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HomeMy WebLinkAbout970431A Deed in Lieu of Foreclosure Agreement THIS DEED IN LIEU OF FORECLOSURE AGREEMENT is made as of the day of April, 2013 (this "Agreement by, between, and a ng Patrice Eileen McCutcheon, a single person with a mailing address of pa'ov Afton, Wyoming 83110 "Borrower and The Bank of Star Valley, a Wyoming Corporation with a mailing address of P.O. Box 8007 Afton, WY 83110 "Lender WITNESSETH: A. Borrower owns fee simple title to the real estate and the improvements thereon located at the Afton Airpark, Afton, Wyoming 83110, and legally described on Exhibit A attached hereto. B. Lender made a loan to Borrower in the amount of Two Hundred Eleven Thousand Three Hundred Thirty Six and 68/00 Dollars ($211,336.68) "Loan which Loan was made pursuant to a certain Loan Agreement dated July 20, 2009 between Borrower and Lender "Loan Agreement The Loan is evidenced by a certain Promissory Note dated July 20, 2009 made by Borrower, as maker, in favor of Lender, as payee, in the face principal amount of Two Hundred Eleven Thousand Three Hundred Thirty Six and 68/00 Dollars ($211,336.68) "Note The Loan is secured by, among other things, a certain Mortgage Agreement dated July 20, 2009 made by Borrower, as mortgagor, in favor of Lender, as mortgagee, recorded in the real property records of the Clerk of Lincoln County, State of Wyoming as document number 948475 in Book 728, Pages 119 -127, attached hereto as Exhibit B. C. As of November 13, 2012, the total outstanding principal balance of the Loan was $198,018.61 and the total accrued and unpaid interest thereon was $1,265.00, with interest accruing daily at a rate of 5 with late fees in the amount of $71.18. D. Borrower is in default under the Loan Documents in that payments have not been made since September 28, 2012 "Borrower's Default The Loan has been RECEIVED 4/11/2013 at 9:35 AM RECEIVING 970431 Deed In Lieu of Foreclosure Agreement BOOK: 809 PAGE: 136 Page 1 of lg JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY O 1 .3 accelerated and the entire principal amount of Loan together with all accrued interest thereon is now due and owing. E. In order to avoid the financial hardship and damage to reputation that would result from the Borrower's Default, Borrower has requested that the parties resolve Borrower's Default by Borrower's conveyance of the real estate legally described on Exhibit A with an address of Afton Airpark, Afton, Wyoming 83110 and other property to Lender, or to a person or other entity designated by Lender "Buyer in lieu of foreclosure. F. It is the understanding and belief of all parties that the fair market value of the "Property" (as hereinafter defined) does not exceed the total outstanding unpaid principal of, interest accrued and unpaid on, and other outstanding indebtedness due and owing on the property. G. All parties understand and agree that the Lender will have the property appraised by a licensed appraiser after the transfer of the property. Whatever deficiency there is from the appraisal of the real property to that of the amount owed to Lender by the Borrowers, the Borrowers will be responsible and obligated to pay. The Lender does not waive or modify their rights to seek payment for deficiency by accepting the Deed In Lieu of Foreclosure. All proceeds will be applied first to costs, expenses, and reasonable attorney fees in resolving this matter, late fees, penalties, interest, and penalty in this order. H. Lender wishes to accept the conveyance of the Property pursuant to this Agreement to avoid the necessity of foreclosure, the delays associated therewith, and to avoid the delays associated with Borrower's statutory redemption rights, if any, with respect to the Property, and Lender acknowledges that the provisions of this Agreement directly benefit Lender in this regard; and NOW, THEREFORE, for and in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, and Lender do hereby agree as follows: Deed In Lieu of Foreclosure Agreement Page 2 of 13 ARTICLE I INCORPORATION /PROPERTY TRANSFERRED IN LIEU OF FORECLOSURE Deed In Lieu of Foreclosure Agreement Page 3 of 1 3 01.38 1.01 Incorporation. The recitals to this Agreement are fully incorporated herein by this reference thereto with the same force and effect as though restated herein. 1.02 Transfer of Property. Subject to the terms, provisions, conditions, covenants, and agreements herein contained, and subject to the matters set forth on the Title Report, attached hereto as Exhibit C. Borrower agrees to sell, grant, transfer, assign, and convey to Lender (or Buyer) and Lender agrees to acquire, or cause Buyer to acquire, from Borrower absolutely and free of any right of redemption or other right or interest of Borrower or anyone claiming by, through, or under Borrower, the following real and personal property (collectively, the "Property (a) good, valid, indefeasible, and marketable fee simple title to the land "Land legally described on Exhibit A attached hereto, all buildings, fixtures, and other improvements situated on the Land (all said buildings and other improvements hereinafter called the "Improvements all of Borrower's right, title, and interest in and to and all easements, rights, tenements, and appurtenances thereunto belonging or appertaining to the Land and Improvements, and all of Borrower right, title, and interest in and to any and all streets, alleys, or public ways adjacent thereto, before or after vacation thereof "Real Estate (b) all of Borrower's right, title, and interest as lessor or lessee in all leases, licenses, and other agreements to occupy all or any part of the Real Estate together with all rents and other sums due, accrued or to become due under each such lease, license, and agreement, all rents that are received and allocable to periods following the "Closing Date" (as