HomeMy WebLinkAbout877299 RECORDATION REQUESTED BY:
ZIONS FIRST NATIONAL BANK
SMITHFIELD . ~-,,".~,-- , ~ ..
6B5 SOUTH MAiN
WHEN RECORDED MAIL TO: ~ ~ .., ~L'~..' ~,'-~, ?.,.~
ZlONS FIRST N~TIONAL BANK
P.O. BOX 30160 ~-" ~j:.;* ,,~ ;,.~;~ ..... ,
SPACE ABOVE THIS LINE IS FOR RECORDER'S uSE ONLY
', DEED OF TRUST
THIS DEED OF TRUST is dated November 1, 2001, among WILLIAM D SPAULDING and DONNA SPAULDING
("Grantor"); ZIONS FIRST NATIONAL BANK, whose address is SMITHFIELD, 685 SOUTH MAIN, SMITHFIELD, UT
84335 (referred {o below sometimes as "Lender" and sometimes as "Beneficiary"); and Zions First National Bank,
whose address isJ 1 South Main Street, Salt Lake City, UT 84111 (referred to below as "Trustee").
CONVEYANCE AND ~RANT. For valuable consideration, Grantor conveys ~o Trustee for the benefit of Lender as Beneficiary all of Grantor~s
right, tit[e, and intere[st in and to the following described real property, together with all existing or subsequently erected or affixed buildings,
improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights and ditch rights (including stock in utilities
with ditch orirrigatio~ rights); and all other rights, royates, and profits relating tothe real rD err , ' ' ·
' ~ ~;y Y~'~;~;~ without limitation all minerals, oil,
gas, geothermal and ~imilar matters, (the "Real Property") located in LINCOLN C u Wyoming:
See EXHIBIT ?A", which is attached to this Deed of Trust and made a part of this Deed of Trust as if fu,lly set
forth herein,
The Real Property or its address is commonly known as 176 EAST 2 AVENUE, AFTON, WY 83110. The Real
Property tax identification number is 12-3218-30-3-03-040,00 & 12-3218-30-2-09-107.00
REVOLVING LINE OF~CREDIT. Specifically, in addition to the amounts specified in the Indebtedness definition, and without limitation, this Deed
of Trust secures a revolving line of credit, which obligates Lender to make advances to Grantor so long as Grantor complies with all the terms of
the Credit Agreement. Such advances may be made, repaid, and remade from time to time, subject to the limitation that the total outstanding
balance owing at an~ one time, not including finance charges on such balance at a fixed or variable rate or sum as provided in the Credit
Agreement, any temporary overages, other charges, and any amounts expended or advanced as provided in either the Indebtedness pantograph
or this paragraph, shall not exceed the Credit Limit as provided in the Credit Agreement. It is the intention of Grantor and Lender that this Deed
of Trust secures the ~alance outstanding under the Credit Agreement from time to time from zero up to the Credit Limit as provide~ in'this Deed
of Trust and any intermediate balance.
Grantor presently assigns to Lender (also known as Beneficiary in this Deed of Trust) all of Grantor's right, title, and interest in and to all present
and future leases of [he Property and all Rents from the Property. In addition, Grantor grants to Lender. a Uniform Commercial Code security
interest in the Personal Property and Rents.
THIS DEED OF TRUST, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY,
IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF EACH OF GRANTOR'S AGREEMENTS AND
OBLIGATIONS UNDER THE CREDIT AGREEMENT, THE RELATED DOCUMENTS, AND THIS 'DEED OF TRUST. THIR DEED OF TRUST IS GIVEN
AND ACCEPTED ON THE FOLLOWING TERMS: ·
PAYMENT AND PERFORMANCE. Except as otherwise provided in this Deed of Trust, Grantor shall pay to Lender all amounts secured bythis
De'ed of Trust as the~ become due, and shall strictly and in a timely manner perform all of Grantor's obligations under the Credit Agreement, this
Deed of Trust, and thee Related Documents.
POSSESSION AND MAINTENANCE OFTHE PROPERTY. Grantor agrees that Grantor's possession and useof thePropert~ shall be governed by
the following provisions:
Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2)
use, operate'or ~anagethe Property; and (3) cotlectthe Rents from the Property.
Duty t0 Maintai~. Grantor shall maintain the Property in good condition and promptly perform all repairs, replacements, and maintenance
necessary to pre,serve its value.
