obligations contained in this Security insmument are sub;~-,- t,, ;tn> requirements and limitations of Applicable Law. Applicable Law might explicitly or implici~ . ~,, th~ parties to agree by comract or it might be silent, but such silence ~hall not be construed as a 1'~ ~.tto~ agmnst agreement by contract. In the event that any provision or clause of this Se~:urity Ins.'. l,,.[ ~)r the Note conflicts with Applicable Law. such conflict ~hall not affect olher provtsions of this h~.,. tx Instrument or the Note which can be given effect withoul the conflicting provision. As used in this Security Instrument: (a) words of thc t.~culin= gender shall mean and include corresponding neuter words or words of the feminine gendc~ x~ords in the singular ~hall mean and include the plural and vice versa; and (c) the word "may" g~,, ,, .,.c discretion without any obligation m take any acnon. 17. Borrower's Copy. Borrower shall be given one cop.~ hc Note and of this Security instrument. 18. Transfer of the Property or a Beneficial Interest i. Bm'rower. As used in this Section 18, "Imerest in the Property" means any legal or beneficial interc.~ .to Property. including, but not limited to. those beneficial interests transferred in a bond for deed, c~,~ ,:tc~ ior deed, installment sales contract or escrow agreemem, the intent of which is the transfer of tille bx I;,,r~'tm cr at a future date to a purchaser. If all or any part of the Property or any Imerest in the 1'~,, ,~ ~tx is sold or transferred (or if Borrower is not a lnatnral person and a benef'mial interest in Borrower ,. -, .... ~r transferred) without Lender's prior written consent. Lender may require immediate paymem m ~ t,f all sums secured by this Security Instrument. However, this option .qhall not be exercised bx . c~dcr if such exercise is prohibited by Applicable Law. ff Lender exercises this option, Lender ahall give Bout,,,,,.. ~,,.ce of acceleration. The notice ~hall provide a period of not ldss Ihan 30 days from the date the., .... eiven in accordance with Section 15 wilhin which Borrower must pay ali sum~ secured by this .q.', ~ ~i. Instrument. If Borrower fails to pay these sumg prior to the expiration of this period. Lender m,,, n~oke any remedies permitted by this Security instrument without further notice or demand on Borr~ 19. Borrower's Right to Reinstate After Accelerati... It Borrower meets certain conditions, Borrower ~hall have the right to have enforcement of lifts 5,.,~. x Instrument discontinued at any lime prior to the earliest of: (a) five days before sale of the Propcrl. . ~tlaltl to any power of sale contained in Ihis Security Instrument; (b) such other period as Applicabl~, I ~xx might specify for the termination of Borrower's righi to reinstate; or (c) entry of a judgmem ~,~.l,,~.in~ this Security Instrument. Those conditions are Ihat Borrower: (a) pays Lender all sums wl~, :~ ~hci~ would be due nnrter lids Security insmmlent and the Note as if no acceleration had occurred; t b ~ ,t, ~ ~.s any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Sc,~, ~x I~strument. including, but not limited to, reasonable attorneys' fees. property inspection and valu.il,,~ fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and r~_ I,~~, ,rider this Security Instrument; and (d) lakes such action as Leader may reasonably require io assure, t].~t Lc~der's interest in the Properly and rights under this Security instrnmenl, and Borrower's obligati, .~ i,~ t):Lv the sums secured by this Security insI:mment, shall continue unchanged. Lender may require th,l I;, ,l tower pay such reinstatement sums and expenses in one or more of the following forms, as selected t,-, Icnder: (a) cash; (b) money order; (c) cerrified check, hank check, treasurer's check or cashier's thc. I, l.