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HomeMy WebLinkAbout9055783~129B (04) Return To: INDYMAC BANK, F.S.B. 3465 EAST FOOTHILL BLVD./ATTN: DOCUMENT MANAGEMENT PASADENA, CA 91107 Prepared By: INDYMAC BANK, F.S. B, 190 TECHNOLOGY PARKWAY, #100 NORCROSS, GA 30092 Loan Number: 120772922- LOT RECEIVED 1/3/2005 at 10:38 AM RECEIVING # 905578 BOOK: 576 PAGE: 281 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For R,,t'.mli.,g l)nta] MORTGAGE DEFINITIONS Words used in multiple sections of this document are dclincd belmv and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding die usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is d:ttcd December 29, 2004 together with all Riders to this document. (B) "Borrower" is ,JOHN A. PRICE AND RAYETTA J. PRICE aka Raye Pr/ce, husband and wlfe Borrower is the mortgagor under this Security Instrument. (C) "Lender" is INDYMAC BANK, F.S.B. Lender is a a federally chartered savings bank organized and existing under the laws of THE UNITED STATES 0[- AMERICA WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 15 Initials VMP MORTGAGE FORMS - (800)~ 1-72~1 t '' DDS-WY4 Form 3051 1/01 Lender's address is 155 NORTH LAKE AVENUE PASADENA, CA 91101 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower a,d d:ltcd December 29, 2004 The Note states that Borrower owes Lender0ne Hundred [~ghty Thousand & 00/100 Dollars (U.S. $180,000.00 ) plus interest. Borrower has p~mnised to pay this debt in regular Periodic Payments and to pay the debt in full not later than 3anuary 01. 2010 (E) "Property" means the property that is described beloxv m~dcr thc heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus intc~cst, any prepayment charges and late charges due under the Note, and all sums due under this Security Inst~ umcnt, plus interest. (G) "Riders" means all Riders to this Security Instrument th:tt arc executed by Borrower. The following Riders are to be executed by Borrower [check box as applic:tblcl: ~-~ Adjustable Rate Rider ~ Condominium Rider ~ Second Home Rider [-~ Balloon Rider [--] Planned Unit Development 14idcr ~_~ 1-4 Family Rider ~] VA Rider ~ Biweekly Payment Rider [~ Other(s) [specify] Lot R~ der 0t) "Applicable Law" means all controlling applicable lodes;d, state and local statutes, regulations, ordinances and administrative rules and orders (that have thc cl l'cct of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" ~c~ms all dues, fees, assessments and other charges that are imposed on Borrower or the Property b.~ :~ condonfinium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of l'uttcl~, other than a transaction originated by check, draft, or similar paper instrument, which is initiated thnmgh an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, m' authorize a financial institution to debit or credit an account. Such term includes, but is not limited n~, p()int-of-sale transfers, automated teller nmchine transactions, transfers initiated by telephone, xvi~c tr',msfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in ~qc~tim~ 3. (L) "Miscellaneous Proceeds" means any compensation, scttlc~llcnt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid undc~ tl~c ct)\,erages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) conde:mnlti~,~ ~r tIther taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or onfissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender :tgainst the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled am~tml duc fi~r (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security I i}x/rum~znt. (O) "RESPA" means the Real Estate Settlement Procedures :\ct t12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 35{)(}), as they ~night be amended from time to time, or any additional or successor legislation or regulation ~hat g{}x.'~rns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requiremems :md restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan docs ~,it qualify as a "federally related mortgage loan" under RESPA. (~-6(WY) (ooo5) DDS-WY4 Initials:~ Page 2 of 15 L~ .~..j / , I/Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party th:n has taken title to the Property, whether or not that party has assumed Borrower's obligations under thc N~ ~te and/or tiffs Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: ti) the repayment ~,t' tile Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of B(,~x~r's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrox~c~ d,es hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sztlc, tile following described property located in the County of LINCOLN : [Type of Recording Jurisdiction] [ Name of Recording Jurisdiction] LEGAL DESCRIPTION A1-FACHED HERETO AND MADE A PART HER[OF ParcellD Number: SEE LEGAL DESCRIPTION ALPINE ("Property Address"): which currently has the address of [Street] , Wyonfing 83128 [Zip Codel TOGETHER WITH all the improvements now or hc~caftcr erected on the property, and all easements, appurtenances, and fixtures now or hereafter a l)art (d' the property. All replacements and additions shall also be covered by this Security Instrument. All of the tbregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfulh' ~ciscct of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and th:n thc Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally d~e title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform c~,xcnants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unit'orm security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covcn:,n and agree as follows: 1. Payment of Principal, Interest, Escrow Items, I','el)ayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest ~m'. the debt evidenced by the Note and any prepayment charges and late charges due under the Note. B~,~t)x~cr shall also pay funds for Escrow Items pursuant to Section 3. ?ayments due under the Note and this gccurity Instrument shall be made in U.S. currency. However, if any check or other instrument received b~ Lender as payment under the Note or this (~)~-6(WY) 10005) Page3of,S "'- / //-//Form 3051 1./01 DDS-WY4 j ~ Security Instrument is returned to Lender unpaid, Lender max ~cquire that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon a~ i~stitution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic }:ullcls rI'ratlsfer. Payments are deemed received by Lender when received :tt tile location designated in the Note or at such other location as may be designated by Lender in accord:rotc with the notice provisions in Section 15. Lender may return any payment or partial paytnent if the p:tymcnt or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice t~ its rights to refuse such payment or partial payments in the future, but Lender is not obligated to appl3 such payments at the time such payments are accepted. If each Periodic Payment is applied as of its soho:ruled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplicd Itmds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasm~ablc period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier. ~,uch funds will be applied to the outstanding principal balance under the Note itmnediately prior to fi)rccl(~,urt:, No offset or claim which Borrower might have now or in the future against Lender shall relieve llt~rrt)wer from xnaking payments due under the Note and this Security Instrument or performing the covc~:mt.s and agreements secured by this Security Instrmnent. 