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Home My WebLink About905919 Return To: LOAN # 6615600944 FL9-700-01-01 JACKSONVILLE POST CLOSING BANK OF AMERICA 9000 SOUTHSIDE BLVD. BLDG 700, FILE RECEIPT DEPT. JACKSONVILLE, FL 32256 Prepared By: NICOLE VANDERHOOF BANK OF AMERICA 21000 NW EVERGREEN PKWY HILLSBORO, OR 971247121 024 9 RECEIVED 1/17/2005 at 11:11 AM RECEIVING #' 905919 [:001<: 577 PAGE: 249 JEANNE WAGNER LINCGi i..J COUNTY CLERK, KEMMERER. WY [Space Above This Line For Recd.-ding Data] MORTGAG LOAN # 6615600944 DEFINITIONS Words used in multiple sections of this document are defi~.4 below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regardi~g the usage of words used in this document are also provided in Section 16. ' (A) "Security Instrument" means this document, which i.,; (t;~1~d JANUARY 13 2005 together with all Riders to this document. ' , (B)" ,, Borrower is MARVIN SAMPSON AND RUTH SAMPSON, HUSBAND AND ¢/I FE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is BANK OF AMERI CA, N.A. Lender is a NAT I ONAL BANK I NG ASSOC I AT I ON organized and existing under the laws of THE UN I TED STAT~ ,5 OF AMERICA WYOMING - Single Family - FANNIE MAE/FREDDIE MAC UNIFORM INSTRUMENT Form 3051 1/01 t~-fi(WY) ,ooo~, ~~{//(~ VMP MORTGAGE FORMS - (800)521-7291 CV~tY 01/10/05 3:42 PM 6615600944 Lender's address is 21000 NW EVERGREEN PKWY, HI[ LSBORO, OR @71247121 Lender is the mortgagee under this Security Instrument. (D} "Note" means the promissory note signed by Borru~' and dated .JANUARY 13, 2005 The Note states that Borrower owes Lender ONE HUNDF~[![) F I FTY FIVE THOUSAND AND O0 / 100 Dollars (U.S. $ 155,000.00 ) plus interest. Borrower t,~>~ promised to pay this debt in regular Periodic Payments and to pay the debt in full not later th:,~ FEBRUARY 01, 2035 (E) "Property" means the prol~erty that is described bel,J~v under the heading "Transfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus i;~crcsr, any prepayment charges and late charges due under the Note, and all sums due under this i;,..curity Instrument, plus interest. {G) "Riders" means all Riders to this Security Instrum~:~i that are executed by Borrower. The following Riders are to be executed by Borrower [check h~,., as applicable]: [X~ Adjustable Rate Rider [--'] Balloon Rider [---] VA Rider [~ Condominium Rider [--] Planned Unit Developn~.~t Rider ~ Biweekly Payment Rid~.~' IX] Second Home Rider [--] 1-4 Family Rider [--] Other(s) [specify] (H) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and or&:~'~ (that have the effect of law) as well as all applicable final, non-appealable judicial opinions. (I) "Community Association Dues, Fees, and \sscssments" means all dues, fees, assessments and other charges that are imposed on Borr~)~vcr or the Property by a condominium association, homeowners association or similar organizafi, (J) "Electronic Funds Transfer" means any transd'~r' of funds, other than a transaction originated by check, draft, or similar paper instrument, ~x hich is initiated through an electronic terminal, telephonic instrument, computer, or magnetic ~:~[,~ so as to order, instruct, or authorize a financial institution to debit or credit an account. Such ~crm includes, but is not limited to, point-of-sale transfers, automated teller machine transacti, ,~, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are describ,.d in Section 3. (L) "Miscellaneous Proceeds" means any compensa~i{,,, settlement, award of damages, or proceeds paid by any third party (other than insura~,:,, proceeds paid under the coverages described in Section 5) for: (i) damage to, or destructi~,~ ,d', the Property: (ii) condemnation or other taking of all or any part of the Property; (iii) c()nx ,.:.; ;race in lieu of condemnation; or (iv) mis. representations of, or omissions as to, the value andh,r ~'~,ndition of the Property. (M) "Mortgage Insurance" means insurance protecti~g l.cnder against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly schedt~l~d amount due for (i) principal and interest under the Note, plus (ii) any amounts under Sec~i(,~ 3 of this Security Instrument. (O) "RESPA" means the Real Estate Settlement Proccdt~r,:,~; Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.I<. t'art 3500), as they might be amended from time to time, or any additional or successor legislat h,;~ or regulation that governs the same subject matter. As used in this Security Instrument, "t~]SSi'A" refers to all requirements and restrictions that are imposed in regard to a "federally r~'lalcd mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" tm,k:r RESPA. t~-6(WY) ,ooo~, P.~. 2 o~ ~5 Form 3051 1/01 CVWY 01/10/05 3:42 PM 6615600944 (P} "Successor in Interest of Borrower" means an) [,:,rU that has taken title to the Property, whether or not that party has assumed Borrower's oblig:~i~s under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) )1,,. rupayment of the Loan, and all renewals, extensions and modifications of the ".,,,)< and (ii) the performance of Borrower's covenants and agreements under this Secl~-i~.~ hm~rument and the Note. For this purpose, Borrower does hereby mortgage, grant :~>,t convey to Lender and Lender's successors and assigns, with power of sale, the folh,x~i~g duscribed property located in the COUNTY of L I I',~CdLN : [Type of Recording Jurisdiction] [Xame of Recording Jurisdiction] LOT 28 IN STAR VALLEY RANCH PLAT 21, LINCOi IJ COUNTY, WYOMING AS DESCRIBED ON THE OFF ICI AL PLAT THEREOF ~ Parcel ID Number: 34 ~80530804200 192 EAST STREET THAYNE ("Property Address"): which currently has the address of [Street] Wyoming 83127 [Zip Code] TOGETHER WITH all the improvements now or I,~:~'~-after erected on the property, and all easements, appurtenances, and fixtures now or hereafter ~ part of the property. All replacements and additions shall also be covered by this Security Ins~r~mcnr. All of the foregoing is referred to in this Security I~trument as the "Pro~rty." BORROWER COVEN~TS that Borrower is laxxt't~lts' seised of the estate hereby conveyed and has the right to mortgage, grant and convey ~,,. l~roperty and that the Property is unencumbered, except for encumbrances of record. Bor~,,~x cr warrants and will defend generally the title to the Pro~rty against all claims and demands, :.~t~hj~:ct to any encumbrances of record. THIS SECURITY INSTRUMENT combines unit',~rm covenants for national use and nonmniform covenants with limited variatio~ by juris:d;~'tion re constitute a uniform s~urity i~trument covering real pro~rty. UNIFORM COVEN~TS. Borrower and Lender c~,,.,-~ant and agree as follows: 1. Payment of Principal, Interest. Escrow Itc~s, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, ,~d interest on, the debt evidenced by the Note and any prepayment charges and late charges due [t~tdcr the Note. Borrp~er shall also pay ~-6(WY) ,ooo~, ,.,t,.,~ ~~/ ~,~, a o~ ~5 Form 3051 1/01 CV~Y 01Il0/05 3:42 PM 6615600944 funds for Escrow Items pursuant to Section 3. Paymcr~:, duc under the Note and this Security Instrument shall be made in U.S. currency. However, if :~,. c:l~ck or other instrument received by Lender as payment under the Note or this Security l~,~'~m~nt is returned to Lender unpaid, Lender may require that any or all subsequent paymc~ dt~c under the Note and this Security Instrument be made in one or more of the following t'~,~-~;, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer':; ~'l~uck or cashier's check, provided any such check is drawn upon an institution whose d~p,,;its are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transt'~ r. Payments are deemed received by Lender when read:ix'cd at the location designated in the Note or at such other location as may be designated t,), t~cnder in accordance with the notice provisions in Section 15. Lender may return any paym(-~t t~r partial payment if the payment or partial payments are insufficient to bring the Loan curr~.