Compliance Wit~ Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's owne,rship of
the Property, there has been no use, generation, manufacture, storage, treatment, disposa, release or threatened release of any Ha'zardous
Substance by a~y person on, under, about or from the Property; (2) Grantor has no knowledge.of, or reason to believe that there has
been, except aslpreviously disclosed to and acknowledged by Lender in writing, (a) any brea~h or Violation of any Environmental Laws,
(b) any use, geberation, manufacture, storage, treatment, disposal, release or threatened release 0f any Hazardous Substance on, under,
about or from t~e Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any
kind by any pers~on relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither
Grantor nor any~tenant, oontractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of
or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance
with all applicab~le federal, .state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor
authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem
DEED OF TRUST 7~/~
Loan No: 001000630004009191 (Continued) Pag~e 2
appropriate to deter!mine compliance of the Property with this section of the Deed of Trust. Any inspections or tests made by Lender shall
be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any
other person, The !representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for
Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the
event Grantor becolmes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender
against any and alllclaims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer
resulting from a breach of this section of the Deed of Trust or as a consequence of any use, generation, manufacture, storage, disposal,
release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should
have been known to Grantor. The provisions of this section of the Deed of Trust, including the obligation to indemnify, shall survive the
payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Deed of Trust and shall not be affected by Lender's
acquisition of any interest in the Property, whether by foreclosure or otherwise.
Nuisance, Waste. Grantor sba not cause, conduct or permit any uisance nor commit, permit, or suffer any stripping of or waste on or to
the Property or any, portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other
party the right to remove, any timber, minerals (including oil and gas), coal, clay, scoria, soil, gravel or rock products without Lender's prior
written consent.
Removal oflmprovi~ments. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written
consent. As acon, ditionto the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lend,er to
replace such ImproYements with Improvements of at least equal value.
Lender's Right to Enter, Lender and Lender's agents and representatives may enter upon the Real Property at all reasonable times to attend
to Lender's interests and to inspect the Real Property for purposes of Grantor's compliance with the terms and conditions of this Deed of
Trust.
Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereafter
in effect, of allgoyernmenta! authorities applicable to the use or occupancy of the Property. Grantor may contest in good faith any such
law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has no:tiffed
Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeopardized. Lender
may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Duty to Protect, Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do alt other acts, in addition to those
acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the
Property. '
DUE ON SALE-CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Deed of
Trust upon the sale cc transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Rea]
Property. A"saleor transfer" means the conveyance of Real Property or any right, title or interest in the Real Property; whether legal, beneficial
or equitable; whether vountary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed,
leasehold interest with a term greater than three [3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in
or to any land trust hol.ding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. However, this
option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyoming law.
TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Deed of Trust:
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, special taxes, assessments, charges (including
water and sewer),: fines and impositions levied against or on account of the Property, and shall pay when due all claims for work done on or
for services rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal
to the interest of Lender under this Deed of Trust, except for the lien of taxes and assessments not due and except as otherwise provided
in this Deed of Trust,
Right to Contest.. Grantor may withhold payment of any tax, assessment, or claim in connection with a good faith dispute over the
obligation to pay, so long as Lender's interest in the Property is not jeopardized. If a lien arises or is filed as a result of nonpayment,
Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, withip fifteen (15) days after Grantor has notice of the filing,
secure the discharge of the lien, or if requested by Lender, deposit with Lender cash or' a sufficient corporate surety bond or ether security
satisfactory to Lender in an amount sufficient to discha,'go the lien plus any costs and reasonable a~torneys' fees, or el. her charges lhat
could accrue as a:result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itse[f and Lender and shall Satisfy any
adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.
Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate, governmental official to deliver to Lender at any time a written statement of the taxes and assessments against
the Property.
Notice of Co~nstruction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or
any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the
work, services, or materials. Grantor will upon request of Lender furnish to Lender advance'assurances satisfactory to Lender that Grantor
can and will pay the cost of such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a pa~tofthis Deed of Trust.
Maintenance of Insurance. Grantor shall procure and maintair~policies of fire insurance with standard extended coverage endorsements on
a replacement ba.sis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application
of any coinsurance clause, and with a standard mortgagee clause in favor of Lender, together with such other hazard and liability insurance
as Lender' may reasonably require. Policies shall be written in form, amounts, coverages and basis reasonably acceptable to Lender and
issued by a company or companies reasonably acceptable to Lender. Grantor, upon request of Lender, will deliver to Lender from time to
time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or
diminished without at least ten (10) days prior written notice to Lender. Each insurance policy also shall include an ondorsement providing
that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Should the
Rea Property be located in an area designated by the Director of the Federal Emergency Management Agency as 'a special flood hazard
area, Grantor agrees to obtain and maintain Federal Flood Insurance, if available, within 45 days after notice is given by Lender that the
i DEED OF TRUST
Loan No: 00100~630004009191 (Continued)
~ Page 3
Property is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property
~ecuring the Ioa~, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and
to maintain suc~b insurance for the term of the loan.
