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HomeMy WebLinkAbout892784Return To: FIRST MAGNUS FINANCIAL CORPORATION 5285 EAST WILLIAMS CIRCLE, #2000 TUCSON, AZ 85711 Prepared By: 89278 RECEIVED LINCOLN COUNTy CLERK 03~U~25 PH l,:37 ,lEAF/NE WAGNER 532 Pr< 2 8 LOAN NO.: 5705012425 ESCROW NO.: FA10063M [Space Above This Line For Recording Data] MORTGAGE MIN 100039257050124253 MERS Phone: 1-888-679-6377 DEFINITIONS Words used in ]ntfltiple sections of this document are defined below and other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this document, wlfich isdated together with all Riders to this doctunent. (B) "Borrower" is THOMAS P. EASLEY AND MICHELEA. EASLEY, HUSBAND AND WIFE AUGUST 19, 2003 Borrower is tile mortgagor under this Security Iilstrument. (C) "MERS" is Mortgage Electronic Registration Systems, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender's successors mid assigns. MERS is the mortgagee under this Security Instrument. MERS is organized and existing under the laws of Delaware, and has an address and telephone of P.O. Box 2026, Flint, iMI 48501-2026, tel. (888) 679-MERS. Initialsd ~ll~~j WYOMING-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Form 3051 i/0yJJ~u'' VMP-6A(WY) (ooos).l Page 1 of 15 LENDER SUPPORT SYSTEMS, INC. MERS6AWY.NEW (06/03) .229 (D) "Lender" is FIRST MAGNUS FINANCIAL CORPORATION, AN ARIZONA CORPORATION Leuder is a CORPORATION organized and existing under the laws of ARIZONA Lender's address is 5285 EAST WILLIAMS CIRCLE, SUITE 2000, TUCSON, AZ 85711 (E) "Note" means the pron]issory note sigued by Borrower and dated AUGUST 19, 2003 The Note states that Borrower owes Lender ONE HUNDP, E~ FIFTEE~I THOUSAND EIGHT HUNDRE~ AND NOI100 X X X X X X X X X X X X X X X X Dollars (U.S. $ 115,800.00 ) plus interest. Borrower has promised to pay ti]is debt in regular Periodic Payments and to pay fl~e debt in full not later than S~rE~IaER 01, 2018 (F) "Property" means the property that is described below under the heading "Trausfer of Rights in the Property." (G) "Loan" means the debt evidenced by the Note, plus interest, any prepaymant cliarges and late charges due under the Note, and all sums due under this Security Instrunmnt, plus interest. (H) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: ~ Adjustable Rate Rider [~ Condominium Rider [-'"] I-4 Family Rider [~ Graduated Payment Rider [--] Planned Unit Development Rider [----] Biweekly Payment Rider ~ Balloon Rider ~ Rate hnprovement Rider [--'] Second Home Rider [--'-] Other(s) [specify] (I) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have the effect of law) as well as all applicable ftnal, non-appealable judicial opinions. (J) "Community Association Dues, Fees, and Assessments" means all dues, fees, assessments, and other charges that are imposed on Borrower or the Property by a condominimn association, homeowners association or similar orga,fizatiou. (K) "Electronic Funds Transfer" means az,y transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, witch is initiated through att electronic terminal, telephoulc instrument, computer, or magnetic tape so as tO order, instruct, or authorize a financial institution to debit or credit an account· Such term includes, but is not limited to, point-of-sale transfers, automated teller machine tra,tsactions, transfers initiated by telephone, wire tra,tsfers, and automated clearinghouse transfers. (L) "Escrow Items" means those items that are described in Sectinn 3. tM) "Miscellaneous Proceeds" means any compensation' settlement, award of damages, or proceeds paid by any third party (other than insm'ance proceeds paid under the coverages described in Section 5) for: ti) damage to, or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; {iii) conveyance in lien of condemnation: or (iv) misrepresentations of, or o,nissions as to, the value and/or cunditinn of the Prope,'ty. tN) "Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (O) "Periodic Payment" means the regularly scheduled amount due for ti) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrmnent. (P) "RESPA" means the Real Estate Settlement Procedures Act (1~. U.S.C. Section ?-601 et seq.) and its implementing regulatiun, Regulation X (2.4 C.F.R. Part 3500), as they might be amended from time to time, or any additional or successor legislation or regulation that governs the same subject matter. As used in tlds Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qnalify as a "federally related mortgage loan" under RESPA· VMP-6A(WY) (ooo51.1 Page ;~ of ~S Form 3051 'l/.0J~ (Q) "Successor in Interest of Borrower" me not that party has assumed Borrower's obligat TRANSFER OF RIGHTS IN THE PROPER'] This Security Instrument secures to Lender: (il modii]cations of tl,e Note; and (ii} tl,e pel this Security Instrument and the Note. For thi~ to MERS (solely as nominee for Lender a,' and assigns of MERS, with power in the COUNTY [Type of Recording Jurisdiction] SEE EXHIBIT A ATTACHED HERETO AND MADE,~ Parcel ID Number: 1222151940000100 43837 HIGH KBVlM E~,ER "Pr ( operby Address ): TOGETHER WITH all the i~nproveme easements, .appurtenances, and fixtures now additions shall also be cOvered by this Secm Security Instrument as tim "Property." Borrov to the interests granted by Borrower in this SE custom, MERS (as nominee for Lender and Le or all of thuse interests, including, but not lira take any action required of Lender including, Instrument. BORROWER COVENANTS that Borrow the right to mortgage, grant and convey the P encumbrances of record. Borrower warrants an claims and demands, subject to any encumbranc THIS SECURITY INSTRUMENT comb: covenants with limited variations by jurisdictio: property. VM P-6A(VVY) (ooos).l 230 tus any party that has takeu title to the Property, whether or .ous under the Note and/or fltis Security Iustrument. the repayment of the Loan, and all renewals, extensions and formance of Borrower's covenants and agreements under PurPose, Borrower does hereby mortgage, grant and convey d Lender's successors and assigns) and to the successors of sale, the following described property located of LINCOLN : [Name of Recording Jurisdiction] PART HEREOF FOR ALL PURPOSES which currently has tile address of YAY 189 NORTH [Street] [City] , Wyoming 83101 [Zip Codel rtts now