HomeMy WebLinkAbout876177 WHEN RECORDED MAlL TO:
FAMILY FIRST FEDERAL CREDIT UNION I::i [:ii {i,i ,.
PO, BOX 1750 ;,7 \,~}"
OI~EM, UT 84059-1750 ,_ ] ~'.J i~} (3 i.. ~"'? (2 (')(,i
WYOMING DEED OF TRUST ~~.~ . ~ ~:~. ~:~
THIS DEED OF TRUST ( Security Instrument"), is made on SEPTEMBER 21, 2001, '-~}('~i:~.~ }~.'~ [:: l::: }:' '57 '~" 0 ¢,'~j~:,} ',~
D~twee~ ....
RICHARD K. ~SBAND AND LISA C. ~SBAND, husband and wife as joint tenants, as
TRUSTOR
ROCKY MOUNTAIN TITLE INSURANCE, as TRUSTEE, and
FAMILY FIRST FEDERAL CREDIT UNION, which is organized and existing under the
laws of the United States of America, 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:
Lots 4 and 5 of Block 2 of the Heuett Addition to the Town of Cokeville, Lincoln Cohnty,
Wyoming as described on th e official plat thereoL
which has the address oh
300 SIXT~ STREET
COKEVILLE, WY 83114.
Together wi~ all building, fixtures and improvements thereon and all water rights, water s~ock, royalties, mineral, oil and gas rights and profits, figh s of way,
easements, rents, issues, profits, iucome, tenements, hereditament, privileges and appurtenances thereunto belougiug, now or hereafter used, erected, or enjoyed wilh
said property, m' any pa~x thereof or the leasehold estate if this trust deed is oa a leasehold, (hereinafter collectively refelTed to as the "property"). SUBJECT,
HOWEVER, to ~e right, power and authority hereinafter given to and confen'ed upon Beneficiary to collect and apply snch rents, issues, and profils: FOR THE
PURPOSE OF SECUR~G(l) payment of the indebtedness and all other ]awful charges ev denced b a r
whichs ecificaltvrefms eed~r','m~t ~-- , , . . Y P om~ssory note or agremnent dated SEPTEMBER 21 2001
P , ~ ' tolhisD _~.~ .... ~crew.a m amax~mnmoutstandm~principalsum of $87 500.00 made by Tmstm payable~
Beneficiary in the manner and with interest as therein set forth, and any extensions, renewals or modifications thereoL (2) the perfm'mance of each agreement of
tmstor herein contained (3) the payment of all sums expended of advanced by Beneficiary under or pursuant to the terms hereof, together with interest thereou as
herein provided; and (4) all advances hereafter made to or fro- the Tmstor.
Tmstor covenants and wan'ants to Beneficiary that Tmster is lawfully seized of the estate hereby conveyed and ha~ the right to graat and convey this trust deed and
th~ property, that tile property is not encnmbered except as previously disclused in writing to Beneficiary, ~hat the execution of this Deed of Trust will not re,nit in file
breach of any agreement to which trustor is a party or which purpotlts to be binding on the trus~m' or the property, and that Trustm' will warrant and defend geoerally
the title to lhe properly against all claims and defenses against the property.
