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HomeMy WebLinkAbout905531DEC 22 2884 15:42 FR WFHC UNION CENTRE TO 9! 3078779602 P. ] I::j ,~ Retum To: WELLS FARGO HOME MORTGAGE 3601 MII, IN~SOTA DR. SUITE 200 BLOOMINGTON, Mlq' 55435 Prepared By: · ,.ai:nLs YARGo ~,~IK, z~, A. RECEiWED 12/28/2004 at 3:28 PM RE~:EIVING # 905531 BOOI: 576 PAGE: 103 JEANNE WAGNER LINCOLN (;OUNTY CLERK, KEMMERER, VVY 9021 MERIDIAN WAY, , W'~ST CHESTER, OH 450690000 [Space Above ~ Line For R~oJ ,ii,Jr,. Data] MORTGAGE DEFINITIONS Words u~ed in multiple sections of this document are defin,..d below ;md other word~ are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules rega. rding ,,hz u~ag2 of words used in this document an~ also provided in Section 16. (A) "Security Ir~trument" means this document, which is da:;.d DECL~it3ER 23, 200'} , together wi~ all Riders to this document. (B) "Borrower" is Eaton T. FAZENDIN AND ELIZA.BETH R. FAZENDIN, H'USBAIqD .~ WIFI] Borrower is the mortgagor under this Security Inswument. (C) "Lender" is WELLS I!'AR~O BAh'I<, 1,1.3,. Lcnder is a NATIONAL ASSOCIATION organi2ed and existing under the laws of TaZ UNITED STATES 00%6612123 393960859291 wYOMING-Sirlgle Family-Fannie Mae/Freddie M.c UNIFORM INSTRU?,.'IEHT VMP MORTGAGE ~ORME - {$00152t-?2gl Form 3051 1/01 DEC 15:42 FR HFMC UNION CENTRE TO 91:38787796D2 P.17 Lender's addrcss is P.O. BOX 10304, DES MOIN~S, IA 503060304 Lender is the mortgagee ~nder this Security lnsmament. (D) "Note" means the promissory note signed by Borrower and d3.:~:dDEC~ER 23, 2004 The Note states that Borrower owes Lender SIXTY s'rx T:~ou:~ ~rI~q'~ HI/I, TDRED ~ 00/100 Dollars (U.S. $ **',',-66,900.00 ) plus interest. Borrower has p:omised to pay this debt in reguNr Periodic Payment~ and to pay the debt in full not later than J/Or0'~Y 0 z, 2035 (E) "Property" means the property that is described below 'ar, der fl~.e heading "Transfer of Rights in the Property." (Iv) "Loan" means the debt evidenced by the Note, plus interest, any prepayment cMrges and late charges due under the Note, and all surr~ due under this Security lnsm~r,-,,n~, plus interest. (G) "Riders" means all Riders to this Security Instrument tlc a~c =.xecuted by Borrower. The tbllowing Riders are to be executed by Borrower [check box as applicoN:}: I '] Adjustable Rate Rider ~ Condo=aim Rider --~ Second Home Rider [-'-] Balloon Rider [--~ Planned Uni~ Development Rider !~__~ l-4 Family Rider ~ VA Rider [] Biweekly Payment Ri&n: ~ Other(s) [specify) (ID "Applicable Law" means all controlling applicable fo,L-roi, state ,'md local statutes, regulations, ordinances and administrative rules and oNe-re (that have the el'iL-ct of law) ~s well as all applicable final, non-appealable judicial oph~ions. (I) "Community Association Dues, Fees, and Assessments" :~acans all d~es, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeownera association or similar organization. (J) "Electronic Funds Transfer" means any transfer of 3~'..-'s, o~er than a transaction originated by check, draft, or sin'filar paper instrument, which is initiated ~:ough an electronic, terminal, telephonic instrument, computer, or magnetic tape so as to order, instruc:, or au&orize a financial institution to debit or credit an a:count. Such term includes, but is not lin'fired ~o. point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, ,z,i~c tr~sfers, and automated clearinghouse transfers. (K) "Escrow Items" means those item~ that are described in Scc:io.,~ 3. (L) "Ivliscellaneous Proceeds" means any compensation, settlcmen:, awed of damages, or proceeds paid by any third party (other than insurance proceeds paid under IL:. coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) conderrmatior, or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) rn:~:cprzszntations of, or omissions as to, the value and/or condition of the Property. ~I) "Mortgage Insurance" means insurance protecting Lend:': ,z2ainst thc nonpayment of, or default on, the Loan. Gq) "Periodic Payment" means the.regularly scheduled amou~:t due I'or (i) principal ;md interest under the Note, plus (ii) any amounts under Section 3 of this Security (O) "RESPA" means the Real Estate Settlement Procedures .~ct ~12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (0,?,4 C.F.R. Part 3505;i, as they might be amended from time to time, or any additional or successor legislation or regulation :h:~t g. ove~s the same subject matter. As used in this Security Instrument, "RESPA" refer~ to all rcquiremew), :md restrictions that are imposed in regard to a "federally related mortgage loan" even if thc Loan doc= ,'~,)t qua2it'y as a "federally related mortgage loan" undc'~ RESPA. DEC 22 2I~1~4 15:42 FR bJFMC UNION CENTRE TO 913078779602 P. lB O U.%aa ( ,- 010 5 (P) 'Suc.¢essor in Interest of Borrower" means any pray that h::_~ taken title to thc Property. whether or not that party has assumed Borrower's obligations under the No:c a:ld/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: fi) the repayment ol :he Doan, and all renew~s, extensions and modifications of the Note; and (ii) the performance of Borro',~'~'r's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower drY. es hereby mortgage, grant and convey to Lendt-r and Lender's successors and assigns, with power of sa/c~ t?:e following described properly located in the COITNTY of r,INCOLN : [Type of Retarding Juritdicdon] [:<~mc of Recording Jurhdicdon] THIS IS A PURCHASE MONEY SECURITY INSTRUIfEk.~. TAX STATEMENTS SHOULD BE SENT TO: WItLLS PARCO tlOM~ MORTGAGE, 1030%, DES MOINES, IA 503060304 P.O. BOX Parcel ID Number: 414 BEECH DRIVE KEMMERER C Properly Addregs"): which currently has the address of Wyoming 8 3101 [Zip TOGETHER WITH all the improvements now or hcr~':~'[cr erected on the property, and all easements, appurtenances, and fi×meet now or hereafter a pa~t ,~f the property. All replacements and additions shall also be covered by this Security Instrument. Ali of ~he foregoing i~ referred ~o in this Sccurity Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully sr,,~cd ot thc estate hereby conveyed and has the right to mortgage, grant and conv{.