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HomeMy WebLinkAbout901889RetunlTo: WELLS FARGO HOME MORTGAGE 3601 MINNESOTA DR. SUITE 200 BLOOMINGTON, MN 55435 REOE!VED LINCOLN OOUNi'Y 6[.ERK Prepared By: WELLS FARGO BANK, N.A. 1919 DOUGLAS,, OMAHA, 681010000 NE laOOK [Space Above Tlds Lhle For Recording Data] MORTGAGE DEFINITIONS Words used in multiple sectious of fids documeut are defined below aud other words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain rules regardiug the usage of words used in this document are also provided in Section 16. (A) "Security Instrument" means this docmnent, which is datedAUGUST 10, 2004 together with all Riders to this docmnent. (B) "Borrower" is W. MARK SULOFF AND STEPHANIE SULOFF, HUSBAND AND WIFE Borrower is fl~c mortgagor under tiffs Security Instmmeut. (C) "Lender" is WELLS FARGO BANK, N.A. Lender is a NATIONAL ASSOCIATION organized and existing under d~e laws of THE UNITED STATES 0044848711 WYOMING-Single Femily~Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Pag~ I of 18 inltlaLJ(~~i.~ VMP MORTGAGE FORMS (800 21 7291 Form 3051 1/Ol Lender's address is P.O. BOX 10304, DES MOINES, IA 503060304 Lender is the mortgagee under this Secmity Instrmnent. (D) "Note" means the promissory note signed by Borrowe~- and dated AUGUST 10., 2 0 04 The Note states flint Borrower owes Lender ONE HIJNDR~.D SIXTY THOUSA. ND AND 00/100 Dollars (U. S. $ * * * * 16 0,0 0 0.00 ) plus interest. Borrower has promised to pay this debt in regular PeAiodic Payments and to pay the debt in fifll not later than S~..PTEMi3C..R 01, 2 03 4 0g) "Property" means the property that is described below under the heading "Transfer of Rights iu the Property." (14) "Loan" means the debt evidenced by the Note, plus iuterest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, plus interest. (G) "Riders" means all Riders to tiffs Security Instrmnent that are executed by Borrower. The Ibllowing Riders are to be executed by Borrower [check box as applicable]: [~] Adjustable Rate Rider ~ Condonfinium Rider [~ Second Home Rider [---] Balloon Rider ~] Plauned Uuit Development Rider ~-~ 1-,4 Family Rider [--] VA Rider ~ Biweekly Payment Rider [~ Other(s) [specify] 0t) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations, ordinances and admiuistrative rules and orders (that have the effect of law) as well as all applicable tinal, non-appealable judicial opinions. (1) "Community Association Dues, Fees, and Assessments" lllealls all dues, tees, assessments and other charges flint are imposed on Borrower or file Property by a condonfinium association, homeowners association or similar organization. (J) "Electronic Fumls Transfer" means arty tra'tmfer of funds, odter than a transaction originated by check, draft, or sinfilar paper iustrument, which is initiated dlrt~ugh au electronic termiual, telephonic 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, ptfint-of-sale transfers, automated teller ~naclfine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described iii Section 3. (L) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any fliird party (other than insurauce proceeds paid under file coverages described iii Section 5) for: (i) danmge to, or destruction of, fide Property; (ii) condemmation or other taking of all or any part of the Property; (iii) couveyance in lieu of co~demmttion; or (iv) nfisrepresentations of, or omissious as to, the value and/or condition of the Property. ~1) "Mortgage Insurance" means insurance protecting Lender against tile nonpayment of, or defimlt on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount duc fi)r (i) principal and interest under the Note, plus (ii) auy amounts under Section 3 of tiffs Security Instrttmcnt. (O) "RESPA" means fl~e Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time, or any additimml or successor legislation or regulation that governs tile same subject nmtter. As used in tiffs Security Instrument, "RESPA" refers to all requirements and restrictions that are imposed ill regard to a "federally related mortgage loan" even if the Loan does not qualil'y as a "federally ~-elated mortgage loan" under RESPA. (~-6(WY) 10o05) Pag~ 2 otls t.,/ Form 3051 1/01 (P) "Successor in Interest of Borrower" means any part.y that has taken title to tile Property, whether or not that party has assumed Borrower's obligations under the Note aud/or tiffs SecmSty Iuslrument. TRANSFER OF I~G}ITS IN THE PROPERTY This Security Instrument secures to Lender: (i) fl~e repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covemmts and agreements under tiffs Security Instrmnent and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Leuder and Lender's successors and assigns, with power of sale, thc following described property located in the COUNTY Of LINCOLN lType of Recording Jurisdiction] {Name of Recording lurisdiction] SEE ATTACHED LEGAL DESCRIPTION THIS IS A PURCHASE MONEY SECURITY INSTRUMENT. TAX STATEMENTS SHOULD BE SENT TO: WELLS FARGO HOME MORTGAGE, 10304, DES MOINES, IA 503060304 P.O. BOX ParcelID Number: 12-3218-30-3-01-011. 245 MADISON AFTON ("Property Address"): which currently has the address of [Slrecl] [City] , 'Wyoming 8 3110 [Zip Code] TOGETHER WITlt all fl~e improvements now or hereafter erected on file property, and all easmnents, appurtenances, and fixtures now or hereafter a parl {~f thc property. All replacements and additio~ shall also be covered by this Security Instrument. All of thc foregoing is referred to in fltis Security Instrument as the "Property." BO~OWER COVENANTS flint Borrower is lawfully seised ol the estate hereby conveyed and has fl~e right to mortgage, grant and convey tim Property and that thc Property is mlencmnbercd, except encmnbrances of record. Borrower warrants and will defend generally die title lo flxe Property against all clainm and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants ft~r natio~ml use and non-uniform covenants with linfited variations by jurisdiction to constitute a tmifl)rm security instrmnent covering real property. UNIFO~ COVENANTS. Borrower