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HomeMy WebLinkAbout890889Recording requested~by: Wells Fa]:go Bank, N.A. Whenrecordedreturnto: Wells Fargo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 59107 DOCUMENT MANAGEMENT 890889 'BOOK ~"~'~'_PR PAGE 3 3 RECEIVED :LINCOLN COUNTY CLERK ~'~'i35t'''~ *W- ~Yi,~D ...... ~, ,..;" :"r?~r,j,~ State of Wyomh~g · · 'Space Above Tiffs Line For Recordh~g Data- REFERENCE #: 20030907000085 ACCOUNT #: 0654-854-7850272- I gg8 MORTGAGE (With Future Advance Clause) ~ L- O~/I DATE AND PARTIES, The date of this Mortgage ("Security Instrument") is 04 / 29/2003 and the parties, their addresses m~d tax identification numbers, if required, are as followsl MORTGAGOR: LANE BARI_0W ALLREU AND ,JANET L. ALLRED, TRUSTEES OF THE LANE AND JAN ALLRED FAMILY TRUST DATED THE 14TH DAY OF JUNE, 2001 i [] If checked, refer to the attached Addendum incorporated hereiu, for additional Mortgagors their signatures and acknowledgments. LENDER: Wells Fargo Bank, N.A. P. 0. BOX 31557 BILLINGS, MT 59107 CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's perform,'mce under this Security Instrmnent, Mortgagor grants, bargains, conveys, Inortgages and warrants to Lender, with power of sale, the following described property: SEE EXI81 A 3o The property is located in L I NC 0 L N at: 2374 HWY 238 AFTON, WY 831(~%unty) and parcel number of 12-311 g-03-4-00-528.00 together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that lnay now or at any time in the future be part of the real estate described above (all referred to as "Property"). MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one tilne shall not exceed $ 37,488.28 . Tiffs 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 tiffs Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the pronfissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 04 / 2g / 2003 together with all anrendments, extensions, modifications and renewals, and having a maturity date of 04 / 29 / 2043 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security InsLmment. Nothing in this Security Agreement shall constitute a commitnrent to make EQ 150A (067"'," ~ ', .2 9 additional or future loans or advances which exceed the.amount shown in Section 3. Any such comznitment must be agreed'to in a separate writing. C. All sums advanced and expenses incurred by Lender for insunng, preserving, or otherwise protecting the Property and its value and any other sums advanced and expenses incurred by Lender under the terms of this SecuriW Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance with the terms of the Secured Debt and tlffs Security Instrument. 6. 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 m~y 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. 7. 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 a~nounts 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 the 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. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep tile Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall not conumt 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 for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall 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 naxne or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall 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. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or future leases, subleases, and any other written or verbal agreexnents for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and futnre Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of this Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that tiffs assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without tile necessity of conm~encing legal action and that actual possession is deemed to occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not conmffngle the Rents with an), other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law. 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: . EQ150B (06/2002) ')40 A. Obligations. Mortgagor shall perform all of Mortgagor's obligations under the Constituent Documents. The Consmuent Documents' are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documents. Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard InSurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condoininium Project or PUD which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then Mortgagor's obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owner's Association policy. Mortgagor shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to Property, whether to the unit or to conunon elements, any proceeds payable to Mortgagor are hereby assigned and shall be paid to Lender for application to the sums secured by this Security Instru~nent, with any excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insurance for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability Insurance. Mortgagor shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, axnount, and extent of coverage to Lender. E. