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WHEN RECORDED MAIL DEED TO:
REVERSE EXCHANGE
20 NORTH MAIN, SUITE 300
ST. GEORGE, UTAH 84770
Order No. A7121
Tax I.D. No.
Kt:l;t:IVED ö/~/;¿UUI at ::S:44 I-'M
RECEIVING # 930043
BOOK: 660 PAGE: 708
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
,.......
Space Above This Line for Recorder's Use
TRUST DEED
With Assignment of Rents
THIS TRUST DEED made this 1st day of June, 2007, between REVERSE EXCHANGE NO. 11, LLC,
Utah Limited Liability Company as TRUSTOR, whose address is 20 North Main Stree,t #300, St. George,
Utah 84770, to ROCKY MOUNTAIN TITLE INSURANCE AGENCY, as TRUSTEE, and SALVATORE
A. SCAFFIDE and RAMONA A. SCAFFIDE, husband and wife, as Joint Tenants, 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,
An undivided 45% interest in and to the following:
All of Lots 4 and 5 of Packsaddle Subdivision 3rd Filing, Lincoln County, Wyoming as
described on the Official plat thereof.
TOGETHER WITH all improvements and appurtenances thereunto belonging.
SUBJECT TO easements, restrictions, rights of way and reservations currently appearing of record and those
enforceable in law and equity.
Together with all buildings, fixtures and improvements thereon and all water rights, rights of way, easements,
rents, issues, profits, income, 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 SECURING (1) payment of the indebtedness evidenced by a promissory note of even
date herewith, in the principal sum of $ 305,590.06, 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 his 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 numerations herein
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O~ª~r~ði?,g the general; and, if the loan secured hereby or any part thereof is being obtained foMMQ~~of
financing construction of improvements on said property, Trustor further agrees:
(a) To commence construction promptly and to pursue same with reasonable diligence to completion in
accordance with plans and specifications satisfactory to Beneficiary, and
(b) To allow Beneficiary to inspect said property at all times during construction.
Trustee, upon presentation to it of an affidavit signed by Beneficiary, setting forth facts showing a default by
Trustor under this numbered paragraph, is authorized to accept as true and conclusive all facts and statements
therein, and to act thereon hereunder.
2. To provide and maintain insurance, of such type 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 Beneficiary 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 or renewals thereof or supplements thereto.
4. To appear in and defend any action or proceeding purporting to affect the security thereof, the title to said
property, or the rights or 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 affecting 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 to do so and without notice to or demand upon Trustor and without releasing Trustor 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 being authorized to enter upon said property for such purposes;
commence, appear in and defend any action or proceeding purporting to affect the security hereof or the rights of
powers of 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 evidence 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 borne by the principal balance under the Note 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 therefrom 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 proceeds,
including the proceeds of any policies of fire and other insurance affecting said property, are hereby assigned to
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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 of 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. Trustor agrees to pay reasonable Trustee's fees for any of the services
mentioned in this paragraph.
10. As additional security, Trustor hereby assigns 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.
11. Upon any default by Trustor hereunder, Beneficiary may at any time without notice, either in person, by
agent, 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 or release thereof as aforesaid, shall not cure or waive any default or notice of default
hereunder 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 obligations hereof,
and Trustee shall file such notice for record in each county wherein said property or some part or 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 notice of
default, and notice of default and notice of sale having been given as then required by law, Trustee, without demand
on Trustor, 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
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auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of sãre.
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, if the sale is postponed for longer than one day
beyond the day designated in the notice of sale, notice thereof shall be given in the same manner as the original
notice of sale. Trustee shall execute and deliver to the purchaser its Deed conveying said property so sold, but
without any covenant or warranty, express or implied. The recitals in the Deed of any matters of 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 to payment of (1) the costs and expenses of exercising the power of sale and of the
sale, including the payment of the Trustee's and attorney'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 at the rate borne by the principal balance under the Note 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 Trustee, 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 powers, 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 Trustor, 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.
21. The undersigned Trustor requests that a copy of any notice of default and of any notice of sale hereunder
by mailed to him at the address hereinbefore set forth.
22. Transfer of the Property or a Beneficial Interest in Trustor. If all or any part of the Property or any interest
in it is sold or transferred (or if a beneficial interest in Trustor is sold or transferred and Trustor is not a natural
person) without Beneficiary(s)' prior written consent, Beneficiary(s) may, at its option, require immediate payment
in full of all sums secured by this Security Instrument.
Signature of Trustor(s)
REVERSE EXCHANGE NO. 11, LLC, a Utah
Li~. ite Liability Company
BIl.,". ~ W C^It1-^.!.'v6-
Deb Wanlass, Manager
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OOOÞ?12
Attached to Trust Deed executed by REVERSE EXCHANGE NO. 11, LLC, Utah Limited Liability Company as TRUSTOR,
whose address is 20 North Main Stree,t #300, St. George, Utah 84770, to ROCKY MOUNTAIN TITLE INSURANCE
AGENCY, as TRUSTEE, and SALVATORE A. SCAFFIDE and RAMONA A. SCAFFIDE, husband and wife, as Joint
Tenants, as BENEFICIARY,
NOTARY FOR TRUSTOR
STATE OF UTAH )
) ss
County of Washington )
On the 1 st day of June, A. D. 2007, personally appeared before me Deb Wanlass, Manager of REVERSE
EXCHANGE NO. 11, LLC, a Utah Limited Liability Company and known to me to be members or designated agents
of the Limited Liability Company that executed the herein instrument and acknowledged the instrument to be the
free and voluntary act and deed of the Limited Liability Company, by authority of statute, its articles of organization
or its operating agreement, for the uses and purposes herein mentioned, and on oath stated that they are authorized
to execute ~his in~trument on behalf of the Limited Liability ~pany. "' .
. NOTARY PUBLIC ~~~ --
ELWIN F. PRINCE
. 40 S. 100 E. Notary Public
ST GEORGE, UT 84770
MY COMM EXP 08-02-07
STATE OF UTAH
REQUEST FOR FULL RECONVEYANCE
(To be used only when indebtedness secured hereby has been paid in full)
TO: TRUSTEE.
THE UNDERSIGNED, is the legal owner and holder of the Note and all other indebtedness secured by the within
Trust Deed. Said Note, together with all indebtedness secured by said Trust Deed has been FULLY PAID and
SATISFIED; and you are hereby requested and directed, on payment to you of any sums owing to you under the
terms of said Trust Deed, to CANCEL said Note, and all other evidence of indebtedness secured by said Trust Deed
delivered to you, together with the said Trust Deed, and to RECONVEY, without warranty, to the parties designated
by the terms of said Trust Deed, all the Estate now held by you thereunder.
DATED this
day of
Mail reconveyance tn'
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