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HomeMy WebLinkAbout912673 ¡'ì \ ,) 50964 &~ RECORDATION REQUESTED BY: FIRST NATIONAL BANK. WEST Alpine 100 Greys River Rd. P.O. Box :3110 Alpine, WY 83128 C'00783 WHEN RECORDED MAIL TO: FIRST NATIONAL BANK - WEST Alpine 100 Greys RIver Rd. P.O. Box 3110 Alpine, WY 8312B RECEIVED 10/12/2005 at 10:25 AM RECEIVING # 912673 BOOK: 600 PAGE: 783 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: FIRST NATIONAL BANK - WEST Alpine 1 DO Greys River Rd, P.0.80X3110 ArDine. WY 63128 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ÖNL Y d l, MORTGAGE THIS MORTGAGE dated September 28, 2005, is made and executed between PAUL C, JENKINS, and SHEILA JENKINS, HUSBAND AND WIFE AS TENANTS BY THE ENTIRETIES (referred to below as "Grantor") and FIRST NATIONAL BANK - WEST, whose address Is 100 Greys River Rd., P.O. Box 3110, Alpine, WY 83128 (referred to below ao "Lender"). GRANT OF MORTGAGE. For valuable conslderallon, Granlor mortgages ~nd conveys to Lender all of Gl1lntors right, title, and Interest In and 10 the following dascribed real property, together wllh all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditCh rights (including stock 1n utilities wllh dllch or Irrigation rights); and all olher rights, royaltles{ and profits rslatir:'g to the real property,.l,. Including without limitation all mlnel1lls, oil, g!lS, geothermal and similar matlers, (the "Real Property"} located in LINCOLN County, ~tate of Wyoming: See ATTACHED EXHIBIT "A", which is attached to this Mortgage and made a part of this Mortgage as If fully set forth herein. The Real Property or its address Is commonly known as HIGHWAY 239, FREEDOM, WY 83120. Grantor presently assigns to Lender all of Granlor's right, tille, and intarest rn and to all present end future IBHsas of the Property and all Rents from Ihe Property. In eddltion, Grantor grants to lender a Uniform Commercial Code security interest in the Personal Property and Rents. THIS MORTGAGE, INa..UDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAl PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (8) PERFORMANCE OF ANY AND ALL 061IGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOllOWING TERMS: GRANTOR'S WAIVERS. Grantor waives all rights or defenses arising by reason of any "one acllon" or "antl-deficlencý' law, or any olher law which may prevent Lender from bringing any action agaInst Granlor, Including a clBlm for deficIency to the extent Lender Js otherwise entitled to a claim for deficiency, before or Bfler Lender's commencemenl or completion of any foreclosure actlon, either Judicially or by exercise of a power of sale. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (a) this Mortgage Is executed at Borrower's request and nol at the requQSt of Lander; (b) Granlor has Ihe full power, right, and authority to enter Inlo this Mortgage Bnd to hypothecate the Property; (c) the provisions of this Mortgage do not conflict with, or result In a default under any agreement or other instrument binding upon Grantor and do not result In a viola1ion of any law, regulation, court decree or order applicable to Granlor: (d) Grantor has established adequate means of obtaining from Borrower on a continuing basis Information aboul Borrowers financial condlllon: and (e) Lender has made no representation to Grantor about Borrower (Including without limitation the credltworthlnes.s of Borrower). PAYMENT AND PERFOI1MANCE. Except as otherwise provided In thIs Mortgage, Borrower shall pay to Lender all Indebtedne~ secured by this Mortgage as It becomes dUe, and Borrower and Grantor shall strictly perform all Borrower's and Grantor's obligations under this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY, Borrower and Granlor agrBB thaI Borrower's and Gl1lntor's possessIon and use of fhe Property shall be governed by the following provisions: POSSês.sJon l!nd Use. Until the occurrence of en Evenl ot Default, Granlor may (1) remain In possession and control of the Property; (2) use, operate or manage the Property; and (3) colleçt the Rents from the Property. Duty 10 Malnlcln. Granlor shall maintain the Property In tenantable condition and promptly perform all repairs, replacements, and maintenance necessa.¡y to pr8Serve Its value. Campllance With Environmental LaWs. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership at the Property, there has been no use, generaUon, manufacture, stol1lge, trealmen!. dlspoSl:ll, release or thrBHtened release of Bny Hazardous Subslance by any person on, under. about or from the Property¡ (2) Grantor has no knowledge of, or reason to believe that there has been, excepl as previously disclosed 10 and acknowledged by Lender In writing, (a) any breach or violation of any Environmental Laws, (b) any use, generallon, manufacture, stora.ge, treatment. dlsposaJ, !'!!lease or threatened release of any Hazardous Substance on, under, about or from the Property by a.ny prior owners or occupants of 1he Properly, or (c) any actual or threalened litigation or claims 0' any kind by any person relating to SUch matters; and (3) Except Q$ previously disclosed to and acknowledged by Lender In writing, (a) nellher Grantor nor any tenant, contractor, agent or other authorized USt!r of the Property shall usa, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, Under, about or from the Property; and (b) any such activity shall be conducted In compliance with all applicable federal. stale, and local laws, regulallons and ordlnance.s, Including without IImltalJon all Environmental Laws. Grantor authortzes Lender and lis agents to enter upon Ihe Property 10 make such Inspections Bnd tests, at Grantors expense, as Lender may deem appropriate 10 determine compliance of the Property with this section of the Mongage. Any Inspections or lests made by Lender shall be for Lenders PUrp058S only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representa1!ons and warranties contained herein arB based on G~nlor's due dillgenœln Investigating the Property for Hazardous Substances, Grantor hereby (1) releases and welves any fulurB claims against Lender for Indemnity or contribution In the eV8nt Grantor becomes liable for cleanup or other c~ts under any such laws; and (2) agrees 10 Indemnify and holrj harmles.s Lender against any and all claims, losses, liabilities, damages, penalties, and