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HomeMy WebLinkAbout905508Remm To: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: 1919 DOUGLAS, , OMA/IA, 681010000 NE [Space Above This Line For Rt.c,,rdm~ Data] MORTGAGE RECEIVED 12/27/2004 at 2:48 PM RECEIVING# 905508 BOOK: 57C PAGE: 27 JEANNE WAGNER DEFINITIONS LINCOLN COONTY CLERK, KEMMERER, WY Words used in multiple sections of this document are del'im.d I~clow and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding thc t~,agc of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated DECEN_.BER 2 0, 2 004 together with all Riders to this document. (B) "Borrower" is JEANETTE M. SMITH AND ROBERT H. SMITH, WIFE AND HUSBAND Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS FARGO BAlqX, N. 3.. Lender is a NATIONAL ASSOCi'ATION organized and exis[ing under [he laws of THE UNITED STATES 0043629161 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~)®-6{WY) (O00S) _ D Form 3051 1/01 Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and d:~cd DECl~.I'r,-B~..R 2 0, 2 004 The Note states that Borrower owes Lender ON~. I-IUi'q-DRED SEVENTY Iv'I'VE THOUS.,~xrD AND 00/100 Dollars (U.S. $ ***'175,000.00 ) plus interest. Borrower has i}~,,mised to pay this debt in regular Periodic Payments and to pay the debt in full not later than J.~NU.~RY 0 ~., 2035 0g) "Property" means the property that is described below t,,,&:r the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note. plus intcrc,~, any prepayment charges and late charges due under the Note, and all sums due under this Security lnslrt,~:,tt, plus interest. (G) "Riders" means all Riders to this Security Instrument th:~t :t,'c executed by Borrower. The following Riders are to be executed by Borrower [check box as applical)lcl: [--~ Adjustable Rate Rider ~ Condominium Rider i ~ Second Home Rider [--] Balloon Rider ~ Planned Unit Development I.~idc,' /i__~ 1-4 Family Rider [---] VA Rider [-~ Biweeldy Payment Rider i_~ Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have thc ci lcct of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" ~c:ms all dues, fees, assessments and other charges that are imposed on Borrower or the Property bx ~ condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of l'tmd.,. ~ther 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, t~i' authorize a financial institution to debit or credit an account. Such term includes, but is not limited ~,). point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, x~i~. Ir',msfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Sc~:~i,m 3. (L) "Miscellaneous Proceeds" means any compensation, sctllcmcnt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under linc c~wcrages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnati[,~t ~r olher taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) mi~cl~rcscntations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance prOtecting Lemlcr a.,.2',tinst the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amo~lnt thio t'or (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instt'tm~cnt. (O) "RESPA" means the Real Estate Settlement Procedures .:\~.~ il 2 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3511~. :~s Ihey might be amended from th-ne to time, or any additional or successor legislation or regulation Ilk,ti ?)rems the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremcm, :tt/d restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does ~t,~ qualify as a "federally related mortgage loan" under RESPA. h~Jtialsi'2 (~6(WY) (0005) Page 2 of ~5 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party tl~l ha~ taken title to the Property, whether or not that party has assumed Borrower's obligations under the N.ic and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment ,,t d to Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bor~'~v. ci"s covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower ,h<,s hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of ~,lc. the following described property located in the COUNTY of LINCOLH : [Type of Recording Jurisdiction] I Namc of Recording Jurisdiction] LOT 24 OF STEWART COUNTRY CLUB ESTATES PHASE I, LINCOLN COUNTY, WYOMIN~ AS DESCRIBED ON THE OFFICIAL PLAT NO. 315B FILED APRIL 14, 2004 AS INSTRUMENT NO. 898491 OF THE RECORDS OF THE LINCOLN COUNTY CLERK. TAX STATEbfENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, P.O. BOX 10304, DES MOINES, IA 503060304 ParcellD Number: 161 COUNTRY CLUB WAY THAYNE ("Property Address"): which currently has the address of [Street] , Wyoming 8 312 7 [Zip Code] TOGETHER WITH all the improvements now or l,c~c,f~cr erected on the property, and all easements, appurtenances, and fixtures now or hereafter .,t p:,'t .f the property. All replacements and additions shall also be covered by this Security Instrument. \11 of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully ~cF. cd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and tha~ ibc l'roperty is unencumbered, except for encumbrances of record. Borrower warrants and will defend :zc~crally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform c,,xc'nants for national use and non-uniform covenants with limited variations by jurisdiction to constitute :~ tmilbrm security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covena~t :md agree as follows: 1. Payment of Principal, Interest, Escrow Items, Ih'clm)ntent Charges, and Late Charges. Borrower shall pay when due the principal of, and interest ,~t. Iht debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bol-~',~x~ cr shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and thF 5;~:cttrity Instrument shall be made in U.S. currency. However, if any check or other instrument received I~,. l.cmlcr as pay~me~t under the Note or this (~-6(WY) 10005) Page 3 of 15 ,~ Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender max scquirc that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon ',t~ it~qimtion whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic