Loading...
HomeMy WebLinkAbout905535After Recording Return To: SRI 100 BUSH ST, STE. 1650 SAN FRANCISCO, CA 94101 RECEIVED 12/28/2004 at 3:40 PM RECEIVING # 905535 BOOK: 576 PAGE: 125 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VVY [Space ..\lmve This Line For Recording Data] MORTGAGE GAUB LOAN NUMBER: PARCEL NUMBER: 11105883 DEFINITIONS Words used in multiple sections of this do~ [~,~c'nt are deft,led below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regardin~ II~' ~'~age of words used in this document are also provided in Section 16. (A) "Security Instrument" means this d~v.'~,,,,:nt, which is dated together wifl] all Riders to tlfis documcnl. (B) "Borrower" is ARNOLD GAUB DECEMBER 16, 2004 Borrower is the mortgagor under this Scc't~;. [nstmxnent. (C) "Lei]der" is SRI Lender is a CORPORATION organized and existing under the laws of CALIFORNIA . Lender's address is 100 BUSH STREET STE. 1650 SAN FRANCISCO, CA ~,1104 Lender is the mortgagee under this Sccut'i/v I~,:.l rument. (D) "Note" means the promissory note si?~.,I IW Borrower and dated DECEMBER 16, 2004 The Note states that Borrower o~ves hcmlc~ ONE HUNDRED SIXTY-FIVE THOUSAt~I~ AND 00/100 Dollars (U.S. $ 165,000.00 ) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to l,~I. rl~e clebt in full not later than JANUARY 1, 2035 (E) "I'rope,'ty" means the property th~,t i:~ ~ I ~ibed below under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced I,'~ [!~.. Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under tl~: '~'m'ity Instrument, plus interest. WYOMING - Single Family - Fannie l~lae/l:rcddi~, \h*~ UNIFORM INSTRLIMENT DOCUIW'YI ' ? IrIge I of/3 pages) DOCUl~ 1.1/TX 3.[/04/2000 Form 3051 1/01 G) "Riders" means all Riders to this Sccu, ,i. Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box a~ [~l~l~licable]: [] Adjustable Rate Rider [] Balloon Rider [] 1-4 Family Rider [] ( ',,l~, I, ,minium Rider [] I'l.,~n~, ,1 Ulfit Development Rider [] ()~h,..,I ~)[specify] [] Second Home Rider [] Biweekly Payment Rider (H) "Applicable Law" means all contro lli,~:: ,q~plicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have Ii~,. effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Colnmunity Associatiou Dues, Fees...~ml Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Ih'~l,,.~ 11., by a condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" mcan.~ :~-. Iransfer of funds, other than a transaction originated by check, draft, or siufilar paper instrument, which is iml~: .~t tlu'ough au electronic ternfinal, telephonic instrument, computer, or magnetic tape so as to order, instruct, ~,l .,~th,,rize a financial institution to debit or credit an account. Such term includes, but is not linfited to, point-nl'-s~l,, t~ ansfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automatc~l ~: I,'a~ nghouse transfers. (K) "Escrow Items" means those items l l~;]l .,~ c described in Sectiou 3. (L) "Miscellaneous Proceeds" means anv ,,,mpensation, settlement, award of damages, or proceeds paid by any third party (other than insurauce proccc,l:; p.~(I under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condcnm;~l,,n or other taking of all or any part of the Property; (iii) conveyance in lieu of conderm~ation; or (iv) misreptcscm~ ,,~s of, or omissious as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means inst, ~n,'..'protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means thc icgul:t~ Il. scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 o1' Ih~ -,,'curity Instrument. (O) "RESPA" means the Real Estnlc ~c, IIl,'~,:nt Procedures Act (12 U.S.C. {}2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. l'arl ','.{~lk as they nfight be an]ended from time to time, or any additional or successor legislation or regulatiou /hal !z,~,,~:lns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requh'emenls and ~,' ,!~ ictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualil? as '~ ' l~'derally related mortgage loan" under RESPA. (P) "Successor in Interest of Borrou'er" ~l.ans any party that has taken title to the Property, whether or not that party has assumed Borrower's obligafi~ms ~, I,-r the Note and/or this Security Instrument TRANSFER OF RIGHTS IN THE I'R()I'I I' I 'f This Security Instrument secures k~ 1,,~,i~,~ (0 the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) thc I,,.~ I,,~nance of Borrower's covenants and agreements under this Security Instrument and the Note. For this pU~l~,,:~' I',orrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with pm,,,,~ ,, I sale, the following described property located in the COUNTY (Type of Recording Jurisdiction) Of LINCOLN : (Name of Recording Jurisdiction) SEE ATTi~,CI-IED EXHIBIT A which cnrrently has the address of OLD ALPINE ROAD [Street] /LLP INE . Wyoming 8 312 8 ("Property Address"). [City] [Zip Code] WYOMING - Single Family - Fannie Mac/lq'eddic xl~c UNIFORM INSTRUMENT DOCUlW'Y~ /'(~ge 2 afl3 pages) DOCUIWY2. VTX 11/04/2000 Form 3051 1/01 TOGETHER WITH all the iml,~ 'ments now or hereafter erected on the property, and all easements, appurtenances, and fixtures now o,' helcltll, i at part of the property. All replacements and additions shall also be covered by this Security Instrument. All ~>t [l~,. !'oregoiug is referred to in this Security Instrument as the "Property." BORROWER COVENANTS lh~ll l;, ,i rower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey thc lb, ,1~ ly and that the Property is nnencumbered, except for encumbrances of record. Borrower warrants and will tlr'i, tt~l generally the title to the Property against all claims and demands, subject to any encumbrances of recot'd. THIS SECURITY INSTRU~II b:t combines uniform covenants for national use and non-uniform covenants with limited variations by.itu'is{li~ I i{,n to constitute a tmifm-m security instrument covering real property. UNIFORM COVENANTS. 13o~ t{,,.,, c r and Lender covenaut and agree as follows: 1. Payment of Principal, hltercq. I<scrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal o[', and i:~l,.~ cst on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. I/~xt,,~,,er shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Sec'tt: i~. Instrument shall be made in U.S. cm-rency. However, if any check or other instrument received by Lender as p~' ~,'nt under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any vr all ~,~1, ,cquent payments due under the Note and this Security Instrument be made in one or more of the following Ii,ri ti. ~1~ selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashicF¼ , hock, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, i~.l~ n neutality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received b,. I ~.'uder when received at the location designated in the Note or at such other location as may be designated by [ ~<~, h.