HomeMy WebLinkAbout905879After Recording Return To:
SRI
100 BUSH ST, STE. 1650
SAN FRANCISCO, CA 94101
RECEIVED '~/13/2005 at 3:50 PM
RECEIVIr'JG # 905879
BOOK: 5-// PAGE: 121
J~ ANNE WAGNER
LINCOLN COUi.ITY CLERK, KEMMERER, WY
[Space Above This Line For I~ccm'tling Data]
MORTGA( ;E
~4ALONE
LOAN NLIlqBm. R: 11123771
PARCEL NI31q~ER: 37183040006300
DEFINITIONS
Words used in multiple sections of this document are defined bc I,,.,s ~md other words are defined in Sections 3, l 1,
13, 18, 20 and 21. Certain rules regarding the usage of words u,c,i ~ thi~ document are also provided in Section 16.
(A) "Security Instrument" means this document, which is dated
together with all Riders to this document.
(B) "Borrower" is BRIAN lqALONE AND SARA ANN NALONE
JANUARY 6, 2005
Borrower is the mortgagor under this Security Instrument.
(C) "Lender" is SRI
Lender is a CORPORATION organized and existing under the
laws of CALIFORNIA . I ~tlcl's address is 100 BUSH STREET
STE. 1650 SAN FRANCISCO, CA 94104
Lender is the mortgagee under this Security Instrument.
(D) "Note" means the pron-fissory note signed by Borrower and ,l~,lcd JANUARY 6, 2005
The Note states that Borrower owes Lender
ONE HUNDRED FIFTY-THREE THOUSAND AND 00/100
Dollars (U.S. $ 153,000.00 } t,lt,, interest. Borrower has promised to pay this
debt in regular Periodic Payments and to pay the debt in full not I~1~., than FEBRUARY 1, 2035
(E) "Property" means the property that is described below un&.~ ~l~c heading "Transfer of Rights in the Property."
(F) "Loan" means the debt evidenced by the Note, plus imc,~..I atLv prepayment charges and late charges due
under the Note, and all sums due under this Security Instrumenl. 1,1~,-. interest.
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Form 3051 1/01
G) "Riders" means all Riders to this Security Insn-ument thru ;~ ~. ,..'~ccmed by Borrower. The following Riders are
to be executed by Borrower [check box as applicable]:
[] Adjustable Rate Rider
[] Balloon Rider
[] 1-4 Fanfily R/der
[] Condominium Rider
[] Planned Unit Developmc~l I< idcr
[] Other(s) [specify]
[] Second Home Rider
[] Biweekly Payment Rider
(H) "Applicable Law" means all controlling applicable feder:d t~tl~. ~md local statutes, regulations, ordinances and
adnfimstrative rules and orders (that have the effect of laxv) an '11 a~ z~ll applicable final, non-appealable judicial
opinions.
(I) "Community Association Dues, Fees, and Assessments" ~ .:~, zdl dues, fees, assessments and other charges
that are in-~posed on Bon'ower or the Property by a condonuni~ :t~s~ciation, homeowners association or sinular
organization.
(J) "Electronic Funds Transfer" means any transfer of fitnds. ,,~1~.~ thau a transaction originated by check, draft,
or similar paper instrument, which is initiated through an elec~,,~,' tc~'minal, telephonic instrument, computer, or
magnetic tape so as to order, instruct, or authorize a financial l~liltllitm to debit or credit an account. Such term
includes, but is not limited to, point-of-sale transfers, automa~.,t ~.llc~ machine transactions, transfers initiated by
telephone, wire transfers, and automated clearinghouse transfe~ s
(K) "Escrow Items" means those items that are described in Sc,~ ~,,~t 3.
(L) "Miscellaneous Proceeds" means any compensation, settl~.~, ~t. award of damages, or proceeds paid by any
third party (other than insurance proceeds paid under the covc~t~:,.~ described in Section 5) for: (i) danmge to, or
destruction of, the Property; (ii) condenmation or other taking t,l ~!1 ,,~' any part of the Property; (iii) conveyance in
lieu of condemnation; or (iv) misrepresentations of, or omissiotl, .l-, t,,. the value and/or condition of the Property.
(M) "Mortgage Insurance" means insurance protecting Lender :~,:,t~t the nonpayment of, or default on, the Loan.
(N) "Periodic Payment" means the regularly scheduled amoLllll ,lttc t~.)r (i) principal and interest under the Note,
plus (ii) any amounts under Section 3 of this Security Instmmem
(O) "RESPA" means the Real Estate Settlement Procedures .\,~ t l ) [*.S.C. §2601 et seq.) and its implementing
regulation, Regulation X (24 C.F.R. Part 3500), as they nfight t,, ~tltlcndcd from time to time, or any additional or
successor legislation or regulation that governs the same sttt~p..cl tlnHlcr. As used in this Security Instrument,
"RESPA" refers to all requirements and restrictions that arc t~l~**.~ccl in regard to a "federally related mortgage
loan" even if the Loan does not qualify as a "federally related m,,~ t!~:~gc l{)an" under RESPA.
(P) "Successor in Interest of Borrower" means any party th:~I 1~,, t~d<cn title to the Property, whether or not that
party has assumed Bo,-rower's obligations nnder the Note and~,~ I lti Security Insn'ument.
TRANSFER OF RIGHTS IN THE PROPERTY
This Security Instrument secures to Lender: (i) the repayment: ,,I thc Loan, and all renewals, extensions and
modifications of the Note; and (ii) the performance of Borroxx ~ ~. c~vcnants and agreements under this Security
Instrument and the Note. For this purpose, Borrower does h~.~l,x mortgage, grant and convey to Lender and
Lender's successors and assigns, with power of sale, the follox~ tit, , t,.qceibcd property located in the
COUNTY
(Type of Recording Ju,'isdiction el LINCOLN :
{ Naln¢ of Recording Jurisdiction)
THE LAND REFERRED TO IN THIS COMMITMENT IS Id<SCRIBED AS FOLLOWS: LOT 13
OF RIVER VIEW MEADOWS ADDITION TO THE TOWN (d? ALPINE, LINCOLN COUNTY,
WYOMING AS DESCRIBED ON THE OFFICIkL PLAT FILED JULY 2, 1993 AS INSTRUMENT
NO. 767416 OF THE RECORDS OF THE LINCOLN COU!ITY CLERK.
which currently has the address of 366 DEER LANE
[Street]
ALPINE ,Wyoming 831 ? ~ ("Property Address").
[City] ti, * ,~dcI
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTI<I \11 "~1
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Form 3051 1/01
TOGETHER WITH all the improvenrents now or hc~.:~l~,.~ c~cctcd on the property, and all easements,
appurtenances, and fixtures now or hereafter a part of the prt)p~.~i., .\Il ,'eplacements and additions shall also be
covered by this Security Instrument. All of the foregoing is rel'el ~,., I i,~ in this Security Insn'ument as the "Property."
BORROWER COVENANTS that Borrower is lawfull', ...i/cd of the estate hereby conveyed and has the
right to mortgage, grant and convey the Property and that the lq,,[~,'l tx ~s unencumbered, except for encumbrances
of record. Borrower warrants and will defend generally the tid.. t,, thc Property against all claims and denmnds,
subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines unifo~,~ .',,vcnants for national use and non-uniform
covenants with linfited variations by jurisdiction to constitute a tm, l,,tt 11 security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covcn,m ;tnd a~cree as follows:
1. Payment of Principal, Interest, Escrow Items, Prcp:t? illcnl Charges, and Late Charges. Borrower
shall pay when due the principal of, and interest on, the debt cx ,,i...~t~'cd by the Note and any prepayment charges
and late charges due under the Note. Borrower shall also p~t3 itmds t't31' Escrow Items pursuant to Section 3.
Payments due under the Note and this Security Instrmrrent shall b~. ~,,lc m U.S. currency. However, if any check or
other insn'ument received by Lender as paynrent under the Nolo ,,~ thi~ Security Instrument is retm'ned to Lender
unpaid, Lender may require that any or all subsequent payment~ ,itt, t tttdcr ll~e Note and this Security Instrument be
made in one or more of the following forms, as selected by Lend,.t: t~tl cash; (b) money order; (c) certified check,
bank check, treasurer's check or cashier's check, provided ah'., .u,'h check is dravar upon an institution whose
deposits are insured by a federal agency, insn'umentality, or entit,, ,,~ Id l t!lcctronic Funds Transfer.