or hereafter erected on tile property, and all r hereafter a part of the properby. All replacements and ty InStrumeut. All of the foregoiug is referred to in this ~r understands and agrees that MERS holds only legal title :urity Instrument, but, if necessary to comply with law or tder's successors and assigns) has the right: to exercise any ted to, the right to foreclose and sell the Property; and to but not limited to, releasing and cauceling this Security :r is lawfully seised of the estate hereby conveyed and has 0perby and that the Property is unencumbered, except for cl will defend generallY the title to the Property against all es of i'ecord. nes uniform covenants for national use and non-uniform to constitute a uniform security instrument covering real Page 3 of 15 Form 3051 1/~ 23I UNIFORM COVENANTS. B_orrower mid Leuder covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal o' and interest un, the debt evideuced by the Note and any prepayment charges and late charges due und(r the Note. Borrower shall also pay fuuds for Escrow Items pursuant to Section 3. Payments due under tie Note and this Security Instrmnent shall be made in U.S. currency. However, if any check or other insh' ament received by Lender as payment under the Note or this Security Instrument is returned to Lender unp id, Lender may require that any or all subsequent payments due under the Note and this Security Iush'u aent be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money or ler; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is [rawn upon an institution whose deposits are insured b a feder~aagenc,y, ins ,munent,ality, or entity; or (, l) Electronic Funds Transfer. Y ayments are ueemeu received by Lender wheal received at the location designated in tile Note or at such other location as may be designated by L6nder in accordance with the notice o-revisions in Section 15. Lender may return any payment or parUal payment if file payment m' partial pav'ments are insumcient to bring tile ~oan current. Lender may accept an~ payment or partial payment il~u~fficient to bring the Loan current, without waiver of any rights liereund~r or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the Ume such payments are accepted. If each Periodic Payment is applieg as of its scheduled due date, then Lender ueed not pay interest un unapplied funds. Lender may hold ~uch unapplied fuuds uutil Burrower makes payment to bring the Loan current. If Bm'rower does not do so ~vithin a reasonable period of Ume, Lender shall either apply such funds or return them to Borrower. If ,lot ~pplied earlier, such funds will be applied to the outstanding principal balauce under tlie Note immediatelj~'prior to foreclosure. No offset o~"claim which Borrower might have now. or ill t. he future against Lend+r shall relieve Borrower frmn making pa ments d ~'l~l:trNuOtmeen~.nd this Security Instrmnent or perfor, ning the covenants and agreements se~6r;~ by this U;e2rdi'et; 2. Application of Payments or Proce~ payments accepted and applied by Lender shal due under the Note; (a) principal due muter t shall be applied to each Periodic Payment in ~ shall be applied first to late charges, second to then to reduce the principal balance of the Note !ds. Except as otherwise described in this Section 2, all 1 be applied in the fullowing order of priority: (a} interest le Note; (c) amounts due under Section 3. Such payments he order iu which it became due. Any remaining amounts any other anmunts due under this Security Instrument, and If Lender receives a paylnent from Borr ~)wer for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, l he payment may be applied to the delinquent payment and the late charge. If more than cue Periodic Payn~ ent is outstanding, Lender may apply any payment received frmn Borrower to the repayment of the perindi: Payments if, and to the extent tfia~, each payment can be paid in full. To the extent that ally excess exist~ after the' payment is applied to the full payment of one or more Periodic Payments, such excess may be al~plied to any late charges due. Voluntary'prepayments shall be applied first to any prepayment charges and ~hen as described in the Note. ~ - Any application of paymeuts, insurance ,p[ioceeds, or Miscellaneous Proceeds to rinci al du tile Note shall not extend or postpone file due date .,- ,q ..... ~ ................. .P - p e under 3 Funds for A,erc,,~, '~,~.2' ..... ~ ~:,~ .... 7.~.,.-.~, amuum, et. me yer~omc yayments. ........... ~,.a. ~or,'ower snan pay t,o, Lenu,e,r ca the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the Funds ) to provide for payment of amounts due fur: (a) taxes and assessments and other items ~ lieu or encumbrance on tile Property; (b) leasel premiums for any and all insurance required premimns, if any, or any sums payable .by ] Insurance premiums in accordance with the p Items." At origination or at any tilne during ti Association Dues, Fees, and Assessments, if assessments shall be an Escrow Item. Borrower be paid under this Section. Borrower shall naY Borrower's obligation to pay the Fnnds f~r~ .obligation to pay to Lender Funds for ally Or al m writing. In the event of such waiver, Borrow~ VM P-6A(VVY) (ooos).l ~hich can attain priority over this Security Instrument as a .old payments or ground rents on the Property, if any; (c) ~y Leuder under Section 5; and (d) Mortgage Insurance orrower to Leluler in lieu of the payment of Mortgage ovisions of Section 10. These tiems are called "Escrow term of the Loan, Lender may require that Community my, be escrowed by Borrower, and such dues, fees and shall promptly furnish to Lender all notices of amounts to Lender the Funds for Escrow Items uuless Lender waives ny or all Escrow Items. Lender may waive Borrower's [ Escrow Items at any time. Any such waiver may only be x shall pay directly, when and where payable, the amounts InitlaJs:~¢ Page 4 Of 16 Form 3051 110¥ Iq- 232 due fol' any Escrow Items for which payment ?f Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such tilue eriod a ' . Borrower's obligation to ,,lake such payments[~nd to provide receipts shall ~;l' a. ll ;urL;;sdeesr~a~e~eujr~ be a covenant and agreement contained in this~ecurity Instrument, as the phrase covenant and aereement" is used in Section 