HomeMy WebLinkAbout976875r
AFTER RECOF )U'1C. IU
DOCUMENT PROCESSING SOLUTIONS, INC
590 W. LAMBERT RD
LBREA, CA 9292
12q3-L€
State of WYOMING
Reverse Mortgage Solutions, Inc.
2727 Spring Creek Dr
Spring, TX 77373
976875 6/3/2014 4:01 PM
LINCOLN COUNTY FEES: $42.00 PAGE 1 OF 11
BOOK: 833 PAGE: 353 MORTGAGE
)EANNE WAGNER, LINCOLN COUNTY CLERK
I11111111111111 IIIIII 1111 II MI 111 III lI1 IIII
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[Space Above This Line For Recording Data]
FHA Case No. 591 1306804 -962
Loan No. 1448979
MIN: 1007487- 0025515200 -1
See legal description as Exhibit A attached hereto and made a part hereof for all intents and
purposes
which has the address of
166 MAIN WEST STREET, AUBURN, Wyoming 83111, "Property Address
TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements,
rights, appurtenances, and fixtures now or hereafter a part of the property. All replacements and
.:ecercting nequested Epy
-irst American Tllt B
F3 ADJUSTABLE RATE
HOME EQUITY CONVERSION SECOND MORTGAGE
RNs i2- 374q ny- v 3z.00
THIS MORTGAGE "Security Instrument" or "Second Security Instrument is given on May
24, 2014. The Mortgagor is JAMES RUSSELL BAGSHAW and MARSHA BAGSHAW,
HUSBAND AND WIFE, TENANTS BY THE ENTIRETIES, whose address is 166 MAIN WEST
STREET, AUBURN, Wyoming 83111 "Borrower This Security Instrument is given to the Secretary
of Housing and Urban Development, whose address is 451 Seventh Street, SW, Washington, DC 20410
"Lender" or "Secretary Borrower has agreed to repay and warrants to Lender amounts which Lender
is obligated to advance, including future advances, under the terms of a Home Equity Conversion Loan
Agreement dated the same date as this Security Instrument "Loan Agreement The agreement to repay
is evidenced by Borrower's Adjustable -Rate Note dated the same date as this Security Instrument
"Second Note This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by
the Second Note, with interest at a rate subject to adjustment (interest), and all renewals, extensions and
modifications of the Note, up to a maximum principal amount of Two Hundred Seventy Thousand
Dollars and Zero Cents (U.S. $270,000.00 (b) the payment of all other sums, with interest, advanced
under paragraph 5 to protect the security of this Security Instrument or otherwise due under the terms of
this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this
Security Instrument and the Second Note. The full debt, including amounts described in (a), (b), and (c)
above, if not due earlier, is due and payable on June 8, 2094. For this purpose, Borrower does hereby
mortgage, grant and convey to Lender, with power of sale, the following described property located in
LINCOLN County, WYOMING:
Page 1 of 10 HECM Second Mortgage
additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this
Security Instrument as the "Property."
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 only encumbered by a First
Security Instrument given by Borrower and dated the same date as this Security Instrument "First
Security Instrument Borrower warrants and will defend generally the title to the Property against all
claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non uniform
covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Borrower shall pay when due the principal of, and interest on,
the debt evidenced by the Second Note.
2. Payment of Property Charges. Borrower shall pay all property charges consisting of taxes, ground
rents, flood and hazard insurance premiums, and special assessments in a timely manner, and shall
provide evidence of payment to Lender, unless Lender pays property charges by withholding funds from
monthly payments due to the Borrower or by charging such payments to a line of credit as provided for
in the Loan Agreement. Lender may require Borrower to pay specified property charges directly to the
party owed payment even though Lender pays other property charges as provided in this Paragraph.
3. 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 fire. This insurance shall be maintained in the amounts, to the extent and for the periods
required by Lender. Borrower shall also insure all improvements on the Property, whether now in
existence or subsequently erected, against loss by floods to the extent required 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 to Lender, instead of to Borrower and Lender jointly. Insurance
proceeds shall be applied to restoration or repair of the damaged Property, if the restoration or repair is
economically feasible and Lender's security is not lessened. If the restoration or repair is not
economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied
first to the reduction of any indebtedness under the Second Note and this Security Instrument. Any
excess insurance proceeds over an amount required to pay all outstanding indebtedness under the
Second 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.
4. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan
Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's
principal residence after the execution of this Security Instrument and Borrower (or at least one
Borrower, if initially more than one person are Borrowers) and shall continue to occupy the Property as
Borrower's principal residence for the term of the Security Instrument. "Principal residence" shall have
the same meaning as in the Loan Agreement.
Page 2 of 10 HECM Second Mortgage
Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the
Property to deteriorate, reasonable wear and tear excepted. 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 connection with the
loan evidenced by the Note, including, but not limited to, representations concerning Borrower's
occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold,
Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property,
the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing.
5. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shall pay all
governmental or municipal charges, fines and impositions that are not included in Paragraph 2.
Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure
to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall
promptly furnish to Lender receipts evidencing these payments. Borrower shall promptly discharge any
lien which has priority over this Security Instrument in the manner provided in Paragraph 12(c).
If Borrower fails to make these payments or the property charges 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.
To protect Lender's security in the Property, Lender shall advance and charge to Borrower all amounts
due to the Secretary for the Mortgage Insurance Premium as defined in the Loan Agreement as well as
all sums due to the loan servicer for servicing activities as defined in the Loan Agreement. Any amounts
disbursed by Lender under this Paragraph shall become an additional debt of Borrower as provided for
in the Loan Agreement and shall be secured by this Security Instrument.
6. Inspection. Lender or its agent may enter on, inspect or make appraisals of the Property in a
reasonable manner and at reasonable times provided that Lender shall give the Borrower notice prior to
any inspection or appraisal specifying a purpose for the inspection or appraisal which must be related to
Lender's interest in 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 without notice to
the Borrower.
7. 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 the Property, or for conveyance in
place of condemnation, shall be paid to Lender. The proceeds shall be applied first to the reduction of
any indebtedness under the Second Note and this Security Instrument. Any excess proceeds over an
amount required to pay all outstanding indebtedness under the Second Note and this Security Instrument
shall be paid to the entity legally entitled thereto.
8. Fees. Lender may collect fees and charges authorized by the Secretary for the Horne Equity
Conversion Mortgage Insurance Program.
9. Grounds for Acceleration of Debt.
(a) Due and Payable. Lender may require payment -in -full of all sums secured by this Security
Instrument if:
(i) A Borrower dies and the Property is not the principal residence of at least one surviving
Page 3 of 10
HECM Second Mortgage
Borrower; or
(ii) All of a Borrower's title in the Property (or his or her beneficial interest in a trust owning
all or part of the Property) is sold or otherwise transferred and no other Borrower retains title
to the Property in fee simple or retains a leasehold under a lease for not less than 99 years
which is renewable or a lease having a remaining period of not less than 50 years beyond the
date of the 100th birthday of the youngest Borrower or retains a life estate (or retaining a
beneficial interest in a trust with such an interest in the Property); or
(iii) The Property ceases to be the principal residence of a Borrower for reasons other than
death and the Property is not the principal residence of at least one other Borrower; or
(iv) For a period of longer than 12 consecutive months, a Borrower fails to occupy the Property
because of physical or mental illness and the Property is not the principal residence of at Least
one other Borrower; or
(v) An obligation of the Borrower under this Security Instrument is not performed.
(b) Notice to Lender. Borrower shall notify the Lender whenever any of the events listed in
Paragraph 9(a)(ii) -(v) occur.
(c) Notice to Borrower. Lender shall notify Borrower whenever the loan becomes due and
payable under Paragraph 9(a)(ii) -(v). Lender shall not have the right to commence foreclosure
until Borrower has had 30 days after notice to either:
(i) Correct the matter which resulted in the Security Instrument corning due and payable; or
(ii) Pay the balance in full; or
(iii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply the
net proceeds of the sale toward the balance; or
(iv) Provide the Lender with a deed -in -lieu of foreclosure.
(d) Trusts. Conveyance of a Borrower's interest in the Property to a trust which meets the
requirements of the Secretary, or conveyance of a trust's interests in the Property to a Borrower,
shall not be considered a conveyance for purposes of this Paragraph 9. A trust shall not be
considered an occupant or be considered as having a principal residence for purposes of this
Paragraph 9.
10. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debt
secured by this Security Instrument. Lender may enforce the debt only through sale of the Property.
Lender shall not be permitted to obtain a deficiency judgment against Borrower if the Security
Instrument is foreclosed.
11. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate
payment -in -full. This right applies even after foreclosure proceedings are instituted. To reinstate this
Security Instrument, Borrower shall correct the condition which resulted in the requirement for
immediate payment -in -full. Foreclosure costs and reasonable and customary attorney's fees and
expenses properly associated with the foreclosure proceeding shall be added to the principal balance.
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 commencement of
Page 4 of 10 HECM Second Mortgage
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 will adversely affect the priority of the Security Instrument.
12. Lien Status.
(a) Modification.
