Loading...
HomeMy WebLinkAbout925082 u :J ;:., . .D hll "0 ,::1 (t) 1:~ 1?c () 2~~ ~". - I,.¡.. ~ Ö!J 0 0 r..' s~ ~ ~ .sP8° ~~§ i:: (!oJ 8 (!?,;2 cd [1 ,;:í v¡ ~! 11,) CI'J h-:¡;;¡ ~..... ",E- .~. (\) F§ \~ ......j \.-- -' -If RECEIVED 12/6/2006 at 2:47 PM RECEIVING # 925082 BOOK: 642 PAGE: 333 : JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000333 MORTGAGE GreenHead, LLC, a Wyoming lìmited liability company, referred to as "Mortgagor," to secure the payment of One Million Four:Hundred Forty Thousand Dollars (51,440,000.00), with interest, evidenced by a Promissory Note (hereinafter the "Note") of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and payable hereby mortgages and warrants to Anita B. Hokanson as Trustee of the Anita B. Hokanson Revocable Tnist dated March 13, 1997 and Kenneth M, Hokanson as Trustee of the Kenneth M. Hokanson Revocable Trust dated March 13, 1997, collecûvely referred to as "Mortgagee" and Mortgagee's succesSors and assigns, the real estate m Lincoln County, Wyoming described as: See attached Exhibit A Together with all wells, buildings, structures, improvements, fIxtures, and articles of personal property affixed to or used in connection ~th the real estate, to all of which Mortgagor represents that they have title free and from any prior liens or encumbrances (all of the above being collecuvely referred to as the "Premises"), mE MORTGAGOR HEREBY, COVENANTS AND AGREES WITH THE MORTGAGEE AS FOLLOWS: 1. This Mortgage is given to secure payment and the Mortgagor promises to pay to Mortgagee the amount of ONE MILLION FOUR HUNDRED FORTY THOUSAND DOLLARS ($1,440,000.00), with interest, evidenced by a Promissory Note of even date herewith, and all other amounts due thereunder and all extensions and renewals thereof, when and as the same shall become due and p; .yable. Each such payment shall be applied fIrst to the payment of interest and any balance remaining after the payment of interest shall be applied to the reduction of the unpaid principal balance. 2. Time is of the essence and if any amount shall not have been paid when due as provided ín this Note, and the default remains uncured for thirty (30) days after wntten notice IS provided to BOlTower, the entire indebtedness may become due and payable at once at the option of the holder and without further notice, and thereafter the unpaid principal shall bear interest at the rate offIfteen percent (15%) per annum; failure to exercise this option howsoever often shall not constltute a waiver of the right to exercise it thereafter. If any other event of default shall occur as provided in the Note or this Mortgage, and if Mortgagor after receiving written notice from Mortgagee demandmg cure of such default fails to cure the same within thirty (30) days after such notice, the entire indebtedness may become due and payable at once at the opûon of the Mortgagee and without further notice, and thereafter the unpaid princIpal shall bear interest at the rate of fifteen percent 15%) per annum; failure to exercise this option howsoever often shall not constitute a waiver of the right to exercise it thereafter. 0·· tI..}~ iI r·' ~ I>i~,.. '." '" ':'. ~ 1.1 '\..'1i",_.,"· ., 00033á- 3. Mortgagor will pay the indebtedness hereby secured promptly and in full compliance with the terms of said Note and this Mortgage. The time of payment of said indebtedness, or any portion thereof, may be extended or renewed, and any portions of the Premises herein described may, without notice, be released from the lien hereof, without releasing or affecting the liability for the payment of said indebtedness then remaining unpaid. No change in the ownership of said Premises shall release, reduce or otherwise affect any such liability for the lien hereby created. It is further agreed that the taking of additional secunty of any nature shall not impair or release this Mortgage except as permitted by paragraph 19 below; and as a further security this Mortgage shall become due and payable in full at the option of the Mortgagee if the Mortgagor, or Mortgagor's legal representatives, successors or assigns shall convey