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HomeMy WebLinkAbout905880WHEN RECORDED MAIL TO: OPTION ONE MORTGAGE CORPORATION P.O. BOX 57096 IRVINE, CA 92619-7096 ATTN: RECORDS MANAGEMENT Loan Nmnber: 321023298 Servicing Nmnber: 001511413-5 ;',.'ECEIVED 1/13/2005 at 3:53 PM RECEIVING # 905880 BOOK: 577 PAGE: 140 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY [Space Above This Line For Rcconli 3, I ~,m~[ MORTGAGE THIS MORTGAGE ("Security Instrument") is given on ,i DAVID ROOT ,. y 07, 2005 . The mortgagor is ("Borrower"). This Security Instrument is given to Option One Mortgage Corporation, a C:-~ ~:~ia Corporation which is organized and existing under the laws of CAI, ! ~!_~ , and whose address is 3 Ada, Irvine, CA~.c,' ("Lender"). Borrower owes Lender the principal sum of ONE HUNDRED SEVENTY SEVEN THOUSg2XlD SIX HUNDRED FIF'i · . .g2qD NO/10C!".. i)t)llztrs (U.S. $177,650.00 ). This debt is evidenced by Borrower's note dated the stone date as riffs Sect,, ~.. ~htrumcn[ ("Note"), which provides fbr monthly payments, with the full debt, if not paid earlier, due and payable on : ;~,ry 01, 2035 . This Security Instrmnent secures to Lender: (a) the repaymeut of the debt evidenced by thc ',, ~l:, with interest, and all renewals, extensions and modifications of fl~e Note; (b) the payment of all other stuns, with interest. :rd :!lk'cd un(.l~r paragraph 7 to protect the secm'ity of this Security Instrument; and (c) the peribrmance of Borrower's covemmi~ ~t~, t ~..'[ccmcnts uuder this Security Instrument and the Note. For this pm'pose, Borrower does hereby mortgage, grant, convey a~d ,.,.~,t~l t,) Lender, wifl~ power of sale, the following described property located in L inco 1 n Couuty, Wyonfing: 35192440905500 LOT 113 OF STAR VALLEY RANCH. PLAT 3, LINCOLN COUNT'f, . :'.KING AS DESCRIBED ON THE OFFICIAL PLAT THEREOF. which has the address of Wyonfing 83127- [Zip Code] 24 BOX ELDER PLACE, THAYi,]~ [Street, City], (" Property Address" ~: TOGETHER WITH all the improvements now or hereafter erected ~)~ tl~: t~pcrty, aud all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements aud addi~i,,~..Imll ',dst) be covered by this Security Iustrument. All of fl~e Ibregoing is referred to in this Security Instrument as the "Propc~t., BORROWER COVENANTS that Borrower is lawfully seised of linc c} [:tlr Itcrdb, conveyed and has the right to mortgage, grant and convey the Property and that the Property is uuencumbered, except ~,,~ ~',~ctm~brttnces of record. Borrower warnmts and will defend generally the title to the Property against all claims aud demands, -.tll3jcct t() any encumbrances of record. COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest; Prepayment and late Charges. 1~, ,~, ,xxcr shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and htr: ~ I~:~l'k, cs due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or t. a ,.,, ~ilt:..~ wzdver by Lender, Borrower shall pay to WYOMING - Single Family Page 1 of 6 ~ WYDI0011 (06~23-98) Loan Nun~ber: 321023298 Servicing Number: 001515 Date: Lender on the day monthly payments are due under the Note, until the i'q, ,~. t.. i>:tid in full, a stun ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument :t :, l i:~ on th~ Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property in~t,~ ..,~.: p~cmimus; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance prenfiums, if any; and (1) any sum,. 1~..ti,t:. by Borrower to Lender, in accordance with the provisions of paragraph 8, in lieu of the payment of mortgage insurance p t.,,t~t~t~,. Tl~cse items are called "Escrow Items." Lender ,nay, at any time, collect and hold Funds ,nan mnount not to exceed the m:~ ;~,~t~,,~ :,mount a l~uder tbra federally related mortgage loan may require for Borrower's escrow account under the federal Real E:,t., ',:ttlc~ncnt Procedures Act of 1974 as a. mended Iron, time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"), unless another t.,, ~l~.tt ;tl)plies to the Funds sets a lesser amount. If so, Lender may, at any time, collect and hold Funds in an amount not to ex,~: ,1 ~l~,: lesser muount. Lender may estimate the amount of Funds due on file basis of current data and reasonable estimates ol _ .t,~llditurcs of future Escrow Items or otherwise in accordance with applicable law. The Funds shall be held in an institution whose deposits are i~ t~.~l by a federal agency, instrumentality, or entity (including Lender, if Lender is such an institution) or in any Federal Htmi i ~ <tl~ ttank. Lender shall apply the Funds to pay the Escrow Items. Lender may not charge Borrower tbr holding and applyi~, tl~: I rinds, ammally analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on thc f t~ds a~d applicable law permits Lender to make such a charge. However, Lender may require Borrower to pay a one-tine charge ~,,~ :t~t i~dq)endent real estate tax reporting service used by Lender in connection with this loan, unless applicable law provides otl~: ',. i.~.. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be required to pay Borrox~ct :t~,. in,crest or earnings on the Funds. Borrower and Lender may agree in writing, however, that interest shall be paid on thc I t~,l,, l.cndcr shall give to Borrower, without charge, an ammal accounting of the Funds, showing credits and debits to the Fund-~,l~,l thc purpose tbr which each debit to the Funds was made. The Funds are pledged as additional security for all stuns secured I, iisi., Security Instrument. If the Funds held by Lender exceed the an, ounts permitted to be h~i,l t,,. :tpl)licabl~ law, Lender shall account to Borrower for the excess Funds in accordance with the requirements of applicable lav~ II iii: anlount of the Funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so noti~: i;, ,~ ~,,x~.t: in writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deficiency. Borrow~.~ I~:tll inal.:c up the deficiency in no more than twelve monthly payments, at Lender's sole discretion. Upon payment in full of all sums secured by this Security Iustrutn:-~,~. I , ltd cf shall promptly refund to Borrower any Funds held by Lender. If, under paragraph 21, Lender shall acquire or sell the i'~,,l,:t tx'.. Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time of acquisiti~,~ ~,~ ~alc as it credit against the stuns secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides othc~ ,,~. ,,_.. :t ti l,:tymcnts received by Lender under paragraphs 1 and 2 shall be applied: first, to any prepayment charges due under the Nol. ,md. to mnounts payable under paragraph 2; third, to interest due; fourth, to principal due; and last, to any late charges duc t~l,.~ th.: Note. 4. Charges; Liens. Borrower shall pay all taxes, assessments, cha, ~_,~ lilacs and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold pa3~-~t~'~ ,,~ ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that m:,~J,~ ~. llorrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all n,~ti~:.~ ,,1' amounts to be paid under this paragraph. If Bon'ower makes these payments directly, Borrower shall promptly furnisl~ ~,, I circler receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority ox.~ tl~i~ Security Instrument mfless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a maturer :, 'pt',tblc to Lender; (b) contests in good t:aith the lien by, or defends against enforcement of the lien in, legal proceedings xx l,i, I, i~ thc Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agrec~ ~ ~ ',:~ti:,t'actory to Lender subordi,mting the lien to this Security Instrmneut. If Lender deterlnines that any part of the Property i .t~t,jcct to et lien which may attain priority over this Security Insn'ument, Lender may give Borrower a notice identifying fl, e l i~ t~ I~[,s~'t)xvcr shall satisfy the lien or take one or more of the actions set forth above witlfin 10 days of the giving of notice. 5. HaTard or Property Insurance. Borrower shall keep the hnprox ~.,t~ ~ ~t~, ~,}w existing or hereafier erected on the Property insured against loss by fire, hazards included within the term "extended ~, ,,. :~ :t~,c" and any other hazards, including floods or flooding, for which Lender requires insurance. This insurance shall be ll l.ail,/:~i~l:ci in tile ;unounts and fbr the periods that Lender requires. The insurance carrier providing the insurance shall be chosen b x t;,,~,,X~Cl- subject to Lender's approval which shall ,lot be unreasonably withheld. If Borrower fails to n~aintain coverage describeti :,1~, ,.. ~-. Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property in accordance with paragraph 7. All insurance policies and renewals shall be acceptable to Lender a~i -t~:tll i l~cludc a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Bo~,.~, ..~ 51mil promptly give to Lender all receipts of paid prenfiums and renewal notices. In the event of loss, Borrower shall give p~-, ,~q,t t~ }t icc to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, or appli~_ :,1,1: i.a w ()thcrwise requires, insurance proceeds shall be applied first to reimburse Lender for costs and expenses incurred in com~, ~i,,~t with obtaining any such insurance proceeds, and then, at Lender's option, in such order and proportion as Lender may detc~,~i~: i~ its sole and absolute discretion, and regardless of any impairment of security or lack thereof: (i) to the sums secured bx tl~i N~:curity Instrument, whether or not then due, and to such components thereof as Lender may de,cnn, ne in its sole and absiflt~{, di.,clction; and/or (ii) to Borrower to pay the costs and expenses of necessary repairs or restoration of the Property to a co~diti~,t~ ~ati>,l}tctory tO Lender. If Borrower abandons the Property, or does not answer within 30 days a notice f¥om Lender that th~- i~:,tt~:t~lcc carrier has offered to settle a claim, Lender may collect the insurance proceeds. Lender may, in its sole and absolute dj. ~ ~ ~i,m, and regardless of any impairment of security or lack thereof, use the proceeds to repair or restore the Property or to pa3 t l t:. ~,ttlll:-, secured by tlfis Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any ap l)l~:ltioli t)f proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs I :t~t 2 t~' change the amount of the payments. If under paragraph 21 the Property is acquired by Lender, Borrower's right to any i i~.tl~:tllCc policies and proceeds resulting from dmnage to the Property prior to the acquisition shall pass to Lender to the extent of~l~. ,t~ ~.. ~ccttrcd by this Security Instrument innnediately prior to the acquisition. If Borrower obtains earthquake insurance, any other hazard ins ttr:t~_~_, t~t' a~ly other insurance on the Property and such insurance is not specifically required by Lender, then such insurance shall , i~ ~:tmc l_ender as loss payee thereunder, and (ii) be subject to the provisions of tlfis paragraph 5. Page 2 of 6 ~//] WYD10012 (06-23-98) Loan Nmnber: 321023298 Servicing Number: 0015~ :: Date: 01/07/.,05 6. Occupancy, Preservation, Maintenance and Protection of th,. Iq,q~crty; Borrower's Loan Application; Leaseholds. Borrower acka~owledges that the Lender does not desire to make a loan t~, I;, ,~,,v. :r ~ccured by this property on the terms contained in the Note mfless the property is to be occupied by Borrower as Bor~,~ ['~ prim:try/secondary residence. Lender makes non- owner residence loans of different terms. Borrower pronfises and assm'c~, i .~t..tL.~ that Borrower inteuds to occupy dfis property as Borrower's primary/secondary residence and that Borrower will so ocL~,l~. ~l~i~ pr~q~erty as its sole prhnary/secondary residence within sixty (60) days after the date of the Security Instrument. If B,~.~_-~ Hrcachcs this promise to occupy the property as Borrower's primary/secondary residence, then Lender may invoke anx ,.~ ~' h~lk~wing remedies, in addition to the remedies provided in the Secuhty Instrument; (1) Declare all sums secured by tl~ ~,.