TO PROTECT TIlE SECURITY OF THIS TRUST DEED, TRUSTOR AGREES:
1. MA~TENANCE OF PROPERTY, To keep the 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 cmnply with all laws, covenants and
restrictions affecting the Property; not to comofit or permit waste thereof; not to co.nit, suffer or permit any act upon the Property in violation of law; to do ail other
ac~s which fi'om the character or use of the Property may be reasonably necessary, Ihe specific enumerations herein not excluding
hereby or any part fl~ereof is being the general; and, if the loan secured
obtained for the purpose of fioa~cing construction of ilnprovelneots on the Property, Tmstor further agrees to ¢oonllgnce
construction promplly aad to pursue the same with reasonable diligence to completion in accordance wilh plans and specifications sadsfacto~y to be~eficiary, and
allow Beneficiary to hlspect the property at all thlles daring
2. ~SURANCE. To provide and maintain insnrance against such casnalties as is customarily can'ied on like prope~lies or as Beneficiary may require, in an
amount, not less than ~e unpaid balance of the note or lhe insurable value, for such term, and written by a company ar companies satisfactory to Beneficiary whh loss
payable clanses in farm' of and in a form satisfactory to BeneficiarT. In ~e ewut of loss or damage, Trustor shall give immediate notice to Beneficiary. Beneficiury
may make proof of loss and settle and a~ust all claims thereunder, applyiog the proceeds at its option, to reduction of ~he amoant due hereunder, or to the restoration
or repair of the property damage. Payment of such toss may be made directly to Beneficiary, In the event o~ the re~sal or neglect of Tmstor to provide insm'ance or
to maintain same, or [o renew same Ju a ma~er satisfactory to Beneficiary, ~en, then Beneficiary may ilself proc~re and maintain such insurance and 'charge the cost
thereof to Tnlstor under the provisions of paragraph I hereoE Beneficiary shall not be required to accept or approve any policy of insurance or uny renewal of all
existing policy, which is not delivered to it prior to 30 days befare the expiration date of existing coverage eveu through the same may be otherwise satisfactory
Beneficiary.
3. TIYLE ~SURANCE OR ABSTRACT OF TITLE. To deliver m, pay for and maintain with Beueficiary undl the indebtedness secured hereby is paid in
such evidenc~ of title as Beneficiary may require, including abstracts of title or policies of title insurance and any extensions or renewals thereof m' snpplements
thereto. '
4. DEFEND TITLE, To appear in and defend aoy action or proceeding pmporting ~o affect the secur ty hereof, the titIe to the Property, or the rights or powers of
Beneficiary or Trustee; and should Beneficiary or Trustee elect to also appear in or defend any snch action or pro~eeding, to pay all costs aad expenses, including
cos~ of evidence of title and attm'ney's fees in a reasonable sum incm~ed by Beneficiary or Trustee,
5. TAXES AND ASSESSMENTS, To pay before delinquency all taxes and assessmen[s affecting the Property, including all a~se~sments npon
and all rents, assessments and charges ~Br water, appm'tenant to or used in connection wifl~ fl~e Property; to pay, when dne, wilful' cmnpany stock
all encumbrances, charges, and lieos with interest, on the Property or any part lhereof, which at any time appear to be prior or saperio. ~ereto: to pay all costs, fees, and
expenses of this Trust.
6. PAYMENTS; CHARGES. Should Trustor fail to make any payment or to do any act as herdn provided, then Beneficiary or Trustee, but without obligation so
to do and without notice to or demand upon Trastor and wifl~out releasing Trustor fi'om any obligation hereof, may: Make or do the same in such manner and to such extent
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as either may deem necessary to protect tile security hereof, Beneficiary or Trastee being antborized to enter upon the Property tk)r sucb pnrposes; Commence, uppear in
and defend any action or proceeding pmpm'ting to affect tbe security hereof or the rights or powers of Beneficiary m' Trnstee: pay, purchase, contest, or compromise any
encumbrances, charge or lien which in the judginem 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 uecessary therefor, including cost of ev deuce of title, employ cot ns~el, and pay his reasonable fees.
' 7. To pay i~mnediately and without demand all sums expended hereunder by Beneficiary or Trostee, with interest fi-om date of expenditure at the rare set forth in the
above mentimted instrument of indebtedness until paid, and the repayment thereof shall be secured hereby.
8, TRANSFER. Not to make any voluntary fittervivos transfer of the premises or auy part thereof without first obtaining the written consent of the Beneficiary. Any
such transfer, il' the Beneficiary shall not so consent, shall constitute a default under the terms of this iustrument and the instrmnent of indebtedness it secures, and
Beneficiary may cause same to be foreclosed, and the premises sold, according to law and the provisions hereoL
IT IS MUTUALLY AGREED THAT:
9. Should the Property or any part thereof be taken or damaged by reason of any public improvement or coodenmation proceeding, or damoged by fire, or earlbqoake,
m' in any other manner, Beneficiary shall be entitled to all compensation, awards, and other puyments m' relief therefor, and shall be eutitled itt its option to cmmnence,
appear in and pl-osecnte in its own nellie, any action or proceedings, or to make any compron~ise or settlemeet, in connection with snob taking or damage. All such
compensation, awards, damages, right of action and proceeds, including tbe proceeds of any policies of fire and other insorance afl, cling 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 herehy. Trostor agrees to execute
such furfllet' assignments of any compensation, award, damages, and rights of uction and proceeds as Beneficiary or Trustee may requb'e.