~ ill accordance with the notice provisions in Section 15. Lender may return any payment or partial payment il' Ih' },:~yment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or Ixlr/i~[ !,:~yment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights It, ~:.i~se snch payment or partial payments in the future, but Lender is not obligated to apply such payments at thc t:~t: ttcl~ payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender ncc~l ~,,t pay interest on tmapplied funds. Lender may hold such unapplied funds until Borrower makes payment t~ t,~ :~r: the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply ,~. ',~ I'unds or return them to Bon'ower. If not applied earlier, such funds will be applied to the outstanding princ ilx, I !,.~hmce under the Note immediately prior to foreclosure. No offset or claim wlfich Borrower might have lx)xx ,,~ m the future against Lender shall relieve Borrower from making payments due under the Note and this No,'t~ ~, tnsta2ment or performing the covenants and agreements secured by this Security Instrument 2. Application of Payments m' I'rm'cetls. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall 13c ~q'l'll"d in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) am~,lli~i , lue under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it bec amc ~ h~~ .\ny remaining amotmts shall be applied first to late charges, second to any other amounts due under this Seem'il, In :trument, and then to reduce the principal balance of the Note. If Lender receives a payment fi(mi I',, ,~ rower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, thc pai ~,'nt may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is ou/stn,~,[[ng, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments it', m~,l i,, the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is appl~,.,I lo the full payment of one or more Periodic Payments, such excess may be applied to any late charges duc. \h,l~,~,t:~ry prepayments shall be applied first to any prepayment charges and fl~en as described in the Note. Any application of paymenls, i~i ,t~, ..t:ce proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone thc duc ~1~; or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. l;~tl,,.. ~ shall pay to Lender oil the day Periodic Payments are due under the Note, until the Note is paid in frill, a sum {ll~, "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can alt~ priority over this Secnrity Instrument as a lien or encumbrance on the Property; (b) leasehold payments or gl,,l:n, [ ~,~nts on the Property, if any; (c) premiums for any and all insurance WYOMING - Single Family - Fannie IMat'/Frcddic \l:lt UNIFORM INSTRUMENT Form 3051 1/01 DOCUIWY3 ' /',*ge J of 13 pages) DOCUIWY3 ,VTX 11/04/2000 required by Lender under Section 5; an,l ~,11 Mortgage Insurance prenfiums, if any, or any sums payable by Borrower to Lender in lieu of the paymc~I ,,I ~lortgage Iusurance pren-fiums in accordance with the provisions of Section 10. These items are called "l!sc~,, ,. Ilcnls." At origination or at any time during the term of the Loan, Lender may require that Conununi .ty Ass,,(',:~,,n Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall },~, .~ Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Sectit~. l',,~mver shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligatinn to pay lh~' } ~}~ls for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any ~ .~ll Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower sh~ll i,:~?.' directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has 1~,.., ~ waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within ,~. }~ lime period as Lender may require. Borrower's obligation to make such payments and to provide receipts sh~ll I,,~ atll purposes be deemed to be a covenant and agreement contained in this Security Instrnment, as the phrase "c~,,. ,'~:mt and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to ',t ,.,~'.,:r, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Sccl~,,~, v aud pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such am~,~r Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with 1-i... '!ion 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then ~',,,i~i~ col under this Sectiou 3. Lender may, at any time, collccl ~m,t l~uld Funds in an amouut (a) sufficient to permit Lender to apply the Funds at the time specified under RESI'A. :~}~1 (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amimlll ~,1 l:unds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items oi ~1~'~ '..,. ~c iu accordance with Applicable Law. The Funds shall be held in an in:,t~t~li~m whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is a~ ~;litution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay ll~. l!scrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and :~l,l,[ying the Funds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays ll(~,~, c~ interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is m~lc ~ writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be requked to pay Borl'{~,.~ ~.~ ~w interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall ¢c i,.~,1 on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as rcquircd 1,~ I~ I:.SPA. If there is a surplus of Funds hcl,l ~ ,:scrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with 141 :-il'.\. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower :~ ~,'quired by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in acc~l~ t:~ 'c with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrmx, ~.~ ,t?fined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to I.cntlc, li~c amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly I~<. *~ ~.:~ls. Upon payment in full of all sum, .,~:ctu'ed by this Security Instrument, Lender shall promptly refund to Bon'ower any Funds held by Lender. 4. Charges; Liens. Borroxxcr sh~ll I'~': all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain prioht? ~,,. ~.~ this Security Instrun~ent, leasehold payments or ground rents on the Property, if any, and Conmmnity Ass~cit~l~,,t~ I)ues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay thc[~ i~, ~hc maturer provided in Section 3. Borrower shall promptly discl~j:,. ;my lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to thc i,~?.~,'~t of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Bon'owcr i~ I','~ li,rnfing such agreement; (b) contests the lien in good faith by, or defends against enforcement of thc lic~ m. I,'[;al proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those pl'{~cc~',l~::, are pending, but only until such proceedings are concluded; or (c) secures fi'om the holder of the lien an ~)~t,.