Loading...
HomeMy WebLinkAbout2003 - Deed of Trust - Marsh James / Marsh Stephanie - 2003022800232620030228002326.001 After Recording Return Tot FLAOSTAR BARK, FSB ATTNt FINAL DOCUMENTS, MAIL STOP W-530-3 5151 CORPORATE DRIVE TROY, MI 48098 Assessor's Parcel or Account Number 3365900100-D 9j Abbreviated Legal Desert O n C - t Mtn L fi I$1 1k T i ili\\rYl0.h'S, C-� ra V171 ` 1 ! 7_4 [Include lot, block and plat or section, township and range] Full legal description located on page Title Order No.t R287362-1 W WT —ISpace Above Tins Lme For Reeordmg Data] LOAN #t 999226452 DEED OF TRUST MIN 1000525-9992264524-3 DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21 Certain rules regarding the usage of words used in this document are also provided in Section 16 (A) "Secunty Instrument" means this document, which is dated FEBRUARY 24, 2003, together with all Riders to this document (B) "Borrower" is JAMES J MARSH AND STEPHANIE L MARSH, HUSBAND AND WIFE. Borrower is the trustor under this Security Instrument (C) "Lender" is AMERICA ONE FINANCE. Lender is a CORPORATION organized and existing under the laws of WASHINGTON. Lender's address is 17842 85TH PLACE ME, BOTHELL, WA 99011. (D) "Trustee" is WASHINGTON TITLE. (E) "MERS" is Mortgage Electronic Registration Systems, Inc MERS is a separate corporation that is acting solely as a nominee for Lenderand Lender's successors and assigns MFRSisthe beneficiary under this Security Instrument MERS is organized and existingunderthe laws ofDelaware, and has an address andtelephone number of P O Box 2026, Flint, MI 48501-2026, tel (888) 679-MERS WASHINGTON--SingleFamily—Finnre Mae/Freddte Mac UNIFORM INSTRUMENT Initials: Form 30481/01 Page 1 of 10 4AIDEED 0109 Order: 6507083 Doc: KC:2003 20030228002326 Page 1 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST 20030228002326.002 LOAN #: 999226452 (F) "Note" means the promissory note signed by Borrower and dated FEBRUARY 24, 2003. The Note stales that Borrower owes Lender * * *ONE HUNDRED THIRTY ONE THOUSAND AND NO/100 Dollars (U S $131, 000.00 ) plus interest Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than MARCH 1, 2033. (G) "Property" means the property that is described below under the heading "Transfer of Rights in the Property " (H) "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest (I) "Riders" means all Riders to this Security Instrument that are executed by Borrower The following Riders are to be executed by Borrower [check box as applicable] 0 Adjustable Rate Rider = Condominium Rider Second Home Rider 0 Balloon Rider = Planned Unit Development Rider Other(s) [specify] ® I-4 Family Rider 0 Biweekly Payment Rider (.n "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative roles and orders (that have the effect of law) as well as all applicable final, non -appealable judicial opinions (K) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization (L) "Electronic Funds Transfer" means any transfer offunds,otherthanatransactionongmatedbycheck, draft, or similar paper instrument, which is initiated through an electronic terminal, telephone instrument, 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 hunted to, point -of -sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers (M) "Escrow Items" means those items that are described in Section 3 (N)"MiscellaneousProceeds' means any compensation, settlement, award ofdamages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for (i) damage to, or destruction of, the Property, (u) condemnation or other taking of all or any part of the Property, (in) conveyance in lieu ofcondemnation, or (iv) misrepresentations of, oromissions as to, thevalue and/or condition ofthe Property (0) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan (P) "Periodic Payment" means the regularly scheduled amount due for (i) principal and interest under the Note, plus (n) any amounts under Section 3 of this Security Instrument (Q) "RESPA" means the Real Estate Settlement Procedures Act (12 US C §2601 et seq ) and its implementing regulation, Regulation X (24 C F R Part 3500), as they rmght be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter As used in this Security Instrument, "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 (R) "Successor in Interest of Borrower" means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument TRANSFER OF RIGHTS IN THE PROPERTY The beneficiary ofthis Security Instrument is MERS (solely as nominee for Lender and Lender's successors and assigns) and the successors and assigns of MERS This Security Instrument secures to Lender (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note, and (n) the performance of Borrower's covenants and agreements under this Security Instrument and the Note For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in the COUNTY [Type of Recording Junsdichon] of RING [Name of Recording Junsdiction] SEE LEGAL DESCRIPTION ATTACHED HERETO AND MADE A PART HEREOF. AP #: 3365900100 which currently has the address of 14487 56TH AVE S, SEATTLE, Waslungt 98168 ("pent' on Pro Address") Istaeil [City] [Zip Coda] WASHINGTON—Single Family —Fannie Mac/Freddte Mac UNIFORM INSTRUMENT Initials: V_okm Foim 30481/01 Page 2 of 10 1,r WAEDEED Order: 6507083 Doc: KC:2003 20030228002326 Page 2 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST 20030228002326.003 LOAN #t 999226452 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property All replacements and additions shall also be covered bythisSecurity Instrument All ofthe foregoing is referred to in this Security Instrument as the "Property " Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Security Instrument, but, if necessary to comply with law or custom, MERS (as nominee for Lender and Lender's successors and assigns) has the right to exercise any or all ofthose interests, including, but not hnuted to, the right to foreclose and sell the Property, and to take any action required of Lender including, but not limited to, releasing and canceling this Security Instrument BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record 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 shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges dueundertheNote Borrower shall alsopayfunds for Escrow Items pursuanttoSection 3 Payments due under the Note and this Security Instrument shall be made in U S currency However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender (a) cash, (b) money order, (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity, or (d) Electronic Funds Transfer Payments are deemed received by Lender when received at the location designated in the Note or at such other location as maybe designated by Lender in accordance with the notice provisions in Section15 Lendermayretum anypayment or partial payment ifthe payment or partial