Loading...
HomeMy WebLinkAbout892730Recording requested by: Wells Fargo Bank, N.A, RECEIVED LINOOLN OOUNTY OLERK W',e. recordedre,.r, to: 892 7 30 ,u 25 mq 39 Wells Fargo Bank, N.A. P. O. BOX 31553 JEANNE WAGNER ' .~., :, ',,,,:1ERE. ,. '~`'''''~' ' n DOCUMENT MANAGEMENT BOOK. RPAGE OI I. 'State of Wyomh~g . · Space Above Tiffs Lhm For Recordh~g Data' REFERENCE #: 20031 -/77400164 ACCOUNT #: 0654-654-9366911 - 1998 MORTGAGE (With Future Advance Clause) DATE AND PARTIES. Thc date of this Mortgage ("Security Ins'trument") is 07 / 28 / 2003 and the parties, their addresses and trax identification nmnbers, if required, are as follows: MORTGAGOR: RONALD DEE HARTLEY AND CLAUDIA B. HARTLEY, HUSBAND AND WIFE, AS TENANTS BY THE ENTIRETY [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and ackno,vledgments. LENDER: Wells Fazgo Bank, N.A. P. O. BOX 31557 BILLINGS, MT 5910-/ CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure flze Secured Debt (defined below) and Mortgagor's performance m~der fids Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property: SEE EXHIBIT 'A' The property is located in L I NCOLN at: 1656 COUNTY RD 115 ETNA, wy(C°"~v~118 and parcel nmnber of 3519 251 O0121 O0 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 nmy 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 fids Security Instrmnent at any one time shall not exceed $ 95,000.00 . Tkis limitation of amount does not include interest and other fees and charges validly nmde pursuant to tlfis Security Instrument. Also, fids limitation does not apply to advances made under the terms of riffs Security Iustmment to protect Lender's security and to perform any of the covenants contained in Ods Security Instrument. SECURED DEBT AND FUTURE ADVANCES. The term "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revolving line of credit, contract, guaranty or other evidence of debt dated 07 / 2812003 together with all amendments, extensions, modificatious and renewals, and having a maturity date of 07 / 28 / 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 Iustmment. Notldng in fids Security Agreement shall constitute a comnfitment to make EQ150A (06/2002) 0!2 " additional or future loans or advances which exceed the amount shown in Section 3. Any such commitment must be agreed to in a separate writing. C. All sums advanced and expenses incurred by Lender for insuring, preserving, or otherwise protecting the Property and its value and any other sums advanced .and expenses incurred by Lender under the terms of this Security 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 this 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 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. 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 amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend tide 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 fights, claims or defenses Mortgagor may have against parties who supply labor or lnatefials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. Upon sale, transfer, hypothecatiOn, assigmnent 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 fight by Lender is prohibited by law: 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and make all repairs that are reasonably necessary. Mortgagor shall 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 clumge 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 arty 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 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 fight, title and to any and all existing or future leases, subleases, and any other written or verbal agreements 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 future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default under the terms of tltis Security Instrument. Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this 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 the necessity of commencing 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 commingle the Rents with any other funds. Any amOunts collected will be applied as provided in this Securit~ 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 leasehtld. If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to tt~e'following: EQ150B (06/2002) ~ ...... ~ations. Mortgagor slmll perform all m ~mLgagor's obligations ~r ~ ho~o~n~s association or cqu~a~c~ ~ti~ ("Owners ~soe~tio~")~ 0~) b~-l~s~ (h~) code oE ~e~ations~ ~nd (i~) o~cr equivalent documents. Mo~gagor sh~l promptly pay, when due, all dues ~d assessments imposed p~suant to ~e Constituent Documents. B. H~ard ~suraace. So long as ~e Owners Assaciafion m~ntai~, with a gener~ly accepted insurance carrier, a "master" or "bi,et" policy on ~e Condmmnium Project or :P~ w~ch is sa~sfacto~ to Lender ~d whch provides i~ce coverage in the amount, for the periods, ~d agai~t ~e h~r~ Lender req~res, inclu~ng fire and l~zards included wi~n the term "extended coverage," fl~en Mongagor's obliga~on under Section 19 to mmn~n ~ard i~r~ce coverage on ~e Prope~ is deemed satisfied to the extent that ~e required coverage is prohded by ~e Owner's Association po~. Mortgagor sh~l give Lender prompt notice of any lapse m required ~ard insur~ce coverage. In the event of a distribution of ~d instance proceeds in lieu of restoration or repair following a loss to Prope~, whe~er to the u~t or to co--on elemenm, any procee~ payable to Mo~gagor ~e hereby assigned ~d sh~l be p~d to Lender for application to ~e sins s~ed by ~s Secufi~ Instrument, wi~ ~y excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to m~ntmn flood iosumnce for the life of the Secured Debt which is acceptable, as to form, amount and extent of coverage to Lender. D. Public Liability hsurance. Mo~gagor sh~l t~e such actions as may be reasonable to insure fl~at ~e Omers Association m~nt~ns a public liabili~ insurance poli~ acceptable in form, amount, and extent of coverage m Lender. E. Condemnation. The proceeds of any award or claim for dmmges, ~rect or co~equenfi~, payable to Mortgagor in co~ecfion with ~y condenmation or other t~ng of ~1 or ~y p~ of fl~e Pro~, whe~er of ~e u~t or of fl~e co,non elements, or for any convey~ce in lieu of condenmafion, are hereby ~si~ed ~d sh~l be p~d to Lender. Such proceeds sh~l be applied by Lender to ~e sums secured by ~e Securi~ Ins~ment ~ prohded in Section 18. F. Lender's Prior Consent. Mortgagor shall not, e~ept ~er notice to Lender ~d with Lender's prior written consent, eiflmr p~ifion or subdivide the Pmper~ or cogent to: (i) fl~e ab~do~ent or termination of the Condom~ Project or P~, except for ab~do~ent or ten, nation required by law in fl~e case of subst~fi~ des~cfion by fire or o~er c~u~W or in · e case of a t~ng by condemnation or e~nent domain; (ii) any mendment to ~y provision of · e provision is for fl~e express benefit of Lender; (iii) ten,nation of prof~sion~ management ~d ~sumpfion of se~- management by the Owners Association; or (iv) any action whch would ~ve ~e effect of rendering ~e public liabili~ instance coverage m~ntained by the Owners Association ~ccep~ble to Lender. G. Remedies. ~ Mortgagor does not pay condo~m or P~ dues ~d assessments when due, ~en Lender my pay them. Any amounB disbursed by Lender m~der tlfis section s~ become ad~fio~ debt of Mo~gagor secured by ~s Secufi~ I~ment. Uffiess Mo~gagor and Lender agree to ofl~er term of payment, ~ese mo~m sh~l be~ interest from ~e date of disbursement at the Secured Debt rate and sh~l be payable, with interest, upon notice ~om Lender to Mo~gagor r~uesfing payment. 13. DEFAULT. Mo~gagor will be in defaffit ff any pa~ obligated on ~e S~ Debt finis to m~e payment when due. Mo~gagor will be in default if a breach occurs under the terms of tbs Secufi~ Insment or ~y ofl~er document executed for the pu~ose of creating, securing or ~anWing ~e Secured. Debt. A good f~ belief by Lender fl~at Lender at ~y amc is insec~e with respect to any person or enfi~ obligated on ~e Secured Debt or ~at fl~e prospect of ~y payment or the value of · e Pmpe~ is imp~red sh~l also constitute m~ event of default. 