~vidcd any such check is drawn upon an institution whose deposits are insured by a federal agenc.x, ~,,Irumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower. this Seam-it,. I~s~ runlellt and obligations secured hereby ~hall remain fully effective as if no acceleration had occurrctt I I,,xx cv~r, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of {;ri,.x ante. The Note or a partial inlerest in Ihe Note (together with lifts Security Instrument) can be sold Borrower. A sale might result in a change in the entity (k., ~,,~, ~t as the "Loan Servicer") that collects Periodic Payments due nnrler Ihe Note and this Security l.~:~,~c.t and performs other mortgage loan servicing obligations under the Note, Ihis Security insmm~e.t. ,,~,1 Applicable Law. There also might be one or more changes of it~ Loan Servicer unrelated io a sale {} I ~t~c. N t)tc. I f there is a change ~ the Loan Servicer. Borrower will be given written notice of the change ,,,. ,~t, I~ will state the name and adrift)ss of the new Loan Servicer, the ~rlrtress Io which payments should i~, i~,,tdc and a~Y~~A~~ ' RESPA (~}~6A(WY) Iooos) P~g. 11 of 15 ~.,,,,,~ Form 3051 1/01 0k}057dt55 .t requires in connection with a notice of transfer of servicing. I~ ?,;~,lc is sold and thereafler the Loan is serviced by a Loan Servicer other than the purchaner of the N ~l,~. mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transfc :: ,, successor Loan Servicer and are nol assumed by ihe Note purchaser nnless otherwise provided by H _ -,, ~l ~. [~urchaser, Neither Borrower nor Lender may commence, join, o~ indivichml litigant or lite member of a class) that arises frt~ Security lnstrnmem or Ihat alleges lhat the other party has treason of, this Security Instrument, nmil such Borrower or I .... notice given in cnmpliance with Ihe requiremems of Sect/on other party hereto a reasonable period after the giving ,, Appllcahle Law provides a lime period which must-elapse 1 period will be d~med to be reasonable for purposes of thi, opportunity Io cure given to Borrower pursnan! to Section Borrower pursuant Io Section 18 ~hal] be deemed to satisfy action provisions of lifts Section20. 21. HaTardous Substances. As used in thk Sectio, substances defined as Ioxic or hazardous substances, polluta~ti following substances: gasoline, kerosene, other flammable . and herbicides, volatile solvents, materials containing asbest,,. (b) "Environmental Law" mean~ federal laws and laws of thc j relate to health, safety or environmental prolection; (c) action, remedial action, or removal action, as de£med in E,~,. i Condition" mean~ a condition nh_at can cause, contribute Cleannp, Borrower .uhall not tmnse or permit the presence, nsc, m Substances, or Ihreaten IO release any Ha?ardons Substances nor allow anyone else to do, anything affecting the Propert> , Law, (b) which creates an Environmenlal Cnndition, or (c) u l-In ~ardons Substance, cra_ams a condition that adversely afl'c, two gel~lenc~8 ;hall not apply Io the presence, me. or l-la?arrlons Su~qtant~s that are generally recognized to be maintenance of the Property (including, but not limited Io, hit:', Borrower shall prnmpfly give Lender written notice o1' or other action by any governmental or reguialory agency or J4a?ardons Substance or Environmental Law of which 1',, Environmental Condition. including but not limited to, any N ~cd ~o any judicial action (as either an thor party's actions pursnam to this :~tt'. provision of, orany duty owed by ~,[s notified the other party (with such such alleged breach and afforded Ire t~)t~ce to take corrective action. If .crt:.,l action can be taken, that time [ .