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HomeMy WebLinkAbout905842RemmTo: ~ELLS FAR~) HOI~ MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepared By: WELLS PARCO BANK, N.A. 1919 DOUGLAS,, OMAHA, 681010000 NE RECEIVED 1/12/2005 at 3:27 PM RECEIVING # 905842 BOOK: 577 PAGE: 84 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, [Space Above This Line For Recording MORTGAGE DEFINITIONS Words used in multiple sections of this documem are defined bcl,w and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the us:igc of words used in this document are also provided in Section 16. (A)"S~urityInstrument"means thisdocument, wMchisdatedJANuARY 07, 2005 , together with ~lRiderstothisdocument. (B)"Borrower"isDAVID S CHRISTIE, A MARRIED PERSON AND ROBERT C CHRISTIE, A MARRIED PERSON AND JOYCE A CHRISTIE, A MARRIED PERSON Borrower is the mortgagor under this Security Instrument. (C) "Lender" is WELLS PARCO BANK, N.A. Lender is a NATIONAL ASSOCIATION organized and existing under the laws of THE UNITED STATES 0049275787 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Page 1 of 15 Initiads:~ VMP MORTGAGE FORMS - (800)52~291 Form 3051 1/01 ;;:;!::8:;" :!?': O O5S4;8 0O85 Lender' s address is P.o. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Instrument. (D) "Note" means the promissory note signed by Borrower and dated JANUARY 07, 2005 The Note states that Borrower owes Lender ~-IGHT¥ S~..VEIN THOUSAND SEVEN HIYNDR~..D ~ 00 / 100 Dollars (U.S. $ *****87,700.00 ) plus interest. Borrower has prml~iscd to pay this debt in regular Periodic Payments and to pay the debt in full not later than v~.BRu~Y 01, 2035 0g) "Property" means the property that is described below under thc heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, :,nv prepayment charges and late charges due under the Note, and all sums due under this Security Instrulnc,~t. plus interest. (G) "Riders" means all Riders to this Security Instrument that :ttc executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [--] Adjustable Rate Rider [-~ Condominium Rider '. i_-J Second Home Rider [---] Balloon Rider [-'3 Planned Unit Development Rider 1~_ 1-4 Family Rider [~] VA Rider [~ Biweekly Payment Rider l l]~ Other(s) [specifyl (H) "Applicable Law" means all controlling applicable fedcr:d, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and Assessments" mc:ms :tll dues, fees, assessments and other charges that are imposed on Borrower or the Property by a cm~donfi~fium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, I~th~r than a transaction originated by check, draft, or similar paper instrument, which is initiated tlu{mgh 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 to. i),fint-ot:sale transfers, automated teller machine transactions, transfers initiated by telephone, wire tt:tnsfers, and automated clearinghouse transfers. 00 "Escrow Items" means those items that are described in Sec ti, m 3. (L) "Miscellaneous Proceeds" means any compensation, settlen~cut, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under thc c~,vcrages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation ~l other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrclu'cs~:ntations of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender :~g;~i nsf the nonpayment of, or default on, the Loan. (N) "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 Insuumcut. (O) "RESPA" means the Real Estate Settlement Procedures Act ¢ 12 U .S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), ',t~ th~:y nfight be amended from time to time, or any additional or successor legislation or regulation that g~vcrns the same subject matter. As used in this Security Instrument, "RESPA" refers to all requirements ;tll(l restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does nt~t tlttalify as a "federally related mortgage loan" under RESPA. I~I~-6(WY) {ooo51 Page 2 of 15 hamals. ,~_~._ Form 3051 1/01 (P) "Successor in Interest of Borrower" means any party that ha~ taken title to the Property, whether or not that party has assumed Borrower's obligations under the Nolo ',md/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment oI' thc Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Bomm'c~'s cOVel~ants and agreements under this Security Instrument and the Note. For this purpose, Borrower discs hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale. thc tbllowing described property located in the COUNTY of LINCOLN : [Type of Recording lur~diction] I N au ~c o f Recording Jurisdiction] LOT 56 OF THE THREE RIVER MEADOWS ESTATES SUBDIVISION "B", LINCOLN COUNTY, WYOMING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. TAX STATEMENTS SHOULD BE SENT TO= WELLS FARGO HOME MORTGAGE, P.O. BOX 10304, DES MOINES, IA 503060304 ParcelID Number: 12-3718-28-3-07-03~. 445 MEADOWS ROAD ALPINE ("Property Address"): which currently has the address of [Streetl Wyoming 83128 [zip Code[ TOGETHER WITH all the improvements now or hcrcal'tcr erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of thc foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully sci~cd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that titc Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend ge,orally die title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform cmcn:tnts for national use and non-uniform covenants with limited variations by jurisdiction to constitute a md Ib rm security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenam :md agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prt, l,iyment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on thc debt evidenced by the Note and any prepayment