~ the Property and that t)xt: Property is unencumbered, except for encumbrances of record. Borrower warrants and will d~end get, orally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform co,,cn:mts for national use and non-uniform covenants with limited variations by jurisdiction to constitute a ~m~,"orm security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant :md agree as follows: 1. Payment of Principal, Interest, E~crow Renu, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of. and interest on. ~t:c debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borro\,:cr ~h~l also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this 5~-~crity Instrument shall be made in U.S. currency. However, if any check or other instrument received by / t,ndcr as payment under the Note or this DEC 15:4,3 FR WFMC IJN!ON CENTRE TO 3!3078773F202 P. lg Security Instrument is returned to Lender unpaid, Lender rna), r~.q.~ire d~at any or all subsequent payments due under the Note ,and this Security Instrument be made ~n :,n~- or more of the followin.,, forms, as selected by Lender: (a) cash; (b) money order; (c) certified cl:eck, bant check, trea~urerrs check or cashier's check, provided any such check is drawn upon an i:,~ti:ution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Fund~ Tr~_nsfer. Payments ate deemed received by Lender when received 2: the location designated in the Note or at such other location as may be designated by Lender in aceorda.m.,: ,~. i~ the notice provisions in Section 15. Lender may return any payment or partial payment if the payr,~cr.t or partial payments are insufficient to bring the Loan current. Lender may accept any payment or p-~i:J, payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to ::~; .~!ghts to refuse such payment or pamal payments in the future, but la.'nder is not obligated to apply suc.~, loa>'ments at the time such payments ate accepted. If each Periodic Payment is applied as of its schedul~:d due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied ftandz until Borrower re&es payment to bring the Loan current. If Borrower does not do so within a rea.sonabI:: [,criod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, a~h fnnd; ,.*'ill be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve B,)m'~,cr from n-~dcing payments due under the Note and this Security Instrument or performing the covenant,; ~md agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except a.~ c, ti~c.~ise described in this Section 2, all payments accepted and applied by Lender shall be applied in th: to!lowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) an:ot:nt: due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which ~t became due. Any remaining amounts shall be applied first to late charges, second to any other amount: duc under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinq,:cut Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may hc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstandim,, I ~:nder may apply ~y payment received from Borrower to the repayment of the Periodic Payments if, m~d to the extent that, each payment can be paid in full. To the extent that any exce~s exists after the paymen: ig applied to the full payment of one or more Periodic Payments, such excess may be applied to any late c!urges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described i~: the Note. Any application of payments, insurance proceeds, or Misc.-lla:a~x)us Proceeds to principal due under the Note shall not extend or postpone the due date, or change the ~mount, of the Periodic Payments. 3. Funds l'or Escrow Items. Borrower shall pay to Lendz: (m the cia5' Periodic Payments are due under the Note, until thc Note is paid in full, a sum (the "Funds"~ t,-~ provide for payment of amounts due for: (a) taxes and assessments and other items which can attain i,ri;;~hy over this Security Instrument as a lien or encumbrance on the Properly; (h) leasehold payments or 3,t t)ui:d rents on the Property, if any; (c) premiums for any and all insurance required by Lender under-~;:.cfion 5: and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Sect:?n 10. These iten~ are called "Escrow Items." At origination or at any time during the term of the Lt~::n. Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed bv Borrower, and such dues, tees and assessments shall be an Escrow Item. Borrower shall promptly fu:':~i,h to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Fund~,. Ih: Escrow' lten~ unless Lender waives Borrower's obligation to pay the Funds for an3, or all Escro:, /:{::-ns. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items a: :m,, time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay dircctl!,, when and where payable, the amounts DEC 22 2004 15:43 FR WFMC UNION CENTRE TO ~1~78779602 P.22 due for any Escrow Items for which payment of Funds has been ,, :& e6 by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment withi:, ~t:ch time period as Lender may require. Borrower's obligation to make such payments and to provide rcc,::pt~ shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrumc:~:, as ~e phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow !t~:ns directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lcr. dc~ n~ay exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated un,lc: Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow kc'ms at any time by a notice given in accordance with Section 15 and. upon such revocation, Borro',,.c~ shat! pay to L~der all Funds, and in such amounm, 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 to c<(ccd fl~e maximum amount a lender can require under RESPA. Lender shall estimate the amount of Fu~,c:.s due on the basis of current data and reasonable estimates of expenditures of future Escrow ltem~ o: ,,:2~:rwise in accordance with Applicable Law. The Funds shall be held in an institution whose deI,~iitg are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an ins~ ur, on wb. oge deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to ~?,' thc Escrow Items no later than the time specified under RESPA. kender shall not charge Borrower fo: !_c, lding and applying the Funds, annually analyzing thc escrow account, or verifying the Escrow Items, ut:',c:.~ Lander pays Borrower interest on the Funds and Applicable Law permits Lender to make such a cha: ,c. Unless an agreement is made in writing or Applicable Law requires interest m be paid on the Funds, Lc~,,'.er shall not be required to pay Borrower any imerest or earnings on the Funds. Borrower and Lender ca~ agree in writing, however, that interest shall be paid on t. he Funds. Lender shall give to Borrower, w:,hc)ut charge, an annual accounting of the Funds a required by RESPA. If there is a surplus of Funds held in escrow, as defir, c.:l under RESPA, Lender shall account to Borrower for the excess luna in accordance with RESPA. If :l~crc is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower ~ requir,.d by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accor6~cc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in esc~,,~', as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall p:y to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more th:_n 12 monthly payments. Upon payment in full of all sun~ secured by this Security In.