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Mortgagor in connection with any condenmation or other taking of all or any part of the Properly, whether of the unit or of the cmnmon elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the stuns secured by the Security Instrument as provided in Section 18. F. Lender's Prior Consent. Mortgagor shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project or PUD, except for abandomnent or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender; (iii) termination of professional management 'and assumption of self- management by the Owners Association; or (iv) any action which xvould have the effect of rendenng the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mortgagor does not pay condominium or PUD dues and assessments when due, then Lender ~nay pay them. Any alnounts disbursed by Lender under this section shall become additional debt of Mortgagor secured by this Security Instrument. Unless Mortgagor and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Secured Debt rate and shall be payable, with interest, upon notice from Lender to Mortgagor requesting payment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to make payment when due. MOrtgagor will be in default if a breach occurs under the terms of this Security Instrument or any other document executed for the purpose of creating, securing or guarantying the Secured Debt. A good faith belief by Lender that Lender at any time is insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Property is impaired shall also constitute an event of default. 14. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice of the right to cure or other notices and may establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose tiffs Security Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime thereafter. In addition, Lender shall be entitled to all the remedies provided by laxv, the terms of the Secured Debt, this Security Instrument and any related documents, including without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all re~nedies 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 Debt after the balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any existing default. By not exercising any remedy on Mortgagor's default, Lender does not xvaive Lender's right to later consider the event a default if it continues or happens again. 15. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION .COSTS. Except when prohibited by law, Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Mortgagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preserving or otherwise protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment until paid in full at the lfighest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Security Instrument. This EQ150C (06,17 ..... amount may include, but is not limited to, attorneys' fees, court costs, and other legal expenses. This amount does not include attorneys' fees ffr a sala/Sed employee of the Lender. This Security Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in tiffs section, (1) Enviromnental Law means, without limitation, tile Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other feder ~al, 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 substances," "hazardous waste" or "hazardous 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 shall remain in full compliance with any applicable Environmental Law. C. Mortgagor shall 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 Enviromnental Law concerning the Properly. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in ~vriting 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 an), 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' 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 conde~nnation or other taking of all or any part of the Property. Such proceeds shall 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 shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. Tiffs insurance shall be maintained in the 'amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according to the terms of this Security Instrument. All insurance policies and renewals shall be acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lender shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made ixmnediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change tile amount of any pay~nent. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's right to any insurance policies and proceeds resulting froln damage to the Property before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless othe.nvise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender ma), consider necessary to perfect, continue, and preserve Mortgagor's obligations under tlfis Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under tiffs Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not linfited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to tiffs 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 EQ150D (06/2002) Mortgagor from the terms of this Security Instrument. The duties and benefits of this Secufi~ Instrument shall bind and benefit the successors and assigns of ~v~ortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instnnnent is governed by the laws of the jurisdiction in which the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. Tlfis Security Instrument is colnplete and fully integrated. This Security Instruxnent may not be amended of modified by oral agreement. Any section in this Security Instrument, attachlnents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrnment cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sections of tiffs Security Instrument are for convenience oidy and are not to be used to interpret or define the terms of this Security Instrument. Time is of the essence in this Security Instrnment In the event any section of tlfis Security Instrument directly conflicts with any section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of wlfich I agree to by signing this Security Instrnment, the terms of the Ho~ne Equity Closing Handbook shall control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it orby mailing it by first class mail to the appropriate party's address on page 1 of tlfis Security Instrmnent, or as shown in Lender's records, or to an), oilier address designated in writing. 