9. If Borrower is obligate~ to pay Escrow Items directly, pursuant to a w~iver, and Borrower fails to pay the amount due for all ] ;crow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall tim be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to accordance with Section 15 and, upon such ~ such amounts, that are then required under thi Lender may, at any time, collect and hol~ the Funds at tile (line specified raider RESP.t require under RESPA. Lender shall estimate reasonable estimates of expenditures of futun Law. The Funds shall be held in an instil instrulnelltality, or entity (including Lender, it any Federal Home Loail Bank. Lender shall ap] specified under RESPA. Lender shall not chat analyzing the escrow account, or verifying the Fuuds and Applicable Law perlnits Lender to ~ or Applicable Law requires iuterest to be Paid ~ any interest or earnings on the Funds. Borrow shall be paid on the Funds. Lender shall give Funds as required by RESPA. If there is a surplus of Funds held in e: Borrower for the excess funds in accordance w as defined under RESPA, Lender shall notify E Lender the amount necessary to make up the si monthly payments. If there is a deficiency of F: notify Borrower as required by RESPA, and E up the deficiency in accordance with RESPA, b Upon payment in full of all sums secured to Borrower any Funds held by Lender. 4. Charges; Liens. Bon'ower shall pa) attributable to the Property which can attain pr ground rents on the Property, if any, and Colnn the extent that these'items are Escrow Items, Bc Borrower shall promptly discharge any li~ Borrower: (a) agrees in writing to the payment.~ to Lender, but only so long as Borrower is pen by, or defends against enforcelnent of the lien i prevent the enforcelnent of the lien while those any or all Escrow Items at any time by a notice given in ~vocation, Borrower shall pay to Lender all Funds, and in Section 3. Funds in an amomit (a) sufficient to permit Lender to apply , and (b) not to exceed the maxhnum amount a lender can the atnount of Funds due on the basis of current data and Escrow Items or otherwise in accordance with Applicable ilion whose deposits are insured by a federal agency, Lender is an institution whose deposits are so insured) or in dy the Funds to pay the Escrow Items no later than the (line ge Borrower for holding and applying the Funds, annually Escrow Items, unless Lender pays Borrower interest on the lake such a charge. Unless an agreement is made in writing m the Funds, Lender shall not be required to pay Borrower er and Lender can agree itl writing, however, that interest to Borrower, without charge, an annual accounting of the crow, as defined under RESPA, Lender shall account to th RESPA. If there is a shortage of Funds held in escrow, orrower as required by RESPA, and Borrower shall pay to ortage in accordance with RESPA, but. in no more than 12 rids held in~ escrow, as defined under RESPA, Lender shall Irrower shall pay to Lender the amount necessary to make tt in im lnore than 12 lnontbly paylnents. by tiffs Security Instrument. Lender shall prolnptly refund all taxes, assessments, charges, fines, and impositions ority over this Security Instrument, leasehold payments or tmfity Association Dues, Fees, and Assessments, if any. To rrower slkall pay theln iu tile manner provided in Section 3. ~n which has priority over tiffs Security Instrument unless ff the obligation secured by the lien in a manner acceptable brming sUch agreement; (bi contests the lien in good faith n, legal proceedings wi[ich in Lender's opinion operate to proceedings are pending, but only until such proceedings are concluded; or (c) secures fi'om tile holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security InsQ'mnent. If Lender c~etermines that any part of the Property is subject to a lien which can attain priority over this Security InsQtulnent' Lender may give Borrower a notice identifying the VM P-OA (WY) (ooos). 1 Page ¢ of 15 lien. Within 10 days of the date on which that more of the actions set forfll above in tMs Sect Lender may require Borrower to pay reporting service used by Lender itl counectio~ 5. Property Insurance. Borrower shall the Property insured against loss by fire, haz other hazards including, but not limited to, e~ This insurance shall be maintained in the alu Lender requires. What Lender requires pursu~ the Loan. The insurance carrier providing the right to disapprove Borrower's choice, whit require Borrower to pay, in com~ectinn wit determinatiou, certification and tracking servi and certification services and subsequent cha~ reasonably might affect such determination ~ payment of any fees imposed by the Federa review of any flood zone detertninatim~ resultir, If Borrower fails to maintain any of th~ coverage, at Lender's option and Borrower': particular type or mnount of coverage. There~ not protect Borrower, Borrower's equity in the hazard or liability and might provide greater acknowledges that the cost of file insurance insurance that Borrower could have obtained. becmne additional debt of Borrower secured b at the Note rate frmn the date of disbursemen Lender to Borrower requesth~g payment. Ail insurance policies required by Lende right to disapprove such policies, shall inch mortgagee and/or as an additional loss payee. certificates. If Lender requires, Borrower shall renewal notices. If Bm'rower obtains any form for damage to, or destruction of, the Property shall name Lender as mortgagee and/or as an ac In the event of loss, Borrower shall give may make proof of loss if not made promptly in writing, any insurance proceeds, whether or be applied to restoration or repair of the Prope Lender's security is not lessened. During such hold such insurance proceeds until Lender has work bas been completed to Lender's satisfa promptly. Lender may disburse proceeds fro' {i: of progress payments as the work is completed. requires interest to be paid on such insurance P interest or earnings on such proceeds. Fees Borrower shall not be paid out of the insoranc~ tile restoration or repair is not economically fen proceeds shall be applied to the sums secured VMP-6A(WY) (ooos).