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HomeMy WebLinkAbout913726 J c) ,-(. n ;, n r 0 ': JI":- , "\'U,\ RECEIVED 11/15/2005 at 4:34 PM RECEIVING # 913726 BOOK: 604 PAGE: 815 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is .1.q).q),qQ?,......,....,....................... and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR: STEVEN E. MCCAMPBELL AND CINDY G, MCCAMPBELL, HUSBAND AND WIFE 1878 MATlN CIRCLE #133 SAN MARCAS, CA 92069 o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF ST AR VALLEY ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF WYOMING 384 WASHINGTON STREET PO BOX 8007 AFTON, WY 83110 2. CONVEY ANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's ptrformance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE SCHEDULE "C" ATTATCHED HERETO AND MADE A PART HEREOF j '1 The property is located in ,.,.,.,."."..,.,.".,.,...,., .LW~Q~N,.",.."..,.......,... .".,... at PM:r. 9f. rm !>W.l.f~,~~!l4.....,..." .........,'. (County) .. . ... . .. ... .., .. . ... .. . . , . . . . . . . .. . .. . . ,. . , . ... .., ... . . . . ,. , .., .....,................ ß.~9Y.E.~. .. . ., . . , .. . . .. . , . . .. ., Wyonling .,....., ,~~) ?2. " . .. . . . (Address) (City) (ZIP Code) Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described above (all referred to as "Property"). 3. IVJAXII\fUM ORLIGA TION LIMIT. The total principal amount secured by this Security Instrument at anyone time shall not exceed $ ~.q,P.qq·.QQ,...,.............."....,..........,...., , This limitation of amount does not inc]ude interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the temlS of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DERT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of all promissory note(s), contract(s), guaranty(s) or other evidence of debt described below and all their extensions, renewals, modifications or substitutions. (lVlten referencing the debts below it is suggesJed that you inelude ite/!ls such as borrowers' names, note al/lounts, interest rates, /!laturity dates, etc.) ONE PROMISSORY NOTE DATED 10·26·05 IN THE AMOUNT OF $90,000.no WYOMtNG - MORTGAGE (NOT FOR FNMA, FHLMC, FHA OR VA USE) ©1994 Sankers Systems, Inc., SI. Cloud. MN 11,800,397,2341) Form RE,MTG,WY 11/18/94 .. (page 1 of 4) <.l ~"'~', ';-)){f ,. It ,'~, '() ," fì f' n -{ G ',' I...: tot l.) .~. B. All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any promissory note, contract, guaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Security Instrument is specifically referenced. If more than one person signs this Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations that are given to or incurred by anyone or morc Mortgagor, or anyone or more Mortgagor and others. All future advances and other future obligations are secured by this Security Instrument even though all or part may not yet be advanced. All future advances and other future obligations are secured as if made on the date of t¡lÌs Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future loans or advances in any amount. Any such commitment must be agreed to in a separate writing. C. All obligations Mortgagor owes to Lender, which may later arise, to the extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit account agreement between Mortgagor and Lender. D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give any required notice of the right of rescission. 5. PA Yl\'1ENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or extension of. nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lemler may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this Security Instrument. Mortgagor agn.:cs to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of. or contract for the creation of, any lien, encumbrance, transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. This covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's tàilure to pcrform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 11. ASSIGNMENT OF LEASES AJ\TD RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, titIe and interest in and to any and all existing or future leases, subleases, and any other written or verbal agreements for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly pruvide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default umler the terms of this Sccurity Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of detàult and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. Ine" 51. Cloud. MN 11,eOO,397,23411 Fonn f1E-MTG,WY 11/18/94 I (page 2 of 4) --- c',::)·, <'__ .. J..A:) ," 'ì (' I'") -' ~'J . " , 'C' ¡' i 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPl\ŒNTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the Property includês a unit in a condominium or a planned unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by-laws, or regulations of [he condominium or planned unit development. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. Mortgagor will be in default if a breach occurs under the temlS of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on (he Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDŒS ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to thçse limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the tenDS of the Secured Debt, this Security Instrument and any related documents including, without limitation, the power [0 sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or c:C uity, whethc:r or not expressly set forth. 'rhe acceptance by Lender of any sum in payment or partial payment on the Secured Debt after the balancê is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lemler's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Sc:curity Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under this Security Instrument. This amount may include, but is not limited to, reasonable attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 LJ.