and Lender covemmt and agree as tbllows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Bon'ower shall pay when due file principal of, and interest on, tl~e debt evidenced by the Note and any prepayment charges and late charges due under fl~e Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payn'mnts due under the Note and tiffs Security Instrmnent shall be made in [J.S. currency. However, if any check or ofl~er instrument received by Lender as payment umler the Note or dfis ~;6(WY) (0005) Page 3 of 15 ~ ~rm 305/ 1/01 540 Security Instrument is returned to Lender unpaid, Lender ]nay require that any or all subsequent payments due under file Note and fids Security h~stmment be un, de itl one or more of rite lbllowing forms, as selected by Lender: (a) cash; (bi money order; (c) certified 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, instrumentality, or entity; or (d) Electronic Funds 'lhansfer. Payments are deemed received by Lender when received at fl~e location designated irt the Note or at such ofl~er location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if fire payment or partial payments are insuflicient to bring the Loan current. Lender ~nay accept auy payment or partial payment inst~fficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to reluse such payment or partial payments iu the future, but Lender is not obligated to apply such payments at the time such paymenls are accepted. If each Periodic Payrnent is applied as of its scheduled due date, then Leoder need not pay interest on unapplied funds. Lender may hold such 'unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does ]tot do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If ]lot applied earlier, such l;uncls will be applied to tile oulstanding principal balance under tile Note inunediately prior to forech)sme. No offset or chfim which Borrower nfight have ]tow or in rite future against Lender shall relieve Borrower fi'om making payments due under the Note and this Security Instrument or perforating file covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described itl this Section 2, all payments accepted and applied by Lender shall be applied in the l'ullowing order of priority: (a) interest duc uuder rite Note; (bi principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in rile order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due tmcler fltis Security h~strun]eut, and then to reduce the principal balance of the Note. If Le]der receives a payment from Borrower tbr a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to file delinquent payment and the late charge. If more than one Periodic Payment is outstandiog, l.cndcr may apply any payment received rom Borrower to the repayment of die Periodic Payments if, and lo the extent rial, each lmyment eau be paid in full. To rite extent that any excess exists after the payment is applied to the full payment of {)tie or more Periodic Payments, such excess rrmy be applied to any late charges due. Vohmtary prepayments shall be applied first to any prepayment charges and then as described in thc Note. Any application_ of payments, insurance proceeds, or Miscclhmeous Proceeds to principal due trader fire Note shall not exteml or postpone the due date, or change the amount, of file Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on tile day Periodic Payments are dae under the Note, until the Note is paid itt full, a stun (the "Funds") to provide foi: payment of amouats due for: (a) taxes and assessments and other items which can attain primarily over this Security hlstrument as a lien or encumbrance oil the Property; (bi leasehold payments or ground rents ou the Property, if any; (c) premiums tbr any and all insurance required by Lender under Section 5; arid (d) Mortgage htsurance premimns, if any, or any sums payable by Borrower to Lender in lieu of rile payment of Mortgage Insurance premiums in accordauce with fl~e provisions of Section 10. These items are called "Escrow Items." At originatkm or at any time during rite term of the Loan, Lender may reqtfire that Conunmfity Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees aid assessments shall be an Escrow lteln. Borrower shall promptly fin'nish to Lender all notices of anmunts to be paid under this Section. Borrower shall pay Lender the Funds fi)r Escrow hems mfless I.endcr waives Borrower's obligation to pay the Funds fi)r any or all Escrow Items. Lender may waive Bon-ower's obligation to pay to Lender Finds Ibr arty or all Escrow Items at any time. Any such waiver may only be in writing. Iii the event of such waiver, Borrower shall pay dirccdy, when and where payable, die ann)nuts (~c~-6(WY) Iooo~) Pas* 4 of ~s due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall fimfish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to PrOvide receipts shall tbr all purposes be deemed to be a covmmnt and agreement contaiued iii this Security histrument, as the phrase '~covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the anrount due for an Escrow Ite~n, Lender may exercise its rights uuder Section 9 and pay such amount and Borrower shall then be obligated under Sectiou 9 to repay to Leuder any such amount. Lender nuty revoke the waiver as to any or all Escrow Items at auy time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Ftmds, and in such amounts, that are dieu required under this Section 3. Lender ~nay, at any time, collect and hold Funds in an an'lount (a) sufficient to pernfit Leuder to apply the Funds at die ti~ne specified under RESPA, a~d (b) not to exceed tl~e maximmn amouut a lender can require under RESPA. Lender shall estimate the amount of Fuuds due on die basis of current data and reasonable estinmtes of expenditures of future Escrow Items or otherwise iii accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an iustimtion whose deposits are so insm:ed) or in any Federal Home Loan Bauk. Lender shall apply the Funds to pay the Escrow Items uo later than the time specified under RESPA. Lender shall not charge Borrower for