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HomeMy WebLinkAbout905544Retum To: WELLS FARGO HOME MORTGAGE 3601 MINI~SOTA DR. SUITE 200 BLOOMINGTON, MAI 55435 :0"61 Prepared By: WELLS FARGO BANK, N.A. 12550 SE 93RD AVE, SUITE 400. CLACK-A-M-AS, OR 970150000 RECEIVED 12/28/2004 at 4:18 PM RECEIVING # 905544 BOOK: 576 PAGE: 161 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space \1,.~ t' This Line For Rec(,rding Data] MORTGAGE DEFINITIONS Words used in multiple sections or' lhi~ d~,cument are defined hclow and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Ccrt',~i~ ~ules regarding thc usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this d(~ ~cnt, which is datc. dDECEMBER 23, 2004 together with all Riders to this documcm. (B) "Borrower" is GARY C WALKER AND KIMBERLY S WALKER, I-IUSBA/srD Alq3D WIFE Borrower is the mortgagor under this ,'qcc'u~ ~,~ Instrument. (C) "Lender" is WELLS FARGO BA/w-K, N.A. Lender is a NATIONAL ASSOCIATION organized and existing under the laws t~l' THE UNITED STATES 0049717051 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 15 VMP MORTGAGE FORMS - (800}521-7291 Form 3051 1/01 Lender's address is P.o. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower a,d d:ttcdDECEMBER 23, 2004 The Note states that Borrower owes Lender TWO I-IU'NDRED TWENTY EIGHT TI-IOU-qA19'D FOUR HIJlqDRED FORTY AND 00/100 Dollars (U.S. $ ****228,440.00 ) plus interest. Borrower h',~,, t,~iniscd to pay this debt in regular Periodic Payments and to pay the debt in full not later than JANUARY t) 1, 2035 (E) "Property" means the property that is described beloxv L~,IL'~' thc heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus intc~'~',,l, m~y prepayment charges and late charges due under the No[e. and all sums due under this Security Inst~ t~,t'~t, plus interest. (G) "Riders" means all Riders to this Security Instrument tlt:,~ :trc executed by Borrower. The following Riders are to be executed by Borrower [check box as applical [-~ Adjustable Rate Rider [--] Condominium Rider ~ Second Home Rider [---] Balloon Rider ~ Planned Unit Development ki,l~r i '~ 1-4 Family Rider [~ VA Rider [--] Biweekly Payment Rider ~ Other(s) [specify] OD "Applicable Law" means all controlling applicable I~.d~.~l, state and local statutes, regulations, ordinances and administrative roles and orders (that have thc ~11cc:t t~f law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessment~" ,~c:,~s all dues, lees, assessments and other charges that are imposed on Borrower or the Property h,, :t condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of lt~lltl~, other than a transaction originated by check, draft, or similar paper instrument, which is initiated tll~t,u~h ~m electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instr,~'~ ~,r :mthorize a financial institution to debit or credit an account. Such term includes, but is not limited ~,,, p,m~t-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, x~t~. tFansI~crs, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in S~.~t i,,~ 3. (L) "Miscellaneous Proceeds" means any compensation, Scttl~ltctlt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid undcr tt~ c{~vcrages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnati,,~ {,t' t~thcr taking of all or any pan of the Property; (iii) conveyance in lieu of condemnation; or (iv) t~i,,~cpFcscntations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lend,~, :tldZiinSt the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled am~t~,~ dtlc For (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security l~:,tt ~mcnt. (O) "RESPA" means the Real Estate Settlement Procedures \~ {12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 351>~, :~ they might be amended from time to time, or any additional or successor legislation or regulation th:H ?>vcrns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremc~H:, :md restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan doc, ,~,,t qualify as a "federally related mortgage loan" under RESPA. (~;)~-6(WY) 100051 Page 2 of 15 Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party d~:~ I~as taken title to the Property, whether or not that party has assumed Borrower's obligations under the N~ ,x' :md/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repaymem ~ ,1 thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bor~,,x,. cr's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrm~ ~.~ d,,cs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power or' ~:,k.. thc following described properly located in the COUNTY of LINCOLN : [Type of Recording Jurisdiction] [Name of Recording Juris~liction] LOT 12 IN STAR VALLEY RANCH PLAT 6, LINCOLH COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. THIS IS A PURCHASE MONEY SECURITY INSTRUMEWi'. TAX STATEMENTS SHOULD BE SENT TO: WELLS FAI<GO HOME MORTGAGE, 10304, DES MOINES, IA 503060304 P.O. BOX Parcel ID Number: 35183040512100 85 CEDAR DRIVE THAY1TE ("Properly Address"): which currently has the address of [Street] Wyoming 83127 [Zip Code] TOGETHER WITH all the improvements now or h~'~cal'[cr erected on the property, and all easements, appurtenances, and fixtures now or hereafter :t i~:~tt ,~t' thc property. All replacements and additions shall also be covered by this Security Instrument..\11 or' the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfulh ~.i~ccl or' the estate hereby conveyed and has the right to mortgage, grant and convey the Property and tl~:,~ tl~c Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend ;'~'~cr:dly the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform c,,xcn'.mts for national use and non-uniform covenants with limited variations by jurisdiction to constituw .~ tmiform securitY instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covc~:t~t :tml agree as follows: 1. Payment of Principal, Interest, Escrow Items. I'rqm.