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, sakty, welfare or environment. The term includes, without limitation, any substances ddìned as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law, Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in wntmg to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the nomlal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Sub~;tance occurs on, umler or about the Property or there is a violation of any Environmental Law concerning the PropL:rlY. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, tlood, thtft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained in the amounts and for the periods that Lender requires, The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lendcr's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender amI shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or terminätion of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or f (page 3 of 4) ©1994 Bank." Systems, Ine" 51. Cloud, MN 11,800,397·23411 Forrn RE,MTG,WY 11/18/94 ~-~ ;~t}; r'-' t~ {~ 0 -{ () 1,. .,.... ,,_, l..J ~ 0 postpone the due date of the scheduled payment nor change the amount of any payment. Any exccss will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon rcquest, any financial statement or infomlation Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITYj CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidencc of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrumcnt secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LA Wj SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that coní1icts with applicable law will not be effective, unless that law expressly or impliedly pennits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whencver used, the singular shall include the plural and the plural the singular. The captions and heaclings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrument. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice to one mortgagor will be deemed to be notice to all mortgagors. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets and all homestead exemption rights relating to the Property. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: [X] Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. D Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. D Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will become fixtures related to the Property. This St:curity Instrument sufficcs as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. D Riders. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the telms of this Security Instrument. [Check all applicable boxes] D Condominium Rider D Planned Unit Development Rider D Other........................................................ D Additional Terms. SIGNA TURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attaclU11ents. Mortgagor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. ~ .~-:-' ¿¿Yß;z:;Z 4t2 I/' I) /, --~_cj/.1':41J~/ýl,/6 (SignalUre) STEVEN E. MCCAMPBEll 7 ~ (Date) ACKNOWLEDGMENT: STATE OF WYAtv1.1!'J.G............,....................., UNTY OE (¡N.C.Q~!'J.............,...........................} ss. This instrument was acknowledged before me this .. .., ..46 ......... day of .QÇT.Q~~R/)QP~.................................... by ?HY¡:N 1', Mç.çM0rß.~~~;.Ç!~P.X ,G·.MÇç.Atv1.~~m, .~V?ß.~N.Q A~P.. I,F ..........,.............................. .....,......................... . My commission expires: (Seal) . e.l,rnJb.JÄ/ .</. .1n~·.r~,Mnpl~:~J.~.-:. . /. U/ (;/.9. 5 (S;~1<I~r Clt~Yr~·cr~tG~BE/t/)Q.~ D Ynpb~ II (Date) (Individual) (Notary Public) ©1994 Bankers Systems,lnc., SI. Cloud, MN 11,BOO,397,23411 Form RE,MTG,WY 11/1B/94 ~ ILrr&cdcLû &rT '-!...'t....dLre : (page 4 of 4) .,¡ i"'~} ,.j¡ If':: ~r ,J.,.¡U ('~ (~ ~~ < (), \.,; \.' l....J ~ J CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT County of State of California Sv- 'DL'-~ 0 } ss. ,......- U -If) -ð-S On Dat. personally appeared (~ \.\ -rÌl. èt.. "'" (-;>. ;r~:;';~~~AI~~ËL'jO~EP~; T~t~:W:s~¡t J~.-K;·'·J:i\: Cornmlsslon# 141895~ '[ i ~\~~f,:,:î¡..:Qt~o Notary Public - California ~ J ~'l~ San Diego County ~,.....~y Cor~m.~xpiles ~ay 19.2007 ¿n to be the pers0f1.~ whose nam¡¿~ ~ subscribed to the within Instrument and acknowledged to me thaH~It~ oxecuted the sa':Qe In ~Z!!.~ auth~r!:zed capacittrl.éS}ì and that by .hiB.1a~!t~ slgnature.<§Ybn the instrument the perso~1 Qr the entity upon behalf of which the person{~j acted, executed the instrument. ~ WITNESS ~cIal seal. SI¡ na1ur. of IMary PuUIc OPTIONAL Though the Information below Is not requIred by law, It may proL'e valuable to persons relying on the document and could prevent fraudulent removat and reattachment of tIlls fom1 to ana/her document. Description of Attached Document Title or Type of Document: )J..~ ~ c( Gl. ç¡ .r¿ Öocument Date: I () - .,2 0. - e ~ Slgner(s) Other Than Named Above: Capacity(ies) Claimed by SIgner Signer's Name: o Individual o Corporate Officer - 11l1e(8): o Partner - 0 limited 0 General o Attorney-in-Fact o Trustee o Guardian or Conservator o Other: Signer Is Representing: Number of Pages: ¿f 01999 National t/Ql.Iry A66OCI¡¡\lQn' 9350 Do Soto Ave., P,O. Sox 24æ' OhaWWOIUl, OA 91313,2402 . \\'Vffl.nallooalnotary,org Prod. tlo, 5007 Reorder: OoR Tc11-Fr..1-&\)-j¡78'6827 ~~ ..;r..~ ¡;-,<l;,.J ,"'J~'r '" '-..LI 4 fi..-Jt.) - SCHEDULE C (\I'();)O ,.i!.rO.,ç. That part of the SWl,4SEIA of Section 29, T33N R118W of the 6th P.M., Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 419PR on page 195, it being the intent to more correctly described that tract or record in said Office in Book 462PR on page 592 as follows: BEGINNING at the southwest corner of said SW IA SE 1,4 ; thence N 00°24'53" W, 736.26 feet, along the west line of said SWI,4SEI,4, to a point; thence S 89°44'53" E, 1347.01 feet to a point on the east line of said SWI,4SEI,4; thence S 00°06'22" W, 479.74 feet, along said east line, to the northeast point of that tract or record in said Office in Book 463PR on page 626; thence S 89°58'30" W, 870.72 feet, along the north line of said tract, to the northwest point thereof; thence S 00°13'07" W, 250.00 feet, along the west line of said tract, to the southwest point thereof on the south line of said SW 1,4 SE 1,4; thence S 89°58'30" W, 469.10 feet, along said south line, to the CORNER OF BEGINNING,