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HomeMy WebLinkAbout914662 (" í', 0. ,'" 6 3 ; (,. .J I. . . '-<' \.1 \..' . . Hecording requested by: Wells Fargo Bank, N.A. \Vhen recorded retuI'II to Wells Fargo Bank, N.A. P O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT RECEIVED 12/22/2005 at 11 :03 AM RECEIVING # 914662 BOOK: 608 PAGE: 63 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY -~~--Statc of Wyol1liJlg.------c~~-·--..-- REFERENCE #: 20053117300467 Space Above This Lhw For Ih'conling Data--------- ..----~ ACCOUNT #: 0654-654--2005148-1 998 !\10RTGAGE (With Future Advance Clause) 1. DATE AND PARTIES. The date of this Mortgage ("Security Instrument") is 11/29 {2005 and the parties, [heir addresses and tax idenlifical ion numbers, if required, are as follows: MORTGAGOR: RAYMOND P HUNOLD, JR.. AN UNMARRIED MAN o If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgnlellls. LENDER Wells Fargu Bank, N.A. P O. BOX 31557 BILLINGS, MT 59107 2. CONVEYANCE. For good and valuable consideration, the receipt 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 pO\ver of sale, the following described property: SEE 'ATTACHED EXHIBIT \Ì~/I -I ~ c...Ji ~ It" ) The property is located in L I N C 0 L N at: (Coun~) 498 DELL CREEK RD ETNA, WY 8~118 and parcel number of 36191540032200 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. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at anyone lime sl1allnot exceed $ 100,000 00 This limitation of amount does not iuclude interest and other fees and charges validly made pursuant to this Security Instrument. Also, this lirnitation does not apply to advances made under Ihe terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instmmenl. 4. SECURED DEBT AND FUTUfŒ ADVANCES. The term "Secured Debt" is defined as follows: EQJ50A (1O/2()(ß) · , "r'" t ..~. ..;")~ u't..]¡j.-li /ì. Í'. .", (\ .' ',) !) f 0:1 A Dcbt incurred undfT the terms of thc promissory note, revolving line of credit, contract, guaranty or othcr cvidcnce of debt dated 11 /29/2005 together with all amendments, extensions, modifícations and renewals, and having a maturity date of 11 /29/2045 B. All future advances from Lender to Mortgagor under sllch evidence of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Security Agreement shall constitute 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. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other SIlIns advanced and expenses incurred by LeJl(ler under the terms of this Security I nstnunent. 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. PIHOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that crealcd 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 promplly 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. Lender may require Mortgagor 10 provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment, Mortgagor will defend [¡lie to the Property against any claims that would impair the lien of the Security Instrument. Mortgagor 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 Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary, or by opera Lion of law, of all or any part of tlte Property or any interest therein, then at its sole opLion, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by lawe 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor wilJ keep lite Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall no I commit or allow any waste, impairment, or deterioration of the Property Mortgagor will keep the Property free of noxious \veeds and grasses. Mortgagor agrees that Ihe nature of the occnpancy and use will not substantialJy change without Lender's prior written consent. Mortgagor wilJ not permit any change in any license, restrictive covenant or casement without Lender's prior written consent. Mortgagor will notif) 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 opLion, enter the Property at any reasonable time for the purpose of inspecting tlte Properly. 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 benefít anclMortgagor will in no way rely on Lender's inspection. to. AUTHOIUTY 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 tltem 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 [;¡ilure to perform 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 ANI> RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title 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 tlte Property, including any extensions, renewals, modifications or substitutions of suclt agreements (alJ referred to as "Leases") and rents, issues and 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 ami use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that tltis assignment is effective as to third parties when Lender takes affìrmative action prescribed by law, and that this assignment will remain in effect during any redemption period untiltlte 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 dccmed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of defanlt, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and wilJ receive any Rents in trust for Lender and will not commingle the Rents with any otlter funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no debull exists under EQ150n (10/2(' .