~ment Charges, and Late Charges. Borrower shall pay when due the principal of, and interes~ ,,~ Iht debt evidenced by the Note and any prepayment charges and late charges due under the Note. B{,~,,xx cr shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and thi, ~;c'cm'ity Instrument shall be made in U.S. currency. However, if any check or other instrument received I~ l.c'mlcr as/p~~nder the Note or this (~-6(WY) 1o005) Page 3 of 15 Form 3051 1/01 Security Instrument is returned to Lender unpaid, Lender max ~c.tluirc that any or all subsequent payments due under the Note and this Security Instrument be made ill ,*nc or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certit'icd check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an ttl.:litution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Fund., Transfer. Payments are deemed received by Lender when received :~ thc h)cation designated in the Note or at such other location as may be designated by Lender in accortl:~,'c with tile notice provisions in Section 15. Lender may return any payment or partial payment if the p.,3 ~ncnt or partial payments are insufficient to bring the Loan current. Lender may accept any payment or l):~tial paylnent insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice ~,, it., rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such p,'Lvments at the time such payments are accepted. If each Periodic Payment is applied as of its schvduh, d due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied lump,is umil Borrower makes payment to bring the Loan current. If Borrower does not do so within a reason.,tl,lv period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier. ~uYh t'unds will be applied to the outstanding principal balance under the Note immediately prior to forccI, ,~,m'c. No offset or claim which Borrower might have now or in the future against Lender shall relieve I!,,~rowcr from making payments due under the Note and this Security Instrument or performing the covenztnl', ztnd agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as ,,~hcrwis~ described in this Section 2, all payments accepted and applied by Lender shall be applied in t l~c frill owing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) :u~,,~tms duc under Section 3. Such payments shall be applied to each Periodic Payment in the order in xx hi,'h it became due. Any remaining amounts shall be applied first to late charges, second to any other am,,t~is duc under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a dclit~,lt~cnt Periodic Payment which includes a sufficient amount to pay any late charge due, the payment nu,, I,c applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstmadi~:.,, l.cnder inay apply any payment received from Borrower to the repayment of the Periodic Payments il. :n~d t~ thc extent that, each payment can be paid in full. To the extent that any excess exists after the pa.$ n~ is ',~pplied to the full payment of one or more Periodic Payments, such excess may be applied to any 1:,~. char~cs due. Voluntary prepayments shall be applied first to any prepayment charges and then as describv,l in ehc Note. Any application of payments, insurance proceeds, or lxl i,~cclhlncous Proceeds to principal due under the Note shall not extend or postpone the due date, or change ~t,~. :,n,mnt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to kc~d~.~ ~n the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Ftt~d-," } I(~ provide for payment of amounts due for: (a) taxes and assessments and other items which can attai~ i)t it~rity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments ,,t ~rtmnd rents on the Property, if any; (c) premiums for any and all insurance required by Lender un&'r 5~cction 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to l,.~Mct in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of ~., ~i,~n 10. These items are called "Escrow Items." At origination or at any time during the term of thc l,,:tn. Lcuder may require that Community Association Dues, Fees, and Assessments, if any, be escr~,',~.d I}x Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly, ~t~ni~h to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the I:t~,i,, tt,r Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Es~,,xx Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Item-. ,a :my time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay d i~s, ~lx. when and where payable, the amounts (~-6(WY) 100051 Page 4 of ~5 Form 3051 1/01 due for any Escrow Items for which payment of Funds has bccn x~ :ds,cd by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment witht~l ,,uch time period as Lender may require. Borrower's obligation to make such payments and to provide ~,:~'c~pts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrult~.m. :is the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escr~x~. l~cms directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, I_,:~,1~.~ may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated mMc. l Section 9 tO repay to Lender any such amount. Lender may revoke the waiver as to any or all Esc~,x,. Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borr,,',s cr shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an am,,tmt (:t) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not t,, ~.',cccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of } t~lld~, duc on the basis of current data and reasonable estimates of expenditures of future Escrow Items ,,~ ,~thcrwise in accordance with Applicable Law. The Funds shall be held in an institution whose tK.l,,,~its are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an in,tit t ltl tm whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds t,, I':0 thc Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower l't,~ It~,ltling and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, ~,~lcss l.cnder pays Borrower interest on the Funds and Applicable Law permits Lender to make such a chitl ;!c.. [inlcss an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, I ~'~dcr shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender ~':,~ :~grce in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, x,. itl~tmt charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as del'i~.d trader RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. I1' tl~c~t: is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as rcttui~ c~tt by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in acct,~d:t~c'c with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in cst'~,,x~. :is defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall l}:t3 l~ l_cnder the amount necessary to make up the deficiency in accordance with RESPA, but in no more th:t~ 12 monthly payments. Upon payment in full of all sums secured by this Securit,. I~tsti'umcnt, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, a~,~.c.:,.qltc, nts, charges, fines, and impositions attributable to the Property which can attain priority over this '~<','t~rity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associ:~l~,,~t l)ucs, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall p:t!. thet~ i~l the manner provided in Section 3. Borrower shall promptly discharge any lien which has i~,,~ty over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati,,~ ,.c~curcd by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such ~t?