~ncnt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deternfines that a n x f,~tl, ~F the Property is snbject to a lien which can attain priority over this Security Instrument, Lender may give l;~,~?.,:r a notice identifying the lien. Within I0 days of the date on which WYOMING - Single Family - Fannie Mac/Frelhlit. \h. UNIFORM INSTRUMENT DOCU ~ wv4 ' ',~ge 4 of 13 pages) ~ocm~n .v?x ~/o4/~ooo Form 3051 1/01 that notice is given, Borrower shall salisl',. II~.' lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrowc~' l,, l.:tl, a one-time charge for a real estate tax verification and/or reporting service nsed by Lender in com~ection with 5. Property Insm'ance. Bot-~-t~x~.~ Imll keep tile improvements now existing or hereafter erected on the Property insured against loss by fire, h~z~l, included within the term "extended coverage," and any other hazards including, but not limited to, earthquakc:~ ;~1 Iloods, for which Lender requkes insurance. This insurance shall be maintained in the amounts (including dc,lt~ tible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding scnk.~,.~.s can change dnring the telTn of the Loan. The insurance carrier providing the insurance shall be chosen I,., I;t~rrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreagt~l~!,! v. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood ,~,~,. dctemfination, certification' and tracking services; or (b) a one-time charge for flood zone determination and ~,_.~tification services and subsequent charges each time remappings or sinfilar changes occur which reasonabl,, t~ 'l~t affect such determination or certification. Borrower shall also be responsible for the payment of any fccs ~q'.~,:sed by the Federal Emergency Management Agency in connection with the review of any flood zone ctctcrmi~,:~ i,,~ resulting fi'om an objection by Borrower. If Borrower fails to maintain a~x ,,l'.l~e coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expc~t:<. I .'[tder is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage sI~ll cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the conteuts ~)1' Ih=. I'1 operty, agaiust any risk, hazard or liability and might provide greater or lesser coverage than was previously i~t c! I..~.'1. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed Iht ,.,,.l of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Sectitm :. -l~all become additional debt of Borrower secured by this Security Instrument. These amounts shall bear i~t,:~,: .! at the Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice fi'om l..et~d~.~ I,, I~orrower requesting payment. All insurance policies reqtm'cd b., I c~der and renexvals of such policies shall be subject to Lender's right to disapprove such policies, shall includt~ ~, I~}dard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall haxc linc ~'ight to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lemtc.~' alt ~:',:cipts of paid prenfiums and renewal notices. If Borrower obtains any fom~ of insurance coverage, not othcrxxisc ~,.~ luired by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage , l:~:~e and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrowc~' :~1~11 :_'ire prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptl>' 1,., l:,,t-rower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the ttttd,:~ li.'ing insurance was reqnired by Lender, shall be applied to restoration or repair of the Property, if the restorati,,~ , ,~ t,:pair is economically feasible and Lender's security is not lessened. During such repair and restoration pcrit~d. I =.~der shall have tile right to hold such insurance proceeds until Lender has had an opportunity to inspect such I'~,,i~: lty to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be u,~,l.~laken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a sc~ ic:, ,,I progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law rcqtt~,., interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest t~¥ ~.~,,~gs on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid t~t~l ,,I ~I,o insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economic~II', t,.a s ible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by tl~i. :,ccurity Instrumeot, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proccc',l, :I ~ll be applied in the order provided for in Section 2. If Borrower abandons the Propc~t I .:nder may file negotiate and settle any available insurance claim and related matters. If Borrower does not ~csl',,~ I within 30 days to a notice fi'onr Lender that the insurance carrier has offered to settle a claim, then Lender ~', ~,,'~_'otiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if I~cl~d,'t ~t~ quires tile Property nnder Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights It, iii1', insurance proceeds in au amount not to exceed the amounts unpaid under the Note or this Security Instrument. ,~, 1 I b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower 1 t~t~, I,:r all insurance policies covering the Property, insofar as such rights WYOMING - Single Family - Fannie 5lne/Freddit, '~l;tt' UNIFORM INSTRUMENT Form 3051 1/01 DOCUIWY5 , / ',~ge 5 of I $ pages) ~ocu~s.v~x ~/o~/~ooo 0i30 are applicable to the coverage of thc Pt t,p,..~ t.v. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid tmdu~ Ilo. Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower sha~ll ,,., upy, establish, and use the Property as Borrower's principal residence within 60 days after the execution ,,I II~i. Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at luu.I ,,~c year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not bc utnu,~ ,,,nably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Mainten:mcc ..~ mi I'rotection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow lit,: I'~perty to deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property, l;,u~,,,.~ cr shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value duc 1,~ i1:; condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasi}qu. I~, u rower shall promptly rePair the Property if damaged to avoid further deterioration or damage. If insurance ,u ~ ~,ndenmation proceeds are paid in connection with damage to, or the taking of, the Property, Borroxver slx~II I,,. ~csponsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. I un~lur may disburse proceeds for the repairs and restoration in a single payment or in a series of progress tx~ymur~!; as the work is completed. If the insurance or condenmation proceeds are not sufficient to repair or restoru lln. Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restorati~m. Lender or its agent may make ~,'m~,,m~ble entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior {,t' ~hc improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior i~41~'~'l~m specifying such reasonable cause. 8. Borrower's Loan Applicalim~. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities z~ctinu :~t the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or in~u.,'~n'~te information or statements to Lender (or failed to provide Lender with material information) in connccli~,n v, i~h the Loan. Material representations include, but are not limited to, representations concerning Borrower's ~,uc~ ~l~mcy of the Property as Borrower's principal residence. 9. Protection of Lender's lnlcu~.sl in the Property and Rights Under this Security Instrument. If(a) Borrower fails to perforrn the covcnant~ ~ul ~greements contained in this Security Instrument, (b) there is a legal proceeding that might significantly ~l'l',,,:l I..¢nder's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bank~ ~l,tcy, probate, for condenmation or forfeiture, for enforcement of a lien which may attain priority over this ~cu~u il,,. Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender nx~x, [,, and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights unde~ l lti, %ccurity Instrument, includh~g protecting and/or assessing the value of the Property, and securing and/or rcp,~,n,' /he Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which I,x~ priority over tiffs Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to pt t,lu, l ~ls interest in the Property and/or rights under this Security Instrument, including its secured position in a bm&~ui,iuy proceeding. Securing the Property includes, but is not limited to, entering the Property to make repairs, ulm~? locks, replace or board up doors and windows, drain water from pipes, eliminate building or other c~lt., ~i,,I,tions or dangerous conditions, and have utilities turned on or off. Although Lender may take action undc~ Iln~ Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Ix'ndcl ulcurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by l..cn, h.~ under this Section 9 shall become additional debt of Borrower secured by this Security Insta'ument. These amt,u~n: shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, uptm ~u,! ~c'c from Lender to Borrower requesting payment. If this Security Instrnment is ,m ,~ I,:asehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the lcaxch,,h I ,'~late and interests herein conveyed or tern~inate or cancel the ground lease. Borrower shall not, without lhu ,':fucss ~vritten consent of Lender, alter or amend the ground lease. If Borrower acquires fee title to the Prq~ur i).. Ihe leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. [1' [ ulul:r required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums rcqui~,',l t,~ lnaintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required b,. I ,ruder ceases to be available from the mortgage insurer that previously provided such insurance and Borrower ,,,. ,~.: ~uquired to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shalll ira} lhe prenfiums reqnired to obtain coverage substantially equivalent to WYOMING - Single Family - Falmie Mae/I.'rcddiu Mat. UNIFORA'I INSTRUMENT Form 3051 1/01 oocu ~ wY0 ~ !'t~ge 6 of 13 pages) I)OCOl;*Y$ .VTX li/OI/:ZO00 the Mortgage Insurance previously in ell,., t. at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in elTcct. I~,,~,t an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage ~: ~,,t available, Borrower shall continue to pay to Lender the amount of the separately designated payments that lx,~.~, ,lue when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments ~ts ~ ~,,n-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwifl~sht~,l~ng the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any itm:~,';~ ~r earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance ~'~,,, ,,~ ~tge (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again I~. ~,~cs available, is obtained, and Lender requires separately designated payments toward the premiums for Mt~rl?v.,. Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower xvas t'cqt~.,I to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall i,~5 ti[. premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, ttt~l~l I 'nder's requirement for Mortgage Insurance ends in accordance with any xvritten agreement between Borrower ~,, I Iender providing lbr such termination or until termination is required by Applicable Law. Nothing in this Scct~,~ I~ affects Borrowe,"s obligation to pay interest at the rate provided irt the Note. Mortgage Insurance reimburses I ~ ~,l~r (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Lt~al~ :t ~,'.reed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their ~,,'..~l risk on all such insurance in force from time to time, and may enter into agreements with other parties that sh~: ,,r modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to Iht, ~,rtgage insurer and the other party (or parties) to these agreements. These agreements may require the morl?!,,. ~surer to make payments using any source of funds that the mortgage insurer may have available (which ma y inc I~ h' l'unds obtained fi'om Mortgage Insurance premiums). As a result of these agrecmenls, I :'~,ler, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any ol' d~c I;,~ ?::oing, may receive (directly or indirectly) amounts that derive from (or n-fight be characterized as) a portion oil',, ,~wer's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, ~,r ~ ~htcing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in cxch~::, for a share of the prenfiums paid to the insurer, the arrangement is often terrned "captive reinsurance." Fu rfi~' r: (a) Any such agreements will m~ :~rl'ect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of thc I~o:~,. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will n,,i ,~nlitle Borrower to any refund. (b) Any such agreements will ~,}I affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the llo,ncm, m,rs Protection Act of 1998 or any other law. These rights may include the right to receive certain disch~:,~res, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance Icrmi~:,Icd automatically, and/or to receive a refund of any Mortgage Iusurance premiums that were unearned :~1 Ihe time of stroh cancellation or termination.. 11. Assignment of Miscellanem~s I'r.ceeds; Forfeitu,'e. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, su~:l~ ".l~cellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is cc,,~,,mically feasible and Lender's security is not lessened. During such repair and restoration period, Lender sh:~ll I~ ~'..,: the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property h, =.