Paynrents are deemed received by Lender when receix ~.,I ~t ~1~' lt~cation designated in the Note or at such
other location as may be designated by Lender in accordance xm~tt~ t l~, mmcc provisions in Section 1 5. Lender may
return any payment or partial payment if the payment or partial p:~. ~,mts are insufficient to bring the Loan cun'ent.
Lender may accept any payment or partial payment insufficienl t,, brin~ the Loan current, without waiver of any
rights hereunder or prejudice to its rights to refuse such payment ,,~ l,:t~tial payments in the future, but Lender is not
obligated to apply such payments at the time such payments arc :~, ~'picd. If each Periodic Payment is applied as of
its scheduled due date, then Lender need not pay interest on tu~:~pl3licd l'tmds. Lender may hold such unapplied
funds until Borrower makes payment to bring the Loan currenl II l/~rmwer does not do so within a reasonable
period of thne, Lender shall either apply such funds or return th, ~ I,, lira-rower. If not applied earlier, such funds
will be applied to the outstanding principal balance under the 5,,,t,. ~mncdiately prior to foreclosure. No offset or
claim which Borrower n'fight have now or in the future a.~ztl~l-.i I cndcr shall relieve Borrower front making
pa3anents due under the Note and this Security Instrument or pc~ l,,~ ~m~ thc· covenants and agreements secured by
this Security Instrument.
2. Application of Payments or Proceeds. Except as {~tl~, ~ ~x i,c described in this Section 2, all payments
accepted and applied by Lender shall be applied in the followin,.~ ,,~,1~,~ t~f priority: (a) interest due under the Note;
(b) principal due under the Note; (c) amounts due under Section ~-,tt,:h payments shall be applied to each Periodic
Payment in the order in which it became due. Any remaining a~, ,tllll~ ~hall be applied first to late charges, second
to any other amounts due under this Security Instrument, and thc~ t,, icducc the principal balance of the Note.
If Lender receives a payment from Borrower for a delinqt~.t~t }'crit}dic Payment which includes a sufficient
amount to pay any late charge due, the pa)anent may be applied ~ dt~. delinquent payment and the late charge. If
more than one Periodic Payrnent is outstanding, Lender may :tl,t'.l.. amy payment received fi'om Borrower to the
repayment of the Periodic Payments if, and to the extent that, c,, 1~ t~t3mcllt can be paid in full. To the extent that
any excess exists after the payment is applied to the full paym~.~,t ,,I ,}n~· or nrore Periodic Payments, such excess
may be applied to any late charges due. Voluntary prepayments ~l~,tll I,c applied first to any prepayment charges and
then as described in the Note.
Any application of payments, insurance proceeds, or ;\1~., ~'l[am:ous Proceeds to principal due under the
Note shall not extend or postpone the due date, or change the am, ,~ ~t ,,i thc Periodic Payments.
3. Funds for Escrow Items. Borrower shall pay to Lend, ~ ,~ thc day Periodic Payments are due under the
Note, until the Note is paid in full, a sum (the "Funds") to prt~x ~,1, I,~ payment of amounts due for: (a) taxes and
assessments and other items which can attain priority over this S~.,'t~ ~x Instrument as a lien or encumbrance on the
Property; (b) leasehold payments or ground rents on the Propc~t. ~I :my; (c) premiums for any and all insurance
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required by Lender under Section 5; and (d) Mortgage In~m.~,,' pt'cmiums, if any, or any sunzs payable by
Borrower to Lender in lieu of the payment of Mortgage Insm :~t,, i~t cia irons in accordance with the provisions of
Section 10. These items are called "Escrow Items." At ori?~.tt~,,t~ ~' ~t any time during the term of the Loan,
Lender may require that Conm~unity Association Dues, Fees, :~,,1 \~cssmeuts, if any, be escrowed by Borrower,
and such dues, fees and assessments shall be an Escrow Item. 1;~,~ t,,~.x c.~ shall promptly funfish to Lender all notices
of amounts to be paid under this Section. Bon'ower shall pa3 i ,.~,1,.~ the Funds for Escrow Items unless Lender
waives Borrower's obligation to pay the Funds for any or ,~11 I~cmw Items. Lender amy waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Itenzs :~t :~t... lime. Any such waiver nmy only be in va'iting.
In the event of such waiver, Borrower shall pay directly, when :~,l ,.xl~crc payable, the amounts due for any Escrow
Items for which payment of Funds has been waived by Lend~'~ :tiM. il' Lender requires, shall furnish to Lender
receipts evidencing such payment witlfin such time period as I ~.~dct may require. Borrower's obligation to nmke
such payments and to provide receipts shall for all purposes bc d,:~ ,~cd tt~ bca covenant and agreement contained in
this Security Instrument, as the pba'ase "covenant and agreemc~t" ~ u~cd iii Section 9. If Borrower is obligated to
pay Escrow Items directly, pursuant to a waiver, and Borroxxc~ t~1~ to pay the amount due lbr an Escrow Item,
Lender nmy exercise its rights under Section 9 and pay such ail~l,,t~llt and Borrower shall then be obligated under
Section 9 to repay to Lender any such amount. Lender may rex ,,1.~. thc xxaiver as to any or all Escrow Items at any
time by a notice given in accordance with Section 15 and, up~,~ ~t~'h revocation, Borrower shall pay to Lender all
Funds, and in such amounts, that are then required under this Sc~ ~,,~ 3.
Lender nmy, at any time, collect and hold Funds in a~ :~llt*,tttlt (a) sufficient to pernfit Lender to apply the
Funds at the time specified under RESPA, and (b) not to exccc,I thc ln;~xmmnl amount a lender can require under
RESPA. Lender shall estinmte the amount of Funds due on thc I>:t~i~ t)l' current data and reasonable estimates of
expenditures of future Escrow Items or otherwise in accordance v ~tlt .\ pplicable Law.
The Funds shall be held in an institution whose dept,~tt:. :t~c insmed by a federal agency, instrumentality,
or entity (including Lender, if Lender is an institution whose dcI .... ~I~ ~lre so insured) or in any Federal Home Loan
Bank. Lender shall apply the Funds to pay the Escrow Items n~ I~ttc'l than the time specified under RESPA. Lender
shall not charge Borrower for holding and applying the Funds. it~ilitl~tll.,,' analyzing the escrow account, or verifying
the Escrow Items, unless Lender pays Borrower interest on thc I t~,,l~ ~md Applicable Law permits Lender to nmke
such a charge. Unless an agreement is made in writing or Appli,':~l,lc law requires interest to be paid on the Funds,
Lender shall not be required to pay Bon-ower any interest or eat ~3:, s ,,n tl~e Funds. Borrower and Lender can agree
in writing, however, that interest shall be paid on the Funds. I ct~dc~ shall give to Borrower, without charge, an
almual accounting of the Funds as required by RESPA.
If there is a surplus of Funds held in escrow, as definc,l t~,lc~' RESPA, Lender shall account to Borrower
for the excess funds in accordance with RESPA. If there is ,'~ ,l~,,~ I:~c of Funds held in escrow, as defined under
RESPA, Lender shall notify Borrower as required by RESI'.\. ,tim Bon-ower shall pay to Lender the amount
necessary to make up the shortage in accordance with RESPA, btt[ ill i1o more than 12 monthly payments. If there is
a deficiency of Funds held in escrow, as defined under RI:NI' \. I under shall notify Borrower as required by
RESPA, and Borrower shall pay to Lender the amount neccs~,~ i~} make up the deficiency in accordance with
RESPA, but in no more than 12 monthly payments.
Upon payment in full of all sums secured by this .qcc~ i~,, Instrument, Lender shall promptly refund to
Borrower any Funds held by Lender.
4. Charges; Liens. Borrower shall pay all taxes, assc~-~,.ms, charges, fines, and impositions attributable
to the Property which can attain priority over this Security ln~H~tllici/t, leasehold payments or ground rents on the
Propmty, if any, and Conanunity Association Dues, Fees, and \ .,~'s~mcnts, if any. To the extent that these items
are Escrow Iteim, Borrower shall pay them in the rammer provi,t, ,i ~ ~4cclion 3.
