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HomeMy WebLinkAbout9052540716 Return To: NATIONAL CITY MORTGAGE CO. P.O. BOX 809068 DALLAS, TX 75380-9068 Prepared By: KERRI ROSS NATIONAL CITY MORTGAGE CO. P.O. BOX 809068 DALLAS, TX 75380-9068 RECEIVED 12/14/2004 at 3:58 PM RECEIVING # 905254 BOOK: 574 PAGE: 716 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY -[Space Above Tlds Line For Recm',ling Data] MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined bcl,~w and od~er words are defined in Sections 3.11, 13. 18.20 and 21. Certain rules regarding the usage or' ,x,,',ls used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated December 10, 2004 together with all Riders to this document. (B) "Borrower" is ORVAL A RICE and NANCY A RICE Husband and Wife as Joint Tenants Borrower is the mortgagor under this Security Instrument. (C) "Lender" is GUARDIAN MORTGAGE INC Lender is a corporation organized and existing under the laws of THE STATE OF UTAH WYOMING -Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT ,ooo , Page I of 15 Initials:., VMP MORTGAGE FORMS- (800)521-7291 Form 3051 1/01 0905254 (,(0717 Lender's address is 9160 S 300 W, SANDY, UT 84070 Lender is the mortgagee under this Security Instrument.. (D) "Note" means the promissory note signed by Borrower and tbtcd December 10, 2004 The Note states that Borrower owes Lender ONE HUNDRED SEVENTEEN THOUSAND & 00/100 Dollars (U.S. $ 117,000. O0 ) plus interest. Borrower h',t~ prulnised to pay this debt in regular Periodic Payments and to pay the debt in full not later than January 1, 2 02 0 (E) "Property" means the property that is described below unt~cr the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus inte,'c.~. :,~ y prepayment charges and late charges due under the Note, and all sums due under this Security Instruu~c~. plus iuterest. (G) "Riders" means all Riders to this Security Instrument th:~t ',~rc executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable[ [--] Adjustable Rate Rider ~] Balloon Rider [--] VA Rider ~ Condominium Rider ~] Planned Unit Development Ri&r [---] Biweekly Payment Rider Second Home Rider 1-4 Fmnily Rider Other(s) [specify] (FI) "Applicable Law" means all controlling applicable l'~'&r;tl, state and local statutes, regulations, ordinances and administrative roles and orders (that have thc ~.~'~x't of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" ~c",tns all dues, fees, assessments and other charges that are imposed on Borrower or the Property bx ~ conclominimn association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, t~II~cr than a transaction originated by check, draft, or similar paper instrument, which is initiated through ~u dcctronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize :t fi~ancial institution to debit or credit an account. Such term includes, but is not limited to, point ~I s',tle transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and ',ttitull];ltcd clearinghouse transfers. (K) "Escrow Items" means those items that are described in ScYtb~ 3 (L) "Miscellaneous Proceeds" means any compensation, settlc~c~lt, t~ward of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc ,'overages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation ~r ,}tt~['r taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresent:tti~,~ of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lendc. r :tg:tinst the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled an~otu~t duc for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrtu (O) "RESPA" means the Real Estate Settlement Procedures ..\ct ~12 U.S.C Section 2601 et seq.) and its ~mplementing regulation, Regulation X (24 C.F.R. Part 3500), ~ tltcy might be amended from time to time, or any additional or successor legislation or regulation that govcr~ts the stone subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and rc'~trictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does nol qtr, tliI~ as a "federally related mortgage loan" under RESPA. (~-6(WY) (ooos) Page2ol ~s Form 3051 1/01 0 05254 07!8 (P) "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 a~d.',,r I l tis Sc.curity Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment or' thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the perfommnce of Borrowc~"s covetmnts and agreements under this Security Instrument and the Note. For this purpose, Borrower (l~.,s hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sa~c .he following described property located in the COUNTY of Linc oln : [Type of Recording Jurisdiction] j\amc of Recording Jurisdiction] LOT 20 OF STAR VALLEY RANCH PLAT 10, LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. 12-3518-31-2-05-01900 Parcel ID Number: 12-351B-31-2-05-01900 198 WALNUT DR, TRAYNE ("Property Address"): which currently has the address of [Street[ Wyoming 83127 [Zip Code] TOGETHER WITH all the improvements now or hereafter ~,~ cctctt on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property ,,\1 replacements and additions shall also be covered by this Security Instrument. All of the foregoing is rc~t-rrcd to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully .sci~,c.tl t)f the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that tl~c Property is unencumbered, except for encumbrances of record Borrower warrants and will defend gc~crall5 the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform cm't.,,,tts for national use and non-uniform covenants with limited variations by jurisdiction to constitute , tutti)mi security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant a,~d ;tgi'cc as tbllows: 1. Payment of Principal, Interest, Escrow Items, Prelm3,nenl Charges, and Late Charges. Borrower shall pay when due the principal of, and interest ot thc tlc'bt evidenced by the Note and any prepayment charges and late charges due under the Note. Borroxxct' shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Svcurity Instrument shall be made in U.S. currency. However, if any check or other instrument received b) I <'~dcr as payment under the Note or this (~-6(WY) (ooos) Page 3 of ~5 ,._.