Application of I~roceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if
Grantor fails toldo so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's
election, receiv~ and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien
affecting the Prq)perty, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor
shall repair or rdplacethe damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory pioof of
such expenditurE, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default
under this Deed of Trust. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not
committed to th!e repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then
to pay accrued i interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any
proceeds after ~ayment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by
Property,this Deed of TrUstj at any trustee's sale or other sale held under the provisions of this Deed of Trust, or at any foreclosure sale of such
Compliance With, Existing Indebtedness, During the period in which any Existing Indebtedness described below is in effect, compliance with
the insurance piovisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance
provisions undet this Deed of Trust, to the extent compliance with the terms of this Deed of Trust would constitute a duplication of
insurance requirlement. If any.proceeds from the insur~n'ce become payable on Ioss,"the provisions in this Deed of Trust for div s on of
proceeds shall apply only to that portion ~f the proceeds not payable to {he holder of the Existi'ng Indebtedness..
LENDER'S EXPENDT~URES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumb'rances, and other claims,
(B) to provide anyr~quired insurance on the Property, (C) to make repairs to the Property or to comply with any obligation to maintain Existing
Indebtedness in goo~J standing as required below, then Lender may do so. If any action or proceeding is commenced that would materially
affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action that Lender believes to be
appropriate to Pr0teo.;t Lender's interests. All expenses incurred or paid by Lender for such purposes will then bear interest at the rate charged
under the CreditAgrbement from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part
of the Indebtedness land, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Credit Agreement and be
apportioned among a!nd be payable with any installment payments to become due during either (1) the term of any applicable insurance policy;
or (2) the remaining term of the Credit Agreement; or (C) be treated as a balloon payment which will be due and payable at the Credit
Agreement's maturt~/. The Deed of Trust also will secure payment of these amounts. The rights provided for in this paragraph shall be in
addition to any other! rights or any remedies to which Lender may be entitled on account of any default. Any such action by Lender shall not be
construed as curing ihe default-so as to bar L&nder from any remedy that it otherwise would have had.
WARRANTY; DEFENISE OF TITLE. The following provisions relating to ownership of the Property are a part of this Deed of Trust:
Title. Grantor Warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens
and encumbran(~es. , other than those set forth in the Real Property description or in the Existing Indebtedness section below or in any title
insurance pohcyi, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Deed of Trust, and (b)
Grantor has the!full, right, power, and authority to execute and deliver this Deed of Trust to Lender.
Defense of Titlei Subject to the exception in the paragraph above, Granto[ warrants and will forever defend the title to the Property against
the lawful clain~s of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the int~erest of
Trustee or Lender under this Deed of Trust, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in
such Pr0ceedin~l, but Lender shall be entitled to participate in the proceeding and to be represented in the proceeding by counsel of
timeLender's to permit own choiCe,s~ch participation, and Grantor will deliver, or cause to be delivered, to Lender such instruments as Lender may request from time to
Compliance Wlt~ Laws. Grantor warrants that the Property and Grantor's use of the Property complies with all existing applicable laws,
ordinances, and!regulations., of governmental authorities.
Survival of Pror~ises. All promises, agreements, and statements Grantor has made in this Deed of Trust shall survive the execution and
deliveryIndebtedness of thisIDeedis!paidinfull.Of Trust, shall be continuing in nature and shall remain in full force and effect until such time as Grantor's
EXISTING INDEBTED~NESS.i The following provisions concerning Existing Indebtedness are a part of this Deed of Trust'.
Exlsting Lien. T~e lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to an existing I'ien. Grantor expressly
covenants and ~grees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any
default under th? instruments evidencing such indebtedness, or any default under any security documents for such indebtedness.
No Modlflcation~. ., Grantor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement
which has prior~ty over this Deed of Trust by which that agreement is modified, amended, ex~ended, or renewed without the prior written
writtenconsentconsent?fof Len~ler.Lender.Grantor shall neither request nor accept any future advances under any such security agreement without the prior
CONDEMNATION. ~he'following provisions relating to condemnation proceedings are a p~rtofthis Deed of Trust:
Proceedings. Ifiany proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take
such steps as r0ay be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but
Lender shall be ,entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor
will deliver or c~use to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to
permit such participation.