2. Application of Payments or Proceeds. Except a~ ~thcrwise described in this Section 2, all payments accepted and applied by Lender shall be applied in th~: fifllowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) al;ltlunts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in \x[ti<[i it became due. Any remaining amounts shall be applied first to late charges, second to any other anl~mms due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment wlfich includes a sufficient amount to pay any late charge due, the payment may bc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstzmding. Lender nkay apply any payment received from Borrower to the repayment of the Periodic Payments i~. and to the extent that, each payment can be paid in full. To the extent that any excess exists after the p;t3 u~cnt is applied to the full payment of one or more Periodic Payments, such excess may be applied to any I:~tc charges due. Voluntary prepayments shall be applied first to any prepay~nent charges and then as described in thc Note. Any application of payments, insurance proceeds, or X lisccllancous Proceeds to principal due under the Note shall not extend or postpone the due date, or change tl~c am~mnt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to 1.c~clcr t)t~ the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Fl,~ds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can att:~i~ priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paymems ~,r ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender tmclc~ ~cction 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to l.cmlcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of .';~'cti(m 10. These items are called "Escrow Items." At origination or at any time during the term of thc L,,..m, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escr~x~cd by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly tttrnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the [:ulitls fi)r Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all L:sc~xx Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow ltc~:~s ;lt ;my ti~ne. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts (~}~-6(WY) Iooo5) DDS-WY4 Initial ' Page4 of 15 (/ orm 3051 1/01 due for any Escrow Items for which payment of Funds has bcctt waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment w ithit~ sucl~ time period as Lender may require. Borrower's obligation to make such payments and to provide ~cccipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument..'ts the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrtm Items directly, pursuant to a waiver, and Borrower fails to pay the amount due/hr an Escrow Item, l.c~tclcr nnU exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated tsnclcr Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escr{~w Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Bo~r~wcr shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an am, mm (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not tt) cxcc~d tile maximum amount a lender can require under RESPA. Lender shall estimate the amount ~,1 t:tmds due on file basis of current data and reasonable estimates of expenditures of future Escrow Item~ t~ ~,therwise in accordance with Applicable Law. The Funds shall be held in an institution whose aleph,sits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is all i~t~titutit)n whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply file Funds t~, p:~y the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower l,,r h~lding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items. ul~lt:ss Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a ch:ti ?z. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, I.c~clcr shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender c:m agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower. it ith~mt charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as dcl]~tcd under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If iltcrc is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in acct,tdztnc~: with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in csc t,~w, :ts defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall p:~_x to Lender file amount necessary to make up the deficiency in accordance with RESPA, but in no more th:m 12 monthly payments. Upon payment in full of all sums secured by this Seem it~ Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this ~ccurity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associati~m Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall p:t_~ thcm in tile manner provided in Section 3. Borrower shall promptly discharge any lien which has p~ im it5' over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati,~ secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such ',t~tc~:m~nt; (b) contests the lien in good hith by, or defends against enforcement of the lien in, legal procccdi~}gs which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings a~c pcmling, but only until such proceedings are concluded; or (c) secures from the holder of the lien an a~lccnl~Zllt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines th:il ;m\' part of the Property is subject to a lien which can attain priority over this Security Instrument, Lendc.