hereinafter defined) and all guarantees by third parties of the tenants' obligations under said leases, and all lease security and other deposits, if any (together, the "Leases (c) all right, title, and interest of Borrower in and to all plans and specifications relating to Improvements (the "Plans and Specifications and all unexpired claims, warranties, and guarantees, if any, received in connection with the construction or equipping of the Real Estate, if and to the extent assignable (all warranties and guarantees pursuant to which any affiliate of Borrower or its partners is an obligor, and all claims against any affiliate of Borrower or its partners concerning the design and construction of the Real Property shall be deemed assignable, and Borrower shall cause the applicable obligors to consent to such Generally describe the consideration (e.g., "Lender's covenant not to sue Borrower or exercise foreclosure remedies otherwise available to Lender (d) all licenses, permits, and certificates of occupancy. (e) all attachments to the real property. ARTICLE II CONSIDERATION AND LENDER'S RESERVATION OF RIGHTS 2.01 Agreement Not to Foreclose. In consideration for the transfer by Borrower of the Property to Lender (or, at Lender's option, Buyer), and subject to the terms, provisions, and conditions herein contained, at the "Closing" (as hereinafter defined), Lender agrees not to foreclose or publish for foreclosure the Borrowers, Patrice Eileen McCutcheon's name or this action. However, Lender specifically reserves the right to seek any deficiency in the amount owed to Lender from Borrowers in this matter. 2.02 The Lender specifically reserves all of its rights that it had prior to the execution of this agreement and after the execution of this agreement to seek a deficiency judgment against the Borrowers. Specifically, the parties agree and state that the deed transferring the real property back to the Lender will not merge with the Lender's mortgage. The doctrine of merger shall not apply and the Lender shall still have all of its rights and remedies as set forth and allowed in the mortgage to the real property. The transfer of the real property to the Lender shall be absolute and shall not be considered as collateral or as any other lien. The Lender reserves Deed In Lieu of Foreclosure Agreement Page 4of13 39 Deed In Lieu of Foreclosure Agreement Page 5 of 13 all rights in the underlying promissory note and said promissory note is not modified in any manner by this agreement. 2.03 Borrowers agree, state and acknowledge that they are responsible to pay to Lender any and all deficiency amounts between the value of the property and remaining debt owed pursuant to the underlying promissory note and mortgage after the transfer of the real property described herein. Borrowers agree, state, and acknowledge that the Lender has reserved all rights and remedies by contract and at law to enforce and seek repayment of any deficiency between the value of the real property and the amounts owed to the Lender pursuant to the underlying promissory note and mortgage after the real property is transferred. ARTICLE III TITLE 3.01 Loan Title Policy. As an additional condition to closing, Lender shall receive at Closing: (a) a date -down endorsement showing fee simple title in Buyer, and insuring the Mortgage as a second priority encumbrance on the Real Property, subject only to the Permitted Exceptions. 3.02 Borrower Cooperation. Borrower shall cooperate with Lender to permit Lender, or, as applicable, Buyer, to obtain the Title Policy and the Loan Policy Endorsements. 10:1.40 ARTICLE IV CLOSING 4.01 Closing. Provided all terms, provisions, and conditions contained in this Agreement to be satisfied on or before Closing have been timely satisfied so as to provide for the closing of the transaction contemplated hereby, including without limitation, the vesting in Lender or Buyer of good, valid, indefeasible, and marketable fee simple title to the Real Property, subject only to the Permitted Exceptions, closing of the transaction contemplated hereby "Closing shall take place at the office of Bowers Law Firm, PC, 685 South Washington Street, Afton, Wyoming at h r l cQ O /3 "Closing Date through an escrow with the Title 001.41 Company, or on such other date or such other place as may be mutually agreed upon in writing by Borrower and Lender. 4.02 Closing Deliveries, etc. The following deliveries and /or actions shall constitute the Closing and, as described above, and, to the extent provided in the Escrow Agreement, shall be effected through the Escrow Agreement and, if not specified in the Escrow Agreement to be deposited in, and delivered under, the Escrow Agreement, shall be delivered at the Closing. Such deliveries, showings, and actions shall be deemed to be taken simultaneously and no one of which shall be deemed completed until all of such deliveries, showings, and actions have been completed. A. Title Documents. The following title, transfer, and original documentation and other matters shall be duly authorized, properly executed, acknowledged (if applicable) and /or delivered: (a) The Title Policy. The Title Policy (or a "marked -up" title commitment to issue the Title Policy) together with executed reinsurance agreements containing direct access provisions with all reinsurers shall be delivered to Lender. (b) Estoppel Affidavit. Borrower shall deliver to Lender and Title Company its duly executed Estoppel Affidavits. B. Transfer Documents. The following Property transfer documentation shall be duly authorized, properly executed, acknowledged (if applicable), and delivered to Lender: (a) Estoppel Affidavits (b) Warranty Deed C. Other Deliveries. The following deliveries, showings, and occurrences shall have been delivered or shall have occurred: (a) Possession. Borrower shall deliver possession of the Real Property to Lender. (b) Keys to Premises. Borrower shall deliver to Lender or Lender's designee, keys to the premises. Deed In Lieu of Foreclosure Agreement Page 6 of 13 Sue to Borrower. 