Borrower shall promptly discharge any lien which I,,,. p~mity over this Security Instrument unless
Borrower: (a) agrees in writing to the payment of the oblig:~l~,~ -.ccmcd by the lien in a nm~mer acceptable to
Lender, but only so long as Borrower is perfornfing such ag~', ~,~'m: th) contests the lien in good faith by, or
defends against enforcement of the lien in, legal proceedings .,. I~tc[i in Lender's opinion operate to prevent the
enforcement of the lien while those proceedings are pending, bm ,,~lx umil such proceedings are concluded; or (c)
secures fl'om the holder of the lien an agreement satisfacto,-x ~ I cndcr subordinating the lien to this Security
Instrument. If Lender determines that any pall of the Property ~, .t~l ,iu'ct to a lien which can attain priority over this
Security Instxument, Lender may give Borrower a notice idea,il ~.~ thc lien. Within 10 days of the date on which
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INS]Ill X[l\ I
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Form 3051 1/01
O!
that notice is given, Borrower shall satisfy the lien or take one c~ ~,,~. t~l' the actions set forth above in this Section
4.
Lender may require Bon'ower to pay a one-time chare,~ ~,,t :t rc:~l estate tax verification and/or reporting
service used by Lender in cormection with this Loan.
5. Property Insurance. Bon'ower shall keep the imp~,,. ,'~,'nts now existing or hereafter erected on the
Property insured against loSs by fire, hazards included within th,. ~..~ ~t "c×tended coverage," and any other hazards
including, but not linfited to, earthquakes and floods, for which I . ~,1~ ~'cquires insurance. This insurance shall be
nmintained in the amounts (including deductible levels) and li,~ ~1~,. periods that Lender requires. What Lender
requires pursuant to the preceding sentences can change duller., ibc term of the Loan. The insurance carrier
providing the insurance shall be chosen by Borrower subject t~, t ,.~tlc~'s right to disapprove Borrower's choice,
which right shall not be exercised unreasonably. Lender nmy requ~, l;,~towcr to pay,' in connection with this Loan,
either: (a) a one-time charge for flood zone deternfination, c¢~tlll,'~tlit~ll and tracking services; or (b) a one-time
charge roi' flood zone deternfination and certification services :~4,t ~ttbscquent charges each time remappings or
similar changes occur which reasonably nfight affect such detcs~.t~ttm or ce,-tification. Borrower shall also be
responsible for the payment of any fees imposed by the Fede,;~l I~,~c~ gcncy Management Agency in connection
with the review of any flood zone determination resulting from a~ ,,I ,i,'ct~tm by Borrower.
If Borrower fails to maintain any of the coverages descl il,,.,l .tb,~ve. Lender may obtain insurance coverage,
at Lender's option and Borrower's expense. Lender is under no t,l,i~.:.~t~,m to purchase any particular type or amount
of coverage. Therefore, such coverage shall cover Lender, but ~.,ht o~ might not protect Borrower, Borrower's
equity in the Property, or the contents of the Property, against an', ~ .1~. hazard or liability and might provide greater
or lesser coverage than was previously in effect. Borrower acknt,v 1:,l:2cs that the cost of the insurance coverage so
obtained nught significantly exceed the cost of insurance th:~I l;,~'tt~x\cr could have obtained. Any amounts
disbursed by Lender under this Section 5 shall become additi,,~t.tl debt of Borrower secured by this Security
Instrument. These amounts shall bear interest at the Note rate fi,,~,~ ~hc date of disbursement and shall be payable,
with such interest, upon notice fi'onr Lender to Borrower requesm~':' I':~> n~cnt.
All insurance policies required by Lender and renewals ,,I :.ttch policies shall be subject to Lender's right
to disapprove such policies, shall include a standard mortgage ckttl k.. :tlkl shvll name Lender as mortgagee and/or as
an additional loss payee. Lender shall have the right to hold the p~ ,I ~, ~.~ ;md renewal certificates. If Lender requires,
Borrower shall promptly give to Lender all receipts of paid pren~ ~, :t m l renewal notices. If Borrower obtains any
forth of insurance coverage, not otherwise required by Lender, t;,~ ,tZlIlIkI'~C JO, or destruction of, the Property, such
policy shall include a standard mortgage clause and shall name I, ~,lc~ as mo,'tgagee and/or as an additional loss
payee.
In the event of loss, Borrower shall give prompt notice ~,, thc insurance carrier and Lender. Lender nmy
make proof of loss if not nmde promptly by Borrower. Unless kc~ I..~ :~mt Bon'ower Otherwise agree in writing, any
insurance proceeds, whether or not the underlying insurance wa~ ~,,it,itcd by Lender, shall be applied to restoration
or repair of the Property, if the restoration or repair is economic:~ll, fc:tsible and Lender's security is not lessened.
During such repair and restoration period, Lender shall have thc t~.,llt t t> hold such insurance proceeds until Lender
has had all opportunity to inspect such Property to ensure the ,,~,,,I. h~is been completed to Lender's satisfaction,
provided that such inspection shall be undertaken promptly. I ,.~,i,.~ may disburse proceeds for the repairs and
restoration in a single payment or in a series of progress payment-.~, ibc xxt)rk is completed. Unless an agreement is
made in writing or Applicable Law requires interest to be paid ,,,t ~ttch insurance proceeds, Lender shall not be
required to pay Borrower any interest or earnings on such procec, l. I cc~ I'm' public adjusters, or other third parties,
retained by Borrower shall not be paid out of the insurance procc,., l..md shall be the sole obligation of Borrower. If
the restoration or repair is not econonfically feasible or Lender's ~,,'ttt t tx \xould be lessened, the insurance proceeds
shall be applied to the sums secured by this Security InstTumenl. ,.x llc'lhcr or not then due, with the excess, if any,
paid to Borrower. Such insurance proceeds shall be applied in thc, ,,, lc, pt'ovided for in Section 2.
If Borrower abandons the Property, Lender may file, ne,_,,,~,:~t,. ;~tid settle any available insurance claina and
related matters. If Bo,-rower does not respond within 30 days to ~ ~,,t ~'c fi'om Lender that the insurance carrier has
offered to settle a claim, then Lender may negotiate and settle I I~, , l:tim. The 30-day period will begin when the
notice is given. In either event, or if Lender acquires the Prope, t'. ,~,1~.~ Section 22 or otherwise, Borrower hereby
assigns to Lender (a) Borrower's rights to any insurance procec,I ~ ~ a~{ ainount not to exceed the amounts unpaid
under the Note or this Security Insn-ument, and (b) any other of 1~,,~,, ,..x c, '.~ rights (other than the right to any refund
of unearned premiums paid by Borrower) under all insurance pt,l~, ~,.~ ct~\ c,'ing the Property, insofar as such rights
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are applicable to the coverage of the Property. Lender nmy usc tl~. ~t~rance proceeds either to repair or restore the
Property or to pay amounts unpaid under the Note or this Secm,t I,,-,;~ mnent, whether or not then due.
6. Oecupane),. Borrower shall occupy, establish, and t~ .,. thc Property as Borrower's prhrcipal residence
within 60 days after the execution of this Secm'ity Instrun~c~t :md shall continue to occupy the Property as
Borrower's principal residence for at least one year after tile d,l.. ,,i' occupancy, unless Lender otherwise agrees in
writing, which consent shall not be um'easonably withheld, ,,~ tilllc.,~, ~-×tenuating circumstances exist which are
beyond Borrower's conn'ol.
7. Preservation, Maintenance and Protection of Iht. 1'~ opcl'ty; Inspections. Borrower shall not destroy,
damage or impair the Property, allow the Propelty to deteriorat~ ,,~ c~,m,nit waste on the Property. Whether or not
Borrower is residing in the Property, Borrower shall nmintain tit.. lqopcrty ill order to prevent the Property from
deteriorating or decreasing in value due to its condition. Unless ~t ~, determined pursuant to Section 5 that repair or
restoration is not econmmcally feasible, Borrower shall promp~l' l~.'pail' the Property if damaged to avoid further
deterioration or danmge. If insurance or condenmation pl'occc~ :~' paid ill connection with damage to, or the
taking of, the Property, Borrower shall be responsible for 1-ep.,~ ~..~ or restoring tile Property only if Lender has
released proceeds for such purposes. Lender may disbm'se p~ .... .ods tbr tile repairs and restoration m a single
payment or in a series of progress payments as the work is ct,~l,l,'tc'd. If tile insurance or condenmation proceeds
are not sufficient to repair or restore the Property, Borroxvct ~ ~,,t relieved of Borrower's obligation for the
completion of such repair or restoration.
Lender or its agent may n'mke reasonable enn-ies upo~ :,,~,1 ~q~cctions of the Property. If it has reasonable
cause, Lender nmy inspect the interior of the improvements o~ ~t~,. }'l,q~¢l'ty. Lender shall give Borrower notice at
the time of or prior to such an interior inspection specifying such i c:~.tmable cause.