~trumcn:, Lender shall promptly refund to Borrower any Funds held by Lender. 4, Charges; Liens. Borrower shall pay all taxes, aa,t:mcatg, 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 Associaa~,n ;')'at:s, Fees, and Assessments, if any. To the extent that these itetm are Escrow Items, Borrower shall pa,.,' them in the manner provided in Sectior~ 3. Borrower shall promptly discharge any lien which has p~,?~:t), over this Security Instrument unless 8orrower: (a) agrees in writing to the payment of the obligation :,..cured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such ac~c(ment; (b) contests the lien in good faith by, or defends against enforcement 'of the lien in, legal proce~:~i::gs wlxich in Lender's opinion operate to prevent the enforcement of the lien while those proceedings a~e ptmd!n~, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agrcctncnt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender detern~nes that ar:',' p:~t of the Property ia subject to a lien which can attain priority over this Security Instrument, Lender ~2y gwe Borrower a notice identifying the DEC 22 2004 15:43 FR 4FMC UNION CENTRE TO 31313787791502 P.20 lien. Within 10 days of the date on which that notice is given. Borrower shall satisfy the lien or take one or more of the actions set forth above in tl~is Section 4.. Lender may require Borrower to pay a one-time charge fer a re~ estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improve:n:,'~t:' no,~' existing or hereafter erected on the Property insured against loss by fire, hazards included withi:~ :he term "extended coverage," and any other hazards including, but not limited to, earthquakes and floo,15, ."or which Lender requires insurance. This insur,'mce shall be maintained in the amounts (including d:-d~:c:ible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can chm-~ge during the term of the Loan. The insurance carrier providing the insurance sba.Il be ~hoscn by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not bc 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 one-tiff:,: charge for flood zone determination and certification services and subsequent charges each time rer,~q~pings or similar changes occur which reasonably might affect such determination or certification. Bo~:'c, wcr shall also be responsible for the payment of any fees imposed by the Federal Emergency Man_,;:~'rr.c¢.t Agency in connection wire the review of any flood zone determination resulting from an objecdcr: by Borrower. If Borrower fails to maintain any of the coverages describ:'.:l above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender ~: under no obligation to purchase any particular type or amount of coverage. Thcrclbre, such coverage ~hx:i cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the cc,;~vents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage th:m was previously in effect. Borrower acknowledges that the cost of the insurance cow:rage so obtained 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 Ingmm'.ent. Theae amounts shall bear interest at the Note rate from the date of disbursement ~d shall be payablt:, with such interest, upon notice from lender to Borrower requesting payment. All i~urance policies required by Lender and r~mewals of ..t:ci~ policies shall be subject to Lender's right to disapprove such policies, shall include a standard mort?:~:2c clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender ~hall have thc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender ~i receipts of paid premiurn~ and renewal notices. If Borrower obtains any form of insurance co~'~'r,:~c, not othe~,ise required by Lender, for damage to, or destruction of, the Property, such policy shat: i~clude a standard mortgage clause and shall name Lender as mortgagee and/or as an additional los~ paye.: In the event of loss, Borrower shall give prompt notice to fl,,~: insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Un',~:,, Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlyin~' i:~surancc was required by Lender, shall be applied to restoration or repair of the Property, il' the restorati~.n or repair is economically feasible and Lender's security is not lessened. During such repair and restor~.:,':,~ p'.:riod, Lender shall have the right to hold such insurance proceeds until Lender has had an opportun::7, to inspect such Property to ensure the work hat been completed to Lender's satisfaction, provided tko:: s'.tch inspection shall be undertaken promptly. Lender may disburse proceeds for the re-'pairs and resx):at~on in a single payment or in a series of progress payments as the work is completed. Unless an agrccm~:r~t is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender :i~a;1 no: be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjus~cr<, or other third panics, retained by Borrower shall not be paid out of the insurance proceeds and slq,tll '3c ~e sole obligation of Borrower. If the restoration or repair is not econon'dcally feasible or Lender's security wo~ld be lessened, the i~urance proceeds shall bc applied to the sums secured by this Security In::tr',;racnt, whether or not then due, with (~®-8(WY) 1ooo61 Pooa sot 15 ~,[ ~.~.',/~" Form 3051 1/01 DEC 22 2004 15: 43 FR bJFHC Ut'.I I ON CE~.tTRE TO 9 13078779802 the excess, if any, paid to Borrower. Such insurance proceeds sh;dl bc applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negot~:~:c v.nd setLle any available insurance claim and related matters. If Borrower does not respond within 3C~ days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may nzs,,t~,~te a.qd settle the claim. The 30-day period will begin when the notice is given. In either event, or ii Lender acquires the Property under Section 22 or other~vi~e, Borrower hereby asdgns to Lender l~ ~orrower's rights to any insurance proceeds in an anmunt not to exceed the amounts unpaid under :]~: Vote or this Security In~trumem, and (b) any other of Borrower's rights (other than the right to ~)' ~:r~nd of unearned premiums paid by Borrower) under all insurance policies covering the Property, ir.~,,:,r a.s such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds ci~!