10. At soy time and fi'om time to time Ul)On written request of Beneficiary, payment of its fees and pi'esentation of this Deed of Trust and the instrument of
indebtedness roi' endorsement (in case of full reconveyance, for cancellation anti retention), without affecting the liability of any person tbr the payment of the indebtedness
secured hereby, Trustee may (al conseot to the making of any map or plat of said property; (b) join in granting any easement or creating any restriction thereon; (c) join
iu any subordination or other agreement affecting this Deed of Trust 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. Trustm' agrees to pay reasonable Trustee's fees roi' any of the services mentioned ill this paragraph.
11. RENTS. As additional secm'ity, Trustor bereby assigns to Beoeficiary, during the continuance of these trusts, all rents, issues, royalties, and profits of the property
affected by this Deed of Trust and of any persooal property located thereon. Until Trustor shall dehult itl the payments of any indebtedness secured hereby or in the
performance of any agreement hereunder, Trustor shall have tbe right to collect all such rents, issues, royalties, and profits earned prior to default as they become due and
payable. ]fTrustor shall default as aforesakl, Trustur's right to collect eny of such moneys shall cease and Beneficiary shall have the right, witb or without taki ig possession
of thc property affected hereby, to collect all rents, royalties, issues, and profits. Failure of discontinuance of Beneficiary lit any time or fi'om time to time to collect any
such moneys shall not in auy manner affect the subsequent enforcement by Beneficiary of the right, power, and autbority to collect the same. Nothing contained herein,
nor tile 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 all assmnption of
liability under, not' a subordination of the lien or charge of this Deed of Trust to arty such tenancy, lease or option,
12. DEFAULT. Upon default by Tmstor hereuuder, Beneficiary may at any time without notice, either in person, by agent, or be a receiver to be appointed by a court
(Tmstm' hereby consenting to the appointment of beneficiary as such receiver), and without regard to the adequacy of any security l'br the indebtedness hereby secured,
enter upon and take possession of said property m' any part thereof, and in its own name sue or otherwise collect said rents, issues, and profits, including those post dna
and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attoruey's fees, upon any indebtedness secured hereby, and in
such order as Beneficiary may determine.
13. The entering upon and taking possessiou of said property, the collection of soch rents, issties, and profits, or the proceeds of fire and otber insm'ance policies, or
compensation or awards for any taking or damage of said pro perry, and the application or release thereof as aforesaid, shall not cure or waive any default or notice of default
hereunder or invalidate soy act done pursuant to such notice.
14. FORBEARANCE NOT A WAIVER. The failure on the part of Beneficiary to promptly enforce any right hereunder shell not operate as a waiver of such right
aud tile waiver by Beneficiary of any default shall not constitute a waiver of any other or subsequent dethult.
15. TIME IS OF THE ESSENCE. Time is of the essence hereof. Upon default in the payment of any indebtedness secured hereby or in the performance of any
agreement hereunder, all sums seam'ed hereby shall immediately becmne due and payable at the option of Beneficiary. In the event of soch defanlt, Beneficiary may
execute or cause Trustee to execute a written notice of default and of electimt to cause said property to be sold to satisfy the obligations hereof, and Trustee shall file soch
notice for record in each county wherein said property m' some part.or parcel thereof is stt 1 ed. Beneficiary also shall deposit with Trustee, the note and all documents
evidencing expenditures seem'ed hereby.