~_[~rity Instrument due and payable and foreclose the Security I~tmmen[, (2) Decrease the term of the loan and adjust the m,,,,~,},, t*a>mcnts under the Note accordingly, increase the interest rate and adjust the monflfly payments under the Note accordinTl':. , ,~ ~ q) require that the phncipal balance be reduced to a percentage of either the origiml purchase price or the appraised value ~.~ b:it}e oltkred on non-owner occupied loans. Borrower shall not destroy, d~age or impair the Property, ~tll~,,~. thc Property to deteriorate, or conmfit waste on the Property. Borrower shall be in defhult if any fort~iture action or procccdi,~ ,. ,.s hcthcr civil or crinfi~ml, is begun that in Lender's good faith judgment could result in forfeiture of the Property or othc~'¥~,~ ~atcrially impair the lien created by tiffs Security Instrument or Lender's security interest. Borrower may cure such a clef at,It :~td ] tic,state, as provided in paragraph 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender'-. ~,, >~d lhith detemfi~mtion, precludes lbrt%imre of the Borrower's interest in the Property or other material impairment of the lic~. ~ :atcd by this Security I~tmment or Lender's secuhty interest. Bo~ower shall Mso be in default if Borrower, during the loa~ :,l>~li~afi~m process, gave materially ~hlse or i~mccurate intbnnation or statemems to Lender (or failed to provide Lender wittt :~,. ~t~atcrial iutbnnation) in com~ection with the loan evidenced by the Note, including, but not limited to, representatio~ concct ~[i]~? Ig~ ~ tower's occupancy of the Property as a principal residence. If this Security hat--lent is on a leasehold, Borrower shall ~,.~t~15 with all the provisio~m of the lease. If Borrower acquires ~%e title to the Property, fl~e leasehold and fl~e t%e title shall n~,t ~}~:~ ?~. uHIcss Lender agrees to the merger in writing. Borrower shall, at Borrower's own expe~me, appear in and det%nd :[~,,. :tc[i~)~l or proceeding puq)orting to afl%ct the Property or any portion thereof or Borrower's title thereto, the validity or priority ~,~ ~l~. l iL. t~ created by this Security I~tmmen[, or the rights or powers of Lender with respect to tiffs Security hmtmment or the Proi~ ~[) All causes of action of Borrower, whettmr accrued before or alier ~e date of ~is Security hmtmment, for dmnage or injur> t,, ~: tq~pcrty or any part thereof, or in com~ection any tra~action fi~mnced in whole or in part by O~e proceeds of the No~c ,,, ~t~,~ othcr note secured by this Security Instrument, by Lender, or in com~ection with or affecting the Property or any part thc~:, ,~. i~Lludin~ causes of action arising in tort or contract and causes of action fbr fraud or concealment of a material fitct, are, at I ~,l:l's option, assigned [o Lender, and the proceeds thereof shall be paid directly to Lender who, after deducting therefrom a l~ ~. ~.Xl~Cnscs, including [easmmble attorneys' t%es, may apply such proceeds to the sans secured by this Security hmtmment o~ ~,, :t~,x deficiency under this Security I~tmment or may release any mo~es so received by it or any part thereof, as Lender may cl.,'t~ l.cndcr may, at its option, appear in and prosecute in its own ~e any action or proceeding to enforce any such cause of ac~i, ,,~ :~d may make any compromise or settlement thereof. Borrower agrees to execute such hrther assigmnents and auy other instru~,~. ~, :t~ lrom time to time may be necessary to effectuate the tbregoing provisio~m and as Lender shall request. 7. ~ot~fion of ~Mer's ~ghts N ~ ~o~. If Bogower l'ail t,, 13.:~ l'orm the covenants and agreements contained in this Security Ins~ment, or there is a legal proceeding that may sign ilS..,~,l,., all'cot Lender's rights in the Property (such as a proceeding in bm~ptcy, probate, for condemmtion or tbrfeiture or to c.~,t, ,~ .:: laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of fl~e Property and Lend~.~ '. t iL?lttN in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security h~,.t~ tiil~:llt, z tppearing in court, paying reasonable attorneys' fees and entering on ~e Property to make repairs. Although Lender ma) tz,t.: :tctitm under this paragraph 7, Lender does not have to do so. Any mnounts disbursed by Lender under this paragraph 7 shall be,, ,~. :tdditional debt of Borrower secured by tiffs Security Insmunent. UNess Borrower and Lender agree to other terms of payn~t}t t[~'hc amounts shall bear interest ikom the date of disbursement at the Note rate in effect from time to thne and shall be pay:d ~1.. with interest, upon notice from Lender to Borrower requesting payment. 8. Mortgage ~e. If Lender required mortgage i~urancc :t:. :~ .,,~dition of ma~ng the loan secured by this Security Instrument, Borrower shall pay the prenfims required to maintain fl~e mt~ t:,.~.,: iHStH'ztnCO iu ef/kct. If, for any reason, the mortgage i~m~ance coverage required by Lender lapses or ceases to be in effect, B~,~ ~,, .., :~ 5h',dl pay the premiums required to obtain coverage substantially equivalent to fl~e mortgage i~ance previously in ef/kct, :t~ :~ .~, ,,{ ~ubstantially equivalent to the cost to Borrower of the mortgage i~urance previously in effect, tkom an altenmte mortgal,,- ~t~ tinct approved by Lender. If substantially equivalent mortgage i~urance coverage is not available, Bo~ower shall pay to Lend. ~ c:t~l~ month a sum equal to one-twelfth of fl~e yearly mortgage i~urance premium being paid by Borrower when the i~uranc.. ,,,, ~.~:tgc lapsed or ceased to be in eftbct. Lender will accept, use and retain these payments as a loss rese~e in lieu of mor tT:t.~. ' i~urance. Loss rese~e payments may no longer be required, at ~e option of Lender, if mortgage i~murance coverage (in thc :t~, ~,,ttlll and fur the period that Lender requires) provided by an i~urer approved by Lender again becomes available and is obtain~,i I~,,~t~wcr shall pay the premiums required to maintain mortgage i~urance in effect, or to provide a loss rese~e, until ~e retltti~ l,l:ltt Ik)r mortgage i~murance ends in accordance with any written agreement between Borrower and Lender or applicable 9. ~fiom Lender or its agent may make reasonable entric~ t,l,,,~ :~Hd inspections of the Property. Lender shall give Borrower notice at the time of or prior to an i~mpection specifying reaso~:,l& c',/ttNc for the i~mpection. 