Loading...
HomeMy WebLinkAbout905997Return To: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 Prepped By: WELLS FARGO BANK, N.A. 899383 RECEIVED LINCOLN COUHTY (jL~Rk Oh, i't~"f 17 ?H h_: 1919 DOUGLAS,, OMAHA, NE 681010000 '[81~ Above l~s L~e For Recording Dam] MORTGAGE 649 RECEIVED 1/20/2005 at 2:40 PM RECEIVING # 905997 BOOK: 577 PAGE: 458 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Secdous 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used iri this document are also provided in Section 16. (A) "Security Instrument" means this document, which is datedtO.¥ 12, 2004 together with all Riders to this document. (B) "Borrower" is CHAD ~.RICKSON AND DEBRA P ERICKSON husband and wife Borrower is the mortgagor under this Security Instrument. (C) "Lender"is WRLLS FARGO B3dSlK, N.A. Lender ~ a NATIONAL ASSOCIATION orga~zed and existing under the laws'of T~E UNITED STATES 0041651563 WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT (~e-slwv} ,ooo6, Pa~a 1 of I~; lnitlal~. ~ VMP MORTGAGE FORMS - Ig00]$21-7291 NOTE: This serves to correct Form 3051 1/01 that certain Mortgage recorded Nay 17, 2004 in Book 555PR on page'649 of the records of the Lincoln County Clerk to correct the legal description. Lender's address is P.0. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Security Imtrumem. (D) "Note" means the promissory note signed by Borrower and datedl~Y 12, 2004 The Note states that Borrower owes Lerld~ EIGHTY ~OUSAND AND 00/100 Dollars CO.S. $****'80, oo0. oo ) plus interest. Borrower has promi~d to pay this debt in regular Periodic Payments and tO pay the debt in full not later than ,Jm,m 01, 2034 (E) "Property" means the property that is described below under the heading "TranSfer of Rights in the Property." , (F) "Loan" means the debt evidenced by the Note, plus interest, &ny prq)ayment charges and late charges due raider th~ Note, and all S~m$ due llnder this SecRtity Insllmmellt, plus interest. (G) "Riders" means all Riders to this Security Imm,ment that are executed by Borrower. The following Riders are to be executed by Borrower [check box as appficabl, e]: E~ Adjustable Rate Rider E~] Condominium Rider ~-] Second Home Rider [] Balloon Rider [] Planned Unit Development Rider E~ 14 Family Rider [] VA Rider [] Biweekly Payment Rider I I Other(s) [specify] (fl) "Applicable Law"-meaus all controlling applicable federal, state and local statutes, regulatiom,. ordinances and admlni.qtrafive rules ard orders (that have the effect of law) as well as all applicable final, non-appealable judicial opinions; ti) "Community Association Due~, Fees, and Assessments" means all .dues, fees, assessments 'and other charges that are imposed on .Borrower or the Property by a COlldominiulll asSOOlation, ttOII~OWllerS association or aimilar organization. (J) "Electronic Funds Transfer" means any tranSfer of f~mds, other than a transaction originated by check, draft, or .qimilar paper instalment, which is initiated through an electronic terminal, telephonic imm~ment, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term .includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" meam those items that are described in Section 3. OL) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than in~lta~e proceeds paid under the coverages described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) conderrmafion or other taking of all or any part of the Property; (iff) conveyance in lieu of condemnation; or (iv) mi~epresentatiom of, or omissions as to, the value and/or condition of the Property. (M) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amm~t due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Imm~ment. (O) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amend_od from time to tlm~_, or day addifiomal or successor legislation or regulation that governs the same subject matter. As used in this Security Imm~mem, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (~,~-6(WY) (ooo6} P~ga 2 of 16 Form 3061 1/01 (P) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has ass~med Borrower's obligations under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and asPEns, with power of sale, the following descxibeal property located ill thc COUI~ of LINCOLN [Type of R~eording ]'uri~diction] [Name of Recording Jurisdiction] SEE ATTACHED LEGAL DESCRIPTION TAX STATEMENTS SHOULD BE SE~T TO: WELLS FARGO HOME MORTGAGE, P.O. BOX 10304, DES MOINES, IA 503060304 Parcel ID Number: 3693 HIGHWAY 241 AFTON ("Property Address"): TOGETHER WITH all which currently has the address of [Streetl [City] , Wyoming 83 la0 [Zip Code] the improvemenls now or here/trier erected on the property, anti all easementa, appurte.anc~s, and fixatres now or hereafter a part of tim pxoperty. Afl replacements and additions .~hall also be covered by ~ Secntity Instrumont. All of the foregoing is referred to in this Security Instnm~m as th~ "Property.' BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the fight to mortgage, grant anti convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants anti will defend generally the rifle to the Property against all claim~ and demands, subject to any encnmhrances ofxecord. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower .~hall pay when due tim' principal of, and interest on, the debt evidenced by the Note and any prepaymem charges and late charges due .nder the Note. Borrower shall also pay fimd.