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HomeMy WebLinkAbout905367Return To: WELLS FARGO BANK, N.A. FINAL DOCUMENTS X4701-022 3601 MINNESOTA DRIVE BLOOMINGTON, MN 55435-5284 Prepared By: STEPHEN R. PARKER WELLS FARGO BANK, N.A. 2701 WELLS FARGO WAY MINNEAPOLIS, MN 55408- RECEIVED 12/17/2004 at 3:24 PM RECEIVING # 905367 BOOK: 575 PAGE: 367 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line Fc~ Recording Data] MORTGAGE 0140487208 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Cedair rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, whicl~ is dated DECEMBER 13, 2004 together with all Riders tO this document. (B) "Borrower" is KIRBY JOE BOOTH AND DONNA L BOOTH, HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO BANK, N.A. Lender is a National Association organized and existing under the laws of THE UNITED STATES OF AMERICA WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT FORM 3051 1101 SWY01 Rev 08/13/01 Lender's address is P. O, BOX 5137, DES MOINES, IA 50306-5137 Lender is the mortgagee under this Security Instrument. (D) "Note "means the promissory note signed by Borrower and dated DECEMBER 13, 2004 . The Note states that Borrower owes Lender ONE HUNDRED TWENTY-FOUR THOUSAND AND NO/100 Dollars (U.S. $ . . .1. .~.4. ,.0. .0. .0. , .0. .0. .............. ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later th;t~' JANUARY 1, 2025 (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 the Note, and all sums du~¢ under this Security Instrument plus interest. (G) "Riders" means all Riders to this Security Instru~enl that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: r-~ Adjustable Rate Rider r--] Condominium Rider ~ Second Home Rider ~ Balloon Rider [~ Planned Unit Developmenl Rider r'--J 1-4 Family Rider [~ VA Rider ~ Biweekly Payment Rider ~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, 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, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or .~imilar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer or magnetic tape so as to order, instruct, or authorize a financial institution to debil or ~:r~.dit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated cl~;~ringhouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensatio¢~, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly schedulr~ amoun! due for (i) principal and interest under the Note, plus (ii) any amounts under S~.~:tion 3 of this Security Instrument. (O) "RESPA" means the Reap Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Pad 3500), as they might be amended from time to time, or any additional or succe.~.~or legislation or regulation that SWY02 Rev 12/18/00 Page 2 of 18 ,, m~,,s l~/~/~ FORM 3051 1101 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 no! qualify as a "federally r~.lated mortgage loan" under RESPA. (P) "Successor in Interest of Borrower" means any party Ihat has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the p~rformance of Borrower's convenants and agreements under this Security Instrument and me No~e. For this purpose, Borrower does hereby mortgage, grant and convey to Lender ~nd Lender's successors and assigns, with power of sale, the following described property located in the County of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] LEGAL DESCRIPTION IS ATTACHED HERETO AS SCHEDULE "A" AND MADE A PART HEREOF. Parcel ID Number: 2487 HWY 241 AFTON ("Property Address"): which currently has the address of [Street] [City], Wyoming 83110 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or h~;r~.~after a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as me "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey thu Property and that the Property is unencumbered, except for encumbrances of record Borrower warrants and will defend generally the title to the Property against all clailns and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform cowmants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. SWY03 Rev 11/06/00 Page :3 of 18 Ii.[lcds~ FORM 3051 1101 0S053 5 UNIFORM COVENANTS. Borrower and Lender cow.mant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and inlt~rest on, the debt evidenced by the Note and any prepayment charges and late charges (ltJe under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3 Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that ~y or all subsequent payments due under the Note and this Security Instrument be made i~ one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) c~.'rtified check, bank check treasurer's check or cashier's check, provided any such check i.~ draw~ upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when rc(:~ived at the location designated in the Note or at such other location as may be designah.~d by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring th~ Loan currenl without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such pay~n~.~nts at the time such payments are accepted. If each Periodic Payment is applied as of i~s scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does noz do so within a reasonable period of time, Lender shall either apply su~:h funds or return them to Borrower. If not applied earlier, such funds will be applied to the oulstanding 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 payments due under the Note and this Security Instrument or performing the [:ovenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds, Except a~ olherwise 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 the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to ea(:h Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrumenl, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due ~he payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower [o the repayment of the Periodic Payments if, and to the extent that, each payment can b~~. paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late (:h~]r-ges due. Voluntary prepayments shall be applied first to any prepayment charges and the. ) as described in the Note. SWY04 Rev 11/06/00 Page 4 of 18 Ic,~;ds _~ FORM 3051 1101 Any application of payments, insurance pro~:eeds, or Miscellaneous Proceeds 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 day Periodic Payments are due under the Note, until the Note is paid in ful a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessmenls and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Properly, ,r any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender ~n lieu of the payment