holdiug and applying the Funds, aunually analyzing the escrow accouut, or verifyiug the Escrow Items, nnless Lemler pays Borrower interest on fhe Funds and Applicable Law permits I~ender to nutke such a charge. Unless an agreement is nmcle in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or ear~fings on the Funds. Borrower and Lender eau agree iii writing, however, that interest shall be paid on file Funds. Lender shall give to Borrower, without charge, an ammal accoimting of the Fuuds as required by RESPA. If there is a sm-plus of Funds held in escrow, as defined under RESPA, I~ender shall account to Borrower for file excess funds iii accordance with RESPA. If flicre is a shortage of Ftmds held in escrow, as defiued under RESPA, Lender shall notify Borrower as required by RESPA, and Bon'ower shall pay to Lender die amount necessary to make up the shortage in accordance with RESPA, but iii no more than 12 monfldy payments. If there is a deficiency of Funds held iii escrow, as defiued under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay ti} Lender the amount necessary to make up the deficiency iii accordance with RESPA, but iii no more dian 12 monthly l)ayments. Upon payment in full of all sinus secured by tiffs Security lnstruulent, Lender shall promptly retired to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessmems, charges, fines, aud impositions attributable to tim Property which can attain priority over this Security Instrument, leasehold paymcuts or ground rents on file Property, if auy, and Coummnity Association Dues, Fees, and Assessments, if any. To the extent fl~at these items are Escrow Items, Borrower shall pay them iu die maimer provided in Section 3. Borrower shall prompdy discharge any lieu which has priority over this Security Instrument t,nless Borrower: (a) agrees in writing to file payment of fl~e obligation seemed by the lien in a mauner acceptable to Lender, but only so hmg as Borrower is pertbrming such agreement; (b) contests die lien in good lhith by, or defends against enforcement of rite lien iii, legal proceedings which in Leuder's opiuion operate to prevent the enforceinent of the lien while those proceedings are pendiug, bnt only until such proceedings are concluded; or .(c) secures from die holder of die lien an agreement satisfactory to Lender subordinating the lien to tiffs Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the (~¥6(WY) (ooos} Pag. 5 of ~ Form 305'1 1t01 lien. Wiflfin 10 days of the date on which that notice is given, Borrower si-tall satisfy the lien or take one or more of fl~e actions set forfl~ above in tiffs Section 4. Lender ~y require Borrower to pay a one-time charge lbr a real estate tax verification and/or reporting service used by Lender in connection witlt fliis Loan. 5. Property Insurance. Borrower shall keep the improvements now existiug or hereafter erected on · e Property i~ured against loss by fire, hazards included within thc term "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, t~r which Lender requires insurance. This insurance shall be ~mintained in fl~e amounts (including deductible levels) and for ihe periods that Lender requires. 'What Lender requires pursuant to fl~e preceding sentences can change duriug thc tcrnt of the Loan. The insurance can:ier providing the insurance shall be chosen by Borrower subject to [.ender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Bom)wet to pay, in connection with ~is Loan, eifltcr: (a) a one-time charge t~)r flood zoue deten~tmtion, certification and trackiug services; or (b) a one-time charge tbr flood zone determimdkm and certification services and subsequent charges each time l-cmappil~gs or similar changes occm' which reasombly nfight aft~ct such determinatiou or certification. Borrower shall also be responsible fi)r the payment of any fees imposed by the Federal Emergency Management Agency ill connectiou with the review of auy fiood rune deternfination resulting fi'om an objectiou by Borrower. If Borrower thils to ~mintain any of the coverages described above, Leoder nmy obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or anmunt of coverage. Theretbre, such coverage shall cover Leuder, but might or might not protect Borrower, Borrower's equity in fl:~e Property, or thc coutcnts of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in eft~ct. Borrower acknowledges that fl~e cost of fl~e i~mura~me coverage so obtained might significantly exceed the ct)st of insurance flint Borrower could have obtained. Any amotmts disbtn'scd by Lender under this Section 5 shall become addilio~ml debt of Borrower secured by tiffs Security Instrument. q'hcse amouuts shall bear iuterest at fl~e Note rate fi'om the date of disbursement and shall be payable, with such interest, upon notice t¥our Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such policies shall be subject to Lender's riglit to disapprove such policies, shall include a standard mortgage clause, and shall ~mrne I~e~tde:r as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies anti renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any tbrm of insurance coverage, not ofl~erwise required by Lender, fi)r da~mge to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall ~mme Leuder as ~nortgagee and/or as an additio~ml loss payee. In the event of loss, Borrower shall give prompt notice to thc insurance cari'ier and I_ender. I.ender ~my ~mike proof of loss if not made proinptly by Borrower. Unless Lender and Borrower otherwise agree iu writing, any insurance proceeds, whefl~er or not fl~e underlying insm'ance was required by Lender, shall be applied to restoration or repair of file Property, if fl~e restoratiou or repair is economically I~asible and Lender's security is not lessened. During such repair and restoratiou period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to iuspect such Property to ensure the wnrk has been completed to Lender's satisthction, provided that soch inspection shall be undcrlakcn promptly. Lender nmy disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. U~ess