8. Borrower's Loan Application. Borrower shall bc ~ dct'a~ttlt il; during the Loan application process,
Borrower or any persons or entities acting at the direction of l~,~l~,x~,:r or with Borrower's knowledge or consent
gave materially false, misleading, or inaccurate infornmtion t,~ -.t:~<'mcnts to Lender (or failed to provide Lender
svith material infornmtion) in cmmection witll the Loan. Matc~ ~i ~cpresentations include, but are not limited to,
representations concerning Borrower's occupancy of the Prope~ ~':, :~. t/,,n-ower's principal residence.
9. Protection of Lender's Interest in the Property aud Rigl,ts Under this Security Instrument. If (a)
Bon'ower fails to perform the covenants and agreements contai~,..d m this Security Instrument, (b) there is a legal
proceeding that might significantly affect Lender's interes~ ~ thc l'Lopel'ty and/or rights under this Security
Instrument (such as a proceeding in banh-uptcy, probate, fol' c,~i~,lctlulation or forfeiture, for enforcement ora lien
which may attain priority over this Security Instrument or ~t, ~.~,l~,~c~. laws or regulations), or (c) Borrower has
abandoned the Property, then Lender nmy do and pay for whale'. ~ ~, rcasouable or appropriate to protect Lender's
interest in the Property and rights under this Security Instmmc~t ~'lt,ling protecting and/or assessing the value of
the Property, and securing and/or repairing the Property. Lender' actions Call include, but are not limited to: (a)
paying any sums secured by a lien which has priority over thi% ',~ ,tit try Instlxlment; (b) appearing in court; and (c)
paying reasonable attonleys' tees to protect its interest in the l'~,,i,c~ 15 zmd 'Ol' rights under this Security Instrument,
including its secured position in a banlo'uptcy proceeding. Scct~ ~:2 Ibc* l'roperty inchides, but is not limited to,
entering tile Properly to nmke repairs, change locks, replace ,,~ I),,:~d up doors and windows, drain water from
pipes, eliminate building or other code violations or danger~,t~, ~,~ditions, and have utilities turned on or off.
Although Lender nmy take action under this Section 9, Lender ~i, ~.~. tt,~t have to do so and is not under any duty or
obligation to do so. It is agreed that Lender incurs no liability Ii,, ~,,t taking ally or all actions authorized under this
Section 9.
Any amounts disbursed by Lender under this Section '~ .l~zttl become additional debt of Borrower secured
by this Security hlstmnlent. These anlounts shall bear interest ~t ~t~c Nt~te rate from the date of disbursement and
shall be payable, with such interest, upon notice from Lender ti, 1',, ,~ ~,,x~ cr requesting payment.
If this Security Instrument is on a leasehold, Borroxxc~ ~i~:~ll ctm~ply with all the provisions of the lease.
Borrower shall not surrender the leasehold estate and interest~ i~.t ~'m conveyed or terminate or cancel the ground
lease. Borrower shall not, without the express written con~c~ ,~1 ~cndcr, alter or amend the ground lease. If
Bon'ower acquires fee title to the Property, the leasehold and Il, Icc litlc shall not merge unless Lender agrees to
the merger in writing.
10. Mortgage Insurance. If Lender required Mol'~ga~.... Ill.,tll:Lllce as a condition of making the Loan,
Bon'ower shall pay the prenfiums requh'ed to nmintain the ~l,,~ l,:t? tnsm'ance in effect. If, for any reason, the
Mortgage Insurance coverage required by Lender ceases to bc :~,. :~lzll,lt_, froln tile mortgage insurer that previously
provided such insurance and Bon-ower was required to nmke s~'l'~ ~tct3 desiguated payments toward the premiums
for Mortgage Insurance, Borrower shall pay the premiums reqt~',t t~ t)blain coverage substantially equivalent to
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the Mortgage Insurance previously in effect, at a cost subst:t~t~.~l[,, cquix'atent to the cost to Bon'ower of the
Mortgage Insurance previously in effect, from an alternate mt~l.,;~._,,, iiistlrer selected by Lender. If substantially
equivalent Mortgage Insurance coverage is not available, Borr~,'~,. ~ d~ll continue to pay to Lender the amount of
the separately designated pa~ents that were due when the insu~.i~,',. ~'~vcrage ceased to be in effect. Lender will
accept, use and retain these pa~nents as a non-re~ndabte los~ ~.. -,.~c in lieu of Mortgage Insurance. Such loss
reserve shall be non-re~ndable, no~ithstanding the fact that tl~, l,,:l~ i~ ultimately paid in ~11, and Lender shall
not be required to pay Bo=ower any ~terest or earnings on s~ I,,,~ ~cacrve. Lender can no longer require loss
reserve pa~nents if Mo~xgage Insurance coverage (in the amou~ ~,i tk~ thc period that Lender requires) provided
by an insurer selected by Lender again becomes available, is ~,1,;.~.,I. ;~lc] kender requires separately designated
pa~ents toward the pre~un~ for Mortgage Insm'ance. If ke~,t~.~ ~,'qui¥cd Mortgage Insurance as a condition of
nmking the Loan and Bon'ower was required ~o nmke separat,.t ,k'~i~llatcd pa~nents toward the pre~unn for
Mortgage Insurance, Bo~ower shall pay the pren6unn requir~.d l,, ~;~i~ltam Mortgage Insurance in effect, or to
provide a non-re~ndable loss reserve, until Lender's requiremc~,; ~,~ Nltn'tgage Insurance ends in accordance wi~h
any ~'iaen agreement be~een Borrower and Lender providing lk,~ ~t,.l~ tcrnnnation or until te~nation is required
by Applicable Law. Nothh~g in this Section 10 affects Bon'ow,.~ '. ~,l,l~;~tion to pay interest at the rate provided in
the Note.
Mortgage Insurance reimburses Lender (or any entity t]~.,t [~u~'cliases the Note) for certain losses it nmy
incur ifBo~Tower does not repay the Loan as agreed. Borrower i~ t,, ~t ~ [~;l~'t5' to the Mortgage Insurance.
Mortgage insurers evaluate their total risk on all such i~ ,~,t~cc in lbrce fi'om time to time, and ~y enter
into agreements with other pmaies that share or modify their risk. ,,~ ~cduc¢ losses. These agreements are on
and conditions that are satisfactory to the mortgage insurer and ~]~,. ,~tl~cr par~ (or parties) to these agreements.
These agreements may require the mortgage insurer to nmke pa~, ~, .~, using any source of ~nds that the mortgage
insurer nmy have available (which ~y include ~nds obtained f~,,~, ',~ I,~'tga~¢ Insurance premium).
As a result of these agreements, Lender, any purchas,.~ ,,~ th~' Note, another insurer, any reinsurer, any
other enti~, or any affiliate of any of the foregoing, may recei~,. ~,t~.¥tly or indirectly) anaounts that derive from
(or n6ght be characterized as) a portion of Borrower's pa~ents ~,,~ X I,~tg:~gc Insurance, in exchange for sharing or
modi~ing the mortgage insurer's risk, or reducing losses. If s t~,'l~ ;l~)~cc~l~¢nt provides that an affiliate of Lender
takes a' share of the insurer's risk m exchange for a share of thc },~,q~tlkllllS paid to the insurer, the a~Tangement is
often te~ed "captiVe re~surance." Further:
(a) Any such agreements will not affect the amounts ~ha~ I~orrower has agreed to pay for Mortgage
Insurance, or any other terms of the Loan. Such agreements ~ ill not increase the amount Borrower will owe
for Mortgage Insurance, and they will not entitle Borro~ver to ;tnx ~'cfund.
(b) Any such agreements will not affect the righl~ t;m'ro;vcr has - if any - with respect to the
Mortgage Insurance under the Homeowners Protection Act ~1' 1998 o1' any other law. These rights may
include the right to receive certain disclosures, to request and ol,tain cancellation of the Mortgage Insurance,
to have the Mortgage Insurance ternfinated automaticall). ;~ntlq~r lo receive a refund of any Mortgage
Insurance prenfiums that were unearned at the time of such t';~nccll;llion oF ternfination.
11. Assignment of Miscellaueous Proceeds; Forfeiture. k ~l N lisk'~llaneoua Proceeds are hereby assigned
to and shall be paid to Lender.