Application of l~let Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or
purchase in lieuiof condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to
the Indebtednes!s or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all
reasonable cost~,., expenses, and attorneys' fees incurred by Trustee or Lender in connection with the condemnation.
Loan No: 0010006~30004009191 (Continued)
~ Page 4
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes,
fees and charges are a bart of this Deed of Trust:
Current Taxes, Fe~s and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Deed of Trust and
take whatever oth;er action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse
Lender for all taxffs, as described below, together with all expenses incurred in recording, perfecting or continuing this Deed of Trust,
including without li'.mitation~ ail taxes, fees, documentary stamps, and other charges for recording or registering this Deed of Trust.
Taxes. The followiing shalI constitute taxes to which this section applies:' (1) a specific tax upon this type of Deed of Trust or upon all or
any part of the Ir~debtedness secured by this Deed of Trust; (2) a specific tax on Grantor which Grantor is authorized or required to
deduct from payments on the Indebtedness secured by this type of Deed of Trust; (3) a tax on this type of Deed of Trust chargeable
against the Lender!or the holder of the Credit Agreement; and (4) a specific tax on all or any portion of the Indebtedness or on payments
of principal and intsrest made by Grantor.
Subsequent Taxesi If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have
the same effect a~ an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Granltor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and
Liens section and ~Jeposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENt;FINANCING STATEMENTS. The following provisions relating to this Deed of Trust as a security agreement are e part
of this Deed of Trust:
Security Agreemert. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and
Lender shall have All of the rights of a secured party under the Uniform Commercial Code as amended from time to time.
Security Interest. '~ Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by
Lender to perfect and continue Lender's security interest in the Personal Property. In addition to recording this Deed of Trust in the real
property records, !Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or
reproductions of this Deed of Trust as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or
continuing this seCurity interest. Upon default; Grantor shall not remove, sever or detach the Personal Property from the Property. Upon
default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to
Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent
permitted by applicable law.
Addresses. The n~ailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest
granted by this D~Jed of Trust may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this
Deed of Trust. !
FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this
Deed of Trust:
Further Assurance~s. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to
be made, execute~ or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or
rerecorded, as thelcase may be, at such times and in such offices and places as Lender may deem appropriate, any and all such mortgages,
deeds of trust, s~curity deeds, security agreements, financing statements, continuaton statements, instruments of further assurance,
certificates, ando~her documents as may, nthesole opinion of Lender, be necessary or desirabe n order to effectuate, complete, perfect,
continue, or preseive (1) Grantor's obligations under the Credit Agreement, this Deed of Trust, and the Related Docu'ments, and (2) the
liens and security !~nterests created by this Deed of Trust as first and prior liens on the Property, whether now owned or hereafter acquired
by Grantor. Unles~s prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses
incurred in connec[tion with the matters referred to in this paragraph.
Attorney-in-Fact. '~lf Grantor fails to do any of the things referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Giantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the
purpose of making, executing, delivering, filing, recording and doing all other things as may be necessary or desirable, in Lender's sole
opinion, to accom(~lish the matters referred to in the preceding paragraph.
FULL PERFORMANCE.I If Grantor pays ali the h;debtedness when uue, [arminates the credit line account, and otherwise performs all the
obligations imposed upon Grantor under this Deed of Trust, Lender shall execute and deliver to Trustee a request for full reconveyance and shall
execute and deliver to ;~Grantor suitable statements of termination of any financing statement on file evidencing Lender's security interest in the
Rents and the Personali=Property. Anyreconveyance fee required by law shall be paid by Grantor, if permitted by applicable law.
EVENTS OFDEFAULT.i Grantor will be in default under this Deed 'of Trust if any of the following happen: (A) Grantor commits fraud or makes
a material misrepresentation at any time in connection with the Credit Agreement. This can include, for example, a false statement about
Grantor's income, asse, ts, liabilities, or any other aspects of Grantor's financial condition. (B) Grantor does not meet the repayment terms of
the Credit Agreement. ', (C) Grantor's action or inaction adversely affects the collateral or Lender's rights in the collateral. This can include, for
example, failure to mailntain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all persons liable on the
account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without Lender's permission, foreclosure by the holder
of another lien, or the ~se of funds or the dwelling for prohibited purposes.