~A ~,,~ Form 3051 1/01 0719 Security Instrument is returned to Lender unpaid. Lender may ,~',.uirc that any or all subsequent payments due under the Note and this Security Instrument be made in one ~,-more of the following forms, as selected by Lender: (a) cash; Co) money order; (c) certified ch~ck, bank d~c~:k, treasurer's check or cashier's check, provided any such check is drawn upon an institution whos~, dCl)()sits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when recetw, d ,., the location designated in the Note or at such other location as may be designated by Lender in accord:,tcc with the notice provisions in Section 15 Lender may return any payment or partial payment if the paymc~. ,,,-partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial pa3 ,~cnt insufficient to bring the Loan current. without waiver of any rights hereunder or prejudice to its rights t,. roi'usc such payment or partial payments in the future, but Lender is not obligated to apply such payments at ti ~- tml~ such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, thc~ l.cltdur need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower il:ti<c:, payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, lx'~dcr shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applk.d tt) the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making pa31~c, nts due under the Note and this Security Instrument or performing the covenants and agreements secured l)x this Security Instrument. 2. Application of Payments or Proceeds. Except as othcrwi~,c described in this Section 2, all payments accepted and applied by Lender shall be applied in the followim: (,-der of priority: (a) interest due under the Note; Co) principal due under the Note; (c) amounts due under ~c.<'ti.n 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Am rc~nmning mnounts shall be applied first to late charges, second to any other amounts due under this Securit5 [t~>,trmnep. t. and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a d~li~t,ucnt Periodic Payment which includes a sufficient amount to pay any late charge due. the payment may bc ;qq)licd to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, I.t,~tlc~' m;~ y apply any payment received from Borrower to the repayment of the Periodic Payments if. and m tl~t. extent that, each payment can be paid in full. To the extent that any excess exists after the payment is ....,)li.d [o the full payment of one or more Periodic Payments. such excess may be applied to any late ch;,',cs due. Voluntary prepayments shall be applied first to any prepayment charges and then as described i, t~ ~- N~)te Any application of payments, insurance proceeds, or Misccll;,~ct~ua Proceeds to principal due under the Note shall not extend or postpone the due date, or change the an~.~t, .. or' the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lendt:r ,, th~ day Periodic Payments are due under the Note, until the Note is paid in full. a sum (the "Funds") to im~vidc fi)r payment of amounts due for: (a) taxes and assessments and other items which can attain priorik~ t}vcr this Security Instrument as a lien or encumbrance on the Property; Co) leasehold payments or ground rcttt>, tm the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; }tt~(I ~¢1~ rvlt,-tgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the p:~> ~.~t of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are c;tllcd 'Escrow Items." At origination or at any time during the term of the Loan, Lender may require th;, C~mmmnity Association Dues, Fees. and Assessments. if any, be escrowed by Borrower. and such dues, I'ct, s ;tnd assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of panomat, re) be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender w',,xc~, Bt)rrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's ol)lik.;~tttm to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in wr,~,e. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts duc ~,, :my Escrow Items for which payment of (~-6(WY) (ooos) Page 4 of 15 Form 3051 1/01 Funds has been waived by Lender and, if Lender requires, shall fi~r~fish to Lender receipts evidencing such payment within such time period as Lender may require. Borrm~cr'- t~bligation to make such payments and to provide receipts shall for all purposes be deemed to be a covc~t:~, ~t~l(1 agreement contained in this Security Instrument. as the phrase "covenant and agreement" is used i~ Section 9 If Borrower ~s obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails t~ [)aS the mnount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such a,~,~u~ [ and Borrower shall then be obligated under Section 9 to repay to Lender any such mount. Lender m'.~, rcvt~k~ the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 a~td. upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then requitvd unctcr this Section 3. Lender may, at any time, collect and hold Funds in an an,.,,~t (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to cxcccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of t~t~l~tt~ (lu~ on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otl tcrxx is~ in accordance with Applicable Law, The Funds shall be held in an institution whose deposits arc ~urc*d by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose dcp~rs arc so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Itc~ ~t~ later than the time specified under RESPA. Lender shall not charge Borrower for holding and al~l~lyi~ the Funds, annually analyzing the escrow account, or verifying the Escrow Items. unless Lend~:r l>:t.,,.~, Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless a~ :t~rccment is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not b~. required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree m writi.~ l~mvcver, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annu:~l ',tccmmting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined m~tl~r RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there ~.~. shortage of Funds held in escrow, as defined under RESPA. Lender shall notify Borrower as requir~.d D~ RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accord:t~tc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escr~x~. :ts defined under RESPA. Lender shall notify Borrower as required by RESPA, and Borrower shall pay t,~ Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 ~.~thly payments. Upon payment in full of all sums secured by this Security I~,t~'ument. Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assc.~c~ts, charges, fines, and impositions attributable to the Property which can attain priority over this ~ccm'ity Instrument, leasehold payments or ground rents on the Property, if any, and Community Association l)u~:,, Fees, and Assessments. if any. To the extent that these items are Escrow Items, Borrower shall pay them I~c manner provided in Section 3. Borrower shall promptly discharge any lien which has pr~,~'~t) t)vcr this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation .,,~'~trc(t by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreen,.~,t; (b) ctmtests the lien in good faith by, or defends against enforcement of the lien in. legal proceedings whM~ ~ Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but ,,~lx until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfact,,t3 t{~ Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Pr,~l)crty ~s subject to a lien which can attain priority over this Security Instrument. Lender may give Borrm~cr ,, notice identifying the lien. Within 10 (~)~-6(WY) (ooo$) Page s o~ ~ Form 3051 1/01 days of the date on which that notice is given, Borrower sh:tll ~:ttisI\' 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 c. harge fi~. real estate tax verification and/or reporting service used by Lender ~n connection with this Loan. 5. Property Insurance. Borrower shall keep the improvr, t~.~,t~ .)xv existing or hereafter erected on the Property insured against loss by fire, hazards included within thc term "extended coverage." and any other hazards including, but not limited to. earthquakes and floo(l, fi~t' which Lender requires insurance. This insurance shall be maintained in the amounts (including deduc'tiblc levels) and for the periods that Lender reqmres. What Lender requires pursuant to the preceding sentet~cs can change during the term of the Loan. The insurance carrier providing the insurance shall be chost.~, I~x Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be e×cr~'i~cd mtreasonably. Lender may require Borrower to pay. in connection with this Loan. either: (a) a t~t~~ .mc charge for flood zone determination. certification and tracking services; or (b) a one-time charge I~' tq,.~d zone determination and certification services and subsequent charges each time remappings or si.iii:re changes occur which reasonably might affect such determination or certification. Borrower shall also I~, re.Sl)t)nsible for the payment of any fees imposed by the Federal Emergency Management Agency in c~ltecti~m wid~ the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages de,c'ribcd above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lendt~r ,~ under no obligation to purchase any particular type or amount of coverage. Therefore. such coverage 5h,,dl cover Lender. but might or might not protect Borrower. Borrower's equity in the Property. or the conte~t~ ~f the Property. against any risk. hazard or liability and might provide greater or lesser coverage It:tit was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obt:tittc(l might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts di.shur.~ed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security l.~tt-umcnt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, x~ ith suct~ interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ~,l' such policies shall be subject to Lender's right to disapprove such policies, shall include a standard ~.,rt!,.gc clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall h.~ c th~ right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give., l_emler all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance cm'~'r:t,~,e, not otherwise required by Lender, for damage to. or destruction of. the Property. such policy shall i.c'lttdc a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss. Borrower shall give prompt notice to t l~c. i.surance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless l_e.der and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlyi~g i~sttr.ncc was required by Lender. shall be applied to restoration or repair of the Property. if the restor, l.~ m' repair is economically feasible and Lender's security is not lessened. During such repmr and restor:tt.)n period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportumt3., inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that sm'l .Sl)ection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration i~ :t single payment or in a series of progress payments as the work is completed. Unless an agreement is itt:.lc in writing or Applicable Law requires interest to be paid on such insurance proceeds. Lender shall not bc 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 obligat.m {,I Bt~rrower. If the restoration or repair is not economically feasible or Lender's security would be lessm~e~ ~l,c insurance proceeds shall be applied to ¢~-6(WY) (ooos) Pa~*so~s ~~ Form 3051 1/01 0905854 0722 the sums secured by this Security Instrument, whether or n~t thc~ due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order ,~t't~x idrd for in Section 2. If Borrower abandons the Property, Lender may. file, neg,~t~:tte and settle any available insurance claim and related matters. If Borrower does not respond within 30 d;t\ :, to ;t notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiak. :~d settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender ,,,,imrcs the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's ri~l~,~, to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Securitx [t~strulnrnt, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiu~s paid by Borrower) under all ~nsurance policies covering the Property, insofar as such rights are appli,'~tblc to [he coverage of the Property. Lender may use the insurance proceeds either to repair or restore ilar P~ ~q)rrt3 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 iht Property as Borrower's principal residence within 60 days after the execution of this Security Instrument :~,d Nh;tll continue to occupy the Property as Borrower's principal residence for at least one year after the d;ttc ()f occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably xxithhcld or unless extenuating cimumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to