Loading...
HomeMy WebLinkAbout905839Ditech.com, Inc. 3200 Park Center Dr. Suite 150, Costa Mesa, CA 92626 Prepared By: Darrel 1 Wal 1 l~qu=sted by and Return to: Re. cording Department First American L~adera Advantage 1801 Lakepointe Drive, Suim 111 Lcwisville, TX 75057 (469) 322-2500 RECEIVED 1/12/2005 at 3:18 PM P, ECEIVING # 905839 BOOK: 577 PAGE: 66 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Recm'diug Data] MORTGAGE MIN 100037506900206583 DEFINITIONS Words used in multiple sections of this document are defim'd hclow and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding d~c u~agc of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, which is dated 12/23/2004 together with all Riders to this document. ~) "Borrower" is Jay R. Stansell and Charis A. Stansell, Husband Tenants by the Entireties and Wife as Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's success,,~ and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existin~ under the laws of Delaware, and has an address and telephone number of P.O. Box 2026, Flint, MI 485ul 2026, tel. (888) 679-MERS. 000690020658 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 1/01 O905S39 (D) "Lender" is Ditech.com, Inc. Lender is a Residential Mortgage Lender organized and existing under the laws of the state of Del aware Lender's address is 3200 Park Center Dr. Suite 150, Costa Mesa. CA 92626 (E) "Note" means the promissory note signed by Borrower anti d:ttcd 12/23/2004 The Note states that Borrower owes Lender One Hundred Forty Fi ve Thousand Three Hundred Dollars (U.S. $145,300.00 ) plus interest. Borrower has pr~,niscd to pay this debt in regular Periodic Payments and to pay the debt in full not later than ,January 1, 2035 (F) "Property" means the property that is described below under ibc heading "Transfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interc~I, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrtnncnt, plus interest. (It) "Riders" means all Riders to this Security Instrument that arc executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable I: f'--'] Adjustable Rate Rider [---] Condominium Rider [-~ Second Home Rider [--] Balloon Rider [---] Planned Unit Development Ritlc~r []_~ 1-4 Family Rider ~ VA Rider [--] Biweekly Payment Rider [~ Other(s) [specify] (1) "Applicable Law" means all controlling applicable fctlcr:d, state and local statutes, regulations, ordinances and administrative rules and orders (that have the cllcct of law) as well as all applicable final, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" ntc;,ts all dues, fees, assessments and other charges that are imposed on Borrower or the Property b) :t condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated lhrough an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, ,,r authorize a financial institution to debit or credit an account. Such term includes, but is not limited t,,, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wir~. ~n,~slkrs, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Sect i~ m 3. (M) "Miscellaneous Proceeds" means any compensation, settlctncnt, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc c~verages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condenmatit,n t.- other taking of all or any part of the Property; (iii) conveyance in lieu of condenmation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (N) "Mortgage Insurance" means insurance protecting Lendc~ :~gainst the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount duc lbr (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security lnstrtm~cnt. OP) "RESPA" means the Real Estate Settlement Procedures Act il2 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3501/t, :is they might be amended from time to time, or any additional or successor legislation or regulation th;n ?vcrns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements ;tntl restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does n,,t qualify as a "federally related mortgage loan" under RESPA. 000690020658 ,~i,~~.~. (~)~-6A(WY) (ooo5).ol Page 2 of 15 / Form 3051 1/01 (Q) "Successor in Interest of Borrower" means any party th:tt has taken title to the Property. whether or not that party has assumed Borrower's obligations under the N~,tc and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment t)l thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of B~.'r.wer's covenants and agreements under this Security Instrument and the Note. For this purpose, Bom ,wcr docs hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's succcsst~rs and assigns) and to the successors and assigns of MERS, with power of sale, thc following described property located in the County of ki ncol n : [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] The Assessor's Parcel Number (Property Tax ID~) for the Real Property is 12-2115-05-2-00-010.00. See Attached legal P~celID Number: 12-2115-05-2-00-010.00 2435 Aspen Springs Rd Kemmerer ("Pmperty Address"): which currently has the address of [Street] Wyoming 83101 [Zip Code] TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a p:n't of 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 understands 'dnd agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrumcm, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successt.'~ .nd assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right tt~ Ibreclose and sell the Property; and to take any action required of Lender including, but not limited m, releasing and canceling this Security Instrument. BORROWER COVENANTS that Borrower is lawfully sciscd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and th.t thc Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend ?ncrally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform c~vcnants for national use and non-uniform covenants with limited variations by jurisdiction to constitute ,. tmifi~rm security instrument covering real property. 000690020658 (~-6AlWY) 10005~.o~ In't~~-r Page 3 of 15 m3051 1/01 0905S39 "... 0¢'6 9 UNIFORM COVENANTS. Borrower and Lender coven:.lt :.M agree as follows: 1. Payment of Principal, Interest, Escrow Items, l'rt, l~ayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest .~, thc debt evidenced by the Note and any prepayment charges and late charges due under the Note. BorlL,~er shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and thi~ N~'curity Instrument shall be made in U.S. currency. However, if any check or other instrument received I~) l.c~Mer as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may rcq.ire that any or all subsequent payments due under the Note and this Security Instrument be made i~ ,,ne or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified dleck, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Ft.M~ T,'tu~st'er. Payments are deemed received by Lender when received :~t thc location designated in the Note or at such other location as may be designated by Lender in accord:.~'~, with the notice provisions in Section 15. Lender may return any payment or partial payment if the pa) :~'m or partial payments are insufficient to bring the Loan current. Lender may accept any payment or p:. ti',~l 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 apply s~ch pttyments at the time such payments are accepted. If each Periodic Payment is applied as of its schc, dt~led due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied fmM.~ tmtil Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasomddc, period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, ~t~d~ l'tmds will be applied to the outstanding principal balance under the Note immediately prior to forech,~t.'e. No offset or claim which Borrower might have now or in the future against Lender shall relieve I~,,rmwer from making payments due under the Note and this Security Instrument or performing the cove~:..s ;md agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as ,.hcrwise described in this Section 2, all payments accepted and applied by Lender shall be applied it~ d~e following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) ~tm~...s due under Section 3. Such payments shall be applied to each Periodic Payment in the order in whic'h it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument. and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delimit:tnt Periodic Payment which includes a sufficient amount to pay any late charge due, the payment m:~ hc :~pplied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanclit~, l.ender may apply any payment received from Borrower to the repayment of the Periodic Payments il', ~.~d ~o the extent that, each payment can be paid in full. To the extent that any excess exists after the paymc~m is applied to the full payment of one or more Periodic Payments, such excess may be applied to any htt~, dlztrges due. Voluntary prepayments shall be applied first to any prepayment charges and then as describc, d i~ tl~e Note. Any application of payments, insurance proceeds, or M i~'~.lhu~eous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc ~.~.~tmt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Ftmd~"~ to provide for payment of amounts due for: (a) taxes and assessments and other items which can att:~i~ prim'ity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments .r ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender und~.~ Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to l..c'tMe,' in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Sc.~'ti~m 10. These items are called "Escrow Items." At origination or at any time during the term of thc l.,~:.h Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrox~.d hy Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptl.~ ft.'~fi.q~ to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Fumls for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escr~,w Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Item~ ',~ ;.~y time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay dirc'ctly, when and where payable, the amounts 000690020658 ,,,,~ (~-6A(WY) (ooos).o~ Page 4 of ~s rm 3051 1/01 due for any Escrow Items for which payment of Funds has I)c~.n waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment wilhin such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrmncnt. as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Esc,~x~ hems directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lc'ntlcr may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated tnidcr Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Esc~w Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Bon'~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 ~tln,~tint (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not ~,, exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount ol l:tmds due on the basis of current data and reasonable estimates of exPenditures of future Escrow Item~ ,,r t~thcrwise in accordance with Applicable Law. The Funds shall be held in an institution whose th:p~sits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds t,~ pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower h,~ braiding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, ~nflc~s Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, l~cnd~r shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agrce in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as dcl'i~cd trader RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. 1~' lhcrc is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as rcqt~ircd hy RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in acc~rd',mce with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in c~c~ ow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall U"Y to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more Ih,n 12 monthly payments. Upon payment in full of all sums secured by this Seculn~ Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, a~c~sn~cnts, charges, fines, and impositions attributable to the Property which can attain priority over thi~ Security Instrument, leasehold payments or ground rents on the Property, if any, and Community Associz, i~n Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall p:ty them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has I,~it~rity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligati~,n secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such ',t?.rccmcnt; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings ,re pcncling, but only until such proceedings are concluded; or (c) secures from the holder of the lien an a~l'CCmcnt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender n~ay give Borrower a notice identifying the 000690020658 (~-6A(WY) Iooo~.o~ Page 5 of 15 051 1/01 0t271 lien. Within 10 days of the date on which that notice is given, l~,)rrower 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 charg,' l',r a real estate 'tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire. hazards included within the term "extended coverage," and any other hazards including, but not limited to, earthquakes and