~ may give Borrower a notice identifying the (~-6(WY) (ooos) DDS-WY4 PageSof~5 .J ~ ' ~l Form3051 1/01 lien. Within 10 days of the date on which that notice is givc~, ls(~rrt~wer shall satisfy the lien or take one or more of the actions set forth above in tiffs Section 4. Lender may reqUire Borrower to pay a one-time ch:tr~c fl)r a real estate tax verification and/or reporting service used by Lender in connection with this 5. Property Insurance. Borrower shall keep the impr,~xCmCl~tS now existing or hereafter erected on the Property insured against loss by fire, hazards included x~ ithin the term "extended coverage," and any other hazards including, but not limited to, earthquakes and l'l~t~cls, fi)r which Lender requires insurance. This insurance shall be maintained in the amounts (includi~t~: ckductible levels) and for the periods that Lender requires. What Lender requires pursuant to the prcccdi~g sentences can change during the term of the Loan. The insurance carrier providing the insurance shall bc chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall ~}t be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, tidier: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a ,,~'qimc charge for flood zone determination and certification services and subsequent charges each time rcmappings or similar changes occur which reasonably might affect such determination or certificatitm. }~m'rmver shall also be responsible for the payment of any fees imposed by the Federal Emergency ,~l',ma?nent Agency in connection with the review of any flood zone determination resulting from an ob. jcdimi by Borrower. If Borrower fails to maintain any of the coverages &'~c~ibcd above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. /L. cmlc~ iS under no obligation to purchase any particular type or amount of coverage. Therefore, such covcr;tgc shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or thc contents of the Property, against any risk, hazard or liability and might provide greater or lesser covc~:t~c than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obt:fincd might sig~fificantly exceed the cost of insurance that Borrower could have obtained. Any amounts didmrsed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Insu ument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be ix~yable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ,~t such policies shall be subject to Lender's tight to disapprove such policies, shall include a standard ~,mgagc clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall h.,nc the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give t~ Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance c~vcrage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy sl~all include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss Ix~3'cc. In the event of loss, Borrower shall give prompt notice t~ the insurance cartier and Lender. Lender may make proof of loss if not made promptly by Borrower. [~nless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the under 13lng insurance was required by Lender, shall be applied to restoration or repair of the Property, if the rcst~:ttit)~ or repair is econonfically feasible and Lender's security is not lessened. During such repair and rcst(~ation period, Lender shall have the right to hold such insurance proceeds until Lender has had an oppmttmity tt) inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and ~cstm'ation in a single payment or in a series of progress payments as the work is completed. Unless an agrc~'mcnt is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lemlc~ ~hall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjt~,,tcrs, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and ~,hztll be the sole obligation of Borrower. If the restoration or repair is not econonfically feasible or Lendcl's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Securib Instrument, whether or not then due, with (~-6(WY) (0005) DDS-WY4 Pag* $ of 15 1, n?d~//~'~orm 305 ~[ 1/01' the excess, if any, paid to Borrower. Such insurance procccd~ ~h:dl be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file. negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice frmn Lender that the insurance carrier has offered to settle a claim, then Lender m:~x |tcgotiate and settle the claim. The 30-day period will begin when the notice is given. In either evcm. ,.' if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lc~dcr (;0 Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid unclc~ thc Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right t~ :nty rcfuud of unearned premiums paid by Borrower) under all insurance policies covering the Properb. insulhr as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrumc~,, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and usc the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy tile Property as Borrower's principal residence for at least one ycztl a['t~l' [h~ date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be umc:~sonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of thc I'roperty; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Prol)ctb tu deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Property. Burrower shall maintain the Property in order to Prevent the Property from deteriorating or decreasi~ in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration i~ nt~t ecouonfically feasible, Borrower shall promptly repair the Property if damaged to avoid furthc~ dctcriuration or danmge. If insuranCe or condeumation proceeds are paid in connection with danmgc t{,. m' thc taking of, the Property, Borrower shall be responsible for repairing or restoring the Property m~lv il' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and rcsumttion in a single payment or in a series of progress payments as the work is completed. If the insurance ,~r condcnmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved ul Bun(~wcr's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upun ',md inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the imp~vcmcnts oil the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspc~'tiun specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall bc iu default if, during the Loan application process, Borrower or any persons or entities acting at thc direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or i l~:~ccm':ttc information or statements to Lender (or failed to provide Lender with material informatiun~ ii~ connection with the Loan. Material representations include, but are not limited to, representatiuns c{mccrning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements cu~,:~incd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's i~,crcst iu the Property and/or rights under this Security Instrument (such as a'proceeding in bankruptcy, pn~bate, for condemnation or forfeiture, for enforcement of a lien which nkay attain priority over fids Sccm'ity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, tllcu Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in thc Property and rights under this Security Instrument, including protecting and/or assessing the value u l thc Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited tu: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) apl)c:nh~ in court; and (c) paying reasonable (~-6(WY) (ooos) DDS-WY4 P~. 