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HomeMy WebLinkAbout935994 'G::?.... 6010716220 RECEIVED 1/3/2008 at 12:30 PM RECEIVING # 935994 BOOK: 682 PAGE: 821 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000821. RETURN TO: GMAC Mortgage, LLC 1100 Virginia Drive Fort Washington, PA 19034 ATTN: Records Management [Space Ahove Tlùs Line For Recording Data] LOAN NO: 182308908 State of' 'Vyoming FHA Case Number MORTGAGE 591-101889-2-703 MIN 1000375-0182308908-3 '7 THIS MORTGAGE ("Security Instrument") is given on December 21, 2007 SPENCER T. LANCASTER AND HANNAH K. LANCASTER . The Mortgagor is ./ whose address is 226 Main U S Hwy 89 Grover, WY 83122 (" Borrower"). This Security Instrument is given to Mortgage Electronic Registration Systems, Inc. ("MERS"), (solely as nominee for Lender, as hereinafter defined, and Lender's successors and assigns), as beneficiary. MERS is organized and existing under tlie laws of Delaware, and has an address and telephone number of P. O. Box 2026, Flint, MI 48501-2026, tel. (888)679-MERS. GMAC Mortgage, LLC f/k/a GMAC Mortgage Corporation (" Lender") is organized and existing under the laws of Delaware address of 100 Í'litmer Road, P.O. Box 963, Horsham, PA 19044 , and has an Borrower owes Lender the principal sum of One Hundred Thirty Thousand One Hundred Sixty One and 00/100 Dollars (U.S. $ 130,161. 00 ). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly pay lIIellts , with the full debt, if not paid earlier, due and payable on January 1, 2038 . This Security lnstrumellt seL:ures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and moditications of the Note; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the seL:urity of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security ] nstlllment and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to MERS (solely as nominee for Lender and Lender's successors and assigns) and to the successors and assigns of MERS, with power of sale, the following described property o\,;ated in Lincoln County, Wyoming: LEGAL DESCRIPTION AS ATTACHED HERETO AND MADE A PART THEREOF. which has the address of Wyoming 83122 226 Main U S Hwy 89 (" Property Address "); Grover IStreet, City ' ¡Zip Code FHA WYOMING MORTGAGE· 10/95 GMACNI ·FNlS,0285.WY (0010) Page 1 of 7 ';),11: [)r;:J~., wvf .~\; Initials: '1 051 000822 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and tixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrees that MERS holds oilly legal title to tlle interests granted by Borrower in this Security Instrument; but, if necessary to comply with law or custom, MERS, (as nominee for Lender and Lender's successors and assigns), has the right: to exercise any or all of tllOse interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender including, but not limited to, releasing or cancel ing ùlis Security Instrument. BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants alld will defend generally the title to ùle Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-UIúform covenants with limited variations by jurisdiction to constitute a Ulúfonn security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: ], Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment of Taxes, Insurance, and Other Charges. Borrower shall include in each monthly payment. together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property. and (c) premiums for insurance required under Paragraph 4. In any year in which the Lender must pay a mortgage insurance prenúum to the Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum for Úle annual mortgage insurance prenúum to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if tlÜs Security Instrument is held by the Secretary, in a reasonable amount to be deternúned by Úle Secretary. Except for tlle montllly charge by úle Secretary, úlese irems are called "Escrow Items" and Úle sums paid to Lender are called "Escrow Funds." Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed Úle maximum amount that may be required for Borrower's escrow account under tlle Real Estate Settlement Procedures Act of 1974, 12 U.S.c. ~ 2601 tl~. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except úlat the cushion or reserve pernútted by RESPA for unanticipated disbursements or disbursements before úle Borrower's payments are available in tlle é'ccount may not be based on amounts due for the mortgage insurance prenúum. ' If the amounts held by Lender for Escrow Items exceed úle amounts pernútted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If tlle amounts of funds held by Lender at any time are not sufticient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender Úle full payment of all such sums, Borrower's account shall be credited with Úle balance n:maining for all installment items (a), (b), and (c) and any mortgage insurance premium installment Úlat Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of Úle Property or its acquisition by Lender, Borrower's account shall be credited wiù] any balance remaining tÜr all installments for items (a), (b), and (c). 