~:ure the work has been completed to Lender's satisfaction, provided that such inspection shall be undettal:t'~ !.~,,mptly. Lender ]nay pay roi' the repairs and restoration in a single disbursement or in a series of progress l~:t).~ ~ts as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest It/}>c i,.~ ~. I on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on st~,h ' I t cellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would bc Ics,,~,, t. the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or n~ 11~ .~ due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order lm~X i, h', I lbr in Section 2. In the event of a total taking, d,:s~,, ~. libra, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this ,~c.t,,tr ~! v Instrument, whether or not then due~ with the excess, if any, paid to Bon'ower. WYOMING- Single Family - Fannie Mnc/l:rcddi~. \l;~t. UNIFOllM INSTRUMEI~T Docu~wY? ~ ',?ge 7 of 13 page.O ~ocul~?.v~x ll/0~/~ooo Form 3051 1/01 In the event of a partial taking, &. ,l~ttction, or loss in value of the Property in which the fair market value of the Property immediately before thc t,:t~ ~i~,l taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Seem ii', I~ :trument inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender othc~ x~t ... ~gree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Misccllam',,,~ I'~oceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before lh~' i,:~ir~l taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately be fi)~ c ~1~. ?artial taking, destruction, or loss in value. Any balance shall be paid to Borrower. In the event of a partial taking, ~l~'~l~ ~ction, or loss in value of the Property in which the fair market value of the Property inm~ediately before thc i,:~, libel taking, destruction, or loss in value is less than the amount of the sums secured inm~ediately before thc l,~l~t taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the IX4isccll~,,,~ Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc Ih~ If the Property is abandoned b,~ I:,~ower, or it; after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) ~,l:,.t< to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days al'tm- 111~' ,l:tte the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to vestt)~l~,,~ m- repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "()}q,t~.ing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Bort,~v.~.t has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in defaul! il' :,~'. action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfcil~ u ,',,l the Property or other material impaim~ent of Lender's interest in the Property or rights under this Securilv h~-l~ment. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Seclitm I' ~. },y causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forFcil~ll ~. ,~t ~he Property or other material impairment of Lender's interest in the Property or rights under this Seem'ltv [~ ~ment. The proceeds of any award or claim for damages that are atta'ibutable to the impaim~ent of Lendcr'5; i~ti,.~:st in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that .~}, ~t applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; I:,vl,';~vance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of thc sitter, .,'cured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower ~13:~11 i i~t operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not b~: ~, ~l~ired to cmmnence proceedings against any Successor in Interest of Borrower or to refuse to extend time l't~, I'~i. ~nent or otherwise modify amortization of the sums secured by this Security Instrument by reason of any d,..~]}.~r~d made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender i~ ~"...~cising any right or remedy including, without limitation, Lender's acceptance of payments from third pcvs~ . mities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a xvaixc~, ,I , ,t preclude the exercise of any right or remedy. 13. Joint and Several LiabiliI~: {.-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liab41~l', shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute I t~... '<ote (a "co-signer"): (a) is co-sighting this Security Instrument only to mortgage, grant and convey the co-signer's. ~I,:rest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the su~ .... _ured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, mt~dil", i i,rbear or make any acconm~odations with regard to the terms of tlfis Security Instrument or the Note without Ih,,, ,, dgner's consent. Subject to the provisions o[' g~.~I~,,~ I8, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Insmm~,~l ~, ,.witing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security l l~:~l~,iltlt:nt. Borrower shall not be released from Bon'ower's obligations and liability under this Security Instrumcl~t ,~!,'~s Lender agrees to such release in writing. The covenants and agreements of this Security Instmmci~t ~hztll I iud (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender m~' , harge Borrower fees for services performed in connection with Bon-ower's default, for the purpose o1' i~,,[,., ling Lender's interest m the Property and rights under this Security Instrument, including, but not limited t~. ~lt,,~ heys' fees, property inspection and valuation fees. In regard to any WYOMING - Single Family - Fannie 51ae/l.'vcddi~, xl;. UNIFORM INSTRUMENT Form 3051 1/01 oocmw~s /'~ge 8 of13 page~9 DOCUlWY8 .riX 11/01/2000 other fees, the absence of express auth¢~ it.. i,t lhis Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the cha~l:~,.. ,,f such fee. Lender may not charge fees that are expressly prohibited by tiffs Security Instrument or by Applic~l,;,. I ~w. If the Loan is subject to a law x,, I~i~. h sets rnaximnm loan charges, and that law is finally interpreted so that the interest or other loan charges collcct..:,l ,,r to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shrill 1. ~cduced by the amount necessary to reduce the charge to the permitted 1/mit; and (b) any sums already collcct,:,t l~,.m~ Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make ll~: ~cFund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a r¢lkln,I ~c,[ttccs principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether ,,~ nc)t a prepayment charge is provided for under the Note). Borrower's acceptance of any such refund made by ,li~,.,'t paynrent to Borrower will constitute a waiver of any right of action Bon'ower might have arising out of such ,,~ ,'t ~-h~rge. 15. Notices. All notices given h,. I~,~ower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in ~:,,nr~, ~ tirol with this Security hlstrument shall be deemed to have been given to Borrower when mailed by first class ln~ti] , ** xvhen actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrowci sh,~ll ~mlstitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The notice address ~h;~ll I,c the Property Address unless Borrower has designated a substitute notice address by notice to Lender. 