~t, l.ender may accept any payment or partial payment insufficient to bring the Loan current, x,.itt~ot~t waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial [,<x'ments in the future, but Lender is not obligated to apply such payments at the time such [~<~ mcnts are accepted. If each Periodic Payment is applied as of its scheduled due date, then l~(:~}dcr need not pay interest on unapplied funds. Lender may hold such unapplied funds until Bor~',,.,xcr makes payment to bring the Loan current. If Borrower does not do so within a reasonable t,~-~'iod of time, Lender shall either apply such funds or return them to Borrower. If not applied ~:t~-li~r, such funds will be applied to the outstanding principal balance under the Note immediat~l,, t)ri(~r to foreclosure. No offset or claim which Borrower might have now or in the future agai~:~ l~ender shall relieve Borrower from making payments due under the Note and this Security I~:~rument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Excep~ ~; otherwise described in this Section 2, all payments accepted and applied by Lender shall be a[,l,licd in the following order of priority: (a) interest due under the Note; (b) principal due under I I~: Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payn~c.~ in the order in which it became due. Any remaining amounts shall be applied first to late ct,;~:~cs, second to any other amounts due under this Security Instrument, and then to reduce the pti ~c'i pal balance of the Note. If Lender receives a payment from Borrower f(~ ;~ d~linquent Periodic Payment which includes a sufficient amount to pay any late charge d~,:, thc payment may be applied to the delinquent payment and the late charge. If more than ont: I~:riodic Payment is outstanding, Lender may apply any payment received from Borrower to thc ~'cpayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. 1,, ~he extent that any excess exists after the payment is applied to the full payment of one or mtso'(: [~c;ri()dic Payments, such excess may be applied to' any late charges due. Voluntary prepayments ~;i~ll be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, ()r 'qi.~;cellaneous Proceeds to principal due under the Note shall not extend or postpone the due da~,:. ,~r change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay ~,, l.ender on the day Periodic Payments are due under the Note, until the Note is paid in full, a s~-,-~ (Ibc "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other ilk.ms which can attain priority over this Security Instrument as a lien or encumbrance on the Pr~t~.~-iy; (b) leasehold payments or ground rents on the Property, if any: (c) premiums for any and ;~11 insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if a~, ,~r any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prc~i t~ms in accordance with the provisions of Section 10. These items are called "Escrow Items." .\t (~rigination or at any time during the term of the Loan, Lender may require that Community .-'~:~:{~c:iation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees a~(i ~;s;essments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices ol' ~m(mnts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow ll,:ms unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. I ~.~d~r may waive Borrower's obligation (~-6(WY)(ooo5) P.~, 4 0 f 15 r ' Form 3051 1/01 CVWY 01/10/05 3:42 PM 6615600944 to pay to Lender Funds for any or all Escrow Items at ~,~,. time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall p<~ directly, when and where payable, the amounts due for any Escrow Items for which payment ,,i' t:tmds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts exi,l~.-~cing such payment within such time period as Lender may require. Borrower's obligation ~,~ make such payments and to provide receipts shall for all purposes be deemed to be a c~,,.~-~,m and agreement contained in this Security Instrument, as the phrase "covenant and agreem, ~" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to ~ xxaiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise il~ rights under Section 9 and pay such amount and Borrower shall then be obligated under ?;~-~'tion 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or ~11 I.i~;crow Items at any time by a notice given in accordance with Section 15 and, upon such rex ,~';~li~m, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under ~l~is Section 3. Lender may, at any time, collect and hold Fund:. in an amount (a) sufficient to permit Lender to apply the Funds at the time specified und, r RI?.SPA, and {b) not to exceed the maximum amount a lender can require under RESPA. I ~.t~dcr shall estimate the amount of Funds due on the basis of current data and reasonable estimate-:, ~,[ ~xpenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose d,.[~osits are insured by a federal agency, instrumentality, or entity {including Lender, if Lende~ i:~ an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender ~:1~:~It apply the Funds to pay the Escrow Items no later than the time specified under RESPA. l.~nder shall not charge Borrower for holding and applying the Funds, annually analyzing th~ ~ ~'r{~w account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Fund:: ~md Applicable Law permits Lender to make such a charge. Unless an agreement is made in xx~'i~i~g or Applicable Law requires interest to be paid on the Funds, Lender shall not be required t~, t~<v Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, h~ }~,,cver, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge., :,~ annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as d,t~i~d trader RESPA, Lender shall account to Borrower for the excess funds in accordance with Rl i?;l'.\. 1[ there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall nofil'.~ B{~rrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to m:~kc up the shortage in accordance with RESPA, but in no more than 12 monthly payments. Il' Ihcr~ is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify l~{~rrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to n~:~l~ 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 S~.~'~rit~ Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, as~:~ :;~m~nrs, charges, fines, and impositions attributable to the. Property which can attain priority ,,,,ct this Security Instrument, leasehold payments or ground rents on the Property, if any, and { ',,mmunity Association Dues, Fees, and Assessments, if any. To the extent that these items are }'.~;,.'~-~m' Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which 1,:,:; i~ri()rity over this Security Instrument unless Borrower: (a) agrees in writing to the paymem ~,[ l. hc obligation secured by the lien in t~-6(WY) ~ooo~ CVWY 01/10/05 3:42 PM 661560094,q Form 3051 1/01 a manner acceptable to Lender, but only so long as Borr,,~x~-r is performing such agreement: (b) contests the lien in good faith by, or defends against enfor~'~:mcnt of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforccr:~.llt of the lien while those proceedings are pending, but only until such proceedings are concluded; ~r (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating ~i~,.. lien to this Security Instrument. If Lender determines that any part of the Property is subject ~,, a lien which can attain priority over this Security Instrument, Lender may give Borrower a m,ti~'c identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall ~::~lis;fy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time cl~:~-gc for a real estate tax verification and/or reporting service used by Lender in connection witt, ~l~;s Ix)an. 5. Property Insurance. Borrower shall keep the i~l~ovcments now existing or hereafter erected on the Property insured against loss by fire, hazat'd:; included within the term "extended coverage," and any other hazards including, but not limh~,t i(~, earthquakes and floods, for which Lender requires insurance. This insurance shall be n~i~ain~d in the amounts {including deductible levels) and for the periods that Lender requirc~:. \\hat I.ender requires pursuant to the preceding sentences can change during the term of the I.