an agreement is made in writing or Applicable I.aw requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or ear~ngs on such proceeds. Fees /bt public adjusters, or oilier third parties, retained by Borrower shall not be paid out of fl~e insurance proceeds and shall be fl~e sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insmance proceeds shall be applied to fl~e suu~ secured by ~is Security h~strument, whefl~er or not then dt~c, with ~;6tWV) 1ooo~} ~, ~otl~ ~ Form 3051 1/01 the excess, if any, paid to Borrower. Such insurance proceeds shall bo applied in the order provided fi)r in Section 2. If Borrower abandons the Property, Lender may .file, negotiate and settle any available insm-ance claim and related nmtters. If Borrower does not respond within 30 days to a notice fi'mn Lemler that the insurance carrier has oflkred to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or o~erwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Secm-ity Instrmnent, and (b) any other of Borrower's rights (other than the right to aay rel:und of unearned prenfimns paid by Borrowe0 under all i~mura~me policies covering fl~e Property, insofar ns such rights are applicable to the coverage of fl~e Property. Lender xmy use the insura~me proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or tiffs Security hmtmment, whether or not fl~en due. 6. Occupancy. Borrower shall occupy, establish, and use thc Property as Borrower's principal residence within 60 days after fl~e execution of tiffs Security Instrument and shall continue to occupy the Property as Borrower's pfi~mipal residence for at least one year after the date of occupancy, mfless l~ender ofl~erwise agrees in writing, which comment shall not be mu'casm~ably withheld, or unless exteuuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; lnspectim~s. Borrower shall not destroy, danmge or impair the Property, allow ~e Property to deteriorate or comnfit waste on the Property. Whefl~er or not Borrower is residing in fl~e Property, Borrower shall nmintain the Property in order to prevent fl~e Property from deteriorating or decreasing iu value due to its condition. U~dess it is determined pursuant to Section 5 that repair or restoration is not econoufically feasible, Borrower shall promptly repair the Property if danmged to avoid ~rther deterioration or danmge. If insurauce or condem~mtion proceeds are paid in commction with damage to, or the taking of, the Property, Borrower shall be responsible /bt repairing or restoring the Property only if Leudcr bas released proceeds for such purposes. Lender ~my disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as ~e work is completed. If the i~murance or cm~demnation proceeds are not sufficieut to repair or restore fl~e Property, Borrower is ~mt relieved of Borrower's obligation Ibr the completion of such repair or restoration. Lender or its agent nmy nmke reasomble entries upon and inspections of the ProPerty. If it has reasonable cause, Lender I~y inspect the interior of fl~e improvements on the Property. Lender shall give Borrower notice at ~e time of or prior to such an interior inspectim~ spccit~ing such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in dcfimlt if, during the I~oan applicalion process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, ~sleading, or i~mccurate information or statements to Lender (or failed to provide Le~der with nmterial infornmtion) in connection wifl~ the Loan. Material rcpresentatio~m include, but are not limited to, representatioos contenting Borrower's occupaucy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Righls Under this Security lnslrumeut. (a) Borrower thils to perlbrm the covenants and agreements contMncd in this Security lnslrument, (b) there is a legal proceediug fl~at inight sig~fificantly aft~ct Lender's imc~cst in the Property and/or rights under tiffs Security hxstmment (such as a proceeding in bankruptcy, probate, tbr condemnation or fi~ fciture~ entbrcement of a lien which n~xy attain priority over tiffs Security lostrmneut or to enfi~rce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay l~r whatever is reaso~mble or appropriate to protect Lender's interest in fl~e l~roperty and rights uuder this Security Instrument, including protecting and/or assessing file value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are ~mt limited to: (a) paying any stuns seem'ed by a lien which has priority over this Security Instmnmnt; (b) appearing in conrt; a~d (c) payiug reasom~ble attorneys' fees to protect its imerest in the Property and/or rights under this Security Instrmnent, including its secured position in a bankruptcy proceeding. Securing die Property includes, but is not limited to, entering file Property to nmke repairs, change locks, replace or board up doors and windows, drain water from pipes, elimimte building or other code violatio~m.or dangerous conditions, a~d have milities turned on or off. Alflmugh Lender nmy take action under tiffs Sectiou 9~ [.cndcr does not have to do so and is not under any duty or obligation to do so. It is agreed fliat Lender incurs no liability for not taking any or all actions auflmfized under dfis Section 9. Any anmunts disbursed by Lender under Otis Section 9 shall become additiomd debt of Borrower secured by tiffs Security Instrument. These anmunts shall bear interest at the Note rate from the date of disburselnent and shall be payable, widl such interest, npon nmice fi'om Lender to Borrower requesting payment. If fids Security h~tm~nent is on a leasehold, Borrower shall comply wiih all the provisions of lhe lease. If Borrower acquires fee title to file Property, the leasehold and the tee title shall m~t merge tmless Lender agrees to fl~e merger in writing. ' 10. Mortgage lnsm'ance. It' I~ender required Mortgage h~stmmce as a condition of making rite I~oan, Borrower shall pay fl~e prenfiunm required to nmintain fl~e Mortgage [usurance in effect. If, tk}r any reason, tim Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insura~me and Borrower was