HomeMy WebLinkAbout913877
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[{ccorùing rcqucstcd by:
Wells Fargo Bank, N.A.
\Vhcn recordcd return to
Wells Fargo Bank, N.A.
P O. BOX 31557
BILLINGS, MT 59107
DOCUMENT MANAGEMENT
RECEIVED 11/21/2005 at 10:55 AM
RECEIVING # 913877
BOOK: 605 PAGE: 413
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
------Statr ofWJoJ1ling-~- ·------Span Abon This Line For Recording Data
REFERENCE #: 20052977100074 ACCOUNT #: 0651-651-9051473-1 998
l\¡IORTGAGE
(With Future Advance Clause)
1. DATE AND PARnES. The date of this Mortgage ("Security Instrument") is 10/31/2005
and the parties, their addresses and tax identiIiGltion numbers, if required, are as follows:
MORTGAGOR:
BERNIE R. MIETCHEN AND MARY K. MIETCHEN, WHO ACCOUIRED TITLE AS BERNARD
RAY MIETCHEN AND MARY KLATH MIETCHEN HUSBAND AND WIFE, AS TENANTS BY THE
ENTIRETIES
o If checked, refer to the attached Addendum incorporated herein, for addition,]! Mortgagors their signatures and
aclm 0\ \' I edg I n en ts.
LENDER:v'lells Fargo Bank, ]\,A.
P. O. BOX 31557
BILLINGS, MT 59107
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2. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure
the Secured Debt (deIined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains,
conveys, mortgages and warrants to Lender, with power of sale, the following described property:
SEE EXHIBIT A
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The property is located in LINCOLN at:
(County)
700 SUNSET DRIVE ALPINE, WY 83128
and parcel number of 37182941307800 together \\ith all righls, easements,
appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, <!lId water stock and all
existing and future improvements, structures, Ii.\tures, and replacements that may now or at any time in the future be part of the
rea] estate described above (all referred to as "Property").
3. MAXnUUl\I OBLIGATION Lli\UT. The total principal amount secured by this Security Instrument at anyone time shall not
exceed $ 170,000.00 . This limitation of amount does not include interest and other fees and ch,1rges validly lllade
pursuant to this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security
Instrument to protect Lender's security and to perform any of the cO\'etl<1nts contained in this Security Instrument.
4. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows:
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A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of
debt dated 10/31 /2005 together with all amendments, extensions, modifications and renewals, and having a
maturity date of 10/31/2045
B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made
on the date of this Security Instrumcnt. Nothing in this Security Agrccment shall constitnte a commitment to make
additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be
agreed to in a separate writing.
e. All slllns advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property
and its value and any other Sll111S advanced and expenses incurred by Lender under the terms of this Security
Instrument.
5. PAYMENTS. 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 SECUHITY 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.
e. 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. Lender may require Mortgagor to provide to Lender copies of all
notices that such amounts are due and the receipts evidencing !'vfortgagor's payment. Mortgagor will defend title to the Property
against any claims that would impair the lien of the Security Instrument. Mortg,¡gor agrees 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 ProperlY.
8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, \vhether voluntary,
involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may,
by written notice to Mortgagor, declare all obligations secured hereby immediateJy due and payabJe, except to the extent that
such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by Jaw ~
9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Ivlortgagor 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 \\ill 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 casement without Lender's prior \\Titten consent. Mortgagor will notify Lender of all
demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to (he Property. Lender or
Lender's agents may, at Lender's option, enter the Property at any reasonab1e 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. AlJTHORITY TO PERFORM. If MOIigagor 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 necess;1ry for performance. Lender's right to perform for Mortgagor shall not
create an obligation to perform, and Lender's failure to perform will not preclude Lender fr0111 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 inlerest in the Property, including
completion of the constl1lction.
11. ASSIGN MENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to
Lender as additional security all the right, title and [0 any and all exisling or future leases, subleases, and any other written or
verbal agreements for the use and occupancy of any p()rtion 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
\vill promptly provide 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 under lile terms of this Security 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 affinnati\'e 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 default and demands that an} tenant pay all future Rents
directly to Lender. On receiving notice of default, Mortgagor will endorse ane! deliver to Lender any payment of Hcnts in
Mortgagor's possession and will receive any Rents in trust for Lender and \\ill not commingle the Rents with any other funds.
Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no deÜmlt exists under
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Mortgagor also agrees to maintain and require any tenant to comply with the
the Leases or any applicable landJord/tenant law.
terms of the Leases and applicable law.
12. LEASEHOLDS; CONDOMINIUMs; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the
provisions of any lease if this Security Instrument is on a leasehoJd. If the property is a unit in a Condominium Project or is part
of a Planned Unit Development CPUD"), tvtortgagor agrees to the following:
A. Obligations. Mortgilgor shall perform all of Mortgagor's obligations under the Constituent Documents. The
"Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and
any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of reguJiltions; ilnd (iv) other
equivalent documents. Mortgilgor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent
Documents.