Ih,, ~cls, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preced i~g sentences can change during the term of the Loan. The insurance carrier providing the insurance shall tic chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall n,,t hc exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one time charge for flood zone-determination and certification services and subsequent charges each time rcn~appings or similar changes occur which reasonably might affect such determination or certification, l~,,,-rower shall also be responsible for the payment of any fees imposed by the Federal Emergency M',nagcment Agency in colmection with the review of any flood zone determination resulting from an obi cc t i,,n by Borrower. If Borrower falls to maintain any of the coverages described above, Lender.may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such cover',tsc shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or thc c.ntents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts dishm'scd by Lender under this Section 5 shall become additional debt of Borrower secured by this Security h~t rtllncnt. These amounts shall bear interest at the Note rate from the date of disbursement and shall be p'.ty',dflc, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ~,l ~uch policies shall be subject to Lender's right to disapprove such policies, shall include a standard m,,ngage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have thc 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 ~h:dl include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice t,, thc insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Il.less Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underl3 lng insurance was required by Lender, shall be applied to restoration or repair of the Property, if the rest~,~,ti(~n or repair is economically feasible and Lender's security is not lessened. During such repair and rest.r:,i~n period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided dlat such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rc~,~ration in a single payment or in a series of progress payments as the work is completed. Unless an agrccn~cnt is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lendc~ Nhall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public atl. ju~crs, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds anti ~hnll bc the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lendcr'~ ~ccurity would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with 000690020658 (~-6A(WY) {ooo5).o~ Page o of ~5 ~ ~ "-'-"~Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds ~hall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, nc~tiatc and settle any available insurance claim and related matters. If Borrower does not respond withi~x 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may ~cgotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lelltlcl (~t) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid untlci' [l~c Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to :.~y refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance procccd~ either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instmmc,t, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, anti t~,c the Property as Borrower's principal residence within 60 days after the execution of this Security l.~trument and shall continue to occupy the Property as Borrower's principal residence for at least one year ztftcr the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be mHc:Htmably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propcrt~ ~o deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Propc~ L~, [~orrower shall maintain the Property in order to prevent the Property from deteriorating or decreasin~ in value due to its condition. Unless it is determined pursuant to Section :5 that repair or restoration i~ .or economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage t,~, ,~r the t~ing of, the Property, Borrower shall be responsible for repairing or restoring the Property .,1) il' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and rc~, ~rat ion in a single payment or in a series of progress payments as the work is completed. If the insurance ,,~' condenmation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved ol ~, ~rrowcr's obligation for the completion of 'such repair or restoration. Lender or its agent may make reasonable entries upo. ',md inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the impr,~c~nc.ts on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall bc i~ 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~:,'ct~rate information or statements to Lender (or failed to provide Lender with material informationl i~ connection with the Loan. Material representations include, but are not limited to, representatitm~ c,,nccrning 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 ~,H',~i.~d in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender'~ i.~crcst in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptc3, t.~d~atc, tbr condemnation or forfeiture, for enforcement of a lien which may attain priority over thi~ N~'ct.'ity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, tiwn l.cnder 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 o f~hc Property, and securing and/or repairing the Property. Lender's actions can include, but are not limiwd to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appc:.in~ in court; and (c) paying reasonable 000690020658 (~-6AIWY) (ooo,5~.o~ Page 7 of 15 51 1/01 ,.0073 attorneys' fees to protect its interest in the Property and/or ri.,.,Ins under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing linc }'ropcrty includes, but is not limited to, entering the Property to make repairs, change locks, replace t,' bt~ard up doors and windows, drain water from pipes, eliminate building or other code violations or d~ntgcrtms conditions, and have utilities turned on or off. Although Lender may take action under this Secti~m 9, l.cnder does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section t~ shall become additional debt of Borrower secured by this Security Instrument. These amounts shall be:.- interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon m,ticc from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrowgr shzdl comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasch~dd and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage l t)htn-an¢c as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mt,'t~,:,gc lusurance 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 requi~cd ~ make separately designated payments toward the premiums for Mortgage Insurance, Borrower sh;dl pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance l.cviously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insur, n~'c previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equix:dcnt Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the anlount ~)1' .thc separately designated payments that were due when the insurance coverage ceased to be in effcc'~. I.cnder will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mort.,_,:lgc Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultin~:ncly paid in full, an'd Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the mn.ttnt and for the period that Lender requires) provided by an insurer selected by Lender again becomes ;,xzdlablc, is obtained, and Lender requires separately designated payments toward the premiums for MortT:~gc lasurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower ~',~s required to make separately designated payments toward the premiums for Mortgage Insurance, Bmr'.wcr shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a n~m-rcl'undable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with ',thy written agreement between Borrower and Lender providing for such termination or until termination is ~cquircd by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at thc r',nc provided in the Note. Mortgage Insurance reimburses Lender (or any entity rind purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such in~.|'~mcc in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortg:~c insurer and the other party (or parties) to these agreements. These agreements may require the mortgag~. insurer to make payments using any source of funds that the mortgage insurer may have available (which m~ty include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchase)' ,~t thc Note, another in.surer, any reinsurer, any other entity, or any affiliate of any of the foregoing, ma) receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borr,,\\cr's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risL, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the inhnrcr's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "c',tptive reinsurance." Further: (a) Any such agreements will not affect the amotmts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Snch agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will m,i entitle Borrower to any refund. 000690020658 ,,,~ (~-6A(WY) 10005).m Page 8 of ~ 5 051 1/01 0074 (b) Any such agreements will not affect the rights Ih.'rmYer has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act o[ 1998 or any other law. These rights may include the right to receive certain disclosures, 1,, request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance tcrmina!ed automatically, and/or to receive a refund of any Mortgage Insurance premiums that were tmcarned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeitm't~. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proct-cds shall be applied to restoration or repair of the Property, if the restoration or repair is economically fc:t~iblc and Lender's security is not lessened. During such repair and restoration period, Lender shall have thc right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Propcrt.~ to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall bc tmdcrtaken 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 Applic:d~lc Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to p,~' B~rrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not ec{,n~, nically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to ibc sums secured by this Security Instrument. whether or not then due. with the excess, if any. paid to B,.r,,wcr. 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 valuc of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securit_~ 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 v~ttuc of 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 Securilv Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Icndcr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by ~hc amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total amount ~,' thc sums secured immediately before the partial taking, destruction, or loss in value divided b> lb) th~ fair market value of the Property immediately before the partial taking, destruction, or loss in N :title. Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in x':duc or' the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial ~:tking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Misccll;nwtms Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums ~t~~ then due. If the Property is abandoned by Borrower, or if, alter notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to ntnkc an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after thc d;nc the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to rc~,ration or repair of the Property or to the sums secured by this Security Instrument, whether or not then dnc. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party a~;.n~t whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceedin?, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propc~l~ {.' .ther material impairment of Lender's interest in the Property or rights under this Security Instmm~,nt. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 1'), by causing the action or proceeding to be dismissed with a ruling that. in Lender's judgment, precludes torfciture of the Property or other material impairment of Lender's interest in the Property or rights umk. r this Security Instrument. The proceeds of any award or claim for damages that are attributable to the iml~airmcnt 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.'ation or repair of the Property shall be applied in the order provided for in Section 2. 000690020658 1I~-6A(WY) (ooo5}.Ol Pagegof 15 rm 3051 1/01 :-.. OC;: 75 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured I)x this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall n~t ,q~erate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not b~. required to commence proceedings against any Successor in Interest of Borrower or to refuse to e×tc~ld time for payment or otherwise modify amortization of the sums secured by this Security Instrument by r~'ason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any fo~l~t.a, anco by Lender in exercising any right or remedy including, without limitation, Lender's acceptance ,~1 payments from third persons, entities or Successors in Interest of Borrower or in amounts less than thc amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be j~,i:~ ami s~veral. However, any Borrower who co-signs this Security Instrument but does not execute thc Note (a "co-signer"): (at is co-signing this Security Instrument only to mortgage, grant and convey thc ~'~ ~ signer's interest in the Property under the terms of this Security Instrument; (bt is not personally obligated to pay the sums secured by this Security Instrument; and (ct agrees that Lender and any other Borrt,x~,.