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All insurance shall be carried in companies approved by the beneficiaries and the policies and renewals thereof shall have attached thereto loss payable clauses in favor of and in form acceptable to the beneficiaries. In the event. of loss, the trustors will give immediate notice by mail to the beneficiaries who may make proof of loss if not made promptly by the trustors. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the trustors and beneficiaries jointly. The insurance proceeds or any part thereof shall be applied at the beneficiaries option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In the event of foreclosure of this trust deed or other transferral of title to the conveyed property in extinguishment of the debts secured hereby, all rights, title and interest of the beneficiaries in and to any insurance policy then in force shall pass to the purchaser or grantee. 6. Beneficiaries may perform any default, covenant, or agreement of the trustors to such extent as such beneficiaries shall determine and moneys advanced by the beneficiaries for such purposes shall bear interest at the rate of ten percent. (10 per annum and shall thereupon become a part, of the indebtedness secured by this instrument and shall be payable upon demand. 7. Time is of the essence hereof. 8. Upon default by the trustors in the payment of any indebtedness secured hereby or in the performance of any covenant or agreement hereunder, all suns secured hereby shall immediately become due, owing and payable at. the option of the beneficiaries. In the event of such default, the beneficiaries may execute or cause the trustee to execute a written notice of default and of election to cause such property to be sold to satisfy the obligations hereof, and the trustee shall file such notice for record in the County Recorder's Office of Lincoln County, and the beneficiaries also shall deposit with the trustee the note and all documents evidencing expenditures secured hereby. 9. After the lapse of such time as may then be required by law following the recording of said notice of default, and notice of default and notice of sale having been given as then required by law, the trustee, without demand on the trustors shall sell'said property on the date and at the time and place designated in said notice of sale, 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 cause he deems expedient, postpone 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 (1) 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. The trustee shall execute and deliver to the purchaser its deed conveying said property so sold but without any covenant. or warranty, expressed or implied. The recitals in the deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person including beneficiaries may bid at the sale. The trustee shall apply the proceeds of the sale to the 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) costs of any evidence of title procured in \TrustDeed.wpd Page 2 of 3 266 WJ STATE OF UTAH \Trus[Deed.wpd COUNTY OF BOX ELDER Residing at: Brigham City, Utah My Commission Expires: 01 /14/02 ss. otary a )lic Page 3 of 3 2C1 connection with such sale on trustee's deed (3) all sums expended under the terms hereof not then repaid with accrued interest. at ten percent. (10%) per annum from the date of expenditure (4) all other sums then secured hereby and (5) the remainder, if any, to the person or persons legally entitled thereto. 10. Upon the occurrence of any default hereunder, the beneficiaries shall have the option to declare all sums secured hereby immediately due, owing and payable and foreclose this trust deed in the manner provided by law for the foreclosure of mortgages on real property and the beneficiaries shall be entitled to recover in such proceedings all costs and expenses incident thereto including a reasonable attorney's fee in such amount as shall be fixed by the court. 11. Trustors will pay all costs and expenses including a reasonable attorney's fee reasonably incurred by the beneficiaries because of any failure on the part of the trustors to perform their obligation under this trust deed and/or under the above referred to trust deed note. 12. The covenants herein contained shall bind the heirs, executors, administrators, successors and assigns of the trustors. IN WITNESS WHEREOF, the trustors execute this Trust. Deed the date and year first above mentioned. Witness 7 7 Ivan Morrell Peterson, Trustor Sylvia Kay Peterson, Trustor On the day of September, 2000, personally appeared before me, IVAN MORRELL PETERSON and SYLVIA KAY PETERSON, the signers of the within instrument, who duly acknowledged to me that signers executed the saute. JACK H MOLGARD Notary Public State c' !fah My Comm, Ex :,1 4 20.72 102 c,y,.,. x r LT 164