~ 233 mtice is given, Borrower shall satisfy tile lien or take one or Lan 4, one-time charge for a real estate {ax verification and/or with this Loan. ~eep the improvements now existing or hereafter erected on rds included withiu the term "extended coverage," mid any irthquakes and floods, for which Lender requires insurance. aunts (including deductible levels) and for the periods that nt to the preceding sentences can change during the term of insurance shall be chosen by Borrower subject to Lender's b right shall not be exercised unreasonably. Lender may t this Loan, either: (a) a one-time charge for flood zone ces; or (b) a one-time charge for flood zone determination ges each time remappings or similar changes occur which certification. BorroWer shall also be responsible for the Emergency Management Agency itl connection with the g from an objection by Borrower. coverages described above, Lender may obtain insurance expense. Lender is under no obligation to purchase ally )re, such coverage shall cover Lender, but might or might Property, or tile contents of the Property, against any risk, ~r lesser coverage than was previously in effect. Borrower average so obtained might significantly exceed the cost of ~ny amounts disbursed by Lender under {itis Section 5 shall this Security Instrmnent. These amounts shall bear interest and shall be payable, wi{Il such interest, upon notice front and renewals of such policies shall be subject to Lender's lea standard mortgage clause, and shall name Lender as .ender shall have the right to bold the policies and renewal promptly give to Lender all receipts of paid premiums and of insurance coverage, not otherwise required by Lender, such policy shall include a standard mortgage clause and ditional loss payee. prompt notice to the insurance carrier and Lender. Lender ~y Borrower. Uuless Lender and Borrower otherwise agree not the underlying insuraqce was required by Lender, shall ty, if the restoration or repair is economically feasible and epair and restoratiml period, Lender shall have the right to had an opportuuity to inspect such Property to ensure the :tion; provided that such inspection shall be undertaken .' repairs and restoration in a single pay~nent or in a series Unless an agreement is made in writing or Applicable Law roceeds, Lender shall not be required to pay Borrower any for public adjusters, or other tMrd parties, retained by ~ proceeds and ,shall be the sole obligation of Borrower. If tible or Lender s security would be lessened, the insurance ~ this Security htstrument, whether or not then due, wi{il ~age 6 of 15 Form 3051 1101~|1J~ the excess, if any, paid to Borrower. Such ini Section 2. If Borrower abandons the Property, Le claim and related matters. If Borrower does insurance carrier has offered to settle a claim period will begin when the notice is given. Section 22 or otherwise, Borrower hereby proceeds in an mnount not to exceed the amc (b) any other of Bon'ower's rights (other th Borrower) under all insurance policies coveril coverage of the Property. Lender lnay use the to pay amounts unpaid under the Note or this 5 6. Occupancy. Borrower shall ocCupy, residence within 60 d,a_ys after the execution c Property as Borrower s principal residence for otherwise agrees in writing, which Consent ~ circumstances exist which are beyond Borrowe 7. PreservatiOn, Maintenance and Pro destroy, dainage or impair the Property, all 234 ]rance prOceeds shall be applied in the order provided for in ader may file, negotiate and settle any available insurance ~ot respond witlfin 30 days to a notice from Lender that the then Lender may negotiate and settle the claim. The 30-day hi either event, or if Lender acquires the Property under ]ssigns to Lender (a) Borrower's rights to any insurance mrs unpaid under the Note or this Security Iustrument, and m the right to any refund of uuearned premiums paid by ig the Property, insofar as such rights are applicable to the insurance proceeds either to repair or restore the Property or ecurity Instrumeut, whether or not then due. establish, and use the Property as Borrower's principal f this Secmity Instrmnent and shall continue to occupy the at least one yea]· after the date of occupancy, unless Lender hall not be mn'easonably withheld, or unless extenuating "S con[roi. Iection of the Property; Inspections. Borrower shall not aw the Property to deteriorate or commit waste on the Property. WI]ether or not Borrower is residinl[ iii the Property, Borrower shall maintain the Property in order to prevent the Property fi'mn deteri°rati~tg or decreasing iii value due to its condition. Unless it is determined pm'suant to Section 5 that repair ?r restoration is not economically feasible, Borrower shall promptly repair the Property if' dainaged tq avoid fm'ther deterioration or damage. If insurance or condemnation proceeds are paid in connectionlwith damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for th~ repairs and restoration in a single payment or in a series of progress payments as the work is completed. I[ the insurance or conde_,m_uation proceeds are not sufficient to repair or restore the Property, Borrower is Oct relieved of Borrower s obligatiou for the completion of such repair or restoration. ] Lender or its agent may make reasonable entries upan and inspections of the Property. If it has reasonable cause,. Len~ler may inspect the inter ar of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such. n interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borr process, Borrower or any persons or entities kamwledge or consent gave materially false, mi (or failed to provide Lender with materia representations include, but are not lin]ited to Property as Borrower's principal residence. 