10. Co~emnafion. The proceeds of any award or claim for dztll~,t"c'~, direct or consequential, in com~ection with any condem~tion or oflmr taMng of any part of the Property, or ibr conveya~t _ ~ti.:tt ~)1' condennmtion, are hereby assigned and shall be paid to Lender. Lender may apply, use or release the condennmtion I'~ ..... .cd~ in the same rammer as provided in paragraph 5 hereof with respect to insurance proceeds. If the Property is abandoned by Borrower, or if, after notice I)~ l.:~tdcl tt) Borrower fl~at the condemnor offers to make an award or settle a claim for dmnages, Borrower hils to respond to Lend~.~ .~, i~hi~ 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to rc:,~,,~:t~it,~ or repair of the Property or to the sums secured by this Secnfity hmt~nent, whether or not then due. UNess Lender and Borrower otherwise agree in writing, any :tlq)li~:ttitm of proceeds to principal shall not extend or postpone the due date of the monflfly payments referred to in paragraphs i :~,i 2 or chal~ge the mnount of such payments. 11. Bogower Not RelY; For~e By Mnder Not a Waiv,.~. i.xtcnsit)n of the time for payment or modification of mnortization of the sums secured by tNs Security Instm'~ent granted b>, i ~ ~,1:~ ~t~ any successor in interest of Borrower shall Page 3 of 6 WYDI0013 (06-23-98) Loan Number: 321023298 Servicing Nmnber: 00151i- Date: 01/07/05 03.4° not operate to release the liability of the origi~ml Borrower or Borrower', t~_,~.~,,}rs itt iuterest. Lender shall not be required to connnence proceedings against any successor in interest or refuse to extc~d t~t,~: I~t' p;tyment or otherwise modify mnortization of the stuns secured by this Security Instrument by reason of any demand ~:~,! I,,, thc ~,'igitral Borrower or Borrower's successors in interest. Any forbearance by Lender iix exercising any right or remed~ · I, tll t l,,t bc i~ waiver of or preclude the exercise of any fight or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Ct} ~:.:,,c,'s. Thc covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender :,~,i l i~,~ wcr subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Bo~,,, :~ \x'llt~ c~)-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument oidy to mort?,, ,,~]:tlit and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not perso,:dll, ,l~liu,:ttccl to pay tile sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree ~,, ~ · ~:~d, modify, tbrbear or make any acconnnodations with regard to the terms of this Security Instrmnent or the Note without tl~t ['.~l'~[~wcr's consent. 13. Loan Charges. If the loan secured by this Security Instrumcm i ~tbj~:ct tO a law wlfich sets maximmn loan charges, and that law is finally interpreted so that the interest or other loan charge> .... l l:ct,:d or to be collected in comiection with the loan exceed the permitted limits, then: (a) any such loan charge shall be redu~l I~,, thc mnount necessary to reduce the charge to the permitted linfit; and (b) any sums already collected from Borrower which ~.~ ,~.dcd permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed 1.md t [1~: ,Xt~tc or by makiug a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prct~:[ ],~,tlt ix ithout any prepayment charge under the Note· 14. Notices. Any notice to Borrower provided tbr in this Securit\ 1~ ,t~ utHclll shall be given by delivering it or by mailing it by first class mail mfless applicable law requires use of another method I1~: t,~ticc shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice t,, / ~.dc~ shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice t,, !g,~tt~\VCF. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender x~h ~ ,,ix ~,n as provided in this paragraph. 15. Governing Law; Severability. Tiffs Security Instrument shall 1~ ,,, ,,, ~.~'~tcd by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clau-~: ,,1 tilts Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Secu[it,~ [llNtrt|nicnt or the Note which can be given effect without the conflicting provision. To tlfis end the provisions of this Seem it l tl,,tt ulncnI and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be given one contbmled c, '1 ", ~ ,t thc Note and of tlfis Security Instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. /~ :ti[ ~t' any part of the Property or any iuterest in it is sold or transferred (or if a beneficial interest in Borrower is sold or tr/.t i~ i~,:d :~licl Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require innncdi ~~ 1~3\mcnt iu full of all stuns secured by this Security Instrmnent. However, this option shall not be exercised by Lender if exc,~ t ~ i, Imdfibited by federal law as of the date of this Security h~strument. If Lender exercises this option, Lender shall give Borrower notic'c, ,/ ,~ coloration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within whi~ I~ II~t iq}xs'~:r ntust pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration ot t t~, i~.ri~)d, Lender nray invoke any remedies permitted by this Security Instrument without further notice or demand on Borrowr~ 18. Borrower's Right to Reinstate. If Borrower meets certain condit i, ,~l,. l lorrt ~wer shall have the right to have enforcement of this Security Instrument discontinued at any thne prior to the earlier o1: , ,t, ? d:Q'S {or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any pt),,,. ~ ~ , ~1 s:llc contained in this Security Iustmment; or (b) entry of a judgment entbrcing this Security Instrmnent. Those conditions :~ ~liztt lt,}rrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no accck ~,,~,,~ I lztcl ~ccurred; (b) cures any de/hult of any other covenants or agreements; (c) pays all expenses incurred in enforcing II~i ',v~_ttlily Instrument, including, but not limited to, reasonable attorneys' tees; and (d) takes such action as Lender may i-c:~., ~,tl~l\ require to assure that the lien of this Security Instrmnent, Lender's rights in the Property and Borrower's obligatiou tt~ t,~t), [h~, stli~ls secured by Otis Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrt.~ i, :tl,d t lie ohligations secured hereby shall remain fully effective as if no acceleration had occurred. However, fids right to rci~, ~:t~.. ,d~:dl not apply in the case of acceleration under paragraph 17. 19. S',de of Note; Change of Loan Servicer. The Note or a p:~i:tl i tltcrcst in the Note (together with this Security Instrument) may be sold one or more times without prior notice to Borro\,, _~ \ :,:tlc illay result in a change in the entity (h~own as the "Loan Servicer") that collects monfldy payments due under the N,~t~ :t~d ~his Security Instrument. There also may be one or more changes of the Loan Servicer unrelated to a sale of the Note. If th:~: i~ ;t than,de of the Loan Servicer, Borrower will be given written notice of the change in accordance with paragraph 14 above. :t~,l ;tl~plicable law. The notice will state the irene and address of the new Loan Servicer and the address to which payments >~lt,,t~lcl I~c made. The notice will also contain any other information required by applicable law. The holder of the Note and this, ~, .~ i~) Instrument shall be deemed to be the Lender hereunder. 20. Fla:~ardous Substances. Borrower shall not cause or permit t!t~ l"~:"~:ncc, use, disposal, storage, or release of any Hazardous Substances on or in tile Property. Borrower shall not do, nor :ill, ,, ;tltNC)ll~ else to do, auything affecting the Property that is in violation of any Enviromnental Law. The precediug two sentem'¥ l~;tll tt.t al)ply to the presence, use, or storage on tile Property of small quantities of Hazardous Substances that are generally ret,, ,~/:d tt~ bc appropriate to normal residential uses and to maintmmnce of the Property. Borrower shall promptly give Lender written notice of any invc:~l~:,:,t ~,,t~, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Prope~?, :~1 ;t,y Hazardous Substance or Enviro~m~ental Law of wlfich Borrower has actual knowledge. If Borrower learns, or is notific, d I,, ;t,y 7t~vermnental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the I'~,,i,~ t3 is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Enviro~m~ental Law. Borrower shall be solely responsible for, shall indenmify, dcl~,[ ,~d h,ld hamdess Lender, its directors, officers, enrployees, attorneys, agents, and their respective successors and assigns. ~ ,~t~ :t~td a~ainst any and all claims, demands, causes of action, toss, damage, cost (including actual attorneys' tees and court ct,:,~ :,~,.I c,~ts of any required or necessary repair, cleanup or detoxification of the Property and the preparation and implementation {~1 , t,'~ ~l,)~u r~, abatement, contaimnent, remedial or other required plan), expenses and liability directly or indirectly arising out of {,~ ,,ill ii,ut:dale to (a) the use, generation, storage, release, threatened release, discharge, disposal, abatement or presence of Hazard,,, ? t~l)-,t:mces ou, under or about the Property, (b) the transport to or from the Property of any Hazardous Substances, (c) the x i,,l:tli~,l {)1' any Hazardous Substances law, and (d) any Hazardous Substances claims. Page 4 of 6 ,~. , WYD10014 (06-23-98) As used in this paragraph 20, "Hazardous Substances" are those. ~i, .t:~tccs dcfiued as toxic or hazardous substances by Enviromnental Law and the following substances: gasoline, kerosene, oth,:~ ~1 ~t~}ablc or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials contai~fing asbestos or formaldch, d. :t t~d radioactive materials. As used in this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction ,,.. I~ t~. thc Property is located that relate to health, safety or environmental protection. ADDITIONAL COVENANTS. Borrower and Lender further c'~,,. · ~t~t a l~d agree as tbllows: 21. Acceleration; Remedies. If any installmem under the Note or n~ ;, ~.:; :;cc u red hereby is not paid when due, or if Borrower should be in default under any provision of this Secmity Instrument, or il' I I,,~, }wcr is in default under any other mortgage or other instrument secured by the Property, all sums secured by this Security h~st! u~'~t and accrued interest thereon shall at once become due and payable at the option of Lender without prior notice, except as otii~.i ,,.~. i::t: required by applicable law, and regardless of any prior forbearance. In such event, Lender, at its option, and subject to appiical ,ic law, may then or thereafter foreclose this Security Instrument either by advertisement and sale of the Property as provided by :.,ai t~lc (thc power of sale provided for by statute being hereby expressly granted to Lender by Borrower) or by an action in equity :m:! may involm any other remedies or take any other actions permitted by appficable law. Lender will collect 'all expenses incur~ ['~1 in pursuing the remedies described in this Paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of fillt: evidence. If Lender invokes the power of sale, Lender shall give notice ~i i~lcm to foreclose to Borrower and to the person in possession of the Property, ff different, in accordance with applicable la,,,,,. l.cndcr slmll give notice of its intent to foreclose to Borrower by certified mail, return receipt, in the manner provided in pal::j,/:tl~h 14. Lender shall publish the notice of sale, and the Property shall be sold in the mann_er prescribed by applicable law. Lemk ~ t~r its designee may pUrChase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) ti) ail wxpcnscs of the sale, including, but not limited to, reasonable attorneys' fees; Co) to all sums secured by this Security Instrumc,~l: and (c) any excess to the person or persons legally entitled to it. 22. Release. Upon payment of all sums secured by this Securitx iii-t t tilt lent, Leuder shall release this property without warranty to the person or persons legally entitled to it. Such person or pcr,,,~,~ :.hall p',ty any recordation costs. Lender may charge such person or persons a fee for releasing the Property for services rendero_l i~ tl~,: t.h.,trging of the tee is permitted under applicable law. 23. Waivers. Borrower hereby releases and waives all rights in th~. I'~,,pcrt5 under and viture of the homestead exemption laws of the State of Wyoming and hereby relinquishes all rights of curtc~, .t~d d,~wcr in the Property. 