Borrower agrees to extend this Security Instrument in accordance with this Paragraph 12(a). If
Lender determines that the original lien status of the Security Instrument is jeopardized under
state law (including but not limited to situations where the amount secured by the Security
Instrument equals or exceeds the maximum principal amount stated or the maximum period
under which loan advances retain the same lien priority initially granted to loan advances has
expired) and state law permits the original lien status to be maintained for future loan advances
through the execution and recordation of one or more documents, then Lender shall obtain title
evidence at Borrower's expense. If the title evidence indicates that the property is not
encumbered by any liens (except the First Security Instrument described in Paragraph 13(a),
this Second Security Instrument and any subordinate liens that the Lender determines will also
be subordinate to any future loan advances), Lender shall request the Borrower to execute any
documents necessary to protect the lien status of future loan advances. Borrower agrees to
execute such documents. If state law does not permit the original lien status to be extended to
future loan advances, Borrower will be deemed to have failed to have performed an obligation
under this Security Instrument.
(b) Tax Deferral Programs.
Borrower shall not participate in a real estate tax deferral program, if any liens created by the
tax deferral are not subordinate to this Security Instrument.
(c) Prior Liens.
Borrower shall promptly discharge any lien which has priority over this Security Instrument
unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a
manner acceptable to Lender; (b) contests in good faith the lien by, or defends against
enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent
the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the
holder of the lien an agreement satisfactory to Lender subordinating the lien to all amounts
secured by this Security Instrument. If Lender determines that any part of the 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
the actions set forth above within 10 days of the giving of notice.
13. Relationship to First Security Instrument.
(a) Second Security Instrument. In order to secure payments which the Secretary may make to or
on behalf of Borrower pursuant to Section 255(i)(1)(A) of the National Housing Act and the Loan
Agreement, the Secretary has required Borrower to execute a Second Note and this Second
Security Instrument. Borrower also has executed a First Note and First Security Instrument.
(b) Relationship of First and Second Security Instruments. Payments made by the Secretary
shall not be included in the debt under the First Note unless:
(i) The First Security Instrument is assigned to the Secretary; or
Page 5 of 10
HECM Second Mortgage
(ii) The Secretary accepts reimbursement by the holder of the First Note for all payments made
by the Secretary.
If the circumstances described in (i) or (ii) occur, then all payments by the Secretary, including
interest on the payments but excluding late charges paid by the Secretary, shall be included in
the debt under the First Note.
(c) Effect on Borrower. Where there is no assignment or reimbursement as described in (b)(i) or
(ii) and the Secretary makes payments to Borrower, then Borrower shall not:
(i) Be required to pay amounts owed under the First Note, or pay any rents and revenues of the
Property under Paragraph 19 to the holder of the First Note or a receiver of the Property, until
the Secretary has required payment -in -full of all outstanding principal and accrued interest
under the Second Note; or
(ii) Be obligated to pay interest or shared appreciation under the First Note at any time,
whether accrued before or after the payments by the Secretary, and whether or not accrued
interest has been included in the principal balance under the First Note.
(d) No Duty of the Secretary. The Secretary has no duty to the holder of the First Note to enforce
covenants of the Second Security Instrument or to take actions to preserve the value of the
Property, even though the holder of the First Note may be unable to collect amounts owed under
the First Note because of restrictions in this Paragraph 13.
(e) Restrictions on Enforcement. Notwithstanding anything else in this Security Instrument, the
Borrower shall not be obligated to comply with the covenants hereof, and Paragraph 19 shall have
no force and effect, whenever there is no outstanding balance under the Second Note.
14. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or
remedy shall not be a waiver of or preclude the exercise of any right or remedy.
15. Successors and Assigns Bound; Joint and Several Liability. Borrower may not assign any rights
or obligations under this Security Instrument or the Second Note, except to a trust that meets the
requirements of the Secretary. Borrower's covenants and agreements shall be joint and several.
16. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by
delivering it or by mailing it by first class mail unless applicable law requires use of another method.
The notice shall be directed to the Property Address or any other address all Borrowers jointly designate.
Any notice to the Secretary shall be given by first class mail to the HUD Field Office with jurisdiction
over the Property or any other address designated by the Secretary. 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 16.
17. Governing 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 Second Note conflicts with applicable law, such conflict shall not affect other
provisions of this Security Instrument or the Second Note which can be given effect without the
conflicting provision. To this end the provisions of this Security Instrument and the Second Note are
declared to be severable.
18. Borrower's Copy. Borrower shall be given one conformed copy of the Second Note and this
Security Instrument.
Page 6 of 10 HECM Second Mortgage
NON UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
19. 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 benefit of Lender and Borrower. This assigmnent of rents constitutes an absolute assigrunent and
not a assignment for additional security only.
If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by
Borrower as trustee for benefit of Lender only, to be applied to the sums secured by this 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 19, except as provided in the
First Security Instrument
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 may 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 this Security Instrument is paid in full.
20. Foreclosure Procedure. If Lender requires immediate payment -in -full under Paragraph 9,
Lender at its option may require immediate payment in full of all sums secured by this Security
Instrument without further demand and may invoke the power of sale and any other remedies
permitted by applicable Lender shall be entitled to collect all expenses incurred in pursuing the
remedies provided in this Paragraph 20, including, but not limited to, reasonable attorneys' fees
and costs of title evidence.
If lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower to
the person in possession of the Property, if different, in accordance with applicable law. Lender
shall give notice of sale to Borrower in the manner provided in Paragraph 16. Lender shall
publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable
law. Lender or its designee may 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 this Security Instrument; and (c) any excess
to the person or persons legally entitled to it.
21. Lien Priority. The full amount secured by this Security Instrument shall have a lien priority
subordinate only to the full amount secured by the First Security Instrument.
22. Adjustable Rate Feature. Under the Note, the initial stated interest rate of 2.399% which accrues
on the unpaid principal balance "Initial Interest Rate is subject to change, as described below. When
the interest rate changes, the new adjusted interest rate will be applied to the total outstanding principal
balance. Each adjustment to the interest rate will be based upon the average of interbank offered rates
for one -month U.S. dollar denominated deposits in the London Market "LIBOR as published in The
Wall Street Journal "Index plus a margin. If the Index is no longer available, Lender will be required
to use any index prescribed by the Department of Housing and Urban Development. Lender will give
Page 7 of 10
HECM Second Mortgage
Borrower notice of new index.
Lender will perform the calculations described below to determine the new adjusted interest rate. The
interest rate may change on July 1, 2014 and on the first day of each succeeding month. "Change
Date" means each date in which the interest rate could change.
The value of the Index will be determined, using the most recent Index figure available thirty (30) days
before the Change Date "Current Index Before each Change Date, the new interest rate will be
calculated by adding a margin to the Current Index. The sum of the margin plus the Current Index will
be called the "Calculated Interest Rate" for each Change Date. The Calculated Interest Rate will be
compared to the interest rate in effect immediately prior to the current Change Date (the "Existing
Interest Rate
The Calculated Interest Rate will never increase above 12.399%
The Calculated Interest Rate will be adjusted if necessary to comply with the rate limitation(s) described
above and will be in effect until the next Change Date. At any change date, if the Calculated Interest
Rate equals the Existing Interest Rate, the interest rate will not change.
23. 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.
24. Waivers. Borrower waives all right of homestead exemption in the Property and relinquishes all
rights of curtesy and dower in the Property.
25. Obligatory Loan Advances. Lender's responsibility to make Loan Advances under the terms of
the Loan Agreement, including Loan Advances of principal to Borrower as well as Loan Advances of
interest, MIP, Servicing Fees, and other charges shall be obligatory.
26. 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).]
Condominium Rider Planned Unit Development Rider
Other FSpecifyl
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this
Security Instrument and in any rider(s) executed by Borrower and recorded with it.
//Lrees:
L AMES RUSSELL BAGSHA
(SEAL)
MARSHA BAGSHAW Dat
Page 8 of 10
Dae
HECM Second Mortgage
State of WYOMING
County of Li LJL-J1�{`i
This instrument was acknowledged before me this
Notary Public
My Commission Expires:
[Space Below This Line For Acknowledgment]
LA.0 aLf, (`i' (date) by
,akf,
Individual Loan Originator
Mortgage Loan Originator: Barbra Blair
Nationwide Mortgage Licensing system and Registry Identification Number:
Page 9 of 10
NANCY J. BROWN NOTARY PUBLIC
COUNTY OF STATE OF
LINCOLN Is de WYOM NG
Y COMMISSION EXPIRES 4( L i
Loan Originator Organization
Mortgage Loan Originator Organization: Reverse Mortgage Solutions, Inc. dba Security 1 Lending
Nationwide Mortgage Licensing system and Registry Identification Number: 107636
256846
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HECM Second Mortgage
EXHIBIT A
Exhibit A to the Mortgage made on May 24, 2014, by JAMES RUSSELL BAGSHAW and MARSHA
BAGSHAW, HUSBAND AND WIFE, TENANTS BY THE ENTIRETIES "Borrower to the
Secretary of Housing and Urban Development, and whose address is 451 Seventh Street, S.W.,
Washington, D.C. 20410, "Lender" or "Secretary The Property is located in the county of
SEE EXHIBIT "A" ATTACHED
Description of Property
Page 10 of 10
HECM Second Mortgage
EXHIBIT 'A'
File No.: 11065 125718 (DE)
Property: 166 Main West Street, Auburn, WY 83111
Lots number Two (2) and Three (3) of Block Nine (9), Auburn Townsite, Auburn, Lincoln
County, Wyoming. Excepting from Lot Two (2) of Block Nine (9) of said Townsite the
following:
Beginning at the northwest corner of Lot Two (2) of Block (9) of the Auburn Townsite and
running thence East Twenty (20) rods, thence South Sixteen (16) rods, thence West Twenty
(20) rods, thence North Sixteen (16) rods to the point of beginning.
A.P.N. 12- 3219- 04 -1 -01- 032.00