Loading...
HomeMy WebLinkAbout90534631369 (04) WHEN RECORDED, MAIL TO: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 This Instrument was prepared by: Bank of Jackson Hole P.O. Box 7000 Jackson, WYOMING 830027000 307-734-8111 MIN: 100015700045393341 Loan Number: 79350068 Order Number: 31369 RECEIVED 12/17/2004 at 11:02 AM RECEIVING # 905346 BOOK: 575 PAGE: 267 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY (Space Above This Line For Recordu~g Data) MORTGAGE DEFINITIONS Words used in multiple sections of this document are defined below and other xxord~ are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provhlcd in Section 16. (A) "Security Instrument" means this document, which is dated December 16, 2¢)04, together with all Riders to this document. (B) "Borrower" is Tamara C. Budge, a single woman . Borrower is the m,ng,gor under this Security Instrument. (C) "Lender" is Bank of Jackson Hole, organized and existing under the laxx~ or' Wyoming. Lender's address is P.O. Box 7000, Jackson, WYOMING 830027000. Lender i~ (he mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated December 16, 2004. The Note states that Borrower owes Lender TWO HUNDRED EIGHT THOUSAND and no/100 Dollars (U.S. $208,000.00) iq t~ interest. Borrower has promised to [say this debt in regular Periodic Payments and to pay the debt in full not later than January I, 2035. (E) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under theNote, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to this Security Instrument that are executed bx I/-rrower. The following Riders are to be executed by Borrower (check box as applicable): .- [] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider [] Balloon Rider [] Planned Unit Development Rider [] VA Rider [] 1-4 Family Rider [] Biweekly Payment Rider [] Other (Specify) - (H) "Applicable Law" means all controlling applicable federal, state and local ~tmutcs, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions, (I) "Community Association Dues, Fees, and Assessments" means all dues. foci, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners associati~m .r similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a trat~.ction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrumcm, c.mputer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includc~, hut is ,~ot limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and am.mated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of d.mages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damaec t(,, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu ofeondemm'[ti,.~: or (ix,) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the non i~a)mcnt of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. VVYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1101 lOS. Inc. - (800) 554-1872 Page I of 8 Borrower(s) Initials (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. § 26(I I ,,t seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any addit i, mai or successor legislation or regulation that governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federal13 related mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party that has taken ti(lc (,, thc Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Securit3 lnstrun~ent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, xx'ith power of sale, the following described property located in the County of Lincoln: Lot 6 of the South Lake Estates Subdivision, Lincoln County, Wyoming, according to that plat recorded December 13, 1991 as Instrument No. 742139 in the Office of the Lincoln County Clerk. Parcel Identification Number: which currently has the address off 65 Kelly Lane Alpine, WYOMING 83128 ("Property Address,): TOGETHER WITH all the improvements now or hereafter erected on thc lCropcrty, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall ulso Dc covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seized of the cs(ate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for cnctmlbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to anx cncmnbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants l'or national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree a~ fidlows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepaymcm charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under thc Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender ~t~ payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent pa3 mcnts due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) re,ney order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an instiltld{m whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the locati~m designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Icndcr may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender ma3 accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to i(~ rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such pa) moms arc accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds, l~cndcr may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to thc tmt~t~tnding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in thc l'tlture against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the cove nam s and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under thc Nt~te; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the t~rder in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic l'a3 mcnt which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. 1 f)nore than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of thc Peri,die Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the fidl payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments sh:dl ~c applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous lh't~cccds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the da) Petit,die Pay ments are due Under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: la) taxes and assessments and other items which can attain WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 2 of 8 IDS, mc. - (800) 554-1872 Form 3051 1101 Borrower(s) Initials ~ __ priority over this Security Instrument as a lien or encumbrance on the Property; ~ b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5: lin, (dl Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance p,cmmms in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during thc tcm~ ~f tim Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and huch dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds lbr a~x ~,' all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. An3 suc'h wmver may only be in writing. In the event of such wmver, Borrower shall pay directly, when and where payable, the amounts duc I'~r any F~scrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evide~cinu such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shT~l fi)r all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and a~rccmcnt" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay th~f;m~mnt due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a n{~tlce given i, accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, thai arc then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) st~l'ficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures ~l' future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by ~ I'cderal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Ihmae Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall m~t charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless l.