£1,q~h. The notice of acceleralion and ..... tl~c nonce of acceleration given to ~cc and opportunity to take corrective "Hazardous Substances" are those ;~tcs by Environmental Law and the petroleum products, toxic pesticides ,~'m:ddchyde, and radioactive materials; ~on where the Property is located Ihat ~qltal Cleanup" includes any response ~.'ti;a Law; and (d)an "Environmental ,,thcrwise trigger an Environmental . s~rage, or release of any I4a?ardons ~. th~ Property. Borrower shall not do, ~t t~ in violation of any Environmental ,Itic [o the presence, use, or release of a ._ x ;duc of the Property. The preceding thc Property of small quantities of It:tic to normal residential uses and to ,. subs tances in comqnmer products). l itvcsligation, claim, demand, lawsuit c party involving the Property and any ,ct ii;is actual knowledge, (b)any leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition Jqa?ardous Substange which adversely affects the value of thc by any governmental or regulatory authority, or any private of any 14a~ardons Substance affecting the Property is necessa~, remedial actions in accordance with Environmental Law. Lender for an Environmental Cleanup. bx tile presence, use or release of a c~x If Borrower learns, or is notilrmd iNztI any removal or other remediation · ~xx cr shall promptly ~ake all neceu~ary hcrdn shall cream any )bligation on Form 3051 llOl 0792 NON-UNIFORM COVENANTS. Borrower and Lendc~ i ttt tl~cr covenant and agree as follows: 22.3cee!oration; Remedies. Lender ~hall give notice t. I;m'rower prior to acceleration following Borrower's broach of any covenant or agreement in lift, Nccurity htstrnment (bnt not prior to ~cce!eration nnder Seclinn 18 nnless Applicable Law pro~ id,., ,,thcrwise). The notice shall specify: (a) the default; (b) the action reqnired to cnre the default; (c) :, date, not less than 30 days fram the date the notice is given to Borrower, by which the default mus~ I,, cra'cd; and (d) that failnre to care the default on or before the date specified in the notice may rc, tdl iu acceleration of the snms seratred by thi; Security Instrnment and sale of the Property. The n,,t itt. ~hall further inform Borrower of the right to reinCmte after accderation and the right to bring a ~',,m't action to assert the non-existence of a defaldt orany other defense of Borrower to acceleration ,,mi sale. If the default is not cured on or before the date specified in the notice, Lender at its' option m:~) req ttire immediate payment in full of ail ~nms secured by thi~ Se~'nrity Instrllment without ftlrtht'l dc,hand and may invoke the power of sale and ~Ily other rp_illexlles permitted by Applicable l.;m. l.cmlcr shall be entitled to collect all expenses incurred in pursning the remedies provided in tl~i~ Ncction 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If I,onder invokes the power of sale, I,ender ~hall gi~ t' m,tic'c of intent to foreclose to Borrower and to the l~xson in posse~..tion of the Property, ff different, ill accordance with Applicable Law. l.ender ahall give notice of the sale to Borrower in the m:m,t'r provided in Section 15. Lender shall pnhli~h the notice of sale, and the Property ;hall be sohl iii thc manner prescribed by Applicable Law. Lender or its designee may purchase the Property a~ :m~ .~alc. The proceeds of the sale shall be applied in the following order: (a) to all expenses of ~hc sale, including, but not limited to, reasonable attorneys' fees; (b) to all ;nmq .