~-r to r:p~ir or restore the Property or to pay amounts unpaid under thc Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, ~d us~' ~hz Property as Borrower's principal residence within 60 days afl:er the execution of this Security In~t;~:~cnt and sh~ll continue to occupy the Property as Borrower's princip,'d residence for at least one year aftcf the date of occupancy, unless Lender otherwise agrees in writing, which consent shill not be unreas,~,~:~bly withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7, Preservation, Maintenance and Protection o~ the Properly; Inspection.~. Borrower shall not destroy, damage or impair the Property, allow the Property to, dvtcriorate or commit waste on the Property. Whether or not Borrower is residing in the Property. }~,~?rower shall maintain the Property in order to prevent the Property from deteriorating or decreasing i~ ',:d'Je due to it~ condition. Unless it is determined pursuant to Section 5 that repair or restoration is no: ,conomica]ly feasible, Borrower shall promptly repair the Property if damaged to avoid further dez~rior~tion or damage. If insure.ncc or condenm~tion proceeds are paid in connection with damage to, ~; the t~ing of, the Property, Borrower shall be responsible tbr repairing or restoring the Property on[), il' [.cndet has released proceeds for such purposes. Lender may disburse proceeds tbr the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or ~:,~t~dernnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Bor~,,'x~,-'g obligation for the completion of such repair or restoration. k~der or its agent may make reasonable entries upon and :n;pections o'f the Property. if it has reasonable cause, Lender may inspect the interior of the improvc:,:,'~:s on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection: ~.peciIs4ng such reasonable cause. 8. Borrower's Loan Application. Borrower ~all be in d~:~ult if, during the Loan application process, Borrower or any personx or entities acting at the dir.,~i~:m of Borrower or with Borrower'a knowledge or consent gave materially false, misleading, or inaccur~:c infom~tion or statements to Lender (or failed to provide Lender with material information) in ~m~:ction with the Loan. Material ~epresentations include, but are not lirmted to, rcqxesentations cc,~cc~ing Borrowc~r's occup~cy of the Property ~ Borrower'~ principal residence. 9. Protection of Lender's Interest in the Property and Ri~ht~ Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements cont~:,;d in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's in~cr~:.~t in the Property and/or rights under this Security Instrument (tach as a procc'~eding in bankruptcy, probe.:e, lot conden'matJon or forfeiture, for enforcement of a lien which may attain priority over this S¢cu:itv ]nstrument or to enforce laws regulations), or (c) Borrower ha~ abandoned the Property, then Lc~d~:r ma],' do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Pr,,;~crt), and rights under this Security lnstrurrmnt, including protecting and/or assessing the value of th: Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a~ paying any sums secured by a lien which ha~ priority over this Security Instrument; (b) appear;n;, m court; and (c) paying reasonable D E C 2~ ~004 15:43 FR WFMC UNIObl CENTRE TO ~13~7877~B0~ attorneys' fees to protect its interest in the Property and/or rig,:ts under this Security Ins~trument, including its secured position in a bankruptcy proceeding. Securing 5',~ Property includes, but is not limited to, entering the Property to make repairs, change locks, replace o: board up doors and windows, drain water from pipes, eliminate building or other code violations or da_?,r:'oug conditions, and have utilities turned on or off. Although Lender may take action under this Settlor. '~'c Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lendcl i::c,ars no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 >hail become additional debt of Borrower secured by this Security Instrument. These amounts shall bear inwre~t at the Note rate from the date of disbursement and shall be payable, with such interest, upon ;:t,l[cc from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower =?::dl comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasd~,~!d ,-md Se fee title shall not mcq'ge unless Lender aerees to the merger in writing. 10.-Mortgage Insurance, If Lender required Mortgage lr.~,,urance as a condition of making the Loan, Borrower shall pay the premJurns required to maintain the Mong~¢c Insurance in effect. If, for any re,on, the Mortgage Insurance coverage required by Lender ceases to .~: available from the mortgage insurer that previously provided such insurance and Borrower was requi:,-,:' to make separately designated payments toward the premiums for Mortgage Insurance, Borrower sh:,?, pay the premiums required to obtain c. overage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurx~:'~.: previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equ:.v:tlcxl: Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amour.: of ti,,,: separately designated payments that were due when the insurance coverage ceased to be in effect. L,:nder will accept, use ancl retain these paymenkq as a non-refundable loss reserve in lieu of Mortgn.r_'c Insurance. Such loss reserve shall be non-refundable, notwithstanding the faot that the Loan is ultin~:ttc[y paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such lo~: ~:scrve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in tt~e amo'a~t :md Ior the period that Lender requires) provided by an insurer selected by Lender again become~ :~,.:,/aSle, is obtained, and Lender requires separately designated payments toward the premiums for Mcr't.,: ;tttc Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower ,,.'.~ required to make separately designated payments toward the premiums for Mortgage Insurance, Bo::'o'.