dctcrit~ratc or connnit waste on the Property Whether or not Borrower is residing in the Property, Borrower ,,[t:t[I maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its c't~diti(m Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, [~t~'l'owrr shall promptly repair the Property if damaged to avoid further deterioration or damage. If insur;t ~-c or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, B~,~'~',,wcr shail be responsible for repmring or restoring the Property only if Lender has released proceeds for ~,[~'1~ purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a ~,~'~'~es of progress payments as the work is completed. If the insurance or condemnation proceeds at-e not s~.tl'ticirllt to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the comp lc titbit (~t' suclx repair or restoration. Lender or its agent may make reasonable entries upo~ tim inspections of [he Property. If it has reasonable cause, Lender may inspect the interior of the impr,~ve~tcms on the Property. Lender shall give Borrower notice at the time of or prior to such an interior insprct~, specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in (k. lk~t~lt H', during the Loan application process, Borrower or any persons or entities acting at the direction ot l~'r~m, cr or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate infor~:tti¢)n or statements to Lender (or failed to provide Lender with material information) in connection wi[h thc l.o:m Material representations include, but are not limited to, representations concerning Borrower's occtq);t~t_y t)i' [he Property as Borrower's pnncipal residence. 9. Protection of Lender's Interest in the Property and I{igt~ts Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements COllt:tllik'd i~q this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's inte~-c~,t in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, lm~t):ttr, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Sccttrity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, thcs. I_r~rler may do and pay for whatever is reasonable or appropriate to protect Lender's interest in tl,c P~'~q)rrty and rights under this Security Instrument, including protecting and/or assessing the value ol' l~t, I'r{~perty, and securing and/or repairing the Property. Lender's actions can include, but are not limited to t,~ l)aymg any sums secured by a lien which has priority over this Security Instrument; (b) appearH¢, m court; and (c) paying reasonable (~-6(WY) (ooos) Page 7 of 15 Form 3051 1/01 07o3 attorneys' fees to protect its interest in the Property and/or rights ttmlcr tiffs Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Pmpc%' i~cludes, but is not limited to, entering the Property to make repairs, change locks, replace or board up th~,~r.s and windows, drain water from pipes, eliminate building or other code violations or dangerous ct,~d .i~ms, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender (l{~c~,~ not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incur., ,,,, liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section '~ .sh;tll become additional debt of Borrower secured by this Security Instrument. These amounts shall b~;~r i~tcrest at the Note rate from the date of disbursement and shall be payable, with such interest, upm} ~,~Hcc from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower sh;tll cCanply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold ;~(I thc t'c~c title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage l~m';tnce as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mol'l~;t~c. Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases t,~ bc available from the mortgage insurer that previously provided such insurance and Borrower was requh'~.; to make separately designated payments toward the premmms for Mortgage Insurance, Borrower shall [~:ty tl~ premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously ~ cl't'cct, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously ~ cfl'c, ct, fronl an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insur~t~cc cm'erage is not available, Borrower shall continue to pay to Lender the amount of the separately designat,.d 1~:~3 ments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and vet',till these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall bt ~t~-rcfundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be rcqtli~ c.d to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve l);t3 nights if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided bx :t~. insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated [>;tyill~nts toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a conditit~ of making the Loan and Borrower was required to make separately designated payments toward thc ,~'~'~iums ['or Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance ~t cfr'cot, or to provide a non-refundable loss reserve, until Lender's reqmrement for Mortgage Insurance c~t(l~ m accordance with any written agreement between Borrower and Lender providing for such termination ~r ulitil termination ~s required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation tc l~tY imerest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity th:~t pm'cbas~s the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is ~t ~ party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such il~sur',t~lc~ in force from time to time, and may enter into agreements with other parties that share or modify their risk. or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage ilt~,ttrcr and the other party (or parties) to these agreements. These agreements may require the mortgage insurc~' tt~ m;tke payments using any source of funds that the mortgage insurer may have available (which may include t'tmcls obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser {~ h~, 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 p% ~cnts for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reduci~t_, h~.sses If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in excb~e~~ fi~r a share of the premmms paid to the insurer, the arrangement is often termed "captive reinsurance." I:u rtl ~r: (a) 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 nol entitle Borrower to any refund. (~-6(WY) (ooos) Page s o~ ~s Form 3051 1/01 0 05254 (b) Any such agreements will not affect the rights B,,m'rmxer has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act ~,t' 1998 or any other law. These rights may include the right to receive certain disclosures, to request :md obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated autom:Ltically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the timt, I}1' such canceilation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeitm-e. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds ,It:ti be applied to restoration or repair of the Property, if the restoration or repair is economically feasible ;tlid l~ender's security is not lessened. During such repmr and restoration period, Lender shall have the rieht t{~ hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to en~rc, the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken i~t ~snlptly. Lender may pay for the repmrs and restoration ~n a single disbursement or in a series of progress i):ty~c, lits as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest t,, be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or e~t ~t~s on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's .sc'cra'lib would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Securit3 It~Irumcnt. whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceed~ ~l~:tll b~: applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value- ,,~' th~ Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument. wl~cther or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in yahoo t~f the Property in which the fair market value of the Property immediately before the partial taking, dc~tn~'titm or loss in value is equal to or greater than the amount of the sums secured by this Security Instru~t~t~tf tmmediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherx~ ist. :tgrce m writing, the sums secured by this Security Instrument shall be reduced by the amount of thc Nliscelhmeous Proceeds multiplied by the following fraction: (a) the total mnount of the sums secured into ~cdi:,tcly betbre the partial taking, destruction, or loss in value divided by (b) the fair market value of the l)r~l)Cl'ty immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Born~wcr. In the event of a partial taking, destruction, or loss in v;tlttc of the Property in which the fair market value of the Property immediately before the partial taking, dcstrtlction, or loss in value is less than the amount of the sums secured immediately before the partial ~',d,i~tg, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscella~c,mt, Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc ti lct l due. If the Property is abandoned by Borrower, or if, after not~,'c b> Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award t{~ settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice ,~ ~,txcn, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair ~,~' .he Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party ' ~c;ms the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower It:~s :,nght of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, wl~cthcr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Property or (,tl~c~r material impairment of Lender's interest in the Property or rights under this Security Instrument. Borro\~ t.r can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing ibc ',tcm)n or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of thc~ l'r{~perty or other material impairment of Lender's interest in the Property or rights under this Security lnstru~ncnt. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's ~tcrc.,[ in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restor:tt~,m ~}r repair of the Property shall be applied in the order provided for in Section 2. (~-6(WY) (ooo$) Pag~9of~$ ~~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured [)x' this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall n{~t ,,l~crat~ to release the liability of Borrower or any Successors in Interest of Borrower. Lender shal} not be rcquirc'd to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time fi~' t).,tyment or Otherwise modify amortization of the sums secured by this Security Instrument by reason of .,t~x demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance h~ 1.cntlcr in exercising any right or remedy including, without limitation, Lender's acceptance of payme~t~ Imm third persons, entities or Successors in Interest of Borrower or in amounts less than the amount thc~ tluc, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successory :tml Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be iciest ~cl several. However, any Borrower who co-signs this Security Instrument but does not execute the Note ~:~ "c~)-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's iiltcl'c~t in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay thc ~t~s secured by this Security Instrmnent; and (c) agrees that Lender and any other Borrower can agree to cxtcud, modify, forbear or make any accommodations with regard to the terms of this Security hs~,[i'ktiltent or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor i~t I~tcrcst of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and ,~ al~proved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrmt~cqtt Borrower shall not be released from Borrower's obligations and liability under this Security Instru~c~t unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrm t'~t shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower k-cs fi~r services performed in connection with Borrower's default, for the purpose of protecting Lender's ~crt-~t in the Property and rights under this Security Instrument, including, but not limited to, attorneys' Ii.cs property inspection and valuation fees. In regard to any other fees, the absence of express authority in tl~,~ Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the ch:t~'~_,i~o of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by A q~lic}tble Law. If the Loan is subject to a law which sets maximum loml t'l~:~rgc~s, and that law is finally interpreted so that the interest or other loan charges collected or to be collt.t cd in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced b5 .he ~unount necessary to reduce the charge to the permitted limit; and (b) any sums already collected fl't~t Bt~rrox~er which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this rtq'tmd by reducing the principal owed under the Note or by making a direct payment to Borrower. If a rcl'ttltd reduces principal, the reduction will be treated as a partial prepayment without any prepayment ch;~'~c ~whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any suc'l rcl'utld made by direct payment to Borrower will constitute a waiver of any right of action Borrower might l'~:,vc :trismg out of such overcharge. 