HomeMy WebLinkAbout876116 When Recorded Mail to:
LNB INVESTMENTS, L.LJC.
P. O. BOX 71893
Sale Lake City, Utah 84171
BOOK
TRUST DEED
With Assignment of Rents
THIS TRUST DEED, made this the 21 st day of September, 2001 between
LAVERE B. MERRITT, as TRUSTOR, whose address' is 652 East 3050 North,
Provo, Utah 84604, and J. SCOTT BROWN, ESQ., 185 South State Street, Suite
700, Salt Lake City, Utah 841.11, as TRUSTEE, and LNB INVESTMENTS,
L.L.C., P. O. Box 71893, Salt Lake City, Utah 84171, as BENEFICIARY.
WITNESSETH: That Trustor CONVEYS AND WARRANTS TO
TRUSTEE IN TRUST, WITH POWER OF SALE, the following described
property, situated in Lincoln County, State of Wyoming:
PART OF LOT 1 OF BLOCK 23 OF THE AFTON TOWNSITE,
Lincoln County, Wyoming being more particularly described as
follows:
BEGINNING at'the Southeast comer of said Lot 1 and running thence
West 20 rods; thence North 10 rods; thence East 15 rods; thence South
4.5 rods; thence East 5 rods; thence South 5.5 rods to the Place of
Beginning.
Together with all buildings, fixtures and improvements thereon and all'water
rights,, rights of way, easements, rents, issues, profits, incofiie, tenements,
hereditaments, privileges and appurtenances thereunto belonging, now or hereafter
used or enjoyed with said property, or any part thereof, SUBJECT, HOWEVER, to
the right, power and authority hereinafter given to and conferred upon Beneficiary to
collect and apply such.rents, issues, and profits;
FOR THE PURPOSE OF SECUR/NG (1) payment of the indebtedness
evidenced by a promissory note of even date herewith, in the principal sum of ,~m
$15,000, made by Trustor, payable to the order of Beneficiary at the times, in the
manner and with interest as ~therein set forth, and any extensions and/or renewals or
modifications thereof; (2) the performance of each agreement of Trustor herein
contained; (3) the payment of such additional loans or advances as hereafter may be
made to Trustor, or her successors or assigns, when evidenced by a promissory note
or notes reciting that they are secured by this Trust Deed; and (4) the payment of all
sums expended or advanced by Beneficiary under or pursuant to the terms hereof,
together with interest thereon as herein provided.
TO PROTECT THE SECURITY OF THIs TRUST DEED, TRUSTOR AGREES:
1. To keep said property in good condition and repair; not to remove or demolish any building thereon, to
complete or restore promptly and in good and workmanlike manner any building which may be constructed,
damaged or destroyed thereon; to comply with all laws, covenants and restrictions affecting said property; not to
commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of law; to
do all other acts which from the character or use of said property may be reasonably necessary, the specific
enumerations herein not excluding the general; and, if the loan secured hereby or any part thereof is being obtained
for the purpose of financing construction of improvements on said property, Trustors further agree:
(A) to commence construction promptly and to pursue same with reasonable diligence to
completion in accordance with plans and specification satisfactory to Beneficiary; and
(B) to allow Beneficiary. to inspect said property at all times during construction.'
2. To provide and maintain insurance, of such type or types and amounts as Beneficiary may require, on
the improvements now existing or hereafter erected or placed on said property. Such insurance shall be carried in
companies approved by Beneficiary with loss payable clauses in favor of and in form acceptable to Beneficiary. In
event of loss, Trustor shall give immediate notice to Beneficiary, who may make proof of loss, and each insurance
company concerned is hereby authorized and directed to make payment for such loss directly to Be. neficiary instead ·
of to Trustor and Beneficiary jointly, and the insurance proceeds, or any part thereof, may be applied by
Beneficiary, at its option, to reduction of the indebtedness hereby secured or to the restoration or rePair of the
property damaged.
3. To deliver to, pay for and maintain with Beneficiary until the indebtedness secured hereby is paid in
full, such evidence of title as Beneficiary may require, including abstracts of title or policies of title insurance and
any extensions ore renewals thereof or supplements thereto
4. To appear in and defend any action ore proceeding purporting to affect the security hereof, the title to
said property, or the rights ar powers of Beneficiary or Trustee; and should Beneficiary or Trustee elect to also
appear in or defend any such action or proceeding, to pay all costs and expenses, including cost of evidence of title
and attorney's fees in a reasonable sum incurred by Beneficiary or Trustee.
5. To pay at least 10 days before delinquency all taxes and assessments hffecting said property, including
all assessments upon water company stock and all rents, assessments and charges'for water, appurtenant to or used
in connection with said property; to pay when due, all encumbrances, charges, and liens with interest, on said
property or any part thereof, which at any time appear to be prior or superior hereto; to pay all costs, fees, and
expenses of this Trust.
6. Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or
Trustee, but without obligation so to do and without notice to or demand, upon Trustors and without releasing
Trustors from any obligation hereof, may: Make or do the same in such manner and to such extent as either may
deem necessary to protect the security hereof, Beneficiary or Trustee; pay, purchase, contest, or compromise any
encumbrance, charge or lien which in the.judgment of either appears to be prior or superior hereto; and in
exercising any such powers, incur any liability, expend whatever amounts in its absolute discretion it may deem
necessary therefor, including cost of e;4dence of title, employ counsel, and pay his reasonable fees.
7. To pay immediately and without demand all sums expended hereunder by Beneficiary or Trustee, with
interest from date of expenditure at the rate of interest provided in the promissory note of even date and hereby
secured until paid, and the repayment thereof shall be secured hereby.
IT IS MUTUALLY AGREED THAT:
8. Should said property or any part thereof be taken or damaged by reason of any public improvement or
condemnation proceeding, or damaged by fire, or earthquake, or in any other manner, Beneficiary shall be entitled
to all compensation, awards, and other payments or relief therefor, and shall be entitled at its option to commence
appear in and prosecute in its own name, any action or proceedings, or to make any compromise or settlement, in
connection with such taking or damage. All such compensation, awards, damages, rights of action and pr61:eeds,
including the proceeds of any policies of fire and other insurance affecting said property, are hereby assigned to
Beneficiary, who may, after'deducting therefrom all its expenses, including attorney's fees, apply the same on any
indebtedness secured hereby.. Trustor agrees to execute such further assignments of any compensation award,
damages, and rights of action and proceeds as Beneficiary or Trustee may require.
9. At any time and from time to time upon written request of Beneficiary, payment of its fees and
presentation of this Trust Deed and the note for endorsement (in case of full reconveyance, for cancellation and
retention), without affecting the liability of any person for the payment of the indebtedness secured hereby, Trustee
may (a) consent to the making of any map or plat of said property; (b) join in granting any easement or creating
any restriction thereon; (c) .join in any subordination or other agreement affecting this Trust Deed or the lien or
charge thereof; (d) reconvey, without warranty, all or any part of said property. The grantee in any reconveyance
may be described as "the person or persons entitled thereto", and the recitals therein of any matters or facts shall be
conclusive proof of truthfulness thereof. Trustors agree to pay reasonable Trustee's fees for any of the services
mentioned in this paragraph.
1 0. As additional security, Trustor hereby assigns to Beneficiary, during the continuance of these trusts,
all rents, issues, royalties, and profits of the property affected by this Trust Deed and of any personal property
located thereon. Until Trustor shall default in the payment of any indebtedness secured hereby or in the
performance of any agreement hereunder, Trustor shall have the right to collect all such rents, issues, royalties, and
profits earned prior to default as they become due and payable. If Trustor shall default as aforesaid, Trustor's right
to collect any of such moneys shall cease and Beneficiary shall have the right, with or without taking possession of
the property affected hereby, to collect all rents, royalties, issues, and profits. Failure or discontinuance of
Beneficiary at any time or from time to time to collect any such moneys shall not in any manner affect the
subsequent enforcement by Beneficiary of the right, power, and authority to collect the same. Nothing contained
herein, nor the exercise of the right by Beneficiary to collect, shall be, or be construed to be, an affirmation by
Beneficiary of any tenancy, lease or option, nor an assumption of liability under, nor a subordination of the lien or
charge of this Trust Deed to any such tenancy, lease or option.
1 1. Upon any default by Trustor hereunder, Beneficiary may at any time ~ithout notice, either in person,
by agenl, or by a receiver to be appointed by a court (Trustor hereby consenting to the appointment of Beneficiary
as such receiver), and without regard to the adequacy of any security for the indebtedness hereby secured, enter
upon and take possession of said property or any part thereof, in its own name sue for or otherwise collect said
rents, issues, and profits, including those past due and unpaid, and apply the same, less costs and expenses of
operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such
order as Beneficiary may determine.
12. The entering upon and taking possession of said property, the collection of such rents, issues, and
profits, or the proceeds of fire and other insurance policies, or compensation or awards for any taking or damage of
said property, and the application of release thereof as aforesaid, shall not cure or waive any default or notice of
default thereunder or invalidate any act done pursuant to such notice.
13. The failure on the part of Beneficiary to promptly enforce any right hereunder shall not operate as a
waiver of such right and the waiver by'Beneficiary of any default shall not constitute a waiver of any other or
subsequent default.