~'c: shall pay the premiums required to nuintaln Mortgage Insurance in effect, or to provide a r::,:~r:fundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with ~:,,' written agreement between Borrower and Lender providing for such ternaination or until termination is t:-quxed by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the t:~tc provided in the Note. Mortgage Insurance reimburses Lender (or any entity ¢:~ purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed g~rrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such ins:t:rlnce in force from time to time, and may enter into agreements with other parties that share or modify tt.c:t risk, or reduce losses. These agreements are on temu and conditions that a_re satisfactory to the mortr, a:_'~' insurer and the other party (or parties) to these agreemeras. These agreements may require the mortgage :r.::urer to make payments using any source of funds that the mortgage insurer may have available (which m:,v include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser ,71 :he Note, another insurer, any reinsurer. any other entity, or any affiliate of any of the foregoing, n~'.,' t,::ctve (directly or indirectly) anounts that derive from (or might be characterized as) a portion of Bor~c,,'.':'r'g payments for Mortgage lrmurance, in exchange for sharing or modifying the mortgage in,urcr's ~.k. or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the in:'.:tc'r's risk in exchange for a share of the premiums paid to the in. surer, the arrangement is often ten'ned ' c:~pttYt: reinsurance." Further: (a) Any .such agreements will no~ affect the amountq that Borrower has agrt~ci to pay for Mortgage Insurance, or any other terms of the Loan. Such agl-t, ernents will not increase the amount Borrower will owe tot Mortgage Insurance, and they will n,J{ cntitle Borrower to any refund. 21a04 !5:44 FR I,dFHC IJI'..IION CENTRE TO 9131~78779602 P.,~4 (b) Any such agreemeats will not affect the rights Bor~vwcr has - il' any - with respect to the Mortgage Insurance under the Homeowners Protection Act o£ 1998 or any other law, These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance termim,ted automatically, and/or to receive a refund of' any Mortgage Insurance premiums that were uncat ned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Fm'l'eiturc. ,,V,I Mi~cellaneo~ Proceeds are hereby assigned to and shall be paid to Lender. If the Property is dmmaged, such Miscellaneom Proceeds .,.heAl be applied to restoration or repair of the Property, if the restoration or repair is economically feasibl~- and Lender's security is not lessened. During such repair and restoration period, Lender shall have thc. rifjht to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propen7 :,, ~-nsure the work has been completed to Lender's satisfaction, provided that such inspection shall be unJt-ri,G:en promptly. Lender rrmy pay for the repairs and restoration in a single disbursement or in a sc:~t:~ of progress payments as the work is completed. Unless an agreement is made in writing or Applicas::' Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay }~,nc~v, er any interest or earnings on such Miscellaneous Proceeds. If the reitoration or repair is not econo,nicely feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to gq,' >.t~:~s secured by. this Security Instrument, whether or not then duc, with the excess, if any, paid to Borro,.vcr~ 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 '.~tluc of the Prop~-ty, the Miscellaneous Proceeds shall be applied to the surm secured by this Securit,., h:~:~ment, whether or not then due, with the excess, if any, paid to Borrower. In t.he event of a partial taking, destruction, or loss in vel_,: c,f <ne Property in which the fair rrmrl:et value of the Property immediately before the partial t~ing, 4=.,_~cUon, or loss in value is equal to or greater than the amount of the sums secured by this Securit3 Ir.~i.~ment irmnediately before the partial t~ing, destruction, or loss in value, unless Borrower and Lc:',~< otherwise agree in writing, the sun~ securc-d by this Security Instrument shall be reduced by ¢,': amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total an~ount of :he sums secured immediately before the partial t~ing, destruction, or loss in value divided by (b) the fait ~:~:~-.<et ,,','due of the Property immediately before the partial taking, destruction, or loss in value. Any balt~h_,: sh~t be pzid to Borrower. In the event of a partial talcing, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial taking, a,.~:uction, or loss in value is less than the amount of the sums secured immediately before the partial t:kmg, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscell=~:-o~s Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums a:~- d'?cn due. If the Property is abandoned by Borrower, or it'. a,":c'., nodce by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to rn2~x, an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the cl:,~:, thc notice is given, Lender is authorized to collect and apply the Miscellaneous Proc.ecck~ either to restc,::~t',o~ or repair of the Property or to the sums secured by this Security Instrument, whether or not then Jt~:. 'Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party agah:~;: whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding~ ~.vhcd~.er civil or'criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propcrt:, ~,r other material impairment of Lender's interest in the Property or rights under this Security Instrumcnt. Borrower c~ cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing e~e action or proceeding to be dismissed with a ruling that, in Lender's judgment, preclude.. ?'~, fciture of the Property or other material impairment of Lender's interest in the Property or rights undt:r t2~!.i Security Instrument, The proceeds of any award or claim for dun'rages that are attributable to the in~,p;tlt mcnt of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to rc.'.:~):.mon or repair of the Property shall be applied in the order provided for in Section 2. Form 3061 1/01 DEC 22 2004 15:44 FR WFMC UNION CENTRE TO ~i3~7877~602 P.25 0 OIZ 2, 12. Borrower Not Released; Forbearance By Lender Nut a V;aiver. Extension of file time for payment or modification of amortization of the surrm secured by ;his Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not ot~'~ate To rele~e the liability of Borrower or any Succeisors in Interest of Borrower. Lender shall not bc :~.q'ail'ed to commence proceedings against any Successor in Interest of Borrower or ro refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by t,;,:3~on of :Lqy demand made by the original Borrower or an), Successors in Interest of Borrower. Any forbc:L-:~ncz by Lender in exercising any right or remedy including, without limitation. Lender's acceptance of 1,;~)n:ents from third persons, entities or Succ~sors in Interest of Borrower or in amounts less than the cu-,-~,.~un: L5en due, shall not be a waiver of or preclude the exercise of any right or ten, dy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be join: :c~'.J several. However, any Borrower who co-signs this Security Instrument but does not execute the I',;,~tc (a "co-signer"): (a) is co-signing this Security Imtcument only to mortgage, grant and convey the co s:ancr's interest in the Property under the terrrm of this Security Instrument; (b) is not personally obli£atu,.l to pay Lhe sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrox~-..: ~a~n agree to extend, modify, forbear or make any accommodations with regard to the terms of this $.