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HomeMy WebLinkAbout90416431227 DEFINITIONS RECEIVED OLN COUNTY CLERK [Space Above This Line For Recording Dat~i] MORTGAGE Words used in multiple sections of this document are defined below and rd~cr words are defined in Sections 3, 11, 13, 18, 20 and 21. Certain roles regarding the usage of words used in this documcm arc also provided in Section 16. (A) "Security Instrument" means this document, which is dated ..................... 10.22.2004 ... together with all Riders to this document· ' .................................. (B) "Borrower" is .A.u..s.ti.n..J...O.ay..agO.L.a..N.e.qe..w..Oay' HUSBAND AND WIFE Borrower is the mortgagor under this Security Instrument. (C) "Lender" is THE. BANK OF STAR VALLEY Lender ~s a Corporation ' ' ........................................... organized and existing under the laws of ih'.'si;i;';i'¢/~;;;i~ ............................... Lender's 'Mdress is 384 WASHINflON SIRE[I, PO BOX 8001~ ~.!,.~; .W..¥:~ .3J.! .0... :: ...................................................... ' Lender is Ibc n~ortgagee.under this Security Instrument. ~ r~o[e means me promissory note signed by Borrower and dated .10:22.2004 ' Note states that Borrower owes Lender thirty threo thousand three hundred th rtu ~'~r~ ~' ;~'-~t'~'hh' ................................... The ...................... ~ .....~. y.,.,¥.¥y! .... ............................................... Dollars (U S $ 33 333.33 '-lus interest ~ - - .... ' ............................... ) p . norrower nas romisea pay th~s debt tn regular Periodic Payments and to pay the debt in full not later than .1.0.-2~:~.0.Q9 ................ . P to Og) Property" means the property that is described below under the heading ' Fransfer of Rights in the Property." (F) "Loan" means the debt evidenced by the Note, plus interest, 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 this Security Instrument that are execulcd by Borrower. The following Riders are to be executed by Borrower [check box as applicable]: [] Adjustable Rate Rider [] Condominium Rider [] Second Home Rider [] Balloon Rider [] Planned Unit Development Rider [] Other(s) [specify] /dulli-P. utp0~¢.Eixed.. [] 1-4 Family Rider [] Biweekly Payment Rider Rate Rider (H) "Applicable Law" means all controlling applicable federal, state and h)cal stat administrative rules and orders (that have. tho ~.t~.o, ^c ~ ........ ,.. utes, regulations, ordinances and ,~ ............. ~. --~; ....... ~.~ ,t ~aw) as ,,well as all ap *licablc nnal, non-appealable judicial opinions· ]si ~.ummunlty Association Dfles~ ~'ees, ana Assessments means all Juts, f~cs, assessments and other charges that are imposed on Borrower or the Property b a condominium asso' ' · ..... . j ,, ,, Y clatlon, homeowncls association or sanflar or a }, - - ransrers, automated teller machine ' .'.. , ~s transpctlons, transfers ~mtlated by telephone, wire transfers, and automated cleannghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Miscellaneous Proceeds" mca ' . . ns any compensation, settlement, award of damages, or proceeds paid by an~' third part~ tother than insurance proceeds paid under the coverages described in ,%etlon 5) ]or' (0 dama e to, or destruct o the..t'r, operty (ii) condemnation or other takin- of all or ......... ~ a.~ n~; ....... · ' .g . . t n of, · · . . ~ ~sgy _I~O.I.L UL tll~ rio ici'[ ' 111 C ' . or ur) m~srepresentat~ons of, or omissions as to Y t ) onveyance in heu of condemnatron, , the value and/or condition o}' thc J~roperty. (M) "Mort age Insurance" means insurance rotectin Le ' · (.N.) "Periodic. Payment" means the re ularl p scheduled ~deo[ against the n.onpaym, ent o~f, or. defau!t on, the. Lo.ap. (n) anyamounts under Section 3 of this ~gelcnri~v Inet ..... ~ m un] due for 0) principal and interest under the l~ote, Ins 0 "RES " ...... ~ ............... P ( ) PA means the Real Estate Settlement Procedures Act (12 ti.S.C. §2601 et seq.) and its implementing regulation, Regulation X (24 C.F.R. Part 3500), as they might be amended fi'o~n time to time, or any additional o,r successor legis~'~tion or regulation that governs the same subject matter As used in this S refers to all reouirements and restric,~ .... ~- .....: ...... · ,. .,. . :, . . ecurity Instrument, "RESPA' does not quali~ as a "federally r~'lut,~~-~-~----t*~}~t-~t~c~-~t'~ustz,tl ~n..r--e~g~ar9 to a ' IL'ucral~y related morteaee loan" even ir th~. Inan ~-) ouccessur in ~n[erest gL uorrower" ' . , , . means any party that has taken title to the Property, whether or not that party has assumed Borrower s obligations under the Note and/or this Security Instrument TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, with power of sale, the following described property located in the C0unt¥ CI0rk lType of Recording Jurisdiction] Lincoln County Clerk . [Name of Recording Jurisdiction] See Exhibit "A" attached hereto and ma de a part hereof. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT flankers Systems. Inc., St. Cloud. MN Form MD-l-WY 8/21/2OOO ref: l/2OO$ (page I of 7 pag~,.~ Form 3051 1/01 CB4AO which currently has the address of .2..5.0..g. 9~p.ty..~.fl....1.2.3. ...................................................................................... [Street] · .B.~.d.[0. r.d. ........................................................... Wyoming..8.3.! J.2. ................................ ("Property Address"): [City] [Zip Code]., ..! TOGETHER WITH all the improvements now or hereafter erected on~ th~ 'property, and ali, Basements, appurtenances, and fixtures now or hereaf[cr a part of the property. All rePlacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that B{~rrowcr is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uni fi~rm security instrument covering real property· UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, thc debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay [unds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or tiffs Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under thc No[c and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) 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 Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other 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 the payment {~r partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufl'icicnt to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment {~r partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are acccplcd. If each Periodic Payment is applied as of its scheduled due date, then Lender 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 not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secu red by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the f{~llowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining ammmts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce Ibc principal balance of the Note. If Lender receives a payment from Borr{~wer for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may bc applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid h hll. To ~e extent that any excess exists after the payment is applied to ~e ~11 payment of one or more l'criodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied firs[ to any prepayment charges and then as described in the Note. Any application of payments, insnrancc proceeds, or Miscellaneous Proceeds to pr~cipal due under the Note shall not extend or postpone the due date, or change thc amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in ~11, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Prq~crty, if any; (c) premiums for any and all ~surance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the te~ of the Loan, Lender may require that Co~uffity Association Dues, Fees, and Assessments, if an~' be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item· Borrower shall promptly fin'nish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items tmlcss Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation .to pay to Lender Funds for any or all Escrow Items at any t~e. Any such waiver may oily be in writing. In ~hc event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items Ibr which payment of Funds has been waived by Lender and, if Lender requires, shall ~rnish to Lender receipts evidencing such payment within such t~e period as Lender may require· Borrower's obligation to make such paymcms and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrumem, 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 ~e amount due for an Escrow Item, Lender may exercise its rights nndcr Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount t.ender may revoke ~e waiver as to any or all Escrow Items at any t~e by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and ~ such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pe~it Lender to apply the Funds at the t~e specified under ~SPA, and (b) not t{~ exceed the max~um amount a lender can require under ~SPA. Lender shall est~ate the amount of Funds due on fl~e basis of current data and reasonable est~ates of expenditures of ~ture Escrow Items or otherwise in accordance wilh/Xpplicable Law. -. The Funds shall be held in an insfitutitm whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so Nsured) or N any Federal Home Loan Ba~. Lender shall apply the Funds to pay the Escrow Items no later than the t~e specified under ~SPA. Lender shall not charge Borrower for holding and applyNg the Fnnds, annually analyzing the escrow account, or veri¢ing the Escrow Items, uffiess Lender pays Borrower interest on thc Ftmds and Applicable Law pe~its Lender to make such a charge. Uffiess an agreement is made in writing or Applicable l.aw requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on thc Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give t(~ Borrower, without charge, an a~ual account~g of the Funds as required by ~SPA. If there is a surplus of Funds held in escrow, as defined under ~SPA, Lender shall account to Borrower for the excess ~nds ~ accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under ~SPA, Lender WYOMING- Sin~le Family-Fanni~ ~ao/Freddio Mac UNIFOBM INSTRU~E~T Form 30~1 1/O1 Bankers S~stems, lnc., Sl. Gloud, MN Form MD-l-WY 8/2U2OOO (page 2 of 7pagea) 09041{;4 0059 shall notify Borrower as required by RESPA, and Borrower shall pay ltl [.ender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Instrument, [.ender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leaseht~ld payments or ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. %) the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in good failh by, or defends against enforcement of the lien in, legal proceedings which in Lender's 'opinion operate to prevent the cnf,.'cement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from thc holder of the lien an agreement satisfactory to Lender subordinating the lien to this 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 lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy tt~e lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended ct~verage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insm",ncc. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone. determination and certification services and subsequent charges each time remappings or similar chances occur which reasonably might affect such 'determination or certification. Borrower shall also be responsible for th~-' payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any fh~od zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost .f the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Insm,nent, These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such p~)licies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums aud renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, t.' destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/~.