3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: First, to the mortgage insurance prenúum to be paid by Lender to the Secretary or to the monúlly charge by the Secretary instead of the monÚlly mortgage insurance prenúum; Second, to any taxes, special assessments, leasehold payments or ground rents, and the, Hood and other hazard insurance prenúul11s, as required; Third, to interest due under the Note; Fourth, to amortization of Úle principal of Úle Note; and Fifth, to late charges due under the Note. GMACM - FMS.0285,WY (0010) Page 2 of 7 \,.- "m""M 000823 LOAN NO: 182308908 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including tire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by tloods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds Illay be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, tirst to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. 5, Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan A pplicationj Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless the Lender determines tllat requirement will cause undue hardship for Borrower, or unless extellllating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in C0l1l1ection with tlle loan evidenced by tlle Note, including, but not limited to, representations concerning Borrower's occupancy of tlle Property as a principal residence. If this Security Instrument is on a leasel101d, Borrower shall comply witll tlle provisions of tlle lease. If Borrower acquires fee title to the Property, the leaseho]d and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of tlle Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to tlle extent of tlle full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to tlle reduction of tlle indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in tlle order provided in Paragraph 3. and then to prepayment of principal. Any application of tlle proceeds to the principal shall not extend or postpone the due date of the montllly payments, which are referred to in Paragraph 2, or change tlle amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and tllis Securi ty Instru l11ent shall be paid to tlle enti ty legally entitled tllereto. 7. Charges to Borrower and Protection of Lender's Rights in the Property, Borrower shall pay all govt:rnmemal or municipal charges, tines and impositions tllat are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed tlle payment. If failure to pay would adversely affect Lender's interest in tlle Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. GIVIACM - FMS.0285.WY (0010) Page 3 of 7 <-,¿.. "";. .~ 000824 1 f Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this Paragraph shall become an additioillll debt of Borrower and be se¡;ured by this Security Instrument. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Lender shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over tlllS Security Imtrument unless Borrower: (a) agrees in writing to the payment of tlle obligation secured by tlle lien in a nllilliler acceptable to Lender; (b) contests in good hlÎth the lien by, or defends against enforcement of tlle lien in, legal proceedings which in the Lender's opinion operate to prevent tlle enforcement of the lien; or (c) secures from tlle holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender deter1IÙnes that any part of tlle Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of tlle açtions set forth above within 10 clays of the giving of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Accelel'ation of Debt. (a) Default. Lender nlliY, except as linllted by regulations issued by tlle Secretary in tlle case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any montllly payment required by this Security Instrument prior to or on the due date of tlle next montllly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any otller obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if per1IÙtted by applicable law (including section 341(d) of the Géllll-St Germain Depository Institutions Act of 1982, 12 U .S.C. 1701j-3(d)) and Witll the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrumellt if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property, but his or her credit has not been approved in accordance with the requirements of tlle Secretary. (c) No Waiver. If circumstances occur tllat would pernùt Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. Innlliny circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not deternùned to be eligible for insurance under the National Housing Act within sixty (60) days from the date hereof, Lender may, at its option require iImnediate payment in full of all sums secured by this Security Instrument. A written statement of any autllOrized agent of tlle Secretary dated subsequent to sixty (60) days from the date hereof, declÌlllng to insure this Security Instrument and the Note, shall be deemed (;()nclusive proof of such ineligibility. Notwitllstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. GMACM - FMS.0285.WY (001 a) Page 4 of 7 "",.,,, t!JJ- 7ft 000825 LOAN NO: 182308908 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However. Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the cOl1unencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement wi II adversely affect the priority of the lien created by this Security Instrument. 