If the Proper~ is damaged, such Miscellaneous Procc~.,l, :,I~:~ll l~· applied to restoration or repair of the
ProperS, if the restoration or repair is econon6cally feasible a~,i ~ ,.~dc~"s sccuri~ is not lessened. During such
repair and restoration period, Lender shall have the right to hohl ~;,t~ Nli~cllaneons Proceeds until Lender has had
an oppormni~ to inspect such Property to eusure the work has I~,.,.~ c,~q~lcted to Lender's satisfaction, provided
that such inspection shall be undertaken promptly. Lender n~:~ i*ktk~ lk~¥ th~ repairs and restoration ~ a single
disbursement or in a series of progress pa~ents as the work is ~'~,l~.t~'d. Unless an agreement is ~de in ~'itmg
or Applicable Law requires interest to be paid on such Miscellan,.~,tt. lq'~'ccds, Lender shall not be required to pay
Bo=ower any h~terest or earnings on such Miscellaneous Procc,'d, Il' thc restoration or repair is not econon~cally
feasible or Lender's securi~ would be lessened, the Miscetlaneou~ iq, ~,'~'cds shall be applied to the su~ secm'ed by
this SecuriW Ins~ment, whether or not then due, with the ex~'~. ~t :t%'. paid to Bo=ower. Such Miscellaneous
Proceeds shall be applied in the order provided for in Section 2.
In the event ora total taking, des~ction, or loss in valu,. ,,l ~i~~ lq'operty, the Miscellaneous Proceeds shall
be applied to the sun~ secured by this Securi~ Ins~ment, wh~ti~,.~ , ~ t~t tl~n due, with the excess, i~ any, paid to
Bon'ower.
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In the event of a partial taking, destruction, or loss in x:,tt~, ,~1' thc Property in which the fair market value
of the Property inm~ediately before the partial taking, destructi,,~. ,,t lo~s in value is equal to or greater than the
amount of the sums secured by this Security Instrument inm~edk~t,.l. I,clolc the partial taking, destruction, or loss in
value, unless Borrower and Lender otherwise agree in writing, thc t t~l~ ~cctn'ed by this Security Instrument shall be
reduced by the amount of the Miscellaneous Proceeds multiplied I~.. thc i'ollowing fraction: (a) the total amount of
the sums secured in'anediately before the partial taking, desn-uct~,.~,. ,,~ l~ss in value divided by (b) the fair market
value of the Property innnediate!y before the partial taking, dentate. ~i,,~'~. o~ loss in value. Any balance shall be paid
to Borrower.
In the event of a partial taking, desn-uction, or loss in x:ti~,~ ,,1' thc Property in which the fair market value
of the Property immediately before the partial taking, desn'ucli,,;~ ~,~ loss in value is less than the amount of the
sums secured inm~ediately before the partial taking, desta-uctio~ ,. l,~ss in value, unless Borrower and Lender
otherwise agree in writing, the Miscellaneous Proceeds shall I.,. :tpplicd to the sums secured by this Security
Insn'ument whether or not the sums are then due.
If the Property is abandoned by Borrower, or if, afic~ ~,,,~,.. b3 Lender to Borrower that the Opposing
Party (as defined in the next sentence) offers to make an axxn~,l ~ .... qllc a claim for damages, Borrower fails to
respond to Lender within 30 days after the date the notice is ~2~~, -~ Icndcr is authorized to collect and apply the
Miscellaneous Proceeds either to restoration or repair of thc lq,,t,c~13 or to the sums secured by this Security
Instrument, whether or not then due. "Opposing Party" means t!:: ;hi~d party that owes Borrower Miscellaneous
Proceeds or the party against whom Bon'ower has a right ofactit,, ~ ~ %,;it'd to Miscellaneous Proceeds.
Borrower shall be in default if any action or proceedings, xxl~cther civil or criminal, is begun that, in
Lender's judgment, could result in forfeiture of the Property or t,tl~.:~ ~t x,tlc~'ial in~pairment of Lender's interest in the
Property or rights under this Security Iustrument. Borrower ,,t~ ctt~c such a default and, if acceleration has
occurred, reinstate as provided in Section 19, by causing the acti, ,ti, ,t p~occcding to be dismissed with a ruling that,
ia Lender's judgment, precludes forfeiture of the Property or otl~,~ tltatcrial impairment of Lender's interest in the
Property or rights under this Security Instrurnent. The proccc,t. ,,I :my award or claim for damages that are
attributable to the impairment of Lender's interest in the Propert3 ~ ~- [ictcby assigned and shall be paid to Lender.
All Miscellaneous Proceeds that are not applied to rest,,~ ,~,,~ or repair of the Property shall be applied in
the order provided for in Section 2.
12. Borrower Not Released; Forbearance By Lender ',o~ a Waiver. Extension of the time for payment
or modification of amortization of the sums secured by flris Seem ~t,. l~strument granted by Lender to Borrower or
any Successor in Interest of Borrower shall not operate to relc:~ ~' ~hc liability of Borrower or any Successors in
Interest of Borrower. Lender shall not be required to connnencc t~,,cccdmgs against any Successor in Interest of
Borrower or to refuse to extend time for pa)anent or otherwise iiit$,lilx amortization of the sums secured by this
Security Instrument by reason of any demand made by the ~ .ill,ti l{tm'ower or any Successors in Interest of
Borrower. Any forbearance by Lender in exercising any right ,, ~,'~cdy including, without lhnitation, Lender's
acceptance of payments from third persons, entities or Success~-. ~ Inter,st of Borrower or in amounts less than
the amount then due, shall not be a waiver of or preclude the exes, ~-~,. ,~1~ any right or remedy.
13. Joint and Several Liability; Co-signers; Successm'~ anti Assigns Bound. Borrower covenants and
agrees that Borrower's obligations and liability shall be joint and ~., ~ ,.~:~l. l lowever, any Borrower who co-signs this
Security Instrument but does not execute the Note (a "co-signe~" } !:~1 ~s co-signing this Security Instrument only to
mortgage, grant and convey the co-signer's interest in the Propc~ t' tttldcr the terms of this Security Insmtment; (b)
is not personally obligated to pay the sums secured by this S ecu~t', l ll,,trumcnt; and (c) agrees that Lender and any
other Borrower can agree to extend, modify, forbear or nuke a~,, :~c,'~mimodations with regard to the terms of this
Security Insn-ument or the Note without the co-signer's consent.
Subject to the provisions of Section 18, any Successo~ ~ I~tcrcst of Borrower who assumes Bo~xower's
obligations under this Security InstTument in writing, and is a131~,,, c,l by Lender, shall obtain all of Borrower's
rights and benefits under this Security Instrument. Borrower shall ~,1 bc released from Borrower's obligations and
liability under this Security Instrnment unless Lender agrees t,, -,itch release in wa'king. The covenants and
agreements of this Security Instrument shall bind (except as plt~x t,tcd itl .qection 20) and benefit the successors and
assigns of Lender.
14. Loan Charges. Lender may charge Borrower lk.'., I',i~ services performed in colmection with
Borrower's default, for the propose of protecting Lender's inlet, ~t m thc Property and rights under this Security
Instrument, including, but not linfited to, attorneys' fees, propc~,. ~l-q3cction and valuation fees. In regard to any
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other fees, the absence of express authority in this Security Instrm~,..t~t ~,~ char,.,e a specific fee to Borrower shall not
be construed as a prohibition on the charging of such fee. Lendc~ t~t,., n,~t chSrge fees that are expressly prohibited
by this Security Instrument or by Applicable Law.
If the Loan is subject to a law which sets maxinmm loa~. I~.tl~C~, and that law is finally interpreted so that
the interest or other loan charges collected or to be collected i,~ ,,*m~cction with the Loan exceed the permitted
limits, then: (a) any such loan charge shall be reduced by the amt~t~t~t ~cccssary to reduce the charge to the permitted
limit; and (b) any sums already collected from Borrower whicl, .. ,.cccdcd penmtted limits will be refunded to
Borrower. Lender nmy choose to make this refund by reducing I1~, ~,~ t~cipal owed under the Note or by making a
direct payment to Borrower. If a refund reduces principal, thc ~,l~.'l~m xxill be treated as a partial prepayment
without any prepayment charge (whether or not a prepaymeut ch~ :.c ~s provided for under the Note). Borrower's
acceptance of any such refund nrade by direct payment to Bont~x~, .t xxill constitute a waiver of any right of action
Borrower might have arising out of such overcharge.