required to make separately designated payments toward file premiunB for Mortgage Insurance, Borrower shall pay the prernimns recfuired to obtain coverage substantially equivalent to fl~e Mortgage Insurance previously in'efr~ct, at a cost substantially equivalent to file cost to Borrower of tim Mortgage Insurance previously iu effect, ti'om au altenmte mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of thc separately desig~mted payments that were due when fl~e insurance coverage ceased to be in elliot. Lender will accept, use and retain these payments as a non-relhndable loss reserve in lieu of Mortgage lnsttrance. Such loss reserve shall be non-re,ridable, notwithstanding fl~e fact that fl~e Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insura~me coverage (in fl~e amOUlit and }br lhe period that [.ender requires) provided by an insurer selected by Lender again becomes available, is obtained, aud l.ender requi~cs separately desig~mted payments toward the pmnfiums Ibr Mortgage Insurance. if Lender required Mortgage Insurance as a condition of nmking fl~e Loan and Bon'owcr was required to make separately designated payments toward die premiums for Mortgage Insurance, Borrower shall pay tl'te prenfiums required to nmintain Mortgage Insurance in effect, or to provide a non-rel:uodable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such ternfimtion or until termination is required by Applicable Law. Nothing in dfis Section 10 affects Borrower's obligation to pay interest at fl~e rat¢ provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases thc Note) fi)r certain losses it ~ty incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage h:lsurance. Mortgage insurers evaluate ~eir total risk on all such insurance in tk~rce/~o~n time to time, and may enter into agreements wifl~ od~er parties flint share or modif~ their risk, or reduce losses. These agreements are on ter~ and conditio~ that are satisthctory to the mortgage insurer and fl~e'other party (or parties) to these agreements. These agreements nmy require the mortgage insurer to make payments using any source of funds that the mortgage irmurer nmy have available (which may iuclude ~nds obtained flora Mortgage Insurance prenfim~). As a result of d~ese agreenmnts, Lender, any purchaser of the Note, anothe[ insurer, any reinsurer, any off, er entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) an~o'unts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modil~ing fl~e mortgage insm'er's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of fl~e insm'cr's risk in exchange fi)r a share of die premiums paid to ~e insurer, ~e arrangement is ollen termed "captive reinsurance." Further: (a) Any such agreements will not affect the amounts Ihat Borrower has agreed to pay for Mortgage Insurance, or any other ter~ of the Loan. Soch ngreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. ~;6(WY, ,ooo5) Page 8 o, lB ~ For,n 3051 1/01 (b) Any such agreements will not affect the rights Borrower has - if any - with respect to the Mortgage Insurance under the Homeowners Protection Act ol' 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellatiou of the Mortgage Insurance, to have the Mortgage Insurance termioated automatically, and/or to receive a refund of any Mortgage Insurance pre~niums that were nuearoed at the time of such cancellation or termination. 11. Assignment of Miscellaoeous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration oi' repair of thc Property, if the restoration or repair is econonfically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have thc right to hold such Miscellaneous Proceeds until Lender has had an opportmfity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undcrtakcu l)romptly. Lender may pay fi~r the repairs and restoration in a single disbursement or in a series of progress payments as thc work is completed. U~fless an agreement is nmde in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or eanfings on such Miscellaneous Proceeds. If the restoration or repair is ~mt economically t'casible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to thc sums secured by dfis Security Instrument, whether or not then due, with rile excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in fl~e order provided tbr in 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 sums secured by this Security h~strument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the lhir n~rket value of the Property iuunediately be~bre the partial taking, dcstructiou, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrtmient immediately bclbre flie partial taking, destruction, or loss in value, unless Borrower and lLeudcr otherwise agree in writing, the SUlnS secured by this Security Instrument shall be reduced by the amount of the Miscellaneous l)rocecds multiplied by the following fraction: (a) die total amount of thc sums secured immediately bctbre the partial taking, destructiou, or loss in value divided by (b) the fair market value of rile 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 o1: thc Property in which the fifir market value of the Property immediately before the partial taking, dcstructiou, or loss in value is less thau the amount of the sums secured innnediatcly belbre the partial taking, destruction, or loss in value, unless Borrower and Lender oflmrwise agree in writing, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Ii~strument whether or not the sums are then due. If the Property is abandoned by Borrower, or if, after notice by Leuder to Borrower that thc Opposing Party (as defined in the next sentence) offers to make an award to settle a claim l~br damages, Borrower fails to respoml to Le~der within 30 days after the date thc notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoradtm or repair of the Property or to the sums secured by this Security. Instrmnent, whether or not then duc. "Opposing Party" means the third pa,-ly that owes Borrower Miscellaneous Proceeds or rile party against whom Borrower has a ,'ight of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or crinfimd, is begun that, in Lender's judgment, could result in [brfeiture of the Property or other material impairment of kender's interest in rile Property or rights under this Security Ii~strmnent. Bm'rower can cm:e such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causiug the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes lm'feiturc of the Property or other nmtcrial impairment of Lender's iuterest in the Property or rights under this Security instrument. The proceeds of any award or claim for danmges that are attributable to the impairment of Lender's interest irt the Property arc hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds flint are not applied to restoratiun or repair of the Property shall be applied in the order provided fur in Section 2. 