00142 (c) Covenant Not to Sue Borrower. Lender shall deliver the Covenant Not to 4.03 Expenses of Closing. The Lender shall pay all expenses at closing. ARTICLE V COVENANTS 5.01 Cooperation. Commencing on the date of this Agreement, Borrower will reasonably cooperate, upon Lender's request, with Lender and Buyer, including, without limitation, any management company designated by Lender to facilitate an orderly transfer of the ownership and management of the Property. 5.02 Rent Collections. Borrower agrees that in the event that Borrower or any affiliate of Borrower receives any rental payment or other payment from any tenant or other occupant or user of the Property following Closing, Borrower will deliver to Lender or Lender's designee, with proper endorsements, such funds not later than two (2) business days following receipt of such funds. ARTICLE VI REPRESENTATIONS AND WARRANTIES 6.01 Representations and Warranties of Lender. Lender represents and warrants to Borrower as follows: (a) Lender is an organized and existing corporation in good standing under the laws of the State of its incorporation and if such State of Wyoming. (b) Lender has the right, power, and authority to execute this Agreement and to perform its obligations under this Agreement. The execution and delivery of this Agreement by Lender and the performance by Lender under this Agreement has been authorized by all necessary corporate action of Lender. 6.02 Representations and Warranties of Borrower. Borrower represents and warrants to Lender as follows: (a) Authority. Borrower has the capacity, right, power, and authority to execute this Agreement and to perform their respective obligations hereunder and to consummate the transaction described herein contemplated by this Agreement including the execution and delivery of all documentation required by this Deed In Lieu of Foreclosure Agreement Page 7 of 13 00143 Agreement. The execution of this Agreement has been authorized by all necessary partnership or corporate authorizations of Borrower. The execution, delivery, and performance of this Agreement by Borrower does not breach, conflict with, or contravene: (i) Borrower's partnership agreement or certificate; (ii) any agreement, instrument, document, or indenture to which Borrower is a party or by which they or the Property is bound; (iii) any applicable law; or (iv) any judgment, writ, or order directed to Borrower or by which Borrower may be bound. (b) Bankruptcy. Borrower has not filed a petition in any case, action, or proceeding under the Bankruptcy Code or any similar state law; no petition in any case, action, or proceeding under the Bankruptcy Code or any similar state law has been filed against Borrower. (c) Absence of Litigation. Borrower has not received any written notice of any, nor is there any, pending or, to the best of Borrower's knowledge any threatened, litigation or administrative proceeding involving in any manner the Real Property or the ownership, leasing, operation, management, use, or maintenance thereof or this transaction. (d) Arm's- Length Transaction. Borrower has requested conveyance of title to the Property in lieu of the exercise of Lender's remedies pursuant to the Loan Documents and throughout the negotiation, preparation, and execution of this Agreement has been, and may through the Closing be represented by competent legal counsel of their own choosing. This Agreement was entered into out of the free will of Borrower pursuant to arm's length negotiations and Borrower believes this Agreement is fair. Lender has not taken advantage of Borrower by threats, intimidation, overreaching, unconscionable conduct, or otherwise and Borrower is proceeding in this transaction as volunteers in what they perceive to be their own best interest. 6.03 Indemnity. Borrower agrees to defend, indemnify, and hold Lender, Buyer, and their respective partners, successors, assigns, members, officers, participants, shareholders, directors, and personal representatives (collectively, the "Lender- Connected Parties harmless from and against any losses, damages, costs Deed In Lieu of Foreclosure Agreement Page 8ofi3 ARTICLE VIII ABSOLUTE CONVEYANCE uO.1.44 (including, without limitation, attorneys' fees, court costs, and costs of appeal), expenses, judgments, liens, decrees, fines, penalties, liabilities, claims, actions, suits, and causes of action arising, directly or indirectly, from (a) any breach by Borrower of warranty or representation contained in this Agreement or in the documents executed and delivered by Borrower pursuant to this Agreement (with this Agreement, sometimes collectively referred to as the "Borrower Documents (b) any breach, default, or violation by Borrower of any covenant, agreement, or provision of the Borrower Documents; and (c) any claims or liabilities pertaining to the Property arising prior to the Closing [other than claims or liabilities arising under the Loan Documents [which for purposes of this Section 6.03, does not include the Environmental Indemnification Agreement]. ARTICLE VII NO OBLIGATION OF LENDER TO THIRD PARTIES 7.01 No Third -Party Beneficiary. Borrower acknowledges and agrees that the transfer to Lender or Buyer of title to the Real Property pursuant to the terms of this Agreement shall not create any obligations on the part of Lender to third parties that have claims of any kind whatsoever against Borrower with respect to the Property, and Lender does not assume or agree to discharge any liabilities pertaining to the Property except as otherwise expressly provided in this Agreement. 