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HomeMy WebLinkAbout979847See Exhibit A attached hereto and made a part of 979847 12/26/2014 11:20 AM LINCOLN COUNTY FEES: $36.00 PAGE 1OF 9 BOOK: 845 PAGE: 478 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 111111111111111111111111111111111111111111 I I I l 11111111111111 11 1111111111111 Space Above This Line For Recording Data MORTGAGE Cad Heber Hillstead Wyoming Mortgage WY /4XXAMERAZ00000000000676� IIII��I�Ill�llllllllllll�ll�llllu�r� ^IIIIIIIU Illllll ancial Services ®1996, 2014 Bankers Systems* I IIII� MITI III MITI III oill �IIII !6 1 2 4 4 1 2 2 2 2 0 1 DATE AND PARTIES. The date of this Mortgage (Security Instrument) is December 22, 2014. The parties and their addresses are: D MORTGAGOR: CARL HEBER HILLSTEAD, TRUSTEE OF THE CARL H. HILLSTEAD FAMILY TRUST, DATED FEBRUARY 15, 2006 A Wyoming Revocable Trust Po Box 36 Fairview, WY 83119 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 does hereby grant, bargain, convey, mortgage and warrant to Lender, with the power of sale, the following described property: The property is located in Lincoln County at County Road 140, Fairview, Wyoming 83119. Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time in the future, be part of the real estate described (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. Page 1 2. 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. 01704846, dated December 22, 2014, from Carl Heber Hillstead and Evelyn A Hillstead (Borrower) to Lender, with a loan amount of S15,200.33. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 3. 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. 4. NON OBLIGATED MORTGAGOR. Any Mortgagor, who is not also identified as a Borrower in the Secured Debts section of this Security Instrument and who signs this Security Instrument, is defined as a cosigner for purposes of the Equal Credit Opportunity Act and the Consumer Financial Protection Bureau's Regulation B, 12 C.F.R. 1002.7(d)(4), and is referred to herein as a Non Obligated Mortgagor. By signing this Security Instrument, the Non Obligated Mortgagor does mortgage and assign their rights and interests in the Property to secure payment of the Secured Debts, to create a valid lien, to pass clear title, to waive inchoate rights and to assign earnings or rights to payment under any lease or rent of the Property. However, the Non Obligated Mortgagor is not personally liable for the Secured Debts by virtue of signing this Security Instrument. Nothing in this section shall be construed to modify or otherwise affect the Non Obligated Mortgagor's obligations, if any, that were separately made with Lender in a separate agreement and duly signed by the Non Obligated Mortgagor in the context of that separate agreement. 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, as applicable. 8. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person (such as a corporation, partnership, limited liability company or other organization), Lender may demand immediate payment if: A. A beneficial interest in Mortgagor is sold or transferred. B. There is a change in either the identity or C. There is a change in ownership of more limited liability company or similar entity. However, Lender may not demand payment in Security Instrument. 9. WARRANTIES AND REPRESENTATIONS. Mortgagor makes to Lender the following warranties and representations which will continue as long as this Security Instrument is in effect: Carl Heber Hillstead Wyoming Mortgage WY/ 4XXAMERAZ00000000000676049121914N Wolters Kluwer Financial Services ©1996, 2014 Bankers SystemsT" IIIIIIIIIIuIIIIIIII1111111111111111IIIIIIIIIIIIINIIIIIIIIIIIIIIII IIII111 IIIIIIMIIIIIII1111III IIIIIIIII number of members of a partnership or similar entity. than 25 percent of the voting stock of a corporation, partnership, the above situations if it is prohibited by law as of the date of this Page 2 A. Power. Mortgagor is duly organized, and validly existing and in good standing in all jurisdictions in which Mortgagor operates. Mortgagor has the power and authority to enter into this transaction and to carry on Mortgagor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each jurisdiction in which Mortgagor operates. B. Authority. The execution, delivery and performance of this Security Instrument and the obligation evidenced by this Security Instrument are within Mortgagor's powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency, and will not violate any agreement to which Mortgagor is a party or to which Mortgagor is or any of Mortgagor's property is subject. 10. PROPERTY CONDITION, ALTERATIONS, INSPECTION, VALUATION AND APPRAISAL. 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 consent, Mortgagor will not permit 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. