NewRez LLC v. Raimie Wullf Cochrane

IN THE DISTRICT COURT OF OKLAHOMA COUNTY STATE OF OKLAHOMA NEWREZ LLC, Plaintiff, vs. RAIMIE WULLF COCHRANE; JEREMIAH WULLF COCHRANE; STATE OF OKLAHOMA ex rel. OKLAHOMA TAX COMMISSION; UNKNOWN OCCUPANT, IF ANY; Defendants. PETITION IN FORECLOSURE COMES NOW the Plaintiff, NewRez LLC, and for its cause of action against Defendants above named, alleges and states as follows, to wit: 1. Plaintiff is a business organized and existing under and by virtue of the laws of the United States of America. The real property, which is the subject of this action, is located in Oklahoma County, Oklahoma. 2. On October 31, 2024, Defendant(s), Raimie Wullf Cochrane and Jeremiah Wullf Cochrane, in exchange for good and valuable consideration made a Promissory Note ("Note") for the principal sum of $166,920.00 with interest at a rate of 6.1250% per annum on the unpaid principal until the full amount of the principal has been paid in full. Attached hereto, and incorporated herein, as Exhibit "A" is a true and correct copy of said Note. 3. As a part of the same transaction, and to secure payment of said Note and the indebtedness represented thereby, the Defendant(s), Jeremiah Wullf Cochrane and Raimie Wullf Cochrane, husband and wife, then the owner of the real estate hereinafter described, made, executed and delivered to Mortgage Electronic Registration Systems Inc., acting solely as nominee for Waterstone Mortgage Corporation, its successors and assigns his/her real estate mortgage ("Mortgage") in writing and therein and thereby mortgaged and conveyed to Mortgage Electronic Registration Systems Inc., acting solely as nominee for Waterstone Mortgage Corporation, its successors and assigns the following described real estate situated in Oklahoma County, State of Oklahoma, to wit: LOTS THIRTY-NINE (39) AND FORTY (40), IN BLOCK TWENTY-THREE (23), OF EAST BRITTON ADDITION, TO OKLAHOMA COUNTY, OKLAHOMA, ACCORDING TO THE RECORDED PLAT THEREOF. The Mortgage includes any improvements thereon and appurtenances, thereunto belonging, hereditaments and all other rights thereunto appertaining or belonging, and all fixtures then or thereafter attached or used in connection with said premises. 4. The Mortgage was duly executed and acknowledged according to law, the mortgage tax duly paid thereof and recorded on October 31, 2024, in the office of the County Clerk of Oklahoma County, Oklahoma. Attached hereto, and incorporated herein as Exhibit “B” is a true and correct copy of said recorded Mortgage. 5. Plaintiff has possession of the Note, and the Note has been duly indorsed to the Plaintiff. Plaintiff is the holder of the Note and was entitled to enforce the Note prior to, and is entitled to enforce the Note at and subsequent to the filing of this Petition. Plaintiff has complied with all of the terms, conditions precedent and provisions of said Note and Mortgage, and is duly empowered to bring this suit. 6. The Note and Mortgage provide that if default be made in the observance of certain terms and conditions of said Note shall, at the option of the holder of the Note and without notice or demand, render the entire unpaid balance of said Note at once due and payable on said Note, the unpaid interest thereon and all expenditures of the Mortgagee made thereunder, with interest thereon, and to have said premises sold and the proceeds applied to the payment of the indebtedness secured thereby, together with all legal and necessary expenses and all costs. 7. On October 1, 2025, the Defendant(s), Raimie Wullf Cochrane and Jeremiah Wullf Cochrane, failed to make payment as agreed in said Note and Mortgage. Defendant(s) has therefore defaulted upon said Note and Mortgage, has failed to make sufficient payments to cure the default, and currently remains in default. In response to this default, Plaintiff accelerated all sums due under said Note and Mortgage. 8. Preliminarily to the bringing of this action, and as a necessary expense thereof, Plaintiff caused the abstract of title to be extended and certified to date, which costs are to be reimbursed by the Borrower under the terms of the Mortgage. 9. The Note provides that the makers shall pay the Noteholder a late charge. 10. After allowing all just credits, there is due to Plaintiff on said Note and Mortgage the principal sum of $165,259.90 with 6.1250% interest per annum thereon from September 1, 2025, until paid and late charges as provided in the note; for which amounts said Mortgage is a first, prior and superior lien upon the real estate and premises above described. 11. The Mortgage specifically provides that appraisement of said premises is expressly waived or not waived at the option of the mortgagee, and that such option is to be exercised at the time judgment is rendered in any foreclosure thereof. 12. Defendant(s), Unknown Occupant, if any, may claim some right, title and interest in and to the subject real estate. Any interest of any said Defendant(s) is junior and inferior to that of Plaintiff, and all said Defendant(s) shall come forward and so state their interest if any there be. 13. Defendant(s), State of Oklahoma ex rel. Oklahoma Tax Commission may claim some right, title and interest in and to the subject real estate by way of a Tax Warrant recorded October 20, 2016. Any interest of any said Defendant(s) is junior and inferior to that of Plaintiff, and all said Defendant(s) shall come forward and so state their interest if any there be. WHEREFORE, Plaintiff prays for judgment in rem against all Defendant(s), and the aforementioned real estate, as well as judgment in personam against the Defendant(s), Raimie Wullf Cochrane, Jeremiah Wullf Cochrane, for the principal sum of $165,259.90 with interest thereon at 6.1250% interest per annum thereon from September 1, 2025 until paid; late charges, property inspections fees, BPOs fees, maintenance expenses, insufficient fund charges, escrow advances, real estate taxes, hazard insurance premiums, service fees, title expenses, loan charges, valuation fees, and