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HomeMy WebLinkAbout905504RetumTo: SUNSHINE MORTGAGE CORPORATION 2401 LAKE PARK DRIVE SUITE 300 SMYRNA, GA 30080 Prepared By: SUNSHINE MORTGAGE CORPORATION 2401 LAKE PARK DRIVE SUITE 300 SMYRNA. GA 30080 ~SE RE-RECORD THIS DEF~ WITH A RECTM) ARM RIDER ~y INSERTED Loan Number: 24000273-LOT 90h202 RECEIVED LINCOLN COUNTY CLERK 0h OCT 29 PH !~: 16 JEANNE WAGNER .[Space Above This Line For Rec.rdmg Data] MORTGAGE RECEIVED 12/27/2004 at 2:12 PM RECEIVING # 905504 BOOK: 576 PAGE: 1 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY DEFINITIONS Words used in multiple sections of this document are defined hclo~v and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the us:~c of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated October 29, 2004 together with all Riders to this document. 01) "Borrower" is JIM M. ABT Borrower is the mortgagor under this Security Instrument. (C) "Lender" is SUNSHINE MORTGAGE CORPORATION Lender is a A GEORGIA CORPORATION organized and existing under the laws of GEORGIA WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~®-6{WY) 1ooo51 Page 1 of 15 Initial~~ VMP MORTGAGE FORMS - (800J521 DDS-WY4 Form 3051 1/01 Lender's address is 2401 LAKE PARK DRIVE SUITE 300 SMYRNA. GA 30080 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated October 29, 2004 The Note states that Borrower owes Lender One Hundred Sixty-Four Thousand Seven Hundred 8, 00/100 Dollars (U.S. $164,700.00 ) plus interest. Borrower has t)romised to pay this debt in regular Periodic Payments and to pay the debt in full not later than November 01, 2009 (E) "Property" means the property that is described below trader the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus inlcrcsl, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrtnncnt, plus interest. (G) "Riders" means all Riders to this Security Instrument th:~t ~trc executed by Borrower. The following Riders are to be executed by Borrower [check box as applicahlcl: ~-~ Adjustable Rate Rider [-~ Condominium Rider ~ Second Home Rider [-~ Balloon Rider ['~ Planned Unit Development I~ idcr ~ 1-4 Family Rider [---] VA Rider ~ Biweekly Payment Rider [~ Other(s) [specify] Lot Rider (H) "Applicable Law" means all controlling applicable l'cdcral, state and local statutes, regulations, ordinances and administrative rules and orders (that have thc cl'l'cct of law) as well as all applicable final, non-appealable judicial opinions. (I) "Comrnunity Association Dues, Fees, and Assessments" mc:ms all dues, fees, assessments and other charges that are imposed on Borrower or the Property bx :t condominium association, homeowners association or similar 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, m' authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-oI:sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" means any compensation, scnlcmcnt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmati~n 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 :tgainst the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled anl(nnlt duc for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security lnstrmncnt. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 35!}(/), as they might be amended from time to time, or any additional or successor legislation or regulation tl~',~t governs the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements :md restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan docs ~t~t qualify as a "federally related mortgage loan" under RESPA. II~-6(WY) 100051 Page 2 of 15 Form 3051 1/01 DDS-WY4 0 042:02: (P) "Successor in Interest of Borrower" means any part3, theft has taken title to the Property, whether or not that party has assumed Borrower's obligations under the N,}~c :md/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment ,,t thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bor~,wcr's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower docs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power o1' s.,dc, thc following described property located in the County of LINCOLN : [Type of Recording Jurisdiction] I Name of Recording Jurisdiction] LEGAL DESCRIPTION A1 FACHED HERETO AND MADE A PART HEREOF, AS EXHIBIT 'A' Parcel ID Number: LOT 22 SHADOW DANCER ALPINE ("Property Address"): which currently has the address of [Street] Wyoming 83128 [Zip Code] TOGETHER WITH all the improvements now or hcrcal'tcr erected on the property, and all easements, appurtenances, and fixtures now or hereafter a i~:H't 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 the "Properly." BORROWER COVENANTS that Borrower is lawfully sciscd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that thc Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend ~cncrally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform c~vcnants for national use and non-uniform covenants with limited variations by jurisdiction to constitute :t tm ilk¢ml security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender cown:mt and agree as follows: 1. Payment of Principal, Interest, Escrow Items, lh'cpayn~eut Charges, and Late Charges. Borrower shall pay when due the principal of, and interest tm, thc debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bormx~cr 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 hy Lender as payment under the Note or this (~;)~-6(WY) 10005) Page 3 of 15 Form 3051 1/01 DDS-WY4 Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this SeCUl'it\' I~stmment be made in one or more of the following forms, as selected by Lender: (a) cash; (b) m~mev order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or cntityl or (d) Electronic Funds Transfer. Payments are deemed received by l.cnder when received at the location designated in the Note or at such other location as may be designaI~'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 ~ccct,t any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is ntq obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is :q)plied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender m',tv ht~Id such unapplied I~unds until Borrower makes payment to bring the Loan current. If Borrower does n~I &~ so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. It' not applied earlier, such funds will be applied to the outstanding principal balance under the Note immcdi:ttcly prior to /breclosure. 