9. Protection of Lender's Interest in the (a) Borrower fails to perform the covenants and is a legal proceeding that might significantly a this Security Instrument (such as a proceeding i enforcement of a lien which may attain, prio~ regulations), or (c) Borrower has abm]cloned fl reasonable or appropriate to protect Lender's Instrmnent, including protecting and/or assessi~ the Property. Lender's actions can include, but which has priority over this Security Instrun VM P-6AONY) (ooos). ~ ~wer shall be in default if, dining tim Loan application acting at the direction of Borrower or with Borrower's ;leading, or ioaccurate information or statemenls to Lender information) in connection with the Loan. Material representations concerning Borrower's occupancy of the PrOperty and Rights Under this Security Instrument. If agreements contained in tiffs Security Instrument, (b) there ffect Lender's interest in the Property and/or rights under n bankruptcy, probate, for condemnation or forfeiture, for 'ity over .this Security Instrument or to enforce laws or e Property, theo Lender may do and pay for whatever is interest in the Property and rights under this Security g the value of the Property, and securing and/or repairing are not limited to: (a) paying auy sums secured by a lien ,ent; (b) appearing in court; and (c) paying reasonable Inltlals:~'~ Page 7 ar 15 Form 3051 I/O~/P attorneys' fees to protect its interest i~t tile Pr.~pertY and/or rights under this Security Instrument, including its secured position in a bankruptcy proceed~ug. Securing the Property includes, but is not lhnited to, entering the Property to make repairs, ' change locks replace or board up dears and windows, drai fi'om Pipes, eliminate bnllding or other code ~i°lati'ons or dan,,erons co.1.4": ..... .~ ,~ ..... ; ....n. wate[ on or off. Although Lender may take actiou u~der fids Section ~, Lender' d"~;~'~t ~;~tta~domsU~UaenSdt[r~ under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions anthorized under this Section 9. Any amounts disbursed by Lender mld~r fids Section O shall become additional debt of Borrower secured by this Security Instrument. These amounts slmll bear interest at the Note rate from the date of disbursement and shall be payable, with sucli interest, upon notice fi'om Lender to Borrower requesting pay~nent. If tlds Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the PrOperty, the leasehold and rile fee title shall not merge unless Lender agrees to the merger ill writing. 10. Mortgage Insurance. If Lender req ~'.nlred Mortgage Insurance as a condition of maldn the Loan Borrower shall pay the premiums required to n~aintain the Mortgage Insurance in effect. If for gan reason tile Mortgage Insurance coverage required bvLender ceases to be availo~ r ....... ~ ........ ' . y ., : . . . . ., ao,~ ,,u,, t,~. mungage insurer mat prewously pzowded such insurance and Borr~v~er was required to make separately designated pa ments toward the prenuums for Mortgage InsuranCe, Borrower shaU pay the premimns required to Y~btain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Ben-ewer of the 1Vt[ortgage Insurance previously in effect, froin an alternate mortgage insurer selected by Lender. If sul~stantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lgnder the amount of the separately desienated a ments that were due when the insurance coverage cease0 to be in effect. Lender will accept, '~se an~ ~tain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that t~le Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earniltgs on such loss reserve. Lender can no longer reqnlre loss reserve payments if Mortgage Insurance coverhge (in the amount and for file period that Lender requires} provided by an insurer selected by Lender ~gain becomes available, is obtained, and Lender requires separately designated payments toward the pre~iums for Mortgage Insm-ance. If Lender required Mortgage Insurance as a condition of making the Lean,and Borrower was required to make separately designated pay~nents toward .the premiunls for Mortgag~ Insurance, Borrower shall pay tile premiums required ~o nmintain Mortgage Insurance in effect, m: io provide a non-refundable loss reserve, uutil Lender s requirement for Mortgage Insm'ance ends iu acFordance with any written agreement between Borrower and Lender providing for such termination or untillterminatiou is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay]interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (~r any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the l.'oan as agreed. Borrower is not a party to the Mortga e hlsurance. ' g Mortgage insurers evaluate their total risl~ on all such insurance in force from time to time, and may enter into agreements with other parties that shhre or modify their risk, or reduce losses. These agreements are on terms and conditiuns that are satisfacto~ to the mortgage insurer and the other party (or parties) to these agreements. These agreements may requi~e ~ mortgage insurer to make payments using any source of funds that the nmrtgage insurer may have a~/ailable (which may include funds obtained froln Mortgage Insurance premimns). . As a result of these agreements, Lender, ~any purchaser of the Note, another insurer, any reinsurer, any other entity, or ally affiliate of any of the ~oregoing, nmy rece, ive (directly or indirectly) amounts that derive fi'om (or might be characterized as) a p~rtion of Borrower s payments fei' Mortgage Insurance, in exchange for sharing or modifying the mortga~,e insurer's risk or reducin -- -- or,- . o , ~ ~ au,~t:~. ,t! ~ti~li agreement provioes tnat alt attiliate of Lender takes a share of the insurer s risk in exchan e for a shar prennmns pa~d to the lnsmer, the a~langement ~ often termed "captive relnsurance."g~urfller: e of the (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of fhe Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, ~nd they will not entitle Borrower to any refund. VMP-6A(WY) (ooos).