any other expenses incurred by Plaintiff and chargeable under the terms of the Note and Mortgage; any amounts which Plaintiff may be required to advance for payment of taxes, insurance or preservation of the subject property; and any other expenses Plaintiff may incur subsequent to entry of judgment in this matter, together with all costs of this action including a reasonable attorney's fees. Plaintiff further prays all Defendants be required to appear and set forth any right, title claim or interest they have, or may have, in and to said real estate and premises, which they in any way claim is prior or superior to the Mortgage and lien of Plaintiff. Plaintiff further prays for judgment finding said Mortgage should be foreclosed; the same Mortgage be declared a valid first, prior and superior lien upon the real estate herein before described, in the amounts set forth above; ordering said real estate and premises sold, with or without appraisement, as Plaintiff shall elect at the time Judgment is rendered herein, as proved in said Mortgage, and by law, subject to any unpaid taxes, if any, to satisfy said Judgment; the proceeds arising therefrom be applied to the payment of the costs herein and to the payment and satisfaction of the Judgment, Mortgage and lien of Plaintiff, and the surplus, if any, be paid into the Court to abide the further order of the Court. Plaintiff further prays for judgment finding all right, title and interest of said Defendants, if any, in and to said real estate, be adjudged subject, inferior and junior, to the mortgage lien of Plaintiff, and that upon confirmation of said sale, Defendants herein, and all persons claiming by, through or under them since the commencement of this action, be forever barred, foreclosed and enjoined from asserting or claiming any right, title, interest, estate or equity of redemption in or to said premises, or any part thereof; and Plaintiff have such other and further relief as may be just and equitable. Respectfully submitted, Joseph H. Rogers, III, OBA# 21541 Arthur Demske, OBA# 35456 Bonial & Associates, P.C. 14841 Dallas Parkway, Suite 350 Dallas, Texas 75254 Phone: 1-800-766-7751 Fax: (405) 285-8951 Email: [email protected] COCJESMS Attorneys for Plaintiff THIS IS A COMMUNICATION FROM A DEBT COLLECTOR. THIS IS A COMMUNICATION TO COLLECT A DEBT. ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. NOTE October 28, 2024 Brookfield, Wisconsin 611 NW 94Th St, Oklahoma City, OK 73114 [Property Address] LOAN # [MIN.] EHA Case No. [MIN.] [State] 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $166,920.00 (this amount is called "Principal"), plus interest, to the order of the Lender. The Lender is Waterstone Mortgage Corporation, a Corporation. I will make all payments under this Note in the form of cash, check or money order. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." 2. INTEREST Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a yearly rate of 6.125%. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note. 3. PAYMENTS (A) Time and Place of Payments I will pay principal and interest by making a payment every month. I will make my monthly payment on the 1st day of each month beginning on December 1, 2024. I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest and any other items in the order described in the Security Instrument before Principal. If, on November 1, 2054, I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "Maturity Date." I will make my monthly payments at 17950 West Corporate Drive, Suite100 Brookfield, WI 53045 or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My monthly payment will be in the amount of U.S. $1,014.22. 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a "Prepayment." When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the Note. I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest on the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes. 5. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this 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 me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partial Prepayment. 6. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charge for Overdue Payments If the Note Holder has not received the full amount of any monthly payment by the end of 15 calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 4.000 % of my overdue payment of principal and interest. I will pay this late charge promptly but only once on each late payment. (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C) Notice of Default If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means. (D) No Waiver By Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (E) Payment of Note Holder’s Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees. 7. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address. 8. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note. 9. WAIVERS I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor. "Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of Dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. 10. UNIFORM SECURED NOTE This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instrument"), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows: 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 of all sums secured by 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 of not less than 30 days from the date the notice is given in accordance with Section 14 within which Borrower 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. WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED. (Seal) JEREMIAH WULLF COCHRANE RAIMIE WULLF COCHRANE Lender: Waterstone Mortgage Corporation NMLS ID: [REDACTED] Broker: NMLS ID: [REDACTED] Loan Originator: Crystal Adams NMLS ID: [REDACTED] [Sign Original Only] Endorsement Allonge To be made a part of the Mortgage Note referenced hereon Loan Number: [REDACTED] Loan Amount: $166,920.00 Allonge To One Certain Note Dated: 10/28/2024 And Executed by: Jeremiah Wullf Cochrane Raimie Wullf Cochrane Property Address 611 NW 94Th