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 ~r pcrfonrdng the covenants and agreements secured by this Security Instrument. 2. Application of Payments m' I'roceeds. 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 the Note; (b) principal duc trader the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order ill which it became due. Any remaining amounts shall be applied first to late charges, scc'{,nd to any other amounts due under this Security Instrument, and then to reduce the principal balance oI' dtc Note. If Lender receives a payment l'nm~ Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late char? due, the payment may be applied to the delinquent payment and the late charge. If more than one Pcrit)di~: Payment is outstanding, Lender may apply any payment received from Borrower to the repayment or' thc I'criodic Payments if, and to the extent that, each payment can be paid in full. To the extent that rely cxcc:~s exists after the payment is applied to the full payment of one or more Periodic Payments, such excess m;tv be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment char?s and then as described in the Note. Any application of payments, in~,m m~ce proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone tht, due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. B~,rr,,wer shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in l'ull, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and od~c'r ilcms which can attain priority over this Security Instrument as a lien or encumbrance on the Property: it~) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance ~cquired by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums pay:ddt by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with tl~e provisions of Section 10. These items are called "Escrow Items." At origination or at any time dm'ing the term of the Loan, Lender may require that Community Association Dues, Fees, and Asscssmt'ms, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. I/,~rrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower qmll pay Lender the Funds tbr Escrow Items unless Lender waives Borrower's obligation to pay the Ft~mls for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds t~or ~t~3' or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such wai~cr, Borrower shall pay directly, when and where payable, the amounts initial$~~ (~-6(WY) 100051 Page 4 o¢ ~5 Form 3051 1/01 DOS-WY4 due for any Escrow Items for which payment of Funds has bccn 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 ~cccipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrt~w Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, l.cmlcr may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated trader Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrt~w Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borr,,wcr 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 amotmt (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not ~t~ exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount oF l.tmds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items ~,' otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose dq)osits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an iustitution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds t, pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower I~,' holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, tmless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a char,~c. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, l.ct~dcr shall not be required to pay Borrower any interest or earnings on 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 Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. Il' thoro is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in acct,rdance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall l~:ty to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 lnonthly payments. Upon payment in full of all sums secured by this Securil v Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Association Duos, Fees, and Assessments, if any. To the 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 l)ri~rity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati.n secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proccc'dings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an a~2t'ccn'~{znt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender 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 ~-6{WY} Iooosl DDS-WY4 Initia~ Pag*5 of~5 Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, B~rrower 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 ch:,Tc for a real estate tax verification and/or reporting service used by Lender in connection with this Lo:til. 5. Property Insurance. Borrower shall keep the impr~,vcments now existing or hereafter erected on the Property insured against loss by fire, hazards included within thc term "extended coverage," and any other hazards including, but not limited to, earthquakes and ll{~ocls, for which Lender requires insurance. This insurance shall be maintained in the amounts (includin.~, deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the prcccdit~g sentences can change during the term of the Loan. The insurance carrier providing the insurance sh:d[ bc chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall ~,t 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 tracking services; or (b) a ~z~c-timc charge for flood zone determination and certification services and subsequent charges each time rcmappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payrnent of any fees imposed by the Federal Emergency .\l:magement Agency in connection 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. Lc~dcr is under no obligation to purchase any particular type or amount of coverage. Therefore, such covcr',tgc shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or thc contents of the Property, against any risk, hazard or liability and might provide greater or lesser covcr:~gc than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obt',tincd might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security ln~t rumcnt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be i3:~3'ablc, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals {~t' such policies shall 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 additional loss payee. Lender shall h.