1~{,~ ~,,,., ,:r shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure for reporm~.~ l',,rrower's change of address, then Borrower shall only report a change of address through that specified pmc~'dut,, I'here may be only one designated notice address under this Security Instrument at any one time. Any notice 1,, I ,'nder shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein Ulfit. sx I ,,~/,Iot' has designated another address by notice to Borrower. Any notice in comrection with this Security Ins trum~'nl, h,~ll not be deemed to have been given to Lender until actually received by Lender. If any notice required by this ~;,,~ ~rity Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy tile corrcsl~,n,tin3 requirement nnder this Security Instrument. 16. Governing Law; Severalfilil~: I{ules of Construction. This Security Instrument shall be governed by federal law and the law of the jurisdiclio~ ~ which the Property is located. All rights and obligations contained in this Security Instrument are subject to [n~,, ~,'quirements and linzitations of Applicable Law. Applicable Law might explicitly or implicitly allow tile partk's ~, ~gree by contract or it might be silent, but such silence shall not be construed as a prohibition against agl'cc~,,~! hy contract. In the event that any provision or clause of this Security Instrument or the Note conflicts xvkh ,,\l,p l i, ,~l,le Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can bc gixcn, I I,_.ct without the conflicting provision. As used in tlffs Security In:q~t~'nt: (a) words of the masculine gender shall mean and include corresponding neuter words or words ~,1' Ih~ I'~:minine gender; (b) words iii the singular shall mean and include the plural and vice versa; and (c) the word "n~'" !;ives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrowc~ I~ ~il be given one copy of the Note and of this Security Instrument. 18. Transfer of the Prollerly m' :~ Ileneficial Inte,'est in Borrower. As used in this Section 18, "Interest in the Property" means any legal or bern'Ii, ~.,1 interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for dec& c', ,l!ll:tct for deed, mstalhnent sales contract or escrow agreement, the intent of which is the transfer of title by Bohr)v. ~.~ :~ a fi~ture date to a purchaser. If all or any part of the Properly ~,~ :~nv Interest in the Property is sold or transferred (or if Borrower is not a natural person'and a beneficial inteiest ~ l~,,rrower is sold or transferred) without Lender's prior written consent, Lender may require inunediate paymcm ~ tull of all sums secnred by this Security Instrument. However, this option shall not be exercised by Lendc~ il' ~, ~, i~ exercise is prohibited by Applicable Law. If Lender exercises this opti{m. I ~.~], l,.'r shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days flora II~. ,k~te the notice is given in accordance with Section 15 within which Borrower rnust pay all sums secured bv II~, hecurity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may i~,,,,b, any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to iteins~:~l,. Al'ter Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have elfforcemcnl ,~1 lhis Security Instrument discontinued at any time prior to the earliest of WYOMING- Single Family - Fannie Mnv/I.)'t. ddi~. Xh~c UNIFORM INSTRUMENT DOCUIWY9 l',t.ge 9 of 13 t>ocm~rt 9. v?x Form 3051 1/01 (a) five days before sale of the Property 1,,~ ~uant to any power of sale contained in this Security Instrument; (b) such other period as Applicable Law mi~.l~l .i,~'cify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Secmitv I~.I~,,ment. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Nc, ct,~ i~ Instrument and the Note as if no acceleration had occurred; (b) cures any default of any other covenants ~)1' ~:'tt'cments; (c) pays all expenses incurred in enforcing this Security Instalment, including, but not limilcd I,,. *,'asonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of p~{,l,'cting Lender's interest in the Property and rights under tiffs Security Instrument; and (d) takes such action a~, 1 ~:mler may reasonably require to assure that Lender's interest in the Property and rights under this Securilv I~ ~tunent, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue tmchil~!,,'{l. Lender may reqnire that Borrower pay such reinstatement sums and expenses in one or more of the followim.. I',,rms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, t~'easurer's check ~ c;,-t~icr's check, provided any such check is drawn upon an institution whose deposits are insured by a fcdclal :~:....l~cS,, instrumentality or entity; or (d) Electa'onic Funds Transfer. Upon reinstatement by Borrower, this Secmitv I~,,~ muent and obligations secured hereby shall remain fully effective as if no acceleration had occurred. Howcx'~.~. t[,,~ right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change ~1' I.~:,~ Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security lnstltt~t,.:~ll can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entii;' ~l.~,wn as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument arid i,.:~ Ibrms other rnortgage loan servicing obligations under the Note, this Security Instrument, and Applicable I_~tx,,'~ 1 }~cl'e also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a changt' ,,l !l~c Loan Servicer, Borrower will be given written notice of the change wlffch will state the name 'and address ~)t' ll~,. :~cw Loan Servicer, the address to which payments should be made and any other information RESPA reqtiirc~s ~,~ , ~,~mection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Lo~m '~'~ .ice,' other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with I1~,. loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser ulllcss ~,ll~.~'xvise provided by the Note purchaser. Neither Borrower nor Lender ~:~'. conunence, join, or be joined to any judicial action (as either an individual litigant or the member of a cl~,;.l that arises from the other party's actions pursuant to this Security Insu'ument or that alleges that the othc~ p,,~ ~_,., has breached any provision of, or any duty owed by reason of, tiffs Security Instrument, until such Borrow~..