Loading...
HomeMy WebLinkAbout952913DEED OF TRUST Lot 41 of Bridger View Ranches, Lincoln County, Wyoming as described on the official plat thereof. Q0 470 THIS DEED OF TRUST is made this F day of March, 2010, between Billy D. Peterson, a single man (the "Grantor and Ken Wood and Susan Wood, a married couple, whose address is 3247 Kensington Drive, Eldorado Hills, CA 95762 (the `Beneficiary and First American Title Insurance Company "Trustee WITNESSETH: The Grantor does hereby irrevocably GRANT, BARGAIN, SELL AND CONVEY TO TRUSTEE IN TRUST WITH POWER OF SALE, that certain real property located in the County of Lincoln, State of Wyoming, described as follows: Subject to any easements, reservations, restrictions or right -of -ways of record, of sight or in use. FOR THE PURPOSE OF SECURING: (1) payment of an indebtedness in the original sum of $50,000.00 evidenced by a Promissory Note executed by Grantor as well as any extensions, renewals, and /or modifications of that indebtedness; (2) performance of each of Grantor =s agreements under the Note; (3) performance of each of Grantor's agreements under this Deed. A. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, GRANTOR 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 and to pay when due all DEED OF TRUST RECEIVED 4/14/2010 at 10:37 AM RECEIVING 952913 BOOK: 745 PAGE: 470 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 0004'1 claims of labor performed and materials furnished therefore; to comply with all laws affecting said property or requiring any alteration or improvement to be made thereon; 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 acts which from the character or use of said property are reasonably necessary. 2. To appear and defend any action or proceeding purporting to affect the security hereof or the right of power of Beneficiary or Trustee; and to pay all costs and expenses including costs of evidence of title and attorney fees in a reasonable sum in such act in or proceeding in which Beneficiary or Trustee may appear. 3. To pay; at least ten days before delinquent all taxes and assessments affecting said property, when due, all encumbrances, charges and liens with interest, on said property or any part thereof, which appears to be prior or superior to; all costs, fees and expenses of this trust. In addition to the payment due in accordance with the terms of the note hereby secured the Grantor shall at the option, and on demand of the Beneficiary, pay as required by law the estimated taxes, assessments, insurance premiums, maintenance and other charges upon the property, nevertheless in trust of Grantor's use and benefit and for payment by Beneficiary of any such item then due. Grantor's failure so to pay shall constitute a default under this trust. 4. To pay immediately and without demand all sums expended by Beneficiary or by Trustee pursuant to the provisions hereof, with interest from date of expenditure at a rate equal to the interest rate payable as per the Note this Deed of Trust secures. 5. Should Grantor fail to make 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 Grantor and without releasing Grantor from any obligation thereof, may: make or do the same in such manner as to such extent as either may deem necessary to protect the security hereof, 2. DEED OF TRUST 010472 2 Beneficiary and Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the right of power 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 power, or enforcing this Deed of Trust by judicial foreclosure pay necessary expenses, employ counsel and pay his reasonable fee. B. IT IS MUTUALLY AGREED THAT: 1. Any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such monies received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. 2. By accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due of all other right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. 3. At any time or from time to time, without liability therefore and without notice, upon written request of Beneficiary and presentation of this Deed and said Note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may: reconvey all or any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge hereof. 4. Upon written request of Beneficiary stating that all sums secured hereto have been paid, and upon surrender of this Deed and said Note to Trustee for cancellation and retention and 3. DEED OF TRUST CO4'73 upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in any reconveyance executed under this Deed of Trust of any matters or facts shall be conclusive proof of the truthfulness thereof. The Grantee in such reconveyance may be described as Athe person or persons legally entitled thereto. 5. As additional security, Grantor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said property, reserving unto the rents, issues and profits of said property, reserving unto Grantor the right, prior to any default by Grantor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, 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 his own name sue for or otherwise collect such 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. The entering upon and taking possession of said property, the collection of such rents, issues and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act pursuant to such notice. 6. Grantor may not sell or transfer said property or any part thereof without Beneficiary =s prior written consent. Beneficiary may grant or withhold its consent in its absolute discretion. In the event of a sale or transfer of all or any part of said property without Beneficiary =s prior written consent, all sums secured by this Deed of Trust shall become 4. DEED OF TRUST W; OC474 immediately due and payable in full, without the necessity of notice or demand by the Beneficiary upon the Grantor. 7. Upon default by Grantor in payment of any indebtedness secured hereto or in performance of any agreement hereunder, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary. In the event of default, Beneficiary shall execute or cause the Trustee to execute a written notice of such default and of his election to cause to be sold the herein described property to satisfy the obligations hereof, and shall cause such notice to be recorded in the office of the recorder of each county wherein said real property or some part thereof is situated. 6. Notice of sale having been given as then required by law, and not less than the time then required by law having elapsed, Trustee without demand on Grantor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee shall deliver to the purchaser its Deed conveying the property so sold, but without any covenant or warranty express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Grantor, Trustee, or Beneficiary, may purchase at such sale. After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title and reasonable counsel fees in connection with sale, Trustee shall apply the proceeds of sale to payment of; all sums expended under the terms hereof, not then repaid, with accrued interest at the highest lawful rate permissible under Wyoming law; all other sums then secured hereby; and the remainder, if any, to other person or persons legally entitled thereto. 5. DEED OF TRUST Notwithstanding any other provisions hereof or of any other agreement between the parties hereto, under no circumstances shall the amount paid or agreed to be paid to such Beneficiary for the use forbearance or detention of money exceed the highest lawful rate permissible, and if a court of competent jurisdiction shall determine that the performance of any provisions hereof or thereof shall result in payment of amount in excess thereof, then such provision shall be deemed appropriately modified to the extent necessary to reduce such amount to that not in excess of such rate, and any excess amount theretofore received shall be deemed applied to the principal amount of the debt. 7. This Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns. The term Beneficiary shall mean the holder and owner of the note secured hereby; or, if the note has been pledged, the pledgee thereof. In this Deed, whenever the context so requires, the masculine gender includes the feminine and /or neuter, and the singular number includes the plural. 8. Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Grantor, Beneficiary or Trustee shall be a party unless brought by Trustee. 9. In the event of a dissolution or resignation of the Trustee, the Beneficiary may substitute a trustee or trustees to execute the trust hereby created, and when any such substitution has been filed for record in the office of the Recorder of the county in which the property herein described is situated, it shall be conclusive evidence of the appointment of such trustee or trustees, and such new trustee or trustees shall succeed to all of the powers and duties of the trustee or trustees named herein. Request is hereby made that a copy of any Notice of Default and a copy of any Notice of 6. DEED OF TRUST 0-475 7. DEED OF TRUST By: Billy D. Pet son Sale hereunder be mailed to the Grantor at the address hereinbefore set forth. IN WITNESS WHEREOF, this Deed of Trust has been duly executed on the date first written above by the Grantor, Billy D. Peterson. STATE OF WYOMING )ss. COUNTY OF TETON On this of March, 2010, before me, a Notary Public in and for the State of Wyoming, personally appeared Billy D. Peterson, known or identified to me to be said person, and executed this instrument, and acknowledged to me he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day Notary P for for 4'yoming Residing at 1('Q/ /V G✓ My Commission Expires: 7 and year in this certificate first written. TRACY MATTHEWS NOTARY PUeLIC County of State of Lincoln a Wyoming Commission res September 26, 2013 8. DEED OF TRUST GC*499