axpenses which Lender may dlreclly or Indlreclly sustain or suffer rBSultlng from a brooch of thIs section of lhe Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, relBaSe or threatened release OCçurring prior to Grantor's ownership or Inlerest in Ihe Propsrty, whether or not the same was or should hava been known to Grantor. The provisIons of this seçtlon of the Mortgage, Including the obligation to Indemnify, shall survive the payment of the Ind'3btedness and the satisfaction and reconveyance of the lien or Ihls Mortgage and shall not be aHected by Lender's acquisition of any Inlerestln the Property, whether by foreclosure or otherwise. NUI5ance, Waste. Grantor shall not cause, conduct or permit any nuls~¡nce nor commit, permit, or sutter any stripping of or wasle on or to the Property or any portion of the Property. Without limiting the generality of tha foregoing, Gl1lntor will not remove, or grant to any other party the right to rsmove, any timber, mInerals (Including 011 and gas), coal, clay, scona, soli, gravel or rock products without Lender's prior wriNen consent Removal ot Impro'iements. Grantor shall not demolish or remove any Imp,rovements from the Real Property \vithoul lendar's prior written consent As a condition to the removal of any Improvements, Lender may reqUIre Grantor to make arrangements satisfacto¡y to Lender 10 raplace such Improvements with ImproV!3ments of at IBélSt equal value. Lenlfer's RIght to Enter. Lender and Lender's agents and representatives may enter upon Ihe Real Property at all reasonable times 10 attend to lenders Interests and to Inspect the Real Property for purposes of Grantor's compliance wllh the (erms and conditions of this Mortgage. Camplhmce wllh Governmental Requirements. Granlor shall promptly comply with all laws, ordinances, and reguLaIJons, now or hereatler In eHect, of all governmenLaI authoriHas applicable to the Use or OCCupancy of the Property, includIng without IImlLation, Ihe Americans With u~m¡!~~[~~ 10·.· lQ.tj "-,-1'67'-· '...:.J..J....._ ~ Loan No: 761000983 MORTGAGE (Continued) 000784 Page 2 Disabilities Act. Granlor ma.y contest In good talth any such law, ordlnancB, or ragulat!on and withhold compllanœ during any proceeding, Including appropriate appeals. so long as Grantor has notified lender In writing prior to doing so and so long as, In Lender's sole opinion, Lenders Interests In the Property are not Jeopardized. Lender may require Grantor to post !ldequale security or a surety bond, ressonably satisfactory 10 l.$nder, to prolew:t Lender's Interest. DUly to Protect. Grantor agrees neither to abandon or leave unaMended Ihe Property. Granlor shall do all other acts, In addition to those acts set forth above In this section, which from the character and use of the Property are reEl50nably necessary to protect and preserve the Property. DUE ON SAlE - CONSENT BY LENDER. Lender may, at lBndBrs op1ion, declare immediately due and payable all sums secured by Ihls Mortgage upon the sale or transfer, wlthoul Lender's prior written conSênt, of all or any part of the Real Property, or any Inlerest In the Real Property. A "saJe or transfer" means the conveyance of Real Property or any right, tlUe or Interest In the Real Property; whether legal, beneflclal or equitable; whether voluntary or Involuntary; whether by outright s.ale, deed, Installment s.ale contract, land contract, contract for deed, lellSBhold InterBSt wilh !1 term Qreater Ihan three (3) years. Igss9-0ption con1ract, or by salg, asslgnmgnt, or transfgr of any bgneñcig inlgrBSt in or to any land Irust holding @g to the Real Property, or by any other method 01 conveyance 01 an Interesl In the Real Property. However, this opUon shall not be exercised by Lender If such eXBrcls>¡ Is prohibited by federal law or by Wyoming law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: PlIymenl. Grantor shall pay when due (and In all events prior 10 delinquency) all taxes, payroll taxes, special lID:es, assessments, waler charges and sewer service charges levied against or on accounl 01 the Property, and shall pay when due all claims for wor1< done on or 'or services rendered or material furnished to Ihe Property. Grantor shall maJntaln the Property fr9Q of any liens having priority over- or equal to Ihe Interest of Lender under this Mortgage, e)(cept for Ih0S8 liens specifically agrBBd to in writing by Lender, and 8X1:ept for the lien of taxBS and assessments not due BS further spBCifiBd In the Right 10 Contest paragraph. RighI to Conlest. Gmntor may wl1hhold payment of any lax, EI5sessment, or claim In connecUon with a good lalth dispute over Ihe obllgaUon 10 pay, so long as Lender's Inlereslln the Property ts not Jeopardized. If a lien arises or Is flied as a result of nonpayment, Grantor shall within fifteen (15) days atler the lien arfses or, 11 a lien Is flIed, within fifteen (15) days after Granlor hIlS notice of the filing, sscure the dIscharge of the lien, or If requesled by Lender, dBposit with Lender œsh or a sufficient corporate surely bond or other securfty sallstactory 10 Lender In an amount sufficient 10 dl:;charge the lien plus any costs and reasonable attorneys' fees, or other charges Ihat could accrUe as 8 result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shaJl satisfy any adverse Judgment before enforcement aQalnst the Property. Grantor shall name Lender as an additional obllgBi;! under any surety bond furnished In the conlest proceedings. Evidence of Payment. Grnntor shall upon demand furnIsh to lender sa~sfaclory evidence 01 payment of the Iaxss or assessments and shaJl authorize Ihe appropriate governmental official to deliver to lBnder at any time a written statement 01 the taxes and assessments against the Property. Nollœ ot Construction. Granlor shall notify lender Ilt least fitloon (15) days before any work Is commenced, any services are fUrnished, or any malerfals are supplied 10 the Property, If any m!tChanlc's lIan, materialmen's lien, or other lien could be asserted on account of the work, Sêrvlces, or materials. Gmntor will upon request 01 Lander furnish to Lender advance assurances satisfactory to Lender thllt Grantor can and will pay the cost of such Improvements. PROPERTY DAMAGE INSURANCE. The following provisions relaHng to Insuring the Property IU8 a part of this Mortgage: M/Jlntenance 01 Insurllnce. Granlor shall procure and malnlB.ln policies of flre Insurance with standard extended coverage andorsemants on a replacement basis for Ihe full Insurable value covering IlJllmprovements on the Real Property In an amount sUfficient to avoid application of any coinsurance clause, and with a standard mortgagee clauSê In favor 01 Lender. Granlor shaJl also procure and malntaJn comprehensive general liability InsurancB in such coverage amounts as Lender may request with lender bging named as addlUonallnsureds In such liability Insurance policies. Additionally, Grantor shall maintain such other Insurance, Including but not limited 10 h628J'd, buslne.ss Inlerruption and boiler Insurance as lender may require. Policies shall be writlsn by such Insurance companies and In such form as may bg reasonably acceplB.ble to Lender. Grantor shall deliver to Lender certificates 01 coverage from each Insul'8r contaIning a stipulation Ihat coverage will not be cancelled or diminished wltholrl a minimum of ten (10) days' prior writlen notice to Lender and not containing any dl:;clalmer 01 the Insurer's liability for failure (0 give such no~ce. Each Insurance policy also shalf Include an Bndo~ment providing that coverage In lavor of LandBr will nol be Impaired In any way by any act, omission or default of Grantor or any other person. Should the Rool Property be located In an area deslgnatgd by 'he Director or the Federal Emergency Management AgBncy as a special flood h628rd area. Grantor agrees to obtain and maintaIn Federal Flood Insurance, If available, for Ihe full unpaid principal balancB of the Joan and any prlor liens on 1he property sBCurlng the loan, up (0 Ihe maximum polley limits set under the NatlonaJ Flood Insurance Program, or as otherwlSê required by LendBr, and to maintain such Insurance for the IBrm of the loan. Appllcallon of PrO<:eeds. Granlor shaJl promplly notify Lender of any loss or damage 10 Ihe Property if Ihe estlmated cost of repair or replacement 8Xceeds $1,000.00. Lender may make proof of loss If Grantor tails to do so within fif188n (15) days of the casualty. Whelher or not Lender's security ls Impaired, Lender may, at Lander's election, receive and retain the proceeds 01 any Insurance and apply 1he proceeds to the reduction of the Indebtedness, payment of any lien aHectlng the Property, or Ihe restoration and repalr of the Property. If Lender elects (0 apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvemanls In a manner sallsfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, payor reimburse Grantor from Ihe proceeds far thg reasonable cost of repair or reslomtlon II Grantor Is not In delault under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed 10 the repaJr or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued Interest, and the remainder, II any, shall be applied to the prlnclpal balance of IhB Indebtedness. II Lender holds any proceeds after payment In tull of the Indebtedness, such proceeds shaJl be paid to Grantor as Grantor's InlBrests may appear. LENDER'S EXPENDITURES. If any action or proceeding is commgnced that would materially affect Lender's Inlerest in Ihe Property or If Granlor laJls to comply with any provision of this Mortgage or any Related Documents, Including but not limited 10 Granlor's tallura to dl:;charga or pay when due any amounts Grantor Is required 10 discharge or pay undar Ihls Mortga.ge or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any acHon Ihat lender dooms appropriate, Including but not limited to discharging or paying all !axes, liens, Sgcurity Inlerests, encumbrances and olher claims, at any time levied or placed on the Property and paying all costs for Insurfng, maintainIng and preserving the Property. All such ElXpenditurBS Incurred or pald by Lendsr for such purposes will then bear interest at Ihe rale charged under the Note from the dB.L~ Incurred or paid by Lender to the date of repayment by Granlor. All such expenses will become a pert of the Indebtedness and, at Lgnder's opUon, will (A) be payable on demand; (B) be added 10 the balance 01 the Nole and bB appor\!oned among and be payable with any Installment payments to become due during allher (1) the term or any appllcabla Insurnncg polley; or (2) the remainIng term ot the Note; or (C) be trealed as a balloon payment which will be due and payable at Ihe Nole's maturity, The Mortgage also will sscure payment of Ihese amounts. Such rfght shaJl be In additlon 10 all olher rights and remedies 10 which Lender may be entitled upon Default. WARRANTY; DEFENSE OF TiTlE. The following provisions relating 10 ownership of the Property are a part of Ihls Mortgage: Tille. Grantor warrants that: (a) Grantor holds good and marketable titiB of record to the Property In lee simple, frea and clear of all liens and encumbrances other than those Sêt forth In 1~8 Real Property description or In any tllle Insurance policy, IIlIe report. or final II lie opinion Issued In favor of, and accepted by, Lender In connection with this Mortgage, and (b) Grantor has the full right, power, and authority 10 execUte and deliver 1t',ls MortQage to Lender. Defense of Title. Subject 10 Ihe exception In Ih.e paragraph abov~, Granlor warrants and will forever defend the ~"e to the Property against the lawful claims of all persons. In Ihe event any action or proceeding IS commenced that questions Grantors title or the Interest of Lender under this Mortgage, Grantor shall defend the action al GrMtors expense. Granlor may be the nominal party In such proceeding, but Lender shall be entllled to participate In Ihe proceeding and to be represenled In the proceeding by counsel of Lenders own choice, and Granlor will dellvsr, or causa to be delivered, 10 Lender SUch Instruments as Lender may request from time 10 time to permit such participation. tÄmpllance With Laws. Grantor warrants that ihe Property and Grantor's use of the Property complies with all e.x!sllng applicable laws ordinances, and regulations of governmental authorities. , SurvlvoJ of Represent/Jtlons and W/Jrr/Jnlles. AJI representations, warranties. and agreements made by Grantor In this Mortgage shall survive the execution and delivery of this Mortgage, shall be continUing In nature. and shall remain In hJIJ forca and effect until such time as Borrowers Indebtedness shall be paid In full. CONDEMNATION. The following provisIons relating to condemnaUon proceedings are a part of this Mortgage: Proceedings. If any procaedlng In condemnatlon Is flied, Grantor shall promptly notify LendBr In wrlUng, and Grantor shall prompl1y take such steps as may be necessary to defend the action and obtain 1he award. Grantor may balhe nominal party In such proceeding but Lender shall be enlllled to part1clpate In the proceeding and to be repr8Sented In Ihe proœedlng by counsel of Its own choice, and Grantor will deliver or cause to be delivered to Lender such Instruments and documentation as may be requested by LendBr from lime 10 Ume to permit such participation. Appll~tIon Of Net PrOCeeds. If all or any part of Ihe Property Is condemned by eminent domain proceedlnQs or by any procsedlng or purchasE! i) ,[' ,., <r"!h .