24. Misrepresentation and Nondisclosure. Borrower has made cc~ ~:ti t~ w~ ittcn representations and disclosures in order to induce Lender to make the loan evidenced by the Note or notes which tl~,, 5ccttt-ity Instrument secures, and in the event that Borrower has made any material nfisrepresentation or failed to disclose a~, ~:tl...lial fact, Lender, at its option and without prior uotice or demand, shall have the right to declare the indebtedness secured I,~. ~1~i5 Security Instrument, irrespective of the maturity date specified in the Note or notes secured by this Security Instrmnent, i~,~..di:ttdy due and payable. 25. Time is of the Essence. Time is of the essence in the pert'or~ ~: ~f o',Ich provision of this Security Instrtnnent. 26. Waiver of Statute of l imitations. The pleading of the statute {~t 1~ ~,it:~titms as a defense to entbrcement of this Security Instrument, or any and all obligations referred to herein or secured hcrcl, . ], Itcrcby waived to the fullest extent permitted by applicable law. 27. Modification. This Security hrstrmnent may be modified t,~ :[ltl.-I~dcd ouly by an agreement in writing signed by Borrower and Lender. 28. Reimbursement. To the extent permitted by applicable law, N ,~, ,,.,,ct shall reimburse Trustee and Lender for any and all costs, fees and expenses which either may incur, expend or sustain i~ ~t~: ~-xccution of the trust created hereunder or in the performance of any act required or permitted hereunder or by law or in cqtiit,, ~ otherwise arising out of or in com~ection with this Security Instrument, the Note, any other note secured by this Security 1~ .1[ ttlitclit or any other instrument executed by Borrower in cmmection with the Note or Security Instrument. To the extent penniu:.d bI, applicable law, Borrower shall pay to Trustee and Lender their fees in connection with Trustee and Lender including, but n,,t l i,~it~.d to assumption application fees; tees tbr payoff demands and, statements of loan balance; tees for making, transmitting a~d t~ttttsporling copies of loan docmnents, verifications, full or partial lien releases and other documents requested by borrower or ~,_.~_ ::~sttry fi>r perlbnnance of Lender's rights or duties under this Security Instrmnent; fees arising from a returned or dishont~ .,1 ~ltcck: l~s to determine whether the Property is occupied, protected, maintained or insured or related purposes; appraisal ~..,:. iitspcction fees, legal tees, broker fees, insurance mid-term substitutions, repair expenses, tbreclosure tees and costs arisin~ ~, ,~ Iorcclosure of the Property and protection of the security for this Security Instrmnent; and all other tees and costs of a simi I~t~ ~:,~t~'c not otherwise prohibited by law. 29. Clerical Error. In the event Lender at any time discovers tl~.~t rtl,.- Not~, any other note secured by this Security Instrument, the Security Instrument, or any other document or instrument ,_.,.~. ~cd in comlection with the Security Instrument, Note or notes contains an error that was caused by a clerical mistake, calculatitm :~,,~. computer malfunction, printing error or similar error, Borrower agrees, upon notice from Lender, to reexecute any docttt~t,, that are necessary to correct any such error(s). Borrower further agrees that Lender will not be liable to Borrower tbr a~, ,l:t~llat~cs incurred by Borrower that are directly or indirectly caused by any such error. 30. Lost Stolen, Destroyed or Mutilated Security Ins~ment and (~ll~cr Docmnents. In the event of the loss, theft or destruction of the Note, any other note secured by this Security Instrumc~t tl~c Security Instrument or any other documents or instrmnents executed in connection with the Security Instrument, Note ,,~ it<,tc., (collectively, the "Loau Documents"), upon Borrower's receipt of an indemnification executed in favor of Borrower b,. t . t~l~.i'. ~}r, ill the event of the mutilation of any of the Loan Docmnents, upon Lender's surrender to Borrower of the mutilated l,,~ l)ocument, Borrower shall execute aud deliver to Lender a Loan Document in lbrm and content identical to, and to serve as a ~-I ,l:~..,..llicltt of, the lost, stolen, destroyed, or nmtilated Loan Docmnent, and such replacement shall have the stone force and cll~.t :l-, thc lost, stolen, destroyed, or mutilated Loan Docmnents, and may be treated for all purposes as the original copy of su~ I~ I t~:t~l [)ocument. 31. Assignment of Rents. As additional security hereunder, Borr,,,,. ~ herder assigns to Lender the rents of the Property. Borrower shall have the right to collect and retain the rents of the Propert! :t, tl~c5 become due and payable provided Lender has not exercised its rights to require immediate payment in full of the stuns s<., t~t~ dbx this Security instrument and Borrower has not abandoned the Property. 32. Riders to this Security Instrument. If one or more riders arc . .:.._uteri I)y Borrower and recorded together with this Security Instrmnent, the covenants and agreements of each such rider shall t,~. i~co~porated into and shall amend and supplement Page 5 of 6 ~ WYD10015 (06-23-98) bSOSSSO Loan Number: 321023298 Servicing Number; 0015114 !_ the covenan~ and z~'~.mcm~ of' this Security ltmrumem a~ if the rider(s) ... [Check appli,'abl¢ box(es)] [] Adjustable Rate: Rider [] No PrqJayr~at Pcnaky Opdon Rider [] Other(s) (~it'y) Date: 01/07/05 ~,'- ,, o: this Security Instrument. [] Condonliniunl [] Planned Uni~ Deveh;; _ [] 1-4 Family Rider [] Ocoapa.tmy Rider BY SIGNING BELOW. Borrower accepts and agn~e~ to the term~ a:. I ,, ,..;:;c,t; contained in this S~u,rity Imummem and ia any ride1($) execut~ by Borrower and r~oTded with it. Witn~ses: .