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time and frequency for the purpose of inspecting, valuating, or appraising the Property. Lender will give Mortgagor notice at the time of or before an on -site inspection, valuation, or appraisal for on -going due diligence or otherwise specifying a reasonable purpose. Any inspection, valuation or appraisal of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection, valuation or appraisal for its own purpose, except as otherwise provided by law. 11. 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. 12. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secured Debts are satisfied. As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. 13. DEFAULT. Mortgagor will be in default if any of the following events (known separately and collectively as an Event of Default) 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 commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or Carl Heber Hillsteed Wyoming Mortgage Y �IIIIII III WY /4XX I iHA MIN�lI Wolters Services m1996, 2014 Bankers Systems*" Page 3 against Mortgagor, Borrower, or any co- signer, endorser, surety or guarantor of this Security Instrument or any other obligations Borrower has with Lender. C. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. D. Other Documents. A default occurs under the terms of any other document relating to the Secured Debts. E. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. F. 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. G. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. H. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority. I. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. J. 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. K. Property Value. Lender determines in good faith that the value of the Property has declined or is impaired. L. 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 this Security Instrument or that the prospect for payment or performance of the Secured Debts is impaired for any reason. 14. REMEDIES. On or after the occurrence of an Event of Default, Lender may use any and all remedies Lender 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 an Event of 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 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. 15. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after the occurrence of an Event of Default, to the extent permitted by law, Mortgagor agrees to pay all expenses of collection, enforcement, valuation, appraisal 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, valuate, appraise and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of Lender. 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 Carl Heber Hillstead Wyoming Mortgage Wyl 4XXAMERAZ0000000000067 6 049 1 2 1 9 1 4N Wolters Kluwer Financial Services ©1996, 2014 Bankers SystemsTu 111111IIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIII111 IIIIIIIIVIIIIIIIIIII (IIIII Page 4 1 of the Secured Debts. In addition, to the extent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests in connection with any bankruptcy proceedings initiated by or against Mortgagor. 1S. 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, state 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 as "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 is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. 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. C. Mortgagor will immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law, 17. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor'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. 18. 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 shall include a standard "mortgage clause" (or "lender loss payable clause endorsement that names Lender as "mortgagee" and "loss payee If required by Lender, all insurance policies and renewals will also include an "additional insured" endorsement that names Lender as an "additional insured If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional insured. The rental loss or business interruption insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing). 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 cancellation or termination of insurance. If Mortgagor fails to keep the Property insured, Lender may obtain insurance to protect Lender's interest in the Property and Mortgagor will pay for the insurance on Lender's demand. Lender may demand that Mortgagor pay for the insurance all at once, Carl Heber Hillstead Wyoming Mortgage WY/ 4XXAMERAZ00000000000676049121914N Wolters Kluwer Financial Services ©1996, 2014 Bankers Systeme' iiiiwdilliilo1II hlliiiiiiiiiiiiiiIIIniiLiar1 iiiviiiliiiiiiuIIIiii orOviiiiiii Page 5 or Lender may add the insurance premiums to the balance of the Secured Debts and charge interest on it at the rate that applies to the Secured Debts. This insurance may include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and -may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. Mortgagor acknowledges and agrees that Lender or one of Lender's affiliates may receive commissions on the purchase of this insurance. 19. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to .pay to Lender funds for taxes and insurance in escrow. 20. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 21. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, the United States of America, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. 22. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Mortgagor's obligations under this Security Instrument are independent of the obligations of any other Mortgagor. Lender may sue each Mortgagor individually or together with any other Mortgagor, Lender may release any part of the Property and Mortgagor will still be obligated under this Security Instrument for the remaining Property. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument, The duties and benefits of this Security Instrument will bind and benefit the successors and assigns of Lender and Mortgagor. 23. AMENDMENT, INTEGRATION AND SEVERABILITY. This Security Instrument may not be amended or modified by oral agreement, No amendment of modification of this Security Instrument is effective unless made in writing and executed by Mortgagor and Lender. This Security Instrument and any other documents relating to the Secured Debts are the complete and final expression of the agreement. If any provision of this Security Instrument is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 24. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. 25. NOTICE, ADDITIONAL DOCUMENTS AND RECORDING FEES. 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 other, correct and complete information Lender requests to effectively mortgage or convey the Property, 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. Carl Heber Hillstead Wyoming Mortgage WY/ 4XXAMERAZ00000000000676049121914N Wolters Kluwer Financial Services 0 1996, 2014 Bankers Systems" Page 6 IIIIIIIIIIVIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IjIII,11111111IIIIIIIIIIIII IIIIIIIII111] IIIIIIIIIIIIHHIIIIIIII 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: Carl Heber Hillstead, Trustee Of The Carl H. Hillstead Family Trust, Dated February 15, 2006 By I L�T -"2 Date (1 Carl Heber Hillstead, Settlor/ Trustee for Carl Heber Hillstead, Trustee Of The Carl H. Hillstead Family Trust, Dated February 15, 2006 LENDER: The Bank Of Star Valley Ste� artwell, VP /SCO Date /L ACKNOWLEDGMENT. 516U OF Aro -p Co P--sly O n�N it�c ss. This instrument was acknowledged before me this' .?.r day ofEIL¢.rw 20 ,Y by Carl Heber Hillstead as Settlor/ Trustee of Carl Heber Hillstead, Trustee Of The Carl. Hillstead Family Trust, Dated February 15, 2006. My commission expires: (Notary Public) STEVEN A. HARTWELL NOTARY PUBLIC County of Lincoln State of Wyoming My Commission Expires July 8, 2018 Carl Heber Hillstead Wyoming Mortgage WW4XXAMERAZ00000000000676049121914N Wolters Kluwer �Itlalllll�lll�lllll�llllll jII I III�III�II�II�Illlll�llllllllancial Services °1996, 2014 Bankers SystemsT Page 7 (Lender Acknowledgment) OF This instrument was acknowledged efore me this day of Steve A. Hartwell as VP /SCO of The Bank Of Star Valley. My commission expires: 9) 9 NOTARY PURL C MINOY LYMA� S1AT OF COUNTY NCO WYOMING LINCOLN 1 2018 MY COMMISSION SORES FEBRUARY (Notary Public) Carl Heber Hillstead Wyoming Mortgage WY /4XX u uu H IIIIIIIIIIIIIIIIIIIIIIIIIIIIII�III ;IIIIIIIIIIII Services 0 1996, 2014 Bankers Systems.. 0 1 7 0 4 8 4 8 96 1 2 4 4% 2 2 2 2 0 D-01 by Page 8 EXHIBIT A That part of the Southwest Quarter of the Northeast Quarter and that part of the Northwest Quarter of the Southeast Quarter of Section 10, Township 31 North Range 119 West, Lincoln County, Wyoming, being part of those tracts of record in the Office of the Clerk of Lincoln County in Book 213 of Photostatic Records on page 79 and in Book 124 of' Photostatic Records on page 659, described as follows: BEGINNING at the Southwest corner of said Southwest Quarter of the Northeast Quarter; thence North 00 °24'24" East, 396.00 feet, along the West line of said Southwest Quarter of the Northeast Quarter, to the Southwest spike of that tract of record in said Office in Book 530 of Photostatic Records on page 197; thence South 89 °35'36" East, 214.50 feet, along the South line of said tract, to the Southeast point thereof; thence North 00 °24'24" East, 198.00 feet, along the East line of said tract, to the Northeast point thereof; thence North 89 °35'36" West, 214.50 feet, along the North line of said tract, to the Northwest spike of said tract, on the West line of said Southwest Quarter of the Northeast Quarter; thence North 00 °24'24" East, 417.09 feet, along said West line, to a spike; thence North'89 °44'45" East, 265.19 feet, to a point; thence South 00 °07'06" East, 1013.16 feet, to a point on the South line of said Southwest Quarter of the Northeast Quarter; thence continuing South 00 °07'06" East, 16.50 feet, to a point; thence North 89 °48'30" West, 274.61 feet, along a line parallel with said South line, to a point on the West line of said Northwest Quarter of the Southeast Quarter; thence North 00 °24'24" East, 16.50 feet, along said West line to the CORNER OF BEGINNING.