~.~cnt: (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proct.~.~li~t.,_,s which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings :t~. i,c~ding, but only until such proceedings are concluded; or (c) secures from the holder of the lien an ag~,.~ci~t satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines thztt .t~ix part of the Property is subject to a lien which can attain priority over this Security Instrument, Lendc~ t~:~3 give Borrower a notice identifying the 11~-6(WY) Iooosl Page 5 of ~5 Form 3051 1/01 0k o5544 lien. Within 10 days of the date on which that notice is given, l i,,m~wcr shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time char?, I',,- a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the imprt~x ~'~cnts now existing or hereafter erected on the Property insured against loss by fire, hazards included x~itl~in thc term "extended coverage," and any other hazards including, but not limited to, earthquakes and ~h,,,d~, for which Lender requires insurance. This insurance shall be maintained in the amounts (includin? deductible levels) and lbr the periods that Lender requires. What Lender requires pursuant to the preccd ~,, sentences can change during the term of the Loan. The insurance carrier providing the insurance shall t,,. chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall ~,~ I~c c×crcised unreasonably. Lender may require Borrower to pay. in connection with this Loan, eitI,.r: Ia) a one-time charge for flood zone determination, certification and tracking services; or (b) a ~,~,~. t in~c charge for flood zone determination and certification services and subsequent charges each time ~,';~:qqqngs or similar changes occur which reasonably might affect such determination or-certification. 1;~,~ ~'t)wer shall also be responsible for the payment of any fees imposed by the Federal Emergency ~\l:~:~gcment Agency in connection with the review of any flood zone determination resulting from an objcc ~ i,,n I)y Borrower. If Borrower fails to maintain any of the coverages dcsc~it~,d above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Len&; i~ u,~der no obligation to purchase any particular type or amount of coverage. Therefore, such covc~ :~...,. zhall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or m,. ,',~mcnts of the Property. against any risk, hazard or liability and might provide greater or lesser covcr:,..,,~ ~han was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obt:~i~.d nfight significantly exceed the cost of insurance that Borrower could have obtained. Any amounts d i,i,~,ctl by Lender under this Section 5 shall become additional debt of Borrower secured by this Security ln..tYt~mcnt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be p:t,, ~t%, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ,,~ ~uch policies shall be subject to Lender's right to disapprove such policies, shall include a standard ~,,~magc clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall h:~,., ~t~c right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give n, Icndcr all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance ~,,,,.ragc, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy ~1~:,I1 include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss p:~.,, ,.,.. In the event of loss, Borrower shall give prompt notice t~, ~hc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. t ~,lc~ kcndcr and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying? i~lsurance was required by Lender, shall be applied to restoration or repair of the Property, if the rest,,~ ,~t ~,,n or repair is economically feasible and Lender's security is not lessened. During such repair and re st,~ :tti~,n period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunist3 to inspect such Property to ensure the work has been completed to Lender's satisfaction, provi&.d tlxtt such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and n',~,,ntti~)n in a single payment or in a series of progress payments as the work is completed. Unless an agr~,.~nt is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Len&.~ ?.hall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adi~,~c~, t~r other third parties, retained by Borrower shall not be paid out of the insurance proceeds and qmll bc the sole obligation of Borrower. If the restoration or repair is not economically feasible or Len&.~' ~ ,cct~rity would be lessened, the insurance proceeds shall be applied to the sums secured by this Securit~ I~tnm~ent, whether or not then due, with (~_-6(WY) (ooo51 Page 6 of ~5 Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceed~ ~t~:tll l)c applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file. ~.~,,~iatc and settle any available insurance claim and related matters. If Borrower does not respond xvill~i~ gl~ days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender m:~ ~c?tiate and settle the claim. The 30-day period will begin when the notice is given. In either evcm. ,,r if kcnder acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lcnd~'~ iai Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid un&.~ thc Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right t,, :~x refund of unearned premiums paid by Borrower) under all insurance policies covering the Propen3 ~.~d':u' as such rights are applicable to the coverage of the Property. Lender may use the insurance procc~.d~ either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrun~.~t. x~ hcther or not then due. 6. Occupancy. Borrower shall occupy, establish, and u~,c thc Property as Borrower's principal residence within 60 days after the execution of this Securitx I~tmmcnt and shall continue to occupy the Property as Borrower's principal residence for at least one ye:, :~l ~cr t l~c date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be tm~c:t~onably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of thc l'r~q~crty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propc~3 ~,~ deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Propc~ ~. l~,~rrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing... ~ xalue due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration i~ ~,,t economically feasible, Borrower shall promptly repair the Property if damaged to avoid furthc~ &'tcrioration or damage. If insurance or condemnation proceeds are paid in connection with damage ),,. ,,r tl~c taking of, the Property, Borrower shall be responsible for repairing or restoring the Property ~,~1,, it' l.cnder has released proceeds for such purposes. Lender may disburse proceeds for the repairs and rc~.