5,4 G 12. Borrower Not ReleaSed; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Sectuity Instrument granted' by Lender to Borrower or auy Successor in Iuterest of Borrower shall not operate to release the liability of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor ill Interest of Borrower or to refuse to extend time for payment or otherwise modify amortizatiou of the sums secured by this Security hmtrument by rcas(m of auy demand nmde by tile original Borrower or any Successors ill Iuterest of Borrower. Any forbearance by Lender in exercising any right or remedy including, without linfitation, Lender's acceptance of payments front third persons, entities or Successors ill Interest of Borrower or ill amounts less than file amtmnt theu due, shall not be a waiver of or preclude the exercise of any fight or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bonnd. Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. 1 towever, auy Borrower who co-signs fids Security h~strument but does not execute file Note (a "co-signer"): (al is co-signing this Security Instrmnent only to mortgage, grant and convey the co-signer's interest iu the Property under the terms of this Security lnstmumnt; (b) is not personally obligated to pay the sums secured by tilts Security hkstrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, fi)rbear or nmke any acconunodations with regard to the terms of this Security hmtrument or tile Note without the co-siguer's consent. Subject to tile provisions of Section 18, any Successor in Interest of Bon'ower who assmnes Borrower's obligations under this Security Instrmnent in writing, and is approved by Lender, shall obtaiu rill of Borrower's fights and benefits under this Security Instrument. Borrower shall not be released fi'om Borrower's obligations and liability under dfis Security Instrmnent tmless Lender agrees to such release in writing. The covelmnts and agreements of Oils Secufity Iustmn~enl shall biud (except as provided ill Section 20) and benefit the successors aod assigns of Leuder. 14. Loan Charges. Lender ~nay charge Borrower f~es fbr services performed in connection with Borrower's definflt, for the pm-pose of protecting Lender's interest in the Property and rights under this Security Instrument, includiug, but not limited to, attorneys' fees, l)mpcrty inspectiou and valuadou fees. In regard to any other fees, the absence of express authority ill this Security Instrument to charge a specific fee to Borrower shall not be construed as a prohibition on the chart_,in~, of such tee. Lender may not charge fees that are expressly prohibited by this Security Instrument or by ~Al~licable Law. If file Loan is subject to a law which sets nmximum loau charaes, and that law is finally interpreted so that file interest or other loan charges collected or to be collected'~n conoection with the Loan exceed the permitted Ii,nits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the pernfitted limit; and (b) any stuns already collected fi'om Borrower which exceeded permitted limits will be refunded to Borrower. Lender nmy choose to make this retired by reducing the principal owed under file Note or by making a direct paymeut to Borrower. IFa retired reduces principal, the reduction will be treated as a partial prepayment witbout ally prepaynieut charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptauce of auy such reft,nd made by direct payment to Borrower will constitute a waiver of any right of actimi Borrower migllt have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender ill connection with this Security Instnmlent mnst be in writing. Any notice to Borrower itl connection with this Security Instrmnent shall be deemed to have been given to Borrower when mailed by first class nmil or when actually delivered to Borrower's uotice address if sent by other means. Notice to ally one Borrower shall constitute notic'e to all Borrowers unless Applicable Law expressly requires otherwise. The notice address shall be the Property Address mfless Borrower has designated a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change of address. If Lender specifies a procedure fol' reporting Borrower's chauge of address, fl~en Borrower shall only report a change of address tllrough that specified procedure. There may be only one desig~mted notice address under flits Security Instrument at any one time. Any notice to Lender shall be given by ~lelivering it or by nmiling it by first class mail to Lender's address stated herein unless Lender has designated another address by re,ice to Borrower. Any notice in cmmection with this Security Instrument shall not be deemed to have been given to Lender until actnally received by Lender. If any notice required by this Security h~strument is also required nnder Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under dfis Security Instrument. 