~ for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, ff any dheck or other instrument received by Lender as payment under the Note or this ~I~4~(WY! tooos) v=g, 3 of ~ s Form 3051 1 I01 65,?. Security Instmmem is retun~d to Lender unpaid, Lender may require that any or all subs~qnent payments due under the Note and this Security Instrnmem be made in one or more of the following forms, as selected by Lender: (a) cash; CO) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution 'whose deposits are insured by a federal agency, inStp~mentality, or entity; or (d) Electxonic l~nnd.~ Tra~.~fer. Payments are deemed received by Leader wben received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the natice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan cmxent. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any fights hereunder or prejudice to its rights to refuse such payment' or partial payments in the future, but Lender is not obligated to apply such payments at thc time such payments are accepted. If each Periodic Payment is applied as of its scheduled duc date, then Lender need not pay interest on unapplied fund~q. Lender may hold such unapplied fund.q until Borrower maire_~ payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such fim~s or return them to Borrower. ff not applied earlier, such fnnrl.~ will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future again.et Lender ~hall relieve Borrower from making paymems due under the Note and this Security ln.qtllllnent or performing the covenant.q and agreements secured by this Security Ins~lment. 2. Application of Payments or ~roceeds. Except as otherwise described in this Section 2, all payments accepted ~n,¥ applied by Lender shall be applied in the following order of priority: (a) interest due nnfler the Note; CO) principal due under the Note; (c) arnnunt.q due under Section 3. Such payments .qhall be apphed to each Periodic Payment in the order in which it became due. Any remaiuing mounts ghall be applied first to late charges, second to any other amnunl~q due under this Security Instrument, and then to reduce the principal balance of tim Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount Jo pay any late charge due, the payment may be applied to the d~. linqnent payment and the late charge, ff more than one Periodic Payment is outstanding, Lcndgr may apply any payment received from Borrower to the repayment of. the Periodic Payments fi, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepaymem charges and then as described [ti the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note .qhall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due ~_mder the Note, ~mfil the Note is paid in full, a sum (the "lq~md~") to provide for payment of anmunts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on thc Property; Co) leasehold payments or ground rems on the Property, ff any; (c) premiums for any and all insurance required by Lender under Section 5; and_ (d) Mortgage Insurance premiums, ff any, or any Snmq payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premlnm~ in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Commnnity Association Dues, Fees, and Assessments, ff any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish tO Lender all notices of amounts to be paid under this Section. Borrower .qhall pay Lender the Punds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds fox any or all Escrow Items at any time. Any such w.aiver may only be in wrifin& In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts O~-6{WY) (O00S) Page 4 of "46 Form 3051 1101 65' duc for any ~row Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furni.~h to Lender receipts ~videncln~ such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement eomained in this Security IusW~meut, as the phrase "covenant and agreement" is used in Section 9. If BOrrower is obligated to pay Escrow Items dixecfly, puts, mn; to a waiver, and Borrower fails to pay the amntmi dl~ for an ~.~q3w Item, ~ lnay exercise its fights under Section 9 and pay such _amnum and Borrower shall then be Obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower .~hall pay to Lender all Fnnds, and in such amnunts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amnunt (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender .eh~all estimate the amount of l~unds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds .~hall be held in an institution whose deposits are insured by a federal agency, instrnmentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender .~hall apply the ~qnndS to pay tJ~ Escrow items no later than the. time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, or ve~ the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the F, md~. Borrower and Lender can agree in writing, however, that interest shall be paid on the l:~mds. Lexgier .ehall give to Borrower, without charge, an anm~al accounting of the Funds as required by RESPA. If there is a surplus of l:hmd.~ held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amatlnt Ilec~sary to make up the shortage in accordance with RESPA, but in no more than 12 nmntMy payments, ff there is a deficiency of F,nd~ held in escrow, as defined under RESPA, Lender ~hall notify Borrower as required by RESPA, and Borrower .