- !;. the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any ten~{ItQ¿-~oG1Ä with the terms of the Leases and applicable law. n. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold If the property is a unit in a Condomininlll Project or is part of a Planned Unit Development ('"PUD"), Mortgagor agrees to (he following: A. Ohligations. Mortgagor shall perform all of Mortgagor's obligations under the Constiluent 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 regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. U. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation uuder 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 Property, whether to the unit or to common elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender lor application to the SUIllS secured by this Securily Instrulllent, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain Oood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Puhlic Liability Insurance. Mortgagor shall take such actions as 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 all or any part of the Property, whether of the unit or of the COlnmon elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Section 18. F. Lender's PI-jor Consent. Mortgagor shall not, except after notice to Lender and with 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 Ihe case of substantial destruction by Iire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of Ihe 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 Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay 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 Mortgagor and Lender agree to otlter terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 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 terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good ÜlÌth belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that [he prospecl of any payment or the value of the Properly is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law wjn 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 these 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 terms of the Secured Debt, this Security Instrument and any related documents, including without Jimitalion, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equity, whether or not expressly set lorth. The acceptance by Lender of any sum in payment or partial payment 011 the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall noL 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 does not waive Lender's right to later consider the event a defanlt if it continues or happens again. EQ150C (10/200)) (, "'.' r. .'.' 6 n ',,: \} ( . u 15. EXPENSES; ADVANCES ON COVENANTS; ATTOUNEYS' FEES; COLLECTION COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security 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 Lenders' rights and remedies undcr this Security Instrumcnt. This amount may include, but is not limited to, allorneys' fees, court costs, and other legal expenscs. This amount does not include allorneys' fees for a salaried employee of the Lender. This Security Lnstrument 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 USe. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, allorney 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 wl¡jch has characteristics which render the substance dangerous or potentially dangerous to the pubLic health, safety, welfare or environment. The term includes, without limÌlation, any substances defined 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 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 small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and rnaintenance of the Properly. 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, e. Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. 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' 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 pan 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, flood, theft 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 Lender's approval, which shall not be uureasonabLy withheld. If Mortgagor fails to maintain the coverage described above, Lender rnay, at Lender's option, obtain coverage to protect Lender's rights in the Properly according to [he terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately noti(y 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 premiums and renewal notices. Upon loss, Mortgagor shall give immediale notice to thc 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 lhe Properly or to the Secured Debt, whether or not then due, at Lender's option. Any application ofprocceds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount 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 the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCUOW FOR TAXES AND INSUUANCE. 