6(WY) tooos} Page 10 ot 16  Form 3051 1/01 16. Governing Law; Severahility; Rules of Construction. This Security h~strument shall be goven~ed by t~deral law and ~e law of the juhsdicdon in which the Property is located. All rights aud obligatio~ contained in tiffs Security lnsU'ument are subjcc~ to any requirements and linfitations of Applicable Law. Applicable Law nfight explicitly or implicidy allow thc pardes to agree by couuact or might be silent, but such silence shall not be construed as a prohibitioa agaiust agreement by contract, lu fl~e event ~at any provision or clause of ~fis Secnhty lnstrumcat or thc Note conllicts with Applicable Law, such conflict shall not af/~ct o~er provisions of this Security Instrument or d~e Note which can be given eft~ct wi~out a~e conflicting provision. As used in ~is Security InsUmncnt: (a) words of ~e masculine gender shall mean and include ?rresponding neuter words or words of ~e feminine gender; (b) words in fl~e singular shall mean and include fl~e plural and vice versa; and (c) ~e word "nmy" gives sole discretion wi~out any obligation to take any action. 17. Borrower's Copy. Borrower shall be given one copy or' thc Note and of tiffs Security h~strument. 18. Transfer of the Property or a Beneficial Interest in Borrower. As used iu this Section 18, "Interest in ~e Property" means any legal or beneficial interest in thc Property, including, but to, ~mse beneficial interests transferred in a bond for deed, conU-act tbr deed, instalhnent sales not linfitcd escrow agreement, fl~e intent of which is fl~e trans/Sr of title by Borrower at a fi~ture date to a purchaser. contract or If all or any part of fl~e Property or any Interest in fl~c Property is sold or transferred (or if Borrower is not a ~mtural person and a beneficial interest in Borrower is sold or tra~st~rrcd) wi~mm Lender's prior written consent, Lender nmy require immediate payment in fidl of all sun,s seem'ed by ii,is Scctu-ity Instrument. floweret, tiffs option shall not be exercised by Lender it' such exercise is prohibited by Applicable Law. If Lender exercises tiffs option, Lender shall give Borrower nodcc of acceleration. The notice shall provide a period o.f not less than 30 days t~om fl~e date file nodce is given ia accordance widt Section 15 wiOiin which Borrower nmst pay all sums secured by Otis Secm-ity l'nstrUnlCnt. If Borrower lhils to pay fltese sm~ prior to ~e expiration of this period, Lender ~y im~okc auy remedies pcrufiUcd by this Security Instrument wi~out ~r~er notice or denmnd on Borrower. 19. Borrower's Right to Reinstate After Acceleratiou. I1" Borrower meets certaia conditions, Borrower shall have fl~e right to have cufi~rcement of Otis Security h~st~mncnt discontim~ed at auy time prior to the earliest of: (a) five days heft)re sale of ~e Property pursuant to any powdr of sale contained this Security InsUmnent; (b) such o~er period as Applicable Law might specie lbr the tcrmimttiou of Borrower's right to reinstate; or (c) entry of a judgment ent~rciug tiffs Security Instrument. Those conditions are flint Borrower: (a) pays Lender all sunm which then would be due under this Secm-ity Insu~meut and fl~e Note as if no acceleration had occurred; (b) cures any dcthttlt of auy other covenants or agreements; (c) pays all expeuses incurred in enforcing this Secm-ity h~su-mnent, including, bt~t not lhnitcd to, reasomible attorneys' fees, property inspection and valuatioa lbcs, and other tSes incurred fi)r pu~ose of protcctiug Lender's interest in O~c Property and rights under this Security Instrmneut; aud (d) takes such action as Lender nmy reaso~bly require to assure flxlt Lender's iuterest iu thc Property a~d rights under ~is Security lnstrmnent, and Borrower's obligation to pay thc sums secured by this Secmity hmtmment, shall coutinue unchanged. Leudcr may require flint Borrower pay such reinstatement stints and expenses in one or more of fl~e following Brms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bauk check, treasurer's check or cashier's check, provided any such ch ~ is drawn upon an mstitutiou whose deposits are insured by a federal agency, instrmncm.dit ..........-. eck Funds Tra~mfer. Upon reinstatement by Borrower ~is Sccm-ity h~strumcnt aud obligations secured hereby , ' ' ' [z ~,~ cml[y; or (d) Electronic shall reumin ~lly e/tbctive as if no acceleration had occm'red. However, this right to reinstate shall not apply in the case of acceleration under Section 18: 20. Sale of Note; Chauge of Loan Servicer; Notice of Grievance. Thc Note or a partial interest in fl~e Note (togcfl~er wifl~ Otis Security instmmen0 can be sold one or mm'c dines wiflmut prior notice to Borrower. A sale might result in a change in the entity (known as d~c "[-oau Servicer") ll~at collects Periodic Payments dt~e under fl~e Note and dfis Security Instnunent :iud pCl'l~)rins other mortgage servicing obligations under d~e Note, tiffs Security Instrument, and Applicable Law. There also might be one or more changes of ~e Loan Servicer umelated to a sale of fl~e Note. If dmre is a change of d~e Loan Servicer, Borrower will be given written notice of fl~e change which will state thc name and address or' new Loan Servicer, fl~e address to which payments should be made uud any off,er i~tbrmatiou RI2SPA P~e 11 oi 16 Form 3051 1/01 requires iix connection with a notice of transfer of servicing. If file Note is sold and thereafter the Loan is serviced by a Loan Servicer oilier than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be t[ansferrcd to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise provided by thc Note purchaser.' Neither Borrower nor Lender may commence, join, or be joined to any judicial action (as either an individual litigant or file meniber of a class) that arises from the other party's actions pursuant to this Security Instrument or that alleges that the other party has breached any provision of, or any duty owed by reason of, this Security InstrUment, until such Borrower or Lender has notified the other party (with such notice given in colnpliance with the requirements of Section 15) or' such alleged breach and alfordcd the other party hereto a reaso~mble period after the giving of such notice to take corrective action. If Applicable Law provides a time period which nmst elapse befure certain action can be taken, that time period will be deemed to be reasonable for purposes of fids paragraph. The notice of acceleration and opportunity to cure given to Borrower pursuant to Section 22 and thc notice of acceleratioo given to Borrower pursuant to Section 18 shall be deemed to satisfy the notice and ol)portunity to take corrective actiou provisions of this Section 20. 