paymentsare insufficient tobring the Loan current Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights 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 the time such payments are accepted If each Penodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds Lender may hold such unapplied fundsuntilBorrower makespaymenttobnngthe Loan current IfBoffowerdoesnotdosowrthinareasonablepenod of time, Lender shall either apply such funds or return them to Borrower If not applied earlier, such funds 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 against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or perforrmng the covenants and agreements secured by this Security Instrument 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of pnonty (a) interest due under the Note, (b) principal due under the Note, (c) amounts due under Section 3 Such payments shall be applied to each Periodic Payment in the order in which it became due Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, 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 prepayment charges and then as described in the Note Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall 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 under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property, (b) leasehold payments or ground rents on the Property, if any, (c) premiums for any and all insurance required by Lender under Section 5, and (d) Mortgage In surancepremiums, if any, or any sums payable by Borrower to lender in lieu othe payment of Mortgage Insurance premiums in accordance with the provisions of Section to These items are called "Escrow Items " At origination or at any time during the tern of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, ifany, be escrowed by Borrower, and suchdues, 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 shall pay Lender the Funds 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 for any or all Escrow Items at any time Any such waiver may only be in writing In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for WASHINGTON-Single Family --Fannie Mae/Fkddm Mac UNIFORM INSTRUMENT InitlalstP ((,m'Gt/' Form 30481/01 Page 3 of 10 77WAEDEED Order: 6507083 Doc: KC:2003 20030228002326 Page 3 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST 20030228002326.004 LOAN $i 999226452 which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing 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 contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9 ffBorrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount Lender may revoke the waiver as to any or all Escrow items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3 Lender may, at any time, collect and hold Funds in an amount (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 shall estimate the amount of Funds due on the basis ofcurrent data and reasonable estimates ofexpenditures of future Escrow Items or otherwise in accordance with Applicable Law The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, ff Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank Lender shall apply the Funds to pay the 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 verifying 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 Borrowerany interest or earnings on the Finds Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA ffthereisashortage ofFumdsheld in escrow, asdefined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to makeup the shortage in accordance with RESPA, but in no more than 12 monthly payments If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments Uponpaymcm in full of all sums securedby this Secunty Instrument, Lender shall promptly refund to Borrower any Funds held by Lender 4. Charges; Liens. Borrower shall pay all taxes, assessments, 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 Community Association Dues, Fees, and Assessments, if any To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3 Borrower shall promptly discharge any hen which has priority over this Security instrument unless Borrower (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement, (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded, or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument If Lender determines that any part of the Property is subject to alien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the hen 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 Borrowertopay a one-time chargefor areal estate tax verification and/or reporting service used by Lender in connection with this Loan 5. Property insurance Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included withinthe term "extended coverage," andany other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires What Lender requires pursuant to the preceding sentences can change during the term of the Loan The insurance tamer providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably Lender may require Borrower to pay, in connection with this Loan, either (a) a one-time charge for flood zone determination, certification and tracking services, or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification Borrower shall also be responsible forthe payment ofany fees imposedby the Federal EmergencyManagement Agencyin 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 optionandBorrower's expense Lender isundernoobhgationtopurchase any particulartypeoramount of coverage Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents ofthe Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect Borrower acknowledges that the cost of the insurance coverage so obtained aught significantly exceed the cost of insurance that Borrower could have obtained Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment WASHINGTON-9mg1e Family —Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Initlalsi �WI ,.V ` Form 3048 1/01 Page 4 of 10 IW W�AEDEEDD Order: 6507083 Doc: KC:2003 20030228002326 Page 4 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST 20030228002326.005 LOAN #: 999226452 All insurance policies required by Lender and renewals of such policies shall 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 additional loss payee Lender shall have the right to hold the policies and renewal 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 coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee In the event of loss, Borrower shall give prompt notice to the insurance carver 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, whether or not the underlying insurance was required byLender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened During such repair and restoration period, Lender shall have the 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 undertaken promptly Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on