15. Notices. All notices given by Borrower or Lender i~ c'~t~tcction with this Security Instrument must be in writing. Any notice to Borrower in connection with this Nt.curity Instrument shall be deemed to have been given to Borrower when mailed by first class mail or x~hc~ ,tctually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower sli:~l c~mstitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice mlth'cs:, shall be the Property Address unless Borrower has designated a substitute notice address by nonce t~ kender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a im~'cdure for reporting Borrower's change of address, then Borrower shall only report a change of address tl,',,uL, h that specified procedure. There may be only one designated notice address under this Security Instrumcttt :tt an3 one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail rt~ I.cmlcr'~ address stated herein unless Lender has designated another address by notice to Borrower. Any not~'c m connection with this Security Instrument shall not be deemed to have been given to Lender until actuall3 r~,~civ~d by Lender. If any notice required by this Security Instrument is also required under Applicable Litxx the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. (~)~-6(WY) (ooo~) Page ~o of ~s Form 3051 1/01 0 905254 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the lh't)l~crty ix located. All rights and obligations contained in this Security Instrument are subject to any reqt, rcmcnts and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties ri) ',tgi'cc by contract or it might be silent, but such silence shall not be construed as a prohibition against ;t~,rccmcnt by contract. In the event that any provision or clause of this Security Instrument or the Note contli,'ts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or thc N~,.c. which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc ~t~;tsculine gender shall mean and include corresponding neuter words or words of the feminine gender; (t)) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gives ,,,,c discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy ~,~' tl~c- Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest ill Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest, · thc Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract fi~r ¢lcc(l, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower :~t, future date to a purchaser. If all or any part of the Property or any Interest in the Pmp~'rt.~ ix sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold ,,r tr',msfcrred) without Lender's prior written consent, Lender may require immediate payment in full of all .,,ull ~ secured by this Security Instrument. However, this option shall not be exercised by Lender if such exc~'t,~- s prohibited by Applicable Law. If Lender exercises this option. Lender shall give Bott{mci' notice of acceleration. The notice shall provide a period of not less than 30 days from the date the ~,~i;'~. is given ~n accordance with Section 15 within which Borrower must pay all sums secured by this Securi,, h~strUlnent. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invol,~. ;my remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. t' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Securilx h~trument discontinued at any time prior to the earliest of: (a) five days before sale of the Property purNtt;tltt to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law min.,hi st~ccify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Scc~'ity h~strument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due utlr[ct' this Security Instrument and the Note as if no acceleration had occurred; Co) cures any default of any t~tl~c~- cove~mnts or agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including?, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurr~'d l'or [lie purpose of protecting Lender's interest in the Property and fights under this Security Instrmnc~t. :md (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Propcrt.~ :t~d rights under this Security Instrument. and Borrower's obligation to pay the sums secured by this S~c. tt~-it5 It~strument. shall continue unchanged. Lender may require that Borrower pay such reinstatement stuns ;t~,,I expenses in one or more of the following forms, as selected by Lender: (a) cash; Co) money order; (c) ccrt~ lied check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an inst~tut~¢m whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Tr;m..,l'c.r Upot] reinstatement by Borrower, this Security Instrument and obligations secured hereby shall rem:tt~ fully effective as if no acceleration had occurred However, this right to reinstate shall not apply in the c;t~c ()f acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice or' Gricx:mce. Thc Note or a partial interest in the Note (together with this Security Instrument) can be sold one or t~,~'c runes without prior notice to Borrower. A sale might result in a change in the entity (known as the "I_o;t~, Ncq'viccr") that collects Periodic Payments due under the Note and this Security Instrument and perform~ t}thcr mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. Tltcrc ;dso might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a cIlittlt, c I~I' the Loan Servicer, Borrower will be given written notice of the change which will state the nmnc :tls{l ;iddress of the new Loan Servicer, the address to which payments should be made and any other infim :tt~m RESPA requires in connection with a (~)~-6(WY) (ooo5) Page ~ of ~s ~ ' Form 3051 1/01 090.5 4 ' 07"' 7 notice of transfer of servicing. If the Note is sold and thereafter tl~c l.oa~ is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing oblit, t,;~litms to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer ;t~t¢l :tt-~ not assumed by the Note purchaser unless otherwise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or hc .j{~i~:cl to any judicial action (as either an individual litigant or the member of a class) that arises from thc t~tl~cr party's actions pursuant to this Security Instrument or that alleges that the other party has breached any p~ t~v~.