RIGHTS AND REMEDI S ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at ar~y time thereafter, Trustee or Lender may
exercise any one or mq. re of the following rights and remedies:
Election of Rome(les. All of Lender's rights and remedies will be cumulative and may be exercised alone or together. An election by
Lender to choose ~nyone remedy will not bar Lender from using any other remedy. If Lender decides to spend money or to perform any of
Grantor's obligatic~ns under this Deed of Trust, after Grantor's failure to do so, that decision by Lender will not affect Lender's right to
declare Grantor inldefault and to exercise Lender's remedies.
Acceleratelndebt~dness, Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately
due and payable. !
Foreclosure. Witi~ respect to all or any part of the Real Property, the Trustee shall have the right to foreclose by notice and sale, and
Lender shall hav~ the right to foreclose by judicial foreclosure, in either case in accordance with and to the full extent provided by
Loan No: 00100,0630004009191 (Continued)
.... =---- -- ! Page 5
applicable law. i -'
UCC Remedies. i With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party
under the Unifor~n Commercial Code.
Collect Rents. [~ender shallhave the right, without notice to Grantor to take possession of and manage the Property and collectthe Rents,
including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In
furtherance of t~is right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to
Lender. If theJRents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse
instruments toe,rived in payment thereof in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants
or other users to~ Lender in response to Lender's demand shall satisfy the obligations for which the
prop.er grounds~or the demand existed. 'Lender may exercise its rights under this subparagraph payments are made, whether or not any
recewer, j either in person, by agent, or through a
Appoint Receivei' Lender shall have the right to havea receiver appointed to tako possession of ali or any part of the Property, with the
power to protec~t and preserve the Property, to operate the Property preceding foreclosure or sale, and to collect the Rents from the
Property and apl~lythe proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without
bond if permittei by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds thelnd{otedness bye substantialamount. Employment by Lender shall not disqualify a person from serving as areceiver.
Tenancy at Suff~'rance. If Grantor remains in possession of the Property after the Property is sold as provided above or Lender otherwise
becomes entitlec to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the
purchaser of the Property and shall, at Lender's option, either (1) pay a reasonable rental for the use of the Property, or (2) vacate the
Property immedi itely upon the demand of Lender. ·
Other Remedies. Trustee or Lender shaft have any other right or remedy provided in this Deed of Trust or the Credit Agreement or by law.
Notice of Sale. -ender shall give Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the time
after which any ~rivate sale or other intended disposition of the Personal ProPerty is to be made. Reasonable notice shall mean notice
given at least ter {10) days before the time' of the sale or disposition. Any sale of Personal Property may be made in conjunction with any
sale of the Real ~roperty.
Sale of the Property. To the extent perm tted by applicable law, Grantor hereby waives any and all rights to have the Property marshalled.
In exercising its f~ights and reined es, the Trustee or Lender shall be free to sell all or any part of the Property together or separately, in
Sale or by separarte sales. Lender shall be entitled to bid at any public sale on all or any portion of the Property. one
Attorneys' Fees;IExpenses, if Lender institutes any suit or action to enforce any of the terms of this Deed of Trust, Lender shall be entitled
to recover such ~um as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action
i.s involved, and~ . ,, ...., ~,~t or ~ne tnoel3teoness payable on demand and shall
o the extent not prohibited by aw, all reasonable expenses Lender in ' . .
t~me for the rot ct~o curs that ~n Lender s opinion are n
P e n of its interest or the enforcement of its rights shall bec ............... ecessary at any
bear interest at,he Credit 'Agreement rate from the date of the expenditure until repaid. Expenses covered by this paragraph include,
without limitatior~, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses,
whether or not t~ere is a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify
or vacate any automatic stay or injunction), appeals and any anticipated post-judgment collection services, the cost of searchng records
obtaining title re~orts (including foreclosure reports), surveyors' reports and apprasal'fees tire'
extent ermttedb a ii ab . ' . . ~nsurance, and fees for the Trust '
P I y pp c lelaw. Grantor also wdl pay any court costs, ~n add~tionto all other sums provided by law. ee to the
Rights of Trusteel. Trustee shall have all of the rights and duties of Lender as set forth in this section.