7 o~ ~5 orm 3051 1/01 attorneys' fees to protect its interest in the Property and/or r i~ltts trader this Security Instrument, including its secured position in a bankruptcy proceeding. Securing thc Property includes, but is not limited to, entering the Property to make repairs, change locks, replace m' bt~ard up doors and windows, drain water from pipes, eliminate building or other code violations or dredger(ms conditions, and have utilities turned on or off. Although Lender may take action under this Sectim~ 9. Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lenclct iilcurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section ') sh.,tll become additional debt of Borrower secured by this Security Instrument. These amounts shall bc:~r interest at the Note rate from the date of disbursement and shall be payable, with such interest, uptm ~,,ticc from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borroxvct slr~dl cmnply with all the provisions of the lease. If Borrower acquires fee title to the Property, the l~a5cl~)ld and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage [~tsur'allce as a condition of making the Loan, Borrower shall pay the premiums required to nmintain the lXh,~tg;tgc Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases t,~ hc available from the mortgage insurer that previously provided such insurance and Borrower was requited to Inake separately designated payments toward the premiums for Mortgage Insurance, Borrower sl~Ml pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance: l~cx'i{msly in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insur, t~'c previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equix:tlcm Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amtmm u f tile separately designated payments that were due when the insurance coverage ceased to be in el'lk~ct. Lender will accept, use and retain these payments as a non-refundable toss reserve in lieu of Mmt,_,:~,,c Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultil~atcly paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such h~ ~cscrv~. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the anl~mnt and for the period that Lender requires) provided by an insurer selected by Lender again becomes :tvaitable, is obtained, and Lender requires separately designated payments toward the premiums for IVh, ~ ~ :tgc [tlsurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower xx',ts required to make separately designated payments toward the premiums for Mortgage Insurance, B,,~m'er shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a ~,m-rct'undable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with ~t~x' written agreement between Borrower and Lender providing for such termination or until termination is t~'quired by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at thc ~:tte provided in the Note. Mortgage Insurance reimburses Lender (or any entity th:~t purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed Bm'rt~wer is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insm'anct: in force from time to time, and may enter into agreements with other parties that share or modiI'3' t l~c ir risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortg:~? insurer and the other party (or parties) to these agreements. These agreements may require the mortgag c i~su ret to nmke payments using any source of funds that the mortgage insurer may have available (which ~:tx' include funds obtained from Mortgage Insurance prenfiums). As a result of these agreements, Lender, any purchasc-r ~' the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, in:b ~cc~:ivc (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Bor~(~x~cr's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's ~isk. or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the i~u~er's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "c'apfi,,'e reinsurance." Further: (a) Any such agreements will not affect the amounts l[lat Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will no! entitle Borrower to any refund. (~}~-6{WY) ,O00S, Pag. 8o, lS ~'~'~,, / ~ /"~orm 305'1 1/01 DDS-WY4 Cb) Any such agreements will not affect the rights Ihwr(m'er has - if any - with respect to the Mortgage Insurance under the Homeowners Protection .-\cl of 1998 or any other law. These rights may include the right to receive certain disclosures, lo rcquest and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were t, ncarned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeil~,rc. All lvliscellaneons Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have tl~c right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propc% to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pa) lltn'rower any interest or earnings on such .Miscellaneous Proceeds. If the restoration or repair is not ectm~,mic:dly feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to tl~c sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bon,,wer. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in xalue of die Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securitx Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value t)l' the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Secur itx Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lc~der otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc amount of the Miscellaneous Proceeds multiplied by the following fraction: Ca) the total amount ~I tile SUlns secured immediately before the partial taking, destruction, or loss in value divided by ~h~ the fair ~narket value of the Property intmediately before the partial taking, destruction, or loss in x ',tlttt:. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in x.aluc t)f the Property in which the fair market value of the Property immediately before the partial taking, dcqtruction, or loss in value is less than the amount of the sums secured immediately before the partial caking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscella~c(ms Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums a~c then clue. If the Property is abandoned by Borrower, or if, a~[c~ m~tice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to n~akc an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after fl~c date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to rcst,)ration or repair of the Property or to the sums secured by this Security Instrument, whether or not fl~en duc. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party agai~tst whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceedinT. ~hcther civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Prope% ,~r other 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 IV. by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, preclude5 liMi:iture of the Property or other material impairment of Lender's interest in the Property or rights undo: this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairing:nc of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to rose,maitre or repair of the Property shall be applied in the order provided for in Section 2. (~-6(WY) (0005) DDS-WY4 Page9of15 '.J ,/ / Ii/Form3051 1/01 12. Borrower Not Released; Forbearance By Lendt.r Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured I)~ this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall ~,,~ ,,pcrate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not bc rCcluired to connnence proceedings against any Successor in Interest of Borrower or to refuse to c>:lc~d ti.~e for payment or otherwise modify amortization of the sums secured by this Security Instrument t)~~ reason of any demand made by the original Borrower or any Successors in interest of Borrower. Any f~,~13ca ra~cc by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ,~1 pay~ems from third persons, entities or Successors in Interest of Borrower or in amounts less than thc' ',~otH~t 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~rs and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be ,,i~t ~t~d several. However, any Borrower who co-signs this Security Instrument but does not execute thc *,~tc (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey tl,: c:~,sign~:r's interest in the Property under the terms of this Security Instrument; (b) is not personally obligatccl to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borr,,~,. c~' ca, agree to extend, modify, forbear or make any accommodations with regard to the terms of this ,~CCtJrity Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Succcs~,,r i~L Interest of Borrower who assumes Borrower's obligations under this Security Instrument in xvriti[t~, at~d is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security h~t[t:t~C~Lt. Borrower shall not be released from Borrower's obligations and liability under this Security Inst~uT~c[~t tmless Lender agrees to such release in writing. The covenants and agreements of this Security I[~trtH~lent shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower t'ec~ F,,' services performed in connection with Borrower's default, for the purpose of protecting Lender's i~kt~:rcst in the Property and rights under this Security Instrument, including, but not limited to, attorneys' tees, property inspection and valuation fees. In regard to any other fees. the absence of express authority i, tills Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on thc ~ ha]'gi~g of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrume]~t ,,r by Applicable Law. If the Loan is subject to a law which sets maximum lt~a~ cl,trgcs, and that law is finally interpreted so that the interest or other loan charges collected or to be ct)littLer i~ com~ection with the Loan exceed the permitted limits, then: (a) any Such loan charge shall be rcch~c:cd by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected t'ro[]x Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose t,, .~akc this refund by reducing the principal owed under the Note or by making a direct payment to I~,,f'r~wcr. If a refund reduces principal, the reduction will be treated as a partial prepayment without :l,x prepayment charge (whether or not a prepayment charge is provided for under the Note). Borr, wcf's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right or' action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender i, ct~]l]~cction with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class ]~k:til ~}r when actually delivered to Borrower's notice address if sent by other means. Notice to any one Bt,]['~,xxc~' shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. Thc ],,icc address shall be the Property Address unless Borrower has designated a substitute notice address t)x ~t~tice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender si>c~ifi~:s a procedure for reporting Borrower's change of address, then Borrower shall only report a cha]~gc ,,I address through that specified procedure. There may be only one designated notice address under this Security Instrument at any one time. Any notice to Lender shall be given by delivering it or by nn~ili~7 iL by first class mail to Lender's address stated herein unless Lender has designated another adclrcs~ by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed t~ have been given to Lender until actually received by Lender. If any notice required by this Security I~stru]~cnt is also required under Applicable Law, the Applicable Law requirement will satisfy the c(.'~-csp(~l~ding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Conslruction. This Security Instrument shall be governed by federal law and the law of the jurisdiction in x~l~ich tile Property is located. All rights and obligations contained in this Security Instrument are sub?~'t m any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitl) :dl~w the parties to agree by contract or it might be silent, but such silence shall not be construed as :~ l,r,dfibition against agreement by contract. In the event that any provision or clause of this Security Inst~m~cnt m' the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this ~.~'uriU, Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of tt~c m:tsculiue gender shall mean and include corresponding neuter words or words of the feminine gender: fbi words in the singular shall mean and include the plural and vice versa; and (c) the word "may" ~i~c~ .