~tvc thc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give t,~ Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance ct~vcrage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy sh:dl include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss In the event of loss, Borrower shall give prompt notice ti) thc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. [/x~lcss Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the undcr13%g insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restor',~tion or repair is economically feasible and Lender's security is not lessened. During such repair and rcst~,r:~tion period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adju~tcrs, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and sh:dl 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 (~-6(WY) Iooosl DDS-WY4 PageOof ~5 Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, nc?tiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender ntay negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lc~dcr (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid u~Mc.r the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right t~} any refund of unearned prerrdums 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 Instrumcm, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and t~sc the Property as Borrower's principal residence within 60 days after the execution of this Security Instrt, ment and shall continue to occupy the Property as Borrower's principal residence for at least one yc:tr al'tot the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be umcasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the I'rol)erty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propc~ty to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Propctt)', 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 i, nt~t economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property t,~lv it' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance t~r condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved oI' ll,~rrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon alld inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the imp~,,vcmcnts on the Property. Lender shall give Borrower notice at the time of or prior to such an interior insl~c:ct ion specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall bc in default if, during the Loan application process, Borrower or any persons or entities acting at thc dircctiola 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, representatitms concerning Borrower's occupancy of the 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 covenants and agreements col~taincd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender',,; intel'CSt in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, prt~bate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc Property and rights under this Security Instrument, including protecting and/or assessing the value of thc Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited t(): (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable (~-6{WY) (ooos) DDS-WY4 Initials:~F PageTof15 orm 3051 1/01 attorneys' fees to protect its interest in the Property and/or ri,_,hts under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing linc Property includes, but is not limited to, entering the Property to make repairs, change locks, replace ,r board up doors and windows, drain water from pipes, eliminate building or other code violations or d:uL~,crous conditions, and have utilities turned on or off. Although Lender may take action under this Secti.l~ ~), Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender i~curs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 .~hall become additional debt of Borrower secured by this Security Instrument. These amounts shall h~'ar imcrcst at the Note rate from the date of disbursement and shall be payable, with such interest, upo~ l~,~dce 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 to the Property, the lcasch~dd and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage l,~ura~ce as a condition of making the Loan, Borrower shall pay the premiums required to maintain the/vl~,r~',~ge Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases t~ hc available from the mortgage insurer that previously provided such insurance and Borrower was recluircd to make separately designated payments toward the premiums for Mortgage Insurance, Borrower ~hall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insur,,cc previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equiv',dcm Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the a~.u~l .f the separately designated payments that were due when the insurance coverage ceased to be in el'fc,:t. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Morl~2agc Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is uhimatcly paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such lt)~,~, reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the a~,mm and for the period that Lender requires) provided by an insurer selected by Lender again become.s av',ilable, is obtained, and Lender requires separately designated payments toward the premiums for Mor~;~c Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, IS.~r~wcr shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a ~,n-refundable loss reserve, until Lender's requirement for' Mortgage Insurance ends in accordance w ilh m~ v written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at thc r.,tc provided in the Note. Mortgage Insurance reimburses Lender (or any entib, that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed, l~t~rrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such i,~ux'ance in force from time to time, and may enter into agreements with other parties that share or modify t licit risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mort~',t~c ix~surer and the other party (or parties) to these agreements. These agreements may require the mortgage in.surer to make payments using any source of funds that the mortgage insurer may have available (whid~ may i~clude funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchasci t~I' thc Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, m~v receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Bom,wc,"s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's ri~k, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the ii~,,tH'cr's risk in exchange for 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. St,ch ag,'eements will not increase the amount Borrower will owe for Mortgage Insurance, and they will m~t entitle Borrower to any refund. (~-6(WY) {ooo51 PageSof ~5 Form 3051 1/01 DDS-WY4 (b) Any such agreements will not affect the rights lh,rrmver 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, I. 