-¡; ,. 'J '"'" p_ ~"" ',~ ,J-~~~4;.:U \.J) Loan No: 761000983 MORTGAGE (Continued) '~;00785 Page 3 in lieu 0/ condemnation, lender may at Its election require that all or any portion 0/ tha nat proceeds of Iha award be applied to Ihe Indebtedness or the repair or restoration of the Property. The ne1 proceeds of 1he awerd shall mean Ihe award after payment 0/ all reasonable costs, expenses, and aHorneys' fees Incurred by lender In connection with the condemnation. IMPOSITION OF TAXES, ÆES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relallng to governmental taxes, fees and charges are a part of Ihls Mortgage: Currenl Taxes, Fees ðnd Chllrges, Upon requast by Lender, Grantor shall execute such documents ¡n addition 10 this Mortgage and lake whalever olher acllon Is requested by Lender 10 perfact and continue Lender's lien on ths Real Property. Grantor shall reimburse Lander for all tæœs, as described below, together with all expenses Incurred In recordIng, perfecllng or conllnulng this Mortgage, Including wl1hout IImllallon all taxes, fees, documenlary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shatl conslllute taxes 10 which this sec1lon applies: (1) 8. specific tax upon this type of Mortgage or upon all or any part of Ihe Indebledness secured by this Mortgage; (2) a specific tax on Borrower which 80rrower Is authorized or required 10 deduct from payments on the Indebtedness securBd by this type of Mortgage; (3) a lax on (his type 0/ Morlgage chargeable against the Lender or the holder of the Note; end (4) a specltic tax on all or any portion of the Indebtedness or on payments at principal and Interast made by Borrower. SUbscQuent Taxes. It any tax to which this seellon applies Is enac1ed subsequent to the datB of this Mortgage, this event shall have Ihe same eHect as an Even1 of Detaull, and lender may exercise any or all of its available remedies for an Event of De/auU as provided below unless Grantor ellher (1) pays the tax before It becomas dellnquBnt, or (2) conlests Ihe lax as provided above In the Taxas and Uens section and dsposits with Lender cash or Ii sufficient corporate surety bond or olher security satlsfaclory 10 Lender. SECURITY AGREEMENT¡ FINANCING STATEMENTS. The following provisions relallng to this Mortgage as a security agreement arB a part of this Mortgage: SecurIty Agreement. This Instrument shall constitute a Security Agreemen1 10 the ex1ent any of Ihe Property constitutes ñx1ures, and Lander shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time fo lime. Security In1eresl. Upon requesl by lender, Grantor shall take whatever acllon Is requested by lender 10 perfect and continue lender's security Interest In the Rents and Personal Propsrty. In add[l on to recording Ihls Mortgage In the real property records, Lender may, at any lime and without further authorl~lIon from Grantor, file executed countsrpart:s, copies or reproductions of this Mortgage as a Rnancing statement Granlor shall reimburse Lender for all expenses Incurred In perfecting or continuing this security Interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from Ihe Property. Upon default, Grantor shall assemble any Personal Property not affixed to 1he Property In a manner and at a place rêasonably convenient to Grantor and Lender and make It available 10 Lender within three (3) days after receipt of wriHen demand from Lendsr 10 the extent permitted by applicable law. Addresses. The melling addresses of Granlor (debtor) and Lander (secured party) trom whIch In/ormation concerning ths security Interest granted by this Mortgage may be obtained (each as requlrad by the Uniform CommercIal Code) are as slaled on the first page of 1his Mortgage. FURTHER ASSURANCESj ATTORNEY-IN-FACT. ThB following provisions relating to f1Jr1her assurances and aHorney-Jl1-fact are a part of Ihls Mortgage: Further Assurances. AI any time, and from time 10 time, upon r8qUl~st of Lender, Grantor will make, execute and deliver, or will cause to be mads, execuled or delivered, 10 Lender or to Lander's designee, and when reQuas1ed by Lender, cause to be filed, recorded, refiled, or rerecorded, as 1he case may be, at such Umes and In such offices and placas as Lender may deem appropnate, any and all such mortgages, deeds 01 trust, security deeds, sacurity agreements, flnanclnQ statements, continuation statements, Inskuments of further assurance, certJRcates, and other documents as may, In the sole opinion of lender, be neces.ssry or dB$lrable In order to eHecluate, complete, perfect, continue, or preserve (1) Borrower's end Grantor's obligations under the Note, thIs Mortgage, and the Related Documents, and (2) 1he liens and security Interests cr88.ted by this Mortgage on the Property, whBlher now owned or hereafter IiCqulred by Grantor. Unless prohibited by law or lender agrees 10 the contrary In writing, Grantor shall reimbursa Lander for all costs and expenses Incurred In connection with the maHers referred 10 In this paragraph. AttomeY-lf!