- as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's secmity is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and rcstt~ration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in wr,ing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower, If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to thc sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower, Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and scule any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered 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 otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the am~mnts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the ri_oht ~,) anv refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar ~ such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore Ihe Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to ~,ccupy the Property as Borrower's principal residence for at least one year after ' ~ t::. date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste ~)n the Property. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order .) prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insurance or condemnation proceeds are paid in connection with 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 the repairs and restoration in a single payment or in a series of progress payments as the work xs completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion of such repair or restoratitm. WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Bankers Sys]Iems, Inc., SI. Cloud, MN Form MD-l-WY 8/21/2000 (page 3 of 7pages) __ Form 3051 1/01 Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying stlcb reasonable cause. 8. Borrower's Loan Applicatiou. Borr~wer shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direclit~t~ of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate informatic~ ~r statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in Ihe Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreemcms ctmtained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest it~ the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condcm~ation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or ~qq~ropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting a~l/~r assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, bt~t ;irc not limited to: (a) paying any sums secured by a lien which has priority over this Security Instrument; (b) appearing i~ court; and (c) paying reasonable attorneys' fees to protect its interest in the Property and/or rights under this Security Inslrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, cnlcring the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, climi~ale building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender trader this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to lSorrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with ail the provisions of the lease. If Borrower acquires fee title to the Property, thc leasehold and the fee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be avaih0~le from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost t~ B~arrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If subsh~ntially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount ~f the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required t~ pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortg~ge Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by l,cnder again becomes available, is obtained, and Lender requires separately designated payments toward the premiums f~r Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was reclUircd to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prcmiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination 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 Loan as agreed. I]~rrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their tott~l risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortg:~gc insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insnrcr t~ make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's p:~ymcnts for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If st~cb agreement provides that an affiliate of Lender takes a share of insurer's risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed "captive reinsurance." Further: (a) Any such agreements will not afl'ect the. amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not enlitlc l~orrower to any refund. (b) Any such agreements will not affect the rights Borrower has--if any--with respect to the Mortgage Insurance under the Homeowners Prntection Act of 1998 or any other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and~re' ~o receive a refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation nr 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 Miscclhmcous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically f~agihlc and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to h~*ld ~uc'h Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been ct~mpleted to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for thc repairs and restoration in a single disbursement or in a series of progress payments as the work is completed. Unless an ~grcement is made in writing or Applidable Law requires interest to be paid on such Miscellaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration ~r repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destructi~m, or loss in value of the Property, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, dcslrt~cli~m, or loss in value of the Property in which the fair market value of the Property immediately before the partial taki~g, 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 talcing, destruction, or loss in value, unless Borrower and Lender otherwise agree in writil~g, the sums secured by this Security Instrument shall be reduced by the WYOMING- Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Bankers Systems, Inc., St. Cloud, MN Form MD~l-WY 8/21/20(}C) O~cl~¢ 4 of 713(1.