~curitv Instrament or the Note without the co-signer's consent. Subject to the provisions of Section I8, any Successor 1~ Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writin.~, ~<d is approved by Lender, shall obtain all of Borrower's righxs and benefit~ under this Security ln~trum::nt. Borrower shall not be released from Borrower's obligations and liability under this Security lnstn.nT~cmt 'anl¢3s Lender agrees to such release in writing. The covenants and agreements of this Security Inst~ulz:cm: shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees :',',: ~ecvices performed in connection with Borrower's default, for the purpose of protecting Lender's in[t:c,:st i~ the Propei-ty and rights under this Security Instrument, including, but not limited to, attorneys' fc-c~, propeay inspection and valuation fees. In regard to any other fees, the absence of express authority in thi; Security Instrument to charge a specific fcc to Borrower shall not be con~trued as a prohibition on the ch:u gins oi such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or h7 Applicable Law. If the Loan is subject to a law which sets maximum loan cl::tn~c~, ~d that law is finally interpreted so that the interest or other loan charges collected or to be collect~.d in c'onnecrion with thc Loan exceed the pernfitted Iirrdts, then: (a) any such loan charge shall be redu,.:cJ by the ~nount necessary to reduce the charge to the permitted lin'fit: and (b) any sums already collec~cJ i'rc,;n Borrower which exceeded permitted lirmts will be refunded to Borrower. Lender may choose to r:~:~;:c ti.is refund by reducing the principal owed under the Note or by ri'raking a direct payment to Bor:ower. It' a refund reduces principal, the reduction will be treated as .a partial prepayment without ceo p~'epayment charge (whether or not a prepayment charge is provided for under the Note). Borrower ~ ;,ccc?tm:ce of any such refund made by direct pa.~Tnen/tO Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. IS, Nofice~. All notices given by Borrower or l_~mder it: cormection with this Security Instn.unent must be in writing. Any notice to Borrower in connection wiuh t~:i¢ $ccurky Instrument shall be deemed to have been given to Borrower when mailed by first class maii ~r when actually delivered to Borrower's notice addrefs if sent by other means. Notice to any one Borro'.-cr shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The ncr:o: address shall be the Property Address unless Borrower ha~ designated a substitute notice address by :no/icc To Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender spec il'irs a procedure for reporting Borrower's change of address, then Borrower shall only report a chin]ge of a~ldtcs~ through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailinf, it 3y first class mail to Lender's address stated herein unless Lender ha~ designated another addre~:: hy notice to Borrower. Any notice in connection with thi.~ Security Instrument shall not be deemed :,.~ h:~ve been given to Lender until actually received by Lender. If any notice required by thi~ Security I:L.:~c:,ment is also required under Applicable Law, the Applicable Law requirement will satisfy the cor:~-~ponding requirc"ment under this Security ln. strument. DEC ~Z ~084 l 5: 44 FIR.. ~. FMC UN I Oiq CEi'..iTRE TO ~I3878779602 P.26 16. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiction iv. v.'i::cn he Property is located. All rights and obligations contained in this Security Instrument are subr--:~ co az~y requirements and limitations of Applicable Law. Applicable Law might explicitly or implicid:.: A',ow the pmies to agree by contract or it might be silent, but such silence shall not be construed as a ;-,r,,"~ibP. ion against agreement by contract. In the event that any provision or clause of this Security Instw~:.,~mt or the Note conflicts with Applicable Law, such conflict shall not affect other provksions of this S~:~u~it)' Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of ti~c masculine 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" gt'.'~:~': sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy c,t' O'.e Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest ~n Borro,xer. As u~ed in this Section 18, "Interest in the Properly" means any legal or beneficial interc,:~ in thc Property, including, but not lin'fired to, those beneficial interests transferred in a bond for deed, cc,:~:t act for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title b;: gorrou'er at a future date to a purchaser. It' all or any part of the Property or any Interest in the Pr,,pctt5 is sold or transferred (or it' Borrower is not a natural person and a beneficial interest in Borrower ~: ~okl or transferred) without Lender's prior written consent, Lender may require immediate payment n'. r'~.i of all sums secured by this Security Instrument. However, this option shall not be exercised b; l xmder if st~ch exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Bol-~C, wer notice of acceleration. The notice shall provide a period of not less than 30 days from the date thc n,,'icc is given in accordance with Section 15 within which Borrower must pay all sums secured by this 5cozr~ty Instrument. If Borrower fails to pay these suma prior to the expiration of this period, Lender ~m.: invoke any remedies permitted by this Security Instrument without further notice or demand on 19. Borrower's Right to Reinstate After Accelerntion. If Borrower meeu certain conditions, Borrower shall have the right to have enforcement of this S:ctu-ity Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Proper.)' p.~rsu',,mt to any power of sale contained in this Security Instrument; (b) such other period as Applicab:c Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment ~-n.Corcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums ~txich then would be due under this Security Instrument and the Note as if no acceleration had occurred; th) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this 5courtly Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and v~i,.