15. Notices. All notices given by Borrower or Lender in ,~ ,lltlcc'lioll with this Security Instrument must be
in writing. Any notice to Borrower in com~ection with this Secm~t. I~trtlmcnt shall be deemed to have been given
to Borrower when mailed by first class mail or when actually &Iix ~ ~, t t,, llorrower's notice address if sent by other
means. Notice to any one Borrower shall constitute notice t,, ,ti t~,~r~owcrs unless Applicable Law expressly
requires otherwise. The notice address shall be the Property Addl~ ... tmlcss Borrower has designated a substitute
notice address by notice to Lender. Borrower shall promptly n,,t~l,. I crater of Borrower's change of address. If
Lender specifies a procedure for reporting Borrower's change ol :,. I,h ~-,~. th~:n Borrower shall only report a change
of address thi'ough that specified procedure. There may be onl),,~,: dc,~nated notice address under this Security
Insn-ument at any one time. Any notice to Lender shall be given I,.. d~'lix'~rin~ it or by mailing it by first class n~ail
to Lender's address stated herein unless Lender has designated a~(,,~l~,,~' address by notice to Borrower. Any notice
in com~ection with this Security Instrument shall not be deemed to Ii.t,. c bccll given to Lender until actually received
by Lender. If any notice required by this Security Instrument is a l-~, ~,',ltltlcd trader Applicable Law, the Applicable
Law requirement will satisfy the corresponding requirement undc~ i1~-. ';ccu rity Instrument.
16. Governing Law; Severability; Rules of Construcli,,. this Security Instrument shall be governed by
federal law and the law of the jurisdiction in which the Propert3 ~ I,,~'alcd. All rights and obligations contained in
this Security Instrument are subject to any requirements and limit~ti,,~ ~f Applicable Law. Applicable Law might
explicitly or implicitly allow the parties to agree by contract o~ ~ ~i~ht be silent, but such silence shall not be
construed as a prohibition against agreement by contract. In thc ~.,. ,.~t Ihat any provision or clause of this Security
Instrument or the Note conflicts with Applicable Law, such con lli,'~ ~,h:tl[ not affect other provisions of this Security
Instrument or the Note which can be given effect without the conill, t~ provision.
As used in this Security Instrument: (a) words of ~l~,~ ~asculine gender shall mean and include
corresponding neuter words or words of the feminine gender; (bi '~, ,,~ d~ in the singular shall mean and include the
plural and vice versa; and (c) the word "may" gives sole discretitm ,.,. ~t~t,t any obligation to take any action.
17. Borrower's Copy. Borrower shall be given one copy ,,I tl~c Note and of this Security Instrument.
18. Transfer ol' the Property or a Benelicial Interest in B.rrmver. As used in this Section 18, "Interest
in the Property" means any legal or beneficial interest in the Propc~ t). i~clutling, but not limited to, those beneficial
interests transferred in a bond for deed, contract for deed, instalh~.~ .~lcs contract or escrow agreement, the intent
of which is the transfer of title by Borrower at a future date to a pm ,'ll:l ~c r.
If all or any part of the Property or any Interest in the Pml,~:~ t,, ~, sold or transferred (or if Borrower is not a
natural person and a beneficial interest in Borrower is sold or t~'zt~i ,lc~'~ctl) without Lender's prior written consent,
Lender may require imanediate payment in full of all sums scct~t~,l by dfis Security Instrument. However, this
option shall not be exercised by Lender if such exercise is prohibitc~l I~ ..\pplicable Law.
If Lender exercises this option, Lender shall give Borroxx ~.~ ~,,t~cc o f acceleration. The notice shall provide
a period of not less than 30 days from the date the notice is gtx ,~ m accordance with Section 15 within which
Bol-rower must pay all sums secured by this Security Instrument. tl I¢,,~roxx,er Ihils to pay these sums prior to the
expiration of this period, Lender may invoke any remedies pemmt~.,l by this Security Instrument without further
notice or demand on Borrower.
19. Borrower's Right to Reinstate After Acceleration. ii l¢~}t ~ower meets certain conditions, Borrower
shall have the right to have enforcement of this Security Instrumct~ ,l~,ctmti,med at any time prior to the earliest of
WYOMING - Single Family - Famfie Mae/Freddie Mac UNIFORM INSTRI :\ 11 x 1
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(a) five days before sale of the Property pursuant to any poxx~.~ ,,~ ~aic contained in this Security Instrument; (b)
such other period as Applicable Law n~ght specify for the terllll~tl~}tl Ol' Borrower's right to reinstate; or (c) entry
of a judgment enforcing this Security Instrument. Those concl~t~,~.; at'c that Borrower: (a) pays Lender all sums
which then would be due under this Security Instrument and th~. ".~,tc as if no acceleration had occurred; (b) cures
any default of any other covenants or agreements; (c) pa>~ ~tll ,.xpc,~ses incurred in enforcing this Security
Instrument, including, but not linfited to, reasonable attornexC 1:..~.~. property inspection and valuation fees, and
other fees incurred for the purpose of protecting Lender's intc~,. I m thc Property and rights under this Security
Insn-ument; and (d) takes such action as Lender nmy reason:~l,!,. ~cqtm-e to assure that Lender's interest in the
Property and rights under this Security Instrument, and Bo~',,.~.~'~ obligation to pay the sums secured by this
Security Instrument, shall continue unchanged. Lender nmy rcq~ ~. t l~:~t Bon'oxver pay such reinstatement sums and
expenses in one or more of the following forms, as selected I,,. I ~'mte,': (a) cash; (b) money order; (c) certified
check, bank check, treasurer's check or cashier's check, prox ~,1~.~1 an\' such check is drawn upon an institution
whose deposits are insured by a federal agency, instrumentalilx ~,~ entity; or (d) Electronic Funds Transfer. Upon
reinstatement by Borrower, this Security Instrument and obligate, ,~,., .;cern'cd hereby shall remain fully effective as if
no acceleration had occurred. However, this right to reinsta~- .h,tll not apply in the case of acceleration under
Section 18.
20. Sale ol' Note; Change of Loan Servicer; Notice t,f i 'ricvance. The Note or a partial interest in the
Note (together with this Security Instrument) can be sold one ,,~ ~,~ times without prior notice to Borrower. A
sale nfight result in a change in the entity (lmown as the "Loan ~.~x ~, ct"') lhat collects Periodic Payments due under
the Note and this Security Insn-ument and performs other mo~t~.~.~' I~m servicing obligations under the Note, this
Security Instrument, and Applicable Law. There also nfight bc ,,~. ,,t more changes of the Loan Servicer urn'elated
to a sale of the Note. If there is a change of the Loan Service~. t;,,~,~xxcr will be given written notice of the change
which will state the name and address of the new Loan Servicc~. ~1~... :~,l&'css to which payments should be made and
any other information RESPA requires in coxmection with a n~l~ ~. t~l' mmsfer of servicing. If the Note is sold and
thereafter the Loan is serviced by a Loan Servicer other than ~hc t~'l~:~sc~' of the Note, the mortgage loan servicing
obligations to Borrower will remain with the Loan Servicer or I,,. ~msl'cn-ed to a successor Loan Servicer and are
not assumed by the Note purchaser unless otherwise provided b',. ~1~,. X~tc purchaser.
Neither Borrower nor Lender may conunence, join. ,,~ bc j&ned to any judicial action (as either an
individual litigant or the member of a class) that arises fro~ ti[~. ~dIxm' party's actions pursuant to this Security
Instrument or that alleges that the other party has breached am i>~,}x i~it)n oi; or any duty owed by reason of, this
Security Instrument, until such Borrower or Lender has n,,~l~c,I thc other party (with such notice given in
compliance with the requirements of Section 15) of such allc.,~.d b~cach and afforded the other party hereto a
reasonable period after the giving of such notice to take con'ect~,. ~ ~'titm. If Applicable Law provides a time period
which must elapse before certain action can be taken, that time 1"~ ~,,d xx ill be deemed to be reasonable for purposes
of this paragraph. The notice of acceleration and opportunity t~, ,~'c ~ivcn to Borrower pursuant to Section 22 and
the notice of acceleration given to Borrower pursuant to Scc~,,~ 1~ shall be deemed to satisfy the notice and
opportunity to take corrective action provisions of this Section
21. Hazardous Substances. As used in this Section 21 i~t} -I lazardous Substances" are those substances
defined as toxic or hazardous substances, pollutants, or wastes I,~ I t~x~ ~mmental Law and the following substances:
gasoline, kerosene, other flammable or toxic petroleum produc'~, t~'.~tc pesticides and herbicides, volatile solvents,
materials containing asbestos or fommldehyde, and radioactix c ~t ~.~t,,~ i~tl~; (b) "Environmental Law" means federal
laws and laws of the jurisdiction where the Property is local,.,l th:ti rdate to health, safety or envirornnental
protection; (c) "Enviro~unental Cleanup" includes any resp~t~ .~' dclton, remedial action, or removal action, as
defined in Envirmm~ental Law; and (d) an "Envirmunental Con,l~,,~" mc:ms a condition that can cause, contribute
to, or otherwise trigger an Environmental Cleanup.