ß. Hazard Insurance. So long ilS the Owners Association maintains, with a generally accepted insurance carrier, a
"master" or "blanket" policy on the Condominium Project or PUD which is satisfactol)' to Lcnder and which provides insurance
coverage in the amounts, for the periods, and against the hazards Lender requires, inc1uding fire and hazilrds inc1uded within
the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the
Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor
shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard
insurance proceeds in lieu of restoration or repair following a loss to Properly, whether to the unit or to common elements, any
proceeds payable to Mortgagor arc hereby assigned and shall be paid to Lender for application to the sums secured by this
Security Instrument, with any excess paid to ìvfortgagor.
C. Flood Insurance. ìvlortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable,
as to form, amount and extent of coverage to Lender.
D. Public Liability Insurance. ì"lortgilgor shilll take such actions ilS may be reasonable to insure that the Owners
Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender.
E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in
connection with any condemnation or other taking of aJl or any part of the Property, whether of the unit or of the common
elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shaJl
be appJied by Lender to the SUIllS secured by thc Security Instrument as provided in Section 18.
F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and \lith Lender's prior written consent,
either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project or
PUD, except for abandonment or termination required by law in the Cilse of substantial destruction by fire or other casualty or in
the case of a taking by condemnatiou or eminent domain; (ii) ilny amendment to ilny provision of the Constituent Documents if
the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-
management by the Owners Associiltion; or (iv) any ilction which would have the effect of rendering the public liability
insurance coverage maintained by the Owners Association unacceptabJe to Lender.
G. Remedies. If Mortgagor does not PilY condominium or PUD dues and assessments when due, then Lender may pay
them. Any amounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by this Security
Instrument. Unless ìvlortgagor ilnd Lender agree to other terms of payment, these amounts shall bear interest from the date of
disbursement at the Secured Debt rate and shaJl be payable, with interest, upon notice from Lender to Mortgagor requesting
payment.
13. DEFAULT. Mortgagor will be in deÜmlt 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 terms 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 the Secured Debt or that the prospect of any payment or the value of
the Property is impilired shaJl also constitute an event of default.
14. REMEDIES 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 ancJ may establish time schedules for foreclosure actions. Subject to these limitations, if ilny,
Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if J\lortgagor is in
default.
At the option of Lender, aJl or any part of the agreed fees and charges, accrued interest and principal shaJl become immediately
due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. Tn addition,
Lender shaJl be entitled to aJl the remedies provided by law, the terms of the Secured Debt, this Security Instrument and any
related documents, including without limitation, the power to seJl the Property. AJI remedies are distinct, cumulati"e and not
exclusive, ilnd the Lender is entitled to all remedies provided at law or equity, whether or not expressJy set forth. The
acceptance by Lender of any Slun in payment or partial payment on the Secured Debt after the balance is due or is accelerated or
af1er foreclosure proceedings are filed shilJl not constitute a waiver of Lender's right to require complete cure of any existing
default. By not exercising any remedy on Mortgagor's default, Lender docs not waive Lender's right to later consider the event
a default if it continues or happens again.
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15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. bcept when prohibited by
Jaw, Mortg(lgor agrees to pay a]] of Lender's expenses if Mortgagor breaches (lny covenant in this Security Instmment.
Mortgagor \\ill 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 tenus of the Secured Debt. Mortgagor agrees to pay a]] costs and expenses
incurred by Lender in co]]ecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This
amount may include, but is not limited to, attorneys' fees, court costs, and other lega] expenses. This amount does not include
attorneys' fees for a s(l]aried 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) Environmenta] Law means,
without limitation, the Comprehensive Environmental Response, Compensation and Liability Aet (CERCLA, 42 U.s.e. 960] et
seq.), and all other federal, state andloc(l] laws, regulations, ordinances, court orders, attorney general opinions or interpretive
letters concerning the public health, safety, welfare, environment or (I hazardous substance; and (2) Hazardous Substance means
any toxic, radioactive or hazardous materia], waste, pollutant or contaminant which has characteristics \\hich render the
substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, \vithout
limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous subslance"
under any Environmenta] Law.
Mortgagor represents, warrants and agrees that:
A. Except (}S previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located,
stored or released on or in the Property. This restriction does not apply to sll1(111 qU(lntities of Hazardous Substances
that are gcnerally recognized to be appropriate for the norma] 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 Environmenta] Law.