~$) __ O9041. ,4, '.. 0061 amount of the Miscellaneous Proceeds multiplied by the following fi'action: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property hnmediately 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 thc Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking, destruction, or loss in value, tmlcss Borrower and Lender otherwise agree in 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 Borrower, or if, after notice by l.cnder to Borrower that the Opposing Party (as defined in the next sentence) offers to make an award to settle a claim lYr damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either '.tO .rgstoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. "Opposing Party" means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action 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 occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Lender's judgment, precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages th,t are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a ~', ai~ er. Extension of the time for payment or modification of amortization of the sums secured by this Security Inslrmnent granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liabilily of Borrower or any Successors in Interest of Borrower. Lender shall not be required to commence proceedings agai.st any Successor in Interest of Borrower or to refuse to extend time for payment or otherwise modify amortization of Ibc sums secured by this Security Instrument by reason of any demand made by the original Borrower or any Siiccessors ill Interest of Borrower. Any forbearance by .Lender in exercising any right or remedy including, without limitatioa, l.cnder's ac&eptance of payments from third persons, entities or Successors in Interest of Borrower or in amounts less ~han the amount then due, shall not be a waiver of or preclude the exercise of any right or remedy. 13. Joint and Several Liability; Co-signers; Successors and Assigns Bound, Borrower covenants and agrees that Borrower's obligations and liability shall be joint and several. However, any Borrower who co-signs this Security Instrument but does not execute the Note (a "co-signer"): (a) is co-signing this Security Instrument only to mortgage, grant and convey the co-signer's interest in the Property under the terms of ~his Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower can agree to extend, modify, forbear or make any accommodations with regard to thc terms of this Security Instrument or the Note without the co-signer's consent. Subject to the provisions of Section 18, any Successor in Interest ol' llorrower who assumes Borrower's obligations under this Security Instrument in writing, and is approved by Lender, sh'.dl obtain all of Borrower's rights and benefits under this Security Instrument. Borrower shall not be released from B,~rrower's obligations and liability under this Security Instrument unless Lender agrees to such release m writing. Thc covenants and agreements of this Security Instrument shall bind (except as provided in Section 20) and benefit the succcs.,,,rs and assigns of Lender. 14. Loan Charges. Lender may charge Borrower fees for services perIbrmed in connection with Borrower's default, for the purpose of protecting Lender's interest in the Property and rights under this Security Instrument, including, but not limited to, attorneys' fees, property inspection and valuation t'ecs. In regard to any other fees, the absence of express authority in this Security Instrument to charge a specific fee to Borrt~wcr shall not be construed as a prohibition on the charging of such fee. Lender may not charge fees that are expressly, prohibited by this Security Instrument or by Applicable Law. If the Loan is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce Iht charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces prtncipal, the reduction will be treated as a partial prepayment wilhtmt any prepayment charge (whether or not a prepayment charge is provided for under the Note). Borrower's acceptance ~t' any such refund made by direct payment to Borrower will constitute a waiver of any right of action Borrower might have arising out of such overcharge. 15. Notices. All notices given by Borrower or Lender in connect~tm with this Security Instrument must be in writing. Any notice to Borrower in connection with this Security Instrument shall be deemed to have been given to Borrower when mailed by first class mail or when actually delivered to Borrower's notice address if sent by other means. Notice to any one Borrower shall constitute notice to all Borrowers unless .,\pplicable Law expressly requires otherwise. The notice address shall be the Property Address unless Borrower has desim~atcd a substitute notice address by notice to Lender. Borrower shall promptly notify Lender of Borrower's change or-address. If Lender specifies a procedure for reporting Borrower's change of address, then Borrower shall only report a change of address through that specified procedure. There-may be only one designated notice address under this Security lustrument at any one time. Any notice to Lender shall be given by delivering it or by mailing it by first class mail ~ I.cnder's address stated herein unless Lender has designated another address by notice toYBorrower. Any notice in connccti{m with this Security Instrument shall not be deemed to have been given to Lender until actually received by Lender. If any notice required by this Security Instrument is also required under Applicable Law, the Applicable Law requirement will satisfy the corresponding requirement under this Security Instrument. 