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 mwarned 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. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically l'ca~ildc and Lender's security is not lessened. During such repair and restoration period, Lender shall have thc right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such ProperU tt~ ensure the work has been completed to Lender's satisfaction, provided that such inspection shall bc tmdcrtaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pax' Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ect~i~tmdcally feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to dtc stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borx',,wcr. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securitx Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in v:duc of the Property in which the fair market value of the Property immediately before the partial taking, tlcstruction, or loss in value is equal to or greater than the amount of the sums secured by this Security li~strument immediately before the partial taking, destruction, or loss in value, unless Borrower and l_cmlcr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by iht amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount .1' thc sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in valttt:. Ally 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 the partial taking, dc'struction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellanctms Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc 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 nl:tkc 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 rcstt~ration 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 judgment, could result in forfeiture of the Property t~r other material impairment of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes Ibi-feiture of the Property 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 to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. ~6(WY) Iooos} DDS-WY4 Page 9 of 15 Initials:~---~Fo r m 3051 1/01 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured Iix this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall ~ operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not I',c required to commence proceedings against any Successor in Interest of Borrower or to refuse to c×tcml time for payment or otherwise modify amortization of the sums secured by this Security Instrument hy reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any f~,h~::trance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ~,l' payments from third persons, entities or Successors in Interest of Borrower or in amounts less than thc ~tmount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successo,s and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall bc .i~,itxt zmd several. However, any Borrower who co-signs this Security Instrument but does not execute thc ,%~tc (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey thc c~signer's interest in the Property under the terms of this Security Instrument; (b) is not personally obli~:tlcd to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Born,wet can agree to extend, modify, forbear or make any accommodations with regard to the terms of thi~ ~ccurity Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Succc~.' in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in wrilin~, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security In~trtm~cm. Borrower shall not be released from Borrower's obligations and liability under this Security Instn.~cnt unless Lender agrees to such release in writing. The covenants and agreements of this Security h~trument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fcc~ for services performed in connection with Borrower's default, for the purpose of protecting Lender's mt~r~t in the Property and rights under this Security Instrument, including, but not limited to, attorneys' lyes, property inspection and valuation fees. In regard to any other fees, the absence of express authority in thi~ Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on thc ch:trging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument ~r by Applicable Law. If the Loan is subject to a law which sets maximum loa, ch',.'ges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (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 limits will be refunded to Borrower. Lender may choose t~ t~;d<c this refund by reducing the principal owed under the Note or by making a direct payment to I¢~.'rowcr. If a refund reduces principal, the reduction will be treated as a partial prepayment without ~3, 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 waiver of any ri,,ht oI' action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender i~ connection with this Security Instrument must be in writing. Any notice to Borrower in connection wi~h this Security Instrument shall be deemed to have been given to Borrower when mailed by first class m:dl or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Bo~rowc~ shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. Thc ~oticc address shall be the Property Address unless Borrower has designated a substitute notice address hy l~Otice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender Sl~Cdt'ics a procedure for reporting Borrower's change of address, then Borrower shall only report a change o1' address through that specified procedure. There may be only one designated notice address under thi~ 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 hy 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 Security hl~trument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. tniti~ls:~~/ (~-6(WY) (ooos) Page lo of ~5 '-'~/ Form 3051 1/01 DDS-WY4 '.Ji i 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subj,:ct to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly alh~w the parties to agree by contract or it might be silent, but such silence shall not be construed as iL l)~r~,hibition against agreement by contract. 