l:u~d, l'nmst'er. Payments are deemed received by Lender when received ,~t thc location designated in the Note or at such other location as may be designated by Lender in accol'd:t~cc with the notice provisions in Section 15. Lender may return any payment or partial payment if the pax mom or partial payments are insufficient to bring the Loan current. Lender may accept any payment or l~:~tilti payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice ~,, ~s rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply ..rich payments at the time such payments are accepted. If each Periodic Payment is applied as of its sc'hvdttlcd due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplicd lund~ urn il Borrower makes payment to bring the Loan current. If Borrower does not do so within a reason,title period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier. ,~t~clt l'mlds will be applied to the outstanding principal balance under the Note immediately prior to forcch~,,tlrc. No offset or claim which Borrower might have now or in the future against Lender shall relieve l~,,rrower from making payments due under the Note and this Security Instrument or performing the cox'c~t~mt~ and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except a~, ,,thcrwise described in this Section 2, all payments accepted and applied by Lender shall be applied in thc t'ollowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) ml~t,ttnt~ clue under Section 3. Such payments shall be applied to each Periodic Payment in the order in x~t~ic'h it became due. Any remaining amounts shall be applied first to late charges, second to any other am,,tmt~ title under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for adc. lit,lt~Cm Periodic Payment which includes a sufficient amount to pay any late charge due, the payment m,x t,c applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstand n ~:_,~ l.ender may apply any payment received from Borrower to the repayment of the Periodic Payments il'. :tt~tl to the extent that, each payment can be paid in full. To the extent that any excess exists after the p:tS~vm is applied to the full payment of one or more Periodic Payments, such excess may be applied to any l:~c chilx'ges due. Voluntary prepayments shall be applied first to any prepayment charges and then as descrih~.d itt ~he Note. Any application of payments, insurance proceeds, or lX li~,cctlmlcous Proceeds to principal due under the Note shall not extend or postpone the due date, or change d~c ',tlllOUllt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender sm the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Fuild-~'} to provide for payment of amounts due for: (a) taxes and assessments and other items which can att:m~ i)t'iority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payment~ ,,~' ~round rents on the Property, if any; (c) premiums for any and all insurance required by Lender umlc~ .'-;cction 5; and (d) Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to t umlcl- in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of 5~:c~itm 10. These items are called "Escrow Items." At origination or at any time during the term of thc I ,~:m, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrm~cd hv Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptl.~ fttt'ni~,h to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the t:t~nd~, 1'o1' Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all t2svr~>w Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow hem~ gtc gllly time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay di~ cclly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has bcc~l x~ aivccl by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withi~ ,uch 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 Instrumc~l. :t~ thc phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrov. Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, l.c~dc~- may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated tmdt_.l' Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Esc~,);~ IIcms at any time by a notice given in accordance with Section 15 and, upon such revocation, Borr,,~xcr 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 alls,~tllt/ ia) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not t(~ cxcccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of I trade, due on the basis of current data and reasonable estimates of expenditures of future Escrow Items ,>~ ,~hcrwise in accordance with Applicable Law. The Funds shall be held in an institution whose dcl~t~it~ are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an inslittttitm whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to [,:t> the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower fo~ h,,lding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, tttt]c.,s Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a cha~ ?~.. t [nlcss an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, I c~dcr shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender t~t~ agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, /s ith~ttt 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. If tltt_.it:, is il shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as req,ti~cd 19' RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accord:t~cc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in esc~,,v.. ',ts defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall 1~:~> ~,~ l.ender the amount necessary to make up the deficiency in accordance with RESPA, but in no more Ih:,~ 12 n~onthly payments. Upon payment in full of all sums secured by this Securitx It~stmment, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assc~.,mcnts, charges, f'mes, and impositions attributable to the Property which can attain priority over this 5ccm'ity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associati,~ l)ttc, s, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay ~t~.m in the manner provided in Section 3. Borrower shall promptly discharge any lien which has i~ i,,~'ity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligatit~ ~ccm-cd by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such ',t.,_'~ccmcnt; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal procccdilt,_,~, which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings :t~c pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an ago'cement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines thai :~l~ l~art of the Property is subject to a lien which can attain priority over this Security Instrument, Lender' ,~t:t.x give Borrower a notice identifying the I.