C. Mortgagor shall immediately notify Lender if (I release or thre(ltened release of a Hazardous Substance occurs on, uncler
or about the Property or there is a violation of any EnÚronmental Law coucerning [hc Property. In such an event,
Mortgagor shall take all nccessary remedi(ll action in accordancc 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 tile release or threatencd release of any Hazardous
Substance or the violation of any Environmenta] 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 condcl1lnation, eminent domain, or any other means. Mortgagor
authorizes Lender to intervene in Mortgagor' name in any of tlie above described actions or claims M0l1gagor assigns to
Lender the proceeds of any award or claim for damages connected with a condcmnation 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 otller lien docllment.
18. INSURANCE. Mortgagor shall keep Property insured against loss by fire, nood, theft and other hazards and risks rcasonab]y
associ(lted with thc Property due to its type (lnd location. This insurance shall be maintained in the amounts and tar [he periods
that Lender requires. The insurance carrier providing the insurance shall be choscn by Mortgagor subject to Lcnder's approv()],
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 sha]] be acceptable to Lender and shall include a standard "mortgage clause" and, whcre
applicable, "loss payee clausc." Mortgagor shall inllnediately notify Lender of c(lncellation or termination of the insurance.
Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall inul1edialcly give to Lender
all receipts of paid premiums and rencwal 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 applicat ion of proceeds to princip;l1 shall not extcnd or postpone
the due date of the scheduled payment nor change the amollnt of any payment. Any excess will be paid to Mortgagor. If the
Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting from damage to thc Property
before the (lcquisition 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 ADI>ITIONAL DOCUMENTS. Mortgagor wiJl provide to Lender upon request, any
financial st(ltement or information 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 t\1ortgagor's
obligations under this Security Instrument and Lender's lien status on the Property.
21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SlJCCESSORS AND ASSIGNS BOUND. All dulies unckr [his
Security Instrumcnt are joint and individual. If Mortgagor signs ¡his Security Instrumenl but docs not sign an evidence of debt,
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Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and rvfortgagor
does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender ami
Mortgagor, Mortgagor agrees t6 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 LAW; SEVERABILITY; INTERPRETATION. This Security Instnnnent is governed by the laws of the
jurisdiction in which the Property is located, except to the extent othemise required by the Jaws of the jurisdiction where the
Property is located. This Security Instrument is complete and fully integrated. This Security lnstrullleut may not be amended of
modifIed by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt
that conflicts with applicable Jaw will not be effective, unless that law expressly or impliedly permits 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. Whenever used, the singular shall incJude the
plural and the plural the singular. The captions and headings 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 othemise required by law, any notice sh311 be given by delivering it or by mailing it by first class mail to the
appropriate party's address on page I of this Security Instrument, or as shown in Lender's records, or to any other 3ddress
designated in writing.
24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets,
and hereby releasing and w3iving all rights under and by virtue of the homestead exemption laws of this state.
25. OTHER TERMS. If checked, the following are applicable to this Security Instrument:
DO 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.
l8ID Constt"Uction Loan. This Security Instrument secures an obligation incurred for the construction of an improvcment
on the Property.
!tG\J Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor o\vns now or in the future
and that are or will become fixtures relates to the Property. This Security Instrument suffices as a financing statement
and any carbon, photographic or other reproduction m3Y be filed of record for purposes of Article 9 of the Uniform
Commercial Code.
!tG\J Additional Terms.
26. RIDERS. If cheeked, the following are applicable to this Security Instrument. The covenants and agreements of each of the
riders checked below are incorporated into and supplement and amend the terms of this Security Instrument.
[jfl] Third Party Rider
!iïZE Leasehold Rider
!Em Other N / A
SIGNA TURES: By signing below, Mortgagor agrees to the terms 3nd covenants contained in this Security Instrument and in any
attachments. Mortgagor also acknowledges receipt of a copy of this Security Instnnnent on the date stated on page 1.
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ACKNOWLEDGMENT:
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The foregoing instrument was acknowjedged before me by
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EXHIBIT A:
LOT 263 OF LAKE VIE\V ESTATES INCORPORATED TRACT A, LINCOLN COUNTY, WYOìvIING AS DESCRIBED
ON THE OFFICIAL PLAT THEREOF
TOGETHER WITH ADDITIONAL GROUND CONT ATNED IN THE S 1/2 SE 1/4 OF SECTION 29, T37N, Rl18W OF
TI-IE 6TH P.M., LYING BETWEEN THE WEST LOT LINE AND THE SOUTH LOT LINE OF SAID LOT 263 AND THE
EXISTING ROAD, THE TOTAL PROPERTY HAVING A NORTH LINE OF APPROXHvIATEL Y 155 FEET AND EAST
LINE OF 130 FEET, THESE RESPECTIVE LINES AT A 90 DEGREE ANGLE FROM EACH OTHER AND
CONNECTED B\' FOLLOWING THE CURVE OF THE EXISTING ROAD TO CLOSURE