Loading...
HomeMy WebLinkAbout978390 WHEN RECORDED, RETURN TO: 978390 9/12/2014 3:06 PM Mr. Daniel L. COUry, Sr. LINCOLN COUNTY FEES: $36.00 PAGE 1OF 9 Trustee of DCJR Trust BOOK: 839 PAGE: 535 DEED, TRUST JEANNE WAGNER, LINCOLN COUNTY CLERK 21211 East Pegasus Parkway 111111111111111111111111111111111111111111111111111111111 Queen Creek, Arizona 85142 DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING DATE: September 10, 2014 TRUSTOR: Cedars of Alpine, LLC, whose current mailing address is 9602 West Buckeye Road, Tolleson, Arizona 85353 BENEFICIARY: DANIEL L. COURY, SR., AS TRUSTEE OF THE DCJR TRUST, whose current mailing address is 21211 East Pegasus Parkway, Queen Creek, Arizona 85142, Fax No. 623 936 -0227 TRUSTEE: Hickman Land Title of Wyoming whose current mailing address is 690 S HWY Suite 200, Jackson, WY 83001, Fax No. 307 -733 -6186 That certain real property located in Lincoln County, State of Wyoming, and legally described on Exhibit "A" attached hereto and incorporated herein by this reference. The tax parcel number of the Property is 12 3718 19 2 03 007.05. This Deed of Trust is made on the above date between the Trustor, Trustee, and Beneficiary above named. FOR GOOD AND VALUABLE CONSIDERATION, including the indebtedness herein recited and the trust herein created, the receipt of which is hereby acknowledged, Trustor hereby irrevocably grants, transfers, conveys and assigns to Trustee, IN TRUST, WITH POWER OF SALE, for the benefit and security of Trustee and Beneficiary, under and subject to the terms and conditions hereinafter set forth, the Property, together with any improvements located thereon, and any rights, privileges, easements, entitlements, rights -of -way and other appurtenances and all water and water rights relating to the Property, SUBJECT TO the matters of record as of the date hereof. FOR THE PURPOSE OF SECURING: A. Payment of the indebtedness in the amount of Five Hundred Thousand and No /100 Dollars ($500,000), evidenced by that certain Promissory Note of even date herewith between Trustor, as Borrower, to and in favor of Beneficiary, as Lender "Note B. Performance of each and every obligation and agreement of Trustor herein contained, in the Note; and C. Payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or Trustor's successors or assigns, when evidenced by a written instrument reciting that they are secured by this Deed of Trust. TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES: 1. Good Condition. To keep the 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 claims for labor performed and materials furnished therefor; to comply with all laws affecting the Property or requiting any alterations or improvements to be made thereon and indemnify and defend Beneficiary for, from and against any claims, liens or causes of action arising from Trustor's failure to so comply; not to commit or permit waste thereof; not to commit, suffer, or permit any act upon the Property in violation of law; and do all other acts which from the character or use of the Property may be reasonably necessary, the specific enumerations herein not excluding the general. 2. Insurance. To provide, maintain, and deliver to Beneficiary property and liability insurance naming Beneficiary as loss payee, together with such other insurance satisfactory to Beneficiary wherein Beneficiary shall be named as loss payee or as an additional insured, as applicable. The amount collected under any liability or other insurance policy may be applied by 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 Trustee's sale hereunder or invalidate any act done pursuant to such notice. Should Trustor fail to pay any premium or do any act as hereinabove set forth, then Beneficiary or Trustee, but without obligation to do so, and without releasing Trustor from any obligation hereof, may pay any such premium or do any such act in such manner and to such extent as is necessary to protect the security hereof. 3. Defense of Actions. To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses of Beneficiary and Trustee, including cost of evidence of title and attorneys' fees and costs in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear or be named, and in any suit brought by Beneficiary or Trustee to foreclose this Deed of Trust. 4. Payment of Taxes and Expenses. To pay before delinquent, all taxes and assessments affecting the Property; when due, all encumbrances, charges, and liens, with interest, on the Property or any part thereof, which appear to be prior or superior hereto; all costs, fees, and expenses of the Trust, including, without limiting the generality of the foregoing, lawful charges, costs, and expenses in the event of reinstatement of, following 2 default in, this Deed of Trust or the obligations secured hereby. 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 the Property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or 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 power, pay necessary expenses, employ counsel, and pay counsel's reasonable fees. 5. Repayment of Expended Sums. To pay immediately and without demand all sums expended by Beneficiary or Trustee pursuant to the provisions hereof, together with interest at the rate of 18% per annum from date of expenditure until paid in full. Any amounts so paid by Beneficiary or Trustee shall become a part of the debt secured by this Deed of Trust and a lien on said premises or immediately due and payable at option of Beneficiary or Trustee. IT IS MUTUALLY AGREED: 6. Condemnation. That any award of damages in connection with any condemnation or any such taking, or for injury to the Property by reason of public use, or for damages for private trespass or injury thereto, is assigned and shall be paid to Beneficiary as further security for all obligations secured hereby (reserving unto the Trustor, however, the right to sue therefor and the ownership thereof subject to this Deed of Trust), and upon receipt of such moneys Beneficiary may hold the same as such further security, or apply to the principal amount due or release the same in the same manner and with the same effect as the above provided or disposition of proceeds of liability or other insurance. 