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HomeMy WebLinkAbout913942 ::) ()' o ~., s !,) . ~ ,. 111 1 ("' ¡', I '; b -.,; \., \J \...: RECEIVED 11/22/2005 at 4:02 PM RECEIVING # 913942 BOOK: 605 PAGE: 641 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY State of Wyoming Space Above This Line For Recording Data IVIORTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgagc (Security Instrumcnt) is .1.1.)6.-?QQ5 parties, their addresses aUlI tax identification numbers, if required, arc as follows: .. , .. , .. .. .. .. , .. .., and the MORTGAGOR: MICHAEL K. GRIMES AND MARY J. GRIMES, HUSBAND AND WIFE 175 W. 200 N. WillARD, UT 84340 o If checked, refer to the attached Addcndulll incorporated herein, for additional Mortgagors, their signatures and acknowledgments. LENDER: THE BANK OF STAR VAUEY THAYNE BRANCH ORGANIZED AND EXISTING UNDER THE lAWS OF THE STATE OF WYOMING P,O. BOX 928 113 PETERSEN PARKWAY THAYNE, WY 83127 2. CONVEYANCE. For good and valuable considcration, thc rcceipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, thc following uescribed property: SEE SCHEDULE "C" ATTATCHED HERETO AND MADE A PART HEREOF. 4 'J ) v, q< 3..) 0~\ (Address) ,,'..... .lJ~GQ~N,., (COlliJty) .,.,."'.....,.,, ß,~QY.EH".....,.,........"." Wyoming .,'. ." ,~~m.."",.. (City) (ZIP Code) ..,..'.".,...,.....",.,. at ~..ß5, A,CR~?, ON HWX ?~~,..,....,"',.,...,.".. The property is located in .........,......,..... ............................................................. 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 replacemcnts that may now, or at any time in the future, be part of the real estate described abovc (all referred to as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal anwunt secured by this Security Instrument at anyone time shall nut exceed $' ~,5ß2,~..Qq. . . . . . . . , . . , ' . . . . . . . , . . . . . . . . . . . . . ' , ' , , . .. . This I imitation of amount does not include interest and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to advances made uneler tile tem1S of this Security Instrument to protect Lender's security and to perfol1n any of the covenants cOlllained in this Security Instrnment. 4. SECURED DEBT AND FUTURE ADVANCES. The tel1n "S(~culed Debt" is defined as follows: A, Debt incurred under the terms of all promissory note(s), cuntract(s), guaranty(s) or other evidence of debl described below and all their extensions, renewals, modi rications or substitutions, (Wilen referencing tile debts below it is suggested that you include items such as borrowers' names, note all/aunts, interest rmes, lIlaturity dates, etc.) ONE PROMISSORY NOTE DATED 11,16,051N THE AMOUNT OF $35,625.00 WYOMING - MORTGAGE (NOT FOR FNMA. FHLMC. FHA OR VA USE) ©1994 Bankers Systems, Inc., St. Cloud, MN tl-SOO-391-2341¡ Form RE-MTG-WY 11/18/94 (page 1 of 4) \r) ,J~J ~:~~i: :5, 4. 2 (', 1\ r. ¡~ ;1. I) '- r,·~:ul:t~ .,.. _,,) 1.... B, All future advances from Lender to Mor1gagor or olher future obligations of J\1ortgagor to Lemler umkr any promissory note, contract, gnaranty, or other evidence of debt executed by Mortgagor in favor of Lender executed after this Security Instrument whether or not this Secnrity Instrument is specifically referenced. If more than one person signs tuis Security Instrumeut, each Mortgagor agrees that this Security Instrument will secure all future advances and future obligations tuat are given to or incnrred by anyone or more 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 fulUre obligations are secured as if made on the date of this Security Instrument. Nothing in this Security Instrumeill shall constitute a commitment to make additional or future lnans or advances in any amount. Any such conmlitment must be agreed to in a sep'lrate writing, C. All obligations Mortgagor owes to Lender, which may later arise, to tile extent not prohibited by law, including, but not limited to, liabilities for overdrafts relating to any deposit accouut agreement between Jvfortgagor and Lender. D, AI[ 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 ten115 of this Security Instrument. This Security Instrument will not secure any other debt if Lender fails to give any required notice of (he rigut of rescission. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the tenus of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. Witll regard to any other mortgage, ueed 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 tile lien document withont Lender's prior written consent. 7. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessmems, liens, encumbrances, lease payments, grounu rents, utilities, and other charges relating to the Property when due, Lender may reqnire Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend (illL: 10 the Property against any claims that would impair tlle lien of this Security Instrument. Mortgagor agrees to assign to Lender, as re(Iuested by Lender, any rights, claims or defenses Mortgagor may have against parties wllo 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 IIle Secured Deht 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 coven,lnt shall run with tile Property and shall remain in effect until the Secured Debt is paiu in full and this Security Instrument is released. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep tbe Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or ueterioration of tile Property, Mortgagor will keep the Property free of noxious weeus and grasses. JvIortgagor agrees that the nature of the occnpancy and use will not substantially change without Leuder's prior written consent. Jvfortgagor will not permit any cllallge in any license, restrictive covenant or easement without Lenuer's prior written consent.. Mortgagor will notify Lender of all demands, proceedings, claims and actions against Mortgagor, auu 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 tile 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 {o perfonn any duty or any of the covenants contained ill tbis Security Instrument, Lender may, WitllOilt notice, perform or canse them to be perfonlled, Mortgagor appoints Lender as attorney ill fact to sign Mortgagor's name Or pay any amount necessary for performance, Lenuer's right to perform for Mortgagor Sll;dl not create an ohligation to perform, and Lender's failure to perfonll will not preclude Lender from exercising any of Lemler's other rights unuer the law or this Security Instrument. If any const ruction 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 AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lenuer as additional security all tile right, tille 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 ") anu rents, issues anu profits (all referred to as "Rents"). Mortgagor will 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 nnuer the terms of this Security Ins t rum e nt. Mortgagor agrees that this assigument is immediately effective between the parties to this Security Instrument. Mortgagor agrees tllat tllis assigmnent is effective as to third parties when Lender takes affinllative action prescribed by law, and tllat this assignment will remain in effect uuring any redemption period until the Secured Debt is satisfied, Mortgagor agrees that Lender may take actual possession of the property without the necessity of cOll1mcllcing leg;¡l action anu that actual possession is deemed to occur wilen Lender, or its agent, notifies Mortgagor or default and demanus llwt any tenant pay all future Rents directly to Lender. On receiving notice of uefault, Mortgagor will l'lldorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lenuer and will not commingle the Rents with any oIlier 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 anu require any tenant to comply willi the terms of the Leases and applicable law. (page 2 of 4) ©1994 Bankers Systarns, Inc., St. Cloud, MN (1-800-397-2341) Form REuMTG-WY 11118/94 --- io> ",.,,:;;, f'i'2' ~. ,S·"'.......;_~~J,f~t .; r'lì ,.., Û~4 3 ~ r ~,....- '.' ,.1 \.: 12. LEASEHOLDS; CONDOMINnJl\IS; PLANNED UNIT DEVELOPMENTS. Mortgagor agn:es to comply with Ille provisions of any lease if this Security Instrument is on a leasellOld. If the Propeny incluùes a unit in a condominium or a planned unit development, Mortgagor will perform all of Morrgagor's duties under the covemlllts, by-laws, or regulations nf the condominium or plauncù unit dcvelopmcnt. 13. DEFAULT. Mortgagor will he in ùefault if any pany obligated on tile Secmed Debt fails to make payment wilen due, Mortgagor will be in default if a breacll occurs uuder tile terms of this Security Instrument or any n(hn uncnllwut executeu for the purpose of creating, securiug or guarantying the Secun:u Debl. A good faitl1 belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on tile Secured Debt or thaI tile prospect of any payment or the value of tile Propcrty is impaired sl1all also constitute an event of default. ]4. REMEDIES ON DEFAULT. In somc instances, federal and state law will require Lender to provide Mortgagor Witll notice of lhe right to cure or other notices and may establish lime schedules for foreclosure actions, Suhject to these limitations, if any, Leuùer may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if ~v[ortgagor is in default. At the option of Lender, all or any parr of the agreed fees and charges, accrueù interest and principal sllall become immediately due and payable, after giving notice if requireu by law, upon the occurrence of a uefault or anytime the rea IlL-I'. In aùdition, Lender shall be eutitled tn all the remedies provideu by law, the terms of the Secured Debt, this Sccurity Instrument auu any related documents including, without limitation, the power to sell the Property. All remedies are distinct, cUlllulalive and not exclusive, and the Lender is entitled to all remedies provided at law or èlluity, whether or not expressly set fonh, The acceptance by Lcnder of any sum in payment or paI1ial payment UIl tile Secured Debt after the halance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any exisling default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later consider the evel1l a default if it continues or happens again. ]5. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Excepl when prohihited by Law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in [his Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise pwtecting tlle Properly and Lender's security interest. These expenses will bear interest from tile ùate of lhe: payment until paid in full at the Ilighest interest rate in effect as provided in the terms of tile Secured Debt. Mortgagor agrees to pay all costs and expcnses incurred hy Lender in collecting, enforcing or protccting Lenùer's rights anù remedies under this Security Instrument. This amount may iuclude, but is not limited to, rcasonable attorneys' fees, court costs, and otller legal expenses, This allloullt docs not include attorneys' fees for a salaried employee of the Lender. This Security Instrument shall remain in effect unlil reLeased, Mortgagor agrees to pay for any recordation costs of such release. ]6. ENVmONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensatiun and Liability Act (C:ERCLA, 42 U.s.C, 9601 et seq.), and all otller federal, state and local laws, regulations, ordinances, court orders, allOrtley general npinions or iuterpretive letters concerning tile public health, safety, \vd fare, environment or a hazardous suhstallu:; alld (2) llazardolls Suhstance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant whidl has characteristics whicll render the substance dangerous or potentially dangerous to tile puhLic health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic suhstances, " "hazardous waste" or "hazardous substance" under any Environlllenlal Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in W[ tll1g 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 normal use and maintenance of the Property, B. Except as previously disclosed and acknowledged in writing to Lender. Mortgagor and every tcnant have heen, are, and shall remain in full compliance with any applicabLe Environmental Law. C. Mortgagor sllall il1unediately notify Lender if a release or threatened reLease of a Hazardous Substance occurs on, under or about the Propel1y or there is a violation of any Environmental Law concerning the Property, In sncll 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 Mor1gagor has reason to believe there is any penùing or threatened investigation, cLaim, or proceeding relating to the release or threatened release of any Hazarùous Substance or the violation of any Envirownental Law. 17. CONDEMNATION. Mortgagor will give Lenùer prompt notice of any pending or threaleneù action, hy 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 tile above described actinns or claims. Mortgagor assigns to Lende~· the proceeds of any ~t\vard o~ clàin~ [0:[ d:u~~ages con.nected \virh a ~nndt!l)n:,~tiou .or erher taking of ~i!! or any p~!.il of the Property. Such proceeds shall be considered payments and will be applieù as provided in this Security Inslrument. This assigmnent of proceeds is subject 10 tIle 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, flood, tlleft and olher hazards and risks reasonably associated with the Property due to its type and location, This insurance shall be maintained in tile amounts and for (he periods that Leuder requires, The insurance carrier providing tile insurance shall be chosen by Mortgagor subject to Lcnder's approval, which shall not be unreasonably withheld, If },;[ortgagor fails to maintain the coveràge described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the ProperlY according to the terms of this Security Instrument. All insurance policies and renewals shall be acccptable 10 Lender and shall include a standard "mortgage clause" anù, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination 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 premiuIlls and renewal notices, U pun loss, Mortgagor shall give inunediate notice to the insurance carrier and Lender. Lender may make proof of loss if nnt made immediately hy Mortgagor. Unless otherwise agreed in writing, all insurance procceds shall be applied to the restoration or repair of tile 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 (page .3 of 4) ©1994 Bankers Systems, Inc" St. Cloud, MN (1,800-397-23411 Form RE-MTG-WY 11/18/94 -.--.-- t' i,~~(42 '--...I __----.: - - r· n (' (.': 4 "1 .