~,~-:~i,,n in a single payment or in a series of progress payments as the work is completed. If the insurance ,,~ ~'o~dcnmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved ,,l 1;,~ r,wc~r's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries up~,~ :~d inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the impx,,~, ~.~ci~ts on the Property. Lender shall give Borrower notice at the time of or prior to such an interior in~l)~ ~ ~ ~,,~ specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall bc i~ dct'auh if, during the Loan application process, Borrower or any persons or entities acting at th~. d~cction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or i~:,~'t~ratc information or statements to Lender (or failed to provide Lender with material infonnation~ i~ connection with the Loan. Material representations include, but are not limited to, representati,,~,~ c,,nccrning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and l~'i~ht~ Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements ct,~i~i~cd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender'~ i~t~,~c~t in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, i,r,~hat~*, for condemnation or forfeiture, for enforcement of a lien which may attain priority over thi~ 5;~'~',ritv Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, tl~'~ I.cndcr may do and pay for whatever is reasonable or appropriate to protect Lender's interest in tl~. lh'()p~rty and rights under this Security Instrument, including protecting and/or assessing the value ,,~ th~. I'roperty, and securing and/or repairing the Property. Lender's actions can include, but are not limm.d )~,: /'a) paying any sums secured by a lien which has priority over this Security Instrument; (b) app~:~; in court; and (c) paying reasonable (~-fi(WY) (0005) Page 7 of ~5 Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or ri~l~, nndcr this Security Instrument, including its secured position in a bankruptcy proceeding. Securing linc. I'r,~pcrty includes, but is not limited to, entering the Property to make repairs, change locks, replacc-, ,~ I)t~ti-tl up doors and windows, drain water from pipes, eliminate building or other code violations or d::~vv~,t:s conditions, and have utilities turned on or off. Although Lender may take action under this Sectit,~ '). l.cndcr does not have to do so and is not under any duty or obligation to do so. It is agreed that Lendc~ ~tctu-s no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section u J~:dl become additional debt of Borrower secured by this Security Instrument. These amounts shall bc:~ interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon ~,ticc t'rom Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrowc~ ..l~;t[l comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasvh,,Id and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage I~.t~r:mcc as a condition of making the Loan, Borrower shall pay the premiums required to maintain the lVl,,rl:~:~:.:c Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases ~,, I,c :t~ ailable from the mortgage insurer that previously provided such insurance and Borrower was requ:~,.~l t~ make separately designated payments toward the premiums for Mortgage Insurance, Borrower q~.,ll pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance I,~vx iously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insur:~::,~. l~rcviously in effect, from an alternate mortgage insurer selected by Lender. If substantially equt,, ~tlc'n[ .M()rtgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amom~ ,,1 ~l~c separately designated payments that were due when the insurance coverage ceased to be in efk.~t l.cndcr will accept, use and retain these · payments as a non-refundable loss reserve in lieu of Mo~I..~:,~c Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ulti~.~lvlx paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such h,~.~, ~.SCl-VC. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the am, nu,t alld l'or the period that Lender requires) provided by an insurer selected by Lender again becomes :v..:til:dfic, is obtained, and Lender requires separately designated payments toward the premiums for Morl ~:~c Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower x,,:t~ rcfiuired to make separately designated payments toward the premiums for Mortgage Insurance, B,,~,,~cr shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a n,,~ ret'tradable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with :,~,. x~rittcn agreement between Borrower and Lender providing for such termination or until termination is :~,lt~ircd by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at thc ~:,~. [m~vidcd in the Note. Mortgage Insurance reimburses Lender (or any entity tl~:~l [)tli'cliases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed I¢,,~mwcr is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such im.~r:~n~'c in force from time to time, and may enter into agreements with other parties that share or modify ~h~.ir risk. or reduce losses. These agreements are on terms and conditions that are satisfactory to the mort?:,~, in~urcr and the other party (or parties) to these agreements. These agreements may require the mortga~,_~v ~t~,nrcr to make payments using any source of funds that the mortgage insurer may have available (which ~:tx include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchase~ ,,[ tl~c' N()te, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, ma,, ~'~'cixc (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borr,,'..~ ~': 's p:tylnents for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's ~iq.. ,,r reducing losses. If such agreement provides that an affiliate of Lender takes a share of the i~,u:v~'s risk in exchange for a share of the premiums paid to the insurer, the arrangement is often tern-ted "',~l)tixc reinsurance." Further: (a) Any such agreements will not affect the amoums ~hat Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such :~12rccments will not increase the amount Borrower will owe for Mortgage Insurance, and they will n,,I cnlitle Borrower to any refund. Initials: (~I~-6(WY) 1ooo5) Page 8 of ~5 Form 3051 1/01 (b) Any such agreements will not affect the rights Ih~rrmver has - if any - with respect to the Mortgage Insurance under the Homeowners Protection .