of Mortgage Insurance premiums 'n accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during ~e term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. BorroWer shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender m~y waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time Any such waiver may ony be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which pay~nent of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreemenl contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for a~ 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 notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds. and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not 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 of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposils are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is n~ institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on me Funds, Lender shall not be SWY05 Rev 11/06/00 Page 5 of 18 ~n~I,als FORM 3051 1101 090553 5 (',.0072 required to pay Borrower any interest or earn'ings ofl the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fronds as required by RESPA. If there is a surplus of Funds held in escrow, as dr;fined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Le~(Jer shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the ;~mount necessary to make up the shortage in accordance with RESPA, but in no more ~h~n 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RES PA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no moro than 12 monthly payments. Upon payment in full of all sums secured by this St~curity Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which ca~] attain priority over this Security Instrument, leasehold payments or ground rents on lhe Property, i¢ any, and Community Association Dues, Fees, and Assessments, if any. To Ih(.~ extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to th~.~ payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower's performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, egal 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 lie~ ~n agreemenl satisfactory to Lender subordinating the lien to this Security Instrument. If Lc. nde' determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Withic 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time ~h;)rge for a real estate tax verification and/or reporting service used by Lender n connection with ~his Loan. 5, Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage," and any other hazards including, but no~ limited to, earthquakes and floods, for which Lender requires insurance. This 'nsurance shall be maintained in the amounts (including deductible levels) and for the periods ~hal Lender requires. What Lender requires pursuant to the preceding sentences can ch~;~cje during the term of the Loan. The insurance carrier providing the insurance shall be choson by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall no1 be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and Iracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination SWY06 Rev 10/25/00 Page 6 of 18 mm~s ]~ FORM 3051 1/01 or certification. Borrower shall also be responkible for the payment.of any fees imposed by the Federal Emergency Management Agency in conl~eclion with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protecl Borrower Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any ~Jlnounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable with such interest upon notice from Lender ~o Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shal be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additicm.I loss payee. Lender shall have the right to hold the policies and renewal certificates If Lender requires Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additiom~l loss payee. In the event of loss, Borrower shall give prompl r~olice to the insurance carrier 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 ;~pplied to restoration or repair of the Property, if the restoration or repmr's economically feasible and Lender's security is not lessened. During such repair and restoration period Lender shall have the right to hold such 'nsurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaclion, provided that such inspection shall be undertaken promptly, Lender may disbu~.~e proceeds for the repairs and restoration in a single payment or in a series of I)rogress payments as the work is completed Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall nol be required to pay Borrower any interest or earnings on such proceeds, Fees for public adjusters or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance 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 insurance proceeds shall be applied in tile order provided for in Section 2, If Borrower abandons the Property, Lender may file negotiate and settle any available insurance claim and related matters If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has ofrer()(J lo settle a claim, the~ Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In SWY07 Rev 10/25/00 Page 7 of 18 ~nm,~s FORM 3051 1101 either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any it~surance proceeds 'n an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums .paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6, Occupancy. Borrower shall occupy, establish, alltJ use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shal not be unreasonably withheld, or unless extenuating cir[:umstances exist which are beyond Borrower's control. 7'. Preservation, Maintenance and Protection o! the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration's not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage, tf insurance or condemnation proceeds are paid in connection with damage to, or the takin~j of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for lhu repairs and restoration in a single payment or in a series of progress payments as the work is completed If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may nspecl the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be i~ default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan Material representations include, but are not limited to, representations concerning Borrower's occupancy of tile Property as Borrower's principal residence. 9, Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenanls and agreements contained in this Security Instrument, (b) there is a legal proceeding th;~t might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or SWY08 Rev 10/25/00 Page 8 of 18 rm~a~s ~ FORM ;3051 1101 (~l l~ L 0375 (c) Borrower has abandoned the Property, then L~.mJer may do. and pay for whatever is reasonable or appropriate to protect Lender's interesl in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attor,eys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includ~.s, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed thal Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Seclitm 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shal be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title ~o the Property, the leasehold and the fee title shall not merge unless Lender agrees to the ruer§er in writing. 10. Mortgage Insurance. If Lender required Mortg.ge Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage ~nsurance coverage required by Lender ceases to be available from the mortgage insurer ~l~al previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the I~remiums required to obtain coverage substantially equivalent to the Mortgage nsurance previously in effect, at a cost substantially 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 the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage I~.~urance. Such loss reserve shall be non-refundable, notwithstanding the fact thalthe Lo;m s ultimately paid in full, and Lender shall not be required to pay Borrower any intere.~t or earn'ngs on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lei)der required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effecl, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage nsurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in lhis Section 10 affects Borrower's obligation to pay interest al the rate provided in the Nole. SWY09 Rev 11/13/00 Page 9 of 18 ~ma~s~/-~J' FORM 3051 1101 '-, Oo7G Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for 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 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 insurer and the other party (or parties) to Ihese agreements. These agreements may require the mortgage insurer to make paymenls using any source of funds that the mortgage insurer may have available (which may nclude funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the 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 tie characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed %aplive 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 Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. f the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and resloralion period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed ~o Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series ur progress payments as the work's completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds f the restoration or repair is not economically feasible or Lender's security would be ezsened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Inslrument whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. SWY10 Rev 10/25/00 Page l0 of 18 ~ ~t;~,~s .~ FORM 3051 1/01 In the event of a total taking, destruction, or loss in value of the'Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid lo Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before lhe padial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction or loss in value, unless Borrower and Lender otherwise agree in writing, tl]e sums secured by this Security Instrument shal be reduced by the amount of the Mis(:dlaneous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) me fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before Ihe partial taking, destruction, or loss in value is less than the amount of the sums secured i~nmediately before the partial taking, destruction, or loss in value, unless Borrower and L(mder otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after' notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's .udgment, could result in forfdlure of the Property or other material impairment of Lender's interest in the Property or r~ghls under this Security Instrument. Borrower can cure such a default and, if acceleration l)as occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's .udgment, precludes forfeiture of the Prop~.rly or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid lo Lender. All Miscellaneous Proceeds that are not applied to '-edoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Inh;rest of Borrower shall not operate to release the liability of Borrower or any Successors in Interes! of Borrower. Lender shall not be required to commence proceedings against any Su(:(:essor in Interest of Borrower or to refuse to extend time for payment or otherwise modify ;~nortization of the sums secured by SWYt1 Rev 11/06/00 Page 11 of 18 nma~ FORM 3051 1/01 0575 this Security Instrument by reason of any demand Inade by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in' exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors n 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 Bound. Borrower covenants and agrees that Borrower's obligations a.d liability shall be joint and several. However, any Borrower who co-signs this Security Instr.ment but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrume.l only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to exlend modify, forbear or make any accommodations with regard to the terms of this Securlly Instrument or the Note without the co-signer's consent. Subject to the provision of Section 18, any Successor in nterest of'Borrower who assumes Borrower's obligations under this Security I.strument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from Borrower's oblig~dions and lability under this Security Instrument unless Lender agrees to such release in wriling, The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender, 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose or protecting Lender's interest in the Property and rights under this Security Instrument in<:l.ding, but not limited to, attorneys' fees, properly inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge, u specific fee to Borrower shall not be construed as a prohibition on the charging of such ree 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 law is finally interpreted so that the interest or other loan char~j~;~ collected or to be collected in connection with the Loan exceed the permitted limits, Ihen: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted imits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the ~lote or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a wa'ver of any right of action Borrower might have arising oul of such overcharge, 15, Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrower's unless Applicable Law expressly SWY12 Rev 11/06/00 Page 12 of 18 ml~,~--~ FORM 3051 1101 ' ' 0379 requires otherwise. The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to L(mder. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There may be only one designated notice address under this Security 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 address stated herein unless Lender has designated another address by notice to Borrower Any notice in connection with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this S~curity Instrumenl is also required under Applicable Law, the Applicable Law require~nent will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules o! Construction, This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applic;d)le Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contriver In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision, As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the I~.minine gender; (b) words in the singular shall mean and include the plura and vice w~.rsa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17, Borrower's Copy, Borrower shall be given one copy of the Note and of this Security Instrument. 18, Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow ~greement the intent of which is the transfer of title by Borrower at a future date to a purch~ser. If all or any part of the Property or any nterest in th~.~ Property is sold or transferred (or if Borrower is not a natural person and a beneficial inter.st in Borrower is sold or transferred) without Lender's prior written consent, Lender may req.ire immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordarce with Section 15 within which Borrower mus~ pay all sums secured by this Security Instrument. f Borrower fails to pay these su~ns prior to the expiration o[ this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. SWY13 Rev ~1/06/00 Page 13 of 18 t,~l?'~'"~.~ FORM 3051. 1101 09053 ? 02,80 19. Borrower's Right to Reinstate After Acceleration. t Borrower meets certain conditions, Borrower shall have the right to have enfc.'cernent of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (C) entry of a judgment enforcing this Security Instrument Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcin(j this Security Instrument, including, but not limited te, reasonable attorneys' fees, properly inspection and valuation fees, and other fees incurred for the purpose of protecting Lender'.~ interest in the Property and rights under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and riolds under this Security Instrument, and Borrower's obligation to pay the sums secure(~ by this Security Instrument, shall continue unchanged Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's che.k or cashier's check, provided any such check i's drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transi%r Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shal remain fully effective as if no acceleration had occurred. However, this right to rei..~late shal not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servici.g obligations under the Note, this Security Instrument, and Applicable Law. There also r~i0ht be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there, s a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer or servicing. If the Note is said and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser, Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litiganl or the member of a cla.~;s) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other pady has breached any provision of, or any duty owed by reasCm of, this Security Instrument until such Borrower or Lender has notified the other party (wilh such notice given in compliance with the requirements of Section 15) of such alleged l~reach and afforded the other party hereto a reasonable period after the g~ving of such ~otice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure giv~.~n to Borrower pursuant to Section 22 and the notice of acceleration g'lven to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous .~ubslances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactiw.' materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where, tile Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in EnvirOnmental Law; and (d) an "Environmental Condition" means a condition lha! can cause, contribute to, or otherwise trigger an Environment Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environm~.mtal Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affe~:ls the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of sma I quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Proper~y (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substa~:e or Environmental Law of which Borrower has actual knowledge, (b) any Environmema~ Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused 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 par~y, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in ac~:ordance with Environmental Law. Nothing herein shall create any obligation on Lender fc~r an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower 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 be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment SWY15 Rev 10/25/00 Page 15 of 16 -,mal~,~,~ FORM 3051 1101 In full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in the 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, including, but not limited to, reasonable altorneys' fees; (b) to all Sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all ricjI~ls under and by virtue of the homestead exemption laws of Wyoming. SWY16 Rev 10/25/00 Page 16 of 18 ..I,;,~__ FORM 3051 1101 osos~ 0 3 8 3 BY SIGNING BELOW, Borrower accepts and agrees ~o lhe terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: BOOTH Borrower KIRBY J.O'E BOOTH Borrower SWY17 Rev 12/27/00 Page 17 of 18 fm~al,~ FORM 3051 1/01 '-.-..0384 STATE OF WYOMING, LINCOLN Courlty ss,' The foregoing instrument was acknowledged before me this DECEMBER 13, 2004 by KIRBY JOE BOOTH AND DONNA L BOOTH, HUSBAND AND WIFE Commission Expires: SWY18 Rev 10/25/00 Page 18 of 18 FORM 3051 1/01 05'85 SCHEDULE "A' Lot 2 of Hialeah Subdivision, Lincoln County, Wyoming as described on the official plat thereof.