16. Governing Law; Severa~ility; Rules of Construction. This Scet~rity Instrument shall be governed by federal law and the law of the jurisdiction:in 'Which'the Property is located. All rights aud obligations contained in this Security Instrument are subject to any requirements and limitations of Applicable l.aw. 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 .f this Security Instrument or the Note which can be given effect without the conflicting provision. As used in this Security Instrument: (a) words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender; (b) words in the singular shall mcan and include the plural and vice versa; and (c) the word "may" gives sole discretion without any obligation to take any action 17. 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. ,,\s 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 tnterests WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Bankers Systems, Inc., St. Cloud, MN Form MD-l-WY 8/21/2000 (page 5 of 7pages) O O41 4 006° ., 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 all or any part of the Property or any Interest in the 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 immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is pmhibiled by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. Il' Borrower fails to pay these sums prior to the expiration of this 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 Acederation. If Borrower meets certain conditions, Borrower shall 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 prover of sale contained in this Security Instrument; (b) such other period as Applicable Law might specify for the terminalion of Borrower's right to reinstate; 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 occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in ch forcing this Security Instrument, including, but not limited to, reasonable attorneys' fees, property inspection and valuation fees, and other fees incurred for the purpose of protecting Lender's interest in the Property and rights under dfis Security Instrument; and (d) takes such action as Lender may reasonably require to assure that Lender's interest in the Property and rights under this Security Instrument, and Borrower's obligation to pay the sums secured by this Security Instrument, shall continue unchangedl Lender may require that Borrower pay such reinstatement sums and expenses in one or more of the following forms, as selected by Lender: (a) cash; (b) 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 Transfer. Upon reinstatement by Borrower, this Security Insmmmnt and obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this righ! t~ 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) can bc sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as thc "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 more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan S~rvicer, 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 payments should be made and any other information RESPA requires in connection with a notice of transfer of servicing. If the Note is sold and thereafter the Loan is serviced by a Loan Servicer other than the purchaser of the Note, the mortgage loan servicing obligations to Borrower will remain with the Loan Servicer or be transferred to a successor Loan Servicer and are not assumed by the Note purchaser unless otherwise 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 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 compliance with the requirements of Section 15) of such alleged breach and afforded tim other party hereto a reasonable period after the giving of such notice to take corrective action. If Applicable Law providcs a time period which must elapse before certain action can be taken, that time period will be deemed to be reasonable for purposes 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 Borrower pursuant to Section 18 shall be deemed 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, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radi~active materials; (b) "Environmental Law" means federal laws and laws of the jurisdiction where the Property is locatod that relate to health, safety or environmental protection; (c) "Environmental Cleanup" includes any response action, remedial action, or removal action, as defined in Environmental 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 presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, ~m or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property (a) that is in vi~dation of any Environmental Law, (b) which creates an Environmental Condition, or (c) which, due to the presencc, usc, 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 on the Property of small quantities of Hazardous Snbstances that are generally 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 written notice of (a) any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge, (b) any Environmental Condition, including but not limited to, any spilling, leaking, discharge, release m' threat of release of any Hazardous Substance, and (c) any condition caused by the presence, use or release of a Hazarthms Substance which adversely affects the value of the Property. If Borrower learns, or is notified by any governmental t)r regulatory authority, or any private party, that any removal or other remediation of any Hazardous Substance affccling the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Envir~mmcntal Law. Nothing herein shall create any obligation on Lender for an Environmental Cleanup. NON-UNIFORM COVENANTS. BorFowcr and Lender further covenant and agree as follows: 22. Acceleration; Remedies. Louder shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement iu this Security Instrument (but not prior to acceleration under Section 18 unless Applicable 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 fl'.m 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 Property. 