~ilOl~llred by this NtTurily Instrument; and (c) any excess to the person or persons legally entitled to it. 23. lioleaqe. Upon payment of all sums secured by this %,.,t~ i t.N Instrument, Lender shall release this Security instrument. Borrower shall pay any recordation c{~,! l.cndcr may charge Borrower a fee for releasing Ihis Security Iasm~ment, but only if the fee is paid i,, :~ t}~ird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all right, mxdcr and by virtue of the hnmesmad exemption laws of Wyoming. (~-6A(WY) ~ooos~ Pa~e ~ 3 of ~ ~ 1/01 '0793 BY SIGNING BELOW, Borrower ac~pts and agrees , ~' terms and covenants conlained in lifts Security instrnmeni and inany Rider executed by Borrower and .. rdcd with it. Witnesses: 12/lO/200{Seal) · 'Tr !~e~ [ 0 n .Borrower ~. -- 12/10/200~(Seal) (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Se~) -Bolrowcr (Seal) -tlorrower (Seal) -Borrower ~I~6A(WY) (ooo~) P.~. ~4 of ~5 Form 3051 1/01 0905 65 -079 STATE OF WYOMING, L1 nco'l, TM foregoing msn-ument was acknowledged before n~ thi,, by 2ames Ii vingston, and 3eanelle Livingsto, December COlln£y 10. 2004 Notary Pa b l rm3051 1101 -'.0795 Lot 25 of Star Valley Ranch Plat 22, ~.incoln CounSy, Wyoming as described on the official plat thereof. MERS MIN' 100039046739321772 4673932177 ADJUSTABI.F, RAq'I! RIDER (IJROR One-¥~ar Index (As Publi;hed in The 1t,,,,,'/ ~'/rcCl Journal) - llate Caps) THIS ADJUSTABLE RATE RIDER is made this ,~ ' ;~ day of' December, 2004 and is incorporated into and shall be deemed to .[~.,mt and supplement the Mortgage, Deed of Trust. or Security Deed (the "Security Instrument") o! ih~. ~ame date given by the undersigned (th~ "Borrower") to ~cure Borrower's Adjustable Rate Not~ (the ":'.~, ,~ c "1 to Quicken Loans Inc. (the "l.ender") of the same date and covering the properb described in the Security Instrnment and located aI: 216 Butte Dr Thayne. WY 831_ [Property Addressl THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE .LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWE R MUST PAY. ADDITIONAL COVENANTS. In addition to the cox~ ~.~,I ~ and agreemems made in the Secxtrity InstD~ment, Borrower and Lender furrther covenan~ and agree .... ,I A. INTEREST RATE AND MONTHLY PAYMENT CHA N The Noie provides for an initial inlerest rate of changes in the interest rate and the monthly payments as follm: - 4. 875 %. The Note provides for 4. INTERERT RATE AND MONTHI.Y PAYMENT CHAN~ il S (A) Change Dat*s The inlerest rate I will pay may change on Ihe first day o ial"y 2008 and on that day every 12th month ihereafter. Each date on ~A lil. l iHx interest rate could ctmnge is called "Change Dale." MUI.TISTATE ,AI:IJUST/tRI :F RATE RIDER - W, SJ UNIFORM INSTRDE 480726073 Page5 of 4 Initial/~ VMP MORTGAGE :FORMS - ,B~ O~/OR -SH ~ , ~.m~ ~- Fannie Mae 7...,.0797 (B) The Index Beginning with the first Change Date, my imerest rate x~il . I):~scd on an Index. The "index" is the average of interbank offered rates for one-year U.S. dollar-tL~,~nfii~aled deposits in the London market ("l~lBOR"), as pnblished in The Wall Street Journal. The mt~ ~..,~.~ Index figureavailableasofthedate 45 days before each Change Date is called the "Current Index." if the Index is no longer available, the Note Holder wil ..... c ,, new index which is based upon eomparableinformation. The Note Holder will give me noticc . t~n, choice. (C) Calculation of Changes Before each Change I)atg, ~ Note Holder will ca~,~nnc m) new interest rate by adding Two and One-Quarter percemagepoims ( 2.250%) to the Currenl Index. The Nt~l, . lt,~dcr will then round the result of this addilion m the nearest one-eighth of one percentage point (0. l ? ~ %ubject to the limits smled in Section 4(D) below, this ro.nded amount will be my new interest rate ,, the next Change Date. The Note Holder will then determine the mount of the n ~.tl,, payment that would be sufficient Io repay Ihe unpaid principal thai I am expecled ~o owe at the Ch,n~-,, I):~c in full on the maturity date at my new interest rate in substantially equal payments. The result tn calculation will be the new amount of my monthly payment. (D) I imits on interest Rate Changes The interest rate I am required to pay at the firs , n,n~c Date will not be greamr than 6. 