~:~. 'Ibc insurance carrier providing the insurance shall be chosen by Borrower subject to Lender'~.~ ~ight to disapprove Borrower's choice, which right shall not be exercised unreasonably. Len&~. may require Borrower to pay, in connection with this Loan, either: {a) a one-time charge for- i'lo~d zone determination, certification and tracking services; or (b) a one-time charge for floo~! ~:~m~ determination and certification services and subsequent charges each time remappings or .,i r~ilar changes occur which reasonably might affect such determination or certification. Borr~.~..~- shall also be responsible for the payment of any fees imposed by the Federal Emergency i',lrmagcment Agency in connection with the review of any flood zone determination resulting from ~ ~bicction by Borrower. If Borrower fails to maintain any of the coveragc~ ,i,~scribed above, Lender may obtain insurance coverage, at Lender's option and Borrower's e.~:I,~-~'~c. I.ender is under no obligation to purchase any particular type or amount of coverage. Ther~.t',,r~-, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's eqt~ii¥ in the Property, or the contents of the Property, against any risk, hazard or liability and mii,.llt provide greater or lesser coverage than was previously in effect. Borrower acknowledges thai Ibc- cos~ of the insurance coverage so obtained might significantly exceed the cost of insurance ~l~l Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall t~:c{,me additional debt of Borrower secured by this Security Instrument. These amounts shall t',,.:~r interest at the Note rate from the date of disbursement and shall be payable, with such i~t~-r~st, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and rene~x:~l~; ~f such policies shall be subject to Lender's right to disapprove such policies, shall include ~ ~Iandard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss pax,,:, l.cnder shall have the right to hold the policies and renewal certificates. If Lender requires, l'~'~,:~{,wcr shall promptly give to Lender all receipts of paid premiums and renewal notices. If ]~,~'~xxcr obtains any form of insurance coverage, not otherwise required by Lender, for damage ~. ~,r destruction of, the Property, such policy shall include a standard mortgage clause and shall ~c I.cnder as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt noti~.,~ ~ the insurance carrier and Lender. Lender may make proof of loss if not made promptly by t*~,r~'ower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whed~-~~ ~r not the underlying insurance was required by Lender, shall be applied to restoration or rep~ir ~t' ~he Property, if the restoration or repair is economically feasible and Lender's security is ~,,~ lessened. Durin~ such repair and P'g' 8 of 15 L.~ Porto 3051 1/01 CVWY 01/~0/05 3:42 PU 6615600944 restoration period, Lender shall have the right to hold s~'t~ insurance proceeds until Lender has had an opportunity to inspect such Property to ensure ~t~- xx.rk has been completed to Lender's satisfaction, provided that such inspection shall be und~.~:~kun promptly. Lender may disburse proceeds for the repairs and restoration in a single paym~-~ ~r in a series of progress payments as the work is completed. Unless an agreement is mad~ i,~ writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender sl,~,ll m>t be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjt~.lcr~, or other third parties, retained by Borrower shall not be paid out of the insurance proc~.~-:l; and shall be the sole obligation of Borrower. If the restoration or repair is not economicallx l'~:a~ible or Lender's security would be lessened, the insurance proceeds shall be applied to the sttr~; ~cured by this Security Instrument, whether or not then due, with the excess, if any, paid to l~,ri'tm, er. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may l~il~:, negotiate and settle any available insurance claim and related matters. If Borrower does ~,,,~ r~spond within 30 days to a notice from Lender that the insurance carrier has offered to st~l~- a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when r l,~: m~tice is given. In either event, or if Lender acquires the Property under Section 22 or other~i ;~., Borrower hereby assigns to Lender {a) Borrower's rights to any insurance proceeds in an ar~,,t~nt ~lot to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any o~t,~-~- of Borrower's rights (other than the right to any refund of unearned premiums paid by }~'r~m'er) under all insurance policies covering the Property, insofar as such rights are applicabh. ~, Ih~ coverage of the Property. Lender may use the insurance proceeds either to repair or restore. ~t~c Property or to pay amounts unpaid under the Note or this Security Instrument, whether or n.~ l tttzn due. 6. Occupancy. Borrower shall occupy, establish, ~d use the Property as Borrower's principal residence within 60 days after the execution ~,[ Ibis Security Instrument and shall continue to occupy the Property as Borrower's principal ~'~-:;idcnce for at least one year after the date of occupancy, unless Lender otherwise agrees i~ ~riting, which consent shall not be unreasonably withheld, or unless extenuating circumsta~,~:~ exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection o1' ~hc Property; Inspections. Borrower shall not destroy, damage or impair the Property, allo~x ~t~c. Property to deteriorate or commit waste on the Property. Whether or not Borrower is rc~iding in the Property, Borrower shall maintain the Property in order to prevent the Property fr~,m deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to ~.-;~.~'[ion 5 that repair or restoration is not economically feasible, Borrower shall promptly repair d~, l~mperty if damaged to avoid further deterioration or damage. If insurance or condemnatio~ t~r~ceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall I,,· responsible for repairing or restoring the Property only if Lender has released proceeds for ~.~tch purposes. Lender may disburse proceeds for the repairs and restoration in a single paym~ {Jr in a series of progress payments as the work is completed. If the insurance or condemnatio~ i~c~cds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrowc~:~; ~bligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries up~,,~ and inspections of the Property. If it has reasonable cause, Lender may inspect the interior ,~l' ~hc improvements on the Property. Lender shall give Borrower notice at the time of or prior ~, ~;t~ch an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower sh:~lt b~ in default if, during the Loan application process, Borrower or any persons or entities; :~'ring at the direction of Borrower or ~])e-6(WY) moos) Init iai. P.~. 7 o~ ~5 (,_, Form 3051 1/01 CVWY 01/10/05 3:42 PM 6615600944 with Borrower's knowledge or consent gave materi;~ll3 false, misleading, or inaccurate information or statements to Lender (or failed to provi& l.cnder with material information) in connection with the Loan. Material representations include-, }~t~ are not limited to, representations concerning Borrower's occupancy of the Property as Borr~,.~ ~:r's principal residence. 