~hall pay to Lender the amaunt necessary to make up the deficiency in accordance with RESPA, but in no nmre than 12 menthly payments. Upon payment in full of all sums secured by this Security JJastrument, Lender shall prompfly retired to Borrower any FUndS held by Lender. 4. Chargesi Liens. Borrower shall pay all taxes, as$~ements, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and Comrmmlty A.gsociafion Dues, Fees, and Assessments, ff any. To the extent that these items are Escrow Items, Borrower ~! pay them in the manner provided in Section 3. Borrower ~hall prompfly discharge any lien which has priority over this Security Instrument unless Bonower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) co,eats the lien in good faith by, or defends against enforcemem of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings axe pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfacto~ to Lender subordinating the lien to this Security I~t~ment. If Lellder determi~s that any part of th~ Property i8 subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~-6{WY} {ooosl p.go 6 o~ 115 Form 3051 1/01 3463 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-tira~ charge for a real estate tax verification and/or reporting service u~ed by Lenaer in connection with this Loan. 5. Property Insurance. Borrower shall keep thc improvements now existing or lmreafter erected on thc Property insurer against loss by fire, hazards illclud~ within the tenth "extended coverage," and any other h~ards including, but not limited to, earth~,ake.s and floods, for which Lender requires insurance. This insurance shall be maintained in tl~ ammmts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of th~ Loan. The insurance carrier proviains the insurance ~hall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be ex~rcised uureasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one4ime charge for flood zone determination, c~rtification and trackin~ Seryiccs; or Co) a' on~-tlme charge for flood zon~ determination and certification services and subsequent charges each fi,~e remappings or similar changes occur which reasonably might affect such determination or certification. Borrower ~hall also be responsible for the payment of any fees impo. sed by tim Federal Rmergenoy Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrpwer's ext~nse. Lender is !ruder no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover L~nder, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of thc Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Bon:ower acknowledges that th~ cost of tim insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any anaounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrumem. These arno,mrs shall bear interest at the Note rate kom the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shah be subject to Lender's right to disapprove such policies, 'shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an aa_aAtional loss payee. Lender .~hall have the right to hold th~ pohcies and r~n~wal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance cove}age, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and · ~ha!l name Lender as mortgagee and/ur as an additional loss payee. In the event of loss, Borrower .~hall give prompt notice 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, any insurance proceeds, wlmtlmr or not the nnderlying insurance was required by Lender, shall be applied to restoration or repai~ of th~ Property, if th~ restoration or repair is economically feasible and Lender's security is n~t lessenexl. Dnrln~ such repair and restoration period, Lender .~hall have th~ right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be nnfier~aken promptly. Lender may disburse proceeds for tim repairs and restoration in a dn~le payment or in a series of progress paynmnts as tl~ wo~ is completed. Unless an agreement is made in writing or Applicable Law requires imerest to be paid on such insurance proceeds, l~nder shall not be required to pay Borrower any inmrest or e. arnin~s on such proceeds. Fees for public adjustors, or other third parties, retained by Borrower .~hall not be paid out of tim insuranc~ proceeds and shah be tl~ sole obligation of Borrower. If tl~ restoration or repair is not economically feasible or Lender's security would be lesscm~d, the insurance proceeds shall be applied to the sums secured by this Sccm-ity tmmtment, whether or not then due, with Initial: , ,~* _~, (~)~-6(WY} {ooos! P~, 6 ot ~5 Form 3051 1101 the excess, if any, paid to' Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate ann settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance can-ier has offered to setfle a claim, then Lender may negotiate and setfle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amnnnts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's righL~ (other than the right tO' any retired of unearned premiums paid 'by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay.amounts unpaid under the Note or this Secm-ity Instrument, whether or not then due. 6. Occupancy. Borrower .~hall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and ghall continue to occupy the Property as Borrower's pfinoipal residence for at least one year after the date of occupancy, unless Lender' othenvise agrees in writing, which consent .