875% or less Ihan ,r, 5; Thereafter, my imerest rate will never be increa,qed or decreased on any ,qingle Change Date h,, n,~: than two percentage points (2.0%) from the rate of/nterest I have been paying for the precedin7 _ ino~ltlls. My interesl rate will never be greater lhan lO. ~75%. Og) F_~ex'live Date of Changes My new interest rate will become effective on each Chan?,' I~,tte I will pay the amount of my new manlhly payment heginning on the 1-fist monthly payment date ,~lcr th~ Change Date until ~ amount of my monthly payment changes again. ~6;166R (0108) Page .2 of 4 0905265 (F) Notice of Changes The Note Hntder will deliver or mail to me a notice of am _ ~,~t~,_,cs m my interest rate and lite amount of my monthly payment before Ihe effective date of any ch,,~_... Thc notice will include information required bylaw lo be givento meand also the fifle and teleph,t~, tmfl~cr of a person who will answer any question I may have regarding the notice. B. TRANSFER OF TIlE PROPERTY OR A BENEFICIAl_ I \I'I{RI£ST IN BORROWER Section 18 oflhe Security Instrument is amended to read as foil,,.,, - Transfer of the Property or a Benoflcial Interest in I~mTower. As used in this Section 18, "lmerest in the Propelxy" mean~ any legal or benefici, but not limited to, those beneficial interests transferred ~ installment sales Conlract or escrow agreement, the intc~t Borrower at a future al_ate, to a purchaser. If all or any pan of the Property or any Interest in thc Borrower is not a natural person and a beneficial interc~ :rest in the Property, including, for deed, contraCl for deed, ~mch is the transfer of tide by , ,q~crty is sold or transferred (or if Borrower is sold or transferred) without Lender's prior wrinen concern, Lender may ret u~,_ immediate paymem in full of all sum.q secured by this Security Instrument. However, this ,, ,,~,,. shall not be exercised by Lender ff such exercise is prohibiled by Applicable Law. Lende~ ..... shal. not exercise this option fi: (a) Borrower anuses to be submitted to Lender informatit,:t ~.qmrcd by Lender to evaluate the imended transferee as if a new loan were being mad~ l~c transferee; and (b) Lender reasonably determines that l~ender's security will not be ,,tu'cd by the loan assumption and that the risk of a breach of any covenant or agreement in lib '~CCUl-ity Instrument is acceptable lo Lender. To Ihe extent permitted by Applicable Law, t~ntlc 11~.~\ charge a reasonable fee as a condition Io i.p. ader'$ consent lo the loan assumption. Lcnd,.~ max also require the Iransferec to mgn an assumption agreemem Ihat is accephable to Lend,. md d~at obligates the transferee to keep all the prami.qes and agreements made in the N,~I,..md in this Security Instrumenl. this Security Instrument unless Borrower will continue IO be obligated under lite Note Lender releases Borrower in writing. If Lender exercises the option to require immediat~ Borrower notice of ~..celeration. The notice shall provide the date lite notice ts given in accordance with Section 1 sum~ secured by Ihis Security Instrument. If Borrower expiration of Ihis period, Lender may invoke any remedic., without fllll~r notice or demand on Borrower. (~6;166R I0108) Page 3 o'[ 4 ,,,,,mcnt in full, Lender ~hall give :rt~d of not less than 30 days from ~t~ which Borrower must pay all to pa3 these suml prior lo the s ~nit ted by this Security instrument 6/01 0799 BY SIGNING REt.OW, Borrower armep/s and agrees I,~ ~- lcrm~ and covenants contained in lifts Adjustable Rate Rider. vingston M/]0/2004 (Seal~ ' ' - ,~/2004 (Sea]) ~ ~ i~i ngston --Borro,~,,r (Seal) -]~OrrOW~I' (Seal) -~qorrow~r (Seal) ~orrower (Semi) -.Borrower --Borrower (Se. al) --Borrower (01 OB) Page 4 of 4 Form 3189 6101 ,-, 0800 MERS MIN: 100039046739321772 4673932177 1-4 FAMTI.Y RII)ER (Assignment of Rc,~I ~) THIS 1-4 FAMILY RIDER is made ~ lO.th ~n~ ,,~' December. 