~c,~dct' pa3s Bon-ower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings .n thc Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrowc~. withtmt charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Icndcr shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined ttnder RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up linc shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, tis iici]lied under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to m:&c up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, l.cndcr shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges~ fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rems on tim Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escroxx IIclns. Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this hccurity Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to cnder, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement, l' thc lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender subo~'dimlting the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain prin,'ay over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which tim_ m ,ticc is g iven, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax xeri fication and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing c)r hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the ann ounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding ~cntcnces can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject i~ Icnder's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in c~,mection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occt,' xx hich reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imp,sod b5 ttne Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an ,,tqcction by Borrower. If Borrower fails to maintain any of the coverages described above, Lcndc, ma3 obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular t3 pc ,ir amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in thc I'r~q,ert3, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previott,13 in effect. Borrower acknowledges that the cost of the WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 3 of 8 ids, Ir, c. - (80o) 554-1872 Form 3051 1/0'1 Borrower(s) Initials ~ __ 0 05 146 insurance coverage so obtained might significantly exceed the cost of insurance II ~tt I/~rrower could have obtained. Any amonnts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured hy this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, x~ ith sud~ interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies q~all be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as m~,Ftgz~gee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, llt~l'rt~xx'er shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance covcrztgc, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clz~t,s~ zmd shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance c',,Tier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance .proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration tn' repair of the Property,, if the restoration or repair is economically feasible and Lender's security is not lessened. During such rep:6r ~tnd restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Pr.perry to ensu,-e the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender m~t~ disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Ill,loses an agreement is made 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'Boi'rowcr slt:tll ~,~t be paid outofthe insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economiczHl5 I'casible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument,/x hcther or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for i~ 5;cction 2. If Borrower abandons the Property, Lender may file, negotiate and scltlc z,~y available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insur~tncc carrier has offered to settle a claim; then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is gix ch. In either event, or if L~nder acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrow cr's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) :t,~x .ther of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies cox c'~ing thc P,'operty, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to rq,~tir t~r rcsto,'e the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property ;ts Ik~rrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property ;ts I lor,'owe,-'s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent sh.,tll not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; lnspccfions. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. \Vhcthcr or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating ,,~- decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economicall) R'asihle, Borrower shall promptly repair the P,'operty if damaged to avoid further deterioration or damage. If insurance or condemnatit~n pn~cceds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring thc 'roperty only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single i>~t5 inent or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to t'cpztir or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections ~1' the Prope,'ty. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Bt,'l'{~x~ cr notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during thc l~oan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge t,- ctmsc'nt gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with mat~ritH information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Bo,'rt~x~ cr'.~ occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under Ihis Security Instrument. If(a) Bon'ower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is ,, legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a pn~cocding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this ~qcctH'ity lnstrumen! or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatcx ct' is rezmonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting mkl/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited t,~ I z~ p~ty lng any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable titt~rncys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankru ?w> proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board tip do{~rs and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities tr,'ned ~n~ or off. Although Lender may take action under this WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 4 of 8 IDS. Inc. - (800) 554-1872 Form 3051 1/01 Borrower(s) Initials ~..~ 0271 Section 9, Lender does not have to do so and is not under any duty or obligation it, d~ st~. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become ~dditio~nal debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date ofdisht.'sement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall compl3 with all the provisions of the lease Borrower shall not su .rrender the leasehold estate and interests herein conveyed or terminate or cancel thc ground lease. Borrower shall not, without the express wrmen consent of Lender, alter or amend the ground lease. If Borrower acquires l'cc litle to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as :t c{mdition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any rcas{m, th~ Mortgage Insurance coverage required by Lender ceases to be avail able from the mortgage insurer that previously provided such 'ns ~,'ance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrox~cr shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a c~st st~bstantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender thc ~m~t rant of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use ztnd retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundab}e, notwithq~mding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on st,:h h~ss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that I cmlcr ~'equires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated l~z~3 mcnts toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Bom,xx cr was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums rcqttired to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Instil'artec ends in accordance with any written agreement between Borrower and Lender providing for such termination or until terminati{~t~ is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender lot any entity that purchases thc Motel £or certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in lbrcc l?,m~ tim e to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreemcms arc o~ terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agrccmcms may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which ma3 include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, an,,thcr insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive Ii', m~ (~,' Might, be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the n~- ~,,ge insurer s risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exch~t~gc liar a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (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 Borro~cr ~ill owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - i l':my - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights m,'~) i,~clude the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance. To have the Mm'l gage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at l l~e time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscetkmc~,us Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied ~,~ restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During ~uc:h repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunit~ t~ inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be tm,~crtakcn promptly Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the xv~)rl< is ctmq~leted. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, I~cmlcr shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ec{m,m~ic., Ily feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the or~Jcr lmMded for in Section 2. In the event ora total taking, destruction, or loss in value of the Propert3, thc Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, i l'~m3, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the lh'tq~crty in which the fair market value of the Property immediately before~the partial taking, destruction, or loss in value is equal to or g~ cater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, t,~lcss Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount ol' thc Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partia t,t~, i~g, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or Ic~ss in value. Any balance shall be paid to Borrower. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1101 IDS, Inc. - (800) 5544872 Page 5 of 8 Borrower(s) Initialsj~__~ __ In the event of a partial taking, destruction, or loss in value of the l'r~q~crty in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than thc amt,unt of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in/x tiring, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then duc. If the Property is abandoned by Borrower, or if, after notice by Lender t,} II,~rrt~x~ e,' that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails tt~ respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds ci~hc t- to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Part3" mcat~s the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard t~* ,',Ii ~ccllaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or c~ i~ninal, is begun that, in Lender's judgment, could result ~n forfeiture of the Property or other material impairment of Lender's interest i, t~c I'roperty or rights under this Security Instrument Borrower can cure such a default and, if acceleration has occurred, reinstate as pr,,x idcd in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture ~,l'thc Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds ~f a~/ award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shal hc i~aid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair t,l'thc Property shall be applied in the order provided for in Section 2 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Kxtcnsion of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender t,) l-~t~rrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest ,,~' Bt,rrowe,'. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or to refuse to extend time tbr pa~ merit or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made b3 thc c~rigina Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy includi~k~ without limitation, Lender's acceptance of payments from third persons, entities or SUccessors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns lhmnd. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who c,~-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, gr~.~t and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pa3 thc sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear ,~t' mak~ any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest of II,,rr,~wcr who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all ofBorr,,/t cr's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's obligations and liability under thi~ .',ccurit3 Instrument unless Lender agrees to such release in writing. The covenants and agreements of this Security Instrument shall hi~xd (except as provided in Section 20) and benefit the successors and assigns of Lender. · 14. Loan Charges. Lender may charge Borrower fees for services pcrlbrmcd in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Securit) Instrument, including, but not limited to, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of st, ch fee Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that laxx is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the perlni~tcd Ii mits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) an3 sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this rc I'u n d h3 reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reducti,,n will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under thc N(~te). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action l-~,,rr~wcr might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connection with th is Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have hcc~ given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. N~)ticc to any one Borrower shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice a&h'cs~ ~hall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall prom ,ti3 notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then B,,rr, ~xx er shall only report a change of address through that specified procedure. There may be only one designated notice address under this %curit3 Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's ackh'css stated herein unless Lender has designated another address by notice to Borrower. Any notice in connection with this Security Instrt~mcnt shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrumc~t is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Securitx Instrument. 