~hall not be unreasonably withheld, or nnless extenuating circumst~c-es exist which ate beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the Property. Whether or not Borrower i~. r. esiding in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall prompfly repair the Property ff damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to, or the taking Of, the Property, Borrower .~hall be responsible for repairing or restoring the Property only ff Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single paymhnt or in a series of progress payments as the work is completed, ff the insurance or condemnation proceeds are not sufficient to repair or restore the Property; Borrower is not relieved of Borrower's obligation for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the PrO~ny. Lender shall give Borrower notice a[ the time of or prior to such an imerior inspection specifying mca'reasonable caUSe. 8. Borrower's Loan Application. Borrower shall be in &fault if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, Or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal real&ncc. 9. Protection of Leader's Interest in the Property and Rights Under this Security Instrument. ff (a) Borrower fail.e to perform the covenants anti agreements contained in this Security Imtmment, (b) there is a legal proceeding that might si~t~nificantly affect Lenaer's imetest in the Property and/or rights under this Security Ins~ment (such as a proceeding in banknrptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instnunent or to enforce laws or regulations), or (c) Borrower has ahananned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instalment, inclnalng protecting and/or assessing .the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Securily Insmmaent; (b) appearing in court; and (c) paying reasonable Form 3051 1/01 attorneys' fees to protect its interest in the Property and/or fights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property imludes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or othe~ code violations or dangerous conditions, and have utilities turned on or off. Although Lender may ~ action under this Section 9, Lender does not have to do so and is not under any duty or.obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any mounts disbursed by Lender ~mder this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amnunm shall bear interest at th~ Note rate from the date of di~bursetncnl and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. II- this Security InsW~ment is on a leasehold, Borrower .~hall comply with all the provisions of the lease, ff Borrower acquires fee rifle to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the n~rger in writing. 10. Mortgage Insurance, If Lend~ required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to majntaln the Mortgage InsuranCe in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the nmrtgage insurer that previously provided such insurance and Borrower was required to make separately desisted payments toward the premjnmg for Mortgage Insurance, Borrower .shall pay the premiums required to obtain coverage substan~tially equivalent to th~ Mortgage Insurance previously .in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. ~ff substantially equivalent Mortgage ~mmnce coverage is not available, Borrower .~hsl! contimm to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refimdable loss reserve in fieu of Mortgage Insurance. Such loss reserve shal! be non-refimdable, notwithsta_~ding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amaunt and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. if Lender required Mortgage Insurance as a condition of making the Loan and Borrower was mqui~red to make separately designated paymeaxts toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in ~ffect, or to provide a non-refundable loss reserve, umil Lender's requirement for Mortgage Insura~e ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate p~ovided in the Note, Mortgage Insurance reimburses Lender (or any entity that purchases tlm Note) for certain losses it may incur ff Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.. Mortgage insurers evaluate thek total risk on all such insurance in force from time to time, and may enmr into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms ant! conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payn~nts using any source of limas that the mortgage insmer may have available (which may incldde funds obtaine~l from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchsser of the Note, another insurer, any reinsurer, any other entity, 'or any affiliate of any of the foregoing, may receive (directly or indlrecfly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in e~tchange for sharing or modifying the mortgage insurer's risk, or reducing losses, ff such agreement provides that an affiliate of Lender takes a share of the insurer's xiak in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insm'ance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe fur Mortgage Insurance, and they will not entitle Borrower to any refund. (~-6(VVY! {ooosl Pae, s ~,t ls Form 3061 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and ~hall be paid to Lender. If the Property is damaged, such Miscellane-oll8 Proceeds .ghal] be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. Dq~rlng such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection .ghall be nndeRakenpmmpfly. Lender may pay for the repairs and restoration in a single disbursemem or in a series of progress payments as the work is completed. Unless an agrcemem i~ made in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender .ghall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If tl~ restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds .~hall be applied to the sums secured by this Security Instalment, whether or not then due, with the excel, if any, paid to Borrower. S'nc.h Miscellaneous Proceeds .~hall be applied in the order provided for in Section 2. In the evem of a total taring, destruction, or loss ia value of the Property, the ~V~cellaneous Proceeds .~hall be applied to the sums secured by this Security II, tin, meat, whether or not then due, with the excess, Lf any, paid to Borrower. In the event of a paxfial taking, destruction, or loss in value of the .Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is equal to or greater than the amntmt Of the ~m't~q secured by this Security instrnment immediately before the partial takln~, destruction, or loss in value, ].tnless Borrower and L~r otherwise agree in wl-itillg, the suiilS secured by this Security Ias~me-nt shall be reduced by the amotlxtt of the ~llan~.ous Proceeds multiplied by the following fraction: (a) the total amount of the sums secured immb-diately before the partial tal&ng, destruction, or loss in value divided by 0a) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. Any balane.~ shall be paid to Borrower. In the evem of a partial taking, destruction, or loss in value of the Property in which the fair market vahle of the Property jmme--diately before the partial talcing, destruction, or loss in value is less than the amnunt Of the ~m.~ secured i]~tely before the partial taldn~, destruction, oI loss in value, ]]Illess Borrower and Lender otherwise alO~o in writing, the Miscel!an~ous Proceeds shal!.,be applied to the sums secured by this Security Ins~ment whether or not the surer axe then due. ' If the Property is abandoned by Borrower, or if, after ~ofic~ by Leader to Borrower that the Oppo.~inoo Party (as defined in the next se]atonce) offel3 to make an award to settle a claim for damages, Borrower fails to respoll~ to Lender wi{bin 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repakr of the Property or to the sn~m.~ secured by this Security Inst~m~at, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in zegaxd to Miscellaneous Proceeds. Borrower .~hall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgmem, could result in forfeiture of the Propexn:y or other material impairmem of Lender's interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate ~ provided in Section 19, by causing tho action o~ Proceeding to be di._mni.~sed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impaLrment of Lender's interest in the Property or fights ~mcler this Security IusLn~ment. The proceeds of any award br c]aim for clamag~ that are attributable to the impairment of Lender's-interest in the Property. are hereby assigned and shall be paid to Leader. All ~fi~sc. ollane-ou$ Proceeds that are not applied to restoration or repair of the Property ,shall be applied in. ~e order provided for in Section 2. initi,~: ~' ~ (~-8{WY) (ooo~! I~, ~ ot ~l~ Form 3051 1101 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for paymem or modification of amnrtixation of the snm.~ secured by ~ Security Instalment grained by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings again.~t any Successor in Inmr~t of Borrower or to refuse to extend time for paymem or otherwise modify a_martizafion of the sum~ secured by this Security II. to,meat by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by Lender in exercising any right or remedy inoludJag, 'without limitation, Lender's acceptanr~e of payments ~rom third persons, entities or Successors in Interest Of Bonower or in amonnt~ less than the amnlmt then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants anti agrees that'Borrower's obligations and liability shall be joint anti several. However, any Borrower who CO-aigns this SeCtlIity ln.~tln]ment but does not execute the Note (a "co-nigher"): (a) is Co-signing this Security Instrumem only to mortgage, grant anti convey the co-signer's interest in the Property under the terms of this Security Ins~meat; (b) is not personally obligated to pay the w~ms secured by tiffs Security Instalment; anti (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make ally accommt~dationa with regard to the terms of this Security II~ttn~ment or the Note without the co-signer's consent. Subject to the provi.6ons of Section 18, any Successor in Interest of Borrower who assumes Borrower's. obligations nnder this Security Instillment in wljting, and is approved by Lender, shall obtain all of Borrower's righr~ and benefits nnder ~ SeCllrity IIistln~rn~m. Borrower .~hall not be released from Borrower's obligations anti liability nnd~x this Security Instrument unless Lender agrees to such release in writing. The covenant.