~ ~,r Lender has notified the other party (with such notice given in compliance with the requirements o1' Sc.,li~,~ 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving o f sucl~ ~,Iicc to take corrective action. If Applicable Law provides a time period which must elapse before certain action ~':~, I,c taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of accc lc~'~t i,,~ a l~d opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to t;,,r~,,,..,c~' pnrsuant to Section 18 shall be deemed to satisfy the notice and opportunity to take con'ective action pr{,x ~:~,,~ of this Section 20. 21. Hazardous Substances. As ~ ~, I iii this Section 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substancc, s. i,~,llt~l~tnts, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flarrunable c~' I{,:~.~.. petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or fo,'mald<ql5,1~:, and radioactive materials; (b)"Envirorm'~ental Law" means federal laws and laws of the jurisdiction wh<.~, linc Property is located that relate to health, safety or environmental protection; (c) "Environmental Clcam~p" i~cludes any response action, remedial action, or removal action, as defined in Enviromnental Law; and (d) all "1 Iix iro~maental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmcnlal Borrower shall not cause o~' l,t.~l the presence, use, disposal, storage, or release of any Hazardous Substances, or tin'eaten to release any l la;~,, l,,tts Substances, on or in the Property. Bm-rower shall not do, nor allow anyone else to do, anything affecting th,. I',(,perty (a) that is iii violation of any Environmental Law, (b) which creates an Enviromnental Condition, o~!c/ .,. hi ch, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely al'Ibc'ts ~1~.. value of the Property. The preceding two sentences shall not apply to the presence, use, or storage on thc l'~,,i,,..~ty of small quantities of Hazardous Substances that are generally WYO~VlING - Single Family - Fannie Mae/F~'eddit. x lac UNIFORM INSTRU;~'I ENT DOCU ~ ~ ~0 ,~ / ',tge I 0 of 13 pages} DOCUi~A.VTR 11/0~/2000 Form 3051 1/01 recognized to be appropriate to norn~l ~ .~Icntial uses and to mainteirance of the Property (including, but not limited to, hazardous substances in cot~t~,~, .~ ?~'oducts). Borrower shall promptly gixc I ..~ i~:r writteu notice of (a) any investigation, claim, demand, lawsuit or other action by any govenm~ental or ~c!~l.,l~,[y agency or private party involving the Property and any Hazardous Substance or Enviromnental Law ol' xxil~, I~ Borrower has actual knowledge, (b) any Envirmxmental Condition, including but not limited to, any spilli,~:., leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition causc~l },, lhe presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Bot~,,,.,. ~.~ learns, or is notified by any govermnental or regulatory authority, or any private party, that any removal ()1 ,,i}~.~ remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly ~I:,' ~!l necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligat i~,~ ~,r~ I.cnder for an Environmental Cleanup. NON-UNIFORM COVENAN'I ~ t;,,~Tower and Lender filrther covenant and agree as follows: 22. Acceleration; Remedies. I.cnller shall give uotice to Borrower prior to acceleration following Borrower's breach of an), coveuant m' ;~;'.rcement in this Security Instrmnent (but not prior to acceleration under Sectiou 18 unless Applicable I.;~x i~rovides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the defaulI: (t'! ;~ date, not less than 30 days from the date the notice is given to Borrower, by which the default musl bc ct,red; aud (d) that failure to cure the default on or before the date specified in the notice may result in ;~cct'lt'ration of the sums secured by this Security Instrument and sale of the Property. The notice shall furlhcr itel,win Borrower of the right to reinstate after acceleration and the right to bring a court action to asscrl Ibc non-existence of a default or any other defense of Borrower to acceleration and sale. If the defanlt is ~,t cured on or before the date specified in the notice, Lender at its option may require immediate i)aymcul iii full of all sums secured by this Security In'strument without further demand and may invoke Iht pt,~t.r of sale aud any other remedies permitted by Applicable Law. Leuder shall be entitled to collect all cxl~'.ses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, re:~sonablc :~ll re'heys' fees and costs of title evidence. If Lender invokes the posvm' .I s;~lc, Lender slmll give notice of intent to foreclose to Borrower and to the persou iu possession of the I'r.pcrly. if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in thc m:~n~cr provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in Ibc ~}:~mmr prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. Thc i~r{~ceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but n.t limited to, reasonable attorneys' lees; (b) to ali sums secured by this Security Iustrument; and (c) any excess I. the persou or pe,'sons legally entitled to it. 23. Release. Upon paymcnl ~l ~li ~ums secured by this Security Instrument, Lender shall release this Security Instalment. Borrower shall 19ay ~' ~.:cordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if thc I'cc i:, i.~icl to a third party tbr services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower release:; :~,l waives all rights under and by virtue of the homestead exemption laws of Wyonfing. WYOMING - Single Family - Fannie Mne~FrYddit. Xl;~c UNIFORM INSTRUMENT DOCUIWY~ /'oge I I of 13 pages) DOCU1W/B.VTX 11/04/2000 Form 3051 1/01 BY SIGNING BELOW, Bom,,,~ ~.~., ~'epts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by l;, ,~. ,wet and recorded with it. WYOMING - Single Family - Fannie Mae/I:rt'ddit, \1;~' UNIFOI*,M INSTRUMENT DOCUIWYI~ ,/',~ge 12 of 13 pages) oocu~c.v'rx ~/~/~oo~ Form 3051 1/01 [Space llch,w This Line For Acknowledglnentl STATE OF (,},--)ffOf~l)%'~ COUNTY OF D'~/~ ' The foregoing ins~ment was ach~owlcd?,,I before meby ~j~ ~ this Witness my hand and official seal. ,~.,'_'?.. ~lota!~ Purbli~-/~gd~fJ- ]/]/). f' .' My Commission Expires: /O~ -f/Zi5~ ~,_ WYOMING - Single Family - Fannie Mae/t:rc,ldi~. X l;sc UNIFORM INSTRUMENT uoculwY~3 :/'age 13 of lJ pages) Docm~0.v?x ~/~/eooe Form 3051 1/01 AD.II'STABLE RATE RIDER ii ,I IIOR Index - Rate Caps) GAUB LOAN #: 11105883 THIS ADJUSTABLE RATE RIDER is ii1,1~t¢ lhis 16TH day of DECEMBER, 2004 and is incorporated into and shall be dcc,~,.,t 1o amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security InstmmclW') ~ I I1~, same date given by the undersigned (the "Borrower") to secure the Borrower's Note to SRI (the "Lender") of the same date and covering the property described in the Security Ins. tm ~,.'