24. WAIVERS. Except to the extent prohibited by law, Mortgagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state. 25. OTHER TERMS. If checked, 'the following are applicable to this Security Instrument: Line of Credit. 'The Secured Debt includes a revoMng line of credit provision. Although the Secured Debt may be reduced to a zero balance, tlfis Security Instrument will remain in effect until released. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the future and that are or will becmne fixtures relates to the Property. This Security Instrnment suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. ~ Additional Terms. 26. RIDERS. If checked, the following are applicable to tlfis Security Instrument. The covenants and agreements of each of the riders checked below are incorporated into and supplement and mnend tl~e terms of this Security Instrument. [Zs~ Third Party Rider ~ Leasehold Rider ~ Other SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any at~ments. M~ ortgagor also acknowledges receipt of a copy of this Security Instrmnent on the date stated on page 1. ' T Mortgagor g gor Date Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (06/2c~,' Mortgagor Date ACKNOWLEDGMENT: (Individual) The foregoing instrument was acknowledged before me by this ~- -~{A day of }/]///~ / Witness my }~and and officiql seal. (~ature of officer) My CoInmission Expires: / / //t9/2 O O ~ NOTARY PUf3LIC I_ON R. WICKEL 3 NORTH MAIN NEPH[ UT 84648, COMMISSION EXPIRES NOV° 10, 2003 STATE OF UTAH ACKNOWLEDGMENT: (Individnal) The foregoing instrument was acknowledged before me by tlfis ~'-'~A. day of . '~/~ ! Witness my}mhd and offici~ sial. (Si~ure of Officer) (Title of Officer) ~ - ~ My Conunission Expires: I_ON R. WiCKEL 3 NORTH MAiN NEPHI, UT 8464.8 COMMISSION EXPIRES NOV. I0. 2003 STATE 0¢ UTAH EQ150F (06/2002) 3 4 4 THIRD PARTY RIDER REFERENCE #: 20©3090-7©©0065 ACCOUNT/t: 0654-654-3~50232- 1998 THIS THIRD PARTY RIDER is made on 04 / 29 / 2003, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Secuhty Deed ("the Security Instrument") given by the undersigned Trustee(s) to secure the Secured Debt frmn LANE B ALLRED JANET L ALLRED (the "Debtor") to Lender. With respect to the Trust, this Security Instrument constitutes a third party mortgage/deed of trust and grant of security interest by the undersigned as Trustee(s) of said Trust in the Property described in this Security Instnnnent to secure the Note of the Debtor to the Lender. Consequently, references in the text to "Borrower" refer to the undersigned Trustee(s) and the Debtor if the context in which the term is used so requires. Without limiting the generality of the foregoing, the use of the term "Borrower" in the context of warranties, representations and obligations pertaining to the Property shall refer to the undersigned Trustee(s). The use of the term "Borrower" in the context of the requirements under the Note shall refer to the Debtor. Except with respect to the obligation(s) of the undersigned as individuals, and not as Trustee(s), with respect to the Secured Debt before the date first set forth herein above and the obligation(s) of the undersigned as individuals with respect to Secured Debt prior to the transfer of tile Propen~y into the Trust, the Trust and the undersigned, as Trustee(s), are not liable for the debt evidenced by the Note and are a party hereunder except insofar as their interest in the Property is made subject to the Security Instrument. Further, revocation of the Trust, distribution of trust assets, or death of any Debtor shall constitute an event of default under the Secured Instrmnent, /) Trustee Date Trustee Trustee Date Date EQ3 i0 (06/2002) THAT PART OF THE S1/2SE1/4 OF SECTION 3, T31N, Rll9W, LINCOLN COLrNTY, WYOMING, BEING PART OF THOSE TRACTS OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COLrNTY IN BOOK 101 OF PHOTOSTATIC RECORDS ON PAGE 109 A/w-D IN BOOK 356 OF PHOTOSTATIC RECORDS ON PAGE 879, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST COR1w-ER OF THE SW1/4SE1/4 OF .SAID SECTION .3, FOUND AS DESCRIBED ~N THE .CORNER RECORD FILED IN SAID OFFICE; THENCE EAST, 7.81 FEET, ALONG THE SOUTH LINE OF THE SE1/4SE14 OF SAID SECTION 3, TO A SPIKE AT THE SOUTHWEST POINT OF THAT'TR_ACT OF RECORD IN SAID OFFICE IN'BOOK 356 OF PHOTOSTATIC RECORDS ON PAGE 877; THENCE N 01 DEGREES 00 MINUTES 06 SECONDS E, 435.60 FEET, ALONG THE WEST LINE OF SAID TRACT, TO THE NORTHWEST POINT THEREOF; THENCE WEST, 200.00 FEET, PARALLEL WITH THE SOUTH LINE OF SAID S1/4SE1/4, TO A POINT; THENCE S 01 DEGREES 01 MINUTES 06 SECONDS W, 435.60 FEET, PARALLEL WITH SAID WEST LINE, TO A SPIKE ON THE SOUTH LINE OF SAID SW1/4SE1/4; THENCE EAST, 192.19 FEET, ALONG THE SOUTH LINE OF SAID SW1/~SE1/4 TO THE CORNER OF BEGINNING; ENCOMPASSING AN /LREA OF 2.00 ACRES, MORE OR LESS.