11. Borrowel" Not Released; Forbearance By Lender Not a Waiver, Extension of the time of payment or moditication of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall !Jot be required to commence proceedings against any successor in interest or refuse to extend time t(¡r payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall !Jot be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers, The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any acconunodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by maili ng it by tirst class mail u¡ùess applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by tirst class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Goveming Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note cont1icts with applicable law, such confEct shall not affect other provisions of this Security Instrument or the Note which can be given effect without the cont1icting provision. To this end the provisions of this Security Instnllnellt and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and this Security Instrument. 16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecti Ilg the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of sInall quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to Inaintenance of the Property. GMACM - FMS.0285.WY (0010) Page 5 of 7 ~7 '"w.,.* 000826 Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any govenmlental or regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this Paragraph 16, "Hazardous Substances", are those substances detined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum prodm.:ts, toxic pesticides and herbicides, volatile solvents, materials contairùng asbestos or formaldehyde, and radioactive materials. As used in the Paragraph 16, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents, Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benetit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. I f Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benetit of Lender OlÙY, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver ¡nay do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. ] 8. Foreclosure Procedure, If Lender requires immediate payment in full under paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitIed to collect all expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence. I f Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to tIle person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Borrower in the manner provided in paragraph 13, Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee lnay purchase the Property at any sale, The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by tI1Ìs Security Instrument; and (c) any excess to the person or persons legally entitled to it. I I' the Lender's interest in this Security Instrument is held by the Secretary and tIle Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 ("Act") (12 U.S.c. 3751 !<.1 ~.) by requesting a foreclosure conunissioner designated under the Act to commence foreclosure and to sell tIle Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or appli¡,;able law. GMACM - FMS.0285.WY (0010) Page 6 of 7 '"";.'''~ LOAN NO: 182308908 19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 20. VVaivers. Borrower waives all rights of homestead exemption in the Property and relinquishes all rights of curtesy and dower ill the Property. 000827 Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] DCondominium Rider DPlanl1ed Unit Deve]opment Rider DAdjustable Rate Rider D Graduated Payment Rider DGrowing Equity Rider DOther(s) [specify] BY SIGNING BELOW, Borrower accepts and agrees to the terms contained in this Security Instrument and in any rider(s) ex~cutecl by Borrower and recorded with it. .'¡- / WItnesses: ~~a..-.-I ~~CC;Jl ~ (Seal) Sp cer T Lancaster -Borrower ~~f#«~ft0 (Seal) -Borrower (Seal) (Seal) - Borrower - Borrower STATE OF WYOMING, Lincoln County 55: The tÙregoing instrument was acknowledged before me this SPENCER T. LANCASTER AND HANNAH K. LANCASTER by December 21, 2007 (date) (persoll acknowledging) My COlllmission Expires: ~.2ç.) :2-ooð. LAYNA HADERLlE - NOTARY PUBLIC County of Lincoln State of Wyoming My CommissIon Expires February 26 2008 - ' GMACIVI - FIVIS.0285.WY (0010) Page 7 of 7 LEGAL DESCRIPTION EXHIBIT' A' Order No: 6010716220 00062.0 A parcel of land located in Lot 3 of Block 2 of the Grover, Wyoming Townsite, Lincoln County, Wyoming, said parcel being more particularly described as follows: COMMENCING at the Southwest corner of said Lot 3 and running thence East 50 feet; thence North 52 feet; thence West 50 feet; thence South 52 feet to the PLACE OF BEGINNING. ALSO A parcel of land located in Lot 3 of Block 2 of the Grover, Wyoming Townsite~ Lincoln County, 'Vyoming, said parcel being more particularly described as follows: BEGINNING at a point 52 feet North from the Southwest corner of said Lot 3 and running thence East 50 feet; thence North 48 feet; thence West 50 feet; thence South 48 feet to the POINT OF BEGINNING. ALSO A parcel of land located in Lot 3 of Block 2 of the Grover, Wyoming Townsite, Lincoln County, Wyoming, said parcel being more particularly described as follows: BEGINNING at a point 50 feet East from the Southwest corner of said Lot 3 and running thence East 60 feet; thence North 100 feet; thence West 60 feet; thence South 100 feet to the POINT OF BEGINNING.