Borrower shall not cause or permit the presence, u.;, ,l~pt~sal, storage, or release of any Hazardous
Substances, or threaten to release any Hazardous Substances, t)n , ,I I11 I[lC Property. Borrower shall not do, nor allow
anyone else to do, anything affecting the Property (a) that is ~, x~,~l:mou of any Envirorm~ental Law, (b) which
creates an Envh'ornnental Condition, or (c) which, due to thc l"~'"'"m'c- usc, or release of a Hazardous Substance,
creates a condition that adversely affects the value of the Propc~'~. Ibc preceding two sentences shall not apply to
the presence, use, or storage on the Property of small qu;~l~t~tl~., t}l' llazardous Substances that are generally
· WYOMING - Single Family - Fanaie MaeJFreddie Mac UNIFORM INS] R ! \ I I \ I
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0 0587D
recognized to be appropriate to nom~al residential uses and t,, ,~:titttcnance of the Property (including, but not
limited to, hazardous substances in consumer products).
Borrower shall promptly give Lender written notice ,,I ~,~) any investigation, clain~ demand, lawsuit or
other action by any governmental or regulatory agency or prix z~, l,,~tl> revolving the Property and any Hazardous
Substance or Envirormrental Law of which Borrower has act~t~,l hm~xxledge, (b) any Environmental Condition,
including but not limited to, any spilling, leaking, dischar2, ~,.l,~t, nc or tin'eat of release of any Hazardous
Substance, and (c) any condition caused by the presence, use t, ~. h.a,,c o~' a Hazardous Substance which adversely
affects the value of the Property. If Borrower learns, or is nonl'~::, 1 /-,~ any govermnental or regulatory authority, or
any private party, that any removal or other remediation of :~,~,. l l:tzzn'dous Substance affecting the Property is
necessary, Borrower shall promptly take all necessary remedhtl ,,,t~ons in accordance with Envirmmrental Law.
Nothing herein shall create any obligation on Lender for an Enx tl,,l~t ~cntal Cleauup.
NON-UNIFORM COVENANTS. Borrower and Lentk'~ I~,lhc~ coveuant and agree as follows:
22. Acceleration; Remedies. Lender shall give no~ict, to Borrower prior to acceleration following
Borrower's breach of any covenant or agreement in this ,q,t.t'tiril'~ Instrument (but not prior to acceleration
under Section 18 unless Applicable Law provides otherwise). I itt, m~tice shall specify: (a) the default; (b) the
action required to cure the default; {c) a date, not less th;~. 30 days from the date the notice is given to
Borrower, by which the default must be cured; and (d) tha~ l';tilurc to cure the default on or before the date
specified in the notice may result in acceleration of the sum, sccm-cd by this Security Instrument and sale of
the Property. The notice shall furtller inform Borrower o1' Ibc ri,ght to reinstate after acceleration and the
right to bring a court action to assert the non-existence ol :, dcl'ault or any other defense of Borrower to
acceleration and sale. If the default is not cured on or befm',. Ibc date specified in the notice, Lender at its
option may require immediate payment in lull of all sums ~,ct'tlred by this Security Instrument without
further demand and may invoke the power of sale and a,x .~hcr remedies pernfitted by Applicable Law.
Lender shall be entitled to collect all expenses incurred in ptir',ning the remedies provided in this Section 22,
including, but not limited to, reasonable attorneys' fees and t',,st~ or' title evidence.
If Lender invokes the power of sale, Lender shall gi~ c mnice or' intent to foreclose to Borrower and
to the person in possession of the Property, if different, in accm'd;~nre with Applicable Law. Lender shall give
notice of the sale to Borrower in the manner provided in Sccli{nl 15. Lender shall publish the notice of sale,
and the Property shall be sold in the manner prescribed b~ \pplic;d)le Law. Lender or its designee may
purchase the Property at any sale. The proceeds of the salt. sh;,ll I)e applied in the following order: (a) to all
expenses of the sale, including, but not linfited to, reasonable :~tm'ueys' lees; (b) to all sums secured by this
Security Instrument; and (c) any excess to the person or per~m~s It, gaily entitled to it.
23. Release. Upon payment of all sums secured by ~1~. hccurity Instrument, Lender shall release this
Security Insn'ument. Borrower shall pay any recordation costs. I ,.~ M,.~ may charge Borrower a fee for releasing this
Security Instrument, but only if the fee is paid to a third party I,,~ ,c~v~ces rendered and the charging of the fee is
permitted under Applicable Law.
24. Waivers. Borrower releases and waives all right> n~hlC~ and by virtue of the homestead exemption
laws of Wyonfing.
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTIll \11 N I
oocmw¥~ (Page Il of l3 page&~
For~n 3051 1/01
BY SIGNING BELOW, Borrower accepts and agrees I,) ~1~, l cr~ns and covenants contained in this Security
Insmtment and in any Rider executed by Bon'ower and recorded ,,. i tl~ it,
- BORROWER - BRIAN MALONE - DATE
SARA ANN MALONE - DATE -
WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTI{I \11 x, 1
DOCU ~ WY 1'2_ (Page 12 of 13 pages~
Docm~c.v*x 61612002
Form 3051 1/01
STATE 0 F~,.~,"~;, ~0,'~
COUNTY OF
[Space Below This Line For Acl, m,~ lodgment]
The foregoing instrument was acknowledged before me by ~ ..
this ~,g>'--K h',,. day
Wimess my hand and official seal.
N~-ry* Public
My Conmfission Expires: ~[~._-
hVYOMING- Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRI \1t ", I
Poculwv~3 (Page 13 of13 pages.J
~ocmw~.v?x ~/s/2oo~
Form 3051 1/01
Thc land referred to in this Commitment is described as folh~ws'
Lot 13 of River View Meadows Addition ko the Town of Alpine, Lincoln
County, Wyoming as described on the off~i~cial plat filed July 2, !993 as
Instrument No. 767416 of the records of uhe Lincoln County Clerk.
ADJUSTABLE RATE RI I)KR
(LIBOR Index - Rate ( ':~1~ ~
MALONE
LOAN #: 11123771
THIS ADJUSTABLE RATE RIDER is made this 6TH da,, ,,I J?~N-UARY, 2005
and is incorporated into and shall be deemed to an-tend and suppk.~,~l thc Mortgage, Deed of Trust, or Deed to
Secure Debt (the "Security Insn-ument") of the same date given bx i I~. ~mdcrsigned (the "Borrower") to secure the
Bon'ower's Note to SRI
property described in the Security Instrument and located at:
366 DEER LANE, ALPINE, WY 83128
(Ih,, "1 cmlcr") of the same date and covering the
[Property Address]
THE NOTE CONTAINS PROVISIONS ALLO\\I\{; I,'OR CHANGES IN MY
INTEREST RATE AND MY MONTHLY PAYIlI ',1. TIlE NOTE LIMITS THE
AMOUNT MY INTEREST RATE CAN CHANGI.i \1 kN'~' ONE TIME AND THE
MAXIMUM RATE I MUST PAY.
DURING THE FIRST FIVE I ~' ) ','EARS, INTEREST ONLY
PAYMENTS WILL BE REQUIRED TO BE M\I}Ii. 'l'llIS MEANS THAT THE
REGULAR MONTHLY PAYMENT WILL NOq' RI l}l:('E TIlE AMOUNT I OWE
DURING THE FIRST FIVE ~5 )YEARS OF MY LOAN.
YOUR INTEREST RATE MAY CHANGE DURING T/t_ 'INTEREST ONLY
PERIOD' EVERY 6 MONTHS BEGINNING AFTEk: THE FIRST CHANGE DATE
AS DESCRIBED IN SECTION 4 OF THE NOTE.