2004 , and is incorporated into and shall be deemed to amend and s~1 ~i'lcmcnt the Mortgage, Deed of Trust or Security Deed (the "Security instrumem") of the name date gl~, ~.~ Iix thc undersigned (the "Borrower") to secure Borrower's Note to Quicken Loans Inc. "Lellder") of the ~ame date itlld covering the Property described in thc Security Instrument and located at: 216 Butte Dr. Yhayne. WY 8312 [Properly Address] 1-4 FAdVLILY COVENANTS. In addition to the covcm,~l', and agreements made in Ihe Security Instrument, Borrower and Lender f~rther coveBant and agree a ~ 1,, Ih> w$: A. ADDITIONAL PROPERTY SUBJECT TO THE SI ~ I 'IllTh' INSTRUMENT. In addition to lite Property described in the Security Instrument, Ihe follo~ i.: hems now or hereafter attached to the Property to the extent they are fixtures are added tO the Propc~ ;:, description, and nhall also constitute the Property covered by the Security Insm~mem: building matc~ i,tl., appliances and goods of every nature whatsoever now or hereafter located in, on, or used, or ink'n,L.d to be used in connection with the Property, including, but not limited to, those for the purl~,.L'., t,i' supplying or distributing heating, cooling, electricity, gas, water, air and light, fire prevention ~,~J extinguishing apparatus, security and access control apparatus, plumbing, bath mbs, water heak'~ water closets, sink% ranges, stoves, refrigerators, dishwashers, disposals, washers, dryers, awninL. Morro windows, storm doors, screens, blinds, .qhades, curtains and curlain rods, attached mirrors, cal~it,,t.,, p',mding and altached floor coverings, all of which, including replacemems and additions Ihereto, shall I,c deemed to be and remain a pan of Ihe Property co vered by the Security Instrument. All o f the fore g,, i ~, ;. t~ } g c t h c r with the Property described in the Security Instrument (or the leasehold eslate if the Securit5 l,~,,t, u tncnt is on a leasehoM~ in Il:ds 1-4 Family Rider a nd llm Security Instrument as the "P~,,i '~'~t 3." MULTISTATE 1-4 FAMILY RIDER - Fannie Mae/Fr~ldie Mac Uniform h,stlument Initi~l_.~f / 480726075 ~e ~ o~ 4 Ill l! i11! I//!111111111111111111 q4~739321770371 B. USE OF PROPERTY; COMPLIANCE WITH LAW l;,,rrowcr shall not seek, .agree Io or make a change in the use of the Property or its zoning classif'mation. ~t~.,s l.ender has agreed in writing to the change. Borrower ~hall comply with all laws, ordinance. ~c~tdations and reqmrements of any governmental body applicable io the Property. C. SUBORDINATE I.IENS. Except.as permitted by fe&-~, I:~w Borrower shall not allow any lien inferior to the Security Instrument to be perfected against th~, }'r,q~crt) without l.ender's prior wriaen permission. D. RENT LOSS INSURANCE, Borrower shall mair~tat~ ,.,ur:rotc against rent loss in addition to the other ha7ards for which insurance is required by Section 5. E. "BORROWER'S RIGttT TO REINSTATE" DELE'I I'1 . ~cction 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender ...... ll,,rrow~r otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEA,qE,q. Upon Lender's req~ ,~I[c~ default, Borrower ehall assign to Lender all leases of the Property and all security deposits ma&- c~,m~cction with leases of the Property. Upon the assignment, Lender ¢hall have the right to modify, c\t,:ttd or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this l,,H,t~rztph G, the word "Je.a~e" Rhall ln.e2n "subleaee" if the Security Instrument is on a leasehold. It. AR,qlGNMENT OF RENTS; APPOINTMENT OF RI i~ 'I:,IVEI{; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfer, ~,, i.ender 'all the rents and revenues ("Rents") of the Property, regardless of to whom the Rent 1 Ibc Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rems, m;d :t ~, ~ ..