HomeMy WebLinkAbout938943
State of Utah
TRUST DEED
With Power of Sale and Assignment of Rents
e00365
THIS TRUST DEED, made this 2nd day of May , 2008, between CHAPPARAL ACQUlSTION AND
DEVELOPMENT,LLC, A UTAH LIMITED LIABILITY COMPANY, as Trustor(s), whose address is 802 East Winchester Street,
Salt Lalœ City, Utah 84107, Advantage Title Company, as Trustee, and Reed Mobile Home Finance of Salt Lake County, State of
Utah, 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:
SEE ATTACHED EXHIBIT "A"
Tax ID No. 12-2417-02-3-00-017.00
This property is being cross collateralized with a property located at Lot 112, ARCADIA MEADOWS SUBDIVISION, South
Jordan, Utah 84095
TOGETHER with all buildings, fixtures, and improvements thereon and all water rights, rights of way, easements, rents, issues,
profits, income, tenements, hereditaments, ftanchises, 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;
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FOR THE PURPOSE OF SECURING (1) Payment of the indebtedness evidenced by a promissory note of even date herewith, in
the principle sum of $100,000.00, made by Trustor, payable to the Beneficiary or order at the times, in the manner and with interest as
therein set forth, and with the final payment due, NOVEMBER 2, 2008 and any extensions and/or renewals or modifications thereof;
(2) the performance of each agreement of Trustor herein contained; (3) the payment of all sums which shall hereafter be advanced by
the Beneficiary to the Trustor by way of additional loan or loans, and to secure any and all indebtedness of any kind whatsoever from
the Trustor to the Beneficiary hereafter expended or advanced by Beneficiary under or pursua'nt to the terms hereof, together with
interest thereon as herein provided. PROVIDED, HOWEVER, that the making of such further loans, advances or expenditures shall
be optional with the Beneficiary and PROVIDED FURTHER that it is the express intention of the parties to this Trust Deed that it
shall stand as continuing security until all such further loans, advances and expenditures together with interest thereon, have been paid
in full.
1A. TO PROTECT THE SECURlTY OF THIS TRUST DEED, TRUSTOR AGREES:
1. To keep the buildings upon the above described real property continuously occupied and used, and not to permit the same to
become vacant, and 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 thereupon said property in violation of law. To cultivate, irrigate, fertilize, fumigate, prune, and do all other acts
which ftom the character of said property may be reasonably necessary, the specific enumerations herein not excluding the general,
and in the event the above described ,property is used for agricultural purposes, the Trustor will use all manure produced by stock
selection, seed selection, crop rotation, weed control, fertilizing the soil, drainage, prevention of erosion and pasture maintenance in
accordance with good husbandry and the most approved methods of agricultural development. , The Beneficiary may recover as
damages for any breach of this covenant the amount it would cost to put the property in the condition called for herein. Proof of
impairment of security shall be unnecessary in any suit or proceeding under this paragraph. If the loan secured hereby or any part
thereof is being obtained for the purpose 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 keep the buildings and improvements now and/or hereafter upon the said premises unceasingly insured against loss by fire or
other hazards in such amount and form as may be required by the Beneficiary in a Company or Companies selected by the Trustor
subject disapproval by the Beneficiary, the insurance to be payable in case of loss to the Beneficiary as its interest may appear, all
renewal policies to be delivered to the Beneficiary at least ten days prior to the expiration of the policy or policies renewed and in the
event of the failure of the Trustor to so deliver a renewal policy, then the Beneficiary may renew or procure all required insurance
upon said property and the Trustor agrees to pay all premiums therefore. All insurance policies covering any structure upon said
premises, regardless of amount, shall be payable as aforesaid and delivered to the Beneficiary. In the event of loss, Trustor shall give
immediate notice to Beneficiary who may make proof of loss. The amount collected under any fire and other insurance policy may be
applied by the Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or, at option of
Beneficiary, the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure
or waive any default or notice of default hereunder or any act done pursuant to such notice.
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.
RECEIVED 5/12/2008 at 3:55 PM
RECEIVING # 938943
BOOK: 694 PAGE: 365
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
4. 10 appear III and de tend any action or proceeding purporting to affect the security hereof, 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 aU costs and expenses, including cost of evidence of title and attorney's fees incurred by Beneficiary a reasonable sum incurred by
Beneficiary or Trustee, or incurred or advanced by the Beneficiary and/or Trustee in connection with any such action or proceeding in
which the Beneficiary and/or Trustee may be joined as a party defendant or receives notice of such action, proceeding or claim
asserted in such action or proceeding or proposed action or proceeding. Trustor covenants that the Trustor has a valid and
unencumbered title in fee simple to the property described herein and has the right to convey the same and warrants and will defend
said title unto the Trustee and Beneficiary against the claims and demands of aU person whomsoever. 000366
5. To pay when aU taxes and assessments affecting said property, including aU assessments upon water company stock and aU rents,
assessments and charges for water, appurtenant to or used in connection with said property; to pay, when due, aU 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 aU
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 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 and 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 therefore, including costs of evidence of title,
employ counsel, and pay his reasonable fees.