~.i~-6{WY} 1ooo51 Page 5 of 15 Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, 1',~ rower 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 chaco, c. t,~t' a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the imprm cttlcnts now existing or hereafter erected on the Property insured against loss by fire, hazards included xxi~l~it~ Iht term "extended coverage," and any other hazards including, but not limited to, earthquakes and il,~{)d,,, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preccdi~ sentences can change during the term of the Loan. The insurance carrier providing the insurance shall bc chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall n~,t I~c exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, cithc~: la) a one-time charge for flood zone determination, certification and tracking services; or (b) a ~mc ~imc charge /'or flood zone determination and certification services and subsequent charges each time ~c~tt~l)l')ings or similar changes occur which reasonably might affect such determination or certification. I*,)~t'.wcr shall also be responsible for the payment of any fees imposed by the Federal Emergency ~X,l:,~:~Tcmeut Agency in connection with the review of any flood zone determination resulting from an objcc~i, m by Borrower. If Borrower fails to maintain any of the coverages dc~t~ il}cd above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lcndc~ is under no obligation to purchase any particular type or amount of coverage. Therefore, such covcr:t~c shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or tl~c c~,nlcnts of the Property, against any risk, hazard or liability and might provide greater or lesser covcr:t~c than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obl:tiilcd might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts div. bm'scd by Lender under this Section 5 shall become additional debt of Borrower secured by this Security l~,tmmmlt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be t~:~ itldc, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ~,1 ~,uch policies shall be subject to Lender's right to disapprove such policies, shall include a standard ~)~'~:~7c clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall hat c ~hc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give t,, l.cmler all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance c,,xcta~c, not otherwise required by Lender, for danmge to, or destruction of, the Property, such policy ~ll:tll iaclude a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss P:t3 In the event of loss, Borrower shall give prompt notice ,, Ibc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. I:,}l~.~s l.cnder and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underl3 m7 ii~surance was required by Lender, shall be applied to restoration or repair of the Property, if the rest,~ :~ti~m or repair is economically feasible and Lender's security is not lessened. During such repair and rest.t':~ti~m period, Lender shall have the right to hold such insurance proceeds until Lender has had an opporltt~tt,, to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided tl~ctt such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and ~'c.,i,~r:~tion in a single payment or in a series of progress payments as the work is completed. Unless an a~2rcc.~ttct~t is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lemlc~ 'dlall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public acljt~.,~ct'~, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and ,h~tll be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lendct'~ ~ccurity would be lessened, the insurance proceeds shall be applied to the sums secured by this Seem-itt Itl~trument, whether or not then due, with (~-6(WY) (ooo5, Pao.~o, ,~ c;'..'~/'j/~5' Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceed~ ~hall bo applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, ~c~,)li',ttc and settle any available insurance claim and related matters. If Borrower does not respond wid~i~ 31> clays to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender re:t,, nc?tiate and settle the claim. The 30-day period will begin when the notice is given. In either eve~,. ,,~' ii' Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender ia) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid und~'r d~c Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right t~ :,~x refund of unearned premiums paid by Borrower) under all insurance policies covering the Properls. insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceed, either to repair or rest'ore the Property or to pay amounts unpaid under the Note or this Security Instrum~.