POWERS AND OBLIGATIONS OF TRUSTEE. The following provisions relating to the powers and obligations of Trustee are part of this Deed of
Trust:
Powers of Trustee. In addition to all powers of Trustee arising as a matter of law, Trustee shall have the power to take the following
actions with resqect to the Property upon the written request of Lender and Grantor: (a) join in preparing and filing a map or plat of the
Real Property, in¢ludingthe dedication of streets or other rights to the public; (b) join in granting any easement or creating any restriction
on the Real Property; and {~) join in an,,, subordination or other agreement affecting this Deed of Trust or the interest of Lender un~ier this
Deed of T;'ust.
Obligations toNotify. Trustee shall not be obligated to notify any other Party of a pending sale under any other trust deed oriien or of any
. action or proceediing in which Grantor, Lender, or Trustee shall be a party, unless the action or proceeding is brought by Trustee.
Trustee. Truste~{ shall meet ail qualifications required for Trustee under applicable law. In addition to the rights and remedies set forth
above, with respect to all or any pa~'t of the Property, the Trustee shall have the right to foreclose by notice and sale 'and Lender will have
the right to forecJ~ose by judicial foreclosure, in either case in accordance with and to the full extent provided by applicable law.
Successor Truste~e. Lender, at Lender's option, may from time to time appoint a successor Trustee to any Trustee appointed under this
Deed of Trust, bylan instrument executed and acknowledged by Lender and recorded in the office of the recorder of LINCOLN County, State
of Wyoming. Th~ instrument shall contain, Jn addition to all other matters required by state I~W, the names of the original Lender, Trustee,
and Grantor, thelbook and page where this Deed of Trust is recorded, and the name and address of the successor trustee, and the
instrument shallJ~e executed and acknowledged by Lender or its successors in interest. The subdessor trustee, without conveyance of the
Property, shall sdcceed to all the title, power, and dutes conferred upon the Trustee in this Deed of Trust and by applicable law. This
procedure for subistitution of Trustee shall govern to the exclusion of all other provisions for substitution.
NOTICES. Any notic~ required to be given under this Deed of Trust, including without limitation any notice Of default and any notice of Sale .
shall be given in writing, and shall be effective when actually de voted when actually received bytelefacsimile (unless otherwse required by
law), hen depos~tedlwth a nationally recognzed overnight courier, or, if mailed, when deposted in the United Sta.tes mail, as first class,
certified or registered ~nail postage prepaid, directed to the addresses shown near the beginning of this Deed of Trust. All copies of notices of
foreclosure from the hDlder of any lien which h~s priority over this Deed of Trust shall be sent to Lender's address, as shown near the be,~ nning
of this Deed of Trust.! Any person may change his or her address for notices under this Deed of Trust by giving formal written notice to the
other person cr persons, specifying that the purpose of the notice is to change the person's address. For notice purposes, Grantor agrees to
keep Lender informed~at all times of Grantor's current address. Unless otherwise provided or required by law, if thereis more than one G~rantor,
any notice given by Le[nderto any Grantor is deemed to be notice given to all Grantors. It will be Grantor's responsibility to tell the others of the
DEED OF TRUST
Loan No: 0010001330004009191 (Continued) "~ ~ 8
--~ Page 6
notice from Lender. i
MISCELLANEOUS PROVISIONS, The following'miscellaneousprovisions are a part of this Deed of Trust:
Amendments. What is written in this Deed of Trust and in the Related Documents is Grantor's entire agreement with Lender concerning
the matters cove~ed by this Deed of Trust. To be effective, any change or amendment to this Deed of Trust must be in writing and must
be signed by wholever will be bound or obligated by the 'change or amendment.
Caption Headingsi. Caption headings in this Deed of Trust are for convenience purposes only and are not to be used to interpret or define
the provisions of ihis Deed of Trust.
Merger. Theresl~all be no merger of the interest or estate created by this Deed of Trust with any other interest or estate iht'he Property at
any time held by ~r for the benefit of Lender in any capacity, without the written consent of Lender.
Governing Law, This Deed of Trust will be governed by and interpreted in accordance with federal law and the laws of the State of Utah,
except and only t~3 the extent of procedural matters related to the perfection and enforcement of Lender's rights and remedies against the
Property, which Will be governed by the laws of the State of Wyoming. However, if there ever is a question about whether any provision of
this Deed of Trus'f is valid or enforceable, the provision that is questioned will be governed by whichever state or federal law would find the
provision to be v~Jlid and enforceable. The loan transaction which is evidenced by the Credit Agreement and this Deed of Trust has been
applied for, considered, approved and made, and all necessary loan documents have been accepted by Lender in the State of Utah.
Choice of Venue.i If there is a lawsuit, Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of SALT LAKE
CounW, State of ~tah.