-~j\,:0 L, postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid lO the ~'!ortgagor. If the ProperlY is acquired by Lemler, Mortgagor's right to any insurance policies and proceeds resulting from damage to the Properly before the acquisition shall pass to Lender to the eXlent of the Secured Debt immediately before lhe acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless [)therwise 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 reqnest, any financial statement or infonuation Lender llIay deem reasonably necessary, Mortgagor agrees to sign, deliver, am! file any additional documents or certifications that Lender may consider uecessary to perfect, continue, and preserve Mortgagor's obligations under this Security I ustrument and Lender's lien stat us on the Property, 21. JOINT AND INDIVIDUAL LIAßILITYj CO-SIGNERSj SUCCESSORS AND ASSIGNS BOUND. All dnties nnder this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an cvidencc of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secnre payment of the Secured Debt and Mortgagor does not agree to be personally liable on tllC Secured Debt. If this Security Instrument secures a guaranty between Leuder 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. !vfortgagor agrees that Lender and any party to this Security Instrument may extend, llIodify or make any clJange in the tenns of this Security Instrument or any evidence of debt wÎlhout Mortgagor's consent. Such a change will not release Mortgagor from the tenns 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; SEVERAßILITY; INTERPRETATION. This Security Instrument is govemed by the laws of the jurisdiction in which Lender is located, except to the extent otherwise required by tile laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated, This Security Instrument may nut be amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement related to the Secured Debt that cOlillicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by wrilten 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 tbe remainder of this Security Instrument. Whenever used, tbe singular shall include the plural and tbe plural the singular. The captions and headings of the sections of tllis Security Instrument are for convenience only and are not to be used to interpret or define the tel1115 of this Security Inst rument. 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 allmorrgagors. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding tile 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: D Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be rednced to a zero balance, this Security Instrument will remain in effect until released. D Construction Loan. This Security Instrument secures an obligatiou 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 iu the fmure and that are or will become fixtures related to the Propeny, This Security Instrument suffices as a financing sl<t[ement and any carbon, photographic or other reprodnctiou may be filed of record for purposes of Article 9 of the Uniform Commercial Code. D Riders. The covenants and agreements of each of llle riders checked below are incorporated into and supplement and amend the terms of this Security I nstrument. [Check all applicable boxes] D Condominium Rider 0 Planned Unit Development Rider D Other ...".....""...,.,...."",.""...."""",... D Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the tenns and covenants cOlltained in this Security Instrument and in any attachments, Mortgagor also acknowledges receipt of a copy of tllis Security Instrument on the date stated on page 1, 'cL I;: (l .-....' , ç-" --il ^ ...." ~!I.~::.. ,~t!tyí.,..".~. .æ~.}.~-!,., ./I~!t. :..~ ,. '~-l<~J-.-~d< C:2?L/0:t!~~-::¿ (Signamre) MICHAEL K, GRIMES (Date) (Signature) MARt! G~ES /:/(~)?~ (Date) (Individual) ACKNOWLEDGMENT: STATE OF WYP.ry1)~q".........,............"........, COUNTY OF ~!~Ç,Q~N""."""",.".".,.,.""...",....,.} ss, This instrument was acknowledged before me this ",.", .1.fim."",. day of NQY,EMß,~~,. ;Zo.Q5, ".,.."".,...,....,."" ~y ~;~~;r;r);:.~?~~:x;:;;::y ~~~~~~~'BA~D A.ND. Wlf.' . .. . . . . . . . . . ... ;;1. . . . . . . ·L¿j¿Ü . . . . . . . . . . .. ... .. .... . . . . . . . . . . . ~&Uh:k·",···'(N;);,~~'p;,i)~'··'····,',·,",·,·,·,' ¡,-¡~t~~.r~:.3rf~~~:"""~'ðí1~.·;~ù.~,[jLlc _1 \ ¡:;OUNW OF (¡.\ STATE OF ',liNCOLN /' Wy'ŒÆNG !\ j\/IY COI\!¡i','ISS!OI'J EX,PIF"~'S JUI,jE 14, 2008 G.~:::::::~-;;~':C:;::'~~..::::.c.:;,~c:..;.o::';;:::::::::::::.:-=:::;:o=' Inc,. 5t, Cloud. MN (1-800,397-2341) Form RE-MTG-WY 11/18/94 (page 4 of 4) )., AL T A COMMITMENT - 1982 - Wy \;-h ·C·· ·f; .;J} {-}~ t~ ~~ '..j <,,J .. ~ '.. 'J 0' ì:. A,j¡ ,r. :' tì F'\, l);"'\ '. -,' '..' \) \. , I: , ,. \} -:r \) Commitment No.: FA 14326 0 SCHEDULE C The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as follows: A portion of the Barber property referred to in the Deed recorded in Book 477PR on page 278 with the Clerk of Lincoln County, Wyoming, within the SE~SE~ of Section 35, T33N Rl19W of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: t· Beginning a~ a point in the south line of said SE~SE~, said point being 191.52 feet N 89°25'2611 W, from the Lloyd B. Baker PE/LS 698, 1978 location for the Southeast corner of said SE~SE~; thence N 89°25'2611 W, along said south line, 248.17 feet to the southeast corner of the McLean property referred to in the Deed recorded in Book 484PR on page 671; thence N 0°31'16" E, along the East line of said McLean property, 500.00 feet, to a point in the south line of the Comito property referred to in Deed recorded in Book 460PR on page 753; thence S 89°25'26" E, along said south line, 248.25 feet to the southeast corner of said Comito property; thence S 0°31'5011 W, parallel with the west line of said SE){SE){, 500.00 feet, to the point of beginning. 11/91