~:~r!on fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and ri!,h:s under this Security lnstrumem; and (d) takes such action ~ Lender may re,doubly require to assure' tN. at Lender's interest in the Property and rights under this Security ln.,tmment, and Borrower's oblig~'w,n to pay the sums secured by this Security instrument, shall continue unchanged. Lender may require e~:,,. Borrower pay such reinstatement surr~ and expenses in one or more of the following forms, as selec:cd by Lender: (a) cash; O) money order; (c) certified check, bank check, treasurer's check or cashier's chcc;:, provided any such check is drawn upon an institution whose deposits are insured by a federal agcm:,, ins:rumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securi~>' Instrument and obligations secured hereby ~hal! remain fully ~fffective as if no acceleration had occurr~.,~ Ho,x'ever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sC.,', one or more times without prior notice to Borrower. A sale might result in a change in the entity ~"::nown as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security l:~s:~.:ment and performs other mortgage loan servicing obligations under the Note, this Security Instrurn~::q:. ~;d Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a s~' ~,:' th: Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the chang,: which will state the name and address of thc new Loan Servicer, the address to which payments shou',~ h: made and any other information RESPA Form .3051 1/01 DEC 15: 44 FR WFrqC UN I ON CENTRE TO ~ 1 :g07FJ77~60P P.27 requires in connection with a notice of transfer of servicing. If ~kc Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaer of the .'%t~-, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transt~r~:~± to a successor Loan Servicer and are not assumed by the Note p,rchaser unless otherwise provided by :5c .~ote p,archa~er. Neither Borrower nor Lender may commence, join. or "_,c joined to ,'my judicial action (as either an individual litigant or the member of ~ class) that aris¢~ fro~ the other party's actions pursuant to this Security Instrument or that alleges that the other party ha~ b~c.~ci~cd any pro¥ision of, or any dray owed by reason of, this Security Instrument, until such Borrower or L:r~dcr l~as notified the other party (with such notice given in compliance with the requirements of Sectior, 15~ of such aleged breach and afforded ~he other party hereto a reasonable period after the givina of ~,~ch notice to take corrective action. If Applicable Law provides a time period which must elapse ~:f,~re certain action can be taken, that time period will be deemed to be reasonable for purposes of tii,: p:tragraph. The notice of acceleration and opportunity to cure givtm to Borrower pursuant to Section 2~ an~t the notice of aece[eration given to Borrower pursuant to Section 18 shall be deemed to satisfT tt..c notice and opportunity to take corrective action provisions o[ this Section 20. :21. I-'Iazardotts Substances, AS uted in this Sect;an 21: !a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wa_stes by Environmental Law and the following substances: gasoline, kerosene, other flammable c~ t~.,xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbes'.o,.: Qr formaldehyde, and radioactive materials: Co) "Environmental Law" means federal laws and laws of the .Sur!sdiction where the Property is located that relate to health, safety or environmental protection; (c) "En',i~onrnental Cleanup'' includes any response action, remedial action, or removal action, as defined in En,:iroim~ental Law; and (d) an "Environnaental Condition" means a condition that can cause, contribute ~o, or othcwwi~e trigger an Environmental Clea.nup. Borrower siaall not cause or permit the presence, use, 6i:posaJ, storage, or release of any Hw. ardous Substances, or threaten to release any Hazardous Substances, ~w, or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Properb' , a:} t~at is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) v,.:~ich, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affc~:t.q thc value of the Property. The preceding two sentences shall not apply to the presence, use, or sto::~,.': on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, h:<a~ do'.~s substances in consumer products). Borrower shall promptly give Lender written notice of t'::! an)' investigation, claim, demand, lawsuit or other action by any goverrm'~ental or regulatory agency or pr!rate party involving the Property anti any Hazardous Substance or Environmental Law of whick £torrower has actual knowledge, (b) any Environmental Condition. including but not limited to, any sp/,:ing, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition c':~used by the presence, usc or release of a Hazardous Substance which adversely affects the value of :!~: Property. If Borrower learns, or is notifiect by any govemmcmtal or regulatory authority, or any private part)', that any removal or other remediation of any Hazardous Substance affecting the Property is necessarT= Borrower shall promptly take all necessary remedial aetion.q in accordance with Environmental Lax'.,. ¢:c,~k, inp herein shall create any obligation on Lender for an Environmental Cleanup. DEC ~ ~0~4 15:45 FR b, IFMC IJN!ON CENTRE TO 91~{37B77~15~3~ P..°O NON-UNIFORM COVENANTS. Borrower and Lender p.:rther covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to l;orrower prior to acceleration following Borrower's breach of any covenant or agreeanent in thi:: Security Imm'meat (hut not prior to acceleration under Section 18 unless Applicable Law preyS&:, other~4se). The notice shall specify: (a) the del'ault; 00) the action required to cure the default; (c), date, not less than 30 days from the date the notice is given to Borrower, by which the default muqt bc cured; and (d) that failure to cure the default on or before the date specified in the notice may rt.-3ult in acceleration of the sums secured by this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence et a default or any other defense of Borrower to acceleration and sale, If the default is not cured on or before the date spc:~:ified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without furd~t.r demand and may invoke the power of sale ,,nd any other remedies permitted by Applicable La~,. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this St~ction 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall gix ~' notice of intent to foreclose to Borrower and to the person in possession o1' the Proper~y, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the man~er provided in Section 15. Lender shall publish the notice ot' sale, and the Property shall be sold m the manner prescribed by Applicable Law, Lender or its designee may purchase the Property at any sale. The procec<ls of the sale shall be applied in the following order: (a) to all expenses of Ihe sale, including, but not limited to, reasonable attorneys' fees; (b) [o all sums secured by this Sc-entity Instrument; and (c) any exc~-~ to the person or persons legally entitled to it, 23. Release. Upon payment of all sums secured by this .'c~curity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation co.