~ Page e or '~5 Form 3051 110~/11~'' (b) Any such agreements will not affe~ct the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners, Protection. Act of 1998 or any other law. These rights may include the right to receive certain id~selosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgagei Insurance terminated automatically, and/or to receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such MisCel~aneons Proceeds shall be applied to restoration or repair of the Property, if the restoratinn or' repair is e~onomically feasible and Lender's security is not lessened. During such repair and restoration period, Le~der shall have the right to hold such Miscellaneons Proceeds antil Lender has had an opportunity to inspect such Property to ensure the work has been corn leted Lender's satisfaction, provided that such insplction shall be undertaken promptly. Lender may p}~ for repairs and restoration iu a single disbursexgent or in a series of progress payments as the work is completed. Uuless an agreement is madein w(iting or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender sha~ not be ~'eqUired to pay Borrower any interest or e, arnings on such Miscellaneous Proceeds. If the restoration or r.epair is not economically feasible or Lender s security would be lessened, the Miscellaneous Proceeds shall ibc applied to the stuns secured by this Security Instrument, whether or not then due, with the excess, if an.y, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for iu Section 2. ' In the event of a total taking, destruction, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the stuns secured'I by fltis Security Instrmnent, whether or not then due, with the excess, if any, paid to Borrower. In the eveut of a partial taking, deStructiqn, or loss in value of the Property in which the fair market value of the Property immediately before the{partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured ,by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sands secured by this Security Instrument shall b~ reduced by the ammmt of the Miscellaneous Proceeds multiplied by the following fractinu: (a) the ~total amount of the sums secured immediately before the partial taking, destruction, or loss in value divi~led by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in~ value. Any balance shall be paid to Borrower. In the event of a partial taking, destruction' or loss in value of the Property in which the fair market value of the Property immediately before the ~artial taking, destruction, or loss in value is less than the mnount of tl!e sums secured inunediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree tn writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by BorroCer, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next senten,~e) offers to make au award to settle a claim for damages, Borrower fails to respond to Lender within 30 Idays after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous ProceSS either to restorat!,ofi or repair of ~he Property or to the sums secured by this Security Instrmnent, whet~mr or not then due. Opposing Party ~neans the third party tlmt owes Borrower Miscellaneous Proceeds o~the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any actim~ or proceeding, whether civil or criminal, is begun that, in Lender's judgment, could result in forfeiture~of the Property or other material impairment of Lender's interest in the Property or rights under this SeCurity Instrument. Borrower can cure such a default and, if acceleration has occmTed, reinstate as provide~l in Section 1~, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgx~aent, precludes forfeiture of the Property or other material impairment of Lender's interest in the Propertj~ or righls m~der this Security Instrument. The proceeds of any award or claim for damages that are attribt~table to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lenderl All Miscellaneous Proceeds tlmt are not iapplied to restoration or repair of the Property shall be applied in the order provided fol' iu Section 2. VM P-6A(WY) (ooo5). ~ Page 9 of 15 In#lats'~ Form 3051 I/(Y~/t' 12. Borrower Not Released; Forbeara payment or modification of aluortization of th( (o Borrower or any Successor in In(crest of B~ or any Successors in Interest of Borrower. Lc any Successor iu Interest of Borrower or t( alnortization of the stuns secured by (his Secm Borrower or any Successors in Iuterest of Bor remedy including, without lhnitation, Lende Successors in Interest of Borrower or in amou preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-si[ and agrees that Borrower's obligations and lial co-signs this Security Instrument but does Security Instrument only to mortgage, grant terms of this Security Instrument; (b) is not Instrtm~ent; and (c) agrees that Lender and make any accommodations with regard to the co-signer's consent. Subject to the provisions of Sectiun ] Burrower s obligatiuns under this Security Ins all of Borrower's rights and beuefits under th: Borrower's obligations and liability, under this writing. The coveuants and agreements ofl Section 20} and benefit the successors and assi 14. Loan Charges. Lender ]nay charg~ Borrower's default, for the purpose of protecl Security Instrunxent, including, but not limite~ In regard to any other fees, the absence of exp fee to Borrower shall not be construed as a pr( fees that are expressly prohibited by this Secur If the Loan is subject to a law which sets that the interest or other loan charges collecte permitted limits, then: (a) any such Ioan chat charge to the permitted limit; and (b) any sum: limits will be refunded to Borrower. Lender owed under the Note or by making a direct reduction will be treated as a partial prepa, prepayment charge is provided for trader the' direct payment to Borrower will constitute a w of such overcharge. 15. Notices. All notices giveu by Borro must be in writing. Any notice to Borrower in have been given to Borrower wheq ]nailed b3 notice address if sant by other means. Notice ! unless Applicable Law expressly requires oth unless Borrower has .designated a substitute m notify Lender of Borrower's change of addres: change of address, then Borrower shall only r~ There may be only one desiguated notice add imtice to Leuder shall be given by delivering stated herein unless Lender has designated connection with this Security Instrmnent shall received by Lender. If any notice required by Law, the Applicable Law requirement will Instrument. VM P-6A(VVY) (ooos).