~c~l~ discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one cop) ,d' thc Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest it~ Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial intc~c~t i~ thc Property, including, bdt not limited to, those beneficial interests transferred in a bond for deed, ~',,mt';~ct for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title b~ ll,,'rowcr at a future date to a purchaser. If all or any part of the Property or any Interest in file l'~,,pcrty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is ~t~lcl or transferred) without Lender's prior written consent, Lender may require immediate payment itl lull ()f all sums secured by this Security Instrument. However, this option shall not be exercised bx [.cnder if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Bor~,xsct notice of acceleration. The notice shall provide a period of not less than 30 days from the date fl~c ~icc is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender m.,~v invoke auy remedies permitted by this Security Instrument without further notice or demand on Borr~ 19. Borrower's Right to Reinstate After Acceleratim~. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Propc~ ~3 pursuant to any power of sale contained in this Security Instrument; (b) such other period as Applicable l.aw nfight specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment c,l'm~cing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums xxhi~h th~n would be due under this Security Instrument and the Note as if no acceleration had occurred; Ih) c u rcs any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Scc:urity Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valu;tli~i~ fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and l iMhts under this Security Instrument; and (d) takes such action as Lender may reasonably require to assu~c' lh:tt Lender's interest in the Property and rights under this Security Instrument, and Borrower's oblig:~i[m tt~ pay the sums secured by this Security Instrument, shall continue unchanged. Lender ~nay require th~tt [gm'rower pay such reinstatement sums and expenses in one or more of the following forms, as selected hv Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's chc~k', provided any such check is drawn upon an institution whose deposits are insured by a federal agenc.~ ~ i~strumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Securitx Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. I hm'cver, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of (h'ievance. The Note or a partial interest in the Note (together with this Security Instrumen0 can be staid t~llc or more ti~nes without prior notice to Borrower. A sale nfight result in a change in the entity I k~t,~wt} as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security l~.,trulngnt and performs other mortgage loan servicing obligations under the Note, this Security Instrumc~i. and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale (~l thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change x,, hich will state the name and address of the new Loan Servicer, the address to which payments should b~. mztclc and any other information RJ~SPA (~-6(WY)_ Iooos) Pag, ~ of ~s ,; .... Form 3051 1/01 DD$-WY4 "0'"92. requires in connection with a notice of transfer of servicing. I1' thc Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of thc ×{~c. tile mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transl'c~ red to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by tl~c Note purchaser. Neither Borrower nor Lender may commence, join, ol hc _i(fined to any judicial action (as either an individual litigant or the member of a class) that arises I'rm~ th~ other party's actions pursuant to this Security Instrument or that alleges that the other party has b~c:~chcd any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or l.cltclcr has notified the other party (with such notice given in compliance with the requirements of Sectimt 15) t~I' such alleged breach and afforded the other party hereto a reasonable period after the giving ~1' such notice to take corrective action. If Applicable Law provides a time period which must elapse hclm'e certain action can be taken, that time period will be deemed to be reasonable for purposes of thi~ t~aragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Secti~ 22 and fl~e notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satist} thc notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Sectim~ 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollut:~[s, m' wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable ~,~ t~xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestt,~ m' lm-maldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of thc il~risdiction where the Property is located that relate to health, safety or environmental protection; (c) "E~xirmmm~tal Cleanup" includes any response action, remedial action, or removal action, as defined in Emi~tmmental Law; and (d) an "Enviromnental Condition" means a condition that can cause, contribute ~}, m' ofl~erwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, dispersal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, ~,~t (~r iu rte Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property ~;l~ that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) v, rich. due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely al'l'ccts the value of the Property. The preceding two sentences shall not apply to the presence, use, or sl{~t:~c ()il the PropertY of small quantities of Hazardous Substances that are generally recognized to be :tl>tm)priatc to normal residential uses and to maintenance of the Property (including, but not linfited to, ha/~ich)t~s substances in consumer products). Borrower shall promptly give Lender written notice of' {:t} any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency m private party involving the Property and any Hazardous Substance or Environmental Law of which tl~,rr{m'cr has actual knowledge, (b) any Enviromnental Condition, including but not linfited to, any sl~illing~ leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any conditimt c;mscd by the presence, use or release of a Hazardous Substance which adversely affects the value of thc l'r{~p~:rty. If Borrower lean]s, or is notified by any governmental or regulatory authority, or any private i~;~ty, that any removal or other remediation of any Hazardous Substance affecting the Property is necessa~ x. Ilm-rower shall prompdy take all necessary remedial actions in accordance with Environmental Law. Nt~lhing herein shall create any obligation on Lender for an Environmental Cleanup. (~I,=,6(WY)~- {ooo5) Page ~2 of ~5 Form 3051 1/01 DDS-WY4 NON-UNIFORM COVENANTS. Borrower and Lender lu~ thcr covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Ilorrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provi(lt.s otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) .,( date, not less than 30 days from the date the notice is given to Borrower, by which the default must I}t. cured; and (d) that failure to cure the default on or before the date specified in the notice may rt,sull in acceleration of the sums secured by this Security Instrument and sale of the Property. The nmice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration m~d sale. If the default is not cured on or before the date specified in 'the notice, Lender at its option ,nvy require immediate payment in full of all sums secured by this Security Instrument without furtht, r demand and may invoke the power of sale and any other remedies permitted by Applicable La~. Lender shall be entitled to collect ali expenses incurred in pursuing the remedies provided in this Set'lion 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall gi~c notice of intent to foreclose to Borrower and to the person in possession of the Property, if diffe,'c,~t, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the nmn,~t~r provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sohl in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of lht~ sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this ~ccurity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this ?;ecu rity Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid t~ :t third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all right~ under and by virtue of the homestead exemption laws of Wyoming. (~-6(WY) (ooo5~ DDS-WY4 Pag, 13 of 15 ~i~///~lform 3051 1/01 ' BY SIGNING BELOW, Borrower accepts and agrees t,~ thc terlllS and covenants contained in this Security Instrument and in any Rider executed by Borrower arid ,cc()rcted with it. Witnesses: 0HN -Borrower A. PRICE Raye Price (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (~6(WY) {ooo5) DDS-WY4 Page 14 of 15 Form 3051 1/01 STATE OF Maryland Anne Arundel The foregoing instrument was acknowledged before n~c th i s 12 / 29 / 2004 by John A. Price and Rayetta J. Price aka i,'aye Price 0" 9 5 County ss: My Commission Expires: Notary (~-6(WY) (ooos) DDS-WY4 Page 15 of 1 5 Form 3051 1/01 LOT RIDER (To be attached to Deed of Trust) Loan #: 120772922- LOT THIS RIDER is made this 29th day of December ,2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument"), of the same date given by the undersigned (the "Borrower") to secure Borrower's Not~ to INDYMAC BANK, F.S.B., a federally chartered savings bank (the "Lender") of the same date and covering the property described in the Security Instrument and located at: SEE LEGAL DESCRIP-IIOI~ ALPINE, WY 8312~ [Property Addres.,;l ADDITIONAL COVENANT: In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further cow;~lant and agree that Uniform Covenant 6 of the Security Instrument is deleted and is replaced t~y the following: 6. Occupancy and Use; Preservation, Maintenance and Protection of the Property. Borrower and Lender acknowledge that as of the date of this Security Instrument, the Property consists of unimproved land. If Borrower makes, or causes to be made, any improvements to the Property, after the date hereof, Borrower shall occupy, establish, and use the Property as Borrower's principal resi{h~,~ce within sixty days of completion of such improvements, unless Lender otherwise agrees in writing. Borrower shall keep the Property available for Borrower's exclusive use a~/d enjoyment at all times. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall not use, allow or suffer any part of the Property to be used as a facility for handling, treat~nent, storage or disposal of hazardous waste. Borrower shall satisfy in all material respects the requirements of and maintain the Property in compliance with all federal, state and local environmental protection or similar laws, ordinances, restrictions, licenses ~md regulations. Borrower shall not request or in any way assist another person or er~tily in a request to change the zoning of the Property from the Property's zoning as of the date of this Security Instrument. Borrower shall be in default if any forfeiture action or proceeding, whether civil or criminal is begun that in Lender's good faith judun~ent could result in forfeiture of the Property or otherwise materially impair the lien created by this Security Instrument or Lender's security interest. Borrower may cure such default and reinstate, as provided in Paragraph 18, causing the action or preceding t~ be dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in the Property or other material impairment of the lien created by this Security Instrument of Lender's security interest. Borrower shall also be in default if Borrower, during the loan IndyMac Bank Construction Lot Loan Program - Lot Rider Multistate Page 1 of 2 VMP Mortgage Solutions (80~))521-7291 8480141 (0402) DDS-B~.S HCL 989 02/04 application process, gave materially false or in~ccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy and use of the Property ~fs an unimproved lot. If this Security Instrument is on a leasehold, Borrower shall comi~ly with all the provisions of the lease. If Borrower acquires fee title to the Property, ttle leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. IN WITNESS WHEREOF, Borrower has executed this Lot Rider and fully understands the conditions thereof. Date: 12/29/2OO4 RAY£¥/A J. PRIC~J ka Raye Price 8480141 (0402) DDS-BLS Page 2 of 2 HCL 989 02~04 011.2 BALLOON RIDER (To be attached to Deed of Trust) Loan #: 120772922-LOT THIS RIDER is made this 29th day of December, 2004 and is incorporated into and shall be deemed to amend and supplement llle Mortgage, Deed of Trust or Deed to Secure Debt (the "Security Instrument"), of the sa~l~e date given by the undersigned (the "Borrower") to secure Borrower's Note to INDYMAC BAIIK, F.S.B., a federally chartered savi ngs bank (the "Lender") of the same date and covering the property described in the Security Instrument and located at: SEE LEGAL DESCRIFTI ALPINE, WY 8312!~ [Property Addres.