charges and late charges due under the Note. Bor,'m~ cr shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this ,%curity Instrument shall be made in U.S. currency. However, if any check or other instrument received b) I.cnder as lqayment under the Note or this ~'ti~t'~)~LTk'~{ - Form 3051 1/01 J~-6JWY) {ooosl P~g, a of '11~ ; 0C8' , Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in tmc 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 an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at thc location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the paymc.t or partial payments are insufficient to bring the Loan current. Lender may accept any payment or parti,I payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to i~s rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled duc date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such l'unds will be applied to the outstanding principal balance under the Note immediately prior to foreclostn'c. No offset or claim which Borrower might have now or in the future against Lender shall relieve Bm'rt~wcr frown making payments due under the Note and this Security Instrument or performing the covenants ,nd agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as ~thcrwisc described in this Section 2, all payments accepted and applied by Lender shall be applied in thc l'{~llowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) am~mnts clue under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amoums duc 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 which 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 outstanding, l.cnder may apply any payment received from Borrower to the repayment of the Periodic Payments if, and it> thc extent that, each payment can be paid in full. To the extent that any excess exists after the payment ix applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in t lie Note. Any application of payments, insurance proceeds, or Miscctlcmcous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thc ',tmtmnt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender {m thc day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds"l t~ provide for payment of amounts due for: (a) taxes and assessments and other items which can attain primity over this Security Instrument as a lien or encumbrance on the Property; Co) leasehold payments ot ~tmnd rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lcmlcr in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of S~cti~m 10. These items are called "Escrow Items." At origination or at any time during the term of the L,~:m, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed b3 Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly Itn nish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds lin' 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 Items ~t :my time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay dircctl.~, when and where payable, the amounts (~i~-6(WY) (ooo~) Pa~, n o~ ~ ~ Form 3051 1/01 due for any Escrow Items for which payment of Funds has been x~ aired by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment wiflli~ ~uch time period as Lender may require. Borrower's obligation to make such payments and to provide receipts xhatl for all purposes be deemed to be a covenant and agreement contained in this Security Instrumc~t. ax the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Itcmx directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Le,,lcr may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escr,,x~ hems at any time by a notice given in accordance with Section 15 and, upon such revocation, Born~x~ ct' xhall 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 an l~wllt (a) x uflicient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to c),cccd the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Ftmds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items ~,~ ,~thcrwise in accordance with Applicable Law. The Funds shall be held in an institution whose dcp,,sits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an ins ti trillion whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pa) the Excrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for ht,tding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, t, ~lcss Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge, tluless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lcl~dCr xhall uot be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender ca~ agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, withmat charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If thc~c ix 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 accord',,~cc with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escr~w, ax defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay t~ Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more th;,~ 12 monthly payments. Upon payment in full of all sums secured by this Security I,xt,'ument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assc~mcntx, charges, fines, and impositions attributable to the Property which can attain priority over this .qcct,rity Instrument, leasehold payments or ground rents on the Property, if any, and Community Associatim~ l)ucx, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pa3: them in the ~nauner provided in Section 3. Borrower shall promptly discharge any lien which has p~ i,~t ity over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agiccment; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal procecdi,gs which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings arc pcndiug, but only until such proceedings are concluded; or (c) secures from the holder of the lien an ag,-ccmcnt satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that ;,n.