~tm of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lender has notified ih~: mher 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 gtving of such notice to take correcnx: acmm. If Applicable Law provides a time period which must elapse before certain action can be taken, that tuiK* lx~riod will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opl),n'ttmity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pur,,,uant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisi{,t~ ~1' this Section 20, 21. Hazardous Substances. As used in this Section 21: t;ty "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 or tox~. l~ctrolcum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or Ibt'~:tldd~yde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jurisdic'tio~ wh~re the Property is located that relate to health, safety or environmental protection; (c) "Envirornncnt:t Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental I_:tx~. 'and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger' m l~nviromnental Cleanup. Borrower shall not cause or permit the presence, use, disp¢~N:tl, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, tm ~,- it~ the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) tll;tt ~s in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) whir, ¢tu~ to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects thc v',tlu¢ of the Property. The preceding two sentences shall not apply to the presence, use, or storage on thc I~'~q>crty of' small quantities of Hazardous Substances that are generally recognized to be appropriate to a,'~t:d rc~sidential uses and to maintenance of the Property (including, but not limited to, hazardous substances ~ c{ resumer products). Borrower shall promptly give Lender written notice of (a) :t~) investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or prixatc party involving the Property and any Hazardous Substance or Environmental Law of which Born~wcr has actual knowledge, (b) any Environmental Condition, including but not limited to, any spillings, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition l.'aLt~cd by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that ally removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrowc~' ,dr:ti promptly take all necessary remedial actions ~n accordance with Environmental Law. Nothing herein: .~} :ti create any obligation on Lender for an Environmental Cleanup. 0905;854 0728 NON-UNiFORM COVENANTS. Borrower and Lender fu rtl,c r c()ve~mnt and agree as follows: 22. Acceleration; Remedies. Lender shall give. notice t. Ih,'rower 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 provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must hc cra'ed; and (d) that failure to cure the default on or before the date specified in the notice may resull in acceleration of the sums secured by this Security Instrument and sale of the Property. The ,relict shall further inform Borrower of the right to reinstate alter acceleration and the right to bring a c.m't 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 ,.a) requi,'e immediate payment in full of all sums secured by this Security Instrument without fro'thor demand and may invoke the power of sale and any other remedies permitted by Applicable k;m. I~ender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Sccli{m 22, iucluding, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the po;ver of sale, Lender shall give m~tice of intent to foreclose to Borrower and to the person in possession of the Property, if differcm, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the m;mucr provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in thc 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 of the sale, im'lmlit~g, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Insh'mneut; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this 5ccm'i[y Instrument. Lender shall release this Security Instrument. Borrower shall pay any recordation co.,ts l.c~{tcr may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid t~,, third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights umk, r ;~tl by virtue of the homestead exemption laws of Wyoming. ~,~-6(WY) (ooos) Page 13 of 1.5 ~I;: i' ::?.:,:,~:: ....... ,',:..;:l~," Form 3051 1/01 ,-" 0729 BY SIGNING BELOW, Borrower accepts and agrees ~, d~c temps and covenants contained in this Security Instrument and in any Rider executed by Borrower a~.l ..,,~'tlcd with it. Witnesses: ORVAl, A RICE -Borrower NANCY A R~3E (seal) -Borrower (seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY) (ooos) Page 14 of 15 Form 3051 1/01 STATE OF ~ The foregoing instrument was acknowledged before me this ~y Oeo.rd ~-g,'cc a44 ~amaj ,. '.-i-.0720 County ss: ~0, 7d~q (~}~-6(WY) (0005) Page 15 of 16 initialS: Form 3051 1/01 O.905;854 ,.; 07"3i 0003733978 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made t l~is 10 eh day of December 2004 . and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust. or .