-\~.t o1' 1998 or any other law. These rights may include the right to receive certain disclosures, ti, request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance te,'minated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were um'arned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeitm'c...Nil Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceed. qaall b~ applied to restoration or repair of the Property, if the restoration or repair is economically tc:~it,lc and Lender's security is not lessened. During such repair and restoration period, Lender shall have ~1~,. right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propert), ~,, ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be HtMc'rl',tken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a ~.~ic~ of progress payments as the work is completed. Unless an agreement is made in writing or Applic:~t,lc l.aw requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to 1):~?. [t,q'rov,'er any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ec, ~, ,~nically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to iI~( stuns secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bo~,,xx ct. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss it~ x',tlt~e or' the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Secmi~\ Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in x:,i~,. ,~1' the Property in which the fair market value of the Property immediately before the partial takin,_, ,Ic.qi'ttction, or loss in value is equal to or greater than the amount of the sums secured by this Securil,, Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and I ~.~dcx' otherwise agree in writing, the sums secured by this Security Instrument shall be reduced b3 ll~. ',m~t~unt of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount ,,~ Ibc stuns secured immediately before the partial taking, destruction, or loss in value divided by (b) thc l:,~t market value of the Property immediately before the partial taking, destruction, or loss in value. Any b:d:,~c shall be paid to Borrower. In the event of a partial taking, destruction, or loss in \ hltlc, t)[' the Property in which the fair market value of the Property immediately before the partial taking. ,t,'aruction, or loss in value is less than the amount of the sums secured immediately before the partial tztt in,..:,, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Misccll:~,.,,u~ Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums :t~. ~hcn due. If the Property is abandoned by Borrower, or if, :t!~,:~ nt~ticc by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to ~:~1 .., an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after thc' d.ac thc notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to ~.~t,,~:~ti~m ox' repair of the Property or to the sums secured by this Security Instrument, whether or not thcn ,trw. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party a~:,~.,t x\htm~ Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceedin.,.~. ,,~ hahcr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propc~. ,~r t~ther material impairment of Lender's interest in the Property or rights under this Security Instrumcm. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section lU I,\ causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludv, i,,rI'citure of the Property or other material impairment of Lender's interest in the Property or rights und~.~ ~t~is Security Instrument. The proceeds of any award or claim for damages that are attributable to the in ~1 ,:~lrtncnt 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..t,,rztticm or repair of the Property shall be applied in the order provided for in Section 2. (~;)~-6{WY) (ooo5) Pagegof 15 ~ ~,,)~ Form 3051 1/01 12. Borrower Not Released; Forbearance By Lende,' ",~t a Waiver. Extension of the time for payment or modification of amortization of the sums secured I,,. th i~ Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall n,,~ ,q3cratc to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not I,~- ~%uircd to commence proceedings against any Successor in Interest of Borrower or to refuse to ex~.~,Ll ~il~c for payment or otherwise modify amortization of the sums secured by this Security Instrument hx :cas()n of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forh~.:,:,~cc by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ,,I I,:~3'ments from third persons, entities or Successors in Interest of Borrower or in amounts less than thc :~,,t~nt then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Success, r~ ~md Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be j,,i~t :~,d several. However, any Borrower who co-signs this Security Instrument but does not execute thc ;',,,t~. la "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the ~',, ~i~cr's interest in the Property under the terms of this Security Instrument; (b) is not personally oblig:~.d t~) pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrox~ ~.~ c:,~ agree to extend, modify, forbear or make any accommodations with regard to the terms of this Nccttrity l,~strument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Succc~,,,~ il~ Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writi~:~.. ',lnd is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Inst~t:~c~t. Borrower shall not be released from Borrower's obligations and liability under this Security Instrt:~ct~t tm less Lender agrees to such release in writing. The covenants and agreements of this Security h~t~t~c,~t shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fcc. I,,~ ~crvices performed in connection with Borrower's default, for the purpose of protecting Lender's i~.~,~ in the Property and rights under this Security Instrument, including, but not limited to, attorueys' ~ ~.,. prt)perty inspection and valuation fees. In regard to any other fees, the absence of express authority i~: ~l,i~ Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on thc c l~:~ ~,_,i;~g of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument ,,: I,~ .\l)plicable Law. If the Loan is subject to a law which sets maximum loa:~, l~:~cs, and that law is finally interpreted so that the interest or other loan charges collected or to be coll~ ~.d i~ ct~nnection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be rcd~:,~.d I)x thc amount necessary to reduce the charge to the permitted limit; and (b) any sums already collcc't~.,i tr,,m Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose t~, ~.tl.