the mortgaged property or if legal or equitable title thereto lihall become vested in any other person or persons in any manner whatsoever excepting those conveyances approved in writing by Mortgagee, or otherwise permitted by paragraph 20 below. The acceptance of any payment on the Note by the Mortgagee shall not constitute a waiver of this option, and consent to anyone such conveyance shall not constitute consent to any subsequent conveyance or a waiver of this option. Notwithstanding the foregoing, Mortgagee shall not unreasonably withhold Mortgagee's written approval of a conveyance of the entire Premises then encumbered by this Mortgage so long as the transferee has a credit rating that is equal to or better than the Mortgagor's. Upon the transferee's execution of an assignment and assumption agreement by which the new purchaser assumes the obligations of this Mortgage, the Mortgagor shall be released from all liability under this Mortgage. 4, Mortgagor shall payor cause to be paid all taxes and assessments levied or assessed against the Premises, and shall comply with all recordation and other laws affecting the security of this Mortgage at the expense of Mortgagor. 5. Mortgagor will keep the Premises fÏ'ee and clear of all other liens and encumbrances which may be or become superior to the lien created hereby except as otherwise permitted by this Mortgage, 6, Mortgagor will not commit or permit waste on the Premises and will keep and maintain the Premises in good repair. 7. Mortgagor will pay all expenses and attorney's fees incurred by the Mortgagee, successors or assigns, for the protection of the lien of this Mortgage or for the collection of any amount due on the instnunent which this Mortgage secures or for the preservation of the Premises mortgaged, 8. Mortgagor will comply promptly, at the expense of the Mortgagor, with all laws, statutes, ordinances and regulations affecting the Premises in any manner whatsoever. 9. Mortgagor will pay to or cause to be paid directly to the Mortgagee, for application upon tho indebtedness secured hereby, the full amount of any award or oompensation for the ü3·~;'~.~;U~.':j " 000335 taking or damaging by condemnation proceedings under the power of eminent domain of all or any part of the mortgaged Premises. 10. In case of the failure of the Mortgagor to do so, the Mortgagee may make any payment or perform any covenant herein to be made or performed by the Mortgagor, and any payment so made or expense incurred in connection therewith by the Mortgagee shall bear interest at the, rate specified in the Note, and shall be immediately repayable by the Mortgagor, and shall be impressed as an additional lien upon the mortgaged Premises, and this Mortgage shall thereupon secure the repayment of such advances with interest. II, In case an event of default shall occur m making payments or performing any other covenants or agreement required of Mortgagor as provided in the Note or this Mortgage, and the default remains uncured for thirty (30) days after written notice is provided to Mortgagor, the Mortgagor hereby authorizes and empowers the Mortgagee, and Mortgagee's successors and assigns to foreclose this Mortgage by advertisement and sale as provided by the statutes of the State of Wyoming or to foreclose this Mortgage by judicial proceedings and convey the same to the purchaser in accordance with the statutes of the State of Wyoming, and out of the monies arising 1Ì'om such sale to retain all sums secured hereby with interest and all legal costs and charges of such foreclosure and actual attorney's fees incurred by Mortgagee (or such other amount as shall be fixed by the Court in the event of judicial foreclosure or receivership), which costs, charges and fees the Mortgagor agrees to pay. In caSe of the foreclosure of this Mortgage, the Mortgagor hereby authorizes and empowers the Mortgagee, Mortgagee's successors and assigns, to effect insurance upon any buildings and fixtures on the Premises for a period covering the time for redemption for the sale of the Premises under such foreclosUre, and to pay the premium therefor and