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 Sc'cm'ity Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc m:xsculine gender shall mean and include corresponding neuter words or words of the feminine gender: ~b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" eivc~ sole discretion without any obligation to take any action. ' 17. Borrower's Copy. Borrower shall be given one cot)3 t,l' thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Intert..st ixx Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interc~l it~ thc Property, including, but not limited to, those beneficial interests transferred in a bond for deed, c,,mract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title b~ ltL~rrower at a future date to a purchaser. If all or any part of the Property or any Interest in thc I~rt~l)cx-ty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower i~ s~hl or transferred) without Lender's prior written consent, Lender may require immediate payment in flfll of all sums secured by this Security Instrument. However, this option shall not be exercised bx I.ender if such exercise is prohibited by Applicable Law. ' If Lender exercises this option, Lender shall give Borr{,\\'cr notice of acceleration. The notice shall provide a period of not less than 30 days from the date the nt,ticc is given in accordance with Section 15 within which Borrower must pay all sums secured by this ~ccurity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender m:~y 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 meets certain conditions, Borrower shall have the right to have enforcement of this Sc. cui'ity Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property l)ursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable l~:xw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment ctll'orcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums whidx then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cra'cs any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Sccm-ity Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and vahx'mion tees, and other fees incurred for the purpose of protecting Lender's interest in the Property and ri~ht,~ under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure thzxt Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligvti~m to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require th:tt Horrower pay such reinstatement sums and expenses in one or more of the following forms, as selected hy Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by BorrOwer, this Securitv i x~strument and obligations secured hereby shall remain fully effective as if no acceleration had occurrct{. Ih)wever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice o1' (;rievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold (mc or more times without prior notice to Borrower. A sale might result in a change in the entity (h~L~\vn as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrtm~c'nt and performs other mortgage loan servicing obligations under the Note, this Security Instrument, :md Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale t~l' thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which payments should bc m:Lde and any other information RESPA (~-6{WY) {ooo5) DDS-WY4 Page 1 1 of 15 -- ~ Form 3051 1/Ol 0B0,5504 0 5 o requires in connection with a notice of transfer of servicing. Il' thc Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of thc Nutc, 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 fl~c Note purchaser. Neither Borrower nor Lender may commence, join, or bc joined to any judicial action (as either an individual litigant or the member of a class) that arises l'rt~n linc other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, o? any duty owed by reason of, this Security Instrument, until such Borrower or l.cndcr has notified the other party (with such notice given in compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving ,,1' such notice to take corrective action. If Applicable Law provides a time period which must elapse bcl'm'c certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollut:mts, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable ,~r t{~×ic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbesto~ t~r formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of thc .iu r i sd itt ion where the Property is located that relate to health, safety or environmental protection; (c) "Enxiromnental Cleanup" includes any response action, remedial action, or removal action, as defined in Envirt,nmental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, tm 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 Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects thc value of the Property. The preceding two sentences shall not apply to the presence, use, or stor:igc on the Property of small quantities of Hazardous Substances that are generally recognized to be apl)ropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of l:t) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Bm-rower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition c:mscd by the presence, use or release of a Hazardous Substance which adversely affects the value of thc Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private l)arty, that any removal or other remediation of any Hazardous Substance affecting the Properly is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nolhing herein shall create any obligation on Lender for an Environmental Cleanup. (~-6{WY) DDS-WY4 Initials:._~ ~// Page 12 of 15 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender l'urther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice l,, 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 providcs 