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 u'ithmlt fl~rther demand and may invoke the power of sale and any other remedies permitted by Applicable Law. l.ender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Section 22, inclnding, 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 WYOMING -Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3051 1/01 Bankers Systems, Inc., St, Cloud, MN Form MD-l-WY 8/21/2000 (page 6 of 7pages) __ sale to Borrower in the manner provided in Section 15. Lender shall lmblish the notice of sale, and the Property shall be sold 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, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured hy 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 this Security Instrument, Lender shall release this Security Instrument. Borrower shall pay any recordation costs. Lender may charge Borrower a fee for releasing this Security Instrument, but only if the fee is paid to a third 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. BY SIGNING BELOW, Borrower accepts and agrees to thc terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it. [Space Below This Line For Acknowledgment] ' STATE OF WYOMING ................. LI. dC.O/I,L.., ................................ County ss: The foregoing instrument was acknowledged before me this .1.~:2~:~.0.0.4 ...................................................... (date) by Austin d. Day; kaNece W. Day, HUSBAND AND W FE (person acknowledging) My commission expires: Notary Public WYOMING - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Bankers Systems, Inc., St. Cloud, MN Form MD-I-WY 8/21/2000 Form 3051 1 I01 (page 7 of 7 pages) . J 0064 ' PAYMENT RIDER THIS PAYMENT RIDER is made this ..2.2.n..d ............. day of ..0.c.t.o.b.e.r.,..2.0..0.4. .................. and is inco[porated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") o! the same date given by the undersigned ("the Borrower") to secure Borrower's Note to ....T.H..E..B.A..N.K..0..F..S.T.A..R..V.A..I_.L.E.¥, .3..8.4. ......... . .W..A.S.H. .N..s.f..R.E.E.T, ?,..AE.O.N.,..W.y...8.3.1. !.0. ..................................................................... .......................................................................................................... ("the Lender"} of the same date and covering the property described in the Security Instrument and located at: U.2. .................................................................................. [Property Address] ADDITIONAL COVENANTS, In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PERIODIC PAYMENTS OF PRINCIPAL AND INTEREST The Note provides for periodic payments of principal and interest as follows: 3. PAYMENTS (A) Periodic Payments I will pay principal and interest by making periodic payments when scheduled: [] I will make .......................... payments of $ ........................................................ each on the ............................................................................................................ of each .................................................................................................................. .......................................... beginning on .............................................................. [] I will make payments as follows: 59 monthly payment., of ~376.92 beginning 11-25-2004. [] In addition to the payments described above, I will pay a "Balloon Payment" of $ .1..9.,.4.2.2.:7..7 ..................... on ..1.0.-.2..5:.2.0.0..9 ............................................ The Note Holder will deliver or mail to me notice prior to maturity that the Balloon Payment is due, This notice will state the Balloon Payment amount and tile date that it is due. (B) Maturity Date and Place of Payments I will make these payments as scheduled until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. My periodic payments will be applied to interest before Principal. If, on .!,0.-.2.5.;.2.0.0..9 .................................. I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "Maturity Date." I will make my periodic payments at 384WA. S.H.I.N.~..T.0.~..S.T,.R,E.E..T...A.F.T..O.N.,..W..Y..8.3.!.1.0. ...................... ........................................................ or at a different place if required by the Note Holder. MULTIPURPOSE FIXED RATE PAYMENT RIDER (MULTISTATE) Bankers Systems, Inc., St. Cloud, MN Form MPFR-PR 6/15 2004 ref: MPFR-MN (page I of 2 pages) ~0065 [] B. FUNDS FOR TAXES AND INSURANCE Uniform Covenant 3 of the Security Instrument is waived by Lender. .-.~ .'.....'C~....:..~.T...~. ................. (Seal) [aNece W. Day f__/// -Borrower Bankers Systems, Inc., St. Cloud, MN Form MPFR-PR 6/15/2004 (page 2 of 2 pages) 0066 EXHIBIT A Beginning 1,247 feet South of the Northeast Comer of Seclion 32, Township 34 North, Range 118 West of the 6th P.M., Wyoming and running thence South 167 feet; thence West 260.84 feet; thence North 167 feet; thence East 260.84 feet to the point of beginning. Also: A Portion of the E1/4NE1/4 of Section 32, T34N, R118W, of the 6th P.M. located South of Bedford, Lincoln County, Wyoming, being more particularly described as follows: BEGINNING at an Iron'Pipe set at a Point in the East line of said E1/4NE1/4, said point being 1240.33 feet S0°I 8'49"W from the B.L.M. type monument found marking the Northeast comer of said E1/4NE1/4; thence, continuing, S0°I 8'49"W 7.00 feet to an Iron Pipe found; thence N89°41 '11"W 96.13 feet to an Iron Pipe set; thence N86°08'56"E 96.39 feet, to the Point of Beginning.