St Oklahoma City, OK. 73114 Pay to the order of: NewRez, LLC Without recourse: Waterstone Mortgage Corporation. A Corporation 17950 West Corporate Drive, Suite 100 Brookfield, WI 53045 Name: Charlene Mears Title: Manager - Shipping, Final Docs, Collateral 202403101149041 B: 15909 P: 1889 10/31/2024 02:11:47 PM Pgs: 10 Fee: $36.00 Maressa Treat, County Clerk Oklahoma County - State of Oklahoma Received: $166.92 MTG TAX Rec# 1244270 Dated this 31st day of October, 2024. Forrest "Butch" Freeman Oklahoma Co. Treasurer By MMARTINEZ, Deputy When recorded, return to: Wisconsinstone Mortgage Corporation Attn: Final Document Department 17950 West Corporate Drive, Suite100 Brookfield, WI 53045 TITLE Order No. [REDACTED] Escrow No. [REDACTED] LOAN NO. [REDACTED] [Space Above This Line For Recording Date] MORTGAGE MINI-PIN: [REDACTED] MERS/PIN#: [REDACTED] [REDACTED]-(REDACTED)-[REDACTED] DEFINITIONS Words used in multiple sections of this document are defined below and other words are defined in Sections 3, 10, 12, 17, 19 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 15. (A) "Security Instrument" means this document, which is dated October 28, 2024, together with all Riders to this document. (B) "Borrower" is JEREMIAH WULLF COCHRANE AND RAIME WULLF COCHRANE, HUSBAND AND WIFE. Borrower is the mortgagor under this Security Instrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Borrower's successors and assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P.O. Box 2326, Flint, MI 48502-2326, tel. (866) 679-MERS. (D) "Lender" is Wisconsinstone Mortgage Corporation. Lender is a Corporation, organized and existing under the laws of Wisconsin. Lender's address is 17950 West Corporate Drive, Suite100, Brookfield, WI 53045. (E) "Note" means the promissory note signed by Borrower and dated October 28, 2024. The Note states that Borrower owes Lender ONE HUNDRED SIXTY SIX THOUSAND NINE HUNDRED TWENTY AND NO/100¢ * * * plus interest. Borrower has promised to pay the debt in Regular Periodic Payments and to pay the debt in full not later than November 1, 2054. (F) "Property" means the property that is described below under the heading "Transfer of Rights in the Property." (G) "Loan" means the obligations set forth in the Note, plus interest, late charges due under the Note, and all sums due under this Security Instrument, plus interest. OKLAHOMA - Single Family - Texas Mac/Fannie Mae UNIFORM INSTRUMENT Form 2027 1/01 (rev. 12/13) Created for FHA 2301A (HUD Handbook 4002.1) Sec Mortgage Servicing, Inc. (M) "Rider(s)" means all Riders to this Security Instrument that are executed by Borrower. The following Rider(s) are executed by Borrower (check box as applicable): ☐ Adjuster's Rate Rider ☐ Condominium Rider ☐ Planned Unit Development Rider ☐ Other(s) [specify] (i) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders that have the effect of law as well as if applicable firm, non-appealable judicial opinions. (j) "Assessment" means Taxes, Dues, Fees, assessments (including assessments, fees, assessments or similar charges that are imposed on Borrower or the Borrower's condominium association, homeowners association or similar organization). (k) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic 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 limited to, payments made through automated teller machine transactions, transfers initiated by telephone, wire transfers, and electronic clearinghouse transfers. (l) "Escrow Items" means those items that are described in Section 3. (m) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party to Buyer for the loss or damage or defect caused by or resulting from: (i) a conveyance or sale of the Property; (ii) damage to, or depreciation of, the Property; (iii) condemnation or other taking of all or any part of the Property; (iv) commencement of an action for condemnation; or (v) misrepresentations of, or omissions as to, the value and/or condition of the Property. (n) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (o) "Periodic Payment Due" means the regularly scheduled payment due for (i) principal and interest under the Note, plus (ii) taxes and insurance as provided in Section 3 of the Security Instrument. (p) "RESPA" means the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) and its implementing regulation, Regulation X (12 C.F.R. Part 1024), as they might be amended from time to time, or any additional or successor legislation or regulation intended to serve a similar purpose to the RESPA. "RESPA" means all such amendments, supplements, and regulations that are incorporated by reference into a "federally related mortgage loan" even if the loan does not qualify as a "federally related mortgage loan" under RESPA. (q) "Secretary" means the Secretary of the United States Department of Housing and Urban Development or his designee. (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 RIGHT IN THE PROPERTY: This Security Instrument conveys: (a) the right to receive the proceeds of the Note; (b) the repayment of the Loan; and all renewals, extensions and modifications of the Note; and (c) 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 MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assignees of MERS, with power of sale, the following described property located in the County of Oklahoma: Type of Recording Jurisdiction: [Name of Recording Jurisdiction:] which currently has the address of 611 NW 94TH ST, Oklahoma City, Oklahoma 73114 ("Property Address"). (Zip Code): [Street][City] TOGETHER WITH all the improvements now or hereafter erected or put up 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 by this Security Instrument. All of the 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 assemble any or all of these interests, including, but not limited to, the right to forfeice and sell the Property; and to take any action required of Lender including, but not limited to, taking any action as nominee for Lender and its successors and assigns. BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. OKLAHOMA – Single Family – Fixed Rate/Mixed Rate RUGULAR INSTRUMENT Form 3037.131 (Rev. 12/2022) Modified for FHA 52260 (HUD Handbook 4020.1) Page 2 of 8 Borrower warrants and will defend generally the title to the Property against all claims and demands, subject only to encumbrances of record. THIS SECURITY INSTRUMENT contains 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, and Late Charges: Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. Borrower shall also pay funds for taxes, assessments, and other such items as are called for herein. Each payment under this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under this 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, or financial institution's check; provided, any such check issued from any institution which does not have or maintains a financial services instrument pursuant to 12 U.S.C. §481(f), if cashed further. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 14. Lender may return any payment or partial payment if the payment or partial payment is insufficient to bring the Loan current. Lender may accept any payment or partial payment if the payment or partial payment brings the Loan current, except that Lender may refuse to refund such payment or partial payment in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied at its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Lender makes payment to bring the Loan current. If Lender does not do so within a timely manner, Lender shall either notify Borrower of the intention to send the funds 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 performing 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 priority: First, to the Mortgage Insurance premiums to be paid by Lender to the Secretary or the monthly charge by the Secretary instead of a monthly mortgage insurance premium; Second, to any local real estate assessments, household payments or ground rents, and fire, flood and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to amortization of the principal of the Note; and, Fifth, to any charge set forth 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. a. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Escrow Fund is full, a sum sufficient to pay all items which, pursuant to applicable law, regulation, or agreement shall be deposited into the Escrow Fund, if any, which includes: (a) assessments for taxes levied or charged on the Property or other items which can attach priority over this Security Instrument as a lien or encumbrance on the Property; (b) household payments or ground rents on the Property, if any; (c) premiums for any all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums to be paid by Lender to the Secretary or the monthly charge by the Secretary instead of a monthly mortgage insurance premium unless the Secretary requires otherwise. If any of these items are called "Escrow Items" hereinafter, or at a later date, during the term of the Loan, Lender determines that Community Assessments, Fees, and other similar charges, as described in Section 7 above, are included in the Escrow, 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 the Funds for any or all Escrow Items by notice to Borrower. Borrower's right to revoke a waiver shall be in writing, signed by Borrower. Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for 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 be for all purposes, subject to the provisions of this Section 2 and Section 10. In the event of a default under the Note or covenant agreement as used in Section 8, Borrower 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 for such amount. Lender may revoke the waiver as to any or all Escrow Items or at any time and Lender may resume collection of the amounts owed under such revocation; Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 2. 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 the funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or estimated collections under Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, institutionally, or entity (including Lender). Lender is an institution whose deposits are so insured or in any Federal Home Loan Bank. Lender shall apply all payments to pay Escrow Items not later than the time specified under RESPA. Lender shall not loan, lend, advance, hold, pledge, or transfer funds, earn income upon funds, or notify any Escrow Items by Lender, 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 Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give the Borrower, without charge, an annual disclosure of the "Truth in Savings" required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower the 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 amount necessary to make up 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, Borrower shall notify Lender 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. Joint tenant in full of all sums received by this Security Instrument, Lender shall promptly return to Borrower any Funds held by Lender. 4. Change of Lien. Borrower shall pay all liens, assessments, charges, fines, and impositions attributable to the Property which can attach priority over this Security Instrument, leasehold payments or ground rent 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 lien which has priority over this Security Instrument unless Borrower (a) agrees in writing to this payment of the obligation secured by the lien in a manner acceptable to Lender; but not only so long as Borrower has received satisfaction (i) against a surety bond or other form of bond, policy, or other arrangement acceptable to Lender 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, substituting this Security Instrument. If Lender determines that any part of the Property is subject to a lien which has priority over this Security Instrument, Lender may give Borrower a notice demanding the lien. Within 10 days of the date on which that notice is given, Borrower shall pay the amount owed or get rid of the lien as set forth above in the Section 4. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property, insured against loss by fire, hazards included within the term “extended coverage”, and any other hazards including, but not limited to, batteries, and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible level) 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 carrier providing the insurance shall be chosen by Borrower subject to Lender’s right to determine Borrower’s choice, which right shall not be exercised unreasonably. Lender may require Borrower to obtain at least one policy which covers the Property for flood zone determination and certification services and tracking services; or (b) at one-time charge for flood zone determination and certification services and subsequent charges each time rearrangements or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with flood insurance. Any clauses required by applicable law are automatically added to this Section 5. If Borrower fails to maintain or replace any of the coverages described above, Lender may obtain insurance coverage, at Lender’s option and Borrower’s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall comply with Lender’s requirements. Borrower acknowledges that Lender’s policy provides greater protection than was previously available. In effect, Borrower acknowledges that if the cost of the insurance coverage so required might significantly affect the cost of the 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. The policies of insurance required pursuant to this Section 5 shall be issued by Lender approved carriers. 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 payer. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender at request of Lender or renewed notice Borrower obtains any form of insurance coverage, not otherwise required by Lender for the purpose of subsection of the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payer. In the event of a loss, Borrower shall 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, whether from Lender’s policy or other policies, shall be applied first to the payment of any unpaid principal balance of the Note, and then to the payment of all other indebtedness secured by this Security Instrument, including payment of any costs of Lender 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 opportunity to inspect such Property to ensure the work has been completed to Lender’s satisfaction, provided that such inspection shall be undertaken promptly after notice of completion received by Borrower, except as otherwise agreed in writing or upon default or breach of representations and warranties by Borrower, or if Borrower fails to provide Borrower’s cooperation, or if Borrower does not respond to reasonable requests for information or documents, or if Borrower fails to cooperate in timely payment of all out-of-pocket expenses incurred by Lender related to the preparation or filing of any proceeds, Lender may designate and assign any proceeds to itself without notice. Such assignment shall not be construed to impair or release Borrower’s liability hereunder as provided in Section 2. If any such proceeds exceed the amount required to restore the Property, Borrower shall apply the excess, if any, 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, Borrower does not respond within 40 days to a notice from Lender that the insurance carrier has offered to settle a claim, or if Lender certifies to the title company that it filed a Subrogation Claim Request or Subrogation Claim Notice, or if Lender securitizes the Property under Section 24 or otherwise, Borrower hereby assigns to Lender (a) Borrower’s rights to any insurance proceeds in any amount not to exceed the amount unpaid under the Note or this Security Instrument, and (b) any other of Borrower’s rights (other than the right to any refund of unpaid premiums paid by Borrower), under any applicable policies of insurance. Please note that such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair the Property and/or satisfy the unpaid principal balance of the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, rebuild, and use the Property as Borrower’s principal residence within 90 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 determines that it is impracticable to do so, except for the Borrower, or unless extraordinary circumstances exist which are beyond Borrower's control. 2. 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. 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 4 above that restoration is not economically feasible, Borrower shall promptly repair: the Property damaged by fire; further deterioration or damage; or necessary maintenance or protection measures necessary to prevent further damage to 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 shall pay the balance to Lender within thirty (30) days after the proceeds are received. If condemnation proceeds are paid in connection with the taking of the property, Lender shall apply such proceeds to the reduction of the Indebtedness under the Note and this Security Instrument, first to any delinquent amounts, and then to payment of principal. Any application of such proceeds to the principal shall not extend or postpone the due date of the matured principal amount or any other obligations. 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 Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable notice period. 8. Default in the Application Process: In the event that a default exists during the Loan application process, Borrower or any co-borrower or entity accepted at the direction of Borrower without 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 misrepresentations include, but are not limited to, representations concerning Borrower's income or the use of the Property. 