~. this refund by reducing the principal owed under the Note or by making a direct payment to t¢,,~,,x~cr. If a refund reduces principal, the reduction will be treated as a partial prepayment without :~,~ prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrox~,~ ,, :~cccptance of any such refund made by direct payment to Borrower will constitute a waiver of any ri~l~l ,,I' actiou Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender i~ c~i~cction with this Security Instrument must be in writing. Any notice to Borrower in connection w id~ ~t,i:, Security Instrument shall be deemed to have been given to Borrower when mailed by first class m:~il ,,~- ~hcn actually delivered to Borrower's notice address if sent by other means. Notice to any one Box't,,x,, ~.r ~hall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The ~,,~. ',tdch-tcss shall be the Property Address unless Borrower has designated a substitute notice address b~ ~,,~icc tt~ Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender sl)~lic,~ a procedure for reporting Borrower's change of address, then Borrower Shall only report a change ,,~ :~&h'c~s through that specified procedure. There may be only one designated notice address under thi~ !,~'ct:ritv Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing.., it h3 first class mail to Lender's address stated herein unless Lender has designated another addrc,,,, I,~ x~otice to Borrower. Any notice in connection with this Security Instrument shall not be deemed ~,, have been given to Lender until actually received by Lender. If any notice required by this Security l~,~t~c~t is also required under Applicable Law, the Applicable Law requirement will satisfy the cox'~,~.l,,,~di~g requirement under this Security Instrument. (~-6(WY) 10005) Pa§e ~o of ~s Form 3051 1/01 16. Governing Law; Severability; Rules of Con.~lrm'~im~. This Security Instrument shall be governed by federal law and the law of the jurisdiction in ~. t~i~'l~ thc Property is located. All rights and obligations contained in this Security Instrument are subjc.~t t,~ any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicit(.. :dlow the parties to agree by contract or it might be silent, but such silence shall not be construed as a l,~,,hihition against agreement by contract. In the event that any provision or clause of this Security Instn~cnt or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this ~.~ m'itv h~strument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of tl~c' ~:~sculine gender shall mean and include corresponding neuter words or words of the feminine gender: ~hi words in the singular shall mean and include the plural and vice versa; and (c) the word "may" :~,i,, ~.~. sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy ~I the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interc~ i. Bm'rower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interc~l i~ thc Property, including, but not limited to, those beneficial interests transferred in a bond for deed, c.~,~t~:~ct for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title h', i~or(-ower at a future date to a purchaser. If all or any part of the Property or any Interest in the l't,,t,crly is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower i.. ~,~lcl tlr transferred) without Lender's prior written consent, Lender may require immediate payment i~ ttdl of all sums secured by this Security Instrument. However, this option shall not be exercised h,, t~cndcr if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Bo(-~,,,,s~.~ notice of acceleration. The notice shall provide a period of not less than 30 days from the date thc ~,,t~cc is given in accordance with Section 15 within which Borrower must pay all sums secured by this 5t,m-ity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ~:~,, invoke any remedies permitted by this Security Instrument without further notice or demand on Bott, 19. Borrower's Right to Reinstate After Accelermim~. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this 5[.t't~:itv Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Propel't,. i~tH'suant to any power of sale contained in this Security Instrument; (b) such other period as Applicahl,. I..,tw might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment [':~l,~rcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums xxhicli then would be due under this Security Instrument and the Note as if no acceleration had occurred; II, ~ t't~rc, s any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this 5~.c~ itx Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and v:du,~tl~m fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and l i.~.ht, under this Security Instrument; and (d) takes such action as Lender may reasonably require to assttt~, thztt Lender's interest in the Property and rights under this Security Instrument, and Borrower's oblig:t~i,,:~ t,~ pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require th:,t l¢,~rrower pay such reinstatement sums and expenses in one or more of the following forms, as selectctl I,x l.cnder: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's cl~., t,, provided any such check is drawn upon an institution whose deposits are insured by a federal agency,, i~trumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by BorroWer, this Securi~'., I~st('ument and obligations secured hereby shall remain fully effective as if no acceleration had occurrt,i I lowever, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice ol' l;ricx ante. The Note or a partial interest in the Note (together with this Security Instrument) can be s{dd ,,~c t}(' more times without prior notice to Borrower. A sale might result in a change in the entity I~,,xx~ :ts the "Loan Servicer") that collects Periodic Payments due under the Note and this Security l~.~ttmcnt and performs other mortgage loan servicing obligations under the Note, this Security Instrumc~ :tnd Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale ~,1 tl~c Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change .,sl~ich will state the name and address of the new Loan Servicer, the address to which payments should I,~. tn:ldO arid any other information RESPA ~-6(WY) (0005) Page ~ of ~5 Form 3051 1/01 requires in connection with a notice of transfer of servicing. I~ ~hc Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the ?,,,~c. thc mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transI'~-~ ~.d m a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided b3 ~1~. Nt~tc purchaser. Neither Borrower nor Lender may commence, join, or I,~~ i,m~cd to any judicial action (as either an individual litigant or the member of a class) that arises fi-,,~ thc other party's actions pursuant to this Security Instrument or that alleges that the other party has brt':~, hod any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or I ,.