~ pat't of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~-6(WY) Iooo~1 P~ ~ o~ ~ Form 3051 1/01 lien. Within 10 days of the date on which that notice is given, Ilt,~ ,myer 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 charge I'm' a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improxcmcnts now existing or hereafter erected on the Property insured against loss by fire, hazards included withitt thc tcrnl "extended coverage," and any other hazards including, but not limited to, earthquakes and lh,~ds, 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 precedings: sentences can change during the term of the Loan. The insurance carrier providing the insurance shall h~: ch{~sen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall n~,t bc exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a o~c-~imc charge for flood zone determination and certification services and subsequent charges each time ~c~appings or similar changes occur which reasonably might affect such determination or certification. II~,~rmver shall also be responsible for the payment of any fees imposed by the Federal Emergency M:~t:t,...,cment Agency in connection with the review of any flood zone determination resulting from an objec~i,,~ by Borrower. If Borrower fails to maintain any of the coverages desc~ ihcd above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lendc~ is under no obligation to purchase any particular type or amount of coverage. Therefore, such cover:~,,c shall cover Lender, but might or aright not protect Borrower, Borrower's equity in the Property, or Otc c,mtcnts 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 obt:fi~cd might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbm'scd by Lender under this Section 5 shall become additional debt of Borrower secured by this Security ln~tiument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be p:t.~.,~blc, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals ~1' such policies shall be subject to Lender's right to disapprove such policies, shall include a standard n~,,~tgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall haxc ~hc right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give t~, l.cndcr all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance c~xctag¢, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shzdl include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss pa~ cc. In the event of loss, Borrower shall give prompt notice t,~ thc insurance carder and Lender. Lender may make proof of loss if not made promptly by Borrower. Ul~lcss Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underl3 ing insurance was required by Lender, shall be applied to restoration or repair of the Property, if the resto~:~hm or repair is economically feasible and Lender's security is not lessened. During such repair and restm",~ti,m period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity t~, inspect such Property to ensure the work has been completed to Lender's satisfaction, provided ~l~:~t such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rc~,,r:ttion in a single payment or in a series of progress payments as the work is completed. Unless an agrcc~cm is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lendc~ ~hall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shcdl be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lende~ '~ security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with (~-6(WY} {ooos} Page a of ~s ~'~'t'a~s' %-'-k~--~ Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds Nh:dl bc applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, ~l,'g,~tiate and settle any available insurance claim and related matters. If Borrower does not respond widfi. ~ll days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender nnlx ~cgotiatc and settle the claim. The 30-day period will begin when the notice is given. In either event. ~,~ if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lend~q t:tl Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid und~q th~. Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to :t,x refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, i~.l'ar 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 Instrum~..t, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and ,~c thc Property as Borrower's principal residence within 60 days after the execution of this Security In:;trumcnt and shall continue to occupy the Property as Borrower's principal residence for at least one year :thor the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be m.c:t~mtably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the P,'Ol}CrD,; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Propc% t,~ deteriorate or commit waste on the Property. Whether or not Borrower is residing in the Propert.