14. Time is of the essence hereof. Upon default by Trustor in the payment of any indebtedness secured
hereby or in the performance of any agreement hereunder, all sums secured hereby shall immediately become due
and payable at the option' of Beneficiary. In the event of such default, Beneficiary may execute or cause Trustee to
execute a written notice of default and of election to cause said property to be sold to satisfy the obligation hereof,
and Trustee shall file such notice for record in each county wherein said property or some part of parcel thereof is
situated. Beneficiary also shall deposit with Trustee, the note and all documents evidencing expenditures secured
hereby.
15. After the lapse of such time as may then be required by law following the recordation of said ~otice of
default, and notice of default and notice of sale having been given as then required by law, Trustee, without'
demand on Trustm-, shall sell said property on the date and at the time and place designated in said notice of sale,
either as a whole or in separate parcels, and in such order as it may determine (but subject to any statutory right of
Trustor to direct the order in which such property, if consisting of several known lots or parcels, shall be sold), at
public auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of
sale. The person conducting the sale may, for any cause he deems expedient, postpone the sale from time to time
until it shall be completed and, in every case, notice of postponement shall be given by public declaration thereof
by such person at the time and place last appointed for the sale; provided, the time and means of notification of
postponement is in conformance with any and all statutory provisions. Trustee shall execute and deliver to the
purchase its Deed conveying said property so sold, but without any covenant or warranty, express or implied. The
recitals in the Deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person,
including Beneficiary, may bid at the sale. Trustee shall apply the proceeds of the sale of payment of(l) the costs
and expenses of exercising the power of sale and of the sale, including the payment of the Trustee's and a~orney's
fees; (2) cost of any evidence of title procured in connection with such sale and revenue stamps on TruStee s Deed;
(3) all sums expended under the terms hereof, not then repaid, with accrued interest as herein provided from date
of expenditure; (4) all other sums then secured hereby; and (5) the remainder, if any, to the person' or persons
legally entitled thereto, or the T;:~ ~stee, in its discretion, may deposit the balance of such proceeds with the County
Clerk of the county in which the sale took place.
16. Upon the occurrence of any default hereunder, Beneficiary shall have the option to declare all sums
secured hereby immediately due and payable and foreclose this Trust Deed in the manner provided by law for the
foreclosure of mortgages on real property and Beneficiary shall be entitled to recover in such proceeding all costs
and expenses incident thereto, including a reasonable attorney's fee in such amount as shall be fixed by the court.
17. Beneficiary may appoint a successor trustee at any time by filing for record in the office of the County
.Recorder of each county in which said property or some part thereof is situated, a substitution of trustee. From the
time the substitution is filed for record, the new trustee shall succeed to all the power, duties, authority and title of
the trustee named herein or of any successor trustee. Each such substitution shall be executed and acknoWledged,
and notice thereof shall be given and proof thereof made, in the manner provided_by law.
18. This Trust Deed shall apply to, inure to the benefit of, and bind all parties hereto, their heirs, legatees,
devisees,'administrators executors, successors and assigns. All obligations of Trustor hereunder are joint and
several. The term "Beneficiary" shall mean the owner and holder, including any pledgee, of the note secured
hereby. In this Trust Deed, whenever the context requires, the masculine gender includes the feminine and/or
neuter, and the singular number includes the plural.
19. Trustee accepts this Trust when this Trust Deed, duly executed and acknowledged, is made a public
record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Trust
Deed or of any action or proceeding in which Trustors, Beneficiary, or Trustee shall be a party, unless brought by
Trustee.
20. This Trust Deed shall be construed according to the laws of the State of Utah. It is recognized that
the real property that is the subject matter ofthis Trust Deed is located in Lincoln county, State of Wyoming,
however the parties hereto agree and covenant that this Trust Deed in every respect shall be construed, serviced,
and all provisions contained in the Utah law regarding Trust Deeds shall apply and that the Trustee, hereunder,
shall have every right and duty as if the property is located in Utah. Both parties hereto are located in Utah, both
are familiar with the laws of Utah, and this transaction closed in Utah and in every regard the Trust Deed and
Trust Deed Note shall be construed as if the property was located in Utah.
21. The undersigned Trustor requests that a copy of any notice of default and of any notice of sale
hereunder be mailed to him at the address hereinbefore set forth.
LAVERE B. MERRITT
STATE OF UTAH )
) ss.
COUNTY {3 gALT LAKE )
On the 20t day of September, 200 I, personally appeared before me LAVERE B. MERR1TT, who being
duly sworn, acknowledged to me that he executed the same.
Notary Public
My Commission Expires: ~Od i~, ~00~] ~
Residing at: ~/ho~Jo~ OU"t'oA, xo