~t:~. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower relea-qes and waives all rigi,ts under and by virtue of the homestead exemption law~ of Wyoming. Form 3051 1101 DEC 15: 45 FR IjFMC IJN I ON CENTRE TO 91 .'297fiJ7796E)2 P . 29 '.,.0116 BY SIGNING BELOW, Borrower accepts and agrees to ~t':~ :errns and covenants contained in this Security Instrument and in any Rider executed by Borrower an,J :ccorded with ir. Witnesses: 0 ELIZAi~ETH R. FAZENDIN -Borrower (Se~) -Bo~ow~r (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrowcr (Seal) -Borrower I~,¢6IWY) iooos} Form 3051 1i01 DEC 22 ! 5: 45 FR I,,JFI'.IC IJl'..l ! 01,.1 CENTRE I0 ,: 01,7 STATE OF WYO~tlN(D, Lincoln County ss: by The foregoing instrument was acknowledged before me :!:~: 23rd day ERIN T. FAZENDIN AI~D ELIZABETH R. FAZEITDi :~ by his attorney in fa('[ ltJizabeth of December 2004 Rebecca Fazendin My Commission Expires: 10/02/07 Notary t': ~ Ioidah~ .'~¢ ~ Form 3051 11Ol Legal Descri~.,~ ion Lot 5 of Block 2 of Sunset Subdivisic,~ to the Town of Kemmerer, Lincoln County, Wyoming as described cn the official plat thereof. 15:45 FR HFMC Ui'.4IO~4 CEHTRE TO 9 ! 31~7877913132 00%6612123 393960859291 0t!9 VA GUARANTEED LOAN AND ASSUB, Ilq'ION POLICY RIDER NOTICE: THIS WITHOUT THE OF VETERANS AGENT. LOAN IS APPROVAL OF AFFAIRS OR NOT ASSUMABLE THE DEPARTMENT ITS AUTHORIZED THIS VA GUARANTEED LOAN AND ASSUMPTION POLICV RIDER is made this23RD day of DECgl~IER, 2004 , and is incorpora:cd ;nto and ~hall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to Secure l)c~bt (herein "Security Instrument") dated of even dare herewith, given by the undersigned (herein "E~:,:rc'x'er") to secure Borrower's Note to WELLS FARGO BANK, N.A. (herein "Lender") and covering the Property described in ti,: Security Instrument and located ar 41% BEECH DRIVE, KEMMERER, WYOMIN(] 83101 [Property VA GUARANTEED LOAN COVENANT: In addition to thc covenants and agreements made in the Security Instrument. Borrower and Lender further covenant and :~grc'c as follo~vs: If the indebtedness secured hereby be guaranteed or insured und'~'r 'Yttle 38, United States Code, such Title ;md Regulations issued thereunder ;md in effect on the date ~'r~:of .~hal! govern the rights, duties and liabilities of Borrower and Lender. Any provision~ of the 5ccurit)' Instrument or other instruments executed in connection with said indebtedness which are inc,.~n.:.i~tent with said Title or Regulations, including, but not limited to, the provision for payment of ar.y ~um in connection with prepayment of ~e secured indebtedness and the provision that the Lender may acc,_.l~:r:~:c payment or' the secured indebtedness pursu,'mt to Covenant 18 of the Security Instrument, are hereby :<~mded or negated to the ex[ent necessary to conform such instruments to ~aid Title or Regulations. MULTISTATE VA GUARANTEED LOAN AND ASSUMPTION POLICY {~)~-538R (031 O) 10i03 VMP Mortgage Solution* (800}521-7291 DEC ~? 2004 !S:4S FR WFMC UNION CENTRE TO 913E~7B77DB02 P.B2 LATE CHARGE: At Lender's option, Borrower will pay a ']att: ct~ar?e" not exceeding four per centum (4%) of the overdue payment when paid more than fifteen (15) da/s after the due date thereof to cover the extra expense involved in handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and e~:penses secured hereby. GUARANTY: Should the Department of Veterans Affairs fail or rciuse to issue its guaranty in full amount within 60 days from the date ~at this loan would nomully bc-c(:),q~z eligible for such guaranty committed upon by the Department of Veterans Affairs under the provision,; ot Title 38 of the U.S. Code "Veterans Benefits," the Mortgagee may declare the indebtedness hereby secured at once due and payable and may foreclose immediately or may exercise any other rights hereunder' or take a.ny other proper action as by law provided. TRANSFER OF THE PROPERTY: Thi, loan may be declared im::~cd~ately due and payable upon transfer of the property securing such loan to any transferee, unless the acceptability of the assumption of the loan is established pursuant to Section 3714 of Chapter 37, Title 38, lJniccd States Code. An authorized tran.qfer ("assumption') of the property shall als,, h,:. subject tO additional covenants and agreements as set forth below: (a) ASSUMPTION FUNDING FEE: A fee equal to on: halt' of one percent ( 0.5 %) of the balance of this loan as of the date of transfer of the propctt) shall be payable at the time of transfer to the loan bolder or its authorized agenk as trustee for the Departmznt of Veterar~s Affairs. If the assumer fails to pay this fee at the time of transfer, the fee shall constitute ~: additional debt to that already secured by this instrument, shall bear into'rest at the rate herein provided, :md, at the option of the payee of the indebtedness hereby secured or any transferee thereof, shall be i:~:mediate!y due and payable. This fee is automatically waived if the assumer is exempt under the provision:; ol 38 U.S.C. 3729 (c). (b) ASSUMPTION PROCESSING CHARGE: Upon appiic:,tion for approval to allow assumption of this loan, a processing fee may be charged by the loan holder c,~ its authoriped agent for determining the creditworthiness of the a~sumer and subsequently revising ~1:~: holder's ownership records when an approved transfer is completed. The anaount of this charge shal', not exceed the maximum established by the Department of Veterans Affairs for a loan to which Section 3-' 14 of Chapter 37, Title 38, United States Code applies. (c) _ASSUMPTION INDEMNITY LIABILITY: If this obli~;mc,n is assumed, then the assumer hereby agrees to assume all of the obligations of the veteran under thc: t~ms of the instruments creating and securing the loan. The assumer further agrees to inderrmify :he I3cpart. ment of Veterans Affairs to the extent of any claim payment arising from the guaranty or in~t::'a~ce c~f t_he indebtedness created by this instrument. D E C ~ ~004 ]5:45 FR I,dFHC UNION CENTRE TO g1387877gG02 P.33 :: ~i 0121 IN WITNESS WHERI:OF, Borrower(s) ha~ executed this YA (3u.xra,~eed Loan and Assumption Policy Rider. -Borrower -Borrowtlr -Borrou~er -Borrower -Borrower iJJ~)®-B38R (0310) Page 3 ot 3