16, DEFAULT. After the lapse of such time as may then be required by htw following the ream'dalton of said notice of default and notice of default and notice of sale
having been given as then required by law, Trustee, without demand on Trustor sball sell the Property on tile date and at the time nod phtce designated in said notice of
sale, either as a whole or in separate parcels, and in such order as it may detemfine (but subject to any ~tatutory right of Trustor to direct the order n w 1 ch st ell property,
if consisting of seYeral knowo lots or parcels, shall be sold), at publie auction to the highest bidder, the pm'chase price payable in hlwful money of the United States at the
time of sale. The person conduction the sale may, for any cause he deems expedieot, postpone the sale frmn time t~ time nntil in shall be cmnpleted and, in every sucb
case, notice of postponement sllall be giveo by public declaration thereof by sucb person at the time and place last appointed roi' the sale; provided, if the sale is postpooed
for longer~tban one day beyond the day designated in the notice of sale, notice thereof sball be given iii the same manner as the original notice of saIe. Trustee stndl execute
and deliver to the porchaser its Deed conveying said property so sold, but without any covenant or warratuy, express or implied. The recitals in the Deed of any matters
of fitcts sball be conclasive proof of the trutbfulness thereof. Any pars on, including Bane ficiary, may bid et the sale. Trustee shall apply tile proceeds of the sale to payment
of (1) tile costs of expenses of e~.ercising the power of sale and of sale, including the payment of the Tru stee's and attorney's fees actually iocun'ed by the Tins tee and the
Beneficiary with the minimum total of said l~es not to be less than $250.00; (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 the repaid, with accrued ioterest from date of expenditure; (4) all otber sums then seem'ed hereby and
(5) the remainder, if any, to the person or persons legally entitled thereto, or tbe Trustee, in its discretion, may deposit the balance of such proceeds with the County Clerk
of the county in which the sale took place.
17. Upon the occun'ence of any default herennder, Beneficiary shall have the option to declare all sulns secured hereby, immediately due and payable and foreclosure
this Trust Deed in the manner provided by law for the foreclosure of mortgages on real property aud Beneficiary shall be entitled to recover ia such proceedings all costs
and expenses incident thereto, including a reasonable attorney's fee in sucb amount as sball be fixed by the court.
18. SUCCESSOR. Beneficiary may appoint a soccessor tn~stee at any time by filing for record in the office of tbe County Recorder of each county in which said
property or some part hereof is situated, a substitution of trustee. From the time the sobstitution is filed tilt-record, the new trustee shall succeed to all tile powers, duties,
authm'ity 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.
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1'9, This Deed of Trust she l apply to, inure to the benefit of, and bind all parties hereto, their heirs, legatees, devisee, administrators, executors, successors and assigos~
All obligations of Tmstor hereunder are joint and several. The term "Beneficiary" shall mean the Owner nod raider includiog any pledgee, of the note secured hereby.
In this Deed of Trust, whenever tile text so requires the masculine oender includes tile feminine and/or neuter, ,and the singular numbe~ includes tilt: phu-aL
20. Trustee accepts this Trust when this Deed of ~Ertlst, duly executed and acknowledged, is made a public record,as provided by law. Trustee is not obligated to notify
aoy party hereto of pending sale under any ocher Trust Deed or of nay action in which Trustor,
Beneficiary, or Trustee shall be a party, unless brgught by Trustee.
21. Tbis Trust Deed shall be construed ac¢ording to the laws of the State of Utab.
22. The undersigned Tmstor requests that a copy of any notice of default anti of any notice of sale hereunder be mailed to him at the address hereinbefm-e set forth.
IN WITNESS THERE.O~F.~THE Trut4,or has caused these presents to be executed the day and year first above written.
RD K. RAS/~AND ~ '~
LISA C. RASBAND
INDIVIDUAL ACKNOWLEDGMENT
STATE OF UTAH )
)ss
COUNTY OF UTAH )
On the 21" day of SEPTEMBER 2001, personally appeared before me
RICHARD K. RASBAND AND LISA C. RASBAND ,
the signe,'s of tbe above instrument, who duly acknowledged
to me that they executed the same. ]
My Commission Expires:
BENJAMIN T, SEMANI
[[[~ 1~1 ~ 75 EAST 200 SOUTH 1
~ COMM, EXP, 7~-2005 I
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