~,. whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and t~:,c Ire Property as Borrower's principal residence within 60 days after the execution of this Security I~i,tt'umont and shall continue to occupy the Property as Borrower's principal residence for at least one 3c~ a~'lcr the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be tm~c:~sonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the I'r. perty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propc~,, Itl deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Propc~tx. l~orrower shall maintain the Property in order to prevent the Property from deteriorating or decreasm~ m vahle due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration i,, ~t economically feasible, Borrower shall promptly repair the Property if damaged to avoid further d~.lcrioration or damage. If insurance or condenmation proceeds are paid in connection with damage ~,,. or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property ~lx il' l.ender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and rc-.t,,ration in a single payment or in a series of progress payments as the work is completed. If the insurance ,,~ condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved ol I{,,rrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries up(m :~(1 inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the impr,,x cmcnls on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspcc't i{~ Sl)ccifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall bc it~ delault if, during the Loan application process, Borrower or any persons or entities acting at thc ,li~'cction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or in:t~Cttl",tte information or statements to Lender (or failed to provide Lender with material information) i~t connection with the Loan. Material representations include, but are not limited to, representational, omccrning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and I(ighls Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements co~,fi~cd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's i~Iorc~t in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, i~,,batc, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this )~cc/trity Instrument or to enforce laws or regulations), or (C) Borrower has abandoned the Property, d~c~ l.cnder may do and pay for whatever is reasonable or appropriate to protect Lender's interest in d~c I'roperty and rights under this Security Instrument, including protecting and/or assessing the value ol thc Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited ~o: (',t) paying any sums secured by a lien which has priority over this Security Instrument; (b) al)l)c::t~i~g in court; and (c) paying reasonable (~-6{WY) (0005) Page 7 of 15 ~'~ Form 3051 1/Ol attorneys' fees to protect its interest in the Property and/or ri,_,ht, under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing thc Property includes, but is not limited to, entering the Property to make repairs, change locks, replace ,~r N~ard up doors and windows, drain water from pipes, eliminate building.or other code violations or tl:,l~[_.l't)t(s conditions, and have utilities turned on or off. Although Lender may take action under this Sectio~ '~. l.cndcr does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender' lllcttrs lie liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section ';,,hall become additional debt of Borrower secured by this Security Instrument. These amounts shall be,ti mlcrost at the Note rate from the date of disbursement and shall be payable, with such interest, upon ~t}ticc from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower ~1~:~1I comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasd~,,ld 'and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage l~l..(tranc'e as a condition of making the Loan, Borrower shall pay the premiums required to maintain the tXh,~ ~:2a2c Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases ~,, t,c :tvailable from the mortgage insurer that previously provided such insurance and Borrower was requi~cd to make separately designated payments toward the premiums for Mortgage Insurance, Borrower .l~tll l>ay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance pr~.xiously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insm:,~,c l)rcviously in effect, from an alternate mortgage insurer selected by Lender. If substantially equixatc~tt Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the anaotHtt ,,1 thc separately designated payments that were due when the insurance coverage ceased to be in efl'cc~, l.ender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mor(:~:v~tr Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is uhitlt;,icly paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such h~,, ~cscrvc. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the am,,~m~ and for the period that Lender requires) provided by an insurer selected by Lender again becomes ax ;,liable, is obtained, and Lender requires separately designated payments toward the premiums for Mor t..,:t? c Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower x,.:t~ required to make separately designated payments toward the premiums for Mortgage Insurance, B,,~,,x~cr shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a ~,,~ refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with ~x written agreement between Borrower and Lender providing for such termination or until termination is ~cqttired by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at thc i,tlc imwided in the Note. Mortgage Insurance reimburses Lender (or any entity (1~,~ lmrchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed, l~,~rrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such iil,,ur:tllce ill force from time to time, and may enter into agreements with other parties that share or modify dwi~ risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortg:~?c ittsurer and the other party (or parties) to these agreements. These agreements may require the mortga? i~t'ml'cr to make payments using any source of funds that the mortgage insurer may have available (which ~:tx include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchasc~ ,,i thc Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, m~tx rcccixe (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borr,,x~cr's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's ri~l., or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the itp. ttlcr'~, risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "c,t[)tix'c reinsurance." Further: (al Any such agreements will not affect the amotmls that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such a~,'eements will not increase the amount Borrower will owe for Mortgage Insurance, and they will m,~ entitle Bon'ower to auy refund. (~I~-6(WY} (0005) Page8 of 15 Form 3051 1/01 (b) Any such agreements will not affect the rights Bm'rm~cr has - if' any - with respect to the Mortgage Insurance under the Homeowners Protection Acl o1' 1998 or any other law. These rights may include the right to receive certain disclosures, ti, rCtlUeSt and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance ter,nim,tt~d automatically, and/or to receive a refund of any Mortgage Insurance premiums that were mJcarncd at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeitm'c..