7. Time is of the Essence. That time is of the essence of this Deed of Trust, and that by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive its right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. 8. Actions by Trustee. That at any time or from time to time, and without notice, only upon written request of Beneficiary and presentation of this Deed of Trust for endorsement, and without liability therefor, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, and without affecting the security hereof for the full amount secured hereby on all property remaining subject hereto, and without the necessity that any sum representing the value or any portion thereof of the Property affected by the Trustee's action be credited on the indebtedness, the Trustee may: (a) release and reconvey all or any part of the Property; (b) consent to the making and recording, or either, of any map or plat of the Property or any part thereof; (c) join in granting any easement thereon; (d) join in or consent to any extension agreement or any agreement subordinating the lien, encumbrance, or charge hereof. 3 9. Trustee's Power to Release and Reconvey. That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed of Trust to Trustee for cancellation and retention, and upon payment of its fees, Trustee shall release and reconvey, without covenant or warranty, express or implied, the Property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The Grantee in such reconveyance may be described as "the person or persons legally entitled thereto." 10. Property Income. That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power, and authority, during continuance of this Trust, to collect all rents, issues, profits or income arising from the Property (the "Property Income reserving to Trustor the right, prior to any default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such Property Income as it becomes 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 the Property or any part thereof, in its own name sue for or otherwise collect such Property Income, including that past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorneys' fees and costs, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of the Property, the collection of such Property Income, and the application thereof as aforesaid, shall not cure or waive any default or notice of Trustee's sale hereunder or invalidate any act done pursuant to said notice. 11. Acceleration. That upon default by Trustor hereunder in the payment of any indebtedness secured hereby or in performance of any agreement hereunder or upon default by Trustor under the Note, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written notice thereof, setting forth the nature thereof, and of election to cause the Property to be sold under this Deed of Trust. Beneficiary also shall deposit with Trustee this Deed of Trust and all documents evidencing expenditures secured hereby. 11.1 Trustee shall record and give notice of Trustee's sale in the manner required by law, and after the lapse of such time as may then be required by law, Trustee shall sell, in the manner required by law, the Property at public auction at the time and place fixed by it in said notice of Trustee's sale to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone or continue the sale by giving notice of postponement or continuance by public declaration at the time and place last appointed for the sale. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, expressed or implied. Any persons, including Trustor, Trustee, or Beneficiary, may purchase at such sale. 11.2 After deducting all costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale and reasonable attorneys' fees and costs, Trustee shall apply the proceeds of sale to payment of: 4 all sums then secured hereby and all other sums due under the terms hereof, with accrued interest; and the remainder, if any, to the person or persons legally entitled thereto, or as provided in A.R.S. 33 -812. To the extent permitted by law, an action may be maintained by Beneficiary to recover a deficiency judgment for any balance due hereunder. Beneficiary may foreclose this Deed of Trust as a realty mortgage. 11.3 If the Property under this Deed of Trust is located in more than one county, regardless of whether the Property is contiguous or not, the Trustee may sell all of the Property in any one of the counties in which part of the Property is located; and, unless Trustee receives contrary written instructions from the Beneficiary or Trustor, Trustee may sell all of the Property either in parcels or in whole. 