9. Protection of Lender's Interest in the Propcrt3 and Rights Under this Security Instrument. If (a) Borrower fails to perform the cove~,:~tls~ and agreemeqts contained in this Security Instrument, (b) there is a legal proceeding that m i:~t~ significantly affect Lender's interest in the Property and/or rights under this Security Instrum~-~t (s;t~ch as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement ,,l', lien which may attain priority over this Security Instrument or to enforce laws or regulatitm.;), ,r (c) Borrower has abandoned the Property. then Lender may do and pay. for-whatever i~, ~'c,sonable or appropriate to protect Lender's interest in the Property and rights under this S~:~'t~-ity Instrument, including protecting and/or assessing the value of the Property, and securing t~,~d/t~r repairing the Property. Lender's actions can include, but are not limited to: (a) paying ~ sterns secured by a lien which has priority over this Security Instrument; (b) appearing in ct,t~-t: and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights t,~d~-r this Security Instrument, including its secured position in a bankruptcy proceeding. Securing ~1~. l'roperty includes, but is not limited to, entering the Property to make repairs, change locks, r~.pl:~c~ or board up doors and windows, drain water from pipes, eliminate building or other code ',i~dations or dangerous conditions, and have utilities turned on or off. Although Lender may take ~c:~i(m under this Section 9, Lender does not have to do so and is not under any duty or obligation ~,~ do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized un&-t' ~hls Section 9. Any amounts disbursed by Lender under this Secti~,l~ 9 shall become additional debt of Borrower secured by this Security Instrument. These amt,t~; stroll bear interest at the Note rate from the date of disbursement and shall be payable, with ~c'h interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borroxx ~-~- ?droll comply with all the provisions of the lease. If Borrower acquires fee title to the Property, ~hc l~asehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortg:t~. Insurance as a condition of making the Loan, Borrower shall pay the premiums required to m:,i~t~in the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required hy I~ender ceases to be available from the mortgage insurer that previously provided such insura~, and Borrower was required to make separately designated payments toward the premiums for )x h ~'~gage Insurance, Borrower shall pay the premiums required to obtain coverage substantially ~-,ttfivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to ~t~c cost to Borrower of the Mortgage Insurance previously in effect, from an alternate morI?~;~gc insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is n(,~ :~vailable, Borrower shall continue to pay to Lender the amount of the separately designated pa3 ~:~'ttts that were due when the insurance coverage ceased to be in effect. Lender will accept, t~,:~: and retain these payments as a non-refundable loss reserve in lieu of Mortgage In~,t~':~tcc. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is t~l~i mately paid in full, and Lender shall not be required to pay Borrower any interest or earning:: ,,~ such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insuram~: ~:~xerage (in the amount and for the period that Lender requires) provided by an insurer select~:d }~_~ I.ender again becomes available, is obtained, and Lender requires separately designated paymc~ reward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a ~',,ndition of making the Loan and Borrower was required to make separately designated i~:~.\ments toward the premiums for (~-8(WY) CVV/Y 01/10/05 3:42 PM 6615600944 Page 8 of 15 Form 3051 1/01 Mortgage Insurance, Borrower shall pay the premiums :,..~::rcd to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, t,x~il l.cnder's requirement for Mortgage Insurance ends in accordance with any written agreement 1,,~/x CCh Borrower and Lender providing for such termination or until termination is required bx \i~plicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the ra~. t':"vided in the Note. Mortgage Insurance reimburses Lender (or any ex~i~,~ ~hat purchases the Note) for certain losses it may incur if Borrower does not repay the Loan ~:~ ~grc~d. Borrower is not a party to the Mortgage I~urance. Mortgage i~urers evaluate their total risk on all st~'~ i~s;urance in fOrce from time to time, and may enter into agreements with other parties that sh:~:~ ~r modify their risk, or reduce losses. These agreements are on terms and conditio~ that arc ::,~i~;factory to the mortgage insurer and the other party (or parties) to these agreements. These: :~grucments may require the mortgage i~urer to make payments using any source of funds that ~it~: mortgage insurer may have available (which may include funds obtained from Mortgage I~ur:~'~ premiums). As a result of these agreements, Lender, any pur:l:~;~,r of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of ~_: t~oregoing, may receive (directly or indirectly) amounts that derive from (or might ~ cl:~::~c~crizcd as) a portion of Borrower's payments for Mortgage I~urance, in exchange for sharing: ~r modifying the mortgage insurer's risk, or reducing losses. If such agreement provides tha~ :t~ ~ffiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums; f:~id ro the insurer, the arrangement is often termed "captive rei~urance." Further: (a) Any such agreements will not affect the as~{~unts that Borrower has agreed to pay for Mortgage Insurance, or any other terms o1' thc Loan. Such agreements will not increase the amount Borrower will owe for Mortgagt: Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the ri~:hts Borrower has - if any - with respect to the Mortgage Insurance under the Home~ nerd Protection Act of 1998 or any other law. These rights may include the right lo rcc'ciYe certain disclosures, to request and obtain cancellation of the Mortgage Insuram:t~, t~ have the Mortgage Insurance terminated automatically, and/or to receive a rc:[und of any Mortgage Insurance premiums that were unearned at the time of such ca,t~cllation or termination. 11. Assignment of Miscellaneous Proceeds; For i'~:iture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to ~nder. If the Pro~rty is damaged, such Miscellan~us Pr~,:~.:d~ shall be applied to restoration or repair of the Property, if the restoration or repair is ecox~, ,r n i cally feasible and Lender's security is not lessened. During such repair and restoration ~riod, I:~d~r shall have the right to hold such Miscellaneous Proceeds until Lender has had an op~rtt~i~y to inspect such Property to ensure the work has been completed to Lender's satisfaction, i~:{~vided that such inspection shall be undertaken promptly. Lender may pay for the repairs and :c:orafion in a single disbursement or in a series of progrem payments as the work is compl~.tcd. Unless an agreement is made in writing or Applicable Law requires interest to be paid ~,~ stroh Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or ear~i~g: on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or I ~.~dur's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums sect~.~l by this Security Instrument, whether or not then due, with the excess, if any, paid to Borroxx ~,:. 