~,s that each tenant of the Property ~hall pay the Rent~ to Lender or Lender's agents. However, Borrov, cl ,,It',all receive the Rems until (i) Lender has given Borrower notice of default purmant to Section 22 of ~! ~c Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rems are to be paid to Lc~dc~ ,~r Lender's agent. This assignment of Rents consfimles an absolute assignment and not an assignment 1,, ~ :, I~t it ional security only. ff Lender gives notice of default to Borrower: (i) all Rc~,. ~cccived by Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be apt4~:.d t,) the sums secured by Ihe Security InsLmmeuI; (ii) !,enfler .qhall be entitled to collect and reccix~. :~1t of the Rents of the Property; (iii) ~5'7R {9912) Page 2. of 4 Inma~""' Borrower agrees that each ~tenant of the Property shall pay ,all l.~:~t~ due and unpaid ~o Lender or Lender's agents upon l.ender's wrilZen demand Io ~ Ienant; (iv) mlles~ '~l 't dicablc law provides otherwise, all Rents colleetexl by Lender or ! .cadet's agents shall be applied first tt, il ,,. ~.t~ts of taking control of and managing fl~e Property and collecting floe Rents, including, hut not l~iI~.d to, attorney's fees, receiver's fees, preminms on receiver's bonds, repair and mainte~aance costs, ~ t~ ,acc prenfiums, taxes, assessments and other charges on the Property, and then Io the snm~ secur~'d t,x thc Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be li,d ,1¥ tt~ account for only those Rems actually received; and (vi) Lender ~hall be entitled Io have a receiver .ti~l,, ,~mcd It) to_kc possession of and manage ihe Property and collect the Rents and profits derived from th: l'~,~pcrty without any showing as to /he inadequacy of the Property as secttrily. If lhe Rents of the Prop'eny are not suffmient to cover thc ..... ,t ~ ,,1' taking control of and managing Property and of collecting the Rents any funds expended I,., I clldcr for such purposes shall became indebtedness of Borrower to Lender secured by Ihe Security In~t~ ,~ci~t pursuant to Section 9. Borrower represents and warrants that Borrower has nm , ,.., mod any prior assignment of the Renls and has not perfomed, and will no~ perform, any act that wt.~tll.. ~lCVCllt Lender from exercising irs rights trader this paragraph Lender, or Lender's agents or a judicially appointed rc .... '~. shall not be required to enter upon, take control of or maintain thc Property before or after givm:, ,~,,t~cc t)f default to Borrower. However, lender, or Lender's agents or a judicially appointed receiver, ~,,.~ d, ~ at any time when a defanlt occurs. Any application of Rents shall nol care or wave any default mv:didate any other right or remedy of Lender. This assignment of Rents of the Property shall Iermin.,i ¥ .,,, ~cn all the sums secured by the Secarity Instrnmem are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's defauh which Lender has an interest shall be a breach under ihe Securil Lhe remedies perm/tted by the Security Instrument. under any note or agreement in ]~,,~rum2nt and Lender may invoke any of ~5-7R (9912) Page 3 of 4 lniti 3170 3/99 0803 BY SIGNING BELOW, Borrower accepts and agrees 1-4 Family RkO. 12/10/200q (Seal)~ (Sea~) -Borrower .... lcrms and provisions contained in Ibis '-'~-' Oq (Seal) ~ 1 ngston -Borrower (Re~l) (Seal) -Borrower (Seal) -Borrower (Seal) -JBolTOWl=r (Seal) -Rol-row~'r ~b'-TR (9912) Page 4 of 4 FORM 3170 3/99