the amount so paid shall be impressed as an additional lien upon the Premises and shall be secured by and be collectible as a part of this Mortgage and bear interest at the rate specified m the Note, 1Ì'om the date said amount is paid, In the event of a foreclosure, Mortgagor hereby authorizes and empowers Mortgagee, Mortgagee's successors and assigns, to bring an action against any person who claims an adverse estate or interest therein for the purpose of determining such adverse estate or interest, and to pay costs and expenses thereof together with actual attomeY'11 fees which amount shall be impressed as an additional lien upon said Premises and shall be secured by and collectible as a part of this Mortgage, 12. Upon commencement of any foreclosure, or at any time thereafter, and prior to the expiration of the time for redemption 1Ì'om any sale of the Premises on foreclosure, any court of competent jurisdiction, upon application of the Mortgagee, or the purchaser at such sale, shall, at once and without notice to the Mortgagor or any other person, appoint a receiver for said Premises to take possession thereof, to collect rents, issues and profits of said Premises during the pendency of such foreclosure and until the time to redeem the same trom the foreclosure sale shall expire, and out of rents, issues, and profits to keep the Premises in good repair and condition and to pay all taxes, asllessments, and special assessments, and to redeem fi'om sale for taxes, assessments, and SpecIal assessments, and to pay insurance premiums necessary to keep the Premises insured in accordance ,I)n")'t-·Oh~': ·v 0.3""'..." .'. ; I 000336 with the provisions of this Mortgage and to pay the expense of the receivership, and said receiver shall apply the net proceeds to the payment of the indebtedness secured hereby, and such receiver shall have all the other usual powers of receivers in such cases. 13. In consideration of the sum of ten dollars ($10) and other valuable consideration, the receipt whereof hereby is acknowledged, the Mortgagor hereby assigns, transfers and sets over to the Mortgagee, Mortgagee's successors and assigns, the rent, profits and income from the mortgaged property with full and complete authority and right in the Mortgagee in case of default as provided for in this Mortgage or the Note to demand, collect, receIve and receipt for the same and to take possession of the mortgaged property without having a receiver appointed therefor and to rent and manage the same from time to time and apply the net proceeds of such upon the indebtechiess, Mortgagor hereby assigns to Mortgagee all leases of the mortgaged property or any part thereof which are now or may be in effect hereafter, such assignment to take effect immediately in case of such default. Mortgagee is hereby authorized to take charge of the rental of the above-described property and is hereby authorized to collect rents &om said property, to eject tenants for breach of their leases and to enter mto leases with and lease said property or any part thereof to tenants, to sue for unpaid rents in the name of the legal holder of said indebtedness, and is to receive for services in managing said property the usual and customary fees for such service in effect in Lincoln County, Wyoming at the time said services are performed. Without limitmg the generality of the foregoing, in case of defá.ult which remains uncured for thirty (30) days after written notice is provided to Mortgagor, the Mortgagor further agrees as follows: a, Notice to Tenants. Mortgageø may send notices to any and all tenants of the property advising them of this Assignment and directing all rents to be paid directly to Mortgagee or Mortgagee's agent. b. Enter the Premises. Mortgagee may enter upon and take possession of the Premises; demand, collect and receive from the tenants or from any other persons liable therefor, all of the Rents; institute and carry on all legal proceedings necessary for the protection of the Premises, including such proceedings as may be necessary to recover possession of the Premises; collect the rents and remove any tenant or tenants or other persons from the Premises, c. Maintain the Premises, Mortgagee may enter upon the Premises to maintain the Premises and keep the same in repair; to pay the costs thereof and of all services of all employees, including their equipment, and of all continuing costs and expenses of maintaining the Premises in proper repalf and condition, and also to pay all taxes, assessments, and water utilities, and the premiums on fire and other insurance effected by Mortgagor on the Premises. .,/1.11. ·~,ht""'l}d.. . '.