21. tlazardous Substances. As used in fids Section 21: (a) "}tazardous Substances" are those substances defined as toxic or hazardous substances, pollutants, or wastes by Euvkomnental Law and the fi)llowing substances: gasoline, kerosene, other flannnable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, n~tterials containing asbestos or fimnaldehyde, and radioactive materials; (b) "Enviromnental Law" means federal laws and laws of file jurisdiction where the Property is h)cated that relate to health, safety or eiwironmental protection; (c) "Eovimmuental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental Law; and (d) an "Envhomnental Condition" means a condition that can cause, contribute to, or otherwise trigger an Environmental Clea~mp. Borrower shall not cause or pernfit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting file Property (a) that is in violation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presence, 'use, or release of a Hazardous Substance, creates a condition that adversely affects the value of the Property. The preceding two sentences shall not apply to the presence, use, or storage (Ill the Property of snmll quautities of Hazardous Substances that are generally recognized to be appropriate to nornml residential uses and to nufintenance of the Property (includiug, but not limited to, hazardous substances in consumer l)roducts). Borrower shall promptly give Lelder written notice of (a) any investigation, claim, demaad, lawsuit or other action by any governmental or regulatory agency or private party involving thc Property and any Hazardous Substance or Enviro~m~ental Law of wlfich Borrt~wer has actual knowledge, (b) any Enviro~mlental Condition, includiug but not linfited to, any spilling, leaking, discharge, release or threat of release of any Hazardous Substance, aud (c) any condition caused by the presence, use or release of a Hazardous Substance which adversely affects file value of the Property. If Borrower learns, or is notified by any governmental or regulatory authority, or any private party, dial any removal or other remedia/iou of any Hazardous Substance affecting file Property is uecessary, Borrower shall promptly take all necessary remedial actions in accordance with Euviromnental Law. Nothing herein shall create any obligation on Lender for an Enviromnental Cleanup. (~)C~-6(WY) too05} Pag* 12 of 15 Form 3051 1/01 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 SecoriCy Instrument (hot not prior Co accderation under Section 18 unless Applicable Law provides ofl~erwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from Che date the notice is given to Borrower, by which the default mnst be cured; and (d) that failare to cm'e the default on or before the date specilied in the notice may result iu acceleratioo of the stuns secored by this Security lnstrumeut and sale of the Property. The notice shall fnrCher inform Bon'ower of the right to reinstate after acceleration and the right to bring a corn1 actiou to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. Il' tile default is not cured on or before the date specified in the notice, Lender at its option may reqaire immet[iate payment in full of all sums secured by this Security Instrument without further demaud and may invoice tile power of sale and any other remedies permitted by Applicable Lax¥. Lender shall be enCitled to collect till expenses incurred in pursuing the remedies provided in this Sectiou 22, inclnding, bnt not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of inCent to foreclose Co 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, aud the Property shall be sohl in the manner prescribed by Applicable Law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, inchding, but not limited to, reasonable attorneys' fees; (h) to all sums secured by this Security lnstrtnnent; and (c) any excess to the person or persous legally entitled to it. 23. Release. Upon payment of all sums secured by tiffs Security hlstrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs, t.ender may charge Borrower a fee tbr releasing this Security IlrStrutnent, but ooly if flxe fee is paid to a lhird parCy for services rendered and the charging of the fee is permitted under Applicable Law. 24. Waivers. Borrower releases and waives all rights trader and by virCue of cite homestead exemption laws of Wyoming. (~c~-6(WY) (ooo61 Page 13of 1.5 Form 3051 1/01 BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this SecuritY Instrument and in any Rider executed by Borrower and recorded with it. Witnesses: W. MARK SULOFF -Borrower (Seal) -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (Seal) (Seal) -Borrower -Borrower (~6(WY) (ooo51 Pag* ~4 of is Form 3051 1/01 STATE OF WYOMING, LINCOLN Tile foregoing instrument was acknowledged before me this by W. MARK SULOFF AND STEPHANIE SULOFF /D Courtly ss: My Cmmnission Expires: Iq~lRd A~d¥.LON ' NOSB¥-I 'H q-iii' ~-6G(WY) (ooo~ Page 15 of 16 Form 3051 1/Ol Legal Description Part of Lot 2 of Block 11 to the Town of Aflon, lincoln County, Wyoming, being more particularly described as follows: Beginning at a point on the West boundary line of said Block 11 that is 11 rods South of the Northwest Corner of said Block 11; and running thence East, on a line perpendicular to said West boundary line 14 rods, more or less, to the West boundary line of the Van J. tlokanson property contained in Warranty Deed recorded March 29, 1973 in Book 104PR on page 47 of the records of the Lincoln County Clerk; thence South, on a line parallel to the West boundary line of said Block, 8 rods; thence West, on a line perpendicular to the West boundary line of said Block 14 rods, ~nore or less, to said West boundary line; thence North, along said West boundary line, 8 rods to the point of beginning.