16. Governing Law; Severability; Rules of Construction. This Securitx h~strument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations ,~)~tained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitl3 {~r implicitly allow the parties to agree by contract or it WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 6 of 8 IDS. Inc- 1800)554-1872 Form 3051 1/01 Borrower(s) Initials~_~ might be silent, but such silence shall not be construed as a prohibition against ,,g. rccment by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such col~ I'l itt shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting prov As used in this Security Instrument: (a) words of the masculine gender ~hall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include thc plt.'al and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note a~t ol' this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower..% tl~cd in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those I~c~c ficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of whicl i~ thc tr;tnsfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold ,,. Ir~msl'crred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior writtc~ c,~nscnt, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall n,,I I~c c×crcised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of aced ct'at ion. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within, hich Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration'of this I,crit~d. l,cnder may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Borrower ~ccts certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior t,, linc cm'liest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such ,,thor period as Applicable Law m!ght specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enlbrci~g this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Securip. h~h'umcnt and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expensc~ recurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuatio~ i~.c~, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and t,I) takes such action as Lender may reasonably require to assure that Lender' s interest in the Property and rights under this Security Instrum c~t, L~ a d Borrower' s obligation to pay the sums secu red by this Security Instrument, shall continue unchanged. Lender may require that B~,~'~'~,, cr pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (el certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits arc i~tH'cd by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security ln~l~'t~mcnt and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shztll t~ot apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. '1 h c N,,tc or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Born,, ct..,\ sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and thi~ ~ccurity Instrument and performs Other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable I ,t, There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer. I~,,n'ower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which I,:~3 mcnts should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold :,~d thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Bom,xx cr will remain with the Loan Servicer or be transfen-ed to a successor Loan Servicer and are not assumed by the Note purchaser unless t~lhcr\x ise provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to ,,~, judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this .'.;c~Turit3 Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrumc~t. until such Borrower or Lender has notified the other party (with such notice given in compliance with the requirements of Section 15) ,,1' ~uch alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If .\ q,I icablc Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be rca~,,nable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 a~d thc notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take correctix c action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Haza|-d,,L~ 5ubstances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the foil,,, lng substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws ofthejurisdicli,~, hcrc the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any respo~c acrid)n, remedial action, or removal action, as defined in Environmental Law; and (d) an "Environmental Condition" means a conditi,~ that can cause, contribute to, or othe~vise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storagc~ t~r release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, ~, ~, Ltllow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environ~nc~tal Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition, that adversely affects the x ,Ittc ,~I'the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of ll~/~trdt~us Substances that are generally recognized to be VVYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 7 of 8 ids. Inc. - (800) 554-1872 Form 3051 1101 Borrower(s) Initials ~ 0 0534B appropriate to normal residential uses and to maintenance of the Property (inclt~ling, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any inx'c~tigatitm, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and [mx I l~'tzardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but that limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by thc i,'cscnce, use ox' release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified b.~ z,~) governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affectin~ thc Pro ?erty ~s necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothin~ herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further co\Ttlzttlt alld agree as folloWs: 22. Acceleration; Remedies. Lender shall give notice to Borrower prim' to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to accel era!ion nnder Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required t. 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 be cured; a nd (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured h) this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after accele~'atim~ and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acc~ieration, mi sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate paymcm ia I',ll of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies pro\'idcd iu this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice o1' inlenl to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable La~. I.ender shall give notice ofthe sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and Ibc Pt'~q~erty shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at an) s:He. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; {b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons leg'.db' entitled to it. 23. Release. Upon payment of all sums secured by this Security hv, trmncnt, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fcc fi,' releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted undcr Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virltlc ol' the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agrees to the te~ms and c,~x chants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: .~a m :~ r:t C. Budge -Borrower (Seal) -Borrower STATE OF WYOMING, 7--t~:::'~/kJ County ss: The foregoing instrument was acknowledged before me this /tbT'/~ day o1' Tamara C. Budge. Witness my hand and official seal. My Commission Expires: (Seal) Notary Public VVYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 8 of 8 IDS. Inc. - (800) 554-1872 Form 3051 1101