\11 Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds, ~,h~dl be applied to restoration or repair of the Property, if the restoration or repair is economically fc:~il~lc :tnd Lender's security is not lessened. During such repair and restoration period, Lender shall have linc right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propert) t,~ ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be t:tldci't:lkcn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a ~:~c~ of progress payments as the work is completed. Unless an agreement is made in writing or Applic:~l,lc lx~w requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to p:~.x I{,}rr~)wer any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ect,~,,,~mc.:tlly feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to ~h~. ~ttms secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bor~,~x~c~'. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss i~t x:tluc of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securitx I~tt'ument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in x :tl[ic ot' the Property in which the fair market value of the Property immediately before the partial taking, tlc.slt'ttction, or loss in value is equal to or greater than the amount of the sums secured by this Securit'~ ll~s[rument immediately before the partial taking, destruction, or loss in value, unless Borrower and I ~.~dc~' otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by !l~, :tinoull[ of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount ,,I tl~c sulns secured immediately before the partial taking, destruction, or loss in value divided by (b) the I,til mltrkc[ value of the Property inunediately before the partial taking, destruction, or loss in value. Any b:~l:~ c ~h~dl be paid to Borrower. In the event of a partial taking, destruction, or loss in x :~lt~. ,~1 the Property in which the fak market value of the Property immediately before the partial taking, tt['.,Irtlction, or loss in value is less than the amount of the sums secured immediately before the partial t:tl..i~g, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscell~t~,,~t~s I)roceeds shall be applied to the sums secured by this Security Instrument whether or not the sums ar(' tl~cn ttu¢. If the Property is abandoned by Borrower, or if, al't~.~ m)ticc by Lender to Borrower that the Opposing Party (as defmed in the next sentence) offers to m;tf:c :tn :tward to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the d,tt,~ thc notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to Fc>t~tzttion or repair of the Property or to the sums secured by this Security Instrument, whether or not then ,It~c. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party ag:titt~l xxhom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, x,, I~clhcr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Proper~> ,,~' other material impairment of Lender's interest in the Property or rights under this Security Instrumc~t. I~orrower can cure such a default and, if acceleration has occurred, reinstate .as provided in Section 1~. 1,~ causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, preclude, l,~rl'citure of the Property or other material impairment of Lender's interest in the Property or rights un,l~.~ thi~ Security Instrument. The proceeds of any award or claim for damages that are attributable to the in~l~:t~*~ncnt of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to rcNl,)i;ttion or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lendcr N.i a Waiver. Extension of the time for payment or modification of amortization of the sums secured h~ this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall n,,I 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'~k'~d time for payment or otherwise modify amortization of the sums secured by this Security Instrumen~ I,,, : c:t~o n o f any demand made by the original Borrower or any Successors in Interest of Borrower. Any fort,~.:n':mce by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ,,t p:Olnents from third persons, entities or Successors in Interest of Borrower or in amounts less than thc mn,mm then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successm'~ and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be i,,mt :~nd several. However, any Borrower who co-signs this Security Instrument but does not execute thc N,~lc la 'co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey thc ~,, ~i~ncr's interest in the Property under the terms of this Security Instrument; (b) is not personally obli,,:~k.d lo pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrov.~.~ can agree to extend, modify, forbear or make any accommodations with regard to the terms of thi~ %~.