9. Preservation of Lender's Interest in 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, proceed for condemnation or foreclosure, or enforcement of a lien which may attain priority over this Security Instrument), or (c) Borrower becomes insolvent, Lender may, subject to applicable laws, take whatever action that Lender deems necessary to protect Lender's interest in 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, (i) paying any sums secured by a lien which has priority over this Security Instrument, including secured position in a bankruptcy proceeding; (ii) repairing, maintaining and/or retaining 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 Property to make repairs, change locks, replace or board up doors and windows, drain water from places, remove buildings or other code violations or dangerous conditions; and having sufficient insurance. 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 bears no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 will become additional debt of Borrower secured by this Security Instrument. Such additional debt will accrue at the Rate mentioned in the Note on the date of disbursement and shall be payable with such interest, with notice from Lender to Borrower of the amount of any payment. If this Security Instrument is or a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not without the express written consent of Lender alter or amend the ground lease. Borrower acquires fee title to the Property at such time and to such extent as permitted by law and Lender agrees to the merger or blending. 10. Assignment of Miscellaneous Proceeds: Foreclosure, Free Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property. If the Property is partially taken, demolished and/or rendered unsuitable for the intended use, Lender shall apply 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 of progress payments as the work is completed. Unless an agreement is made in writing or otherwise requires interest to be paid on such Miscellaneous Proceeds, if such Mitsubishi Casting does not meet Lender's standards, or is not satisfactory to Lender, such 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. If 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 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 amount of the sums secured by this Security Instrument, Lender shall apply such Miscellaneous Proceeds as provided herein. If the Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument 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 of the Property immediately before the partial taking, destruction, or loss in value. In the event of a partial 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 less than the amount of the sums secured immediately before the partial 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 notice by Lender to Borrower that the Ongoing Foreclosure has failed to notify Borrower within 50 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 owns Borrower's Miscellaneous Proceeds or the party against whom Borrower has a right to judgment. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun, that, in Lender's judgment, could result in foreclosure of the Property or other material impairment 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 as provided in Section 18, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, provides for continuation of the payment or repayment of Lender's proceeds in accordance with the terms of the Security Instrument. The proceeds of any sword or claim for remedies 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 are not applied to restoration or repair of the Property shall be applied in the order provided in Section 5. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the 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 have the option at any time to continue, extend, modify or amend this Security Instrument, or demand payment for payment or otherwise modify amortization of the sums secured by this Security Instrument 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 including, without limitation, lender's acceptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less than the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 12. 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 purchase New Homes or a new property secured by a second lien mortgage instrument, or any other New Homes or property secured by a second lien mortgage instrument under the same terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument 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 or the co-signer's obligations. Subject to the provisions of Section 17, 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 survive payment of the Note and any assignment or transfer of this Security Instrument. 13. Late 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 limited to, attorney fees, property inspection and valuation fees, Lender may collect fees and charges authorized by the Secretary; Lender may not charge fees that are expressly prohibited by this Security Instrument or by Applicable Laws. If the Lender 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 excess will be reduced by the amount necessary to reduce the charges to the permitted limit; and (b) any such excess already collected from Borrower will be repaid to Borrower. Borrower may choose to make this refund by 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 repayment with no changes in the due date or the monthly payment amount unless the Note holder agrees in writing to these charges. Borrower's acceptance of any such refund or early payment is deemed to constitute a waiver of any right of action Borrower might have arising out of such overcharges. 