Joint and SeverallLiability' All obligations of Grantor under this Deed of Trust shall be joint and several, and all references to Grantor shall
mean each and e~ery Grantor. l'his means that each Grantor signing below is responsible for all obligations in this Deed of Trust,
No Waiver by Lender. Grantor understands Lender willnot give up any of Lender's rights under this Deed of Trust un[ess Lender does so in
writing. The factithat Lender delays or omits to exercise any.right will not mean that Lender has given up that right. If Lender does agree
in writing to give iup one of Lender's rights, that does not mean Grantor will not have to comply with the other provisions of this Deed of
Trust. Grantor ali~o understands that if Lender does consent to a request, that does not mean that Grantor will not have to get Lender's
consent again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantor's
requests, that does not mean Lender will be required to consent to any of Grantor,s future requests. Grantor waives presentment, demand
for payment, protest, and notice of dishonor. Grantor waives alrghtsofexem ton from
without limitation the ho .~tR~d ~¥,~.,,n,;~ ~.~ ~- - . . p execution or similar law in the Property (including
~ me ............ ~,,~,,, o,,u uran~or agrees that the r~ghts of Lender in the Property under this Deed of Trust are
prior to Grantor's rights while this Deed of Trust remains in effect..
Severability. if a ~ourt finds that any provision of this Deed of Trust is not valid or should not be enforced, that fact by itself will not mean
that the rest of tt~is Deed of Trust will not be valid or enforced. Therefore, a court will enforce the rest of the provisions of this Deed of
Trust even if a pr~vision of this Deed of Trust may be found to be invalid or unenforceable.
Successors and Assigns. Subject to any limitations stated in this Deed of Trust on transfer of Grantor's interest, this Deed of Trust shall be
binding upon and Inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested ina person
other than Granto:r, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Deed of Trust and the
Indebtedness by way of forbearance or 'extension without releasing Grantor from the obligations of this Deed of Trust or liability under the
Indebtedness.
Time Is of the Essence. Time is of the essence in the performance of this Deed of Trust.
Waiver of Homest~ad Exemption. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State
of Wyoming as tolall Indebtedness secured by this Deed of Trust.
DEFINITIONS. The following words shall have the following meanings when used in this Deed of Trust:
Beneficiary. The Word "Beneficiary" means ZIONS FIRST NATIONAL BANK, and its successors and assigns.
Borrower. The word "Borrower" means DONNA SPAULDING and WILLIAM D SPAULDING, and all other persons and entities signing the
Credit Agreement.
Credit Agreement;. The words "Credit Agreement" mean the credit agreement dated November 1, 2001, with credit ]irdt of
$70,394,70 fr0m Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of,
and substitutions ~or the promissory note or agreement.
Deed of Trust. Thee words "Deed of Trust" mean this Deed of Trust among Grantor, Lender, and Trustee, and includes without limitation all
assignment and security interest provisions relating to the Personal Property and Rents.
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
retatin9 to the protect on of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and
Reauthorization Act of 1986, Pub. L. No. 89-499 ("SARA"), the Hazardous Materials Transp6rtation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., or other applicable state or federal laws, rules, or
regulations adopted pursuant thereto. ' . .
Event of Default. :The words "Event of Default" mean any of the events of default set forth in tills Deed of Trust in the events of default
section of this Deed of Trust.
Existing Indebtedness. The words "Existing Indebtedness" mean the indebtedness described in the Existing Liens provision of this Deed of
Trust.
Grantor. The word "Grantor" means DONNA SPAULDING and WILLIAM D SPAULDING.
Hazardous Substances The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, :treated, stored, disposed of, generated, manufactured, transported or otherwse handled. The words "Hazardous
.: Substances" are u':sed in their very broadest sense and include w thout limitation any and all hazardous or toxic substances, materials or
DEED OF TRUST ? ~ (J
Loan No;. 0010(;0630004009191 {Continued)
.... ~ Page 7
waste as define(, by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum
and petroleum y-products or any fraction thereof and asbestos.
mprovements, iThe word "Improvements" means a existing and future improvements buildin, structures,
Real Property fac res additions rer~acements a~,~-*~- ....... - .... ' gs mobile homes affixed on the
' i ' , r- ,,u vt,l~f duns[ruction on the Hea ~roperty.