~' can agree to extend, modify, forbear or make any accommodations with regard to the terms of this S~.cm-ity Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Succcss,,r in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writ i~g, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Ins~'tm~cnt. Borrower shall not be released from Borrower's obligations and liability under this Security Instru~Cl~t unless Lender agrees to such release in writing. The covenants and agreements of this Security lnslrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fet-s l',,r services performed in connection with Borrower's default, for the purpose of protecting Lender's imcrcst in the Property and rights under this Security Instrument, including, but not limited to, attorneys' k. cs, property inspection and valuation fees. In regard to any other fees, the absence of express authority i~ Ihis Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on thc ~'harging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument t,~ by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collcclt:d in connection with the Loan exceed the permitted limits, then: (at any such loan charge shall be rethlccd by the amount necessary to reduce the charge to the permitted limit; and (bt any sums already collect~.d from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose t,~ ~:tkc this refund by reducing the principal owed under the Note or by making a direct payment to B,,t~'~wer. If a refund reduces principal, the reduction will be treated as a partial prepayment without :my prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrowc/s acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any rig l~t ,, f action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender i~ ctmncction 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 mail ,n' when actually delivered to Borrower's notice address if sent by other means. Notice to any one Bor~',,x~ cr shall constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The n,,licc address shall be the Property Address unless Borrower has designated a substitute notice address b~ ~t~tice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender spccifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change ol address through that specified procedure. There may be only one designated notice address under thi~ Nccm'ity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailm~,~ it by first class mail to Lender's address stated herein unless Lender has designated another addrc~ by notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed ~,, have been given to Lender until actually received by Lender. If any notice required by this Security I~?,lrument is also required under Applicable Law, the Applicable Law requirement will satisfy the col'lt'npo,~tling requirement under this Security Instrument. 000690020658 ,,,,~~ -6AIWY) Iooo5t,ol Page ~o of ~,5 m 3051 1/01 0,q76 16. Governing Law; Severability; Rules of Con,,lr.clion. This Security Instrument shall be governed by federal law and the law of the jurisdiction in x~l~ich the Property is located. All rights and obligations contained in this Security Instrument are subicct to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitl) ,llow the parties to agree by contract or it might be silent, but such silence shall not be construed as a i~ruhibition against agreement by contract. In the event that any provision or clause of this Security Inst~ t~cnt or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this N~.curity Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of thc ~ztsculine gender shall mean and include corresponding neuter words or words of the feminine gentl~.t ~ ~l~) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" ~ixc~ sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one cop) ~ the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interc,l itl Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, c,mtr,ct for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title 1~5 l~orrower at a future date to a purchaser. If all or any part of the Property or any Interest in the l'~'~,pc, rty is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower i~ ~uld or transferred) without Lender's prior written consent, Lender may require immediate payment ~ full of all sums secured by this Security Instrument. However, this option shall not be exercised I~x l.cndcr if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Bor~uwcr notice of acceleration. The notice shall provide a period of not less than 30 days from the date thc ~,,ticc is given in accordance with Section 15 within which Borrower must pay all sums secured by this N~.curity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender ~,~:~y i~voke any remedies permitted by this Security Instrument without further notice or demand on Bott, 19. Borrower's Right to Reinstate After Accelerati... If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this NcctH'ity Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Propc.~ t) l~ursuant to any power of sale contained in this Security Instrument; (b) such other period as Applic.l.