~,l ~/nd located at: 601 OLD ALPINE ROAD, ALPINE, WY 83128 [Property Address] THE NOTE CONTAINS rR~)VISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND .\1'~ MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT MY INTERES'I R \TE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE i MU~'I' I'\Y. DURING THE FIRST FIVE ( 5 ) YEARS, INTEREST ONLY PAYMENTS WILL BI( RI(,)I~iRED TO BE MADE. THIS MEANS THAT THE REGULAR MONTlilA' I'~\'~ \lENT WILL NOT REDUCE THE AMOUNT I OWE DURING THE FIRST F'£vi.; (5)YEARS OF MY LOAN. YOUR INTEREST RATE ri,,',:( CHANGE DURING THE 'INTEREST ONLY PERIOD' EVERY 6 MONTtiS BEGINNING AFTER THE FIRST CHANGE DATE AS DESCRIBED IN SECTIr3I,I 4 OF THE NOTE. ADDITIONAL COVENANTS. r~ addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further t'~,',, ~:nant and agree as follows: A. INTEREST RATE AND ,lit ~"~ I'IILY PAYMENT CHANGES The Note provides for an initial intcrc:~t ~,', ,I' 5. 625 %. The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATI( ~\ ",1) MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate [ will i~,~i ~ay change on the first day of ,JANUARY, 200"/ and on that day every 6TH mt,,l~ Ihcreafter. Each date on which my interest rate could change is called a "Change Date." DOCUNSGI (page / of 3 pageO ~ocu~sm.vTx o7/o~/~oo~ 11105883 (B) The Index Beginning with the first ! I~ ~ge Date, my interest rate wili be based on an Index. The "Index" is the average of interbank of fi:red ~l,:s for six-month U.S. dollar-denominated deposits in the London market ("LIBOR"), as pnblishcd i~ /'/;e Wall Street Journal. The most recent Index figure available as of the first business day of thc m~lh ~t~mediately preceding the month in which the Change Date occurs is called the "Current Index." If the Index is no lon~x,~ :t~. :~ilable, the Note Holder will choose a new index that is based upon comparable information. Thc N~I,: I I~,lder will give rne notice of this choice. (C) Calculation o1' Before each Change I)~1,', the Note Holder will calculate my new interest rate by adding FOUR 32xlD EIGHTY-NINE HU~!DREDTHS percentage point(s) ( 4. 890 %) to the Current Index for such Change Date. The N~,Ic f l~,kler will then round the result of this addition to the nearest one- eighth of one percentage poinl (~ 125%). Subject to the limits stated in Section 4(D), this rounded amount will be my new inte,'csl ,~1,. ~,ntil the next Change Date. During the first FIVE ( 5 ) years after loan closing ("interest-only period"), the Note Holder will d,:l ,,,~i~e the amount of the monthly payment that would be sufficient to pay accrued interest only ~m ti,.., '.~,q>aid principal balance. This will be the amount of my monthly payment until the earlier of thc ,,,,,,~ ~ hange Date or the end of the "interest-only period" unless I make a voluntary prepaymeut of p,'im'il,:,/ ~I~tring such period. I~' I make a voluntary prepayment of principal during the "interest-only period.-,~', payment amount for subsequent payments during the "interest-only period" will be reduced to thc ~,~,~,,~,nt necessary to pay interest at the then current interest rate on the renmining unpaid principal At the end of the "inlet,. ~ ,,nly period" and on each Change Date thereafter, the Note Holder will deternfine the amount ~/' lh~, ~,,,,,~thly payment that would be sufficient to repay in full the unpaid principal that I will owe at that ( '1,~.? Date in substantially equal monthly payments over the remaining term of the Note. The re suh ~l II,~. <'alculation will be the new amount of my monthly payment. After the end of the "interest-only pc~ i~ ,, I." my payment amount will not be adjusted due to voluntary principal payments until the next Change It~ i.' (D) Limits on Interesl R:,lc Changes The interest rate I ;t~;~ ~',l~tired to pay at the first Change Date will not be greater than 8. 625 % or less thorn ';. 625 %. Thereafter, my interest rate will never be increased or decreased on any single Chan?' l ~ ~I[.. by more than one percentage point (1%) from the rate of interest I have been paying for thc p~...~.~,li,~g six months. My interest rate will never be greater than 12. 125 % or less thal~ ~-,. 625 %. (E) Effective Date iff( 'h:,,,~es My new interest rate x,,ill i,~'Colne effective on each Change Date. I will pay the amount of my new monthly payment bcginmt~5 ,,~ the first monthly payment date after the Change Date until the amount of my monthly paymcm ,.'l[,,~,,:cs again. (F) Notice of Chan~cs The Note Holder will &l~, .~ or mail to me a notice of any changes in my interest rate and the amount of my monthly pay~t~'~i i,~_lbre the effective date of any change. The notice will include information required by law I~, I~,, :, ~,. cn to me and also the title and telephone number of a person who will answer any question I m~,v h:~,~ ~cgarding the notice. B. TRANSFER OF THE PROPERTY ( )I*. \ BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of the Security lnsl~ t~,~,.:nt is amended to read as follows: Transfer of the l'r.pcrl ~ m' a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" m.::~, ~ny legal or beneficial interest in the Property, including, but not linfited to, those benclk'k~l ~.'t'ests transferred in a bond for deed, contract for deed, installment sales contract t~' c:~,~,, , agreement, the intent of which is the transfer of title by Borrower at a future date to If all or any part al' thc l'~, ,!,.:tty or any Interest in the Property is sold or transferred (or if a Borrower is not a natural i~ct:,~,~ ,md a beneficial interest ni Bon'ower is sold or transferred) DOCUNSG2 (page 2 of 3 pages) DOCUNSG2 .VTX 07[09/2004 11105883 without Lender's prior written c',,,~ ..',~t. Lender may require innnediate payment in full of all sums secured by this Security Ins tmn~c.~l I lowever, this option shall not be exercised by Lender if such exercise is prohibited by Applict~bl,. 1 t~w. If Lender exercises Ibc, ,,i,r~,,n to reqnire inm~ediate payment in full, Lender shall give Borrower notice of accelerali{m I t~ notice shall provide a period of not less than 30 days from the date the notice is given m ~ .... ~,lance with Section 15 within wlfich Borrower must pay all sums secured by this Secm-itx' lt~ I~mnent. If Borroxver fails to pay these sums prior to the expiration of this period, Lcnd~:~ t~ ~'. revoke any remedies permitted by this Security Instrument //without further notice or demaml ,~ :m-rower. BY SIGNING BELOW, B~)~,~x.,.~ ~tccepts and agrees to the te~Tns and covenants contained in this Adjustable Rate Rider. - BOP, ROWER - ARNOLD GAUB - I),',,;~'~; - DOCUNSG3 DOCUNSG3 .VTX 07/09/2004 (page 3 of 3 pages) EXHIBIT A Lots 72 and 73 of Leon Livingston Tract, Lincoln County, Wyoming as described on the offici~] plat thereof.