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 IŒPORTS AND ADDITIONAL DOCLJl\ŒNTS. Mortgagor will prO\'ide to Lender upon request, any financial statement or informatiou Lender may deem reasonably necessary. Ivlortgagor agrees to sign, eleliver. and jile any additional documents or certifications that Lender may consider necessary to perfect, continue. and preserve Mortgagor's obligations under this Security Instnunent and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All chilies under this Security Instnllllent are joint anel individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, EQ15()J) (10/2("- :"} n ,- 6· ':' . -' .... '..' I Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor docs not agree to be personally liable on the Secured Debt. ]1' this Security ]nstrument 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 LAW; SEVERABILITY; INTERPRETATION. This Security ]nstrument is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete am! fully integrated. This Security Instrument 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 conl1icts with applicable law will not be ejfective, 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 alTect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and (he 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 otherwise reqnired 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 I of this Security Instrument, or as shown in Lender's records, or to any other address 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 waiving 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: m Line of Credit. The Secured Debt includes a revolving line of credit provisiou. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released [lz;] Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. [lz;] Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor o\\'ns no\\' or in [he future and that are or will become fixtures relates to the Property. This Security Instrument suffices as a fínanciug statement and any carbon, photographic or other reproduction may be tiled of record lor purposes of Article 9 of the UniIorm Commercial Code. ItEU Additional Terms. 26. nIDERS. If checked, 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. [!ll Third Party Rider [!ll Leasehold Rider IITll'J Other N / A SIGNA TURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also ackno\ 'ledges receipt of a copy of this Security Instrument on [he date stated on page 1. ,~,}:2 ~~l~bLD\j~R )j/ __'--\ - ? ti- 'l~~S Date Mortgagor ~_._._.~~,-----~ Date -_._-~~ Mortgagor --~ ------- Mortgagor Dale --~-_._- Mortgagor Date Mortgagor Date Dale EQI50E (10/200)) --------..-.--- Mortgagor C' 'ì /"'. ,-. G ,-) ¡' I ~ r ! " "~i' '. ,.I ,.j. U ..J ACKNOWLEDGMENT: (I nL! i rid lIal) STATE Of m~QdlZ} COUNTY OF ~~~QmzgltLt; The foregoing il1strun;~;;ìwa~aCknOWledged before me by _~(Y)O(7of ¿J-~J.L2rt£;Û{(L._lL, thiS__QLcr -I-h day of 'NQvc m J:2.¿r ' Witness my hand and official seaL "~, ". (Signalure ofOf1ìœr) ", "- ",", '''', ~--~---_..,--_.__.__._---_._-- ------~--------~---- " --.........,....... " '.....,,,- ............, ",",,", '------, " (Seal) (Tilk ofOf!iœr) My Commission Expires: ACKNOWLEDGMENT: (Individual) STA TE OF !Jw ad ru ()IJ () !1 /4 '? The foregoing instrument was acknowledged before me by -Æa~~t?-fltl.nflicj this a q -rh day of -11f12Jje ß) hi r ' CJ::£:::. - . COUNTY OF Jr· Witness my hand and official seal. ._~._------------ -------._.-_..._~---------_.,,"---~_._---- fPS~-:£~'ß~ili:~~L:¿;!!.-~~J.~¡i~Ç:;~-~~.S~~ª~-Q;!if!n~X~~~u;.:(~~~' i; WJTAf{Y PUBLIC . ~ Sf/\YE Or- NEVADA ~ 13 . Couniy of Douglas ~ ~~ ' .' iö,UDflEY L.. POMEHOY ~ It/I No.. ßj·I)··¡!!Ji.}~.I·.~ j tL My.... i\PIX).inì¡n"i,1( ~)I. PI/V.S Dccomb?,r, 3fL~\Wß; «Ü1.'ij~'iüj.);:~:o:X\;il'i.\À:t~rnÜ:u..\'''\X:(\lh.i~Œ(ùJ..l~~~ÏJ (Tille ofOfIiccr) My Commission Expires:---:ì:e.c--Lh"ì~ 30~",ª=-- EQI SOl' (](Jl201ll1 (" ,,, í'. ,-, 6 9 '. ¡ '. \ )' I 'c . ,j '.. .' Exhibit A Reference #: 20053117300467 Ace! #: 0654-654-2005148-1998 THAT PART OF THE W1/2SW1/4 OF SECTION 14 AND THAT PART OF THE E1/2SE1/4 OF SECTION 15, T36N, Rl19W, LINCOLN COUNTY, WYOMING, BEING PART OF THAT TRACT OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 292 OF PHOTOSTATIC RECORDS ON PAGE 142, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF SAID E1/2SE1{4 THENCE S 89 DEGREES 36 MINUTES 20 SECONDS E. 35 37 FEET. ALONG THE SOUTH LINE OF SAID W1/2SW1/4, TO THE SOUTHEAST POINT OF SAID TRACT; THENCE N 00 DEGREES 08 MINUTES 32 SECONDS E, 1088.53 FEET, ALONG THE EAST LINE OF SA I D TRACT, TO A SP I KE ON THE CENTERLINE OF DELL CREEK ROAD; THENCE COURSING SAID CENTERLINE AS FOLLOWS: S 72 DEGREES 12 MINUTES 25 SECONDS W, 249,11 FEET. TO A SPIKE; N 69 DEGREES 22 MINUTES 13 SECONDS W, 367.30 FEET, TO A SPIKE ON THE WEST LINE OF SAID TRACT; THENCE S 00 DEGREES 08 MINUTES 18 SECONDS W, 1141.07 FEET. ALONG SAID WEST LINE, TO THE SOUTHWEST POINT OF SAID TRACT, ON THE SOUTH LINE OF SAID E1/2SE1/4; THENCE S 89 DEGREES 56 MINUTES 49 SECONDS E, 545.62 FEET, ALONG SAID SOUTH LINE, TO THE CORNER OF BEGINNING EQEXAl (12/2003)