~dcr has notified the other party (with such notice given in compliance with the requirements of Sectio~ 1~, ~ oI' such alleged breach and afforded the other party hereto a reasonable period after the giving ,,~ :,tlcll notice to take corrective action. If Applicable Law provides a time period which must elapse I,~.f,,rc certain action can be taken, that time period will be deemed to be reasonable for purposes of thi~ t):tragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Sectio~ _!2 :md the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy ~1,,. ~()ticc and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Sectioi~ 21:(',0 "Hazardous Substances" are those substances defined as toxic or hazardous substances, polluta~t:.. ,,~ wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable ,,~ t,)xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbest,,, ,,~ It)rmaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of thc lt~)i~diction where the Property is located that relate to health, safety or environmental protection; (c) "E~', ~,)mncntal Cleanup" includes any response action, remedial action, or removal action, as defined in En~,)tm~cntal Law; and (d) an "Environmental Condition" means a condition that can cause, contribute ~,). ~,r otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, d i.I)~)~:ll, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances. ,,~ ,,r in thc Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property ~:,) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) x~l~,h, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely afl',.,'~-, thc value of the Property. The preceding two sentences shall not apply to the presence, use, or sl~)l.t:,c. ~)11 the Property of small quantities of Hazardous Substances that are generally recognized to be :q,l,x,,priatc to normal residential uses and to maintenance of the Property (including, but not limited to, h:~/.~,l,}t~s substances in consumer products). Borrower shall promptly give Lender written notice of' (:,, :~t~x investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency o~ 1,~ ~x :~c party involving the Property and any Hazardous Substance or Environmental Law of which l:,,~,)wcr has actual knowledge, (b) any Environmental Condition, including but not limited to, any sl)illi~,_,, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition ~:,,~,cd by the presence, use or release of a Hazardous Substance which adversely affects the value of th,. I'),q>crty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private I':,~ t3. that any removal or other remediation of any Hazardous Substance affecting the Property is necessa~ x. l~,rrmver shall promptly take all necessary remedial actions in accordance with Environmental Law. N~,ll,i~g herein shall create any obligation on Lender for an Environmental Cleanup. (~I~-6(WY) tOO05) Page 12 of 15 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lendc~ l~t~lhcr covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice ~,, l;mT(m'er prior to acceleration following Borrower's breach of any covenant or agreement in thi, Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law prox id,-, othcrwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (el ;~ date, not less than 30 days from the date the notice is given to Borrower, by which the default mu,I bc cured; and (d) that failure to cure the default on or before the date specified in the notice may rt.:;~lt in acceleration of the sums secured by this Security Instrument and sale of the Property. The ,~,,~i~'c shall further inform Borrower of the right to reinstate after acceleration and the right to bring :t tmlrt action to assert the non-existence of a default or any other defense of Borrower to acceleration m)d sale. If the default is not cured on or before the date specified in the notice, Lender at its optim~ m;~; require immediate payment in full of all sums secured by this Security Instrument without fur~ her demand and may invoke the power of sale and any other remedies permitted by Applicable l.;m. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in th i~ k;cction 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall gix t, indite of intent to foreclose to Borrower and to the person in possession of the Property, if difl'crcm, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the m;mm'r provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in thc manner prescribed by Applicable Law. Lender or its designee may purchase the Property m :~n; s;,le. The proceeds of the sale shall be applied in the following order: (a) to all expenses or thc sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by thi~ 5ccm'itv Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by thi~ !-.,~c[)ri~v Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation c~,~.~, l~cndcr may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid ~, :~ third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all ri~l~r~. ~mdcr and by virtue of the homestead exemption laws of Wyoming. (~)~-6(WY) (0o05) Page ~3 of ~5 Form 3051 1/01 0 t 554:4 BY SIGNING BELOW, Borrower accepts and agrees i,, thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower a~,l iCCol'dcd with it. Witnesses: ' '" (Seal) GAI~ C WA~,KER -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY} (0005) Page 14 of 15 Form 3051 1/01 STATE OF ~,WOMqNG, The foregoing instrument was acknowledged before mc t l~i~ by GARY C WALKER AND KIMBERLY S WItLKER 0_t75 County ss: My Commission Expires: ~/9/°//~/~~F--O oF'/ (~-6G(WY) (ooos} Page ~s of ~5 Form 3051 1/01 PLANNED UNIT DEVEL()PMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is m,d~' this 23RD day of DECEMBER, 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed ,, l'rust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (thc "lit~rr()wcr") to secure Borrower's Note to WELLS FARGO BANK, N.A. (the "Lender") of the same date and covering the Property descril)c~l m thc Security Instrument and located at: 85 CEDAR DRIVE, THAYNE, WY 83127 [Property Address I The Property includes, but is not limited to, a parcel of land i.q.,)x ed with a dwelling, together with other such parcels and certain common areas and facilities, as descril,~(l in COVENA.NTS, COlq'DITIONS .AlffD RESTRICTIONS (the "Declaration"). The Property is a pan of a plarmed unit tlc~ ~.h q)tllcilt known as STAR VALLEY RANCH [Name of Planned Unit (the "PUD"). The Property also includes Borrower's interest ~ linc homeowners association or equivalent entity owning or managing the common areas and facilities oi' t I t t. l'[: D (thc "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and ,:~'~'mcnts made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perform all ol ls~,t'r~>xver'$ obligations under the PUD's Constituent Documents. The "Constituent Documents" :,c thc (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which crcatt:s the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Asst~:Hi~m. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constitu~.~i l),)cuments. 0049717051 MULTISTATE PUD RIDER - Single Family - (~7R (0008) Fannie Mae/Freddie Mac HNIFORM INSTRUMENT ~ Form.~15D 1/01 Page 1 of 3 initial~l,¢~I/,~1 VMPMORTGAGEFORMS-(8~.)~,h:'1 7291 B. Property Insurance. So long as the Owners Ass{~ci:~l~m maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring thc l':,~[~crtv which is satisfactory to Lender and which provides insurance coverage in the amounts (includi:? dcd(lctible levels), for the periods, and against loss by fire, hazards included within the term "cxt~.ndcd coverage," and any other hazards, including, but not limited to, earthquakes and floods, for ,,,,hida Lender requires insurance, then: (i) Lender waives the provision in Section 3 for the Periodic l':~x mcnt to Lender of the yearly premium installments for property insurance on the Property; and (ii~ li,,rrower's obligation under Section 5 to maintain property insurance coverage on the Property is dcc~vd satisfied to the extent that the required coverage ~s provided by the Owners Association policy. What Lender requires as a condition of this waiver can ch:,~s,c during the term of the loan. Borrower shall give Lender prompt notice of any lal):.~, m required property insurance coverage provided by the master or blanket policy. In the event of a distribution of property insurance proccvJ~ in li<u of restoration or repair following a loss to the Property, or to common areas and facilities of thc 1'~l~, ztny proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall al)l,t', t[lc proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess. ~1 m~3, paid to Borrower. C. Public Liability Insurance. Borrower shall take sucl~ :~:t itms as may be reasonable to insure that the Owners Association maintains a public liability insuran~v p, flicy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or cl:~in~ l'~)r damages, direct or consequential, payable to Borrower in connection with any condenmation or, ,~l~v r ~:tk ing o f all or any part of the Property or the common areas and facilities of the PUD, or for any con,, vx :tncc in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall bc ztls,licd by Lender to the sums secured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, exccl,~ ~Itcr notice to Lender and with Lender's prior written consent, either partition or subdivide the Pr~l,v~l) ~,; ctmsent to: (i) the abandonment or termination of the PUD, except for abandonment or terminati,,~ ~vquircd by law in the case of substantial destruction by fire or other casualty or in the case of a taking, I~x c(mdenmation or eminent domain; (ii) any amendment to any provision of the "Constituent Document,." il thc provision is for the express benefit of Lender; (iii) termination of professional management and :t~.,,u~t l13t icm of self-management of the Owners Association; or (iv) any action which would have the effc. ct ,,I rendering the public liability insurance coverage maintained by the Owners Association unacceptable t~, I vndcr. F. Remedies. If Borrower does not pay PUD dues and ~,.,~.:~mcnts when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph I ~h:dl become additional debt of Borrower secured by the Security Instrument. Unless Borrower and [.ct~dv~ :tgrcc to other terms of payment, these amounts shall bear interest from the date of disbursement :~t thc. Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payin~nt. Initial~ ~' (~TR (00081 Page 2 of 3 Form 3150 1/01 BY SIG/N~ELOW, Borrower accepts and agrees to thc tc~,~s and provisions contained in this PUD -B KIM'BEI'~LY S WALKER -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~7R (0008) Page 3 of 3 Form 3150 1/01 0479 SECOND HOME RIDER THIS SECOND HOME RIDER is made this 23RD day of DECEMBER, 2004 , and is incorporated into and shall be deemed to amend :,~d supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of thc ,,:,ut date given by the undersigned (the "Borrower" whether there are one or more persons undc~,i~ncd) to secure Borrower's Note to WELLS FARGO BANK, N.A. (the "Lender") of the same date and covering the Propem described in the Security Instrument (the "Property"), which is located at: 85 CEDAR DRIVE, THAYNE, WY 83127 [Property Address[ In addition to the covenants and agreements made in thc 5ccm'ity Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 of the Securit,, l~istrumcnt are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and shall only trw, thc Property as Borrower's second home. Borrower shall keep the Property available for B~,~'~,,x~ cr's exclusive use and enjoyment at all times, and shall not subject the Property to any li:~v~h:~ring or other shared ownership arrangement or to any rental pool or agreement that ~cqtzircs Borrower either to rent the Property or give a management firm or any other pers(m :,~,. control over the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower shall be it~ &.i;tult il', during the Loan application process, Borrower or any persons or entities acting :,~ thc direction of Borrower or with Borrower's knowledge or consent gave materially false, ~t~i, lc:tiling, or inaccurate information or statements to Lender (or failed to provide Lender with nl:~wrizll information) in connection with the Loan. Material representations include, but are not l i~fitcd to, representations concerning Borrower's occupancy of the Property as Borrower's sec,,,,I h, 0049717051 MULTISTATE SECOND HOME RIDER - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 2 ~)~365R (0011) VMPMORTGAGE FORMS-(RL~,,',.~ 7291 Form 3890 1/01 BY S/I~. G BELOW, Borrower accepts and agrees t() th~. terms and provisions contained in this (Seal) . ~,~i~¥'"' ' (Seal) (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower (Seal) (Seal) - Borrower - Borrower (~365R (0011) Page 2 of 2 Form 3890 1/01