Such proceeds Fees forpublic adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security instrument, whether or not then due, with 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 and settle any available insurance claim and related matters If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle 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 amounts unpaid under theNote or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund 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 Security Instrument, whether or not then due 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are 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 is residing 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 promptly repair the Property rf damaged to avoid further detenorationordamage lfmsurance or condemnation proceeds are paid in connectionwith damage to, orthetaking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed If 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 uponand inspections ofthe Property Ifit has reasonable cause, Lender may inspect the interior ofthe improvements on the Property Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause S. Borrower's Loan Application. Borrower shall be in default 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 residence 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest m the Property and rights under this Security Instrument, including 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 Security Instrument, (b) appearing in court, and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding Securing the Property includes, but is not limited to, entering the Propertyto make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off WASHINGTON—Single Fanuly--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT In1tialss �J 3'A Foma 3W 1/01 Page 5 of 10 WAEDEED Order: 6507083 Doc: KC:2003 20030228002326 Page 5 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST 20030228002326.006 LOAN li: 999226452 Although Lender may take 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 amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument These amounts shall bear interest at the Note rate from the date ofdtsbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease If Borrower acquires fee title to the Property, the leasehold and the fee title shall not merge unless Lender agrees to the merger in writing 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums reqinred to maintain the Mortgage Insurance in effect If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designatedpayments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurancepreviouslyin effect, ata cost substantially eguivalenttothe cost to Borrower oftheMortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount ofthe 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-refundable loss reserve in lieu of Mortgage Insurance Such loss reserve shall be non-refundable, notwithstanding the face 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 amount 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 required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shallpay thepremiums required to maintainMortgage Insurance in effect, ortoprovide a non- refundable loss reserve, until Lender's requirement for Mortgage Insurance 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 provided in the Note Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed Borrower is not a party to the Mortgage Insurance Mortgage insurers evaluate therrtotal risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements These agreements may requirethe mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums) As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate ofanyofthe foregoing, may receive (directly or indirectly) amounts that derive from (orMight be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance " Further (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any otherterms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (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 1996 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 shall be paid to Lender IftheProperty is damaged, suchMiscellaneous Proceeds shallbeapplied torestoration or repair ofthe Property, if the restoration or repair is economically feasible and Lender's security is not lessened During such repair and restoration penod, 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 shall be undertaken promptly Lender may pay for the repairs and restoration in a single disbursement or in a series ofprogress payments as the work is completed Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Miscellaneous proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2 In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower WASHINGTON-Single Fa Iy—Fannie Ma /V edd:e Mac UNIFORM INSTRUMENT Initials: J'kd,l, ` Form 3040//01 Page 6 of 10 W AE—DEED Order: 6507083 Doc: KC:2003 20030228002326 Page 6 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST 20030228002326.007 LOAN Ili 999226452 In the event of a partial taking, destruction, or loss in value ofthe Property in which the fair market value of the Property immediatelybefore the partial taking, destruction, Or loss invalue is equal to or greater than the amount of the sums secured by this Security Instmment immediately before the partial taking, destruction, or loss invalue, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instmment shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value ofthe Property immediatelybefore the partial taking, destruction, or loss in value Anybalance shallbe paid to Borrower in the event of a partial taking, destruction, or loss in value ofthe Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount ofthe sums secured immediatelybefore thepartial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Security Instrument, 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 regard to Miscellaneous Proceeds Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture ofthe Property or other material impairment ofLender's interest in the Property ornghtsunderthisSecuntylnstrument Borrowercan core such a default and, ifacceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture ofthe Property or other material impairment of Lender's interest inthe Property or rights under this Security Instrument The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender All Miscellaneous Proceeds that arc not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension ofthe time for payment or modification ofamortization ofthe sums secured by this Security Instrument granted 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 against any Successor in Interest of Borrower or to refuse to extend nine for payment or