> , ~ -~..~-: 9"1;',., \...:......,"''t..."....,... .._... 000337 d, Compliance with Laws. Mortgagee may do any and all things to execute and comply with the laws of the State of Wyoming and also all other laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the Premises. e, Lease the Property. Mortgagee may rent or lease the whole or any part of the Premises for such term or tenns and on such conditions as Mortgagee may deem appropriate. f, Employ Agents. Mortgagee may engage such agent or agents as Mortgagee may deem appropriate, either in Mortgagee's or Mortgagor's name, to rent and manage the Premises, including the collection and application of rents. g. Other acts. Mortgagee may do all such other thmgs and acts with respect to the Premises as Mortgagee may deem appropriate and may act exclusively and solely in the place and stead of Mortgagor and to have all of the powers of Mortgagor for the purposes stated above, h. No Requirement to Act Mortgagee shall not be required to do any of the foregoing acts or things, and the fact the Mortgagee shall have perfonned one or more of the foregoing acts or things shall not require Mortgagee to do any other specific act or thing, i. Deed in Lieu of Foreclosure. At the written request of Mortgagee, Mortgagor will execute and deliver to Mortgagor in a fonn acceptable to both Mortgagee and Mortgagor, a deed in lieu of foreclosure, by which Mortgagor shaIl quitclaim Mortgagor's interest in the Premises to Mortgagee, and Mortgagee shall release Mortgagor ftom any further liability under the Promissory Note or this Mortgage, 14, Failure to exercise any right, power or options herein granted to the Mortgagee, howsoever often shall not constitute a waiver thereof and shall not estop the Mortgagee ftom exercising any such nght, power or option at any time or upon any subsequent default of the Mortgagor. All rights and remedies given or reserved to the Mortgagee herem shall be cumulative and may be exercised contemporaneously but the exercise of one or more such rights or remedies shall not exclude or prevent the exercise of Mortgagee's other rights or remedies. 15. Mortgagor represents and WRlTants to Mortgagee that: a. Authonty. Mortgagor (and the undersigned representative of Mortgagor) has futJ power, authority and legal right to execute this Mortgage, and to mortgage, grant, bargain, sell, pledge, asSIgn, warrant, transfer and convey the Property pursuant to the tenns hereof and to keep and observe all of the tenns of this Mortgage on Mortgagor's part to be performed, ".'. ":, .1J~.!a ~ ;- r-~: \..\ì ('~) r,~ 1 '.,.;J -.... ~,.¡·1 . 0003.38 b. Legal Status and Authority. Mortgagor (i) is duly organized, validly existing and in good standing under the laws of its state of organization or incorporation; (ii) is duly qualified to transact business and is in good standing in the State where the PremIses is locatedj and (iii) has all necessary approvals, gov~ental and otherwise, and full power and authority to own the Prermses and carry on its business as now conducted and proposed to be conduct~. Mortgagor now has and shall continue to have the full right, power and authority to operate Md lease the Premises, to encumber the Premises as provided herein and to perform all of the other obligations to be performed by Mortgagor WIder the Note and Mortgage. c. Validity of Documents. (i) The execution, delivery and performance of the Note and this Mortgage and the borrowing evidenced by the Note (A) are within the company power of Mortgagor; (B) have been authorized by all requisite company action; (C) have