5t~ch Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss ix~ x zt[[~ of the ProPerty, the Miscellaneous Proceeds shall be applied to the sums secur~ by this ?;::[~riry Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss i~ :~lue of the Property in which the fair market value of the Pro~rty immediately before the par~ i:~l t~king, destruction, or loss in value is equal to or greater than the amount of the sums secured },x ~ h i~ Security Instrument immediately before the partial tahng, destruction, or loss in value, ~lcss Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrt~r~.nt shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following t~':~ion: (a) the total amount of the sums secured immediately before the partial taking, destructions, ,,r loss in value divided by (b) the fair market value of the Property immediately before the par~i:~l rakine, destructioa, or loss in value. Any balance shall be paid to Borrower. P,~ ~ot ~ Form 3051 1/01 CVWY 01/10/05 3:42 ~ 6615600944 In the event of a partial taking, destruction, or loss i~ , ~tlt~e of the Property in which the fair market value of the Property immediately before the parti;~l I,king, destruction, or loss in value is less than the amount of the sums secured immediately h(.i'~,rc the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agr~. i~ writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instr~r~cnt whether or not the sums are then due. If the Property is abandoned by Borrower, or if, aft~.r ~tice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers ~,~ m~ke an award to settle a claim for damages, Borrower fails to respond to Lender within 30 d:~3s after the date the notice is given, Lender is authorized to collect and apply the Miscella~.~,~s Proceeds either to restoration or repair of the Property or to the sums secured by this S~-( ~rity Instrument, whether or not then due. "Opposing Party" means the third party that owes l*,,~-rm¥vr Miscellaneous Proceeds or the party against whom Borrower has a right of action in reg~rd to Miscellaneous Proceeds. Borrower shall be in default if any action or proceed i~g, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeitur,.. ~,~' the Property or other material impairment of Lender's interest in the Property or ~'i~..l~s under this Security Instrument. Borrower can cure such a default and, if acceleration has ~,( ~ t~rrcd, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed ~,. i~1~ a ruling that, in Lender's judgment precludes forfeiture of the Property or other material ', i';rment of Lender's interest in the Property or rights under this Security Instrument. Th~- i~r(~c~eds of any award or claim for damages that are attributable to the impairment of Lend~ ~"~; interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to r~':.~,ration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By l.t:.dcr Not a Waiver. Extension of the time for payment or modification of amortization ~,t' Ih~ sums secured by this Security Instrument granted by Lender to Borrower or any Suc(:~.:::;~,r in Interest of Borrower shall not operate to release the liability of Borrower or any Success,,~'~; i~ Interest of Borrower. Lender shall not be required to commence proceedings against any ~;tt('ccss()r in Interest of Borrower or to refuse to extend time for payment or otherwise modify am~ ~rtization of the sums secured by this Security Instrument by reason of any demand made by th[.,,riginal Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in e×~-~,'i~;ing any right or remedy including, without limitation, Lender's acceptance of payments from ~l~ird persons, entities or Successors in Interest of Borrower or in amounts less than the amotmt ~l~cn due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Succ~?;,,~rs and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liabititx shall be joint and several. However, any Borrower who co-signs this Security Instrument but d, ,,:~i not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mor~;,,:tgc, grant and convey the co-signer's interest in the Property under the terms of this Sectt~it~ Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrum ~-~'~ I.; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or m;,i ~. any accommodations with regard to the terms of this Security Instrument or the Note without ~1,~. ~.(~ signer's consent. Subject to the provisions of Section 18, any Success,,~' i~l Interest of Borrower who assumes Borrower's obligations under this Security Instrument in x,. ~iting, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Sct'~-ii3 Instrument. Borrower shall not be released from Borrower's obligations and liability under ~i,is Security Instrument unless Lender agrees to such release in writing. The covenants and agrc(.z~:ms of this Security Instrument shall bind (except as provided in Section 20) and benefit the su('t'~;~;()rs and assigns of Lender. 14. Loan Charges. Lender may charge Borrower ~'~::; i'(~r services performed in connection with Borrower's default, for the purpose of protecting Le~,.]~.:'.~ interest in the Property and rights under this Security Instrument, including, but not limited ~(~, attorneys' fees, property inspection and valuation fees. In regard to any other fees, the absr~(:~: ~t' express authority in this Security Instrument to charge a specific fee to Borrower shall n~I bc construed as a prohibition on the charging of such fee. Lender may not charge fees that ar,. ~:×pressly prohibited by this Security Instrument or by Applicable Law. ~-6(WY) {o00s) CVWY 01/10/05 3:42 PM 6615600944 Page 10 of 15 Form 3051 1/01 If the Loan is subject to a law which sets maximL~ h~an charges, and that law is finally interpreted so that the interest or other loan charges c(~ll~.~ytcd or to be collected in connection with the Loan exceed the permitted limits, then: {a) any ~,[,~'1~ loan charge shall be reduced by the amount necessary to reduce the charge to the permitted l i~x~it: and (b) any sums already collected from Borrower which exceeded permitted limits will ~,. rt:f'unded to Borrower. Lender may choose to make this refund by reducing the principal o~l under the Note or by making a direct payment to Borrower. If a refund reduces principal, tl~. reduction will be treated as a partial prepayment without any prepayment charge twhether or ~,,I a prepayment charge is provided for under the Note). Borrower's acceptance of any such refu~,.t made by direct payment to Borrower will constitute a waiver of any right of action Born,~x~-r might have arising out of such overcharge. 15. Notices. All notices given by Borrower or I ~-~,dcr in connection with this Security Instrument must be in writing. Any notice to Borr~,v.~.r in connection with this Security Instrument shall be deemed to have been given to Bom,u ~.r when mailed by first class mail or when actually delivered to Borrower's notice address if ~:,.~t by other means. Notice to any one Borrower shall constitute notice to all Borrowers unl,. ::; Applicable Law expressly requires otherwise. The notice address shall be the Property Ad, i~-:;s~ unless Borrower has designated a substitute notice address by notice to Lender. Borr~,u~.r shall promptly notify, Lender of Borrower's change of address. If Lender specifies a proc~-t~,-c f'or reporting' Borrower s change of address, then Borrower shall only report a change of ad~l~-css through that specified procedure. There may be only one designated notice address under ~t,i:, Security Instrument at any one time. Any notice to Lender shall be given by delivering it ~,~- by mailing it by first class mail to Lender's address stated herein unless Lender has dc::i;~t~:~tcd another address by notice to Borrower. Any notice in connection with this Security l~,:trument shall not be deemed to have been given to Lender until actually received by Lender. II any notice required by this Security Instrument is also required under Applicable Law, the Api,li c:~ble Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severability; Rules of Cons tr t~ction. This Security Instrument shall be governed by federal law and the law of the jurisdicti,,~ in which the Property is located. All rights and obligations contained in this Security Instrum~.~t arc subject to any requirements and limitations of Applicable Law. Applicable Law might exi~li,'i~ly or implicitly allow the parties to agree by contract or it might be silent, but such silence :;t~:dl not be construed as a prohibition against agreement by contract. In the event that an.