-4=8ct. II Grantor falls 10 do any ot the things referred to In the preceding p!Ul1graph, Lender may do so for and In the name 01 Granlor and at Granlor's expense. For such purposes, Granlor hereby Irrevocably appoints Lander as Granlor's attorney""¡n-facl for the purpose of making, executing, delivering, filing, recording, and doing all other Ihlngs as may be necessary or desirable, In Lender's sole opinion, to accomplish the maHers referred 10 In the preceding paragraph. FUlL PERFORMANCE. II Borrower pays all Ihe Indebtedness when due, and olherwlse performs all the obligations Imposed upon Grantor under this Mortgage, Lander shall execute and deliver to Granlor a suitable satisfaction of this Mortgage and suitable sta1emenls of lermlnation of any financing statement on file evidencing Lenders sacurity ¡nlarest In the Rents and the Personal PropBrty. Grantor will pay, 1/ permitted by applicable law, any reasonable termination fee 8S determined by lender from time to lime. EVENTS OF DEFAlA.. T. Each or the following, at Lendsr's option, shall constitute an Event of Default under thIs Mortgage: Paymenl Derault. Borrower falls 10 make any payment when due under the Indebledness, DeraUIt on Other Pðyments. Failure of Granlor within 1he tlma required by this Mortgage to make any payment for Ia.xs.s or Insurance, or any other payment necessary 10 prevent filing of or to effect dl5Charge of any lien. Olher Detaul1s. Borrower or Granlor falls to comply with or to perform any other term, obllga1lon, covenant or condition contained In this Mortgage or In any of the Related Documents or to comply with or 10 per10rm any term, obligation, covenant or condition contained In any other agreement between Lender and Borrower or Grantor. Default In Favor of Third PM1les. Should 80rrower or any Grantor default under any l08.n, 8X!enslon 0' credit, security agrooment, purchase or sales agreement, or any olher agreement, In lavor of any olher creditor or person thllt may malertally affecl any of Borrowe(s or any Grantor's property or Borrower's ability to repay Ihe Indebtedna:õS or Borrower's or Granto(s ability to perform their respective obllgallof\S under this Mortgage or any rela1ed document. Flllse Stelemenb. Any warranty, representation or slalemenl made or furnished to Lender by Borrower or Grantor or on Borrower's or Granlor's behalf under Ihls Morlgage or the Rela!ed Documents Is false or misleading In any malerial respect, either now or al 1he time madB or furnished or becomes false or misleading at any time thereafter. Derectlve CollaleraJlza!lon. ThIs Mortgage or any of Ihe Related Documents ceases to be In full force and effec1 (Including failure of any collalera! document to crealB a valid and perfected sBCUrity Interest or IIBn) at any time and for any reason. Deoth or InSOlvency. The dissolvtion of Grantor's (regardless of whether elacUon 10 continue Is made), any member wlthdrav.'S from the IImlled liability comp!lny, or any other termlnaUon of Borrower's or Grantor's 8XÏslence as a going business or the death of any member, the Insolvency 0/ Borrower or Gran!or, 1he appointment of a receiver for any part of Borrower's or Grantor's property, any asslgnmenl for 1he benefit of credllors, any type of creditor workout, or the commencement of any proceeding under any bankrup1cy or Insolvency laws by or agaJnst Borrower or Grantor. Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by Judicial proceeding, self-help, repossession or anY,olher method, by sny creditor of Borrower or Grantor or by any governmental agency against any property securing the Indebledness. This mçludes a garnishment of any of Borrower's or Grantor's accounts, ¡ncludlng deposit accounts, with Lender. However, Ih¡s Evenl of Dslault shall not apply If there Is a good faith dlsputB by Borrower or Grantor as 10 ths validity or reasonableness of the claim whIch Is the basis of the creditor or fOrfeiture proceeding and 1/ Borrower or Grantor gives Lender wriNen notJce 01 Ihe credJlor or forfeiture proceeding and deposlls with Lender monies or a surety bond for ths creditor or forfeiture proceeding, In an amount determined by Lender, In Its sole dIscretion, as being an adequate reserve or bond for the dlspule. BreðCh of Other Agreement. Any breach by 80rrower or Grantor under the ferms 01 any other agrooment between Borrower or Granlor and Lender that Is not remedied within any grace period provided therein, Including without I/mltatJon any agreement concerning any indebledness or other obllgat.lon 0/ Borrower or Grantor to Lender, whether exls11ng now or laler. Events Affecting GUðl'ðnlor. Any of the pracedlng events occurs with respect 10 any Guarantor of any of the Indebtedness or any Guaranlor dies or become:> Incompetent, or revokes or dIsputes the validity of, or liability under, any Guaranty of the Indebledness. In the event or 8 death, Lender, at Its option, may, but shall not be requlrsd to, permit the GUarantor's estate 10 assume uncondilionally Ihe ObligaUons arising under the guaranty In a manner satisfactory to Lender, and, in doing so, cure any Event 0/ Default. AdVe~ Chllnge. A malerial adversa change ~urs In Grantor's financial condition, or lender believes Ihe prospect of payment or performance of the Indebtedness is Impaired. Insecurity, Lender in good faith believes l!salt Insecure. ,¡¡.'C,.~ "'>,e.'"'·'1<-::- '~·J-...J¡"'""U I~ [\~~m~~m Loan No: 761000983 MORTGAGE (Continued) (i00786 Page 4 RIGHTS AND REMEDIES ON DEFAULT. Upon IIle occurrence of an Event of Default and at any time there.after, Lender, at Lender's option, may exercise anyone or mora of the following rights and remedies, In addi~on to any othar rights or remedies provided by law: Accelerate Indebtedness. Lender shall have the right at Ils option without notice 10 Grantor 10 declare the entire Indebtedness Immediately due and payable, Including any prepayment penalty which Granlor would be required to pay. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the righl's and remedlBS of a socured party under the Uniform Commercial Code. CoHecl Renls, Lender shall have the right, without nollce 10 Borrower or Grantor, 10 lake possession of the Property, Including during the pfmdency of foreclosure, whethar JUdicial or non-judicial, and collect the Rents, Including amounts past dUe and unpfild, find apply the nel proœeds, over and above Lender's costs, against 1he Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make payments of renl or use fees directly 10 Lender. II the Rents are collected by Lender, then Grantor IrrevoC<lbly designates Lender as Grantor's attorney-in-fact to endorse Instrumenl:¡¡ received in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response 10 Lender's demand shall sallsfy Ihe obllgallons for which the payments are made, whether or nol any proper grounds ror the demand existed. Lender may exercise II:¡¡ rights under this subparagraph either In person, by agent, or through a receiver. Appoint Receiver. Lender shall have the right to have a rscelver appointed to bike possession of all or any part of the Property, with the power to protset and preserve the Property, 10 operate the Property preceding loreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over end above the cost of the receivershIp, against the Indebtedness. The receIver may serve wllhout bond If permitted by law. Lender's rig hi 10 the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a sUbslantlal amount. Employment by Lender shall not disqualify Ii piirson from serving as a receiver. Judicial Fore<:rosure. Lender may obtain a Judicial decree lorecloslng Grantor's Intereslln all or any part of the Property. Non udlcllll SlIle, lender may foreclose Grantor's Inlerastln all or In any part of the Property by norr-judicial sala, and specifically by "power of sale" or "advertisement and sale" for8CI~Ure as provided by sbilute. DeficIency Judgment. If permitted by appllcablð law, L.ender may obtain a judgment for any delÎclency remaining In Ihe Indebtedness due 10 Lender elter applìcallon of ail amounts r9CeiV8d from the exercise of the rights provided In this secllon. Tenancy al Sufferance. If Grantor remains In possession 01 Ihe Property after the Property Is sold as provided above or Lender olherwise becomes entilled 10 possession of the Property upon default 01 Granlor, Granlor shall become a tenant at sufferance of Lender or the purchaser 01 the Property and shall, at Lender's opllon, either (1) pay ð reasonable renlal for the use 01 the Property, or (2) vacate the Property ImmedIately upon the demand 01 Lander. Other Remedies. Lender shall have an other rights and remedies provided In this Mortgage or Ihe Nole or available at law or In equity. Sale at Ihe property. To the extanl permlt1ed by appllC<lble law, Borrower and Grantor hereby waive any and all right to haV8 the Property marshalled. In exercising its rtghts and rem8dles, Lender shall be free 10 sell all or any pari of Ihe Property togelher or saparately, In one sale or by separate sales. Lender shall be enlltled 10 bid at any public sale on all or any portion of Ihe Property. Nollce of Sale. Lender shall give Grantor reasonable nolice of the time and place of any public sale of Ihe Personal Property or of the lime after which any private sale or olher Intended disposition of the Personal Property Is 10 be made. Reasonable nollce shall mean notice giV8n at least ten (10) days before lhe time of the sale or dlsposi1ion. Any sale of the Personal Property may be made In conjunction with any saJe 01 the Re.al Property. Election of Remedies. Elecllon by Lender to purnue liny remedy ::;hall not exclude pursuit of any other remedy, and an election 10 make expenditures or to take acllon 10 perform an obligation of Grantor under this MOrlgage, after Grantor's failure to perform, shall not affect Lender's right to declare a default and exorcise Its r8medie::;. Nothing under this Morlgage or other-vise shall be construed so as to limit or rastricllhe rights and remedlas available 10 Lender following an Event of Default, or In any way to tlmlt or rastrict !he rights and ability of Lender to proceed dlrect1y against Granlor andlor Borrow¡¡r and/or against any other c~maker, guarantor¡ surety or endorser and/or to procaed egfiinst any other collateral directly or Indirectly securing Ihe Indebtedness. Attorneys' Fees; Expenses. II Lender Institutes any suit or ac1lon to enforce any of the terms of this Mortgage, Lender shall be entllled to recover such sum as the courl may edJudge reasonable as attorneys' fOO$ at trial and upon any appeal. Whalher or not any court action Is Involved, and to the extenl not prohibited by law, all r88.Sonable expenses Lender Incurs that In Lender's opinion are necessary al any lime for the protection of its Interest or tho enforcement of Its nghb shaH become a part of the IndeblednBSS payable on demand and shall bear Interest at the Note rale from the dale of the expenditure until repaid. Expenses covered by Ihls paragraph Include, without limitation, however subject to any limits under applicable law, Lender's reasonable al1orneys' fees and Lender's legal expenses whether or not Ihere Is a lawsuit, including re.asonable altorneys' fEIQS and 8xpensas for bankruptcy proceedings (including etforb to modify or vacate any automatic stllY or InJunction), appeals, and any anticipatsd posl-judgment collecllon services, Ihs cost of saarching records, obtaining litle reports (Including foreclosure reports), surveyors' reports, and appraisal fees and title Insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to IlII other sums provided by law. NOTICES. Any notice required 10 be given under this Morlgage, Including without IImlla1l0n any notice of default and any notice of sale shall be given In writing, and shall be effective when actually delivered, when actually received by telefacslmlle (unle:ss otherwise required by law), when deposIted with a nationally recognfzsd ovemlghl courier. or, If mall8d, when deposited In the Unltad States man, as first class. certified or registered mall postage prepaid, directed to Ihe addresses shown naar the beginning of this Mortgage. All copies of nollces of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to Lender's addrass, as shown ne.ar the beginning 01 this Mortgage. Any party may change Its address for notices under this Morfgage by giving formal written nolfce to the other parties, spedfying that the purpoc...e of the notice Is to change the party's addrass. For notice purposes, Granlor agrees to keap Lender Informed at all limes of Grantor's current address. Unless otherwise provided or requirBd by law, If there Is more Ihan one Grantor, any nollœ given by Lender to any Granlor Is deemed to be nolJce gIven to all Granlors. MISCB.LANEOUS P&:¡OVISIONS. The followIng ml~ellaneous provisions are a part of Ihls Mortgage: Amendmen15. This Mortgage, together with any Relfiled Documenls, conslltUfas 1he enHre understanding and agreement 01 the parlløs !IS 10 the matters set forth in this Mortgage. No alterallon of or amendment to thIs Mortgage shall be effective unless given In writing and signed by the party or partlas sought to be charged or bound by the alleraHon or amendment. Annual Reports. If Ihe Property is used for purpoc..es other than Grantor's residence, Grantor shall furnish to lender, upon requast, a carllfled statement of net operallng Income r9CeiV8d from the Property during Grantor's previous fisce.l year in such form and detail as Lender shall require. "Nel operallng Income" shall mean all cash recelpls from the Property lass all cash expenditures made in connection with the operation of the Property. Caption Headings. Caption headings ]n thIs MorigagB are for convenience pUrposes only and are not to be used to Interpret or define the provisions or this Mortgage. Governing UJw. This Mor1!Jðge will be governed by fedeJr!lllaw applicable to Lender and, to the extent not preempted by federal law, the IlIWS of the Stale of Wyoming without regðrd 10 Its conflicts of I!IW provisions. This Mortgage has b~n &Ccepled by Lender In the Stllte of Wyoming. Choice of Venu!