received all necessary approvals and consents, corporate, governmental or otherwise; (D) will not violate, conflict with, result in a breach of or constitute (with notice or lapse oftime, or both) a default under any provision of law, any order or judgment of any court or governmental authority, the articles of organization, operating agreement, or other governing instrument of Mortgagor, or any indenture, agreement or other instrument to which Mortgagor is a party or by which it or any of its assets or the Premises is or may be bOWId or affected; and (E) the Note and this Mortgage constltute legal, valid and binding obligations of Mortgagor. d. Financial Condition. Mortgagor 1S solvent, and no bankruptcy, reorganization, insolvency or similar proceeding under any state or federal law with respect to Mortgagor has been initiated, and it has received reasonably equivalent value for the granting of this Mortgage. e, Disclosure, Mortgagor has disclosed to Mortgagee all material facts and has not failed to disclose any material fact that could cause any representation or warranty made herein to be materially misleading. 16. Mortgagor agrees that all of the terms and conditions contained in the Note are incorporated into and made part of tlus mortgage. 17. All wananties, covenants, promIses, undertaktngs, agreements, rights, powers, privileges, benefits, obligations and remedies unposed upon or granted or reserved unto the said parties by this instrument shall survive the execution and delivery hereof and shall respectively extend to and be binding upon the respective heirs, executors, administrators, successors and assigns of said parties. 18, All notices, demands or other writing in this Mortgage (or the Promissory Note) provided to be given, made or sent by either party to the other shall be m writing and shan be validly given or made only ifpersonally delivered with a receipt obtained from the person receiving the notice, or sent by certified United States mail return receipt requested, or if J \'l \,), t~:.J¡ t.:;): ,;, ·Ù..-:1"""4.1...... 000339 sent by Federal Express or other similar delivery sernce keeping records of deliveries and attempted deliveries at the parties respective following addresses: If to Mortgagee: 99015 US HIghway 89 Thayne, WY 83127 If to Mortgagor. 970 W, Broadway #446 Jackson, WY 83001 Service shall be conclusively deemed made upon receipt if personally delivered or, if delivered by mail or delivery ServIce, on the first business day delivery is attempted or upon receipt, wlnchever is sooner. Each party may designate a change of address by notice given, as herein provided. to the other party, at least fifteen (15) days prior to the date such change of address is to become effective, 19, ThIs Mortgage shall be subordinate to a Mortgage on the property granted by Mortgagor for the benefit of an institutional lender of financing for development of the property (including but not limited to surveying, platting and the design and installation of roads, water, sewer and other inftastructure) in an amount not to exceed Three Hundred Sixty Thousand Dollars ($360,000.00) ("Senior Mortgage''). If required by an institutional lender the Mortgagee shall execute a subordination agreement satisfactory to the lender. The Mortgagor covenants and agrees with the Mortgagee that the Mortgagor will not pennit any default to occur or remain in effect under any Senior Mortgage or the indebtedness secured hereby. The Mortgagee shall be deemed to be a third-party beneficiary of the rights of the Mortgagor under any Senior Mortgage and may take action to enforce the obligations of the Mortgagor thereunder, and the Mortgagee is hereby granted full power and authority to cure any default of the Mortgagor under any Senior Mortgage and the indebtedness secured thereby and may take any action deemed by the Mortgagee to be necessary or desirable in obtainmg a full or partial release of the property secured hereby from the lien of any Senior Mortgage, in each case with full rights of subrogation under this Mortgage, and provided in each case that the Mortgagee shall be under