%} ADDITIONAL COVENANT: In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further cow~ant and agree as follows: A. Balloon Rider: Borrower is aware that this loan is due and payable in full on the 1st day of ~lanuary, 2010 with a Balloon Payment of $173,250.09 , based upon scheduled payments. Borrower acknowledges and agrees that Lender has not made any representations to Borrower, either oral or w~itten, that Lender will subordinate its lien created by this Security Instrument to any other lier~ which the Property may hereafter become subject to, including, without limitation, any li~.r~ arising from Borrower's subsequent construction of improvements on the Property. Borrower acknowledges and agrees that Lender is under no obligation to subordinate its lien cre~ted by this Security Instrument to any lien created hereafter and Lender does not intend to subordinate its lien to any other lien which the Property may hereafter become subject to. IndyMac Bank Construction Lot Loan Program - Balloon Rider Multistate Page 1 of 2 8480347 (0402) VMP Mortgage Solutions (800)521-7291 DDS-BRS HCL 988 02/04 ./ IN WITNESS WHEREOF, Borrower has executed this Balloon Rider and fully understands the conditions thereof. Date: 12/29/2004 -Borrower -Borrower PRICE RAYETTA J. PRICE aka Raye Price (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower 8480347 (0402) Page 2 of 2 DDS-BRS HCL 988 02104 0 '] 0 Loan #: 120772922-LOT ADJUSTABLE RATE RIDER (LIBOR - Rate Caps) (ARM Balloon Lot Loan) THIS ADJUSTABLE RATE RIDER is made this 29~t-~ day of December. 2004 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to INDYMAC BANK, F.S.B., a federally chartered savings bank (the "Lender") of the same date and covering the property described in the Security Instrument and located at: SEE LEGAL DESCRIPTI(]Ii ALPINE, WY 8312~ [Property Addressl THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE BORROWER'S INTEREST RATE INCREASES ARE LIMITED. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further cove~ant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for changes in the interest rate ami the monthly payments, as follows: 2. INTEREST Interest will be charged on unpaid principal un,ii the full amount of principal has been paid. I will pay interest at a yearly rate of 8. 375 %. The interest rate I will pay may change in accordance with Section 4 of this Note. The interest rate required by this ' Section 2 and Section 4 of this Note is the rate I will pay both before and after any default described in Su, ction 7(B) of this Note. lndyMac Bank MULTISTATE ADJUSTABLE RATE RIDER (LIBOR ARM) - Balloon Lot Page 1 of 4 8480462 (O301) VMP MORTGAGE FORMS - (800 521 7291 DDS-AOO HCL 919 01/03 3. PAYMENTS (A), Time and Place of Payments I will pay principal and interest by making pay~ents every month. I will make my monthly payments on the fir,~;t day of each month beginning on February 01, 2005 I will make my momhly payments every month until I have paid all of the principal and interest and any other ch~,~jes described below that Imay owe under this Note. My monthly payments will be applied to interest before principal. If on, 3anuary 01, 2010 , I still owe amount~ under this Note, I will pay those amounts in full on that date, which is called the "Matulity Date." I will make my monthly payments at 155 NORTH LAKE AVENUE, PASADENA, CA or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My initial monthly payment will be in the amour~t of U.S. $1.368.13 This amount may change. loan and rate and Note. 4. (C) Monthly Payment Changes Changes in my monthly payment will reflect cl~anges in the unpaid principal of my in the interest rate that I must pay. The Note I Iolder will determine my new interest the changed amount of my monthly payment i~ accordance with Section 4 of this INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest ratel will pay may change on the first day of 3uly, 2005 , and on that day every 6 month(s) thereafter. EacIt date on which my interest rate could change is called a "Change Date." (B) The Index Beginning with the first Change Date, my int¢~,rest rate will be based on an Index. The "Index" is the average of Interbank offered rates t~r six-month U.S. dollar-denominated deposits in the London market ("LIBOR"), as published ir~ The Wall Street Journal. The most recent Index figure available as of the date 15 days before each Change Date is called "Current Index." HCL 919 8480462 (O301) Page 2 of 4 01/03 DDS-AOO If the Index is no longer available, the Note ~lolder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder ~vill calculate my new interest rate by adding FIVE AND THREE QUARTERS percentage point(s) ( 5.750 %) to the Current I~/dex. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, tills rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amoL,It of the monthly payment that would be sufficient to repay the unpaid principal that I am e,~l~ected to owe at the Change Date in full on the 30 years from the date of the Note (the "A~ortization Period") at my new interest rate in substantially equal payments. The result of thi,~; calculation will be the new amount of my monthly payment. I acknowledge that this amount ~.~ill not be sufficient to repay my loan in full on the Maturity Date and that I may owe a signifi~:ant amount to Lender on the Maturity Date. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the, first Change Date will not be greater than 9.375% or less than 7.375 %. Thereafter, my adjustable interest rate will never be increased or decreased on ~y single Change Date by more than ONE per~;~¢~tage point(s) ( 1.000~ ) from the rate of interest I have been paying for the preceding 6 month(s). My interest rate will never be greater than ~4.375 %, ~¢hich is called the "Maximum Rate." (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on tt~e first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be give~ ~e and also the title and telephone number of a person who will answer any question I m~'~, have regarding the notice. 8480462 (O3Ol) Page 3 of 4 DDS-AOO HCL 919 01/O3 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. (~ ' (Seal) - ?,- ' (Seal) -Borrower RAYETTA J. PR:~C£," a~.a ~.aye ?~:'ice -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower B480462 (0301) Page 4 of 4 DDS-AO0 HCL 919 01/03 LEGAL DESCRIPTI( )N Lot 33 of Trail Ridge Subdivision, Lincoln County, Wyoming according to that plat filed October 21, 2003 in the Office of the Lincoln County Clerk as Plat No. 225-E. Attached Legal Description