~ 2.37 ncc By Lender Not a Waiver. Extension of the time for sums secured by lids Security Instrmnent granted by Lender )rrower shall not operate to release the liability of Borrower ader shall not be required to commence proceedings against refuse to extend time for payment or otherwise modify ity Instrument by reason of any demand made by the original ower. Any forbearance by Leuder in exercising any right or "s acceptance of payments from tMrd persons, entities or Lis less tilth the anmunt then due, shall not be a waiver of or nets; Successors and Assigns Bound. Borrower covenants dlity shall be joint aud several. However, any Borrower who at execute the Note (a "co-signer"): (a) is. co-signing this nd Convey the co-signer's interest in the Property under the ~'rsonally obligated to pay the sums secured by this Security ]y other Borrower can agree to extend, modify, forbear or terms of this Security Instrument or the Note without the 8, any Successur in Interest of Borrower who assumes !rument in writing, and is approved by Lender, shall obtain s Security Instrument. Borrower shall not be released from Secm'ity Instrmnent unless Lender agrees to such release iu tis Security Instrmnent shall bind (except as provided in Ins of Lender. Borrower fees for services performed in connection with lng Lender's interest in the Property and rights under this to, attorneys' fees, property inspection and valuation fees. ess authority in this Security Instrmnent to charge a specific fibition on the charging of such fee. Lender may not charge ty Instrument or by Applicable Law. naximum loan charges, and that law is finally interpreted so : or to be collected in connection with the Loan exceed the ;e shall be reduced by the amount necessary to reduce the ; already collected fron! Borrower which exceeded permitted may choose to make this refund by reducing the principal payment to Borrower. If a refund reduces principal, the ,ment without any prepayment charge (whether or not a Note). Borrower's acceptance of any such refund made by fiver of any right of action Borrower might have arising out ~ver or Lender in counectiou with this Security Instrument connection with this Security Instrument shall be deemed to first class mail or when actually delivered to Borrower's a any one Borrower shall constitute notice to all Borrowers ~rwise. The notice address shall be the Property Address tice address by notice to Lender. Borrower shall promptly If Lender specifies a procedure for reporting Borrower's tort a change of address through that specified procedure. ess under this Security Instrument at any one _?me. Any it or by mailing it by first class mail to Lender s address anolher address by notice to Borrower. Any notice in not be deemed to have been given to Lender until actually this Security Instrument is also required under Applicable atisfy the corresponding requirement under this Security PagelOoflS Forrl} 3051 110~" -- 238 16. Governing Law; Severability; Rules of Construction. Tiffs Security Instrmnent shall be governed by federal law aud the law of the JUrisdiction in which the Property is located. All rights and obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable Law. Applicable Law might explicitly or implicitly allow the parties to agree by contract or it might be silent, but such silence shall not be construed as a prohibition against agreement by contract. In the event that any provision or clause of this Security Instrument or the Note conflicts with Applicable Law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (~) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mean and include the plural and vice versa; aud (c) the word "may" gives sole discretion without any obligation to take any action. !7. Borrower's Copy. Borrower shall be given one copy of the Note and of this Security Instrument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If ali or any part of the Property or any Interest in die Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require inm]ediate payment in full of all stuns secured by this Security Instrument.. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lander shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from tile date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of titis period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 19. Borrower's Right to Reinstate After Acceleration. If Bmxower meets certain conditions, Borrower slutll have the right to have enforcement of this Security Instrument discontinued at any time prior to the earliest of: (a) five days before sale of the Property pursuant to any power of sale contained in this Security Instrmnent; (b) such other period as Applicable Law might specify for the termination of Borrower's right to rehistate; or (c) entry of a judgment enforcing this Security instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note as if no acceleration had occmxed; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security. Instxnment, inclnding, but not limited to, reasonable atturneys' fees, property inspectioa and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument; and (d) takes snch action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrmnent, anti BorroWer's obligation to pay the sums secured by this Security Instrument, shall conthme unclmnged. Lender may require that Borrower pay such reinstatement sums and expenses in one ur more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certiffed check, bank cheCk~ treasurer's check Or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumeutatity or entity; Or (d} Electronic Funds Transfer. Upon reinstatement by Burrower, ~his Security Instrument and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under Section 18. 20. Sale of Note; Change of Loan Servicer; Notice of Grievance. The Note or a partial interest in the Note (together with this Security Instrument) cai] be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (lmown as the "Loan Servicer"} that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law. There also might be one or mm'e changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower will be given written notice of the change which will state the name and address of the new Loan Servicer, the address to which paymenls should be made and any other information RESPA VMP-6A(VVY) (ooo5).~ ~age ~ ~f '~5 Form 3~ 239 requires in connection with a notice of transfgr of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other tt~l the pqrchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Lo~m ServiCer or be Iransferred to a successor Loan Servicer and are not assmned by the Note purchaser unless otherwi, Se provided by the Note purchaser. Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or the member of a class) that arises from the other party's actions pursuant to this . Security Instrument or that alleges that the other part), has breached any provision of, or any duty owed by reason of, tl~ Security Instrument, until Sucli Borrower or Lender has notified the other party (with such notice given in compliance with the requirem, ents of Section 15) of such alleged breach and afforded the other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law provides a dine period whic~l must elapse before certain action cai] be taken, that time period will be deemed to be reasonable for ~urposes of this paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and the notice of acceleration given to Bm'rower pursuant to Section 18 shall be dee~ned to satisfy the notice and opportunity to take corrective action provisions of this Section 20. 21. Hazardous Substances. As used in this Section 21: (a} "Hazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, oth'~r flmnmable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials; (b) "Environmental Law" means federal laws a'nd laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection; (c} "Environmental Cleanup" includes any response action, remedial action, or removal action, asidefi~ed in Enviromnental Law; and (d) an "Environmental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Cleanup. Borrower shall not cause or permit the pr, esence, use, disposal, storage, or release of any Hazardous · Substances. or threaten to release any HazardoOs Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anytl!ing affecting the Property (a} that is in violation of any Environmental Law, (b} which creates an Enviromnental Condition, or (c) which, due to the presence, use, or release of a Hazardous Substance, creates a condition that iadversely affects the value of die Property. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are gmierally recognized to be appropriate to normal residential uses and to maintenance of the Property (including, but not limited to, hazardous substances in consumer products). Borrower shall promptly give Lender wriiten 'notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatPry agency or private party involving the Property and any Hazardous Substance or Envirolunental Law of which Borrower has actual knowledge, (b} any Environmental Condition, including but not thzfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance. and (c) ~ny Condition caused by the presence, use or release of a Hazardous Substance which adversely affects t~le value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, ~r any private party, that any removal or other remediation of any Hazardous Substance affecting the Prope4,'ty is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environniental Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. VMP-6A(WY) (ooo5). ~ Page 12 of 15 Form 3051 - 1/VO~ NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under Section 18 unless Appli~ble Law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument and sale of the P/'operty. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower~ to acceleration and sale. If the default is not cured on or before the date specified in the notice, 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 Law. Lender shall be entitled to collect all expenses incurred in pursuing the remedieslProvided in this Section 22, 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 and to the person in possession of the Property,. if different, in accordance with Applicable Law. Lender shall give notice of the sale to Borrower in the manner provided in Section 15. Lender shall publish the notice of sale, and the Proper.ty shall be sold in the manner prescribed by Applicable Law. Lender or its designee may purchase the Pr°perty 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. 23. Release. Upon payment of all sums secured by tl~ Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing fills Security Instrument, but only if!the fe~ is paid to a fltird party for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights under and by virtue of the homestead exemption laws of Wyoming. VMP-6A(WY) (ooos).~ Page 13 of 15 BY SIGNING BELOW, Borrower accepts and agrees to the terms aud covenants contained in this Security Instrument and in any Rider executed by Borrower aud recorded with it. Witnesses: -Wilness -Witness THOMAS P. EASLEY ' (Seal) -Borrower (Seal) -Borrower MICg~-E A. EASLEY ~ -Borrower (Seal) -Borrower (Seal) -Borrower (Seal) -Borrower .(Seal) -Borrower (Seal) -Borrower VM P-6A(WY) (ooo5).1 Page 14 of 15 Form 3051 1/01 STATE OF VVYOMINO The foregoing instrument was aclu~owle THOMAS P. EASLEY AND MICHB_EA. EASLEY My Commission Expires: February 2, VM P-6A(WY) (o0o5). 1 g~ d 2001 Page ' 242 LINCOLN County ss: ~fore me this 20th day of August, 2003 by Notary Public of 15 EXHIBIT A 243 A parcel of land in the NE~SE~ of Section 19, T22N Rll5W of the 6th P.M., Lincoln County, Wyoming, being more particularly described as follows: BEGINNING at the South ~ corner of said Section 19, where is found a stone corner; thence East along the south section line of said Section 19, a distance of 2636.99 feet to the Southeast corner of said Section 19, where is found a stone corner; thence N 14016'29'' W, a.distance of 1807.33 feet to a point on the northerily right of way of U.S. Highway 189, where is foundla 5/8" rebar, said point being the point of beginning of this description, said point of beginning also being the point of beginning for a parcel of land described in Book 161PR on page 227 ~on file in the Office of the Lincoln County Clerk; thence N 85028'36'' E, allong the northerly right of way of U.S. Highway 189 a distance of 200.08 feet to the Southeast corner of a parcel of land as described in Book 161PR on page 227 on file in the Office of the Lincoln County Clerk where is found a 5/8" rebar; thence continuing N 850!28'36'' E, along the northerly right of way of Highway 89 a distance of 93.00 feet to the Southeast corner of the parcel of land described herein, where is found a 2" aluminum cap in a 5/8" rebar; thence N 4°31'24'' W,' a'~distance of 240.00 feet to the Northeast corner of the parcel of land described herein where is found a 2" aluminum cap on 5/8" rebar; thence S 85028'36'' W,"a distance of 293.08 feet to the Northwest corner of the parcel of land described herein; thence S 4°31'25'' E, a distance of 240.00 feet to the POINT OF BEGINNING.