Indebtedness. jThe word "Indebtedness" means all principal interest, and o
~gr~ment or R[elated Documents together with a renewa s 'of extenSions o~h~'-~t~2ts' oo?.,.d,..~p.~.~.~ p~y.b~ ..d~, the Credit
' , , muuu~cauons or, consolidations of and substitutions for the
~remt Agreement or Related Documents and any amounts expended or advanced by Lender to discharge Granto¢'s obligations or expenses
incurred by TruCtee or Lender to enforce Grantor's obligations under this Deed of Trust, together with interest on such amounts as provided
in this Deed of Trust.
Lender. The w~rd "Lender" means ZIONS FIRST NATIONAL BANK, its successors and assigns. The words "successors or assign:s" mean
any person or c~mpany that acquires any interest in the Credit Agreement. ·
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter
owned by Grantor, and now or hereafter attached or afhxed to the Real Property' together with alt accessions. ,
re '
placements at, and al substitutions for any of such propert,,' and to~eth*r .-.:'* ........ : parts, and additions to, a
i . , ~, ~ ~ vv,u, ~u proceeds I~ClUQJn W thOut Ii
proceeds and reifunds of premiums) from any sale or other disposition of the Property. g m~at~on all ~nsurance
Property, The~ord "Property" means collectively the Real Property and the Personal Property,
Real Property, ~he words "Real Property" mean the real property, interests and rights, as further described inthis Deed of Trust.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements loan agreements, envronmental
agreements, gupranties, security agreements, mortgages, deeds of trust, security deeds collatera mortgages, and all other instCuments,
agreements and~documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The wo~d "Ren~s" means all present and future rents, revenues, income issues rd alt'
the Property, ~ , _ y les. profits, and other benefits derived from
Trustee. The word "Trustee" means Zions First National Bank, whose address is 1 South Main Street, Salt Lake City, UT 84111 and any
substitute or su~:cessor trustees.
EACH GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THiS DEED OF TRUST, AND EACH GRANTOR AGREES TO ITS
TERMS.
GRANTOR:
DONNA SPAULDI
, , WILL AM D SPAULDI~6, Individually
.G~ndividually )
INDIVIDUAL ACKNOWLEDGMEN, _
{~ CURTIS S M~ER
STATE OF ~ L ) i~l~ Not~ Public
' ~~~ StYe of Utah
Onthis day before ~e, the undersigned Notary Public, personally appeared DONNA 8PAULDING and WILLIAM D SPAUbDING to me k
be, the individuals dqscribed in ahd who executed the Deed of Trust, and acknowledged that th*- -; ~ .......... ' ._ . ¢own t~
~ ~ ~MHUU [H~ ~e~U Of /rust as. [~elr free eno
voluntary act and d~d, for the uses and purposes therein mentioned.
Given under my ~a~ pn¢ offifial s~al this j "~ day of ¢ 0 ~,~"~¢ , 20 ~ ,
Notary Public in and ~or the State of U~¢~.'~ My commission expires ~. r~)/ ~*~ ~
DEED OF TRUST
Loan No: 00100( 630004009191 (Continued) ..... ? ~ 0 Page 8
REQUEST FOR FULL RECONVEYANCE
(To be used only when obligations have been paid in full)
To: , Trustee
The undersigned,isth9legalowner and holderof all Indebtedness secured by this Deed of Trust. All sums secured by
been fully paid and satisfied. You are hereby directed, upon payment to you of any sums owing to you under the terms this Deed of Trust have
of this Deed of Trust or
pursuant to any appli~',able statute, to cancel the Credit Agreement secured by this Deed of Trust (which is delivered to you together with this
Deed of Trust), and t~ reconvey, without warranty to the parties designated by the terms of this Deed of Trust, the estate now held by you
under this Deed ofTrt~st. P ease mail the reconveyance and Related Documents to:
Date:
Beneficiary:
By:
Its:
11/01/01 T~U 09;00 FAX 9 801 974 7003 ~002
Par': ~f Lot 1 of Block 9 of She Afton Townsi=e, Lincoln
Cou:~t¥, Wyoming more particularly ~escribed as follows~
sale Lot I and running thence South ~05~
~h.::ce We~u ~ rode;
the~ce North
Par of Lot 1 of ~lock 9 of the Alton Tow~eite, Linooln
Cou:}ty, Wyomin~ more Par~icularly d~surib~ as
BE~:NNING at a point 22~,5 fee= North and 1~1.5 fee= West of
the ~outheast corner of sai~ Lo~ 1 and ru~nin~
the:~c= ~a~t 82.S feet to the ~OINT OF ~B~INNIN~.
Lon # 001000 30004009191