(Seal) DAVID RO~T / ---~her%q~y r~-~ra~ing and waiving all righrs under and by virtue of the homes[end laws of this aEate %e fo~goMg ~tmmmt w~ ~owl~ged before (~tian ~owl~giaD My Core,sion Expk~: .(Se~) .(Se~l) -Borrower {ctau:) OTARY PUBLIC My Commission Expires 6130105 Page 6 of 6 WYDIO016 (06-23-981 Loan Number: 321023298 Sen, icing Number: · 5, Date: 01/07/05 PLANNED UNIT DEVEL(;i'~.'.iI!N'I' I,UDER THIS PLANNED UNIT DEVELOPMENT RIDER is n~:.l i:muary 07, 2005 , and is incorporated into and shall be deemed to amend and supplemct, ~1~ 'x I,. t~?age, Deed of Trust or Security Deed (the "Security Instrument") of the s~une date, given by the unth.~ i~.~t~.d (d~c: "Borrower") to secure Borrower's Note to Option One Mortgage Corporation, , ~: ~rnia Corporation (the "Lender") of the same date and covering the Property d~- ~il,~.d in the Security Instrument and located at: 24 BOX ELDER PLACE, TH:. I,.iy 83127- [Property Addre:,- The Property includes, but is not limited to, a parcel of land i:~l~,,,xcd with a dwelling, together with other such parcels and certain coLmnon areas and facilities, as desc~ ii ,. ~t it~ COVENANTS, CONDITIONS Ai~ ,::Ti<SCTSONS (the "Declaration"). The Property is a part of a plmmed unit d.', :h,p~ucnt known as STAR VALLEY R [Name of PLanned [Init Dc', (the "PUD"). The Property also includes Borrower's interc,~ ,,~ ~ltc homeowners association or equivalent entity ow~fing or managing the common areas and facilities ~,1 ~1~ I'1 il) {the "Owuers Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. Iu addition to the covenants ami :~,~:mcnts made in the Security Instrmnent, Borrower and Lender further covenant and agree as follows: A. PUD Obligations. Borrower shall perfonn all of Bon, ~.,. ~, 's t~bli?ations under the PUD's Constituent Documents. The "Constituent Documents" are the: (i) Dc~ I:~lation~ (ii) articles of incorporation, trust instrument or any equivalent docmnent which creates the Ow~,~t, \~,st,ciation; and (ih) any by-laws or other rules or regulations of the Owners Association. Borrower .trail ira!raptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Ha~,qrd Insurance. So long as the Owners Associatitm ,~:ti~,tainr4, with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Propcrt> ,.,.l,ich iN satisfactory to Lender and which provides insurance coverage inthe mnounts, for the periods, a~d :t:,:tin~t thc h~tzards Lender requires, including fire and hazards included within the term "extended coverage. ' (i) Lender waives the provision in Covenant 2 for ~t,: ~,mthly payment to Lender of the yearly premimn installments for hazard insurance on the Property: (ii) Borrower's obligation under Covenant 5 to maim:,~ ,~ I~a/',n'd insurance coverage on the Property is deemed satisfied to the extent that the required coverage is t~,vidcd by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in requi,. ,I [t:tzard insurance coverage provided by the master or blanket policy. In the event of a distribution of hazard insurance proceed:~ i~, l i~:u oI restoration or repair following a loss to the Property, or to common areas and facilities of the PUD. :t~,.~ proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply thc t,,~,:,:cds to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrower shall take such a_ ih ,~s ',ts may be reasonable to insure that the Owners Association maintains a public liability insurance poll , :t~:qcptable in fonn, amount, and extent of coverage to Lender. MULTISTATE PUl) RIDER-Single F'amily-Flq/vlAfFlllA-tC UNIFO1CM 1 ~'1; i i~ I I M I ! N'l'-Fonn 3150 09190 Page I of 2 USRI0111.wp (11-19-04) ,.0147 Loan NUlIlber: 321023298 Sel'vicillg Nulnbef: 001511~.2 . Date: 01/07/05 D. Comlmmalion. The proceeds of any award or claim i, .. ,!:.:.ca.~es, direct or consequential, payable to Borrower in connection with any condemnation or other taking of/.1 cr any part of the property or the common areas and facilities of the PUD, or for any conveyance in lieu of ':,;::'.!:r.~mation, shall be paid [o Lender, Such proceeds shall be applied by lender to the sums s~cured by the S~,~!,,, Instrument as provided in Section 10. E. l~-~,t~'~ Prior ~. Borrow,er ~hall nm. except a~:..:' :~orice ~o Lender and With Lender's prior written consent, either part/don or ;ubd/vide the Property or consent ~o: (i) the abandorurumt or term/nation of the PUD. except fo: ~::':~n~onment or termination required by law in the case of mb~tantial destruction by fire or other casualty or in tL:, ::~c- of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent D~ ::~:~:,.ent;" if the provision is for the express benefit of [.ender; or (iii) termination of professional managm and assumption t,'..::!t'-rnanagement of the Owners Association: (iv) any action which would have the effect o f rendering th e c, ~b ti c liability insurance coverage maintained by the Owners Association unacceptable to Lender. ' F. Remedies. If Borrower does not pay PUD dues and as-~,:~;z~cnts when due, then Lender, if allowed by applicable law, may pay them. Any amounts disbursed by L:~.!:: under this paragraph F shall become additional debt of Borrower secured by the Security Insmmmnt. Un!cos ~o:¢o:ver and Lender agree to other terms of payment, these am. hunts shall bear interest from d~ date of disbu:x::t~cnr at the Note rate and shall be payable with interest, upon notice from Lender to Borrower requesting payrr:c~:[ ' BY SIGNING BELOW, Borrower aceepr, s and agrees ~o the terms a~! co~'c'nants contained in this PUD Rider. DAVID ROOT ~ ~'~~~~~ (S~J) hereby '"~ei~islng and walvl-ng..l~on.o,,,~r all rights under and by virtue of the homestead laws of this state __(Seal) -Borro,~.r -Borrower -Borlo~,cr M1JLII..gTATIt FI.ID RIDBR ' USRI0 t 12.,.