8.01 Conveyance. The conveyance of the Property to Lender or Buyer according to the terms of this Agreement is an absolute conveyance of all of its right, title, and interest in and to the Property in fact as well as form and was not and is not now intended as a mortgage, trust conveyance, deed of trust, or security instrument of any kind, and that the consideration for such conveyance is exactly as recited herein and Borrower has no further interest (including rights of redemption) or claims in and to the Property or to the rents, proceeds, and profits that may be derived thereof, of any kind whatsoever. Deed In Lieu of Foreclosure Agreement Page 9 of 13 9.01 Notice. Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery, or (b) reputable overnight delivery service with proof of delivery, or (c) United States Mail, postage prepaid, registered or certified mail, return receipt requested, or (d) legible facsimile transmission sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given either at the time of personal delivery, or, in the case of expedited delivery service or mail, as of the date of first attempted delivery at the address and in the manner provided herein, or, in the case of facsimile transmission, as of the date of the facsimile transmission provided that an original of such facsimile is also sent to the intended addressee by means described in clauses (a), (b), or (c) above. Unless changed in accordance with the preceding sentence, the addresses for notices given pursuant to this Agreement shall be as follows: To Borrower: Patrice Eileen McCutcheon P.O. Box 1780 Afton, WY 83110 To Lender: ARTICLE IX NOTICES The Bank of Star Valley P.O. Box 8007 Afton, WY 83110 Attn: Steve Hartwell All notices shall be deemed effectively given on the date that such notice is received or refused. ARTICLE X MISCELLANEOUS 10.01 Entire Agreement. This Agreement, and the exhibits attached hereto, and all other instruments and documents executed and delivered at Closing by Deed In Lieu of Foreclosure Agreement Page toofl3 1 either party hereto, embody the entire agreement between the parties in connection with the transaction contemplated hereby and there are no oral or parol agreements, representations, or inducements existing between the parties relating to the transaction contemplated hereby that are not expressly set forth herein and covered hereby. This Agreement may not be modified except in writing signed by all of the parties hereto. 10.02 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, Buyer and the respective heirs, administrators, executors, personal representatives, successors, and assigns of the parties hereto and Buyer. 10.03 Waivers. No written waiver by any party at any time of any breach of any provision of this Agreement shall be deemed a waiver of a breach of any other provision herein or a consent to any subsequent breach of the same or any other provision. If any action by any party shall require the consent or approval of another party, such consent or approval of such action on any one occasion shall not be deemed a consent to or approval of such action on any subsequent occasion or a consent to or approval of any other action on the same or any subsequent occasion. 10.04 Captions. The captions, section numbers, and article numbers appearing in this Agreement are inserted only as a matter of convenience and do not define, limit, construe, or describe the scope or intent of such paragraphs or articles of this Agreement nor in any way affect this Agreement. 10.05 Time is of Essence; Counterparts; Governing Law. All parties hereto agree that time is of the essence in this transaction and that this Agreement may be executed in counterparts and shall be governed by and interpreted in accordance with the laws of the State of Wyoming. 10.06 Appointment of Designee. Lender does hereby reserve the right to appoint Buyer to accept title to the Property at the time of the Closing. 10.07 Brokers. Lender and Borrower represent and warrant to the other that it has had no direct dealings with any real estate brokers, salesmen, agents, finders, or consultants in connection with the conveyance of the Property to Lender. Deed In Lieu of Foreclosure Agreement Page 11 of 13 10.08 Lender's Liability. In no event shall Lender be personally or individually liable for any obligation set forth in this Agreement. Except to the extent expressly provided in the Borrower Documents, neither Buyer nor Lender is assuming any obligations or liabilities of Borrower. 10.09 Value. Borrower hereby confirms to Lender that this value of the Property does not exceed the indebtedness on the real property. 10.10 Survival. The terms and provisions of this Agreement shall survive the Closing and delivery of the deed and other documents to be delivered to Lender pursuant to this Agreement. IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have executed this Agreement as of the day and year first above written. BORROWER: PATRICE EILEEN McCUTCHEON STATE OF WYOMING ss. (0147 COUNTY OF LINCOLN On this t day of April, 2013, before me a Notary Public in and for said State, personally appeared PATRICE EILEEN McCUTCHEON known or identified to me to be the person whose name is subscribed to the within instrument, and after being duly sworn and upon her oath acknowledged to me that she executed the same. My Commission Expires: 5- (.J1, Deed In Lieu of Foreclosure Agreement Page 12 of 13 NOTARY PUBLIC HEIDI BROWN NO1ARY PUBLIC County i( Ali State of P_inoop� Wyoming 0' NI CitzrnOslissts f I a is,b ,Auuq st 5, 2013 11,i IM.b 0.,, rby 4A1��ARIn+� ki LENDER: Bank of Star Valley, a Wyoming corporation STATE OF WYOMING By: Name: Z75 /J. A fdpi rki)eGC- Title: Viee,a s. vt, ss. COUNTY OF LINCOLN On this ZS day of April, 2013 before me a Notary Public in and for said State, personally appeared STEVE HARTWELL known or identified to me to be the person whose name is subscribed to the within instrument, and after being duly sworn and upon his