no obligation to do the same. A11y surns advanced by the Mortgagee with respect to any Senior Mortgage shall be secured by such subrogatIon rights and, to the extent not so secured, shall be deemed to be advanced pursuant to this paragraph. The Mortgagor shall promptly notify the Mortgagee of any default or alleged default under any Senior Mortgage and of any other notices or communications from the Mortgageethereunde~ 20. Mortgagor shall have the right to convey up to six tenant in common interests in the Property to third party investors without the prior written approval of Mortgagee; provided, however, that no such transfer results in Mortgagor owning any less than a 51 % interest in the Property, All such interests shall continue to be subject to this Mortgage. -r t.¡o ,I -.<tJ{,:,c·Oh.(,,: ~L' ...J~. ~·.Þ 000340 Mortgagor shall provide Mortgagee written notice of any conveyance pursuant to this paragraph with fifteen (15) days of such conveyance. 21 , Upon payment of all sums secured by this Mortgage, Mortgagee shall release this Mortgage in its entirety without charge to Mortgagor, Mortgagor shall pay all costs of recordation, if any. Mortgagee shall grant partial releases from this Mortgage in form and substance reasonably acceptable to·Mortgagor upon written request by Mortgagor, provided all of the following conditions are satisfied: a. Mortgagor is not m default under the Promissory Note or this Mortgage; b, Mortgagor pays to Mortgagee a release price at the rate of $20,000,00 per acre ("Release Payment"), which payment shall constitute a prepayment under the PromIssory Note but shall not reduce the amolUlt or extend the time for payment of any installment under the Promissory Note. The principal portion of any installment lUlder the Promissory Note shall constitute a Release Payment, and shall entitle Mortgagor to a partial release lUlder this paragraph 21" c. Mortgagor delivers to Mortgagee a survey prepared by a surveyor hcensed in the State ofWyommg, or an approved and recorded final subdlvision plat, which shall set forth the exact bOlUldaries of the parcel or lot to be released and the total number of acres included therein; provided, however, that any portion of the Property released as a result of an installment payment of principal under the Promissory Note shall be located on the eastern half of the Property. Mortgagor shall also be entitled to partial releases of those portions of the Property platted as dedicated roadways, dedicated rights-of-way, dedicated easements, and dedicated public lands or facilities, upon payment ofthe per acre release price described in subparagraph (b) hereof; and d. Mortgagor may, in Mortgagor's sole discretion, pay any payments due on the Promissory Note that are required to obtain a partial release to a mutually acceptable escrow agent. The escrow agent shall retain all such funds until such time as the escrow agent has received an executed part1al release for the portion of the Property designated by Mortgagor for release. Upon receipt of such partial release and accompanying documents from Mortgagor, the escrow agent shall cause the partial release to be executed by the Mortgagee and recorded in the real estate records of Lincoln COlUlty, Wyoming. Thereupon, all funds held by escrow agent shall be released by Mortgagor in accordance with the instructions received from Mortgagor and Mortgagee in connection with delivery of the part1al release. IN WITNESS WHEREOF, the parties have signed and sealed this Mortgage this J2.., day of December, 2006, GreenHead, LLC, a Wyoming limited liability company: ( I . A ". r··. ). t., ;" 'U''',1I6·'· ., '-~'f. ,~ . ",:/ ...:1....'." ~·.t: 000341. G~'£êN HEAlL\,LL(... :::r L fMJ ~L NEV-kP.Jr<Ð By: Thomas W. Garlock, Manager 8TATEOF~. ) )88. COUNTY OF ) The foregoing mstrument was acknowledged before me by Thomas W. Garlock, as Manager~fGreenHead'LLc,tht:=-'1:f1da~Y~.D=m~~o~ '._ ..~ __;_~ w,..... my band "'dOffi<>"oœL~ ~ SEAL U 1C -;-- My commission expires:~ cA NE- 23 /D7L- . NOTARY PUBLIC STATE OF NEVADA County of Clark DUSTIN WALTER No: 03- 2717-1 My A pOlntment expires June 23. 