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 bc 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 m~ticc 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 ami sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable La~. l.ender 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 gixe re}rice 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 ma.,~cr provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sohl iu the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at :my sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of thc 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 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 t,~ a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. (~-6(WY) (0005) DDS-WY4 Page 13 of 15 orm 3051 1/01 o~o4aoa ' 0 2 i 5 BY SIGNING BELOW, Borrower accepts and agrees to thc lcrms and coven~ts contained in this Security Instrument ~d in ~y Rider executed by Borrower ~d recorded with it. Witnesses: (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY) {0005} DOS-wY4 Page 14of 15 Form 3051 1/01 STATE OF~, The foregoing instrument was acknowledged before me this by .-Jr rl/t /915'/- CoUnty ss: My Commission Expires: ~ jli~~ DIONA McLAIN ~]' g~'~*l NOTARY PUBLIC ~ ~'~¢2 STATE OF TEXAS Notary Public ~-6(WY) (ooos) DDS-WY4 Page 15 of 15 Initials:~ ~// Form 3051 1/01 ,.0217 LOT RIDER (To be attached to Deed of Trust) Loan #:24000273-LOT THIS RIDER is made this 29Lb day of October ,2004 ~?,~;;i. and is incorporated into and shall be deemed to amend and supplement the Mor,tgage, Deed -?:..' · of Trust or Deed to Secure Debt (the "Security Instrument"), of the same date given by the · undersigned (the "Borrower") to secL~re Borrower's Note to SUNSHINE MORTGAGE CORPORATION, A GEORGIA CORPORATION (the "Lender") of the same Instrument and located at: date and covering the property described in the Security LOT 22 SliADOW DANCER ALPINE, WY 83128 [Property Address] ADDITIONAL COVENANT: In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree that Uniform Covenant 6 of the Security Instrument is deleted and is replaced by the following: 6. Occupancy and Use; Preservation, Maintenance and Protection of the Property. Borrower and Lender acknowledge that as of the date of this Security Instrument, the Property consists of unimproved land. If Borrower makes, or causes to be made, any improvements to the Property, after the date hereof, Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days of completion of such improvements, unless Len~h~,r otherwise agrees in writing. Borrower shall keep the Property available for Borrower's exclusive use and enjoyment at all times. Borrower shall not destroy, damage or i~nl)air the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall not use, allow or suffer any part of the Property to be used as a facility for handling, treatment, storage or disposal of hazardous waste. Borrower shall satisfy in all material respects the requirements of and maintain the Property in compliance with all federal, state and local environmental protection or similar laws, ordinances, restrictions, licenses and regulations. Borrower shall not request or in any way assist a~)lher person or entity in a request to change the zoning of the Property from the Property's zoning as of the date of this Security Instrument. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal is begun that in Lend~.r's good faith judgment could result in forfeiture of the Property or otherwise materiall,/ impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such default and reinstate, as provided in Paragraph 18, causing the action or preceding to be dismissed with a ruling that, in Lender's good faith determina[~on, precludes forfeiture of the Borrower's interest in the Property or other material iml;a~rnnent of the lien created by this Security Instrument of Lender's security interest. E~orro..,ver shall also be in default if Borrower, during the loan Page 1 of 2 HCL 989 8480141 (0402) VMP Mortt!:~ge Solutions (800)521-7291 O2/O4 DDS-BLS IndyMac Bank Construction Lot Loan Program - Lot Rider Multistate application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any materi~d i~formation) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy and use of the Property as an unimproved lot. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. IN WITNESS WHEREOF, Borrower has executed this Lot Rider and fully understands the conditions thereof, 8480141 (0402) DDS-BLS Page 2 of 2 HCL 989 02/04 BALLOON RIDER (To be attached to Deed of Trust) Loan #: 24000273-LOT THIS RIDER is made this 29th day of October. 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument"), of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to SUNSHINE HORTGAGE CORPOPJ~TION. A GEORGIA CORPORATION (the "Lender") of the same date and covering the property described in the Security Instrument and located at: LOT 22 SHADOW DANCER ALPINE. WY 83128 [Property Address] ADDITIONAL COVENANT: In addition to the cove,~ants and agreements made in the Security Instrument, Borrower and Lender further covenantal and agree as follows: A. Balloon Rider: Borrower is aware that this Ioa~ Js due and payable in full on the 1st day of November, 2009 with a Balloo~ Payment of $158.012.41 based upon scheduled payments. Borrower acknowledues and agrees that Lender has no~ made any representations to Borrower, either oral or writtel;, that Lender will subordinate its lien created by this Security Instrument to any other liu~ which the Property may hereafter become subject to, including, without limitation, any lie~ arising from Borrower's subsequent construction of improvements on the Property. Borrower acknowledges and agrees that Lender is under no obligation to subordinate its lien creat~,d by this Security Instrument to any lien created hereafter and Lender does not intend to subordinate its lien to any other lien which the Property may hereafter become subject to. IndyMac Bank Construction Lot Loan Program - Balloon Rider Nlultistate Page 1 of 2 HCL 988 8480347 (0402) VMP Mortgage Solutions (800) 521-7291 02/04 DDS-BRS O'Oi 9 IN WITNESS WHEREOF, Borrower has executed this [:~alloon Rider and fully understands the conditions thereof. ~' / ! (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower 8480347 (0402) Page 2 of 2 DD$-BI~S HCL 988 02/04 Loan Number: 24000273-LOT SECOND HOME RIDER THIS SECOND HOME RIDER is m:~,lc this 29TH day of OCTOBER. 