~ [)rovision or clause of this Security Instrument or the Note conflicts with Applicable Lau, :;uch conflict shall not affect other provisions of this Security Instrument or the Note u t~i~:h can be given effect without the conflicting provision. As used in this Security Instrument: (a) words ot' ~t~: masculine gender shall mean and include corresponding neuter words or words of the femi~inc gender; (b) words in the singular shall mean and include the plural and vice versa; and (c') Ibc word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given o~. ~'~,py of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial l~}tcrt:st in Borrower. As used in this Section 18, "Interest in the Property" means any legal ,,- beneficial interest in the Property, including, but not limited to, those beneficial interests tr:,,:l'~:rred in a bond for deed, contract for deed, installment sales contract or escrow agreement, thc i~,~.~t of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in ~t~. l'roperty is sold or transferred (or if Borrower is not a natural person and a beneficial inter~-:;~ in Borrower is sold or transferred) ~thout Lenders prior written consent, Lender may r~:q~,n: ~mmed~ate payment in full of all sums secured by this Security Instrument. However, this ,,f,~hm shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender shall give Bo~'~-, ,~x~r notice of acceleration. The notice shall provide a period of not less than 30 days from the d~. ibc notice is given in accordance with Section 15 within which Borrower must pay all sums ~;~.,'~rcd by this Security Instrument. If Borrower fails to pay these sums prior to the expiratio~ ,,1' this period, Lender may invoke any remedies permitted by this Security Instrument without ftys-ii,wv notice or demand on Borrower. I~-6(WY) ~oo0~ Page 11 of 15 Form 3051 1/01 CVWY 01/10/05 3:42 PM 6515600944 19. Borrower's Right to Reinstate After Accch:ration. If Borrower meets certain conditions, Borrower shall have the right to have enf,,~'c~-ment of this Security Instrument discontinued at any time prior to the earliest of: (a) five da x~ bd'ore sale of the Property pursuant to any power of sale contained in this Security Inst'rum~; (b) such other.period as Applicable Law might specify for the termination of Borrower's rigtn ~, ~'cinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are d~al Borrower: {a) pays Lender all sums which then would be due under this Security Instrumern and the Note as if no acceleration had occurred; (b) cures any default of any other covenant~; ~,~ agreements; (c) pays all expenses incurred in enforcing this Security Instrument, including, I,t~l not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fcc:; incurred for the purpose of protecting Lender's interest in the Property and rights under this 5~'~Mty Instrument; and (d) takes such action as Lender may reasonably require to assure that Lc~,&:~-'~; interest in the Property and rights under this Security Instrument, and Borrower's obliga~i~,~ to pay the sums secured by this Security Instrument, shall continue unchanged. Lender ~a> require that Borrower pay such reinstatement sums and expenses in one or more of thc f,,ll(~wing forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank chccl:~ ~rcasurer's check or cashier's check, provided any such check is drawn upon an institution xx I,,?;c deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic l:t~,&; Transfer. Upon reinstatement by Borrower, this Security Instrument and obligations secur~-d h~:rcby shall remain fully effective as if no acceleration had occurred. However, t~s right to ~'~-in~:tate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notic(: {~t~ Grievance. The Note or a partial interest in the Note (together with this Security I~trtn~.~tt) can be sold one or more times without prior notice to Borrower. A sale might result ~ :t change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under' t}~c Note and this Security Instrument and performs other mortgage loan servicing obligations tnMc. r the Note, this Security I~trument, and Applicable Law. There also might be one or more cha~;~c.s of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, 1~,,['r(m'er will be given written notice of the change which will state the name and address of the n~:~x l.oan Servicer, the address to which payments should be made and any other i~ormation RES[~ X requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter ~h~- Ix)an is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan :~:~'vicing obligatiom to Borrower will remain with the Loan Servicer or be tra~ferred to a succc~;y;~,r l.oan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Nt,lc l)urchaser. Neither Borrower nor Lender may commence, join, {,r be joined to any judicial action (as either an individual litigant or the mem~r of a class) thai ~Mses from the other party's actions pursuant to this Security Instrument or that alleges tI~ar [l~c other party has breached any provision of, or any duty owed by reason of, this Securi~;, Instrument, until such Borrower or Lender has notified the other party (with such notice giv~.~, in compliance with the requirements of Section 15) of such alleged breach and afforded the oth(.t' t)arty hereto a reasonable period after the giving of such notice to take corrective action. If :X[~plicable Law provides a time period which must elapse before certain action can be taken, d,a~ time period will be deemed to be reasonable for pur~ses of this paragraph. The notice o1' acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the n()ti~'~. ~f acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the no~ic'~: and opportunity to take corrective action provisions of this Section ~. 21. Hazardous Substances. As used in t~s Secti{,~ 21: (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, f-,,llutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, ,,l[~c:r flammablg oI toxic petroleum Page 12 of 15 Form 3051 1/01 CVWY 01110/05 3:42 P~ 6615600944 products, toxic pesticides and herbicides, volatile sol xr.:,~s, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environn~.~.~t~d I.aw" means federal laws and laws of the jurisdiction where the Property is located that r,.l:~tc to health, safety or environmental protection; (c) "Environmental Cleanup" includes a~:, response action, remedial action, or removal action, as defined in Environmental Law; and (,.1) ~m "Environmental Condition" means a condition that can cause, contribute to, or otherwise trig:c~:~' an Environmental Cleanup. Borrower shall not cause or permit the presence, t~:..., disposal, storage, .or release of any Hazardous Substances, or threaten to release any Haza~d,,,~ Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, an3 [t,i~tg affecting the Property (a) that is in violation of any Environmental Law, (b) which creal(~; ~n l'.'nvironmental Condition, or (c) which, due to the presence, use, or release of a Hazard,,t~:; Substance, creates a condition that adversely affects the value of the Property. The precedi~:~ two sentences shall not apply to the presence, use, or storage on the Property of small qua~;~i~:s of Hazardous Substances that are generally recognized to be appropriate to normal resid,.:,~tial uses and to maintenance of the Property (including, but not limited to, hazardous substa~:~; in consumer products). Borrower shall promptly give Lender written notic~~ ,,f (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulate,r,, :~gency or private party involving the Property and any Hazardous Substance or Environmc~l-:~l l~aw of which Borrower has actual knowledge, (b) any Environmental Condition, including i~t:t n~ limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous S~I, ~mce, and (c) any condition caused by the presence, use or release of a Hazardous Substance ,.