~, ll(~rrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing i, x,'duc due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration i~ ~,,t ccononfically 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 takiug of, the Property, Borrower shall be responsible for repairing or restoring the Property onlx il' Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and rcst~.':ttion in a single payment or in a series of progress payments as the work is completed. If the insurance ~ ctmdcnmation proceeds are not sufficient to repair or restore the Property. Borrower is not relieved of l~,,t rt~wcr's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon :~d inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the impr,~v~'~cnts tm the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspccti,,n specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be it~ clcthult if, during the Loan application process, Borrower or any persons or entities acting at thc clirc~:ti¢,n of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or in:~cc't.'ate inlbrmation or statements to Lender (or failed to provide Lender with material information) i. counection with the Loan. Material representations include, but are not limited to, representatio,s o',interning 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 co~t:~i,cd in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's i~,crcst in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, p~,,batc, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this ~q~'~urity Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, th~'~ I.cadcr may do and pay for whatever is reasonable or appropriate to protect Lender's interest in th~: Iq'~q~crty and rights under this Security Instrument, including protecting and/or assessing the value of th~- l','opcrty, and securing and/or repairing the Property. Lender's actions can include, but are not limited t~,: (al paying any sums secured by a lien which has priority over this Security Instrument; (b) appc:.i.g in court; and (c) paying reasonable (~'6(WY) (ooo~1 Pag. 7 of 16 h~tials: ~_ ~,/ Form 3051 1101 y. attorneys' fees to protect its interest in the Property and/or rights m~dcr this Security Instrument, including its secured position in a bankruptcy proceeding. Securing thc Ih,g)erty inchides, but is not limited to, entering the Property to make repairs, change locks, replace or b~;ted tip doors and windows, drain water from pipes, eliminate building or other code violations or dangc~,us conditions, and have utilities turned on or off. Although Lender may take action under this Section 9. l.cndcr does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender i,curx m) liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 .qr, lll become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon nt~ti~'c fi'mn Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower sh;lll cmnply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold ',md the lee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Inst.:race as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortg,~c l.surance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to bc :~x :filable from the mortgage insurer that previously provided such insurance and Borrower was required t,, make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall i~;iy the prelnimns required to obtain coverage substantially equivalent to the Mortgage Insurance plcx itmsly iu effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance i,cvit)usly in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalcm ,Xlm-tgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount ~,1 thc separately designated payments that were due when the insurance coverage ceased to be in effect, l.c.dcr will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultin~.clx paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss lc~.~vc. Lender can no longer require loss reserve payments ff Mortgage Insurance coverage (in the amount ;md li}r the period that Lender requires) provided by an insurer selected by Lender again becomes av',til:d)le, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage t,sul-ance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower w:ts ~cquircd to make separately designated payments toward the premiums for Mortgage Insurance, Borr~x~ct' shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a nonqcttmdable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with an3 x~ ~i ttt:n agreement between Borrower and Lender providing for such termination or until termination is rcq u i ted by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate I~t.vided in the Note. Mortgage Insurance reimburses Lender (or any entity that pt,chases file Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. B{. ti.wet is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insur;.~,'c in force from time to time, and may enter into agreements with other parties that share or modify thci~ ~isk. m' reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage i~urer and the other party (or parties) to these agreements. These agreements may require the mortgage i,~u~er to lnake payments using any source of funds that the mortgage insurer may have available (which m:t.~ i.clude funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of thc Nt~te, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may rccc:ixc (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrowc~'~ payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk. ,.- reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to' the insurer, the arrangement is often termed "cztptive reinsurance." Further: (a) Any such agreements will not affect the amounts Ih:il Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agrcements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not cmiHe Borrgwer to any refund. (~¥6(WY) (ooo~l Va~e a o~ ~a Form 3051 1/01 (b) Any such agreements will not affect the rights Borro~er has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Acl of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have'the Mortgage Insurance termin:~lt, d automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unt,:,'ncd at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiturt,. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceed~ ~h~dl b~ applied to restoration or repair of the Property, if the restoration or repair is economically l'ez~ihlc alld Lender's security is not lessened. During such repair and restoration period, Lender shall have thc ~i,~ht to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property t~ elisure the work has been completed to Lender's satisfaction, provided that such inspection shall be u~tlcrt:~kcn promptly. Lender may pay for the repairs and restoration in a single disbursement or in a scric~ ~f progress payments as the work is completed. Unless an agreement is made in writing or Applicahl~: l.:~w requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pa3 l~,~rrowcr any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not eco~,~,~i c~l ly feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc ~t~s secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Bor,',,~ c'r. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss i, x:~lt~e of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Securitx I~trument, 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:th~c ~f the Property in which the fair market value of the Property immediately before the partial taking~ d~'~tructio~l, or loss in value is equal to or greater than the amount of the sums secured by this Securit~ I~trtm~ent ilmnediately before the partial taking, destruction, or loss in value, unless Borrower and Lc~dcr otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by thc ~m~ou~t 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 by (b) the h~i~ .~:trket value of the Property immediately before the partial taking, destruction, or loss in value. Any bah~cc shall be paid to Borrower. In the event of a partial taking, destruCtion, or loss in v:~l,~, o~' the Property in which the fair market value of the Property immediately before the partial taking, d~-~trts~:tion, or loss in value is less than the amount of the sums secured immediately before the partial t:~kitt~, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscell:t~c,,t~s Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums arc thc~a duc. If the Property is abandoned by Borrower, or if, ahcr ~oticc by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to m:~.~' :~tt award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the dz~tc thc notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to re~t~,t:~tion or repair of the Property or to the sums secured by this Security Instrument, whether or not then d~:c'. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party agaitx~t whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, x~hcthcr civil or criminal, is begun that, in Lender's judgment, could result in forfeiture of the Propert) ,~r other material impairment of Lender's interest in the Property or rights under this Security Instrumct~t. Horrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19. bx causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, preclude~ fi~rfcitm'e of the Property or other material impairment of Lender's interest in the Property or rights undc~ this Security Instrument. The proceeds of any award or claim for damages that are attributable to the iml~i~ mc~it of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to r¢:~t,~;ttio~i or repair of the Property shall be applied in the order provided for in Section 2. h~itia[~ (~-6(WY) (ooo~l Pag~ a of ~ Form 3051 1/01 ..0§93 12. Borrower Not Released; Forbearance By Lender N.I a Waiver. Extension of the time for payment or modification of amortization of the sums secured by thi~ Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not "l~'r',"c to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be rc~tluircd to conunence proceedings against any Successor in Interest of Borrower or to refuse to extend tilnc t~sr payment or otherwise modify amortization of the sums secured by this Security Instrument by ~c:~,~ of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of l~a3mcnts from third persons, entities or Successors in Interest of Borrower or in amounts less than the annuitant 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 joint ~ nd several. However, any Borrower who co-signs this Security Instrument but does not execute the Nt~tc (n "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the consignor's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated t~, pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower ~';n~ agree to extend, modify, forbear or make any accommodations with regard to the terms of this Sc~'tt~ity I,strument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Success~,, in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrum~'nt. Borrower shall not be released from Borrower's obligations and liability under this Security Instrum~'nt unless Lender agrees to such release in writing. The covenants and agreements of this Security Inst, u~icnt shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees l'~ ~rviccs performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' l(.c,, pr~perty inspection and valuation fees. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the chznging of such fee. Lender may not charge fees that are expressly prohibited by this Security Instrument or b) Applicable Law. If the Loan is subject to a law which sets maximum loan cha~ ~cs, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by fl~e amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected i~n~ Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to ln:~k~' this refund by reducing the principal owed under the Note or by making a direct payment to Bo~,x~cr. If a refund reduces principal, the reduction will be treated as a partial prepayment without a~x i,cpayment charge (whether or not a prepayment charge is provided for under the Note). Borrower~ :~cceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right ~I' ,cti~n~ Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in c'~,nnection with this Security Instrument must be in writing. Any notice to Borrower in connection with ihi~ Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail ,,~ when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borroxxc~ ~h~lll constitute notice to all Borrowers unless Applicable Law expressly requires otherwise. The noti~'c ',tdctrcss shall be the. Property Address unless Borrower has designated a substitute notice address by n,,ti~'c to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specil]c~ a procedure for reporting Borrower's change of address, then Borrower shall only report a change ol' ',,Iclrcss through that specified procedure. There may be only one designated notice address under this Ncct.'ity Instrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another addres~ I~x notice to Borrower. Any notice in connection with this Security Instrument shall not be deemed t. h.,vc been given to Lender until actually received by Lender. If any notice required by this Security h~tt,ncnt is also required under Applicable Law, the Applicable Law requirement will satisfy the corrcgl~,,nding requirement under this Security Instrument. ~LT. (~-6(WY) (ooos) Page lO of 15 Form 3051 1/01 16. Governing Law; Severability; Rules of Construt'rm~. This Security Instrument shall be governed by federal law and the law of the jurisdiction in whicl~ thc Property is located. All rights and obligations contained in this Security Instrument are subject t{~ :my requirements, and limitations of Applicable Law. Applicable Law might explicitly or implicitly :dhow the parties to agree by contract or it might be silent, but such silence shall not be construed as a pr~hibitim~ against agreement by contract. In the event that any provision or clause of this Security Instrumc,~t m' the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Secu~itx lnstrmnent or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the m:~ctllinc gender shall mean and include corresponding neuter words or words of the feminine gender; ~b) words in the singular shall mean and include the plural and vice versa; and (c) the word "may" givc~ stoic discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy o1' tlt~ N~te and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in thc Property, ihcluding, but not limited to, those beneficial interests transferred in a bond for deed, contt :,ct lilt deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by B,,,~m'er at a future date to a purchaser. If all or any part of the Property or any Interest in the Propc~ ty ix sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is s~hl (~r transferred) without Lender's prior written consent, Lender may require immediate payment in lull ~i~ :dl sums secured by this Security Instrument. However, this option shall not be exercised by l.cndcr it' such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Borrox~c, nmice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice ix given in accordance with Section 15 within which Borrower must pay all sums secured by this Scc,, it3 Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender n~x it,x't~kc auy remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. 1I' Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Secu~ ily Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property imrsu;tnt to any power of sale contained in this Security Instrument; (b) such other period as Applicable l.:m might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment cnfi~tcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which th~n would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) cmos any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Seem i~x Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuati.t~ l'ces, and other fees incurred for the purpose of protecting Lender's interest in the Property and right~ under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure th;~t Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation t~, pz,y the stuns secured by this Security Instrument, shall continue unchanged. Lender may require that l~,~rowcr pay such reinstatement sums and expenses in one or more of the following forms, as selected bx t.cndcr: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, t~vidcd any such check is drawn upon an institution whose deposits are insured by a federal agency, i~tt umcntality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, this Security I t~strument and obligations secured hereby shall remain fully effective as if no acceleration had occurred, lit}worst, 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 Gricxauce. The Note or a partial interest in the Note (together with this Security Instrument) can be sold m~c or more times without prior notice to Borrower. A sale might result in a change in the entity (knmx n as thc "Loan Servicer") that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, :md Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale o~' thc Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change x~hi~h will state the name and address of the new Loan Servicer, the address to which payments should br ~,:~tlc and any other information RESPA (~-6(WY) 1ooo~} Pag. ~ of ~5 ~,,,a~,~ Form 3051 1/01 0 95 requires in connection with a notice of transfer of servicing. Il' thc Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Nt}tc. thc mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transfer[cd ~ ,'t successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc N~tc purchaser. Neither Borrower nor Lender may commence, join, or bc i~,incd to any judicial action (as either an individual litigant or the member of a class) that arises from thc {)ther party's actions pursuant to this Security Instrument or that alleges that the other party has breached ally provision of, or any duty owed by reason of, this Security Instrument, until such Borrower or Lendcl has notified the other party (with such notice given in compliance with the requirements of Section 15} t)l' such alleged breach and afforded the other party hereto a reasonable period after the giving of s~ch notice to take corrective action. If Applicable Law provides a time period which must elapse bcI',,tc certain action can be taken, that time period will be deemed to be reasonable for purposes of this p:~t':tgraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 ',md the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy thc ~ticc 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 defined as toxic or hazardous substances, pollutants, t,t' wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or t~xic pcm)leum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos m Im'maldehyde, and radioactive materials; (b) "Environmental Law" means federal laws and laws of the juri~dictiol~ where the Property is located that relate to health, safety or environmental protection; (c) "Envi~mmcntal Cleanup" includes any response action, remedial action, or removal action, as defined in Envir~mmcntal Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to. m' mherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disp~,s:d, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on m' in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a~ that is ii! violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) whk'h, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects thc \'alue of the Property. The preceding two sentences shall not apply to the presence, use, or storage mi the Property of small quantities of Hazardous Substances that are generally recognized to be aplmq~riate to normal residential uses and to maintenance of the Property (including, but not limited to, hazel &,us substances in consumer products). Borrower shall promptly give Lender written notice of (a~ ;,~s investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or prix;~tc party involving the Property and any Hazardous Substance or Environmental Law of which B~x~cr has actual knowledge, (b) any Environmental Condition, including but not limited to, any spil Ii ng, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the I'~,l)crty. If Borrower learns, or is notified by any governmental or regulatory authority, or any private pa~t)', that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, [l~t ro \\'er shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothin~ hcx'ein shall create any obligation on Lender for an Environmental Cleanup. (~-6(WY) (ooos} Pag= 12 of 15 lc, ual :?~.~ Form 3051 1/01 uLO096 NON-UNIFORM COVENANTS. Borrower and Lender furthc, covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to B,,'rmver prior to acceleration following Borrower's breach of any covenant or agreement in this gt.cm'ity Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides od~er~vise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must lie cured; aud (d) that failure to cure the default on or before the date specified in the notice may resul~ itl acceleration of the sums secured by this Security Instrument and sale of the Property. The noticc shall further inform Borrower of the right to reinstate after acceleration and the right to bring a corn'! actiou to assert the non-existence of a default or any other defense of Borrower to acceleration nmi sale. If the default is not cured on or before the date specified in the notice, Lender at its option ma~ ,'vquire immediate payment in full of ali sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable La~v. I~t.mler shall be entitled to collect all expenses incurred in pursuing the remedies provided in this ~t't'lion 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give ,mdce of intent to foreclose to Borrower and to the person in possession of the Property, if differem, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the ma,mcr provided in Section 15. Lender shall publish the notice of sale, and the Property shall be sold in d,e nm,mcr prescribed by Applicable Law. Lender or its designee may purchase the Property at an) sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of tilt. sale, iucluding, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Sect,,'ity Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Seem it>' Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs, l.cnd<r nmy charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights trader and by virtue of the homestead exemption laws of Wyoming. (~-6(WY) (00061 Pag. 13 of 15 Form 3051 1/01 0097 BY SIGNING BELOW, Borrower accepts and agrees to tl~c terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and tcuorded with it. Witnesses: (Seal) -Borrower (Seal) -Borrower ROBERT CHRISTIE (Seal) (Seal) -Bo~ower -Bo~ower (Seal) (Seal) -Borrower -Borrower (~6(WY) (ooo6~ Page 14 of 16 Form 3051 1/01 STATE OF WYOMING, r. INCOr. N County ss: by The ~regoingimtmmentwasacknowledgedbe~re me fllis 7Lh day of January, 2005 DAVID $ CHRISTIE AND ROBERT C CHRISTIE AND JOYCE A CHRISTIE, by their Attorney.in-Fact David S. Christie My CommLqsion Expires: Fi~bruary 2, 2006 Notary Publk (~-6G(WY) (ooosl P~. ~s of ~s Form 3051 1/01