2004 . and is incorporated into and shall be dec'reed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security lnslrument") of the same date given by the undersigned (the "Borrower") whether there are one or n~ore persons undersigned) to secure Borrower's Note to SUNSHINf~ HORTGAGE CORPORATION, A G[('/RGIA CORPORATION (the "Lender") of the same date and coxc'ring the Property described in the Security Instrument (the "Property"), which is located at: LOt 22 SHADOW DANCER ALPINE. WY 83128 Property Address] In addition to the covenants and agrc~'mcnts made in thc Security Instrument, Borrower and Lender further covenant and agree that Sections (i ~nd 8 of the Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occtq)i,,, and shall only use, the Property as Borrower's second home. Borrower shall keep the Propc~l!: :tvailable for Borrower's exclusive use and enjoyment at all times, and shall not subject thc }h.perty to any timesharing or other shared ownership arrangement or to any rental po.1 ,,r agreement that requires Borrower either to rent the Property or give a management firm ~,r :tny other person any control over the occupancy or use of the Property. 8. Borrower's Loan Application. 2,,rrower shall be in default if, during the Loan application process, Borrower or any persons t,~ entities acting at the direction of Borrower or with Borrower's knowledge or consent g,,v~ n~aterially false, misleading, or inaccurate information or statements to Lender (or failed to proviclc Lender with material information) in connection with the Loan. Material representations inclt~de, but are not limited to, representations concerning Borrower's occupancy of the Property :~s Borrower's second home. MULTISTATE SECOND HOME RIDER - Single Farnib/ - Fannie Mae/Freddie Mac UNIFORM INSTRUME~IT Page 1 of 2 (~365R (0008) VMP MOf~ IGAGE FORMS (800)521-7291 DDS-HRS Initials.'~ 3890 1/01 BY SIGNING BELOW, Borrower accepts and agrees to Ibc terms and provisions contained in this Second Home Rider. .. - Borrower - Borrower 3IM ABT (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower (~)~365R (0008) DDS-HRS Page 2 of 2 Form 3890 1/01 ADJUSTABLE RATE RIDER (LIBOR - Rate Caps) (ARM Balloon Lot Loan) Loan #: 24000273oLOT THIS ADJUSTABLE RATE RIDER is made this 29th day of October. 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to SUNSHINE MORTGAGE CORPORATION, A GEORGIA CORPORATION (the "Lender") of the same Instrument and located at: date and covering the f~roperty described in the Security LOT 22 SHADOW DANCER ALPINE, WY 83128 [Property Address} THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE BORROWER'S INTEREST RATE INCREASES ARE LIMITED. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for changes in the interest rate a~d [he monthly payments, as follows: 2. INTEREST Interest will be charged on unpaid principal un[il the full amount of principal has been paid. I will pay interest at a yearly rate of 8.375 %. The interest rate I will pay may change in accordance with Section 4 of thi~ Note. The interest rate required by this Section 2 and Section 4 of this Note is the rate will pay both before and after any default described in Se(:[ion 7(B) of this Note. IndyMac Bank MULTISTATE ADJUSTABLE RATE RIDER (LIBOR ARM) - Balloon Lot Page 1 of 4 8480462 (0301) VMP MORTGAGE FORMS - (800)52 ]-7291 OD$-AOO HCL 919 01/03 3. PAYMENTS (A) Time and Place of Payments I will pay principal and interest by making pay¢~ents every month. I will make my monthly payments on the first day of each month beginning on December 0I, 2004 . I will make my morl[l/ly payments every month until I have paid all of the principal and interest and any other charges described below that Imay owe under this Note. My monthly payments will be apt~li~;d to interest before principal. If on, November 0I, 2009 , I still owe amount,~ under this Note, I will pay those amounts in full on that date, which is called the "MaturiW Date." I will make my monthly payments at 2401 LAKE PARK DRIVE SUITE 300, SHYRNA, GA 30080 or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My initial monthly payment will be in the amount of U.S. $1,251.84 This amount may change. (C) Monthly Payment Changes Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payme~u in accordance with Section 4 of this Note. 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of Hay, 2005 and on that day every 6 month(s) thereafter. Each date on which my interest rate could change is called a "Change Date." (B) The Index Beginning with the first Change Date, my i~terest rate will be based on an Index. The "Index" is the average of Interbank offered rates for six-month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most recent Index figure available as of the date 15 days before each Change Date is called "Current Index." HCL 919 8480462 (0301) Page 2 of 4 01/O3 DDS-AO0 If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding FIVE AND THREE qUARTERS percentage point(s) ( 5.750 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am exl)ected to owe at the Change Date in full on the 30 years from the date of the Note (the "Amortization Period") at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. I acknowledge that this amount will not be sufficient to repay my loan in full on the Maturity Date and that I may owe a significant amount to Lender on the Maturity Date. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 9.375% or less than 7. i~75 %. Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more than ONE percentage point(s) ( 1.000~ ) from the rate of interest I have been paying for the preceding 6 month(s). My interest rate will never be greater than 14.375 %, which is called the "Maximum Rate." (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or 'mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any question I may have regarding the notice. 8480462 (O3Ol) Page 3 of 4 DDS-AOO Initials HCL 919 01/O3 0 04;80;8 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower 8480462 (0301) Page 4 of 4 DD$-AO0 HCL 919 01/03 Exhibit A Lot 22 of Shadow Dancer Estates Subdivision, described on the official plat thereof Lincoln County, Wyoming as