~. i~ich adversely affects the value of the Property. If Borrower learns, or is notified by any govc~'~mcntal or regulatory authority, or any private party, that any removal or other remediation ~,i' :,~v t lazardous Substance affecting the Property is necessary, Borrower shall promptly take all ~, ~'t~sary remedial actions in accordance with Environmental Law. Nothing herein shall cre~,~~ fray obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. Borrower and I(.~cl~r further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall ~i~c notice to Borrower prior to acceleration following Borrower's breach of any c(,~ haut or agreement in this Security Instrument (but not prior to acceleration under ,:/cction 18 unless Applicable Law provides otherwise). The notice shall specify: (a) d~- default; (b) the action required to cure the default; (c) a date, not less than 30 days l'r,,m the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the Property.. The notice shall further inform Borrower of the right to reinstate after acceleration a~d the right to bring a court action to assert the non-existence of a default or any other del'case of Borrower to acceleration and sale. If the default is not cured on or before Iht: date specified in the notice, Lender at its option may require immediate payment in full ~J' all sums secured by this Security Instrument without further demand and may inv~,l.c the power of sale and any other remedies permitted by Applicable Law. Lender shz~li bc entitled to collect all expenses incurred in pursuing the remedies provided in this 5,~-ction 22, including, but not limited to, reasonable attorneys' fees and costs of title evidc,ce. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the lq'~,perty, if different, in accordance with Applicable Law. Lender shall give notice of ti~c sale to Borrower in the manner provided in Section 15. Lender shall publish the hotly-t: {~f sale, and the Property shall be sold in the manner prescribed by Applicable Law. I .~:ndcr or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: t~-8(WY) moos) CVV/Y 01/10/05 3:42 PM 6615600944 Page 13 o{ 15 Initial~.~~~ Farm ~Ogl 1/01 (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrume,t: and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured },, this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay ~l~x recordation costs. 'Lender may charge Borrower a fee for releasing this Security Instrument, ~,~ only if the fee is paid to a third party for services rendered and the charging of the fee is perm i t)~=d under Applicable Law. 24. Waivers. Borrower releases and waives all rigl~ ~ m~der and by virtue of the homestead exemption laws of Wyoming. BY SIGNING BELOW, Borrower accepts and agra.,.:-; ~) the terms and covenants contained in this Security Instrument and in any Rider executed b~ [~()rrower and recorded with it. Witnesses: (Seal) ~.i, ~ f~/Y/?../~ ~ (Seal) RUTH : ,:,:~':;ON ~t -Borrower (Seal) (Seal) -Borrower. -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower t~-B(WY) ~ooo5> CVWY 01/10/05 3:42 PM 6615600944 P~g~ 14 of 15 Form 3051 1/01 STATE OF WYOMING, by The foregoing instrument was acknowledged before r~. this County ss: My Commission Expires: ~__ [-3 /3 '-] LESLIE A. LEA NOTARY PUBLIC-ARIZONA MARICOPA COUNTY 7 My Commission Expi??s FebnJary 3, 200 ~-6(WY) moos) CVWY 01/10/05 3:42 Ph4 5615600944 Page 15 of 15 Form 3051 1/01 SECOND HOME RIDER THIS SECOND HOME RIDER is made this l~T}q da3' of JANUARY, 2005 and is incorporated into and shall be deemed to amend ;~d supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of th~. ;;~mu date given by the undersigned (the "Borrower" whether there are one or more persons u~d,_-~'s;igned) to secure Borrower's Note to BANK OF AMERICA, N.A. (the "Lender") of the same date and covering the propers:. &:s;cribed in the Security Instrument (the "Property" ), which is located at: 192 EAST STREET, THAYNE, WY 83127 [Property Addr~,,, In addition to the covenants and agreements made i t~ thc Security Instrument, Borrower and Lender further covenant and agree that Sections 6 and 8 ,,t' ~l~c Security Instrument are deleted and are replaced by the following: 6. Occupancy. Borrower shall occupy, and r;t~z~ll only use, the Property as Borrower's second home. Borrower shall k~,.f, the Property available for Borrower's exclusive use and enjoyment at all ~i~ncs;, and shall not subject the Property to any timesharing or other shared o~:rship arrangement or to any rental pool or agreement that requires Borrower cithur to rent the Property or give a management firm or any other person any co~t~-~,l ~x'er the occupancy or use of the Property. 8. Borrower's Loan Application. Borrower sh,II b~- in default if, during the Loan application process, Borrower or any persons or ,.~titi<s acting at the direction of Borrower or with Borrower's knowledge or ~'~nscnt gave materially false, misleading, or inaccurate information or statemu~:; ~o Lender (or failed to provide Lender with material information) in connc~'~i~m with the Loan. Material representations include, but are not limited ~,,, representations concerning Borrower's occupancy of the Property as Borrowc~":; :;ccond home. MULTISTATE SECOND HOME RIDER- Single Family Page 1 of 2 BS365R (0008) VMP MORTGAGE FORMS- H~i~)521-7291 M65S 01/10/05 3:42 PM 6615600944 BY SIGNING BELOW, Borrower accepts and agrees this Second Home Rider./ RUTH//SAMPSON BS365R (0008) Page 2 of 2 Itc ~erms and provisions contained in (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower M65S 01/10/05 3:42 PM 6615600944 LOAN # 6615600944 ADJUSTABLE RIDER THIS ADJUSTABLE RATE RIDER is made this 'I3TH day of JANUARY, 2005 and is incorporated into and shall be deemed to ame~d ~md supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrumc~") of' the same date given by the undersigned (the "Borrower") to secure Borrower's .\,_l.ius;table Rate Note (the "Note") to BANK OF AMERICA, N.A. (the "Lender") of the same date and covering the ProperLx d~;cribed in the Security Instrument and locatedat: 192 EAST STREET, THAYNE, WY 83127 [Property Address THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND MY MONTHLY PAY~/iENT. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER t'/~,YMENTS. DECREASES IN THE INTEREST RATE WILL RESULT IN LOWEi~ PAYMENTS. ADDITIONAL COVENANTS. In addition to thc ~',~xenants and agreements made in the Security Instrument, Borrower and Lender further covenant ~t~d agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT ( ti .\ NGES The Note provides for an initial interest rate of 5. 375 for changes in the interest rate and the monthly payments, ~:~ 1'{ ~1 lows: %. The Note provides 4. INTEREST RATE AND MONTHLY PAYMENT Cit.t N(;ES (A) Change Dates The interest rate I will pay may change on the F I F~._;T day of FEBRUARY, 2012 and on that day every 12TH month thereafter. 1 !',,,'t~ date on which my interest rate could change is called a "Change Date." is: (B) The Index Beginning with the first Change Date, my interest ra~,: ~, ill be based on an Index. The "Index" MULTISTATE ADJUSTABLE RATE RIDER - Single Family Pa~e 1 of 6 BS899R (010 U. 03 VMP MORTGAGE FORMS - (800)'.i~' 1-7291 MGNR 01/10/05 3:42 PM 6615600944 THE ONE-YEAR LONDON INTERBANK OFFERED RATE ("LIBOR") WHICH IS ;~=: :,VERAOE OF INTERBANK OFFERED RATES FOR ONE-YEAR U.S. DOLLAR-DENOMINATED DEPOSITS IN THE LONDON MARKE!.. i~UBLISHEO IN THE WALL STREET JOURNAL. MOST RECENT INDEX FIGURE AVAILABLE AS OF THE DATE 45 DAYS BEFC;.i i:4:1t CHANGE DATE IS CALLED THE "CURRENT INDEX." THE If the Index is no longer available, the Note Holder ~,, ill choose a new Index that is based upon comparable information. The Note Holder will give me n~,t~ c~- of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will c;~),'t~late my new interest rate by adding TWO AND ONE-QUARTER percentage points ( 2. 250 %) to the Current Index. The "~,, ,ict tolder will then round the result of this addition to the [--] Nearest p~ Next Highest ~] ~. ,.