oath, represented that he was the Vo PPAW;e%` �54.4m4 dt.e06 i of The Bank of Star Valley, that the instrument was signed on behalf of The Bank of Star Valley, by the authority of the Board and that he executed the foregoing instrument on behalf of The Bank of Star Valley, and that this instrument was the free act and deed of The Bank of Star Valley, and acknowledged to me that he executed the same. N TARY PUBLIC My Commission Expires: 5' t )J HEIDI BROVWN,NOTARy PUBLIC County of f/ Lincolr, My p" Deed In Lieu of Foreclosure Agreement Page 13 of 13 State of Wyoming August 5, 2013 601 LEGAL DESCRIPTION EXHIBIT `A' Parcel 1 Lot 53 of Afton Airpark Addition to the Town of Afton, Lincoln County, Wyoming as described on the official plat.No.167 filed on August 1, 2005 as instrument No. 910442 of the records of the Lincoln County Clerk. i Y /LYI LYY./ 6010918176 MORTGAGOR: PATRICE EILEEN MCCUTCHEON An unmarried individual PO BOX 1780 AFTON, WY 83110 A SINGLE PERSON 111 I I I I I I I I I I I I 1 11111 II N 1111111111111111111111111111111 I I 11111111111111111111111111111111111111111110 1111 Space Above This Line For Recording Data MORTGAGE a a RECEIVED 7/22/2009 at 3:26 PM RECEIVING 948475 BOOK: 728 PAGE: 119 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY t",O. X119 DATE AND PARTIES. The date of this Mortgage (Security Instrument) is July 20, 2009. The parties and their addresses are: LENDER: THE BANK OF STAR VALLEY Organized and existing under the laws of Wyoming 384 Washington P.O. Box 8007 Afton, WY 83110 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with the power of sale, the following described property: SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF The property is located in Lincoln County at LOTS 53 AFTON AIRPARK, Afton, Wyoming 83110. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock, crops, timber, all diversion payments or third party payments made to crop producers 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 (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. G BARR MCCUTCHEON Wyoming Mortgage WY/ 4XDTAYLOR000000000001860490 72009N 0 1996 Bankers Systems, Inc., St. Cloud, MN Paces Page 1 2. MAXIMUM OBLIGATION LIMIT. i he total principal amount secured by this Instrument at any one time will not exceed $211,336.68. This limitation 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 under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 3. SECURED DEBTS. The term "Secured Debts" includes and this Security Instrument will secure each of the following: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 130223, dated July 20, 2009, from G BARR MCCUTCHEON (Borrower) to Lender, with a loan amount of $211,336.68 and maturing on July 25, 2010. B. All Debts. All present and future debts from G BARR MCCUTCHEON to Lender, even if this Security Instrument is not specifically referenced, or if the future debt is unrelated to or of a different type than this debt. If more than one person signs this Security Instrument, each agrees that it will secure debts incurred either individually or with others who may not sign this Security Instrument. Nothing in this Security Instrument constitutes a commitment to make additional or future loans or advances. Any such commitment must be in writing. In the event that Lender fails to provide any required notice of the right of rescission, Lender waives any subsequent security interest in the Mortgagor's principal dwelling that is created by this Security Instrument. This Security Instrument will not secure any debt for which a non possessory, non purchase money security interest is created in "household goods" in connection with a "consumer loan," as those terms are defined by federal law governing unfair and deceptive credit practices. This Security Instrument will not secure any debt for which a security interest is created in "margin stock" and Lender does not obtain a "statement of purpose," as defined and required by federal law governing securities. C. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured Debts and this Security Instrument. 5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. 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. 6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of this 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. 7. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 8. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of this Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written G BARR MCCUTCHEON Wyoming Mortgage WY/ 4XDTAYLOR00000000000166049072009N 1111111 4 I IN II I I 0 II I I III IIII1 I111111I I IIII 2 0 0 9 1110 IINI I IIII III IIII 7 2 0 ©1996 Bankers Systems, Inc., St. Cloud, MN Esc r Page 2 4€ consent. Mortgagor will not pein „rt any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. No portion of the Property will be removed, demolished or materially altered without Lender's prior written consent except that Mortgagor has the right to remove items of personal property comprising a part of the Property that become worn or obsolete, provided that such personal property is replaced with other personal property at least equal in value to the replaced personal property, free from any title retention device, security agreement or other encumbrance. Such replacement of personal property wilt be deemed subject to the security interest created by this Security Instrument. Mortgagor will not partition or subdivide the Property without Lender's prior written consent. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender will give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10, AUTHORITY 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 them 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 will not create an obligation to perform, and Lender's failure 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. DEFAULT. Mortgagor will be in default if any of the following occur: A. Payments. Mortgagor or Borrower fail to make a payment in full when due. B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the curnrneriaement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against Mortgagor, Borrower, or any co- signer, endorser, surety or guarantor of this Security Instrument or any other obligations Borrower has with Lender. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of any other document relating to the Secured Debts. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. Lender determines in good faith that the value of the Property has declined or is impaired. M. Insecurity. Lender determines in good faith that a material adverse change has occurred in Borrower's financial condition from the conditions set forth in Borrower's most recent financial statement before the date of thls Security Instrument or that the prospect for payment or performance of the Secured Debts Is Impaired for any reason. G BARR MCCUTCHEON Wyoming Mortgage WY/ 4XDTAYLOR0000000000018604907200 9N I111111IIIIIIIIVIIIVIIIVIIIII iilooppillogolopope I0IIIVIIIIIIIe ©1996 Bankers Systems, Inc., St. Cloud, MN E er Page 3 ("01.22 0 0 i 5 3 12. REMEDIES. On or after default, Lender may use any and all remedies Leno.,. has under state or federal law or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts advanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secured Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgagor's default. Subject to any right to cure, required time schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all or any part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security Instrument in a manner provided by law upon the occurrence of a default or anytime thereafter. Upon any sale of the Property, Lender will make and deliver a special or limited warranty deed that conveys the property sold to the purchaser or purchasers. Under this special or limited warranty deed, Lender will covenant that Lender has not caused or allowed a lien or an encumbrance to burden the Property and that Lender will specially warrant and defend the Property's title of the purchaser or purchasers at the sale against all lawful claims and demand of all persons claiming by, through or under Lender. The recitals in any deed of conveyance will be prima facie evidence of the facts set forth therein. 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 forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is due or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to require full and complete cure of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 13. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and remedies under this Security Instrument or any other document relating to the Secured Debts. Mortgagor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, attorneys' fees, court costs and other legal expenses. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorreys' fees incurred by Lender to protect Lender's rights and interests in connection with any bankruptcy proceedings initiated by or against Mortgagor. 14. 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 U.S.C. 9601 et seq.), all other federal, skate and local laws, regulations, ordinances, court orders, attorney 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 which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety. welfare or environment. The term includes, without limitation, any substances defined es "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated 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 has been, is, or will be located, transported, manufactured, treated, refined, or handled by any person on, under or about the Property, except in the ordinary course of business and in strict compliance with all applicable Environmental Law. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor has not and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Mortgagor will immediately notify Lender if (1) a release or threatened release of Hazardous Substance occurs on, under or about the Property or migrates or threatens to migrate from nearby property; or (2) there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with Environmental Law. G BARR MCCUTCHEON Wyoming Mortgage WY/ 4XDTAYLOR00000000000186049072009N 1996 Bankers Systems, Inc., St. Cloud, MN E.x.0 Page 4 IIIIIIIIIIIII IIIIIIIIIIIIIllIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIII 13022 3 0 2 0 0 9 1 660 ,v .123 D. Except as previously disclu. ed and acknowledged in writing to Lender, Mortgagor has no knowledge of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating to (1) any Hazardous Substance located on, under or about the Property; or (2) any violation by Mortgagor or any tenant of any Environmental Law. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not the obligation, to participate in any such proceeding including the right to receive copies of any documents relating to such proceedings. E. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are and will remain in full compliance with any applicable Environmental Law. F. Except as previously disclosed and acknowledged in writing to Lender, there are no underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing. G. Mortgagor will regularly inspect the Property, monitor the activities and operations on the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental Law are obtained and complied with. H. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the Property and review all records at any reasonable time to determine (1) the existence, location and nature of any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance that has been released on, under or about the Property; or (3) whether or not Mortgagor and any tenant are in compliance with applicable Environmental Law. I. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's expense, to engage a qualified environmental engineer to prepare an environmental audit of the Property and to submit the results of such audit to Lender. The choice of the environmental engineer who will perform such audit is subject to Lender's approval. J. Lender has the right, but not the obligation, to perform any of Mortgagor's obligations under this section at Mortgagor's expense. K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Mortgagor will indemnify and hold Lender and Lender's successors or assigns harmless from and against all losses, claims, dernan, ,,liabilities, damages, cleanup, response and remediation costs,_ penalties and eKpenses., inclumding without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Security Instrument and in return Mortgagor will provide Lender with collateral of at least equal value to the Property without prejudice to any of Lender's rights under this Security Instrument. L. Notwithstanding any of the language contained in this Security Instrument to the contrary, the terms of this section will survive any foreclosure or satisfaction of this Security Instrument regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the contrary are hereby waived. 15. 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's 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 part of the Property. Such proceeds will 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. 16. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals will include a standard "mortgage clause" and, where applicable, "loss payee clause." If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental G BARR MCCUTCHEON Wyoming Mortgage WY/ 4XDTAYLOR00000000000186049072009N I IIIIII III I I III IIII101110III II 11111111011110 III II VIII I I IN I IIII VIII IIII 11 1 3 0 2 2 3 1 2 4 3/ 0 7 2 0 2 0 0 9 ©1996 Bankers Systems, Inc., St. Cloud, MN E2.c Page 6 22. AMENDMENT, INTEGRATION AND SE modified by oral agreement. No amendment o writing and executed by Mortgagor and Lend Secured Debts are the complete and final expr is unenforceable, then the unenforceable pr enforceable. 23. INTERPRETATION. Whenever used, the section headings are for convenience only anc Instrument. G BARR MCCUTCHEON Wyoming Mortgage WY/ 4 XDTAYLOR00000000000186049072009N r 4 Toss or business interruption insurance in amqunts and under policies accepta....i to Lender. general liability insurance must name Lender, as an additional insured. The rental loss or insurance must be in an amount equal to a least coverage of one year's debt service, account deposits (if agreed to separately in wr ting). Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of the Property insured, Lender may obtain insur pay for the insurance on Lender's demand. L or Lender may add the insurance premiums t rate that applies to the Secured Debts. This i may be written by a company other than one Mortgagor could obtain if Mortgagor purchase one of Lender's affiliates may receive commis 17. ESCROW FOR TAXES AND INSURANCE. insurance in escrow. 18. CO- SIGNERS. If Mortgagor signs this Se Debts, Mortgagor does so only to mortgage M Debts and Mortgagor does not agree by sign Debts. If this Security Instrument secures a g any rights that may prevent Lender from bri under the obligation. These rights may includ 19. WAIVERS. Except to the extent prohibite to the Property. 20, APPLICABLE LAW. This Security lnstru America, and to the extent required, by, ,the I extent such state laws are preempted by fede 21. JOINT AND INDIVIDUAL LIABILITY AND Instrument are independent of the obligati individually or together with any other Mortga still be obligated under this Security lnstrume guaranty between Lender and Mortgagor, M bringing any action or claim against Mortga include, but are not limited to, any anti- deficie to this Security Instrument may extend, mod any evidence of debt without Mortgagor's co this Security Instrument. The duties and ben and assigns of Lender and Mortgagor. 1VI1I1VIIIII0IIII VIIIIIIIIIIIIIIIVIIIIIIIIVIII1001110 1V11I IIIUIIVIIIVIIIVIIIVIIIIIIIIlII :I 5 The comprehensive business interruption and required escrow cancellation or termination of insurance. If Mortgagor fails to keep o nce to protect Lender's interest in the Property and Mortgagor will nder may demand that Mortgagor pay for the insurance all at once, the balance of the Secured Debts and charge interest on it at the surance may include coverages not originally required of Mortgagor, Mortgagor would choose, and may be written at a higher rate than I the insurance. Mortgagor acknowledges and agrees that Lender or ions on the purchase of this insurance. Mortgagor will not be required to pay to Lender funds for taxes and urity Instrument but is not otherwise obligated to pay the Secured rtgagor's interest in the Property to secure payment of the Secured ng this Security Instrument to be personally liable on the Secured laranty between Lender and Mortgagor, Mortgagor agrees to waive ging any action or claim against Mortgagor or any party indebted but are not limited to, any anti deficiency or one action laws. i by law, Mortgagor waives all homestead exemption rights relating ent is governed by the laws of Wyoming, the United States of ws of the jurisdiction where the Property is located, except to the al law. SUCCESSORS. Each Mortgagor's obligations under this Security ns of any other Mortgagor. Lender may sue each Mortgagor or. Lender may release any part of the Property and Mortgagor will t for the remaining Property. If this Security Instrument secures a rtgagor agrees to waive any rights that may prevent Lender from or or any party indebted under the obligation. These rights may cy or one action laws. Mortgagor agrees that Lender and any party y or make any change in the terms of this Security Instrument or sent. Such a change will not release Mortgagor from the terms of fits of this Security Instrument will bind and benefit the successors ERABILITY. This Security Instrument may not be amended or modification of this Security Instrument is effective unless made in This Security Instrument and any other documents relating to the ssion of the agreement. If any provision of this Security Instrument vision will be severed and the remaining provisions will still be ingular includes the plural and the plural includes the singular. The are not to be used to interpret or define the terms of this Security ©1996 Bankers Systems, Inc., St. Cloud, MN E*? Exi5Zite Page 6 r 12 5 24. NOTICE, FINANCIAL REPOt.. S, ADDITIONAL DOCUMENTS AND RECORDING TAXES. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one Mortgagor will be deemed to be notice to all Mortgagors. Mortgagor will inform Lender in writing of any change in Mortgagor's name, address or other application information. Mortgagor will provide Lender any financial statements or information Lender requests. All financial statements and information Mortgagor gives Lender will be correct and complete. Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation and recording of this Security Instrument. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and to confirm Lender's lien status on any Property, and Mortgagor agrees to pay all expenses, charges and taxes in connection with the preparation and recording thereof. Time is of the essence. SIGNATURES. By signing, Mortgagor agrees to the terms and covenants contained in this Security Instrument. Mortgagor also acknowledges receipt of a copy of this Security Instrument. MORTGAGOR: 44 PATRICE EILEEN MCCUTCHEON Individually LENDER: The Bank Of Star Valley By ice- rc Steve Hartwell, VP /SCO G BARR MCCUTCHEON Wyoming Mortgage WY/ 4XDTAYLOR00000000000186049072009N ©1996 Bankers Systems, Inc., St. Cloud, MN H■cri0iia, Page 7 IIIIII VIII1I 0 2 2 II101VIIIVIII 1�1IIII J11111 111 III1111111I 1 6 ACKNOWLE (Individual) rrit -arE OF Wi v"1 N 6 Co 47 O F r t N'ccl i✓ This instrument was acknowledged before me this 020 day of o?b ci by PATRICE EILEEN MCCUTCHEON an unmarried individual. My commission expires: STEVEN A. HARTWELL NOTARY PUBLIC COUNTY OF STATE OF LINCOLN ;r: WYOMING MY COMMISSION EXPIRES JULY 8. 20� (Lender Acknowledgment) Acknowledgment) W I 0. OF yC1`l��I d. r Li OF COI This instrument was acknowledged efore me this 2.0 d. Steve A. Hartwell as VP /SCO of The Bank Of Star Valley. My commission expires: u30,ZN%„) (7e)1,,;( is r 43r t G BARR MCCUTCHEON Wyoming Mortgage WY/ 4XDTAYLOR0000000000018604907200 9N 111111 IIII III IIII VIII II II III I I III VIII IIII 11111101 111 IN 111111111 NIN VIII IIII IIII 11111 IIII I�II 1 3 0 2 2 3 1 2 4 3% 0 7 2 0 2 0 0 6, (Notary Public) Ss. 4,411 iv A.1.44 o ary blic) Bankers Systems, Inc., St. Cloud, MN Ew3ThaP 2C09 by Page 8 O /LOILUU, Order No: 6010918176 LEGAL DESCRIPTION EXIIIBIT `A' ``r, Parcel 1 Lot 53 of Afton Airpark Addition to the Town of Afton. Lincoln County, Wyoming as described on the official plat No. 167 filed ou August 1, 2005 as instrument No. 910442 of the records of the Lincoln County Clerk. 'O4.27 v0 I.:58 46 West. 3rd Avenue P.O. Box 11 Afton, WY 83110 (307) 88 -6015 John Bowers Bowers Law Office 685 S. Washington Afton, WY 83110 Hometown Title, Ltd. November 27, 2012 OWNERSHIP AND. ENCUMBRANCES: REPORT Order No. 101214 /Patrice Eileen McCutcheon and Barr McCutcheo.n Parcel 1 Mortgage to secure indebtedness an the original principal amount of $2.1.1,3 36.68. Dated: July 20, 2009 Mortgagor: Patrice Eileen McCutcheon Mortgagee: The Bank of Star Valley Recording date: July 22, 2009 Recording Information: Book 728PR on page 119 901 Cedar Avenue. P.O. Box 931 Kemmerer, WY 83101 (3Q7) 877-9300 We searched our title general indexes completed research of the indices of the. Lincoln County Clerk regarding the following described. land Parcel 1 Lot 53 of Afton Airpark Addition. to the Town of Afton, Lincoln County, Wyoming as described on the official plat No 167-C filed August 1, 2005 as Instrunent No. 910442 of the records of the Lincoln County Clerk. The last deed of record is to Patrice Eileen McCutcheon recorded October 14, 2008 in Book 706PR on page :855 of the Lincoln County Clerk. Parcel 2 Lot 54 of Afton Airpark Addition to the Town of Afton, Lincoln County, Wyoming as described on the official plat No 167-C filed August 1, 2005 as Instrument No. 910442 of the records of the Lincoln County Clerk. The last deed of record is to Barr McCutcheon recorded August 29, 2008 in Book 703PR on page. 624 of the Lincoha County Clerk. Following are the apparent encumbrances on the land; C0J Ownership and Encumbrances: Report File No. 10214 Page 2 Encumbrances, continued Parcel 2 Mortgage to secure indebtedness in the original principal amount of $211,336.68. Dated: July 20, 20 Mortgagor: Barr Mc.Cutcleon Mortgagee: The Bank of Star Valley Recording date: July 22, 2009 Recording Information Book 728PR on page 110 Parcel 1 Taxes for the year 2012 Tax Notice No 12- 3219- 36 -4 -00= 103.00 appear to be due in the amount. of 177.70 according to the .Lincoln County Treasurer. Parcel 2 Certificate of Purchase No. 1.1053 is outstanding for the years 2010 and 20 11 for Tax Notice No. 12- 3219- 36 -4 -00- 104.00, according to the Lincoln County Treasurer. Federal Tax Liens: None. State Tax Liens: None. This report is based on a search of our Tract Indexes and in not to reflect the status of title. The report does not include any reservations or easements of record. No liability beyond the amount paid for this report is assumed hereunder and Hometown Title, Ltd. is not responsible, beyond that amount, for any errors and /or omissions conLairied. herein. No. representation. is made as to the completeness, validity or the accuracy of the various docutnents reported herein. Hq town Title Ltd. Shelley Sandall, itle Officer u 0 0