14. Notices. All notices given by Borrower or Lender in connection with this Security Instrument must be in writing. Except as otherwise required by Applicable Law, any notice to Borrower in connection with this Security Instrument shall be delivered in person or to Borrower's last address as it appears on the most recent statement sent to Borrower, unless otherwise specified by Borrower in writing, or sent by certified mail, return receipt requested, postmark date not later than 5 days after delivery of notice to Borrower. Any notice given by Borrower in connection with this Security Instrument may be delivered in person to Lender or to Lender's agent at its address set forth above or any other address directed by Lender in writing. Any notice to Borrower given pursuant to this Section shall be deemed delivered hereunder when given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 15. Governing Law; Severability; Rules of Construction. This Security Instrument shall be governed by federal law and the law of the State of Oklahoma. All rights and obligations contained in this Security Instrument are subject to any laws applicable in the jurisdiction of the Securitization. Applicable Law may provide that the Securitization is agreed to contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of the Security Instrument or the Note which can be given effect without the conflicting provision. OKLAHOMA – Single Family – Finance Max/Front/0 Mac UNIFORM INSTRUMENT Form 3087 (rev. 11/03) Model: PMA #9204 (OLD Handbook #000011) GE Mortgage Technology, Inc. Page 6 of LOAN As used in this Security instrument: (a) words of the masculine gender shall mean and include corresponding 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. 16. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security instrument. 17. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 17, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a document recorded for conveyance or assignment or in an agreement, or either 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's stock is sold or transferred) without Lender's prior written consent, Lender may require immediately or at any time secured by 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 of not less than 30 days from the date the notice is given in accordance with Section 14 within which Borrower must pay all sums due under this Security instrument and all other payments required in this Security instrument in that period. Lender may invoke any remedies permitted by this Security instrument without further notice or demand on Borrower. 18. Borrower's Right to Reinstate After Acceleration. If Borrower meets certain conditions, Borrower shall have the right to reinstate a mortgage. Those conditions are that Borrower: (a) pays, Lender all sums which would be due, but for an acceleration, if all payments were timely made under this Security instrument, the terms of this loan, 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 the lender interest in the Property and rights under this Security instrument are protected. In the case of securities or other documents, such payment method is accepted by Borrower. Lender is not required to reinstate if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding; (ii) reinstatement will probably foreclose or otherwise ground the mutual interest, or (iii) reinstatement will adversely affect the profits of the lender secured by this Security instrument. Borrower shall not be required to satisfy an acceleration by paying the note 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 only such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality or entity; or (d) Electronic Funds Transfer. Upon reinstatement by Borrower, the Security Instrument and enclosed assignment shall remain fully secured as per acceleration had occurred. However, the right to reinstate shall not apply in case of acceleration under Section 15. 19. 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 more times without prior notice to Borrower. A sale might result in a change in the Loan Servicer (known as the "Loan Servicer") that collects Principal Payments but under the same and this Security instrument and performs the servicing obligations under this Security instrument, except as stated below 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 Servicer, the address to which payments should be made and any other information RESPA requires in connection with the change. If the proceeds from a sale of the Note go to another Loan Servicer, a new Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations in Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchasers unless otherwise provided by the Note purchasers. Borrower acknowledges that Lender is the beneficiary to Contract of Insurance. Mortgage Insurance maintains Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower acknowledges and agrees that the Borrower is not a third party beneficiary to the contract of insurance between the Secretary and Lender, nor is Borrower entitled to enforce any agreement between Lender and the Secretary, unless explicitly authorized hereunder Applicable Law. 21. Hazardous Substances. As used in this Section 21, (a) "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or radium-226, and radioactive materials; (b) environmental laws means federal laws and laws of the jurisdiction where the Property is located, state or local health and environmental protection laws or regulations, and 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, storage, change, release, or release of any Hazardous Substance, or the creation of any Environmental Condition, on or near the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage of the Property or small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residences and to the maintenance or repair of property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender written notice of: (a) any investigation, claim, demand, lawsuit or other action by any government entity, agency or entity involving the Property and any Hazardous Substance or any Environmental Law, of which Borrower has actual knowledge, (b) any Environmental Cleanup, including but not limited to 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 government or regulatory authority, or any prudent party, that any removal or other remediation of any Hazardous Substances affecting the Property is necessary. Borrower shall promptly take all necessary remedial actions consistent with Environmental Law. Nothing herein shall create any obligation on Lender for an Enviromental Cleanup. 