\. If Ihere Is a lawsull, Grantor agrees upon Lender's request to submit 10 the jurisdlcUon of Ihe courts of Un coin County, Slate of Wyoming. Joint !lnd Several Liability. All obllga~ons of Borrower and Grantor under this Mortgage shall be joint and several, and aU referencas to Grantor shall mesn each and every Grantor, and all referenc8S 10 Borrower shall moon each and every Borrower. This moons that each Borrower and Granlor signing below Is responsible for all obllgallons In this Mortgage. ~o Waiver by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver Is given In wrillng and signed by Lender. No d81~y or omission on the parl of Lender in exercising any right shall oparate as a waiver of such right or any other right. A w8iver by Lender of a proVIsion ot th~s. Mortgage shall not prsJudlce or consHlule a waiver of Lender's right othelWlse to demand strict compliance with that provision or any other prolllSlon of this Mortgage. No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall conslltute a waiver of any of Lender's rights or of any of Grantor's obllgallons as to any fulure transactions. Whenever Ihe consent of Lender Is required under this Mortgage, the granting of such consent by Lender In any Instance shall not conslitule conllnulng consent to subsequent Inslances where such consent Is requIred and in all cases such consent may be granted or withheld In Ihe sole discretion of Lender. SeverabUlry. If a cou~ of compelen! Jurisdiction flnds any provision of this MOrlgage to be Illegal, invalid, or unenforceable as to any person or circumstance, that finding shall not make the offBndlng provision Illegal, Invalid, or unenforcsable as 10 any other person or circumstance. If ") r, ,/' .r, ,!f~''1'':ì i~ ::li~,~~tQ'#' U MORTGAGE (Continued) ,,_: 00787 Page 5 Loan No: 761000963 feasible, the offending provision shall be considered modified so thaI it becomBS 18gBI, valid and enforceable. If the offending provision cannot be so modified, /I shall be considered deleted from this Mortgage. Unless otherwise required by law, the Illegality, Invalidity, or unenforceablllty of any provlslon of this Mortgage shall not affect the legality, validity or enlorceabllity of any other provisIon of this Mortg!lQe. Merger. There shall be no merger of the Interesl or estate created by this Morlgage with any other Interesl or estate In the Property at any time held by or for the benefit of Lender In any capacity, without the written consent of Lender. Successors ðnd AssIgns. Subject 10 any limitations stated In Ihls Mortgage on transfer of Grantor's inlerest, this Mortga.ge sh!lll be binding upon and Inure to Ihe benefil of the parties, their successors and a.sslgns. II ownership 01 Ihe Property becomes vested In e person other than Grantor, Lender, without no~ce to Grantor, may deal wilh Grantor's successors with reference to thls Morlgage and Ihe Indeb1ednass by way of forb8lirance or BX1ension without releasing Grantor from the obligations of this Mortgege or liability undar the Indebtednæs. Time Is 01 the Es.sence. 11me is of the essence In the pertormance of this Mortgage, WaIver 01 Homesleðd Exempllon. Granlor hereby releases and waives all rlghls and beneRIs 01 the homes lead 8JCemptlon laws 01 the Stale of Wyoming as to all Indebtedness secured by thIs Mortgage. DEFINITIONS. The following capitalized words and terms shall have the following me.anlngs when Used In this Mortgage. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts In lawlul money of the United states of Amerlca. Words and terms used In the singular shall IncludE! 1he plural, and the plural shall Include the singular, as the context may requIre. Words and terms not 01herwlse defined In this Mortgage shall have the meanings attributed to such lerms In the Uniform Commercial Code: Borrower. The word "Borrower" means STATELlNE ESTATES L.L.C. and Includes all co-signers and co-makers signing the Nole and all (heir successors and assigns. Default. The word 'Default" means Ihe Default set forth In this Mortgage In the sec;1ion titled "Defaulr. Environmental Laws. The words "Environmental Laws" mean any and all stale, federal and loc.sl slatutes, rogulallons and ordinances relallng to the prolectlon of human health or the environment, Including without limitation the Comprehensive EnvironmenlBl R~pon&a, Compensation, and Liability Act of 1980, as amended, 42 V.S.C. Sedan 9601, et saq. ("CERCLA"), the Superfund Amendmenls and Reauthorization Act of 1986, Pub, L. No. 99-499 ("SARA"), the Hazardous Malerials ¡ransporta~on Act, 49 U.S.C. Section 1801, at seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or lederallaws, rules, or regulations adopted pursuant tl'1erelo. Evenl 01 DelImit. The words "'Event of Defaulr mean any of Ihe events of default set forth In this Morlgage In the events of default seclion of this Mortgage. Gnmtor. The word "Grantor" means PAUL C, JENKINS and SHEILA JENKINS. Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness. Guaranty, The word "Guaranty" mR8ns the guaranty from Guarantor to Lander. Including without limitation a gua.ranty of all or part 01 thQ NO!Q. Ha2araOU$ SUbst.ences. The words "Hazardous Substances" mean malerlals Ihat, because of their quantity, concentration or physical, chemical or Intect10us characteristics, may cause or pose a present or polE!ntlal ha:zard to human heallh or the environment when Improperly used, tre.ated, stored, dIsposed 01, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used In their V!lry broadest sense and Include wlthoul limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also Includes, wl1hout limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all exJsting and future Improvements, buildings, structures, mobl/e homes affixed on the Real Property, facl/llles, additions, replacements and other construction on the Real Property. Indebtedness. T11e word "'ndeb!ednass" means all principal, Interest, and other amounts, costs and BJ:penses payabla under the Nole or Related Documenls, together with all renewals of, 8Xfensfons of, modifications of, consolidations or and substituNons for 1he Note or Related Documents and any amounts IIXpended or advanced by Lender to discharge Gran!or's obligations or expenses Incurred by Lender 10 enforce Granlor's obllgallons under thIs Mortgage, together with Inleres1 on such amounts as provided in Ihis Mortgage. Lender. The word "lender" means FIRST NATIONAL BANK - WEST, Its successors and a.sslgns. Mortgage. The word "Mortgage" means this Mortgage betwoon Grantor and Lender. Note. The word "Nole" maans the promissory note dated September 28, 2005, in the original principal amount 01 $103,250.00 from Borrower to Lender, together wilh all renewals 01, ex1enslons of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or aQf88ment. Personal property. The words "Personal Property" me.an all equipment, fixtures, and other articles of personal property now or hereafter OWned by Grantor, and now or hereafter attached or affixBd to the Real Property; together wllh all accessions, parts, and additions to, all replec9ments of, and all subs~tulions lor, any of such property; and loge1her wlfh all proceeds (Including without limltatfon all Insurance procasds and refunds 01 premiums) from any sale or other disposition of (he Properly. Property. ¡he word "Property" means collectively the R~I Property and the Personal Property. Real Property. The words "Real Propertý' m8lin Ihe real property,lnleresl's and rights, as further descrlbed In this Mortgage. Reloted DQcuments, ¡he words "Related Documen1s" m68n all promissory noles, credit agrasments, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other Instruments, agreements and documents, whelher now or her88.fter existing, executed In connact1on with the Indebtedness. Rents. The word "Rents" me.ans all present and future rents, revenues, Income, IssuBS, royalties, profils, and other benefits derived from the Property. EACH GRANTOR ACKNOWLEDGES HAVING READ All. THE PROVISIONS OF THIS MORTGAGE, AND EACH GRANTOR AGREES TO ITS TERMS. GRAN'!~.7 . x//V~ /" PAlA..., . JENKINS " / ( x~~~ SHEILA JENKINS J~:Ulillm~¡l;t:: ~;,'·~i~i;illill ') -~ "1 or, -,~, ' Ij :"-,1''', ...."~' ..;'. "", J~I~>....I q~ MORTGAGE (Continued) (1,07°8 - v '- ~ Page 6 Loan No: 761000983 INDIVIDUAL ACKNOWLEDGMENT COUNTY OF LINCOLN ) ) SS ) PENNY JONES COUNTY OF LINCOLN NOTARY PUBLIC STATE OF WYOMING STATE OF WYOMING MY COMMISSION EXPIRES SEPTEMBER 18, 2007 On this day before me, Ihe undersigned Notary Public:, personally apPQllfBd PAlL C. JENKINS, 10 me known to be the Individual described In and who executed the Mortgage, and acknowledged that he or she signed the Mortgage as his or her free and voluntary act and dead, for the uses and purposes IharBin mBntioned. Given u By (lay of September 2005 Lincoln County Residing III My commIssion expires 9/18/05 INDIVIDUAL ACKNOWLEDGMENT COUNTY OF Lincoln ) ) 55 ) PENNY JONES e. NOTARY PUBLIC COUNTY OF STATE OF LINCOLN WYOMING MY COMMISSION EXPIRES SEPTEMBER 18,2007 STATE OF WYOMING On this day before me, the undersigned Notary Public:, pBl'SonaJly appeared SHEILA JENKINS, 10 me known to be Ihe Individual described In and who BXoculBd IhB Mortg!lgs, and acknowledged thaI he or she sIgned the Mortgage as his or her free and voluntary act and deed, for the uses and purposes therein manfloned, GIven und y and IInd officllll (lay or September , 20 05 Residing 61 Lincoln County By Ie of Wyoming My commission expires 9/18/07 v..SEA. PRO 1.4nd1nQ, V.r. !I.U.ð'O.004 Ccþ,. H.t.rl.niS FIr..IIt,1a1 ::IIIVlku'II,IJn:.19S11, 2(10$, ^II RloMr R..,.rv.d, . WY C:\01\LPLIQCL3FC TR-1M pfl,.,3 ZL /9 # SZLS S88 LOS ~ N01~~ lVNOI1~N lS~I~~NVZS:8 ~SO-6Z-B · , '-', ,,r- " . I If'"' """'j"'} u:"::::~,~, !O',. ~ EXHIBIT "A" î()789 -' '-iV " A portion of the property" as referred to in the Deed recorded in Book 371PR, on Page 477, and a portion of the property as referred to in the Deed recorded in Book 339P'Ffl on Page 135, with the Office of the Clerk of Uncoln County, wyoming within GLO Lot 1, and the NW1/4NE1/4 of Section 33, T35N, R119vv. of the 6th P.M., Uncoln County, Výyoming, the metes and bounds being more particularly described as follows: BEGINNING at a Cotton Gin Spike marldng a point in the South Une of Section 28, of said T35N, R119W: said point being 390.00 feet, S89°00'46"E from the Baker Engineers PE/LS 698 1982 location for the Southwest Comer of Section 28 of said T35N R119W;' thence S89°00'46"E, along the South line of the 8E1/4 of said Section 28 312.23 feet to a Cotton Gin Spike markinfl. the Northerly prolongaöon of the exisling North-8outh fence; thence S1 06'56'"W: to and roughly along said fence, 398.74 feet to an Aluminum Cap on Iron Pipe marfdng the Intersection of said fen~ and an existing East-West fence,' thence N89°10'39W, along last saId fence, 39.06 feet to an Aluminum Cap on Iron Pipe marking a point in the West line of said property, as referred to in said Deed recorded in Book 339PR, on Page 135; thence No039'38-E, along said West line, 19.36 feet to an Aluminum Cap on Iron Pipe mfjrking the Southeast comer of said P1'J>perty, as referred to in said Deed recorded in Book 371 PR, on Page 477; thence N89000'46W parallel with said South line of said S£1/4, along the South line of lást said property, 48. 13 feet to an Aluminum Çap on Iron Pipe marking a point in an existing fence line; thence N16°27'08'"\1Y,. along said fence line, 1 0.05 feet to an Aluminum Cap on Iron Pipe; thence N89"11'35W21B.91 feet to an Aluminum Cap on Iron Pipe; thence Noo39'38"E, parallel with the West line of said GLO Lot 1, 370.60 feet to a Cotton Gin Spike to the Paint of Beginning. Commonwealth Land Titk Insurance Company AL TA Loan Policy - Schedule A =ft=v ..-----" J" Initials . Initials