ADDITIONAL COVENANTS. In addition to the cox,.,,~lt~ and agreements made in the Security
Insn-ument, Borrower and Lender further covenant and agree as fidl, ,,,. ,.:
A. INTEREST RATE AND MONTHLY PAYMENT (11 \ N (;ES
The Note provides for an initial interest rate of 7.250 %. ~1 h,~ ',,,to p~ovides for changes in the interest rate
and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PA%'51 Ii x,'!' ('IIANGES
(A) Change Dates
The interest rate I will pay may change on the fir~.{ ,hx t,f FEBRUARY, 2007 and
on that day every 6TH month thereafter. Each date ,),~ ,.,, l~ich my iuterest rate could change is called
a "Change Date."
DOCUNSGI (page I of 3 page~;
DOCUNSG1 .VTX 07/09/2004 '
11123771
(B) The Index
Beginning with the first Change Date: my intc~ ,i ~alc wil~ be based on an Index. The "Index" is
the average of interbank offered rates for six-month I ~; dollar-denonfinated deposits in the London
market ("LIBOR"), as published in The Wall Street./(Jt~/,:,.,/ Iht most recent Index figure available as of
the first business day of the month inmlediately prece,htV ~l~c month in which the Change Date occurs is
called the "Current Index."
If the Index is no longer available, the Note l l,,I,i,.~ l/ill choose a new index that is based upon
comparable ilfformation. The Note Holder will give mc ~,,,t~,'c ~ f this choice. (C) Calculation of Changes
Before each Change Date, the Note Holdc~ .,~11 calculate my new interest rate by adding
SIX AND SIXTY-SEVEN HUNDREDTHS percc~l,t?c p~mH(s) ( 6. 675 %) to the Cun'ent Index
for such Change Date. The Note Holder will then l-Ott~l[l lilt t'cstdt of this addition to the nearest one-
eighth of one percentage point (0.125%). Subject tt~ li~,. h~mts stated in Section 4(D), this rounded
amount will be my new interest rate until the next Chan,~: I)atc.
During th~ first FIVE ( S, I years after loan closing ("interest-only
period"), the Note Holder will detenmne the amount t~l i}lc tn,mthly payment that would be sufficient to
pay accrued interest only on the unpaid principal bal:~,'c This will be the amount of my monthly
payment until the earlier of the next Change Date or thc .,'~,1 ~,1' thc "interest-only period" unless I make a
voluntary prepayment of principal during such period II1 make a voluntary prepayment of principal
during the "interest-only period," my payment amounl I,,~ -,ttb~,cquent payments during the "interest-only
period" will be reduced to the amount necessary to pai ~lcl't:st at the then current interest rate on the
remaining nnpaid principal balance.
At the end of the "interest-only period" and t~ c:~ch ('hange Date thereafter, the Note Holder
will deternline the amount of the monthly pa)nnent that v.~ttltl bt: sufficient to repay in full the unpaid
principal that I will owe at that Change Date in substzmuall,. CClUal monthly payments over the renmining
term of the Note. The result of this calculation will bc i1~. nell amount of my monthly payment. After
the end of the "interest-only period," my payment amot,~tl x,, ill not be adjusted due to voluntary principal
payments until the next Change Date.
(D) Linfits on Interest Rate Changes
The interest rate I am required to pay at ~h~. first Change Date will not be greater than
10. 250 % or less than 7. 250 %. Thc~ cztltcl, lli.v interest rate will never be increased or
decreased on any single Change Date by more than o~c i,c~ccntage point (1%) from the rate of interest I
have been paying for the preceding six months. ~,,1~ rattiest rate will never be greater than
13.750 % or less than 7.250 %.
(E) Effective Date of Changes
My new interest rate will become effective {m ~.~ h ('hange Date. I will pay the amount of my
new monthly payment beginning on the first monthlx l,a>nlcnt date after the Change Date until the
amount of my monthly payment changes again.
(F) Notice of Changes
The Note Holder will deliver or nmil to me a ~, ,it,~c ~l' any changes in my interest rate and the
amount of my monthly payment before the effectixc [lmc t)l' auy change. The notice will include
information required by law to be given to me and als,, ibc t~tlc and telephone number of a person who
will answer any question I may have regarding the notice
B. TIL4NSFER OF THE PROPERTY OR A BENEFICIAl. l X, I I: I{IdST IN BORROWER
Unifoml Covenant 18 of the Security Instrument is amended to ~'~.~t~i ~t-, lbll0ws:
Transler of the Property or a Beneficial In,c, ,,,~ in lb,'rower. As used in this Section
18, "Interest in the Property" means any legal or bencfi~ ,.,I ~mcrcst ill the Property, including, but
not linfited to. those beneficial interests transferred ~ :, bt}ad for deed, contract for deed,
installment sales contract or escrow agreement, thc i,~,~t of Milch is the transfer of title by
Borrower at a future date to a purchaser.
If all or any part of the Property or any Interc.~t ~ tltc Ploperty is sold or transferred (or if
a Borrower is not a natural person and a beneficial n,l,..l c),t m Borrower is sold or transferred)
DOCUNSG2 (page 2 of 3
~ocuu~ .wx ov/o~/2oo~
11123771
without Lender's prior wa'it-ten consent, Lender may ]'c~tt~,~, tmmcdiate payment in full of all sums
secured by this Security Insn-ument. However, this op~t,,~ -.h,II not be exercised by Lender if such
exercise is prohibited by Applicable Law.
If Lender exercises the option to require im~,~,.~l~:ltc payment in full, Lender shall give
Borrower notice of acceleration. The notice shall prox :,1~~ ~ period of' not less than 30 days fi'om
the date the notice is given h~ accordance with Secn~,~, I-, xxilhin which Bon'ower nmst pay all
sums secured by this Security Instrument. If Bon',,,,,,,~ litil~ to pay these sums prior to the
expiration of tiffs period, Lender nmy invoke any rem<,h,', pcmfitted by this Security Instrument
without further notice or denmnd on Bon'ower.
BY SIGNING BELOW, Bon-ower accepts and agr<< I,, d~c terms and covenants contained in this
Adjustable Rate Rider.
- BORROWER - BRIAN MALONE - DATE -
SAKk- ~ MA~(SNIE- - DATE- - '
DOCUNSG]
DOCUNSG3.VTX 07/09/2004
(page 3 of 3 pt~,tf,
[Space Above This Line For Rc~.o~ dt,~ Data[
PREPAYMENT
MALONE
LOAN #: 11123771
THIS PREPAYMENT RIDER is made this 6TH ~1.,,. ~1 JANUARY, 2005 , and ~s
incorporated into and shall be deemed to amend and supplement Ih~. ~longage, Deed of Trust or Security Deed
(the "Security Insn-ument") of the same date given by the undersi? ~,',1 ~lhc "Borrower") to secure the Borrower's
Note (the "Note") to SRI
(llw "1 cntlcr") Of the same date and covering the
property described in the Security Insn~ument and located at:
366 DEER LANE
ALPINE, WY 83128
[Property Addres~ I
ADDITIONAL COVENANTS. In addition to the cl,'..,',~.nns and agreements made in the Security
Instrument, Borrower and Lender further covenant and agree as Ik,I I, ,xx ~:
Except as provided below, Borrower may make a full plcl,.r, itlcnl or a partial prepayment of principal at
any time without paying any charge. However, if within the first TWENTY-FOUR month(s) after the
date Borrower executes the Note, Borrower will pay a prepayment i,..~:~lt.v in the amount of SIX
month's advance interest on the amount by which the aggregate i~,..1~% mc,ns (including prepayments occurring
as a result of the acceleration of the maturity of the Note) ma&' ,~ tthin any consecutive twelve month period
exceed TWENTY percent ( 20. 000 %) of the
original principal amount.
No prepayment penalty will be assessed for any prep~tl. ~,~,~l m~tdc after the Penalty Period or if the
prepayment is concm-rent with the sale of the property securing tin
The Note holder's failure to collect a prepayment penah). ,~ ~hc ti,ne a prepayment is received shall not
be deemed a waiver of such penalty and any such penalty calc'nl:~l,*,t n~ accordance with this section shall be
payable on demand.
DOCUPP41 Page 1 of 2
oocm, ea x .wx o,/~o/eoo4
11123771
Do no! sign this Prepayment Rider before you read it. I I~, I~cl)ayment Rider provides for the payment
ora charge if you wish to repay the loan prior to the date provided
BY SIGN1NG BELOW, Borrower accepts and agrec~ i,, Iht tcnns and covenants contained in this
Prepayment Rider.
- BORROWER - BRIAN MALONE -
SARA ANN lqA.LONE -
DOCUPP42 Page 2 of 2
DOCUPP42 .VT× 07/30/2004