~ l.owcst ONE-E I GHTH OF ONE PERCENTAGE PO I NT ( O. 125 %). Subject to the limits stated in Section 4(D) below, this rounded am,,~ t~ will be my new interest rate until the next Change Date. The Note Holder will then determine the amoum ,,i' rh~ monthly payment that would be sufficient to repay the unpaid principal I am expected ~,, ~,~xc at the Change Date in full on the maturity date at my new interest rate in substantially equ:,l /~<v m ents. The result of this calculation will be the new amount of my monthly payment. ~ Interest-Only Period The "Interest-only Period" is the period from the da~. ,,F tltis Note through · For the interest-only period, after calculati~ ?, ~-~ y new interest rate as provided above', the Note Holder will then determine the amount of the m,,~l~l y payment that would be sufficient to pay the interest which accrues on the unpaid principal of n~ l tmn. The result of this calculation will be the new amount of my monthly payment. The "Amortization Period" is the period after the i~'r~-.qt-only period. For the amortization period, after calculating my new interest rate as pro,.i,l,.d above, the Note Holder will then determine the amount of the monthly payment that x,.,,~dd be sufficient to repay the unpaid principal that I am expected to owe at the Change Dat~ it~ f'ttll on the Maturity Date at my new interest rate in substantially equal payments. The result of It ti~; calculation will be the new amount of my monthly payment. BS899R (0101).03 Page 2 of 6 MGNR Ol/10/05 3:42 PM 6615600944 (D) Limits on Interest Rate Changes (Please check appropriate boxes; if no box is chccl:L.d, there will be no maximum limit on changes. ) ~-~ (1) There will be no maximum limit on interesl ~':,l~ changes. ~ (2) The interest rate I am required to pay at thc: Ii n;i Change Date will not be greater than % or less than %. ['~ (3) MY interest rate will never be increased or d~'crcased on any single Change Date by more than percentage points ( %) from the r:~l~, t)f interest I have been paying for the preceding period. I-X-] (4) My interest rate will never be greater than 10.37~ ~' %, which is called the "Maximum Rate." [---] (5) My interest rate will never be less than %, which is called the "Minimum Rate." (6) My interest rate will never be less than the inili:d interest rate. (7) The interest rate I am required to pay at thc l'i ~-~ (~hange Date will not be greater than 10. 375 % or less than 2~ ~' ~} :,~. %. Thereafter, my interest rate will never be increased or decreased ,,~ any single Change Date by more than TWO percentage points ( 2.000 %) from the ra~( ,,t' interest I have been paying for the preceding period. (E) Effective Date of Changes My new interest rate will become effective on each ('}~,~gc Date. I will pay the amount of my new monthly payment beginning on the first monthly payr~,-,I date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice ,1' ,~U changes in my interest rate and the amount of my monthly payment before the effective da~. ,ff any change. The notice will include information required by law to be given to me and also th~ ~i ~Ic and telephone number of a person who will answer any question I may have regarding the nofi~'~.. BS899R (0101).03 Page 3 of § MONR 01/10/05 3:42 PM 6615600944 B. TRANSFER OF THE PROPERTY OR A B ENEFI( t.\ 1. INTEREST IN BORROWER Uniform Covenant 18 of the Security Instrument is amend~.d i~, read as follows: (1) WHEN MY INITIAL FIXED INTEREST RATE CHANGES TO AN ADJU21-.~i INTEREST RATE UNDER THE TERIvlS STATED IN SECTION 4 ABOVE, UNIFOP,~I COVENANT 18 OF THE SECURITY INSTRU~..~irJ: !~'~£CRIBED IN SECTION B(2) BELOW SHALL THEN CEASE TO BE IN EFFECT. AND UNIFORM COVENANT 18 OF THE SECUI i, IHSTRUMENT SHALL INSTEAD BE DESCRIBED AS FOLLOWS: Transfer of the Property or a Beneficial Int~r~:~t in Borrower. As used in this Section 18, "Interest in the Property" means an3' !~-~4al or beneficial interest in the Property, including, but not limited to, those benefici:~l imf:rests transferred in a bond for deed, contract for deed, installment sales contract ~,~ ~;crow agreement, the intent of which is the transfer of the title by Borrower at a futur~. ~l:lt~ to a purchaser. If all or any part of the Property or any Interest i~ th~ Property is sold or transferred (or if a Borrower is not a natural person and a benct';~ i;d interest in Borrower is sold or transferred) without Lender's prior written conse~i, l.~dcr may require immediate payment in full of all sums secured by this Securib I~;trument. However, this option shall not be exercised by Lender if such exercise is p~, ,i~i bl ted by Applicable Law. Lender also shall not exercise this option if: (a) Borrower ~au~s to be submitted to Lender information required by Lender to evaluate the inte~,!.d transferee as if a new loan were being made to the transferee; and (b) Lender reasonabl~ d~t~rmines that Lender's security will not be impaired by the loan assumption and tha~ t l~. risk of a breach of any covenant or agreement in this Security Instrument is acceptabl~ ~,, I ~.nder. To the extent permitted by Applicable Law, Le~d~.~' m~y charge a reasonable fee as a condition to Lender's consent to the loan assum?~i,,~, l.cnder also may require the transferee to sign an assumption agreement that is acc~-i,~'~ hie to Lender and that obligates the transferee to keep all the promises and agreem~.~; made in the Note and in this Security Instrument. Borrower will continue to b~ ,,t,lig~tcd under the Note and this Security Instrument unless Lender releases Borrower i~ BS899R (o~o~).o3 Page 4 of 6 MGNR 0~/10/05 3:42 PM 66'15600944 If Lender exercises the option to require i m m,.,li~re payment in full, Lender shall give Borrower notice of acceleration. The notice shall t~rovide a period of not less than 30 days from the date the notice is given in accord:~,~.c with Section 15 within which Borrower must pay all sums secured by this Securi~'. ins;trument. If Borrower fails to pay these sums prior to the expiration of this perio& I cnder may invoke any remedies permitted by this Security Instrument without furd~ ~ ~ t ice or demand on Borrower. (2) UNTIL MY INITIAL FIXED INTEREST RATE CHANGES TO AN A[LJ: ::,~LE INTEREST RATE UNDER THE TERIvlS STATED IN SECTION 4 ABOVE, UNIFORM COVENANT 18 OF THE SECURITY INSTR:.'.Ii~2i SHALL READ AS FOLLOWS: TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST I~, ,,:~ROWER. AS USED IN THIS SECTION 18, "INTEREST IN THE PROPERTY" MEANS ANY LEGAL OR BENEFICIAL ,!JILREST iN THE PROPERTY, INCLUDING. BUT NOT LIMITED TO, THOSE BENEFICIAL INTERESTS TRANSFE~;-i~, ~,! ^ BOND FOR DEED, CONTRACT FOR DEED. INSTALLMENT SALES CONTRACT OR ESCROW AGREEMENT, ]~, Ir~IEN1 OF WHICH IS THE TRANSFER OF TITLE BY BORROWER AT A FUTURE DATE TO A PURCI-IASER~ IF ALL OR ANY PART OF THE PROPERTY OR ANY INTEREST ~!, ii¥ PROPERTY IS SOLD OR TRANSFERRED (OR IF BORROWER IS NOT A NATURAL PERSON AND A BENEFICIAL ;r~ILREST IN BORROWER IS SOLD OR TRANSFERRED) WITHOUT LENDER'S PRIOR WRITTEN CONSENT. LE[:[L!~ ~AY REQUIRE IIvIvlEDIATE PAYMENT IN FULL OF ALL SUMS SECURED BY THIS SECURITY INSTRUtvlENT. i~;::,'iVE~, THIS OPTION SHALL NOT BE EXERCISED BY LENDER IF EXERCISE IS PROHIBITED BY APPLIC;~i.~ LAW. IF LENDER EXERCISES THIS OPTIOK, LENDER SHALL GIVE Li;,~i~J~ER NOTICE OF ACCELERATION. THE NOTICE SHALL PROVIDE A PERIOD OF NOT LESS TH/VI 30 DAYS F;;:,! Tt~E DATE THE NOTICE IS GIVEN IN ACCORDANCE WITH SECTION 15 WITHIN WHICH BORROWER MUST P;,: ~[L S[~MS SECURED BY THIS SECURITY INSTRL,~MENT. IF BORROWER FAILS TO PAY THESE SUNIS PRIOR ~ i~E EXPIRATION OF THIS PERIOD, LENDER MAY INVOKE ANY REMEDIES PERMITTED BY THIS SECURI?= ~!~STRUMENT WITHOUT FURTHER NOTICE OR DEMAND ON BORROWER. BS899R (om~).o3 P,a~, 5 of ~ MGNR 01/10/05 3:42 PM 6615600944 SIGNING BELOW, Borrower accepts and agree.:: ~(, the terms and covenants contained in (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower Bs89gR ~o ~o 1).o3 Psge 6 of~ 6 MGNR 01/10/05 3:42 PM 6615600944