~l~, l.:~w might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgmenl c~fforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums x~hi~:h then would be due under this Security Instrument and the Note as if no acceleration had occurred; Itel cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Y;cctH:ity Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and vzdu,tio~ fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and ri~ht~ under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure thz~t Lender's interest in the Property and rights under this Security Instrument, and Borrower's obli~t i, m to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require th:, 15< ~r rower pay such reinstatement sums and expenses in one or more of the following forms, as selecw,l I,)' Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's chccL, provided any such check is drawn upon an institution whose deposits are insured by a federal agent), i~trumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Secu~ilx l,~strument and obligations secured hereby shall remain fully effective as if no acceleration had occur~-c~l, l towcver, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice .r t;,'ievance. The Note or a partial interest in the Note (together with this Security Instrument) can be suld u~c or more times without prior notice to Borrower. A sale might result in a change in the entity (L~,w~ as the "Loan Servicer") that collects Periodic Payments due under the Note and this Security I~t~umcnt and performs other mortgage loan servicing obligations under the Note, this Security Instrumc~t, '~d Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale ~,l' th~ 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 I,c n~dc and any other information RESPA 000690020658 (~-6A(WY) (ooos).o~ Page 11 of 15 51 1/01 0¢;77 requires in connection with a notice of transfer of servicing. 1I die Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Nt,tc, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transfcrrcd tt:} a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by tht: Note purchaser. Neither Borrower nor Lender may commence, join. or I~c itm~cd to any judicial action (as either an individual litigant or the member of a class) that arises frtm~ tile other party's actions pursuant to this Security Instrument or that alleges that the other party has brc;tchcd any provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lc'tMcr has notified the other party (with such notice given in compliance with the requirements of Section 151 t~f such alleged breach and afforded the other party hereto a reasonable period after the giving of such uotice to take corrective action. If Applicable Law provides a time period which must elapse bcl't~c certain action can be taken, that time period will be deemed to be reasonable for purposes of this p:,'agraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc n.tice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" are those substances def'med as toxic or hazardous substances, pollutm~t~, .r wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or t,,xic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos ~,r formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the jmisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Envir,,nmcntal Cleanup" includes any response action, remedial action, or removal action, as defined in Envi~,mmcntal Law; and (d) an "Environmental Condition" means a condition that can cause, contribute t,,. t~r otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disp~,sal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on ,,r in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property I,~ that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affccls the value of the Property. The preceding two sentences shall not apply to the presence, use, or StOr',t?c on the Property of small quantities of Hazardous Substances that are generally recognized to be alq~r~q~riate to normal residential uses and to maintenance of the Property (including, but not limited to, ha×:~ rth ~t,s substances in consumer products). Borrower shall promptly give Lender written notice of (:t} :my investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or prixzltc party involving the Property and any Hazardous Substance or Environmental Law of which ls~rmvcr has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition t'i~t~sctl by the presence, use or release of a Hazardous Substance which adversely affects the value of thc I'rt~perty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private p:n ty, that any removal or other remediation of any Hazardous Substance affecting the Property is necessar.~, ll.rrower shall promptly take all necessary remedial actions in accordance with Environmental Law. N,~lhing herein shall create any obligation on Lender for an Environmental Cleanup. 000690020658 (~-6A(WY) 1o0o5}.01 Page 12 of 15 I 1/01 ,-,0078 NON-UNIFORM COVENANTS. Borrower and Lender I'unhcr covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice t. lb.'rower 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 proside~ otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a dute, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property. The ilolict, shall further inform Borrower of the right to reinstate after acceleration and the right to bring a cotirt action to assert the non-existence of a default or any other defense of Borrower to acceleratiou and sale. If the default is not cured on or before the date specified in the notice, Lender at its option m.'~y require immediate payment in full of all sums secured by this Security Instrument without furthvr demand and may invoke the power of sale and any other remedies permitted by Applicable Laxs. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall gist, tmtice of intent to foreclose to Borrower and to the person in possession of the Property, if differt, tn, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the maturer provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sohl iu the manner prescribed by Applicable Law. Lender or its designee may purchase the Property .'it a,t)' sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses ot' thc sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this St'curity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this 5;cctnity 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 tu a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. 000690020658 (~-6A(WY) Iooos).m Page 13 of 15 1/01 O.f 79 BY SIGNING BELOW, Borrower accepts and agrees tt~ thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower m~d ~cco,-dcd with it. Witnesses: (Seal) S t a n s e 11 -laorrower Chari s~ S~ansel 1V~- ,L (; ',~"-) (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower 000690020658 (~}~6A{WY) {0005),0~ Page 14 of 15 Form 3051 1/01 STATE OF Vv'YOMING, Wyoming The foregoing instrument was acknowledged before me th ix by Jay R. Stansell and Charis A. Stansel] 24th day Countyss: of December, 2004 My Commission Expires: February 2, ~U,,EY&,~I~OAU. · NOTARY~ ] Notary Puhhc 000690020658 (~-6AIWY) (ooo~.o~ Pa9e 15 of 15 Form 3051 1/01 n, 81 Exhibit "A" LOT 4 OF THE ASPEN SPRINGS SECOND SUBDIVISION, LINCOLN COUNTY, WYOMING, AS DESCRIBED ON THE OFFICE PLAT THEREOF. APN# 12-2115-05-2-00-010.