otherwise modify amortization of the sums secured by this Security Instmment by reason ofany demand made by the original Borrower or any Successors in Interest ofBorrower Any forbearance by Lender in exercising any right or remedy including, without limitation, Lender's acceptance of payments from third persons, entities or Successors in Interest of Bonower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer") (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of this Security Instrument, (b) is not personally obligated to pay the sums secured by this Security Instmment, and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without the co-signer's consent Subject to the provisions of Section 18, any Successor in Interest of Borrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, shall obtain all of Borrower's rights and benefits under this Security Instrument Borrower shall not be released from Borrower's obligations and liability under this Security Instrument unless Lender agrees to such release in Writing The covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the successors and assigns of Lender 14. Loan Charges. Lender may charge Borrower fees for services performed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not hunted to, attorneys' fees, property inspection and valuation fees In regard to any other fees, the absenceof express authority inthis Security Instrument to charge a specific facto Borrower shall notbe construed asaprohibitiononthe charging ofsuchfee Lender may not chargefeesthat are expresslyprohibited 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 shall be reduced by the amount necessary to reduce the charge to the permitted limit, and (b) any sums already collected from Borrower which exceeded permutted limits will be refunded to Borrower Lender may choose to make this refundby reducing the principal owed under the Note or by making a direct payment to Borrower If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge (whether or not a prepayment charge is provided for under the Note) Borrower's acceptance of any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge 15. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given WASHINGTON—Single Family--Faime Mae/Freddie Mac UNIFORM INSTRUMENT Initialsi L ?w Form 30481/01 Page 7 of 10 WAEDEED Order: 6507083 Doc: KC:2003 20030228002326 Page 7 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST 20030228002326.008 LOAN A: 999226452 to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address ifsent by other means Notice to anyone Borrower shall constitute notice to all Borrowers unless Applicable Lawexpressly requires otherwise The notice address shall be the Property Address unless Borrower has designated a substitute notice address by notice to Lender Borrower shall promptly notify Lender of Borrower's change of address If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure There may be only one designated notice address under this Security Instrument at any one time Any notice to Lender shall be given by delivering it or by mailing it by first class mail to Lender's address stated herein unless Lender has designated another address by notice to Borrower Any notice in connection withthis Security Instrument shall not be deemed to havebeen given to Lenderuntd actually received by Lender Ifany notice required by this Security Instrument is also requiredunder Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument 16 Governing Law; Severability; Rules of Construction. This Security Instrument 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 Instrument are subject to any requirements and limitations of Applicable Law Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as aprolubiuonagainst agreement bycontract In the event that any provision or clause ofthis Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions ofthis Security Instrument or the Note which can be given effect without the conflicting provision As used in this Security Instrument (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender, (b) words in the singular shall mean and include the plural and vice versa, and (c) the word "may" 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 inthe Property" means any legal orbeneficial interest inthe 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 title 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 if 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 ofall sums securedby this Security Instrument However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law If Lender exercises this option, Lender shall give Borrower notice of acceleration The notice shall provide a period ofnot less than 30 days from the date the noticeis givenin accordancewith Section 15 within whrchBorrower must pay all sums 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 Borrower 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 discontinued at any time prior to the earliest of (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrument, (b) 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 Instrument and the Note as if no acceleration had occurred, (b) cures any default of any other covenants or agreements, (c) pays all expenses incurred in enforcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under 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, (b) money order, (c) certified check, bank check, treasurer'scheck or cashier's check, provided any suchcheckrs drawnupon an institution whose deposits are insured by a federal agency, instrumentality or entity, or (d) Electronic Funds Transfer Upon reinstatement by Borrower, this Security Instrument and obligations secured hereby shall 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 partial interest in the Note (together withthis Security Instrument) canbe sold one ormore times without prior notice to Borrower Asalermght result in a change in the entity (known as the "Loan Servicer") that collects Periodic Payments due under the Note and tins Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law There also mrghtbe one or more changes ofthe 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 Servicer, the address to which payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing If the Note is sold and thereafter the Loan is servicedby a Loan Servicer other than thepurchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by the Note purchaser Neither Borrower nor Lender may commence, join, or bejoined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any dirty owed by reason of, this Security WASRINGTON--S,n&6 Family --Fannie M-Y"ddle Mac UNIFORM INSTRUMENT Initials: tin Form 30481/01 Page 8 of 10 --DEED Order: 6507083 Doc: KC:2003 20030228002326 Page 8 of 14 Created By: bpalega Printed: 12/18/2012 9:42:27 AM PST