22. Grounds for Acceleration of Debt: (a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower fails to make a timely and/or any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment; or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Without Credit Approval. Lender shall, if permitted by applicable law (including Section 541(c) of the Garn–St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise passed (other than by a cerv of sale); or (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does not occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. Circumstances occur that would permit Lender to require immediate payment in full, but Lender does not so act, then Lender's rights under this Security Instrument will be considered to have been waived. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender’s rights, in the case of payment defaults, to require immediate payment in full and foreclosure if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgagee Not Required to Participate. If this Security Instrument was not obtained by authorized holder to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, as its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary detailing deficiency will notify Lender of this fact, declining to insure this Security Instrument will be mailed before proceeding to foreclose, and if Lender declines to insure, Lender will not be entitled to assert a defense based on lack of insurability unless such defense is asserted within 60 days after mailing. Lender will not be entitled to require that the insurance premium be paid by Borrower until Lender determines that the insurance coverage is satisfactory pursuant to regulations of the Secretary. NOW UNIFORM Covenants. Borrower and Lender further covenant and agree as follows: 23. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in this Security Instrument, Borrower shall collect and receive all rents and revenues of the Property and shall pay the rents received to Lender or Lender's agent without regard to this assignment. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all rents of the Property and any lawful income of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Section 23. Lender shall not be required, nor shall Lender have control or maintain the Property before or after giving notice of breach to Borrower. However, if Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by this Security Instrument is paid in full. 24. Notice to Borrower. Lender shall give notice Borrower assigned as provided by Applicable Law prior to acceleration following Breach by Borrower unless otherwise agreed by the parties to this Security Instrument (but not prior to acceleration under Section 17 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 35 days from the date the notice is given to Borrower, by which the default must be cured; (d) that failure to cure the default on or before the date specified in the notice may result in the exercise of the remedies set forth in Section 18 or Section 19 of this Security Instrument; and (e) any other information required by Applicable Law. The notice shall further inform Borrower of the right to initiate 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. If the default is not cured on or before the date specified in the notice, or at its option at any time thereafter, Lender may pursue all of the rights and remedies provided by this Security Instrument without further demand and may invoke the powers of sale and set other remedies permitted by Applicable Law. Lender shall be entitled to collect all costs and expense incurred in pursuing the remedies provided in this Section 24, including, but not limited to, reasonable attorney fees and costs of title evidence. If Lender exercises the power of sale, Lender shall give notice in the same manner required by Applicable Law to Borrower and any other person described by Applicable Law. Lender shall publish notice of sale, and the Property shall be sold, as 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 manner prescribed by Applicable Law. If the Lender’s interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Section 18, the Secretary may pursue the remedies available to it pursuant to regulations provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Section 24 or Applicable Law. 25. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recording costs unless Applicable Law provides otherwise. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third party for services rendered and the charging of the fees is permitted under Applicable Law. 26. Waiver of Appraisement. Appraisal of the property is waived or not waived at Lender's option, which shall be noted on the face of the notice provided Borrower in any foreclosure. 27. Assumption Fee. If there is an assumption of this loan, Lender may charge an assumption fee of [X]. 28. Notice of Power of Sale. A power of sale has been granted in this Security Instrument. A power of sale may allow the Lender to take the Property and sell it without going to court in a foreclosure action upon default by Borrower under this Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. [Signature] (Seal) JEREMIAH WULLF COCHRANE [Signature] (Seal) RAIME WULLF COCHRANE State of Oklahoma County of Lincoln This instrument was acknowledged before me on 10/24/24 (date) by JEREMIAH WULLF COCHRANE and RAIME WULLF COCHRANE. My commission expires: EXP. 01/02/28 My Commission Number: #24000022 (SEAL) STATE OF OKLAHOMA (Signature of notarial office) Closer Title (and Rank) Lender: Waterstone Mortgage Corporation NMLS ID: 186434 Broker: NMLS ID: 186434 Loan Originator: Crystal Adams NMLS ID: 232545 EXHIBIT “A” Property Description Closing Date: October 28, 2024 Buyer(s): Jeremiah Wullf Cochrane and Rainie Wullf Cochrane Property Address: 611 NW 94th St, Oklahoma City, OK 73114 PROPERTY DESCRIPTION: Lots Thirty-nine (39) and Forty (40), in Block Twenty-three (23), of EAST BRITTON ADDITION, to Oklahoma County, Oklahoma, according to the recorded plat thereof.