~ anti agreements of th~ Security Inst~ment ,~hall bind (except as provided in. Section 20) and benefit tile sncce~ors and assigns of Lender. 14. Loan Charge~. Lender may cha_rge Borrower f~s for s~rvices performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property aM rights under this Security Instmmem, including, but not limited to, attorneys' fees, property inspection anti valuation fees. In regard to any other fees, the ~ of expres~ anthnrity in this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the charging of SUCh fee. Leafier may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge nhall be reduced by the amount necessary to reduce the charge to the permitted limit; and CO) any ~]ms ah'cody collected from Borrower which exceeded permitted limits w~l be refimde~d to Borrower. Lender may choose to make this refund by reducing the principal owed ,oder the Note or by making a di~et payment to Borrtwer. If a refund reduc~ principal, the reduction will be treated as a partial prepayment without any prepayment charge (wh~ther or not a prepayment charge is provided for nnder the Note). Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any fight of action Borrower might have arising out of such overcharge. 15. Notices. Ail n~tices given by Borrower or Lender in connection with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument ,~hall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower .~hall' constittlte notice to all Borrowers unless Applicable Law expressly nntuires otherwise. The notice ad,ess .~hal] be the Property Address unless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Bon-ower's chan~e of earl-ess. If L~lder gpo2ifies a procedure for reporting Borrower's change of address, then Borrower gha_ll only report a change of address through that specified procedure. There may be only one designated notice ackiress nn~ this Security Inatmmt~t at any one time. Any notice to Lt~nder .~hall be given by delivering it or by mailing it by first class mail to Leader's address stated herein unless Le. nder ha~ designated another address by notice to Borrower. Any notice in connection with this Security Instrument nhall not be deemed to have b~en given to Lender until actually received by Lender. If any notice required by this Security Instrument is al~o required nnder Applicable Law, the Applicable Law reqaixe~ will satisfy the corresponding requirement ~md_er this Security Instrument. Initi~i~ t/'. ~ '--~zl O~-6[WY) Iooos! Pa~. ~o ~f l s Form 3051 1101 659 16. Governing Law; Severability; Rules of Construction. This Security Instrun~nt shall be governed by federal law and the law of the jurisdiction in which the Property is located. All rights and obligations contained in this Security lmslxumcnt are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow thc parties to agree by contract or it might be silent, but such silence ~hall not be consmaed as a prohibition again.~t agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Appficable Law, such conflict .~hall not affect other provisions of this Security Ins~!ment or the Note which can be given effect without the conflicting provision. As used in this Security Insmnnent: (a) words of the masculine gender shall mean and include corresponding neuter words or worcls of the feminine gender; (b) words ia the singular .~hall mean and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in tim Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of rifle by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Property is sold or transferred (or ff Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security instrumem. However, this option .~hall not be exercised by Lender ff such exercise is prohibited by Applicable Law. ff Lender exercises this option, Lender .~hall give Borrower notice of acceleration. The notice shall provide a period of not less t_han 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sa~m~ secured by this Security InstrUment. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke' any remedies permitted by this Security Instrument without further notice or demand on 19. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinned at any time lnior to the earliest of: (a) five clays before sale of the Property ptu~ant to any power of sale contained in tiffs Security Instrnment; CO) such other period as Applicable Law might specify for the termination of Borrower's right to reinstate; or (c) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security insttmment and the Note as if no accelerafiqn had occurred; Co) cures any default of any other covenants or agreements; (c) pays all expenses incurred, in enfo. rcing this Security Insm~me,t, inc~ucting, but not limited to, reasonable attorneys' fees, property mspectton and valuation fees, and other' fees incurred for the purpose of protecting Lender's interest in the Property and rightff under this Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the PropeaXy and right_s u.der this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchanged. Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; Co) money order;, (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instntmentality or entity; or (d) Electronic Fnnds Transfer. Upon reinstatement by Borrower, this Security Instalment and obligations secured hereby .