~p (11-19..04) 0 05880 Loan Number: 321023298 Servicing Number: 0015 Date: 01/07/05 ADJUSTABLE RATJ (LIBOR Index - Ral . THIS ADJUSTABLE RATE RIDER is made Janu~ 7, 2005 and is incorporated into and shall be deemed to amend and ~tt[,i,I..t.Cl~t the Mortgage. Deed of Trust or Security Deed (the "Security Insmm~ent") of the same date ~,i, ~ I.. ~h~: undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Option One Mortgage Corporation, a ~ ~'nia Corporation (the "Lender") of the same date and covering the property dc..,.. ~i~, ,I it~ the Security Instrument and located at: 24 BOX ELDER PLACE, THAi [Property Address] ',;Y 83127- THE NOTE CONTAINS PROVISIONS ALLOWING 14 ;1~ ('11 AN GES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. TI~ N(}l'li I,tMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE ,:','~' ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the co,.. ~t:~,t~ :md agreements made in the Security Instrument, Borrower and Lender further cove~mnt and agree :t:-, The Note provides for an i~fitial iuterest rate of :.. 5 50 % Note provides for changes in the interest rate and the monthly l~ ,' ~,~:ms, as tbllows: · The 4. INTEREST RATE AND MONT~ILY PAYMENT CI ~;,.N(;tiS (A) Change Dates The interest rate I will pay may change on the first da,, ,,I i:c. bruar¥ 01 2 0 0 7 , and on that day every sixth month thereafter. Each date on xvhi~ 1~ ~t~x interest rate could change is called a "Change Date." (B) The Index Begimfing with the first Change Date, my interest rate ,.~ ill I,~. based on an Index. The "Index" is the average of interbamk offered rates for six-month U.S. dollar-d. ~,~ilnttcd deposits in the London market ("LIBOR"), as published in The Wall Street Journal. The most ~=:~t Index figure available as of the first business day of the month immediately preceding the month i~., l~idt thc Change Date occurs is called the "Current Index." If the Index is no longer available, the Note Holde~ ,., ill ,_hoos~ a uew index that is based upon comparable information. The Note Holder will give me notice ,,I ~l,i~, chtdce. (C) Calculation of Changes Before each Change Date, the Note Holder will calcuhti~ ~}l,, new interest rate by adding FOUR AND 90/100 percentage point(s) ( 4. 900% ) to the Current Index. The Note Holder will then round the result ~, ~ {l~is 'addition to the next higher one-eighth of one percentage point (0.125 %). Subject to the limits stated in :-7~ ~ t~, ,~ -It D) below, tlfis rouuded mount will MUL'IISTATE ADJUSTABLE RATE RID~-LIBOR INDEX - Single Fanfit Page I of 3 USRI0021 (02-23-99) 0!4 Loan Number: 321023298 Servicing Number: 001~ ': Date: 01/07/05 be my new interest rate until the next Change Date. The Note Holder will then determine the amount of t t~ ,~,,afl~ly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Ct~..,, ,: I):ttc iix full on the Maturity Date at my new interest rate in substantially equal payments. The result t, i ~ }~ ~,, :~lc u lation will be the uew amount of my monflfly payment. (D) limits on Interest Rate Changes The interest rate I am required to pay at the first Cll:tl?, ):lie will not be greater than 8. 950% or less than 5. 950% . Thereafter, my interest rate will never be increased or decreased on any single Change Date by more ~I ~:~ ~ ,~c percentage point (1.0 %) from the rate of interest I have been paying for the preceding six months ir~ ~,, event will my interest rate be-greater than 3.1.950 % or less than 5. 05) Effective Date of Changes My new interest rate will become effective on each ('1, ,~,~.: l)atc. I will pay the mnount of my new monthly payment begimfing on the first monthly payment date :~i~ ~ t lw Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice ol :~ t~ ~ t[:m~3cs in my interest rate and the amount of my monthly payment before the effective date of any chang. /1~: m~ticc will include infonnatiou required by law to be given me and also the title and telephone number ~,I ~t I'-'~ ~ou who will answer any question I may have regarding the notice. TRANSFER OF THE PROPERTY OR A BENEFICI.',I INTI'~REST 1N BORROWER Covenant 17 of the Security Instrmnent is amended to read a~ Transfer of the Property or a Beneficial Interest in Bon, ,?.,ct. If all or any part of the Property or any interest in it is sold or trausferred (or if a beneficial interest in 1;. ,~,,wcr is sold or transferred and Borrower is not a natural person) without Lender's prior written consem. I . ~&-r may, at its option, require immediate payment in full of all stuns secured by this Security Instrumc~, t t,,wcvcr, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the da~, ,i ~hi~ Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submincd ~,, I ~.~dcr information required by Lender to evaluate the intended transferee as ifa new loan were being mad ~,, ~hc transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the I~,:,~ :t~,~umption and that the risk of a breach of any covenam or agreement in this Security Instrument is acccl,,.tl,l: t~, t.cnder. To the extent permitted by applicable law, Lender ~:, , I~:t~7c a reasonable fee as a condition to Lender's consent to the loan assmnpfion. Lender may also ~ ,[~. thc transferee to sign an assumption agreement that is acceptable to Leuder and that obligates the trim. ~.~ ~'~' to keep all the pronfises and agreements made in the Note and in this Security Instrument. Borrower will ,, ,,uinuz to be obligated under the Note and this Security Instrun~ent unless Lender releases Borrower in xv~,t~,~,. If Lender exercises the option to require immediate pa.~ ~,~. ~t i~ full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less th:,~ :~ da y s from the date the notice is delivered or mailed within which Borrower nmst pay all sums secured b,, ti,i, Ncct,rity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lendc~ ~:,,. invoke any remedies permitted by this Security Instrmnent without further notice or demand on Borr, ,,,~. ~ MULTBTATE ADJUSTABLE RATE RIDER-LIBOR INDEX-Single Family Page 2 of 3 USRI0022 (02-23-99) 090:5880 Lo~n Number: 321023298 Servicing Number: 00151!.: ~.~-,5 Date: 01/07/05 BY SIGNING BELOW, Borrower ae. cepts ~ agrees t~_, ?,~c. terms ~nd covenams contained in this Adjustable Rate Rider. ~-~by'-feleasihg and waiving all rights under and by virtue of the homestead laws of this state .($~1) ,(Seal) MUL-i m i ATE ADIUST~ RATE RIDER-I..lt~R INDEX-Single Pnmay Page 3 of 3 USRI0023 (02-23-99)