7. To pay immediately and without demand aU sums expended hereunder by Beneficiary or Trustee, with interest from date of
expenditure at the rate of EIGHTEEN per cent (18%) per annum until paid, and the repayment thereof shaU be secured hereby.
8. In addition to the payments due in accordance with the terms of the note secured hereby, the Trustor shaU, at the option and
demand of the Beneficiary, pay each year to the Beneficiary, in equal monthly instaUments, the estimated amount of the annual taxes,
assessments insurance premiums, maintenance and other charges upon the property, such sums to be held in trust by the Beneficiary
for Trustor's use and benefit for the payment by the Beneficiary of any such items when due. The estimate shaU be made by the
Beneficiary. If the Beneficiary shaH fail to make such estimate, the amount of the preceding annual taxes, assessments, insurance
premiums, maintenance and other charges as the case may be, shaU be deemed to be the estimate for that year. If, however, the
' payment made hereunder shaH not be sufficient to pay such charges when the same shaH be due, the Trustor shaH pay the Beneficiary
any amount necessary to make up the deficiency on or before the date when the same shaH become due.
B. IT IS MUTUALLY AGREED THAT:
1. If the Trustor permits any deficiency in the amount of the aggregate monthly, or other periodic payments, provided for herein or
in the note secured hereby, or any failure to pay any advancements or payments made by the Trustee and/or Beneficiary to protect and
preserve the lien hereof or property described herein, such deficiency or failure shaU constitute an event of default under this Deed of
Trust and, if not cured within 15 days Trustor promises and agrees to pay a "late charge", and that any such "late charge" shaU
constitute an additional item secured by this Deed of Trust. PROVIDED HOWEVER, that Trustor shaH not become liable to pay total
interest and "late charge" in excess of the highest legal rate permissible by contract under the laws of the State of Arizona.
2. The fixtures and equipment described herein and/or affixed to and used and enjoyed in connection with the real property herein or
any part thereof constitute permanent fixtures thereof and that such fixtures and equipment wiII not be severed and removed from said
real property without the written consent of the Beneficiary and written reconveyance thereof by the Trustee and shaU be deemed part
of the realty.
3, 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 shaH be entitled to aH compensation, awards, and other
payments or relief therefor, and shaU 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. AU 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 Beneficiary, who may, after deducting therefrom aU 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.
4. 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 fuH reconveyance for canceUation 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 of charge thereof; (d) reconvey, without warranty, aU 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 shaU be conclusive proof
of the truthfulness thereof. Trustor agrees to pay Trustee's fees for any of the services mentioned in this paragraph.
5. As additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, and hereby
constitutes and appoints Beneficiary attorney in fact during the continuance of this Trust, with or without taking possession of the
property affected hereby to coUect the rents, issues, and profits of said property, (reserving unto Trustor the right, prior to any default
by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to colIect and retain such
rents, issues, and profits, as they become due and payable. Upon any such default.) Beneficiary may, at any time without notice, by
agent or by receiver, to be appointed by court, Trustor hereby consenting to the appointment of Beneficiary as such receiver and
without regard to any security for the indebtedness hereby secured, enter upon and take possession of said property, or any part
thereof, and in its own name sue for or otherwise coUect such rents, issues and profits, including those past due and unpaid, and apply
the same, less costs and expenses of operation and coUection, including reasonable attorney's fees, upon any indebtedness secured
hereby, and in such order as Beneficiary may determine. Nothing contained herein, nor the exercise of the right by Beneficiary to
coUect, shaU be, or be construed to be, an affmnation by Beneficiary of any tenancy, lease or option, or an assumption of liabilityrunder or a subordination ofthe lien or charge ofthis Trust Deed to any such tenancy, lease or option.
6. The entering upon and taking possession of said property, the coUection 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 doneÓursuant t~ such
notice. 003t»7
7. The discontinuance or failure on the part of Beneficiary promptly to 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.