14. ~MED~S ON DEFAULT. In some insmces, federfl ~d s~te law will r~ ~nder to provi& Mo~gagor wiflt notice of the right to cure or other notices and may establish time schemes for foreclos~ action. Subject to ~ese li~mfio~, ff ~y, Lender may accelerate the Sec~ed Debt and foreclose this S~fi~ ~ment ~ a ~ner provided by law ff Mortgagor is in default. At the option of Lender, ~1 or any pa~ of the agreed fees ~d cb~ges, a~m~ interest ~d prhcipal sh~l become i~e~ately due and payable, ~er giving notice if required by law, upon fl~e occu~ence of a defa~t or ~me there~er. In addition, Lender shill be entitled to all ~e remedies provided by law, the terms of the Sec~ed Debt, t~s Secufi~ Imment ~d ~y related documents, including wi~out limitation, tl~e power to sell the Prope~. MI reme~es ~e distinct, cum~afive and not exclusive, ~d ~e Lender is entitled to ti remedies provid~ at law or equi~, whe~er or not expressly set fo~. The acceptance by Lender of ~y sum in payment or papal payment on ~e Secmed Debt ~er ~e bfl~ce is due or is accelerated or ~er foreclosure proceedings ~e filed shall not constitute a w~ver of Lender's right to req~re complete cme of ~y e~sfing defa~t. By not exercising ~y remedy on Mongagor's default, Lender does not w~ve Lender's right to later consider the event a defa~t ff it continues or lmppens ag~n. 15. E~ENSES; ~V~CES ON COVEN~TS; ATTO~EYS' FEES; COLLECTION COSTS. Exmpt when prolfibited by law, Mortgagor agrees to pay all of Lender's expenms ff Mortgagor brmch~ ~y covert in tiffs Sem~ Inst~ent. Mo~gagor will dso pay on de,nd m~y amount incited by Lender for immng, impecfing, preseming or o~e~ise protecting the Prope~ and Lender's secmi~ interest. These expemes wit bear interest ~om ~e ~te of ~e payment ~ p~d in hll at · e highest interest rate in effect as provided in ~e ter~ of ~e Secured Debt. Mortgagor agrees to pay ti cos~ ~d expe~es incurred by Lender in collecting, e~orcing or protecting ~nders' rights ~d remedies under fids Secufi~ Ins~ent. Tbs EQ150C (06/2002) amoudt may i~chide, but is not limited to, attorneys' tees, court costs, and other legal expenses. T~ds amount does not include attorneys' _fees for a salafied employee o_f tile Lender. This Security Instrument shall remain in effect u~fil released. Mortgagor agrees to pay _for any recordation costs of such release. 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environn~ental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and 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, weffare or enviromnent. 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 Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor shall 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 tlucough condenmation, 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 conderrmation 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 file amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, ~vhich 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, ,vhere applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. ' Lender shall have the fight 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 immediately by Mortgagor. Unless ofllerwise 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 tile scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagoi~. If the Property is acquired by Lender, Mortgagor's right to an.,/insurance policies and proceeds resulting from 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 otherwise 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 may consider necessary to perfect, continue, and preserve Mortgagor's obligations under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; .SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs tiffs 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 tile Secured Debt. ff this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that nmy prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or nmke 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) Mortgh0 ........ the terms of this Security Instrument. Th~ ,,L,,,s and benefits of this Security Instrument snan mhd and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATIOb~. This Security Instrument is governed by the laws of the jurisdiction in wlfich the Property is located, except to the extent otherwise required by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. This Security Instrument may not be amended of modified by oral agreement. Any section in tiffs Security Instrument, attaclnnents, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective~ mfless tlmt law expressly or impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of tiffs Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of rite sections of tiffs Security Instrument are for convenience only and are not to be used to interpret or define the terms of titis Security Instrument. Thne is of the essence in this Security Instrmnent. In the event may section of this 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 Tenns and Conditions (as applicable), the Arbitration Agreement, and the Agreement to Provide Flood/Property Insurance, all of which I agree to by signing tiffs Security Instrument, the terms of the Home Equity Closing Handbook slmll control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or as shown in Lender's records, or to any other 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 ruder and by virtue of the homestead exemption laws of tiffs state. 25. OTHER TERMS. If checked, the following are applicable to this Security Instrument: Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this 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 timt Mortgagor owns now or in the future and that are or will become fixtures relates to the Property. This Security Instrument 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~ h-~ Additional Terms. 26. RIDERS. If checked, the following are applicable to this Security Instrument. The covenants and agreements of each of the riders checked below are incorporated into and supplement and amend the terms of tiffs Security h~strument. ~ Third Party Rider ~ Leasehold Rider ~ Other attachinents. Mortgagor also acfcnowledges RONALD-DEE HAI~-TL~Y,'~ t...~' / CLAUDIA B HARTLEY /" .... SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instm~nent and in any receipt of a copy of tiffs Security Instrument on the date stated on page 1. Mortgagor Mortgagor Mortgagor Date Mortgagor Date Mortgagor Date EQ150E (06/2002) Mortgagor Date ACKNOWLEDGMENT: (Individual) STATE OF couNvv OF The foregoing i~qstmment was ac~owledged before me by Witness my h~d and o~cial seal. (Seal) ACKNOWLEDGMENT: STATE OF COUNTY OF l,t The foregoing i~'ument Was acknowJ.edged before me by this '2~i~ day of Wimess my hm~d ~d officifl seal. . &~ ~. ~ My Conmfission Expires: , (Seal) EQ150F (06/2002) , Exhibit .LEGAL DESCRIPTION, T HAT PART OF THE NW 1/4 NE 1/4 OF SECTION 25, T35N, RI 19W, LINCO~,N COUNTY, WYOMING, BEING PART OF THOSE TRACTS OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY IN BOOK 72 OF PHOTOSTATIC RECORDS ON PAGE 317 AND:,IN BOOK 260 OF PHOTOSTATIC RECORDS ON PAGE 470, DESCRIBED AS FOLLOWS: BEGINNING'AT A SPIKE ON THE NORTH LINE OF SAID NW 1/4 NE 1/4, S 89 DEGREES -50 DEGREES -18 SECONDS E, 708.62 FEET FROM THE NORTH CORNER THEREOF; THENCE S 89 DEGREES -50 MINUTES -18 SECONDS E, 245.56 FEET, ALONG SAID NORTH LINE, TO A SPIKE; THENCE S 02 DEGREES -22 MINUTES -05 SECONDS W, 886.95 FEET TO A POINT; THENCE N 89 DEGREES -50 MINUTES -18 SECONDS W, 245.56 FEET, ALONG A LINE PARALLEL WITH SAID NORTH LINE, TO A POINT; THENCE N 02 DEGREES -22 MINUTES -05 SECONDS E, 886.95 FEET, TO THE SPIKE OF BEGINNING; ENCOMPASSING AN AREA OF 5.00 ACRES, MORE OR LESS; THE BASE BEARING FOR THIS SURVEY IS THE NORTH LINE OF THE NE 1/4 OF SECTION 25, T35 N, RI 19W, BEING S 89 DEGREES -50 MINUTES -18 SECONDS. E; EACH "SPIKE" MARKED BY A 3/8 INCH X 12 INCH STEEL SPIKE REFERENCED BY A 5/8 INCH X 24 INCH STEEL REINFORCING ROD WITH 2 INCH ALUMINIUM CAP INSCRIBED, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5368", WITH APPROPRIATE DETAILS; EACH "CORNER" FOUND AS DESCRIBED IN THE CORNER RECORD FILED IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY; EACH "POINT" MARKED BY A 5/8 INCH X 24 INCH STEEL REINFORcING ROD WITH A 2 INCH ALUMINIUM CAP INSCRIBED, "SURVEYOR SCHERBEL LTD AFTON WY PLS 5268", WITH APPROPRIATE DETAILS; ~'~UULN UUUNTY TITLED, WILFORD ARNOLD CLARK REVOCABLE TRUST, DATED 05 AUGUST 1983 PLAT OF BOUNDARy ADJUSTMENT WITHIN THE!NW 1/4 NE 1/4 SECTION 25 T35N RI 19W LINCOLN COUNTY, WYOMING", DATED 23 NOVEMBER 1999. SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTSi COVENANTS, OIL, GAS OR MINERAL RIGHTS OF RECORD, IF ANY.