~hall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or n~re times without prior notice to Borrower. A sale might result in a chan~e in the entity (known as the "Loan Servicer") that collects Periodic Payments due ~mder the Note and this Security Instnamem and performs other mortgage loan serdcing obligations under the Note, this Security Inst~mant, and Applicable Law. There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Sen, leer, the address to which payments should be made 'and any other information RESPA Form 3051 1/01 66O requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will rerm. ln_ with rite Loan Servicer or be transferred to a successor Loan Servicer aml are not assumed by the Note Imrchaser unless otherwise prodded by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from tim other party's actions pursuant to Offs Security instalment or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security Instrument, nmi! such Borrower or Lender has notified the other party (with such notice given in. compliance with the requirements of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a) "Hazardous Substances" axe those substances defined as toxic or ha~ardoll8 substance, pollutant.% or wastes by EnvirOnme~ta! Law and the following substances: ~.gasoline, keroseni~, other flammable or toxic petroleum products, toxic pesticides and herbicides, vohfil~ Solvents, material~ containing asbestos or formaldehyde, and radioactive materials; Co) "~llVironmental LaW" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental .Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of ~my. Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Ha?ardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences ~qhall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be apFropriate to normal residential uses and to maintenance of the Property (including, but not limited to, ha,ardous substances in consumer products). Borrower shall promptly give Lender written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private paxty involving the Property and any Ha~_rdous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. (~Ie-6[WY) toootl P~,]2o~ 16 Form 3051 1/01 NON-UNIFORM COVENANTS. Borrower and Lender further coVenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Applicable Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must 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 hy this Security Instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. ff the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Applicable Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, including, but not limited to, reasonable attorneys' fees and costs of title evidence. ff Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shah publish the notice of sale, and the Property shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; Co) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 23. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security lmstmment, but only if the fee is paid to a third party for services rendered and the charging of the fee is permitted nnder Applicable Law. 24. Waivers. Borrower releases and waives all fights under and by vii/me of the homestead exemption laws of Wyoming. (~6(WY) (ooos) Pae,, 13 of :s ' Form 3051 1/01 662 BY SIGNING BELOW, Borrower accepts aad agrees to the terms and covenants contained in this Security Instrumeat ~ in any Rider executed by Borrower aafl recorded with it. Witnasscs: CRAD ERICKSON -Borrower DEBRA P ERICKSON -Borrower (Seat) '~~~7~~-~e~ ~ (Seat) -Borrower CHAD ERICKSON -Borrower (Sea~) -Borrower DEBRA P. ERIC~-O~' -Borrower (S~) (Seat) -Borrower -Borrower (~;6(WY) Iooosl ' Form 3051 1/01 STATE OF WYOMING, LINCOLN " Th~ foregoing instrumenl was acknowledged before m~ this / ~ by CHAD ERICKSON AND DEBRA P ERICKSON · 663, County ss: My Commission Hxpires: Notary~lic STATE OF WYOMING ) )ss COUNTY OF LINCOLN ) The foregoing instrument was acknowledged before me this. January, 2005 by Chad Erickson and Bebra F. Erickson. /~ ~'~ day of My Commission Expires: (~-6GIVVY) 1ooo5} v... 15 of ~6 Form 3051 1/01 LEGAL DESCRIPTION Part of Section '12, T31N Rll9W of the 6th P.M., T.ineoin County, Wyoming, it being the intent to more correctly describe the land contained in Warra___nty Deed recorded August 24, 1983 in Book 204PR on page 475 and Quitclaim Deed recorded December 12, 1983 in Book 208PR on page 424 of records of Lincoln County Clerk, more particularly described as follows: BEGINNING at a point which is 100 feet South of the Northeast corner of the SE¼ of said Section .12 and running thence South 284.40 feet (previous record 263 feet) to the Northeast comer of the land contained in Warranty Deed recorded July 5, 1972 in Book 100PR on page 280 of records of Lincoln County Clerk, said tract being 384.40 feet (previous record 22 rods) South of the Northeast corner of the SE¼ of said Section 12; thence S 89032'50" W, 1466.71 feet (previous record 88-8/9 rods), along the North boundary line of the land recorded in Book 100PR on page 280; thence North 296.00 feet (previous record 263 fee0; thence East 1466.67 feet (previous record 88-8/9 rods) the POINT OF BEGINNING. ExcEPTING THERFROM the land described in Quitclaim Deed recorded September 2, 2003 in Book 533PR 'on page 357 of the records of the Lincoln County Clerk.