~urity Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Succc:,:,,,r in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in wriln~?, :md is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security h~lnnncnl. Borrower shall not be released from Borrower's obligations and liability under this Security Instrtn~:nt unless Lender agrees to such release in writing. The covenants and agreements of this Security ln-lrtsmcnt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fcc:, lt,l ~crvices performed in connection with Borrower's default, for the purpose of protecting Lender's i:~tcrcst in the Property and rights under this Security Instrument, including, but not limited to, attorneys' tcc~. property inspection and valuation fees. In regard to any other fees, the absence of express authority i~ ilti~ Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on thc dmrEin~ of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument t,~ I,) ,7\pl~licable Law. If the Loan is subject to a law which sets maximum loan cl~:~r~cs, 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 rccluc'cd by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collcck.d from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose ~, nmkc this refund by reducing the principal owed under the Note or by making a direct payment to l~,~n~x~c'r. If a refund reduces principal, the reduction will be treated as a partial prepayment withot|l m~ prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrov. cr'~ acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right o1' action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender m ctmnection with this Security Instrument must be in writing. Any notice to Borrower in connection witla thi~ Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail ,~r when actually delivered to Borrower's notice address if sent by other means. Notice to any one Born~,,x cr shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The n~,li~: :~dclross shall be the Property Address unless Borrower has designated a substitute notice address b~ m~tice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender ~l~.cil'ic~ a procedure for reporting Borrower's change of address, then Borrower shall only report a chan~c ,,I :Mch'ess through that specified procedure. There may be only one designated notice address under tlti:, ~;ccurity Instrument at any one time. Any notice to Lender shall be given by delivering it or by maili~z~ it 15' first class mail to Lender's address stated herein unless Lender has designated another addrc%., by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed I,, h.,tvc been given to Lender until actually received by Lender. If any notice required by this Security I~:rum~nt is also required under Applicable Law, the Applicable Law requirement will satisfy the cor~c?¢l~onding requirement under this Security Instrument. a~4 ~'6{WY) 10005) Page 10 of 15 Form 3051 1/01 16. Governing Law; Severability; Rules of Construt'ti,m. This Security Instrument shall be governed by federal law and the law of the jurisdiction in xvhic'h the Property is located. All rights and obligations contained in this Security Instrument are sub. i~'ct lo any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitlx :dloxv the parties to agree by contract or it might be silent, but such silence shall not be construed as a l~r,~l~ihition against agreement by contract. In the event that any provision or clause of this Security Ins~rt~.t~ or tile Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Scc~ri~v h~strument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc. tl~:tsculine gender shall mean and include corresponding neuter words or words of the feminine gend~,l: ih~ words in the singular shall mean and include the plural and vice versa; and (c) the word "may" gix,.~ ~olc discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one cop) ,,l' thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interesl in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interc.~ i~ thc, Property, including, but not limited to, those beneficial interests transferred in a bond for deed, co~tr~tcl I'or deed, installment sales contract or escrow agreement, the intent of which is the transfer of title b~ 1¢~ t oXVel~ at a future date to a purchaser. If all or any part of the Property or any Interest in the i'r,q~cr~x is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower i~ ~,~dd' or transferred) without Lender's prior written consent, Lender may require immediate payment it~ I~l]l o1' all sums secured by this Security Instrument. However, this option shall not be exercised bx l.c~der if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borro~cr tiotice of acceleration. The notice shall provide a period of not less than 30 days from the date the n,,li~.~, is eiven in accordance with Section 15 within which Borrower must pay all sums secured by this S~.c~itv l~strument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ~:~) i(~voke any remedies permitted by this Security Instrument without further notice or demand on Borroxx~,r. 19. Borrower's Right to Reinstate After Accelerati.~. Il' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Sc.~uril¥ Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Propert.~ {~ttt'~ttzt~t to any power of sale contained in this Security Instrument; (b) such other period as Applicabk. I~v inight specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment ~.~I~,t'~..i~g this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums whic.l~ d:~_.zx would be due under this Security Instrument and the Note as if no acceleration had occurred; (b~ ~'u~-cs :lny default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Sc.c~rilv h~strument, including, but not limited to, reasonable attorneys' fees, property inspection and valt~:tli~lt' l'ces, and other fees incurred for the purpose of protecting Lender's interest in the Property and ri~til~ ureter this Security Instrument; and (d) takes such action as Lender may reasonably require to assure. II~:~ l.ender's interest Lq the Property and rights under this Security Instrument, and Borrower's obligali,~ t,~ p;l), the sums secured by this Security Instrument, shall continue unchanged. Lender may require lhztt l~orrox~'er pay such reinstatement sums and expenses in one or more of the following forms, as selected t~x l.cnder: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's chcc. l,'. provided any such check is drawn upon an institution whose deposits are insured by a federal agent)', i~t~trtt~ntality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securi~x I~lrument and obligations secured hereby shall remain fully effective as if no acceleration had occurrcci. I Iowcx'er, 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' (;rit.