2007 u ~j~; r.i, tl; h ;\~ -, 000342 Description: Hokanson 112 Acres A portion of the Hokanson property, as referred to in the Deeds recorded in Book 407PR, on Page 292, and in Book 407PR, on Page 293, with the Office ot the Clerk of Lincoln County, Wyoming, within the Nl/2 of Section 26, T34N, R119W, of the 6th P.M., Lincoln County, Wyoming, the metes and bounds being more particularly described as follows: BEGINNING at a Point in the East line of the Nl/Z, of Section 27, of said T34N, R1l9H, said Point of Beginning, being 916.74 feet NOo30'35"E, along said East line from the Baker Engineers PEILS 698, 1978 location for the Southwest Corner of said Nl/2 of said Section 26; thence S89°35'04"E, parallel with the North line of the S1/2 of said Section 26, 2,643.74 feet to a Point in the West line of the NEl/4 of said Section 26} thence NOo28'31"E, along said West line 1,021.74 feet to a Point in the South line of the Salt River Hereford Ranch property, as referred to in the Deed recorded in Book 150PR, on Page 499, with said Office; thence SB9°16'05"E, along said South line, 1,241.03 feet to a Point in the West line of U.S. Highway B9, being a Point in a 5,669.58 feet Radius Curve to the Right, from which the radius point bears S81°58'59"W; thence Southeasterly, along said West linE!, along said Curve to the Right, through a Central Angle of 0·40'34/1, an arc length of 66.91 feet, said curve having a chord of S7°40'44/1E 66.91 feet; thence S7°20'27/1E, continuing along said West line, 522.43 feet to a Point in the West line of the El/2 of said NE1/4; thence SO·28'43"W, along said West line, 1,347.73 feet to the Lloyd B. Baker PEILS 69B, 2006 location for the Northeast Corner of the Wl/2SE1/4 of said Section 26; thence N89°3S'04"W, along the North line of the 51/2 of said Section 26, 3,965.77 feet to a Point in said East l~ne of said N1/2 of said Section 27, being the Baker Engineers PE/LS 698, 1978 location for the Southwest Corner of said N1/2 of said Section 26; thence NOo30'35"E, along said East line, 916.74 feet, to the Point of Beginning, containing 113.80± Acres of land. '. <l.J\ ^ 'I r..' _ ¡\ (,\. :" OJ~" ',:., \,.,~.:."·,1 : ! 0003.43 GRANTING and RESERVING: A 60 feet Wide Non-Exclusive Right- of-Way Easement to U.S. Highway 89, the Center Line being more particularly described as follows: BEGINNING at a Point in the East line of the NEl/4NW1/4 of said Section 26, said Point of Beginning being 109.18 feet NOo28'31"E, along said East line from the Lloyd B. Baker PE/LS 698, 2006 location for the Southeast Corner of said NEl/4NW1/4; thence S88°42'29"E 458.71 feet: thence S89°4l'47"E 850,81 feet to a Point in the West line of U,S. Highway 89. RESERVING: A 20 feet wide Right-of-Way Easement for Ingress, Egress and Maintenance of the Flat Creek Spring Pipeline, the Center Line being more particularly described as follows: BEGINNING at a Point in the East line of the NEl/4NW1/4 of said Section 26, said Paint of Beginning, being 348.83 feet NOo2B'31"E, along said East line, from the Lloyd B, Baker PEILS 698, 2006 location for the Southeast Corner of said NEl/4NW1/4 ; thence NSOo41'29"E 1264.84 feet to a Þoint in the West line of U.S. Highway 89. TOGETHER WITH and SUBJECT TO: ALL Easements, Exceptions, Restrictions, Reservations, Rights-at-Way, Improvements and Conditions of sight and or record, including but not limited to those shown hereon. 'ly~}~~r~:~ Oé'~J(dESCRIPTION: HEMMERT DITCH 000344 A 20 FEET WIDE STRIP OF LAND WITHIN THE HOKANSON PROPERTY, AS REFERRED TO IN THE DEED RECORDED IN BOOK 407PR, ON PAGE 292, AND IN BOOK 407PR, ON PAGE 293, WITH THE OFFICE OF THE CLERK OF LINCOLN COUNTY, WYOMING, WITHIN THE N1/2 OF SECTION 26, T34N, Rl19W, OF THE 6TH P.M., LINCOLN COUNTY, WYOMING, THE CENTER LINE BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE SOUTH LINE OF SAID N1/2, SAID POINT OF BEGINNING, BEING 18.79 FEET S89035'04I1E, ALONG SAID SOUTH LINE, FROM THE BAKER ENGINEERS PE/LS 698, 1978 LOCATION FOR THE SOUTHWEST CORNER OF THE NW1/4 OF SAID SECTION 26; THENCE N3°37'43I1E 607.21 FEET; THENCE N2°03'33I1W 97.47 FEET; THENCE N6°09'22I1W 414.60 FEET. fØíf! ;U!.