11.4 If the indebtedness secured hereby is secured by one or more other Deeds of Trust, then upon default of Trustor in the payment of said indebtedness or performance of any other agreement secured hereby, the Trustee may sell the Property subject to this Deed of Trust and to any other deeds of trust securing said indebtedness at Trustee's sale conducted serially. In the absence of written instructions from the Beneficiary to the contrary, the Trustee may, in its sole discretion, designate the order in which Property subject to the various Deeds of Trust is to be sold. 12. Successor Trustee. That Beneficiary may appoint a successor Trustee in the manner prescribed by law. A successor Trustee herein shall, without conveyance from the predecessor Trustee, succeed to all the predecessor's title, estate, rights, powers, and duties. Trustee may resign by mailing or delivering notice thereof to Beneficiary and Trustor. 13. Binding Effect. That this Deed of Trust applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors, and assigns. In this Deed of Trust, whenever the context so requires, the masculine gender includes the feminine and neuter, and the singular number includes the plural. 14. Acceptance by Trustee. That Trustee accepts this Trust when this Deed of Trust, 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 deed of trust or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee. 15. Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be given by personal delivery, overnight courier or by deposit in the United States mail, first class, registered or certified, return receipt requested, postage prepaid, correctly addressed to the intended recipient at the addresses shown above. Such notices and other communications shall be deemed to be received upon actual receipt, if delivered personally, the next business day, if delivered by overnight courier, or three days following deposit in the mail, if delivered by mail. The parties may, from time to 5 time, designate a different address by notice given in the manner provided for above, not less than three days prior to the effective date of the change. 16. Transfers. In the event of any Transfer, all indebtedness secured by this Deed of Trust, without regard to the adequacy or inadequacy of the security, or the insolvency or solvency of Trustor, shall at the option and at the sole and complete discretion of Beneficiary, become immediately due and payable, without demand or notice. In addition, Beneficiary shall have any other rights and remedies available at law or equity. 17. Further Assurances. Trustor shall execute and deliver, in recordable form if requested, such further instruments and do such further acts as may be necessary or desirable or as may be reasonably requested by Trustee or Beneficiary to carry out more effectively the purposes of this Deed of Trust and to subject the Property to the lien created hereby. 18. Fixture Filing. Trustor hereby grants Beneficiary a security interest in the Property in accordance with the Arizona Uniform Commercial Code and the name and address of Debtor are same name and address of Trustor on page 1 and the name and address of Secured Party are the same name and address of Beneficiary as set forth on page 1. The personal property in which Beneficiary has a security interest includes goods which are or shall become fixtures in the Property. This Deed of Trust is intended to service as a fixture filing pursuant to the terms of A.R.S. 47 -9313 and A.R.S. 47 -9402 and shall remain in effect until this Deed of Trust is released or satisfied of record. 19. Disclosure of Beneficiaries of the Trust. The Beneficiary of this Deed of Trust is a trust. Pursuant to A.R.S. 33 -404, the beneficiaries of the trust as disclosed on Exhibit "B" attached hereto and incorporated herein by this reference. [Remainder of page intentionally left blank] 6 IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as of the date first above written. TRUSTOR: 2 -CIl, Manager STATE OF ARIZONA County of Maricopa The foregoing instrument was acknowledged before me this day of September 10, 2014, by Daniel L Coury II. 2r Notary Public c NOTARY PUBLIC STARZ My commission expires: SHIRR rloo OF pa A CourIrty ONA My Commissbn xpi 10 X14 RY 7 EXHIBIT "A" Unit 5 of LAKE VIEW VILLAS CONDOMINIUMS AMENDED, Lincoln County, Wyoming, as shown on the official plat thereof filed May 2, 2007, as Receiving No. 928947, in the Office of the Clerk of Lincoln County, Wyoming, as Plat No. 928947, also being a part of Lot 94, ALPINE VILLAGE SUBDIVISION NO. 1 PLAT 2 AMENDED 1 lth FILING, as shown on the official plat thereof filed on February 23, 2007, as Receiving No. 927004, as Plat No. 927004, in the Office of the Clerk of Lincoln County, Wyoming, and further defined and described in that certain Declaration of Covenants, Covenants, Conditions and Restrictions for LAKE VIEW VILLAS CONDOMINUMS, Lincoln County, Wyoming, created by Receiving No. 926987, in Book 649 P.R., at Page 501 or set forth in the related bylaws in any instrument creating the estate or interest insured by this policy; and in any other allied instrument referred to in any of the instruments aforesaid. For information purposes only, the property address is purported to be: 592 Airport Dr. Alpine, Wyoming 83128 EXHIBIT "B" NAME OF TRUST: DANJR TRUST SETTLOR: DANIEL L. COURY, SR. TRUSTEE: DANIEL L. COURY, SR. 21211 East Pegasus Parkway Queen Creek, Arizona 85142 SUCCESSOR TRUSTEES: If the above referenced Trustee is, at any time, unable or unwilling to serve as a Trustee, or unable to manage his or her affairs, then then the following individuals shall serve as Trustee: DANIEL L COURY II BENEFICIARY: DANIEL L COURY II 9602 West. Buckeye Road Tolleson, Arizona 85353 NATURE OF TRUST: This is an irrevocable trust by Settlors.