~:mce. The Note or a partial interest in the Note (together with this Security Instrument) can be sold ,,~c. ~r more tin, es without prior notice to Borrower. A sale might result in a change in the entity (k~,,x,.~ .,ts the "Loan Servicer") that collects Periodic Payments due under the Note and this Security In~t~tct~t and performs other mortgage loan servicing obligations under the Note, this Security Instrumcnl. :~c[ ,~\pplicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale oi thc Note. If there is a change of the Loan Servicer, Borrower will be given writXen notice of the change x~l~ic:lt will state the name and address of the new Loan Servicer, the address tb which payments should I~. ~:~lcle and any other information RESPA 6{WY) (ooo5) Page ~ of ~5 Form 3051 1/01 O,038 requires in connection with a notice of transfer of servicing, tl thc Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Nme. the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transl'ct~cd It) ',t successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc N~)t{z purchaser. Neither Borrower nor Lender may commence, join, (ir I~. }tuned to any judicial action (as either an individual litigant or the member of a class) that arises l'l'Ollt i]lc~ nther party's actions pursuant to this Security Instrument or that alleges that the other party has l)rt.:~'llcd ',lny provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or l.vndcr has notified the other party (with such notice given in compliance with the requirements of Section 15} or such alleged breach and afforded the other party hereto a reasonable period after the giving {it ~uch notice to take corrective action. If Applicable Law provides a time period which must elapse b~'t,,rc certain action can be taken, that time period will be deemed to be reasonable for purposes of thi5 t~r',tgraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section '2 ~tnd the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy tl~v nt~tice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 2t: {~t) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutant~., t~r wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable ~,r I,~xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos ,}~ lt~rmaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jt~ri~diction where the Property is located that relate to health, safety or environmental protection; (c) "Enxir,,~mlcntal Cleanup" includes any response action, remedial action, or removal action, as defined in Enx it,~m~cntal Law; and (d) an "Environmental Condition" means a condition that can cause, contribute ~,,. ,~i' otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, d i~,l~`,,,:tl, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances. ,,~ ~r in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property ~:~ illin is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, duc to the presence, use, or release of a Hazardous Substance, creates a condition that adversely al'lL.c't~ linc value of the Property. The preceding two sentences shall not apply to the presence, use, or stor~,_,[, tm the Property of small quantities of Hazardous Substances that are generally recognized to be apl~r,~prime to normal residential uses and to maintenance of the Property (including, but not limited to, ha/:trd~lts substances in consumer products). Borrower shall promptly give Lender written notice o1' I,~ m~v investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency m i~ix ~tc pm'ty involving the Property and any Hazardous Substance or Environmental Law of which l{,~m'cr has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, lc:tking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition c':tu,,cd hy the presence, use or release of a Hazardous Substance which adversely affects the value of thc I'r~i)crt3. If Borrower learns, or is notified by any governmental or regulatory authority, or any private p:~n3. 0mt any removal or other remediation of any Hazardous Substance affecting the Property is necessarx. B,~rrower shall promptly take all necessary remedial actions in accordance with Environmental Law. ~,,flxin,, herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and Lender lin'thor covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice h~ Ihlrrower prior to acceleration following Borrower's breach of any covenant or agreement in thi, ~ct'urily Instrument (but not prior to acceleration under Section 18 unless Applicable Law pro~idt.s i~thcrwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dale, not less than 30 days from the date the notice is given to Borrower, by which the default must lit, cured; and (d) that failure to cure the default on or before the date specified in the notice ma)' rcsutl in acceleration of the sums secured by this Security Instrument and sale of the Property. The ilolit't, shall further inform Borrower of the right to reinstate after acceleration and the right to bring a cmn't action to assert the non-existence of a default or any other defense of Borrower to acceleration :~ml sale. If the default is not cured on or before the date specified in the notice, Lender at its option ma.~ require immediate payment in full of all sunts secured by this Security Instrument without furlhcr demand and may invoke the power of sale and any other remedies permitted by Applicable l~a~. I.t:mler shall be entitled to collect all expenses incurred in pursuing the remedies provided in this .~;t~{'tim~ 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall gi~t, n.licc ot' intent to foreclose to Borrower and to the person in possession of the Property, if difrcrt~m, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the mmmm' provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold iii thc rammer prescribed by Applicable Law. Lender or its designee may purchase the Property al :m~ sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses or ~ht~ sale, iucluding, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Nt.cm'ity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this .