8. In the event of the passage, after the date of this Trust Deed, of any law of the State of Utah, directing from the value of land for
the purpose of taxation any lien thereon, or taxing such lien or the owner or holder of the same, or changing in any way the laws for
the taxation of Trust Deeds or debts secured by Trust Deedš for state or local purposes, or the manner of the collection of any such
taxes, so as to affect this Trust Deed, the Beneficiary or the Assignee of this Trust Deed and of the debt which it secures, shall have
the right to give 30 days written notice to the owner of said land requiring the payment of the debt secured hereby, and it is hereby
agreed that if such notice be given, the said debt shall become due, payable and collectable at the expiration of the said 30 days.
9. 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 of parcel thereof is situated. Beneficiary also shall deposit with Trustee, the note and all documents evidencing
expenditures secured hereby.
10. 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 subject to any statutory right of Trustor to direct the order in which such property, if consisting of several known lots of
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, 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
manners 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 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 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 Trustee, in its discretion, may deposit the balance of such proceeds with the county Clerk of the county in which the
sale took place.
11. 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
Trustor agrees to pay Beneficiary or Trustee, whichever may be the Plaintiff in said foreclosure suit, the cost of said suit and a
reasonable sum for attorney's fees, whether Beneficiary or Trustee shall have paid for procuring an abstract or other deed and also a
reasonable fee for Trustee. All moneys herein agree to be paid shall be secured hereby.
12. In the event suit is instituted to effect foreclosure of this Trust Deed the Trustee and/or Beneficiary shall as a matter of right and
without regard to the sufficiency of the security or of waste or danger of misapplication of any of the property of the Trustor, be
entitled forthwith to have a receiver appointed of all the property described in this Trust Deed, and the Trustor hereby expressly
consents to the appointment of a receiver by any court of competent jurisdiction and expressly stipulates and agrees that such receiver
may remain in possession of the property until the final determination of such suit or proceedings. Trustor hereby expressly consents
to the appointment of Beneficiary as such receiver. .
13. 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 berein or of any successor Trustee. Each
such substitution shall be executed and acknowledged, and notice thereof shall be given and proof thereof made as provided by law
14. 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 so requires, the
masculine gender includes the feminine and/or neuter, and the singular number includes the plural.
15. 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.
16. This Trust Deed shall be construed according to the laws of the State of Wyoming.
] 7. 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.
18. The Trustor acknowledges that full disclosure has been made of the terms of the loan and the fmance charge as required by
Federal and State law and acknowledges receipt of a copy of such disclosure statements together with copies of the promissory note
and trust deed.
Signed in the presence of:
~_ --::-- 000368
)CHAPPARAL ACQUISITION AND DEVELOPMENT, LLC, A UTAH
LIMITED LIABILITY COMPANY
BY: MARC FLETCHER
ITS: PRESIDENT
)
)
)
)
)
)
State of UTAH)
County of SALT LAKE )
On the 2nd day of May 2008 personally appeared before me CHAPARRAL ACQUISITION AND DEVELOPMENT, LLC, A
UTAH LIMITED LIABILITY COMPANY, BY MARC FLECTHER, PRESIDENT, the signers of the foregoing instrument who duly
acknowledged to me that they executed the same.
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000369
CERTIFICATE OF NOTARY
State of UTAH)
County of SALT LAKE )
On the 2nd day of May 2008 personally appeared before me CHAPARRAL ACQUISITION AND
DEVELOPMENT, LLC, A UTAH ¡'IMITED LIABILITY COMPANY, BY MARC FLECTHER,
PRESIDENT, the signers of the foregoing instrument who duly acknowledged to me that they executed the
same.
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(Is DANNY O. EASTBURN ·
~ NOTARf I'UltlJCeSTAÆ OF WAIf
. 5383 8. _ E. 8TE 104
III. SALTlAKECITY,UT 84117
I .,., :.. COMM. EXP. 07-27-2011
ORDER NUMBER: NTL·1223
EXHIBIT" A"
THAT PART OF LOT 1WENTY (20) AND TH8 50UT~ST QUARTER OF THB SOUTHWBST QUARTBR 01' S~ION 2,
TOWNSHIP 24 NORTH RANOE 117 WEST. LINCOLN COUNTY, WyOMING L VINO AND BEINO SITU" TE WaSTmU. Y
OF THB WBSTBJU. Y KIGHT-OF.WAY LIINE OF THB HAMS FORK COUNTY ROAD NO, 12-305 AS DEPICTBD UPON THB
OFFICIAL PLAT FOR SAID COUNTY ROAD O¡t RECORD IN THE OFFICE OF THB CLERK OF LINCO¡.N COUNTY AND
DATED 9 MAY 1984, '
000370-