%curity Deed (the "Security Instrument") of the same date, given by the undersigned (the "Bor.',,x~'r") Io secure Borrower's Note to GUARDIAN MORTGAGE INC "Lender") of the same date and covering the Property described (the Security Instrument and located at: 198 WALN-O'T DR, THAYNE, Wyoming 83127 [Property Address] The Property includes, but is not limited to, a parcel of land inll,'.x cd with a dwelling, together with other such parcels and certain common areas and facilities, as described ~ (the "Declaration"). The Property is a part of a I Jla~t,~c(t urn; development known as STAR VALLEY RANCH [Name of Planned Unit Deve IOl)mCmI (the "PUD"). The Property also includes Borrower's interest i~ tile. h{m~cowners association or equivalent entity owning or managing the common areas and facilities of thc PUD (the "Owners Association") and the uses. benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and ag~'ccnwnts made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all of Bt.tower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the tt I)cch,'ation; (ii) articles of incorporation, trust instrument or any equivalent document which creates the Oxx ~crs Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower ~l~:tll prt)mptly pay, when due. all dues and assessments imposed pursuant to the Constituent Documents. MULTISTATE PUD RIDER-Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMEN~ ,~/_,,~ Page I of 3 Initials: ( (~}~7R (0008) VMP MORTGAGE FORMS- (800)521-7291 . ~ ~ ~orm~3150 %, 1/Ol 0732 B. Property Insurance. So long as the Owners Ass~c. t.m lnaintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring thc. I'rOl)crty which is satisfactory to Lender and which provides insurance coverage in the amounts (including (lt'ductible levels), for the periods, and against loss by fire, hazards included within the term "extended covcr.~,c ',md any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires i.'~t.'.:~cc, then: (i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of the yearly p't.~ mm i~stallments for property insurance on the Property; and (ii) Borrower's obligation under Section 5 t. ~.il ~ain property insurance coverage on the Property is deemed satisfied to the extent that the required cox t'r.L,C is provided by the Owners Association policy. What Lender requires as a condition of this waiver can ch.~,:,c during the term of the loan. Borrower shall give Lender prompt notice of any lairs<' . required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proceeds m lieu of restoration or repair following a loss to the Property. or to conmnon areas and facilities of thc Iq Il), any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall .10pi> thc proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, i~ ...y, paid to Borrower. C. Public Liability Insurance. Borrower shall take such :~ct.~s its may be reasonable to insure that the Owners Association maintains a public liability insurance polio) .~'cc~ptable in form, amount, and extent of coverage to Lender, D. Condemnation. The proceeds of any award or claim ,.' d:mlages, direct or consequential, payable to Borrower in connection with any condemnation or other t,l,~.e t)l' all or any part of the Property or the common areas and facilities of the PUD. or for any conveyance ~t lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied l)x I.c:Mcr [o the stuns secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not. except ',t~,,r ~otice to Lender and with Lender's prxor written consent, either partition or subdivide the Property or co,,c~tt to: (i) the abandonment or termination of the PUD, except for abandonment or temfination required by htxx , tl,: case of substantial destruction by fire or other casualty or in the case of a taking by condemnation ~,~- cllt}tlcrlt domain; (ii) any amendment to any provision of the "Constituent Documents" if the provisio: . Iht the express benefit of Lender; (iii) termination of professional management and assumption of scl l'l ,tn,,.ement of the Owners Association; or (iv) any action which would have the effect of rendering the pul)l ic li,t~lity insurance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Borrower does not pay PUD dues and :t.,~,L~ssln~l]ts when due. then Lender may pay them. Any amounts disbursed by Lender under this paragrapl~ I: ~,h;tll become additional debt of Borrower secured by the Security Instrument. Unless Borrower and k,',,k.r agree to other terms of payment, these amounts shall bear interest from the date of disbursement at thc. N(,tc r:~t¢ and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. 'nitials: (~ ,,,,~¢~,, (~7R (0008) Page 2 of 3 Form 3150 1/01 07,_,3 BY SIGNING BELOW, Borrower accepts and agrees to Iht t~.r~s and provisions contained in this PUD Rider. (Seal) _ '_.= ,:. r - (Seal) -Borrower ORVAL A RICE -Borrower .(Seal) -Borrower NANCY A i~CE -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~7R (0008) Page 3 of 3 Form 3150 1/01 0 905;854 0003733978 ' 0734 SECOND HOME RIDER THIS SECOND HOME RIDER is made this 10th day of December 2004 , and is incorporated into and shall be deemed to ank,td ;tml supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of tl~c s',tme date given by the undersigned (the "Borrower" whether there are one or more persons tll~dcr:,igned) to secure Borrower's Note to GUARDIAN MORTGAGE INC (the "Lender") of the same date and covering the Propert3 dv~cribcd in the Security Instrument (the "Property"), which is located at: 198 WALNUT'DR, THAYNE, Wyomin9 83127 [Property Addressl In addition to the covenants and agreements made in ti,,..qccurity Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Securitx h~trum~lqt are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only u~c. t]~c Property as Borrower's second home. Borrower shall keep the Property available for Borr. wtq"., exclusive use and enjoyment at all times, and shall not subject the Property to an5 ti~.c,,haring or other shared ownership arrangement or to any rental pool or agreement that requ~r~.s Bt~rrower either to rent the Property or give a management fim~ or any other person any cut tml o¥cr the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower shall be i~ {~c~iadt if. during the Loan application process. Borrower or any persons or entities actins ,~t thc direction of Borrower or with Borrower's knowledge or consent gave materially false, l~ti,,lc',tding, or inaccurate information or statements to Lender (or failed to provide Lender with n~mcri:tl infomqation) ~n connection with the Loan. Material representations include, but are not li~ ii~d to, representations concerning Borrower's occupancy of the Property as Borrower's seco~ ~d I, I~ ne. MULTISTATE SECOND HOME RIDER -Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page I of 2 (~)~365R (0011) VMP MORTGAGE FORMS- (800)521-7291 Form 3890 1/01 Initials: ~ t BY SIGNING BELOW, Borrower accepts and agrees t. tl~c terms and provisions contained in this Second Home Rider. ORVAL A RICE (Seal) (Seal) - Borrower - Borrower . (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower (~)~365R (0011) Page 2 of 2 Form 3890 1/01