~.~ttrity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation ell,t,, l.cnder may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid i,~ :~ Ihird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all right~ m~dcr and by virtue of the homestead exemption laws of Wyoming. ~(~'6{WY) (ooos} Page ~3 of ~5 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees t,, thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: {.// (Seal) -Borrower ROBERT It. SMITH -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~(~6{WY) (0005) Page 14 of 15 Form 3051 1/01 0 5 4 ~ STATE OF The foregoing instrument was acknowledged before me by JEANETTE M. SMITH AND ROBERT H. SMITH 20th day County ss: of December 2004 My Commission Expires: MM #1376416 N0'r~¥ P&Uc-CALIFORNIA ~OERA COUNrr Comm. Expires Sept, 24, 2006 Notary Pt~!,h. (~¥6G(WY} (ooo5) Page 15 of 15 Form 3051 1/Ol '0 .... 4 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is m:~dc lifts 20TH day of DECEMBER, 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed ,,I I'mst, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (thc "llorrower") to secure Borrower's Note to WELLS FARGO BANK, N.A. (the "Lender") of the same date and covering the Property descriN.d in tile Security Instrument and located at: 161 COUNTRY CLUB WAY, THAYNE, WY 83127 [Properly Addres, l The Property includes, but is not limited to, a parcel of land i.~i~rt~x'c,d with a dwelling, together with other such parcels and certain common areas and facilities, as descril,cd in OOV~NA_N'TS, CONDITION'S RESTRICTIONS (the "Declaration"). The Property is a part of a planned unit dcx ~.t,)pment l~aown as COUNTRY CLUB ESTATES [Name of Planned Unit Dcxcl,,l~mCnt} (the "PUD"). The Property also includes Borrower's interesl m thc homeowners association or equivalent entity owning or managing the conmmn areas and facilities ol~ttc P I!D (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and :~3~'rccincnts made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all t)l I¢orrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" ;t~'c the (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document x~ hkh t:t-cates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Ass,~ciation. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constitttc.~v I)ocuments. 0043629161 MULTISTATE PUD RIDER- Single Family- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT For~ 31 Page 1 of 3 , Initial~"~ 50 1/01 B. Property Insurance. So long as the Owners Assoc'i,,~i,,n maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring thc. lh tq~crty which is satisfactory to Lender and which provides insurance coverage in the amounts (inclucli~;t deductible levels), for the periods, and against loss by fire, hazards included within the term "c\lcndcd coverage," and any other hazards, including, but not limited to, earthquakes and floods, for ,,~llich l.cnder requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic l'.t~ mcnt to Lender of the yearly premium installments for property insurance on the Property; and (ii~ li,)rrower's obligation under Section 5 to maintain property insurance coverage on the Property is dec~.tf s:~tisl'ied to the extent that the required coverage ~s provided by the Owners Association policy. What Lender requires as a condition of this waiver can ch:,~,:c duri~g the term of the loan. Borrower shall give Lender prompt notice of any lap,~, i~ rcqtfired property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance procc~.d, i~ lieu of restoration or repair following a loss to the Property, or to common areas and facilities of thc Iq'l). any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apl,l.,, ~l~c proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, i~ :.~v. paid to Borrower. C. Public Liability Insurance. Borrower shall take such :~ti,)t~s as may be reasonable to insure that the Owners Association maintains a public liability insurant.~~ i~lic.,,, acceptable in form. amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or cl,i~ t'or dalnages, direct or consequential, payable to Borrower in connection with any condemnation or ~tl~:~ t'.tking of all or any part of the Property or the common areas and facilities of the PUD, or for any conx ~'x :t~c'c in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be :tl)l(licd hy Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, excel~ :~ltcr l~otice to Lender and with Lender's prior written consent, either partition or subdivide the Propt~b m' consent to: (i) the abandonment or termination of the PUD, except for abandonment or terminati,,,~ ~vquired by law in the case of substantial destruction by fire or other casualty or in the case of a takinz I,x condexnnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documcm~" ii' d~c provision is for the express benefit of Lender; (iii) termination of professional management and a~t~I,tion of self-management of the Owners Association; or (iv) any action which would have the effecl ,~1 rendering the public liability insurance coverage maintained by the Owners Association unacceptable tt, I cndcr. F. Remedies. If Borrower does not pay PUD dues and ',t~,~'~smcnts when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph I ~hall become additional debt of Borrower secured by the Security Instrument. Unless Borrower and ken,.t~.r ',~ree to other terms of payment, these amounts shall bear interest from the date of disbursement at thc Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting paym~.~t. hqitials:~ (~TR (0008) Page 2 of 3 Form 3150 1/01 BY SIGNING BELOW, Borrower accepts and agrees to thc tcrm~ ',md provisions contained Rider. /~/%~9 "~'d"~d/ (Seal) EANETTE M. SMITH -Borrower in this PUD ROBERT H. SMITH (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~7R (0008) Page 3 of 3 Form 3150 1/01